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A short-term plan to protect your loved ones

  • Tax Benefits^
  • Life Cover

What is ABSLI Anmol Suraksha Kawach Plan?

ABSLI Anmol Suraksha Kawach is a simple and affordable term insurance plan which will cover your protection need for a short duration. Life is unpredictable and we are uncertain even about the very next moment. As a breadwinner of the family your topmost priority is to safeguard your family`s financial future. Thus, at times you need to think short-term and take life as it comes. ABSLI Anmol Suraksha Kawach provides life insurance cover and protection benefits to shield your loved ones from financial mishap in case of an unfortunate event, even when you are not around.

All You Need To Know

Key Features

  • Life Cover up to 5 years.
  • Budget friendly
  • Flexible payment (Single pay/Regular pay)
  • Tax Benefits^
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Benefits of ABSLI Anmol Suraksha Kawach Pla

An affordable short-term plan that provides security to you and your loved ones against all unforeseen eventualities.

  • Death Benefit:

In the event of death of the life insured during the term of the policy, Sum Assured on Death will be payable in lump-sum to the nominee. Where, For Single Pay polices, Sum Assured on Death is the highest of -

  • 125% of Single Premium
  • the Absolute amount assured to be paid on death

For Regular Pay policies, Sum Assured on Death is the highest of -

  • 10 times Annualized Premium
  • 105% of Total Premiums Paid as on the date of death
  • the Absolute amount assured to be paid on death

Where,

  • Single premium is the single premium payable by the policyholder, excluding the underwriting extra premiums, if any. Applicable taxes and any applicable rider premiums will be collected additionally.
  • 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.
  • Total Premiums Paid means total of all the premiums received, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

The Absolute amount assured to be paid on death is the Sum Assured chosen at inception.

  • Surrender Benefit

For Regular Pay: No surrender benefit is payable.

For Single Pay: Unexpired Risk Premium Value is available at any time after policy issuance. The Policyholder can surrender the policy any time before the end of Policy Term.

Where applicable, the Unexpired Risk Premium Value is calculated as under: Unexpired Risk Premium Factor × Single Premium × (Outstanding Term (in months))/(Policy Term (in months))

The Outstanding Term (in months) is calculated as the number of whole months from the date of surrender to the end of the Policy Term.

Unexpired Risk Premium Value Factors are given in the table below:

Policy Year Single Pay
1 30%
2 30%
3 30%
4 30%
5 30%
  • Tax Benefits You may be entitled to certain applicable tax benefits# on premium paid and on benefit received under your policy. Please note that all the tax benefits 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.
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How does this Plan works?

Use Case 1:

  • Mr. Gupta, a non-smoker, aged 35 years, buys ABSLI Anmol Suraksha Kawach and opts for single pay
  • He chose policy term of 4 years with sum assured of 1,00,00,000.
  • He paid a single premium of Rs. 25,000.
  • He died in the beginning of the 2`nd year.
  • In this scenario, Mr. Gupta`s nominee/family will receive a lumpsum assured on death of Rs. 1,00,00,000.

Use Case 2:

  • Mr. Gupta, a non-smoker, aged 35 years, buys ABSLI Anmol Suraksha Kawach and opts for regular pay
  • He chose policy term of 4 years with sum assured of 1,00,00,000.
  • He paid a regular pay premium of Rs. 7,200.
  • He died in the beginning of the 2nd year.
  • In this scenario, Mr. Gupta`s nominee/family will receive a lumpsum as death benefit of Rs. 1,00,00,000.

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Frequently Asked Questions

No, the death benefit can only be taken in lumpsum by the nominee after the death of the life insured.

Minimum (Maximum) Annualized premium under this policy depends on the minimum (maximum) Sum Assured chosen.

This plan offers preferential premium rates for all Female lives. Also, premium rates vary for smoker/non-smoker status of the Policyholder.

No Joint Life Protection option is not available under this product.

This plan offers Policy Term of 2 - 5 Years.

Yes, life insured and proposer can be different under the policy only for business insurance cases like Keyman cover and Employer employee cases, not for individual cases.

ABSLI Anmol Suraksha Kawach can be purchased in 4 simple steps:

Step 1: Choose the Premium Payment Term for which you want to pay premiums for.

