Features
Plan Smarter, Live Better!
- Guaranteed* Income
- Lumpsum Benefit at policy maturity, in addition to Income
- Life Cover across policy term
What is ABSLI NISHCHIT AAYUSH Plan?
ABSLI NISHCHIT AAYUSH Plan is a non-linked non-participating individual savings life insurance plan that provides life insurance cover with guaranteed* regular income and lumpsum benefits. It empowers you to fulfil your life goals so that you can meet your responsibilities and financially secure your family even in your absence.
Key Features
Guaranteed* Income
3 Income Variants to choose as per your needs
Lumpsum Benefit at policy maturity
Life Cover across policy term
Benefits of ABSLI NISHCHIT AAYUSH Plan
An affordable short-term plan that provides security to you and your loved ones against all unforeseen eventualities.
- Death Benefit
- Staggered Death Benefit
- Survival Benefit
- Maturity Benefit
In the unfortunate event of Death of the Life Insured anytime during the Policy Term, provided the policy is in-force, Death Benefit shall be payable as a lump-sum to the nominee.
Death Benefit is defined as higher of:
a) Sum Assured on Death
b) Surrender Benefit
Where,
‘Sum Assured on Death’ is higher of
Sum Assured
105% of Total Premiums Paid till date of death
Sum Assured is equal to 10 times the Annualized Premium.
‘Total Premiums’ means total of all premiums received, excluding underwriting extra premiums, loadings for modal premiums, rider premiums, and applicable taxes, cesses and levies, if any. Discount on first year premium, if any, is excluded.
‘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. Discount on first year premium if any, is excluded.
The Nominee will have an option to receive the amount of Death Benefit in Annual/ Monthly instalments payable at the end of the year/month instead of a lump-sum, over a period of 5 years Refer to product brochure for further details.
On Survival of life insured, provided all due premiums have been paid, Survival Benefit in the form of Guaranteed Income will be paid at the end of each year starting from the first policy year (if ‘0 Year’ deferment is chosen) until Policy Maturity.
On survival of life insured till the end of policy term, Guaranteed* Lumpsum Benefit (GLB) is payable. Guaranteed* Lumpsum Benefit is equal to Total Premiums Paid by You multiplied by the applicable Lumpsum Factor. The lumpsum Factor varies by Benefit Option, Income Variant, Premium Payment Term and Policy Term as mentioned below:
Level Income with Lumpsum Benefit / Increasing Income with Lumpsum Benefit
| Premium Payment Term (Years) / Policy Term (Years) | Long Term Income | Whole Life Income | |||
|---|---|---|---|---|---|
| 25 | 30 | 35 | 40 | All | |
| 6 | 50% | 50% | 55% | 70% | 75% |
| 8 | 50% | 50% | 55% | 70% | 100% |
| 10 | NA | 55% | 60% | 70% | 125% |
| 12 | NA | 55% | 60% | 70% | 150% |
Level Income with Enhanced Lumpsum Benefit
| Premium Payment Term (Years) / Policy Term (Years) | Long Term Income | Whole Life Income | |||
|---|---|---|---|---|---|
| 25 | 30 | 35 | 40 | All | |
| 6 | 75% | 75% | 100% | 100% | 125% |
| 8 | 75% | 75% | 100% | 100% | 150% |
| 10 | NA | 75% | 100% | 100% | 175% |
| 12 | NA | 75% | 100% | 100% | 200% |
If all due premiums are paid under the policy, Your Guaranteed* Lumpsum Benefit (GLB) will be further increased by 100% and paid to you at Maturity. This increase to the guaranteed* lumpsum benefit is applicable to all income benefit variants under this product.
Opting Riders with your Policy is like wearing a shield after wearing the mask
Riders offer additional benefits that are not included in the base policy at a nominal additional premium. There are exclusions attached to the riders. Please refer brochure for more details
- ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02) provides 100% of Rider Sum Assured as an additional lump sum
- ABSLI Critical Illness Rider (UIN: 109B019V03) provides a 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 medically necessary treatment of any illness
- 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.
- 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).
How does this Plan works?
Use Case 1
- Mr. Sachin Sharma, age 40 years, invests Rs. 1,00,000 p.a. in ABSLI Nishchit Aayush Plan.
