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Savings Plan
- Insurance coverage
- Death or maturity benefits
- Loan facility for financial needs
Why Do You Need A Savings Plan?
A Savings Plan provides life cover while providing financial security and helping you achieve your financial goals through consistent savings and investments.
Financial discipline
Develop financial discipline by saving regularly and consistently.
Wealth accumulation
Save money and grow your wealth through interest, investment, and bonuses.
Death Benefit
Ensure your loved ones are financially secure, even if something happens to you.
Diversification
Diversify your financial portfolio and reduce risk by investing in different plans.
Emergency fund
Get the safety net of partial withdrawals to tide over financial emergencies.
Flexibility
Tailor your plan with flexible investment periods, premiums, and payout options.
Our Savings Plans At A Glance.
Build wealth through consistent and disciplined savings, while the returns help you beat inflation and achieve your financial goals.
ABSLI Nishchit Aayush Plan
KEY FEATURES 
- Guaranteed# income
- Customisable options
- Lump sum benefit at maturity
Get Maturity Amount
₹ 35 Lakhs1Pay Premium
₹ 10,000/month for 10 yearsABSLI Assured Savings Plan
KEY FEATURES
- Maturity corpus with Loyalty Additions
- Option to cover spouse under the same plan
- Enhanced coverage through riders
Get Maturity Amount
₹5.81 lakhs2Pay Premium
₹5,000/month for 6 yearsCompare Our Savings Plans
| ABSLI Nishchit Aayush Plan | ABSLI Assured Savings Plan | |
|---|---|---|
Best For
|
People looking for low-risk, guaranteed# income. | People looking for lump sum benefit and want to insure their spouse under the same plan. |
| Entry Age
|
30 Days | 30 Days |
| Joint Life Protection
|
No | Yes |
| Staggered Death Benefit
|
Yes | Yes |
| Loyalty Additions
|
No | Yes |
| Minimum Annualised Premium
|
Income Only Benefit - Upto Age 45 years: Rs 50,000 Age 46 years and above: Rs 1,00,000 Other than Income Only Benefit - Rs 30,000 |
Single Pay: ₹1,00,000 6-12 Pay: ₹30,000 5 Pay: ₹20,000 |
| Whole Life Income
|
Yes | No |
| Tax Saving
|
Yes | Yes |
| Buy Now | Know More | Buy Now | Know More |
Add Riders for Extra Protection
Check Your Eligibility
Eligibility Criteria
- Age Depends on the plan and option selected.
- Citizenship Indian citizen residing in India at the time of purchase.
- Income Varied criteria depending upon plan.
- Medical tests Underwriting of genuine medical history.
- Job profile The level of occupational risk needs to be assessed.
- Smoking habits Affect your premium.
Documents Needed
- Proposal form
- Age proof
- Photo identity proof
- Address proof
- Medical report
- Income proof
- PAN/ Aadhaar card
Get Started With Savings Plan
Get Insured In 5 Easy Steps
Assess your needs and check the plans on the website.
Carefully go through coverage and exclusions.
Select the variant that meets your needs and click “Buy Online”.
Share your details, select coverage, term, etc.
Make the payment and enjoy your newfound peace.
04
Share your details, select coverage, term, etc.
05
Make the payment and enjoy your newfound peace.
Things To Keep In Mind
As per the Income Tax Act, 1961
- Under Section 80C : Deduction on premium payments up to ₹1.5 lakhs
- Under Section 10(10D)** : Exemption on death benefit
How to claim
- This applies to death claims as well as rider claims
- You can make a claim online or at a branch
- If the Life Insured dies by suicide within 12 months of the effective date of risk commencement or the date of revival of policy, the policy shall terminate immediately. In such cases, the Company shall pay higher of Surrender Value or (total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes) in case the policy has acquired a surrender value; or Total premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes in case the policy has not acquired a surrender value.
Customer Satisfaction Stories
Hear from our customers what they have to say about their experience.
Aditya Birla Sun Life Insurance Customer
Entire surrender process was quite smooth with timely documentation and payout. Great experience!
