ABSLI Group Smart Supreme

Level Cover: The sum assured stays at same level over entire Cover term.
Reducing Cover: The sum assured decreases as per the repayment schedule. The repayment schedule will depend on the underlying interest rate, moratorium period, if applicable etc. At the outset, therefore, a repayment schedule will be agreed between the parties and such schedule will define the sum assured applicable at various point of time. We will pay the benefits exactly as per the schedule selected at inception, irrespective of the actual outstanding loan as on the date of death.

Single Life: In the event of death of the member during the Base Cover term, the applicable sum assured at the start of the month as per the repayment schedule (referred to as “Sum Assured on Death”) shall be paid in lumpsum, provided the cover is in force. On payment of death benefit, the Cover under this product shall terminate.

Joint Life: In the event of first death of either of assured lives during the Base Cover term, Sum Assured on Death shall be paid in lumpsum, provided the Cover is in force. On payment of death benefit, the Cover under this product shall terminate.

Co-borrower: In the event of death of any of the co-borrowers, his/her respective share of Sum Assured as per the Policy Schedule is payable. Cover on the other life will continue as they are independent insurance covers.

Terminal Illness Benefit (Inbuilt) Terminal Illness cover is an inbuilt feature in this plan. This benefit is payable in case member/ any of the Joint lives is diagnosed with Terminal Illness anytime during the Policy Term. For more details, read the product brochure.

Accidental Death Benefit (Additional) Option
This benefit shall be only available where Accidental Death Benefit option is chosen. In the event of death of member due to an accident where accident occur during the Accidental Death Benefit Cover term, we shall pay an additional lumpsum Accidental Death Benefit equal to applicable ADB Sum Assured at the start of the month as per the repayment/savings accumulation schedule, subject to a maximum limit as specified by the company from time to time. This is an additional benefit and will be paid in addition to the Death Benefit. For more information, please read the product brochure.

Accidental Total and Permanent Disability (Accelerated) Option (ATPD)
This benefit shall be only available where Accidental Total and Permanent Disability (Accelerated) Benefit Option is chosen. Accidental Total and Permanent Disability (Accelerated) Sum Assured at the start of the month as per the repayment/savings accumulation schedule shall be payable if the Member /any of the Joint lives has become totally and irreversibly disabled as a result of accident occurring during ATPD Cover term. Accidental Total and Permanent Disability Sum Assured shall be, subject to maximum limit as specified by the company from time to time. For more information, please read the product brochure.

Critical Illness Benefit Option*
Critical Illness Benefit Option offers 6 options to choose from:

• Essential Critical Illness Cover (Accelerated Critical Illness 10): 10 specified illness shall be covered.
• Super Critical Illness Cover (Accelerated Critical Illness 25): 25 specified illness shall be covered.
• Mega Critical Illness Cover (Accelerated Critical Illness 50): 50 specified illness shall be covered.
• Essential Critical Illness Cover (Additional Critical Illness 10): 10 specified illness shall be covered.
• Super Critical Illness Cover (Additional Critical Illness 25): 25 specified illness shall be covered.
• Mega Critical Illness Cover (Additional Critical Illness 50): 50 specified illness shall be covered.

*Critical Illness cover can be opted for a term of at least 6 months to 15 years, but not exceeding the Base Cover term.
This benefit shall be available only where any one of the Critical Illness Cover (Accelerated CI 10/ Accelerated CI 25/ Accelerated CI 50/ Additional CI 10/ Additional CI 25/ Additional CI 50) Benefit option is chosen.
Accelerated/Additional Critical Illness Sum Assured not exceeding Sum Assured on Death shall be chosen at the inception.
For more information, please read the product brochure.

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.

Member can choose any Moratorium Period from 1 (one) month to 10 (ten) years, (in multiple of 1 month). During the Moratorium period, Sum Assured on Death and other Benefit options shall remain level and reduce thereafter according to applicable repayment schedule.

Master policyholder or member, as applicable shall have an option to avail additional cover during the tenure of existing Cover subject to satisfactory underwriting (as per Board Approved Underwriting Policy). Such additional cover may be required inter alia to provide for top-up loan or moratorium period allowed while the loan is outstanding. Premium applicable to remaining Cover tenure and attained age shall be charged for such additional Cover. For all purposes, such additional Cover shall be treated as separate Cover and remaining terms of this product shall apply accordingly.