ABSLI Nishchit Aayush Plan

What is ABSLI Nishchit Aaysuh Plan?
ABSLI Nishchit Aaysuh Plan is a non-linked non-participating individual savings life insurance plan that provides guaranteed income from as early as the end of 1st policy month* to ensure the fulfilment of your family’s recurring financial needs and also provides a life insurance cover thereby ensuring complete financial protection for your family. This is a limited pay plan which provides guaranteed returns to the policyholder throughout the policy term of 25, 30, 35 or 40 years.

*if monthly frequency & 0 year deferment period is chosen

What is the minimum sum assured under this plan?
The minimum sum assured under this plan is Rs.300,000/-

Is the Death Benefit payable across the policy term?
Yes, Death Benefit is payable till the end of the Policy Term.

When does the Policy acquire a Surrender Value?
Policy acquires a Surrender Value once premiums for at least two full policy years have been paid.

Is there any rider benefit in this plan?
Yes, policyholder can enhance insurance coverage during the policy term by adding one or more of the following riders for a nominal extra cost.

ABSLI Critical Illness Rider (UIN: 109B019V03)
ABSLI Surgical Care Rider (UIN: 109B015V03)
ABSLI Hospital Care Rider (UIN: 109B016V03)
ABSLI Waiver of Premium Rider (UIN: 109B017V03)
ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)

WOP rider will not be available when the Life Insured and Proposer are different and Life Insured is a major (above 18 years of age). Please refer to detailed brochures on riders or visit our website for further details.

Is loan facility available under this plan?
Yes, policy loan is allowed once the policy acquires a surrender value. The minimum loan amount is Rs.5,000 and the maximum is up to 80% of surrender value.

We shall charge an interest on the outstanding loan balance at a rate declared by us on June 1st of every calendar year which is 1% plus the base rate of the State Bank of India. The interest rate applicable as on June 1st 2022 is 8.55% p.a. Any change in basis of determination of interest rate for policy loan can be done only after prior approval of the Authority.

Any outstanding loan balance (including unpaid interest) will be recovered by us from policy proceeds due for payment and will be deducted before any benefit is paid under the policy.

If the policy is in RPU and loan balance equal or exceeds the then prevailing surrender value, policy will terminate immediately. For inforce policies, ABSLI shall send a notice 90 days prior to give an opportunity to the policyholder to repay all or part of outstanding loan balance in order to continue policy uninterrupted. If he/she do not repay the loan or fail to respond to the notice, ABSLI shall have the right to foreclose the policy.

Can policyholder avail of tax benefits under this plan?
As per extant tax laws, this plan offers tax benefits under Section 80C, 80D (for specific rider premium) and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by policyholder. It is advisable to seek an independent tax advice.

What is a Reduced Paid-up policy?
If policyholder discontinues paying premiums, after having paid premiums for at least two full years, policy will not lapse but will continue on a Reduced Paid-Up basis. After the policy has entered RPU mode, the benefits payable will be amended as follows:

The RPU Sum Assured shall be equal to the Sum Assured multiplied by the RPU Factor,

where the RPU Factor is the ratio of:
The number of premium instalments paid to date; over
The total number of premium instalments originally due for the Policy Term.

All future Income Benefits will cease and will be paid in the form of Terminal Value 1 or Terminal Value 2, as defined in the following sections.

What is the Free-look Period applicable for this policy?
You will have the right to return Your Policy to us within 15 days (30 days in case of electronic policies and the policies issued under the provisions of IRDAI Guidelines on Distance Marketing of Insurance products) from the date of receipt of the Policy, in case You are not satisfied with the terms & conditions of Your Policy. We will refund the premium paid once we receive Your written notice of cancellation (along with reasons thereof) together with the original Policy document. We may reduce the amount of the refund by proportionate risk premium for the period of cover and expenses incurred by us on medical examination and stamp duty charges while issuing Your Policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.

Can Life Insured and Policyholder be different under this plan?
​​​​​​​Yes, the Life Insured and Policyholder can be different under this plan. In case Policyholder and the Life Insured are different then all the proceeds for the policy will be paid to the Policyholder. 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. As there is no death benefit payable on the death of the Proposer/Policyholder, the policy status does not change, and the policy continues. However, if the premiums are not paid before the expiry of the grace period the policy would be subject to the provisions mentioned in the ‘Premium Discontinuance Section’.

*Provided all due premiums are paid & policy is in force

Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Aditya Birla Sun Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you

HDFC Bank Limited (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Aditya Birla Sun Life Insurance Company Limited and the Insured and not between HDFC Bank and the Insured.  

​​​​​​​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. Please refer to the Product Brochure for more details on the product. “We”, “Us”, “Our” or “the Company” or “ABSLI” means Aditya Birla Sun Life Insurance Company Limited. “You” or “Your” means the Policyholder. For other terms and conditions, request your Agent Advisor or intermediaries for giving a detailed presentation of the product before concluding the sale. Should you need any further information from us, please contact us on the below mentioned address and numbers.

​​​​​​​“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."