- He opts for Level Income with Lumpsum Benefit option with Premium Payment Term of 10 years and Policy Term of 40 years and chooses to receive his income immediately (0 year deferment) on annual basis.
- Mr. Sharma survives through the Policy Term and receives Survival Benefit during the policy term and Maturity Benefit at end of policy term.
- He receives Rs 37,350 as income every year which makes it a total of Rs 1494000 and receives maturity benefit of Rs 14,00,000 as a lumpsum at the end of the policy term
Use Case 2
- Mr. Sachin Sharma, age 40 years, invests Rs. 1,00,000 p.a. in ABSLI Nishchit Aayush Plan.
- He opts for Level Income with Lumpsum Benefit option with Premium Payment Term of 10 years and Policy Term of 40 years and chooses to receive his income immediately (0 year deferment) on annual basis.
- Mr Sharma dies in the 15`th year of policy term. His nominee will receive death benefit.
- Total income paid till death is 37350 *14 = Rs 522900 and the nominee will get 105% total premiums paid = Rs 10,50,000 as death benefit. (Since this is higher than 10* Annual premium).
Check Your Eligibility
| Type of Plan | A Non-Linked Non-Participating Individual Savings Life Insurance Plan | ||||
|---|---|---|---|---|---|
| Coverage | All Individuals (Male | Female | Transgender) | ||||
| Age of the Life Insured at Entry (age as on last birthday) | Minimum | Long Term Income: 30 days* Whole Life Income: 30 years * 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 Date of Commencement of Risk. |
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| Maximum | 55 years | ||||
| Maturity Age of the Life Insured (age as on last birthday) | Minimum | 18 years | |||
| Maximum | Long Term Income: 85 years (age last birthday) Whole Life Income: 100 years (age last birthday) |
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| Premium Payment Term (PPT) & Policy Term (PT) | Premium Payment Term (Years)
|
Policy Term (Years) Long Term Income 25 30 35 40 25 30 35 40 - 30 35 40 - 30 35 40
|
Whole Life Income 100 (–) Age at Entry |
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| Premium Payment Modes and Modal Factors | Annual | Semi-Annual | Quarterly | Monthly Mode Annual Semi-annual Quarterly Monthly Modal Factors 0% 2.0% 3.0% 4.0% |
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| Minimum Annualized Premium | Rs. 30,000 | ||||
| Maximum Annualized Premium | No Limit (subject to Board Approved Underwriting Policy) | ||||
| Minimum Sum Assured | Rs. 3,00,000 | ||||
| Maximum Sum Assured | Subject to Board Approved Underwriting Policy | ||||
| Premium bands | 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 Band 7 Annualized Premium (Rs.) 30,000 to 49,999 50,000 to 99,999 1,00,000 to 1,99,999 2,00,000 to 2,99,999 3,00,000 to 4,99,999 500,000 to 24,99,999 25,00,000+ |
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| Benefit Options | ABSLI Nishchit Aayush Plan provides you the flexibility to customize Your regular income requirements as per Your goals, Step 1: Choose Your Benefit Option Long Term Income or, Whole Life Income Step 2: Choose the Income Variant Level Income with Lumpsum Benefit or, Level Income with Enhanced Lumpsum Benefit or, Increasing Income (@5% simple interest rate every 5 years) with Lumpsum Benefit Step 3: Choose to receive income immediately or after a deferment period of 1 year as per the chosen income payout frequency. Benefit options chosen at inception cannot be changed thereafter. Premium will vary depending upon the Option chosen at inception. |
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| Benefit Payout Frequency | You can choose to receive income benefit in annual or semi-annual or quarterly or monthly frequency. Income will be paid at the end of chosen frequency as opted by you. | ||||
What's not Covered under ABSLI NISHCHIT AAYUSH Plan?
Suicide Exclusion
If the Life Insured dies by suicide within 12 months of the effective date of risk commencement 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.
How to initiate Claim?
3 quick steps, everything online.
