Features
- Multiple plan options
- Inbuilt Terminal Illness Benefit
- Accelerated Critical Illness Benefit against 42 listed Critical Illnesses.
- Option to avail a ‘One time exit value’ for emergencies
A simple term plan that provides security to you and your loved ones against all unforeseen eventualities.
Death Benefit
In case of unfortunate demise of the Life Insured during the Policy Term, the Death Benefit will be Sum Assured on Death payable in lump sum.
In case Terminal Illness claim and/or Accelerated Critical Illness (ACI) Benefit claim has already been paid, the Death Benefit payable shall be reduced to the extent of reduction in Sum Assured on account of Terminal Illness and/or Accelerated Critical Illness (ACI) Benefit already paid
The policy shall be terminated once the Death Benefit is paid.
Where,
Sum Assured on Death for a Regular Pay and Limited Pay Policy will be the highest of -
- 11 times of the Annualized Premium; or
- 105% of Total Premiums paid as on the date of death; or
- The Effective Sum Assured as on the date of death
Sum Assured on Death for Single Pay Policy will be the highest of -
- 125% of Single Premium; or
- The Effective Sum Assured as on the date of death
Annualized Premium shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. Any extra premium on account of ACI Benefit, if any, is also excluded.
Single premium is the lump-sum payable by the Policyholder to effect this Policy, excluding any underwriting extra premiums, if any. Applicable taxes and any applicable rider premiums will be collected additionally. Any extra premium on account of ACI Benefit, if any, is also excluded.
Total Premiums paid means total of all the premiums received, excluding any extra premium, any loadings for modal premiums, any rider premium and taxes, if any. Any extra premium on account of ACI Benefit, if any, is also excluded.
The Effective Sum Assured as on the date of death reflects any increase or reduction in Sum Assured chosen at inception of the Policy in accordance with the Plan Option chosen as defined below:
- For Option 1,2,3,4 – Effective Sum Assured will be the same as Sum Assured throughout the Policy Term.
- For Option 5 –Sum Assured escalating at the chosen Sum Assured Escalation Rate at each policy anniversary till the end of the Policy Term.
- For Option 6 –
Before Retirement Age: Effective Sum Assured will be the Sum Assured
After Retirement Age: Effective Sum Assured will be the Sum Assured chosen reduced by the Sum Assured Reduction Factor till the end of the Policy Term.
Survival Benefit
For Plan Option 1, 2, 4, 5, 6:
No Survival Benefit will be payable.
For Plan Option 3:
On survival of the Life Insured till the policy anniversary falling after the chosen Retirement Age, Survival Benefit will be payable i.e., an amount equal to Total Premiums Payable excluding underwriting extra premiums and loadings for modal premiums, if any, rider premiums if any and applicable taxes. Any extra premium on account of ACI Benefit, if any, is also excluded.
Maturity Benefit
For Plan Option 1, 3, 4, 5, 6:
No Maturity Benefit will be payable.
For Plan Option 2:
On the survival of Life Insured till the end of Policy Term, we will pay the Total Premiums Payable excluding underwriting extra premiums and loadings for modal premiums, if any, rider premiums if any and applicable taxes. Any extra premium on account of ACI Benefit, if any, is also excluded.
Terminal Illness Benefit
In case Life Insured is diagnosed with a Terminal Illness during the Policy Term and Life Insured has not exceeded the Age of 80 years, 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2 Crore will be paid immediately and future due premiums are waived off. On subsequent death of the Life Insured during the policy term, the Sum Assured on Death shall be reduced by the amount of Terminal Illness Benefit already paid.
Terminal Illness Benefit shall only be payable on the first diagnosis of any Terminal Illness of the Life Insured during the Policy Term.
Example: Ajay (aged 35) opts for ABSLI Poorna Suraksha Kawach – Level Cover Option for Sum Assured Rs. 1 crore with Policy Term of 50 years and Premium Payment Term of 10 years. He pays annual premium of Rs. 59,400 (excl. taxes) p.a. During 17th Policy Year, Ajay is diagnosed with Terminal Illness, 50% of Sum Assured i.e., 50 lakh is paid immediately as lump-sum and future due premiums are waived off. On his unfortunate demise after 2 months from the diagnosis of Terminal.
Accelerated Critical Illness Benefit
Under this benefit, Accelerated Critical Illness (ACI) Sum Assured will be payable to policyholder on the first diagnosis of any of the specified critical illnesses, as provided in the Annexure, during the ACI Benefit Cover Period, provided the policy is in-force and meets the required ACI terms and conditions. Once the ACI Sum Assured is paid on the first occurrence of any of the specified critical illness during the ACI Term, the ACI benefit will terminate.
Upon payment of the ACI Benefit Sum Assured, the Death Benefit will be reduced for the ACI benefit already paid, for the rest of the Policy Term and the Policy will continue provided all premiums are paid in full on due dates. Future premiums payable under the Policy for Death Benefit will also reduce proportionately and in the same proportion as Death Benefit is reduced post payment of ACI Benefit Sum Assured
The ACI Sum Assured is fixed and will not change even if the Sum Assured under the base policy changes during the Policy Term. The ACI Benefit is accelerated and not an additional benefit i.e. policy will continue till maturity after the ACI benefit is paid, provided the policy is in-force and all premiums are paid in full.
