Benefits

Survival Benefit


Depending on the plan option chosen, provided all due premiums are paid survival benefit will be paid out –

Short Term Income –

A Guaranteed Income Benefit of 1% of Sum Assured will be payable to you at the beginning of every month during the Benefit Payout Period till the end of Policy Term. If the Benefit Payout Frequency chosen is annual, the Annual Guaranteed Income Benefit payable at the beginning of each year will be equal to 96% x 12 x Monthly Guaranteed Income Benefit.

Long Term Income –

Guaranteed Annual Income as per the table below will be payable to you at the end of every year during the Benefit Payout Period:–

Benefit Payout PeriodGuaranteed Annual Income as a %age of Sum Assured
20 years8.50%
25 years
7.00%
30 years
5.50%

If the Benefit Payout Frequency chosen is monthly, the Monthly Guaranteed Income Benefit payable at the end of each month will be equal to 96% x 1/12 x Annual Guaranteed Income Benefit.

Whole Life Income –

The Guaranteed Annual Income Benefit payable to you at the end of every year during the Benefit Payout Period will be as per the table below –

Premium Payment Term (years)Entry Age (years)Maturity Age (years)Guaranteed Annual Income as a %age of Sum Assured
8All852.95%
103.30%
123.65%
154.00%
8Less than 451002.52%
102.62%
122.72%
152.82%
845 and above1002.95%
103.30%
123.65%
154.00%


Death Benefit


Short Term Income –

In case of death of the life insured anytime during the policy term, the nominee will receive – (a) Sum assured on death and (b) Policy continuance benefit i.e means all future premiums of the policy will be waived off, guaranteed income benefit and future Paid Up Additions, if any will be paid out on due dates.

Long Term Income –

In case of death of the life insured anytime during the policy term, the nominee will receive Sum Assured on Death, Terminal Bonus and Accrued Paid-up Additions, if any and the policy will terminate

Whole Life Income –

In case of death of the life insured anytime during the policy term, the nominee will receive Sum Assured On Death, Terminal Bonus and Accrued Paid-Up Additions, if any and the policy will terminate

Maturity Benefit


On survival of the Life Insured till the end of the Policy Term, if the Policy is in-force and all due Installment Premiums have been paid, the following will be payable:

Accrued Paid Up Additions (if any) Terminal bonus (if any)

Under ‘Whole Life Income’ Benefit Option, in addition to the above, Sum Assured will be payable at the end of the Policy Term.

Riders


  1. ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V02)

Provides 100% of Rider Sum Assured as an additional lump sum amount in case of death due to accident of Life Insured.

  1. ABSLI Critical Illness Rider (UIN : 109B019VO3)

Provides lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses.

  1. ABSLI Surgical Care Rider (UIN: 109B015V03)

Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.

  1. ABSLI Hospital Care Rider (UIN: 109B016V03)

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.

  1. ABSLI Waiver of Premium Rider (UIN:109B017V03)

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).

There are exclusions attached to the riders. Please refer rider brochures for more details

Eligibility