Everything You Must Know About ABSLI Vision MoneyBack Plus Plan
Updated On Apr 11, 2022
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Aditya Birla is a businessman and philanthropist The Vision MoneyBack Plus Plan, offered by Sun Life Insurance (ABSLI), is a classic participation plan that pays out lump sums to the insured at regular periods, ensuring financial security. The ABSLI Vision MoneyBack Plus Plan ensures your family's financial security and liquidity (payouts as a percentage of the sum pledged). The ABSLI Vision MoneyBack Plus Plan is a traditional Money Back Insurance Plan that includes both liquidities in the form of monthly Money Back distributions and life insurance coverage. As a result, the policyholder can easily meet his financial obligations by utilizing the money provided by the plan.
ABSLI Vision MoneyBack Plus Most Important Features
- After a certain period of time, you will receive a Guaranteed Return.
- Protect yourself and your family against financial dangers.
- Determine the Policy Term and Sum Assured based on your requirements.
- Several options for determining the return period.
ABSLI Vision MoneyBack Plus Plan Features
The following are the main features of the ABSLI Vision Money Back Plan:
Survival Benefits Are Guaranteed
Guaranteed Survival Benefits, or Money Back payouts, are made every four or five years, depending on the policyholder's decision. The payment rate is calculated as a percentage of the Sum Assured and is determined by the policy term and payout frequency chosen.
Advantage of Maturity
In addition to the terminal bonus, accrued bonuses will be paid if the life insured survives until the end of the policy term. The policy will be canceled after the maturity benefit has been paid.
Benefits on Death
The death benefit payable to the nominee if the life insured dies during the policy period is the Sum Assured Death plus any accrued regular bonuses and terminal bonuses if any. The death benefit is capped at 105 percent of the total premiums paid, plus any rider premiums and underwriting surcharges. The insurance is canceled once the death benefit is paid.
Simple reversionary bonuses are declared and paid each year the insurance is in existence under the plan. At the plan's death or maturity, a terminal bonus may be awarded.
A loan can be taken out on the insurance when it has gained a Surrender Value. With a minimum loan amount of Rs.5000 and a maximum loan value of 85 percent of the acquired Surrender Value, the maximum loan amount is Rs.85,000.
Premiums paid under the plan are tax-free up to Rs.1.5 lakhs under Section 80C. Under Section 10(10D) of the Income Tax Act, the death benefit, maturity benefit, and survival benefit would all be tax-free.
Aditya Birla Vision MoneyBack Plus Plan is a standard participation plan that fits into this category and offers you predictable liquidity to satisfy your financial needs as well as adequate life insurance in the case of an unexpected incident. You can choose the length of your coverage, the amount of coverage you want, and when you want to pay your premiums. Throughout the duration, this plan pays out a certain percentage of the guaranteed sum at the end of every fourth or fifth policy.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.