- Fill basic details
- Claim intimation
- Document submission
Frequently Asked Questions
You will have the right to return Your Policy to us within 15 days (30 days in case of electronic policies and the policies issued under the provisions of IRDAI Guidelines on Distance Marketing of Insurance products) from the date of receipt of the Policy, in case You are not satisfied with the terms & conditions of Your Policy. We will refund the premium paid once we receive Your written notice of cancellation (along with reasons thereof) together with the original Policy document. We may reduce the amount of the refund by proportionate risk premium for the period of cover and expenses incurred by us on medical examination and stamp duty charges while issuing Your Policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.
Policy acquires a Surrender Value once premiums for at least two full policy years have been paid.
Yes, policy loan is allowed once the policy acquires a surrender value. The minimum loan amount is Rs.5,000 and the maximum is up to 80% of surrender value.
We shall charge an interest on the outstanding loan balance at a rate declared by us on June 1st of every calendar year which is 1% plus the base rate of the State Bank of India. The interest rate applicable as on June 1st 2022 is 8.55% p.a. Any change in basis of determination of interest rate for policy loan can be done only after prior approval of the Authority.
Any outstanding loan balance (including unpaid interest) will be recovered by us from policy proceeds due for payment and will be deducted before any benefit is paid under the policy.
If the policy is in RPU and loan balance equal or exceeds the then prevailing surrender value, policy will terminate immediately. For inforce policies, ABSLI shall send a notice 90 days prior to give an opportunity to the policyholder to repay all or part of outstanding loan balance in order to continue policy uninterrupted. If he/she do not repay the loan or fail to respond to the notice, ABSLI shall have the right to foreclose the policy.
As per extant tax laws, this plan offers tax benefits under Section 80C, 80D (for specific rider premium) and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. 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 policyholder. It is advisable to seek an independent tax advice.
If policyholder discontinues paying premiums, after having paid premiums for at least two full years, policy will not lapse but will continue on a Reduced Paid-Up basis. After the policy has entered RPU mode, the benefits payable will be amended as follows:
The RPU Sum Assured shall be equal to the Sum Assured multiplied by the RPU Factor, where the RPU Factor is the ratio of:
The number of premium instalments paid to date; over
The total number of premium instalments originally due for the Policy Term.
All future Income Benefits will cease and will be paid in the form of Terminal Value 1 or Terminal Value 2, as defined in the following sections.
ABSLI Nishchit Aaysuh Plan is a non-linked non-participating individual savings life insurance plan that provides guaranteed income from as early as the end of 1st policy month* to ensure the fulfilment of your family’s recurring financial needs and also provides a life insurance cover thereby ensuring complete financial protection for your family. This is a limited pay plan which provides guaranteed returns to the policyholder throughout the policy term of 25, 30, 35 or 40 years.
*if monthly frequency & 0 year deferment period is chosen
Yes, Death Benefit is payable till the end of the Policy Term.
The minimum sum assured under this plan is Rs.300,000/-
Yes, the Life Insured and Policyholder can be different under this plan. In case Policyholder and the Life Insured are different then all the proceeds for the policy will be paid to the Policyholder. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. As there is no death benefit payable on the death of the Proposer/Policyholder, the policy status does not change, and the policy continues. However, if the premiums are not paid before the expiry of the grace period the policy would be subject to the provisions mentioned in the ‘Premium Discontinuance Section’.
Yes, policyholder can enhance insurance coverage during the policy term by adding one or more of the following riders for a nominal extra cost.
ABSLI Critical Illness Rider (UIN: 109B019V03)
ABSLI Surgical Care Rider (UIN: 109B015V03)
ABSLI Hospital Care Rider (UIN: 109B016V03)
ABSLI Waiver of Premium Rider (UIN: 109B017V03)
ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
WOP rider will not be available when the Life Insured and Proposer are different and Life Insured is a major (above 18 years of age). Please refer to detailed brochures on riders or visit our website for further details.
Disclaimer
*Provided all due premiums are paid & policy is in force
Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Aditya Birla Sun Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you
HDFC Bank Limited (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Aditya Birla Sun Life Insurance Company Limited and the Insured and not between HDFC Bank and the Insured.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). 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. Please refer to the Product Brochure for more details on the product. “We”, “Us”, “Our” or “the Company” or “ABSLI” means Aditya Birla Sun Life Insurance Company Limited. “You” or “Your” 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.<.span>
“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."