Benefits
Eligibility
Age of the Life Insured at Entry (age as on last birthday)
Age of the Life Insured at Entry (age as on last birthday)Minimum:
1* year (subject to minimum maturity age of 18 years)
* In case the Life Insured is a minor, the Policy will automatically vest once the life insured attains the age of majority. The risk coverage for the minors will start from the Date of Commencement of Risk.
Maximum: 60 years
Maturity Age of the Life Insured (age as on last birthday)
Maturity Age of the Life Insured (age as on last birthday)Minimum: 18 years
Maximum: 77 years
Premium Payment Term (PPT), Policy Term (PT) and Benefit Payout Period
Premium Payment Term (PPT), Policy Term (PT) and Benefit Payout Period| Premium Payment Term (PPT) | Policy Term(PT): PPT + 1 Year | Benefit Payout Period * |
| 5 years | 5 | 6 | 7 | 8 | 9 | 10 years | 20, 25, 30 years |
| 6 years | 6 | 7 | 8 | 9 | 10 | 11 year | 20,25,30 years |
| 8 years | 8 | 9 | 10 | 11 | 12 | 13 years | 20, 25, 30 year |
| 10 years | 10 | 11 | 12 | 13 | 14 | 15 year | 20, 25, 30 years |
| 12 years | 12 | 13 | 14 | 15 | 16 | 17 years | 20, 25 year |
^The Benefit Payout Period commences after the end of the Policy Term, during which the Survival Benefit is payable to the Policyholder. It is chosen at policy inception and cannot be changed thereafter.
No Limit (subject to Board Approved Underwriting Policy)
Annual | Semi-Annual | Quarterly | Monthly
| Mode | Annual | Semi-annual | Quaterly | Monthly |
| Mode Factors | 0.0% | 1.0% | 1.5% | 3.5% |
The Policyholder at policy inception can choose from the following two options:
1. Income only Benefit
2. Income with Lumpsum Benefit
The Benefit Option is chosen at inception and cannot be changed thereafter
The Benefit Payout Frequencies available are Annual, Semi-Annual, Quarterly, Monthly
Use Case 1
- Mr. Sharma aged 35 years invested ₹1,00,000 per annum in ABSLI Assured Income Plus for “Income only Benefit” Option.
- He opted for 8 years of premium payment term with 9 years policy term and 30 years of benefit payout period. Mr. Sharma chose to receive Income Benefit Annually.
- Mr. Sharma survived the policy period and received Income Benefits throughout the payout period.
- Total Premium Paid is Rs.8 lakhs. Annual Income will be 52.20% of Annualized Premium, i.e. ₹52,200/-. Loyalty Additions will be 52.25% of Income Benefit, i.e. ₹27,275/-. Income Benefit= Annual Income + Loyalty Additions = ₹79,475/- per annum. For 30 year
Use Case 2
- Mr. Sharma aged 35 years invested Rs.1,00,000 per annum in ABSLI Assured Income Plus for “Income with Lumpsum Benefit” Option.
- He opted for 8 years of premium payment term with 9 years policy term and 30 years of benefit payout period. Mr. Sharma chose to receive Income Benefit Annually. Total premium paid in 8 years is Rs.8 lakhs.
- Mr. Sharma survived the policy term and received Income Benefit throughout the benefit payout period along with Guaranteed Lumpsum Benefit at the end of the benefit payout period. Annual Income is 49.80% of Annualized Premium paid which is equal to ₹49,800/-.
- Loyalty additions in the benefit is 52.25% of Income Benefit which makes it ₹26,021/-. Income Benefit will be paid per annum for 30 years. Under the Income with Lumpsum Benefit option, the Guaranteed Lumpsum Benefit (GLB) amount will be 55% of Total Premium Paid + Enhanced GLB = ₹4,40,000+ ₹4,40,000 = ₹8,80,000
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.