Overview of Income Suraksha
The Aditya Birla Sun Life Insurance (ABSLI) Income Suraksha Plan is a pure term insurance product focused on providing guaranteed monthly income to nominees in the event of the policyholder’s death. The plan offers a standard suite of riders including Waiver of Premium (WOP), Accidental Total and Permanent Disability (ATPD), and Critical Illness (CI). First-year premium discounts of up to 9% make the plan more affordable initially.
Experts' Review of Income Suraksha
Written by Monish Vora
Chief Editor
ABSLI Income Suraksha Plan suits individuals looking for pure protection with the added benefit of guaranteed monthly income payouts to beneficiaries upon the policyholder’s death. Unlike traditional savings or endowment plans, it does not offer a lump sum death benefit. Instead, it pays out monthly income benefits in two payout options, ensuring steady financial support for the family.
The plan offers two monthly payout options, providing consistent cash flow rather than a lump sum, which can help manage household expenses or other recurring needs. Riders such as WOP, ATPD, and CI add extra protection layers. While the plan offers reliable income support, it lacks lump sum death benefits and investment flexibility. Premiums are competitive, with first-year discounts available, making it an attractive choice for those prioritizing steady income security over wealth accumulation.
Pros
While not groundbreaking, the features provided meet the basic requirements.
Aditya Birla Sun Life has decent track record with good claim and service metrics
Offers income protection variants with Hospicare and Surgicare benefits for hospitalization and surgery coverage.
Cons
The plan lacks terminal illness, cover increase, and exit benefits commonly provided by other insurers.
Aditya Birla Sun Life
Key Insights
Founded
2000
Aditya Birla Sun Life was established 26 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
98.7% CSR, calculated as a 3-year average
Aditya Birla Sun Life settles 98.7% of all claims it receives demonstrating strong credibility.
Complaints
1.3 complaints per 10,000 claims registered
Aditya Birla Sun Life maintains a low volume of complaints, reflecting strong customer satisfaction and effective service.
Amount Settled
94.34% of total claim amount settled
Aditya Birla Sun Life shows a reasonable claim payout record, with around 94.34% of the total claim amount settled, indicating moderate settlement efficiency.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Features of Income Suraksha
Surgical Care
Standout
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
Hospital Care
Standout
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
Waiver of Premium
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. Income Suraksha extends the waiver-of-premium option in both cases.
Critical Illness
If you're ever diagnosed with a critical illness, you would want your insurance policy to pay a fixed sum that can help you deal with any monetary obligations and financially support your needs during treatment. Income Suraksha extends critical illness benefit without too many restrictions and pays up to so long as you are diagnosed with one of the 4 illnesses listed in the policy brochure.
Add-ons of Income Suraksha
Accidental death and disability rider
This Rider pays out benefit in case of accidental total and permanent disability or death due to an accident.
Critical Illness rider
In case of diagnosis of any of the mentioned critical illness, lump sum rider benefit is paid to the policyholder.
Waiver of Premium Rider
Waives all future premiums in case of critical illness or disability, while keeping the policy benefits active.
Accidental Death benefit
Provides an additional payout in case of death due to an accident during the policy term.
Surgical Care
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
Hospital Care
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
Exclusions in Income Suraksha
Conditions or treatments that the policy clearly says it will not cover.
Death by suicide within the first policy year is not covered.
Deaths arising from participation in criminal or unlawful activities are excluded.
If the nominee is found responsible for the insured’s death, the claim will not be payable.
If a death claim is proven to be fraudulent, the insurer will not pay out the benefit.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
Variants of Income Suraksha
Fixed Income Protection
Under this plan option on death of the Life Insured, the nominee will be paid the monthly income chosen at inception in arrears during the Income payout period.
Increasing Income Protection
Under this plan option, the Monthly Income chosen at inception will increase at 5% p.a., compounded annually. On death of Life Insured, the nominee will be paid the then applicable monthly income in arrears. The monthly income payable will be capped to 1.5 times the Monthly Income chosen at inception. The monthly income will be payable throughout the Income Payout Period.
What's missing in Income Suraksha
No Zero Cost Option
No Terminal Illness Benefit
No Top-Up Option
No option to increase your cover with inflation
No option to decrease your cover over time
You can't recover your premiums after policy matures
No Special Exit Value
No Cover Continuance Benefit
No option to increase cover at life milestones
No Insta Payout Benefit
Reviews for Income Suraksha
A
Arpita O. Saxena
Took Income Suraksha income payout option se ghar ka cashflow set and riders ka combo acha hai CI disability bhi Overall happy Honestly felt
Y
Yash Chaudhary
Picked this plan payout choice lump sum or income feels practical and rider options are solid for CI and disability Feels reliable ok simple
V
Vidit Menon
Opted for Income Suraksha rider options are solid for CI and disability and payout choice lump sum or income feels practical Feels reliable till
S
Sourav Chandra
Opted for Income Suraksha rider options are solid for CI and disability but digital dashboard could be smoother Overall okay In short ok value
S
Suhani Varma
Signed up for Income Suraksha income payout option se ghar ka cashflow set and riders ka combo acha hai CI disability bhi Good value ok helps
Frequently Asked Questions
What is the ABSLI Income Suraksha Plan?
What are the key benefits of the ABSLI Income Suraksha Plan?
What are the various riders customers can opt for with the ABSLI Income Suraksha Plan?
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