In many investment plans in India, selecting the right plan is crucial for securing a stable future. Two prominent plans from the best insurance companies are the ABSLI Guaranteed Milestone and the HDFC Super Income Plan. Each plan has a unique set of features and benefits designed for the specific financial needs of individuals and families. In this article, we will compare these plans by exploring their key benefits, advantages, and potential drawbacks. By understanding the different features and benefits of ABSLI Guaranteed Milestone and HDFC Super Income Plan, you'll be equipped with the knowledge needed to make an informed decision that aligns with your financial goals.
Aditya Birla Sun Life Insurance (ABSLI) Guaranteed Milestone Plan
The ABSLI Guaranteed Milestone Plan is a non-linked non-participating life insurance plan, crafted with a focus on long-term financial goals, providing policyholders with a sense of security and a pathway to wealth accumulation. The plan offers guaranteed returns, assuring policyholders of a fixed income stream, thus mitigating the uncertainties associated with market fluctuations.
Key Features and Benefits of ABSLI Guaranteed Milestone Plan
ABSLI Guaranteed Milestone plan is one of the best plans for Aditya Birla Investment Plans. Here are the key features and Benefits of the ABSLI Guaranteed Milestone plan.
- Guaranteed Additions: ABSLI Guaranteed Milestone Plan provides Guaranteed Additions that boost your corpus year-on-year.
- Additional Riders: Flexibility to enhance your insurance coverage with appropriate rider options by paying an additional premium.
- Guaranteed Returns: The plan provides policyholders with a sense of financial security by offering guaranteed returns on their investments. It offers fully guaranteed benefits on death or maturity.
- Premium Payment Options: Policyholders have the flexibility to choose from various premium payment frequencies based on their financial preferences.
- Choice of Policy Terms: The ABSLI Guaranteed Milestone Plan recognizes that financial goals vary among individuals. As a result, it offers a range of policy terms, allowing policyholders to select a duration that aligns with their specific objectives.
- Joint Life Cover: Flexibility to cover your spouse by choosing Joint Life Protection by paying an additional premium.
Eligibility Criteria for ABSLI Guaranteed Milestone Plan
| Entry Age |
Minimum 30 Days to Maximum 60 Years |
| Minimum Maturity Age |
18 Years |
| Premium Payment Frequency |
Yearly, Half-yearly, Quarterly and Monthly |
| Policy Term Range |
12, 14, 16, 18, 20, 22, 24, 26 years |
| Premium Payment Term |
- 6 years for a policy term of 12, 14 years
- 8 years for a policy term of 16,18 years
- 10 years for a policy term of 20,22 years
- 12 years for a policy term of 24, 26 years
|
| Minimum Sum Assured |
Rs. 2.25 Lakhs |
| Minimum Sum Assured on Maturity |
Rs. 90000 |
| Riders |
- ABSLI Accidental Death and Disability Rider
- ABSLI Critical Illness Rider
- ABSLI Surgical Care Rider
- ABSLI Hospital Care Rider
- ABSLI Waiver of Premium Rider
|
HDFC Super Income Plan
HDFC Super income plan is a Non-Linked Participating Money Back Life Insurance Plan that offers guaranteed income for a period of 8 to 15 years. Tailored to meet the evolving needs of individuals, this plan is designed to offer a unique blend of guaranteed income, flexibility, and financial security.
Key Features and Benefits of the HDFC Super Income Plan
HDFC Super income plan is one of the best plans for HDFC Investment Plans. Here are the key features and Benefits of the ABSLI Guaranteed Milestone plan.
- Guaranteed Regular Income: The plan assures policyholders a regular income at predefined intervals, providing a stable and predictable cash flow.
- Flexible Payout Options: Policyholders have the flexibility to choose from multiple income options, including monthly, quarterly, half-yearly, or annual payouts, allowing customization based on individual preferences.
- Survival Benefits: If the policyholder survives the entire policy term, the plan offers attractive survival benefits. Survival Benefits vary from 3.84% to 12.5% of the Sum Assured on Maturity payable each year during the payout period.
- Lump-sum maturity Benefit: At the end of the chosen policy term, policyholders are entitled to a lump-sum maturity benefit. This provides a substantial amount that can be utilized for long-term financial planning, and fulfilling aspirations.
- Enhanced Coverage with Riders: The plan allows policyholders to enhance their coverage by opting for additional riders. These riders provide supplementary benefits, such as coverage against critical illnesses or accidental death, offering a comprehensive financial safety net.
