Benefits
- Guaranteed2 Income: Get regular flow of guaranteed2 income for your chosen Benefit Payout Period to safeguard your savings.
- Loyalty Additions: Loyalty Additions as an additional boost to your Income Benefit pay-out.
- Commutation Option: Flexibility to receive a discounted value of future survival benefits as a lump sum based on your needs.
- Customizable Benefits: Option to enhance your insurance cover through riders, which are available at a nominal extra cost.
ABSLI Assured Income Plus benefits you with guaranteed2 regular income for the long term in future.
- Survival Benefit:
On surviving till the end of Policy Term, Income Benefit is payable for 6, 8, 10 or 12 years at the end of the period (monthly, quarterly, half yearly or annually) as per the Benefit Payout Frequency chosen.
The Survival Benefit applicable is mentioned below:
Income Benefit:
Income Benefit, expressed as a percentage of Annualized Premium, will be paid which varies by Age at entry, Premium amount, Premium Payment Term and Benefit Payout Period.
Loyalty Addition:
Income Benefit will be enhanced every year during the Benefit Payout Period by adding a Loyalty Addition, provided all premiums have been paid during the Premium Paying Term. In case of death of the Life Insured during the Benefit Payout Period, the Income Benefit and Loyalty Addition will continue to be paid to the nominee/beneficiary.
- Maturity Benefit
At the end of the Policy Term, this plan provides flexibility to use the commutation option wherein, at any time on or after end of the Policy Term, if the policy holder would like to get a lump sum instead of the Income Benefits, the commuted value of the outstanding benefits shall be paid as a lump sum.
This lump sum will be at least equal to the Total Premiums Paid less Survival Benefit, if any, already paid. The commutation option can also be exercised by the Nominee/legal heir after the death of the Policyholder.
- Death Benefit
In case of death of the Life Insured anytime during the Policy Term, provided the Policy is in-force and not under Lapsed or Reduced Paid Up mode, We will pay the “Sum Assured on Death” to Your nominee/beneficiary:
“Sum Assured on Death” is defined as higher of:
a. 150% of Total Premiums paid till the date of death
b. Sum Assured
Where,
Sum Assured is a multiple, depending upon Life Insured’s age at inception of the Policy, of the Annualized Premium.
Annualised Premium (AP) is the amount of premium payable in a year chosen by the Policyholder, excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums (if any).
Total Premiums Paid means total of all the premiums received, excluding any underwriting extra premium, any rider premium, taxes and loadings for modal premiums (if any).
- Staggered Death Benefit Option
The nominee/beneficiary will have an option to receive the Death Benefit in annual/monthly installments payable at the end of the year/month instead of a lump-sum, over a period of 5 years as per the percentages given below:
| Installment Frequency | Annual | Monthly |
Installment (as % of Death Benefit) | 21.758% | 1.8492% |
Total payments (as % of Death Benefit) | 108.792% | 110.952% |
The above percentages are determined using an interest rate of 4.40% p.a. We may revise the installment based on the then prevailing market conditions subject to prior approval from IRDAI. Also, any change in the methodology/formula for calculating the installment shall be subject to IRDAI approval.
Once the Installment mode has been opted by the nominee/ beneficiary, it cannot be changed later.
If, having elected the Staggered Death Benefit Option, the nominee/ beneficiary would subsequently like to get a lump sum instead of the installments anytime during the 5 year period; a discounted value of the outstanding benefits shall be paid to the nominee/beneficiary as a lump sum. The monthly discounting factors have been determined using a discount rate of 8.40% p.a. This lump sum will be at least equal to the Sum Assured on Death less any installments already paid.
- Tax Benefit1
You may be entitled to certain applicable tax benefits1 on the premiums paid and benefits received under Your Policy. Please note that all the tax benefits1 are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax advice.
- Rider Benefit
For added protection, you can enhance your risk coverage during the policy term by adding riders at a nominal extra cost.
Enhance your cover with Riders at nominal additional premium
- ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
This rider provides 100% of Rider Sum Assured as an additional lump sum amount in case of death due to accident of Life Insured. Additionally, the rider premiums collected aſter the date of Accident till date of death, shall be refunded with interest, along with death benefit payable. This rider is only applicable for a Life Insured aged 18 years & above and the rider policy term cannot exceed the base policy term.
- ABSLI Critical Illness Rider (UIN: 109B019V03)
This rider provides lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses. This rider is only applicable for a Life Insured aged 18 years and above and the rider policy term cannot exceed the base policy term.
- ABSLI Surgical Care Rider ( UIN: 109B015V03)
This rider provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India. This rider is only applicable for a Life Insured aged 18 years and above and the rider policy term cannot exceed the base policy term.
- ABSLI Hospital Care Rider ( UIN: 109B016V03)
This provides daily cash benefit in case of hospitalization for a minimum period of 24 hours for medically necessary treatment of any Illness or Injury payable from the first day for the duration of hospitalization. This rider is only applicable for a Life Insured aged 18 years and above and the rider policy term cannot exceed the base policy term.
- ABSLI Waiver of Premium Rider (UIN:109B017V03)
This rider waives off all future premiums of the base plan and the attached riders throughout the rest of the premium payment in case of diagnosis of Critical Illness, Disability or Death (only if Life Insured is a minor i.e. below 18 years of age and is different from the Policyholder).