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
* 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 policy issue date.
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) | Benefit Payout Period |
| 6 years | 6/7/8/9/10/11 years | 6/8/10/12 years |
| 8 years | 8/9/10/11/12/13 years | 6/8/10/12 years |
| 10 years | 10/11/12/13/14/15 years | 6/8/10/12 years |
| 12 years | 12/13/14/15/16/17 years | 6/8/10/12 years |
Note:-
The PPT and PT once chosen at policy inception, cannot be changed thereafter.
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.
Annual | Semi-Annual | Quarterly | Monthly
| Mode | Annual | Semi-annual | Quarterly | Monthly |
| Modal Factors | 0.0% | 3.5% | 5.0% | 6.0% |
No Limit (subject to Board Approved Underwriting Policy)
The benefits under this product vary by premium bands as mentioned below:
| Premium Bands | Band 1 | Band 2 | Band 3 | Band 4 | Band 5 | Band 6 |
| Annualized Premium (in Rs.) | 50,000 to 74,999 | 75,000 to 1,49,999 | 1,50,000 to 2,99,999 | 3,00,000 to 4,99,999 | 5,00,000 to 24,99,999 | 25,00,000 + |
Use Case 1
- Mr. Sharma aged 35 years invested ₹1,00,000 per annum in ABSLI SecurePlus Plan
- He opts for 12 years Premium Payment Term with 13 years Policy Term and 12 years of Benefit Payout Period.
- He chooses to receive his Income Benefit annually. His Sum Assured is Rs 12,50,000.
- Mr. Sharma survives through the Policy Term and receives Income Benefits throughout the Benefit Payout Period.
Use Case 2
- Mr. Sharma aged 35 years invested ₹1,00,000 per annum in ABSLI SecurePlus Plan
- He opts for 12 years Premium Payment Term with 13 years Policy Term and 12 years of Benefit Payout Period.
- He chooses to receive his Income Benefit annually. His Sum Assured is Rs 12,50,000.
- Mr. Sharma dies in the 7th year of the policy during his Premium Payment Term, his nominee will receive the Death Benefit.
Suicide Exclusion
If the Life Insured dies by suicide within 12 months of the effective date of commencement of risk 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.