Eligibility Criteria for HDFC Super Income Plan
| Entry Age |
Minimum 30 days to Maximum 59 Years |
| Maturity Age |
Minimum 18 years to Maximum 75 years |
| Premium Payment Frequency |
Single, Yearly, Half-yearly, Quarterly and Monthly |
| Minimum Premium Installments |
- Single: 24000/-
- Yearly: 24000/-
- Half-yearly: 12000/-
- Quarterly: 6,000/-
- Monthly: 2,000/-
|
| Policy Term Range |
15 to 27 years |
| Premium Payment Term |
Single Pay, Limited Pay |
| Minimum Sum Assured on Maturity |
Limited Pay: Rs. 76,198
Single Pay: Rs. 18,457 |
| Maximum Sum Assured on Maturity |
No limit |
| Riders |
- HDFC Life Income Benefit on Accidental Disability Rider
- HDFC Life Critical Illness Plus Rider
|
Factors to Compare When Choosing Between ABSLI Guaranteed Milestone Vs HDFC Super Income Plan
Choosing between the ABSLI Guaranteed Milestone and HDFC Super Income Plan requires a thorough evaluation of various factors to ensure that the selected plan aligns with your financial goals and preferences. Here are key factors to consider in the comparison between ABSLI Guaranteed Milestone Vs HDFC Super Income Plan:
- Features and Benefits
- Premium Amount
- Coverage Amount
- Policy Term
- Riders and Additional Features
- Maturity Benefits
- Death Benefits
- Surrender Value and Loan Options
- Tax Benefits
- Customer Services
- Flexibility and Customization
- Financial Goals and Risk Tolerance
- Exclusions
- Terms & Conditions
How to Compare ABSLI Guaranteed Milestone Plan and HDFC Super Income Plan
Comparing the ABSLI Guaranteed Milestone Plan and HDFC Super Income Plan online at PolicyBachat is a convenient way to make an informed decision when choosing an investment plan. Here's a step-by-step guide on how to compare investment plans online:
- Visit the official website of the PolicyBachat.
- Click on the Investment Plan tab.
- Fill in the requested details such as name, mobile number, and email address.
- Enter your age and city.
- Select the plan which you want to buy. Click on the Proceed button.
- Use the online premium calculator to compare the premium amounts.
- Compare benefits, features, returns, and additional riders or bonuses.
- After comparing the products, select a plan which suits your requirements.
- Then pay for your policy by using an online payment method.
Compare Investment Plans
Frequently Asked Questions
What Makes the ABSLI Guaranteed Milestone Plan Unique?
The ABSLI Guaranteed Milestone Plan distinguishes itself by offering guaranteed returns, flexibility in policy terms, and customizable maturity benefit options. It provides a stable foundation for long-term financial planning.
How Does the HDFC Super Income Plan Ensure Regular Income?
The HDFC Super Income Plan guarantees regular income at specified intervals, catering to the diverse financial needs of policyholders.
What is the Primary Focus of the ABSLI Guaranteed Milestone Plan?
The ABSLI Guaranteed Milestone Plan focuses on providing policyholders with guaranteed returns, ensuring a fixed income stream and mitigating the impact of market fluctuations on their investments.
Can I Customize the Payouts in the HDFC Super Income Plan?
Yes, the HDFC Super Income Plan offers flexibility in payout options. Policyholders can choose from various income frequencies, including monthly, quarterly, half-yearly, or annual payouts, according to their preferences.
Are there any Tax Benefits Associated with the ABSLI Guaranteed Milestone Plan?
Yes, the ABSLI Guaranteed Milestone Plan offers tax benefits under applicable sections of the Income Tax Act. Policyholders can avail deductions on premiums paid and the maturity amount received, helping optimize their tax liabilities.
Conclusion
The decision between the ABSLI Guaranteed Milestone Plan and HDFC Super Income Plan is pivotal for individuals seeking stability and security in their financial future. Both plans offer unique features and benefits designed to cater to diverse needs, making the choice a matter of aligning with individual preferences and objectives.
The ABSLI Guaranteed Milestone Plan distinguishes itself with a focus on guaranteed returns, providing policyholders with a stable and predetermined income stream. On the other hand, the HDFC Super Income Plan is designed to ensure regular income at specified intervals, offering flexibility in payout options to cater to diverse financial lifestyles.
Ultimately, the choice between the ABSLI Guaranteed Milestone Plan and the HDFC Super Income Plan depends on individual financial goals, risk tolerance, and preferences. Prospective policyholders are encouraged to carefully assess their needs, considering factors such as income, flexibility, and long-term planning objectives. It is also advisable to compare quotes online at PolicyBachat for a comprehensive evaluation tailored to your circumstances.