Step 2: Choose the Policy Term for which you wish to remain protected.

Step 3: Choose the Sum Assured for which you wish to be covered for.

Step 4: Choose whether you are a smoker/non-smoker.

The plan can be issued under Employer-employee, MWP and HUF. It can also be issued under Partnership and Keyman Insurance.

On non-payment of premium, a Regular Pay policy will be treated as lapsed with no benefit payable.

Such a policy can be revived to its full value within five years from the due date of the first unpaid premium by paying all due and unpaid policy premiums (along with the interest) to date and by giving ABSLI satisfactory evidence of insurability in respect of the Life Insured. ABSLI according to it’s Board approved underwriting policy will decide whether to reinstate the policy to its full value. The effective date of the revival is when these requirements are met and approved by the Company as per the Board approved underwriting policy. On the effective date of the revival, all the benefits will be restored to their full value.

The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1st of each calendar year and is determined as (x+1%)/12 rounded to the next 0.5%, where x is the base rate of the State Bank of India. The interest rate, as declared on June 1st, 2022, is 1% per month.

Any change in basis of determination of interest rate for revival can be done only after prior approval of the Authority.

Yes, this plan can be offered to NRIs provided the client is residing in the standard residency country.

No, housewives are not covered under this policy.

No, the Policy Term once chosen at inception; cannot be changed during the term of the policy.

This plan is available on E application platform through sales channel’s intervention as well as on website.

For Regular Pay policies, the policyholder will have a Grace Period of 30 days (15 days for Monthly mode) from any premium due date to pay the premium. During this period, all coverage under the policy will continue.

In case of occurrence of death, during the grace period, ABSLI will recover the unpaid premium due from the death benefit payable.

If the premium due is not received during the Grace Period, the policy will lapse for risk coverage and no benefit will be payable thereafter.

For Single Pay policies, this is not applicable.

The minimum income criteria under this product for both salaried and self-employed individuals is Rs 7.5 lakhs per annum.

ABSLI Anmol Suraksha Kawach is a new age term plan which offers level cover protection to look after the short-term protection needs of customers in the immediate future and offers comprehensive coverage against short-term liabilities.

Depending upon the smoking status of the life insured, he/she will be classified as Non-Smoker or Smoker.

The policy will terminate on the earliest of the following events:

1. The date of payment of Surrender Benefit under the policy; or

2. The date of maturity of the policy; or

3. The date of settlement of Death Benefit; or

4. The date of payment of free look cancellation amount.

Disclaimer

^Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.

HDFC Bank Ltd. is a corporate agent of Aditya Birla Sun Life Insurance Company under IRDAI Registration No: CA0010 and does not underwrite the risk or act as an insurer.

Registered Address: HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Lower Parel, Mumbai, Maharashtra 400013. Participation by the Bank’s clients in the insurance products is purely on a voluntary basis.

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI).

This is a Non-Linked Non-Participating Individual, Life, Pure Risk Premium Term Insurance Plan. All terms & conditions are guaranteed throughout the policy term.

GST and any other applicable taxes will be added (extra) to Your premium and levied as per extant tax laws.

An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers, or people having hazardous occupations etc.

This brochure contains only the salient features of the plan. It does not purport to be a contract of insurance and does not in any way create any rights and/or obligations.

All the benefits are payable subject to the terms and conditions of the Policy.

This product shall also be available for sales through online channel.

All policy benefits are subject to policy being In-force.

“We/we” or “Us/us” or “Our/our” or “Company” or “ABSLI” means Aditya Birla Sun Life Insurance Company Limited. “You/you” or “Your/your” or “Policyholder” means the Policyholder.

For other terms and conditions, request your Agent Advisor or intermediaries for giving a detailed presentation of the product before concluding the sale. Should you need any further information from us, please contact us on the below mentioned address and numbers.

Trade Logo "Aditya Birla Capital" displayed above is owned by ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) and used by ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the license.

Aditya Birla Sun Life Insurance Company Limited, Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Registered Office:

One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. Toll free no. 1800-270-7000. www.adityabirlasunlifeinsurance.com CIN: U99999MH2000PLC128110 Registration No. 109. UIN: 109N139V01 ADV/2/22-23/3175

 

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.


​​​​​​​“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."