Accelerated Critical Illness Sum Assured will be minimum 5 Lakh and maximum 50% of Base Sum Assured, subject to maximum limit of 50 lakh. It will be allowed in steps of 5 lakh only
Example: Sachin (aged 35) opts for ABSLI Poorna Suraksha Kawach – Level Cover Option for Sum Assured Rs. 1 crore and ACI Sum Assured of Rs. 25,00,000 with Policy Term of 50 years and Premium Payment Term of 10 years. He pays annual premium of Rs. 68,025 (excl. taxes) p.a., where Rs. 59,400 is for Death Cover and Rs. 8,625 for ACI cover. During 16th Policy Year, Sachin is diagnosed with Cancer of Specified Severity, ACI Sum Assured Rs. 25,00,000 is paid in lump sum immediately and further Policy continues with proportionately reduced Sum Assured of Rs. 75,00,000 and premium of Rs. 44,550 (excl taxes) till the end of Policy Term.
One Time Exit Value (OTEV)
As an additional protection against emergencies, at any point during the Policy Term, subject to the terms and conditions given below and provided the policy is in-force and all due premiums have been paid, you will have an option to avail a One Time Exit Value (OTEV), equal to Total Premiums Paid under the policy.
No additional premium is payable to avail this option.
This option can be exercised by cancelling the policy subject to the following conditions:
- This option can be exercised in any policy year greater than 30, but not during the last 5 policy years.
- This option shall not be available with Plan Option 2 and 3.
One Time Exit Value (OTEV) shall be applicable on the base cover premium only and not to premiums for additional optional benefits.
Option 1: Level Cover Option
Get a simplified protection cover to shield your family against unfortunate death of the Life Insured.
Under this option, in the unfortunate event of the death of the Life Insured during the Policy Term, Nominee will be paid an absolute amount, equal to Sum Assured on Death, in lump-sum.
Option 2: Return of Premium (ROP) Option
Get all your premiums back at the end of the Policy Term along with a protection cover during the Policy Term.
Under this option, on survival of Life Insured at the end of the Policy term, the Sum Assured on Maturity defined as the Total Premiums Payable will be paid at the Policy Maturity. In the unfortunate event of the death of the Life Insured during the Policy Term, the nominee will be paid an absolute amount in lump-sum.
Option 3: Early Return of Premium (EROP) Option
Get all your premiums back after a chosen Retirement Age along with a protection cover during the Policy Term.
Under this option, on survival of Life Insured till the policy anniversary falling after the chosen Retirement Age (60 years, 65 years, 70 years, or 75 years), the Total Premiums paid, is payable to the Policyholder.
In the unfortunate event of the death of the Life Insured during the Policy Term, the nominee will be paid an absolute amount in lump-sum.
Option 4: Level Cover plus Waiver of Premium on CI/TPD Option
Get protection against death, disease and disability under one plan
Under this option, in case of unfortunate death of the Life Insured during the Policy Term, provided all due premiums have been paid, the Nominee(s) will be paid Sum Assured on Death, in lump sum.
In case the policyholder is diagnosed with a critical illness or total and permanent disability (TPD) during the Policy Term, provided the Policy is in-force and the Life Insured is no more than 65 years of age at the date of diagnosis, future due premiums shall be waived off and the policy will continue.
Option 5: Increasing Cover Option
Get a dynamic protection cover that increases by a chosen Sum Assured Escalation Rate during the Policy Term. Under this option the Sum Assured will increase eve year during the Policy Term by 5% or 10% per annum depending on the Sum Assured Escalation Rate selected by the Policyholder at inception. In the unfortunate event of the death of the Life Insured during the Policy Term, the nominee will be paid an absolute amount, in lump sum. Sum Assured Escalation Rate can either be 5% p.a. (simple) or 10% p.a. (simple).
Option 6: Sum Assured Reduction Option
Get a protection cover which goes hand-in-hand with your changing needs and decreases after a chosen Retirement Age.
Under this option Policyholder will have an option to reduce the chosen Sum Assured by 50% or 25% on attainment of Retirement Age as 60 years, 65 years, 70 years, or 75 years selected by the Policyholder at inception. On exercising this option, Policy will continue with the reduced Sum Assured till the end of Policy Term. In the unfortunate event of the death of the Life Insured during the Policy Term, the nominee will be paid an absolute amount, in lump sum.
You can enhance your insurance coverage during the Policy Term by adding following riders for a nominal extra cost.
ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
Provides 100% of Rider Sum Assured as an additional lump sum amount in case of death due to accident of Life Insured or in the event of disability due to accident.
ABSLI Critical Illness Rider UIN: 109B019V03
Provides lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses.
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.
ABSLI Hospital Care Rider UIN: 109B016V03
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
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. Additionally, the rider premiums collected aſter the date of Accident till date of death, shall be refunded with interest, along with death benefit payable.
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 or Disability.
Use Case 1:
- Mr. Gupta, a non-smoker, aged 35 years, buys ABSLI Poorna Suraksha Kawach and opts level cover option for sum assured of 1 Cr
- He chose policy term of 50 years with 10 years of premium payment term
- He dies during the 25`th policy year.
- In this scenario, Mr. Gupta`s nominee/family will receive a lumpsum assured on death of Rs. 1,00,00,000.