Benefits of ABSLI Milestone Plan

• Death Benefit
• For single life: In the unfortunate event of the life insured's demise during the policy term, the sum assured on death will be paid to the nominee in 10 equal annual instalments.
• The sum assured on death will be the highest of:
• Sum assured (15 x annual premium); or
• 105% of the total premiums paid as of the date of death (excluding loadings for modal premiums, applicable taxes, any applicable rider premiums, and underwriting extras, if any); or
• Maturity sum assured
• Upon acceptance of the death claim, the first annual instalment shall be paid immediately along with the excess amount, if any, of maturity sum assured plus accrued guaranteed additions over the sum assured.
• If the nominee prefers a lump sum payment instead of the annual instalments, the discounted value of the outstanding annual instalments will be paid as a lump sum, calculated using an interest rate of 8.75% per annum, subject to change with IRDAI approval.
• For joint life: Under this option, both you (primary life insured) and your spouse (secondary life insured) are covered under the same policy and jointly own it. The sum assured for your spouse is equal to 20% of your sum assured. This option is available at policy inception if the age of both insured individuals is less than or equal to 50 years. No riders can be added under this option, and it cannot be discontinued except due to the death of either insured individual.
• In the event of the primary life insured's death before the secondary life insured:
• The death benefit shall be paid in annual instalments to the spouse, who can opt for a lump sum payment.
• The secondary life insured becomes the sole policyholder and receives the maturity benefit.
• The secondary life insured's cover continues without future premiums.
• If the secondary life insured passes away during the policy term, the death benefit is paid to the nominee as a lump sum, and the maturity benefit is paid on maturity date.
• If the secondary life insured passes away before the primary life insured:
• The applicable death benefit is paid immediately to the primary life insured as a lump sum.
• The primary life insured becomes the sole policyholder, and all benefits continue, including the insurance cover on the primary life insured, with premiums due when applicable. The maturity benefit is paid to the primary life insured on maturity date.
• If the primary life insured passes away during the policy term, the applicable death benefit is paid to the nominee in annual instalments, with the option for a lump sum payment. The maturity benefit is paid to the nominee on maturity date.
• If both the primary and secondary life insured pass away simultaneously:
• The respective death benefit for each insured individual is paid to the nominee.
• The policy continues without future premiums, and the maturity benefit is paid to the nominee on maturity date.
• Maturity Benefit
• If the life insured survives the policy term, the maturity benefit is:
• Maturity sum assured; plus
• Accrued guaranteed additions.
• Guaranteed additions:
• Guaranteed additions accrue monthly to the policy until maturity, provided all premiums are paid. They are payable in the event of the life insured's death or policy maturity, whichever comes first. The annual guaranteed additions are determined based on the premium amount, premium band, sum assured, entry age of the life insured, joint life protection option, and policy term. For joint life protection, guaranteed additions accrue on the sum assured for the primary life insured and are payable at policy maturity.
• For an illustration of the guaranteed additions applicable to your policy, visit your nearest HDFC Bank branch or refer to your policy contract.