Aditya Birla Sun Life Insurance Customer
Gujarat, India
Aditya Birla Sun Life Insurance Customer
Due to seamless branch support and timely communication from ABSLI, my maturity payout process was quite smooth.
Aditya Birla Sun Life Insurance Customer
Haryana, India
Table of Contents
What is a Savings Plan ?
- It is a type of Life Insurance plan that helps you save and grow your money over time while providing life cover.
- In the event of your death during the term, it ensures that your loved ones are financially secure by paying the sum assured as a lump sum or in regular instalments.
- A Savings Plan is a very low-risk investment and an excellent option for people with low risk-taking capacity.
How does a Savings Plan work?
-
Buying
Choose a Savings Plan to suit your financial goals.
-
Paying
Pay premiums monthly, quarterly, half-yearly, or annually.
-
Growing
Your savings grow over time through investments and interest.
-
Claiming
In the event of your death, your beneficiary raises a claim.
-
Death benefit
They receive the payout as a lump sum or staggered over time.
-
Surviving
If you survive the term, receive the accumulated wealth.
Who should buy a Savings Plan?
Young professionals
Starting a Savings Plan early in your career can help you accumulate wealth over time and build a strong financial foundation for the future.
Parents
Savings Plans can help parents secure their children's future by building a financial safety net for their education, marriage, or other milestones.
Married couples
Couples can use Savings Plans to achieve shared financial goals, such as buying a home or preparing for retirement.
Risk-averse investors
Savings Plans offer stable returns and a lower risk profile than other investment options such as equities or mutual funds.
People looking for tax savings
Premiums paid towards Savings Plans are tax deductible up to ₹1.5 lakhs in a year.
People wanting an emergency fund
Anyone looking to create an emergency fund should consider a Savings Plan as a safe and stable option.
What are the additional bonuses associated with a Savings Insurance Plan?
-
Loyalty additions
Continuously paying premiums on time ensures that they receive rewards in the form of additional sums.
-
Reversionary bonus
Extra money is added to your Savings Plan annually based on the sum assured and any previous bonuses.
-
Terminal bonus
Extra money paid out at the end of the policy term, based on the sum assured and any accumulated bonuses.
What factors should determine the duration of your investment in a Savings Plan?
Your financial goals
Short-term goals like saving for a vacation require a shorter investment duration, while long-term goals like retirement require a longer investment period.
Your risk appetite
Risk-averse investors may prefer a longer investment period to ensure stable returns and reduce the impact of market fluctuations.
Your age
Young individuals can afford to invest longer, while older individuals may want to reassess the duration to ensure a stable retirement income.
Your liquidity needs
If you anticipate needing the funds soon, opt for a Savings Plan with a shorter duration or one that allows partial withdrawals or loans against the plan.
What are the key advantages of investing in a Savings Plan?
Disciplined saving
Savings Plans provide a structured approach to saving money by regularly setting aside a predetermined amount. It can help you develop a habit of saving and avoid the temptation to overspend.
Long-term growth
It offers the potential to grow your money over the long term through compounding.
Financial security
It can help you achieve financial security and achieve your financial goals, such as saving for retirement, purchasing a home, or funding your child's education.
Flexibility
It lets you choose how much to save, how long to invest, and how you want to receive the money.
Low risk
Savings Plans are safe investment options, especially those backed by government institutions or reputable financial organisations.
What are the liquidity options offered by a Savings Plan?
- Partial withdrawals: You can withdraw a portion of your savings from the plan up to a specified limit without terminating the policy, which can be useful during financial emergencies.
- Loans against the plan: One can avail of a loan limited to a percentage of the sum assured. The interest rate is typically lower than for other types of loans.
- Surrender value: You can surrender your Savings Plan before the term ends and receive the surrender value, typically the sum of your premiums paid minus any charges and fees.
What are the things to consider before investing in a Savings Plan?
-
Goal
What are you saving for? A down payment on a house? Retirement? Your child's education? Once you know your goals, you can choose a Savings Plan to help you achieve them.
-
Risk appetite
How much risk are you comfortable with? Some plans, such as fixed deposits, are relatively low risk, while others, such as mutual funds, are high risk. Consider your risk tolerance when choosing a Savings Plan.
