Features
- Pay premiums for a limited term and get life cover for whole life
- Flexibility to choose from 3 investment options to suit your investment needs
- Flexibility to add top-ups whenever you have additional savings
- Flexibility of partial withdrawals to meet any emergency fund requirements
- Tax benefits under section 80C and section 10(10D) of the Income Tax Act, 196*1
- Guaranteed Additions – in the form of additional units will be added to your policy:
- On 10th policy anniversary and on every 5th policy anniversary thereafter. Guaranteed Addition is 2.00% of the total premiums paid in the last 60 months
- In addition on 11th policy anniversary and every policy anniversary thereafter. Guaranteed Addition is 0.20% of the average Fund Value in the last 12 months
After the completion of 5 policy years, non-negative residual additions, if any, shall be credited to the policy in order to meet the maximum reduction in yield as in Regulation 37 of IRDA of India (Linked Insurance Products) Regulations, 2013.
- Death Benefit(3) – in the unfortunate event the life insured dies while the policy is in effect, the nominee shall receive the greater of -
- Basic Fund Value as on date of intimation of death; or
- Basic Sum Assured
In addition the greater of the following will be paid -
- Top-up Fund Value as on date of intimation of death; or
- Top-up Sum Assured
The Sum Assured will be reduced by the partial withdrawals made from as follows -
- Before the life insured attains the age of 60, the Sum Assured payable on death is reduced by partial withdrawals made in the preceding two years
- Once the life insured attains the age of 60, the Sum Assured payable on death is reduced by all partial withdrawals made from age 58 onwards
However the minimum Basic Sum Assured payable on death after partial withdrawals shall never be less than Basic Premium multiplied by 10.
Death benefit shall never be less than 105% of total premiums paid to date (excluding service tax).
In case where the death of the Life Insured takes place prior to risk commencement date, only the basic premiums paid (excluding service tax, if any) shall be payable as the Death Benefit.
- Surrender Benefit – in case of emergencies, you can surrender your policy to ABSLI Co. anytime during the policy term. Any such surrender will be treated according to the complete withdrawal as mentioned in Policy Discontinuance section.
(3) In case of death of the life insured, if life insured is different from the proposer/policyholder, the proposer/policyholder will receive the policy proceeds.
