BENEFITS
In case of the unfortunate demise of the life insured during the Policy Term, Death Benefit will be paid to the nominee. Death Benefit is the Sum Assured on death less any previously paid Terminal Illness Benefit. The policy shall be terminated once the Death Benefit is paid.
Sum Assured on death for regular | limited pay will be highest of:
10 times of the Annualised premium for all ages; or
105% of all the Total Premiums paid as on the date of death; or
Absolute amount assured to be paid on death
Sum Assured on death for single pay will be highest of:
125% of single premium for all ages; or
Absolute amount assured to be paid on 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.
Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
View Commission-related information
The maximum policy term is 55 years
Death benefit for limited or regular pay plans will be the highest of 10 times the annualized premium, or 105% of total premiums paid till date of death, or absolute amount assured to be paid upon death. For single pay plans, the death benefit will be the highest of 125% of single premium amount or absolute amount assured to be paid upon death.
The minimum policy term for Plan Options 1 to 6: 10 years. (For Limited Pay Variant with PPT 10 years, it is 15 years.). For Plan Options 7 and 8: 20 years.
The maximum policy term for all plan options is 55 years.
You can choose to pay the premium either for a single time, or for a limited period of 6, 8 and 10 years, or regularly till the maturity of the policy.
You may be entitled to certain applicable tax benefits on your premiums and policy benefits. 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.
Several term plans come with an option of ‘return of premium’ in case the policyholder survives the policy period. This amount that the policyholder receives upon the termination of policy is known as maturity benefit.
We will pay the premiums paid to date (excluding applicable taxes) or surrender value, if higher in the event the life insured dies by committing suicide, within twelve months from the inception of the policy or revival date of the policy respectively, provided the policy is inforce.
For Joint Life Protection, the suicide exclusion described above applies in the event of earlier death of either the Primary Life Insured or the Secondary Life Insured and the life cover as mentioned in the Joint Life Protection section shall continue for the surviving Life Insured subject to the payment of reduced future premiums, if any.
Post the receipt of all claim requirements/ documents, your claim will be generally settled within 2 to 3* business days. To raise a claim, you can either fill an online claim form, or visit your nearest ABSLI Branch, or call on our toll-free number 1800 270 7000.
*all requisite documents are submitted & claim does not require field investigation