-
Duration
How long can you invest for? Savings Plans have a lock-in period, so consider your investment timeframe when choosing a Savings Plan. Also, the longer you stay invested, the more you can grow your wealth.
-
Liquidity
Would you need access to your money? If you need access to your money quickly, you may want to choose a Savings Plan that allows partial withdrawals or loans against the plan.
How to compare different Savings Plans?
- Size of life cover: Compare the sum assured offered by different Savings Plans. Choose a plan that offers a sum assured that is sufficient to cover your family's financial needs in the event of your demise.
- Premium: Compare the premiums charged by different Savings Plans. Choose an affordable plan that you can afford to pay regularly.
- Company credentials: Consider the reputation and financial strength of the insurance company offering the Savings Plan. Choose a plan from a reputable insurance company with a good track record.
Important factors to consider while investing in Savings Plans
-
Start early investment
The earlier you invest, the more time your money has to grow through compounding.
-
Risk profile
Consider your risk tolerance before investing. If you are risk-averse, opt for low-risk assets, such as government bonds, instead of higher-risk assets, such as equities.
-
Investment tenure
The investment tenure is the period for which you will invest your money. Choose a Savings Plan with an investment tenure that aligns with your financial goals.
-
Financial goals
Are you saving for retirement, your child's education, or a down payment on a house? Choose a Savings Plan that will help you reach your financial goals.
-
Charges
Compare the charges associated with the best savings investment plans. Some plans charge high fees, which can eat into your returns. Choose a Savings Plan with low charges.
Plan your golden years with retirement funds
-
Lock-in period for targeted funds -
Equity returns for attractive investments
Health plans for expenses and wellness
-
Variety of plans available
-
Complete coverage for protection
FAQs on Savings Plans
A Savings Plan is a financial product designed to help individuals save and grow their money over a specific period. It provides a disciplined approach to saving by setting aside a predetermined amount of money regularly.
Here are some key reasons why you should invest in a Savings Plan:
• Financial discipline: Savings Plans encourage you to save regularly and consistently, helping you develop a habit and build financial discipline.
• Achieve financial goals: Savings Plans can help you achieve your financial goals, such as buying a home, funding your child's education, or planning for retirement and working towards achieving them systematically.
• Wealth accumulation: Savings Plans help you save money and grow wealth through interest, returns on investment, or bonuses.
• Diversification: Investing in different Savings Plans allows you to diversify your financial portfolio and reduce risk.
• Emergency fund: A Savings Plan can serve as an emergency fund, providing a financial safety net during unexpected events.
• Tax benefits: Savings Plans are eligible for tax benefits* under Section 80C of the Income Tax Act, 1961.
• Financial security: A Savings Plan can provide you and your family with financial security, especially during retirement.
• Beat inflation: Savings Plans that offer returns higher than the inflation rate can help you maintain and grow your purchasing power, safeguarding your financial future.
Savings Plans can benefit almost everyone, but they are especially ideal for the following groups of people:
• Young professionals: Starting a Savings Plan early in your career can help you accumulate wealth over time and build a strong financial foundation for the future.
• Parents: Savings Plans can help parents secure their children's future by building a financial safety net for their education, marriage, or other milestones.
• Couples: Couples can use Savings Plans to achieve shared financial goals, such as buying a home, planning vacations, or preparing for retirement.
• Risk-averse investors: Savings Plans are a good option for investors with a low-risk appetite, as they offer stable returns and a lower risk profile than other investment options such as equities or mutual funds.
• People planning for retirement: Savings Plans can help people planning for retirement ensure a steady income stream during their post-retirement years and maintain their lifestyle and financial independence.
• People looking for tax savings: Savings Plans that offer tax benefits under the Income Tax Act, such as Life Insurance Savings Plans or tax-saving fixed deposits, can be a good option for individuals looking to save on taxes.
• Emergency fund creators: Anyone looking to create an emergency fund to cover unexpected expenses or financial crises should consider a Savings Plan a safe and stable option.
