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All You Need To Know

ELIGIBILITY

Type of Plan
A Non-Linked Non-Participating Individual Life Insurance Savings Plan.

Coverage
All Individuals (Male | Female | Transgender)

Age of the Life Insured at Entry (age as on last birthday)

Minimum: 1* year

* 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 policy issue date.

Maximum: 60 years

Maturity Age of the Life Insured (age as on last birthday)

  • Minimum: 18 years
  • Maximum: 77 years

Premium Payment Term (PPT), Policy Term (PT) and Benefit Payout Period

Premium Payment Term (PPT) Policy Term (PT) Benefit Payout Period
6 years 6/7/8/9/10/11 years 6/8/10/12 years
8 years 8/9/10/11/12/13 years 6/8/10/12 years
10 years 10/11/12/13/14/15 years 6/8/10/12 years
12 years 12/13/14/15/16/17 years 6/8/10/12 years


Note:-

1. The PPT and PT once chosen at policy inception, cannot be changed thereafter.

2.. The Benefit Payout Period commences after the end of the Policy Term, during which the Survival Benefit is payable to the Policyholder. It is chosen at policy inception and cannot be changed thereafter.

Premium Payment Frequency and Modal Factors

Annual | Semi-Annual | Quarterly | Monthly

Mode Annual Semi-annual Quarterly Monthly
Modal Factors 0.0% 3.5% 5.0% 6.0%


Minimum Annualized Premium

₹ 50,000

Maximum Annualized Premium

No Limit (subject to Board Approved Underwriting Policy)

Minimum Sum Assured

₹3,50,000

Maximum Sum Assured

No Limit (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
Annualized Premium (in Rs.) 50,000 to 74,999 75,000 to 1,49,999 1,50,000 to 2,99,999 3,00,000 to 4,99,999 5,00,000 to 24,99,999 25,00,000 +


How does ABSLI SecurePlus Plan Work?

Use Case 1

  • Mr. Sharma aged 35 years invested ₹1,00,000 per annum in ABSLI SecurePlus Plan
  • He opts for 12 years Premium Payment Term with 13 years Policy Term and 12 years of Benefit Payout Period.
  • He chooses to receive his Income Benefit annually. His Sum Assured is Rs 12,50,000.
  • Mr. Sharma survives through the Policy Term and receives Income Benefits throughout the Benefit Payout Period.

Use Case 2

  • Mr. Sharma aged 35 years invested ₹1,00,000 per annum in ABSLI SecurePlus Plan
  • He opts for 12 years Premium Payment Term with 13 years Policy Term and 12 years of Benefit Payout Period.
  • He chooses to receive his Income Benefit annually. His Sum Assured is Rs 12,50,000.
  • Mr. Sharma dies in the 7th year of the policy during his Premium Payment Term, his nominee will receive the Death Benefit.

What’s not Covered?

Suicide Exclusion

If the Life Insured dies by suicide within 12 months of the effective date of commencement of risk 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