Aditya Birla Sun Life Insurance (ABSLI) offers several Savings Plans:
• ABSLI Nishchit Aayush Plan:
• Guaranteed# income
• 5 income variants to choose from as per your needs
• Lump sum benefit at policy maturity (Except in income only benefit)
• Life cover across the policy term
• ABSLI Assured Savings Plan:
• Loyalty additions to boost maturity corpus
• Option to cover your spouse by choosing joint life protection
• Comprehensive Life Insurance coverage
• Guaranteed# maturity benefits
• Option to enhance your cover with riders^^
Savings Plans help you save money regularly and grow your wealth over time. Here's how they generally work:
• Choose a plan: There are different types of saving plans, like fixed deposits, recurring deposits, Life Insurance saving plans, and mutual fund SIPs. Choose a plan that fits your financial goals, risk appetite, and investment horizon.
• Make regular contributions:Savings Plans require you to save regularly, either monthly, quarterly, semi-annually or annually. This helps you develop the habit of saving and reach your goals faster.
• Grow your savings: Savings Plans invest your money in fixed-interest-bearing instruments or market-linked securities, depending on the type of plan. This helps your money grow over time.
• Diversify your portfolio: You can invest in different types of Savings Plans to diversify your financial portfolio and reduce risk.
• Get your payout: At the end of the plan's term, you'll receive the accumulated amount, either as a lump sum or in instalments. Some plans also offer partial withdrawals or loans during the investment period.
• Death claim filing: If you pass away during the term, your nominee must file a claim with the insurer to receive the lump sum death benefit payout.
• Save on taxes: Some saving plans offer tax benefits* under Section 80C of the Income Tax Act, 1961. This can help you reduce your tax burden while building wealth.
ABC Of Insurance
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*Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
**Sec 10(10D) benefit is available subject to fulfilment of conditions specified therein.
^ As per annual audited figures submitted to IRDAI for the period FY 22 – 23 for individual death claims paid.
$ As on 30th November 2023
$$ As on 31st December 2023
^^There are exclusions attached to the riders. For more details on risk factors, terms and conditions, please read the rider sales brochure carefully before concluding the sale.
¹ Male- 25 yrs invests in ABSLI Nishchit Aayush Plan with Level Income + Lumpsum Benefit. He chooses premium payment term 10 yrs , policy term 40 years, benefit option -Long Term Income, Sum Assured 7 times of Annualized Premium and Deferment Period 0 years. Annualized Premium is ₹1,20,000 (Exclusive of GST.). Annual Income of ₹45,900 (45,900*40=18,36,000) + Maturity Benefit (₹16,80,000) = ₹35,16,000
² Assured Savings Plan: Scenario: Healthy female age 21, investment for 6 years, maturity benefit after 12 years, payment frequency monthly, Sum Assured Rs.8,34,000 lakhs, monthly investment Rs.5000/-. You give Rs.3.60 lakhs and get Rs. 5,81,400 lakhs.
ABSLI Nishchit Aayush Plan (UIN: 109N137V06) is a non-linked non-participating individual savings life insurance plan.
ABSLI Assured Savings Plan (UIN: 109N134V08) is a non-linked non-participating individual savings life insurance plan.
ADITYA BIRLA CAPITAL DIGITAL LIMITED is a corporate agent of Aditya Birla Sun Life Insurance Company under IRDAI Registration No: CA0871 and does not underwrite the risk or act as an insurer.
Registered Address: 18th Floor, One World Center, Tower 1, Jupiter Mills Compound,841 Senapati Bapat Marg, Elphinstone Road Delisle Road, Mumbai Maharashtra 400013. Participation by the ABCD’s clients in the insurance products is purely on a voluntary basis.
The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License. This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy. Where a policy is issued on a minor life, the policy will vest after attainment of majority of the Life Insured. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. Tax benefits are subject to changes in tax laws.
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. Registered Office: One World Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013.
IRDAI Reg No.109 | Toll Free No. 1-800-270-7000 | Website: https://lifeinsurance.adityabirlacapital.com | CIN: U99999MH2000PLC128110 | ADV/3/23-24/3895
BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.