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ABSLI Anmol Suraksha Kawach
A short-term plan to protect your loved ones
A short-term plan to protect your loved ones
Tax Benefits^
Life Cover
Get Life Cover up to 2 crores for 5 years
What is ABSLI Anmol Suraksha Kawach Plan?
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Life Cover up to 5 years.
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Budget friendly
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Flexible payment (Single pay/Regular pay)
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Tax Benefits^
Benefits of ABSLI Anmol Suraksha Kawach Plan
An affordable short-term plan that provides security to you and your loved ones against all unforeseen eventualities.
Death Benefit
In the event of death of the life insured during the term of the policy, Sum Assured on Death will be payable in lump-sum to the nominee.
Surrender Benefit
For Regular Pay: No surrender benefit is payable.
For Single Pay: Unexpired Risk Premium Value is available at any time after policy issuance. The Policyholder can surrender the policy any time before the end of Policy Term.
For Single Pay: Unexpired Risk Premium Value is available at any time after policy issuance. The Policyholder can surrender the policy any time before the end of Policy Term.
Tax Benefits
You may be entitled to certain applicable tax benefits^ on premium paid and on benefit received under your policy.
How does this Plan works?
- Mr. Gupta, a non-smoker, aged 35 years, buys ABSLI Anmol Suraksha Kawach and opts for single pay
- He chose policy term of 4 years with sum assured of 1,00,00,000.
- He paid a single premium of Rs. 25,000.
- He died in the beginning of the 2`nd year.
- In this scenario, Mr. Gupta`s nominee/family will receive a lumpsum assured on death of Rs. 1,00,00,000.
- Mr. Gupta, a non-smoker, aged 35 years, buys ABSLI Anmol Suraksha Kawach and opts for regular pay
- He chose policy term of 4 years with sum assured of 1,00,00,000.
- He paid a regular pay premium of Rs. 7,200.
- He died in the beginning of the 2nd year.
- In this scenario, Mr. Gupta`s nominee/family will receive a lumpsum as death benefit of Rs. 1,00,00,000.
| Type of Plan | A Non-Linked Non-Participating Individual, Life, pure risk premium term insurance product |
| Coverage | All Individuals (Male | Female | Transgender) |
| Premium Payment Term (PPT) | Single Pay | Regular Pay |
| Policy Term (PT) | 2 years | 3 years | 4 years | 5 years |
| Age of the Life Insured at Entry (Age as on last birthday) |
Minimum: 25 Years Maximum: 55 Years |
| Maximum cover ceasing age of the Life Insured (Age as on last birthday) | 60 Years |
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Minimum Annualized Premium Maximum Annualized Premium |
As per Sum Assured |
| Sum Assured (INR) | 50 Lakhs | 75 Lakhs | 1 Crore | 1.25 Crore | 1.5 Crore | 1.75 Crore | 2 Crore |
| Premium Payment Frequency and Frequency Loadings |
Mode = Modal Loading Annual = 0.0% Semi-annual = 2.0% Quarterly = 3.0% Monthly = 4.0% |
What's not Covered under ABSLI Anmol Suraksha Kawach Plan?
Why invest in ABSLI Anmol Suraksha Kawach Plan?
Here are the top 4 reasons for you to consider this plan:
Convenient Premium payment
Get comprehensive protection benefits by paying as per your convenience (regular pay/single pay)
Short-term Life Cover
Cover short-term protection needs for a period of up to 5 years
Flexible & affordable
Choose the sum assured & policy term at the time of inception with single pay affordable premium
Lumpsum Payment
Sum assured paid in lumpsum as a death benefit
How to initiate Claim?
3 quick steps, everything online.
- Fill basic details
- Claim intimation
- Document submission
Anmol Suraksha Kawach FAQs
ABSLI Anmol Suraksha Kawach is a new age term plan which offers level cover protection to look after the short-term protection needs of customers in the immediate future and offers comprehensive coverage against short-term liabilities.
This plan is available on E application platform through sales channel’s intervention as well as on website.
ABSLI Anmol Suraksha Kawach can be purchased in 4 simple steps:
Step 1: Choose the Premium Payment Term for which you want to pay premiums for.
Step 2: Choose the Policy Term for which you wish to remain protected.
Step 3: Choose the Sum Assured for which you wish to be covered for.
Step 4: Choose whether you are a smoker/non-smoker.
Step 1: Choose the Premium Payment Term for which you want to pay premiums for.
Step 2: Choose the Policy Term for which you wish to remain protected.
Step 3: Choose the Sum Assured for which you wish to be covered for.
Step 4: Choose whether you are a smoker/non-smoker.
The minimum income criteria under this product for both salaried and self-employed individuals is Rs 7.5 lakhs per annum.
This plan offers Policy Term of 2 - 5 Years.
No, the Policy Term once chosen at inception; cannot be changed during the term of the policy.
Minimum (Maximum) Annualized premium under this policy depends on the minimum (maximum) Sum Assured chosen.
Depending upon the smoking status of the life insured, he/she will be classified as Non-Smoker or Smoker.
This plan offers preferential premium rates for all Female lives. Also, premium rates vary for smoker/non-smoker status of the Policyholder.
No Joint Life Protection option is not available under this product.
No, the death benefit can be only be taken in lumpsum by the nominee after the death of the life insured.
For Regular Pay policies, the policyholder will have a Grace Period of 30 days (15 days for Monthly mode) from any premium due date to pay the premium. During this period, all coverage under the policy will continue.
In case of occurrence of death, during the grace period, ABSLI will recover the unpaid premium due from the death benefit payable.
If the premium due is not received during the Grace Period, the policy will lapse for risk coverage and no benefit will be payable thereafter.
For Single Pay policies, this is not applicable.
In case of occurrence of death, during the grace period, ABSLI will recover the unpaid premium due from the death benefit payable.
If the premium due is not received during the Grace Period, the policy will lapse for risk coverage and no benefit will be payable thereafter.
For Single Pay policies, this is not applicable.
On non-payment of premium, a Regular Pay policy will be treated as lapsed with no benefit payable.
Such a policy can be revived to its full value within five years from the due date of the first unpaid premium by paying all due and unpaid policy premiums (along with the interest) to date and by giving ABSLI satisfactory evidence of insurability in respect of the Life Insured. ABSLI according to it’s Board approved underwriting policy will decide whether to reinstate the policy to its full value. The effective date of the revival is when these requirements are met and approved by the Company as per the Board approved underwriting policy. On the effective date of the revival, all the benefits will be restored to their full value.
The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1st of each calendar year and is determined as (x+1%)/12 rounded to the next 0.5%, where x is the base rate of the State Bank of India. The interest rate, as declared on June 1st, 2022, is 1% per month.
Any change in basis of determination of interest rate for revival can be done only after prior approval of the Authority.
Such a policy can be revived to its full value within five years from the due date of the first unpaid premium by paying all due and unpaid policy premiums (along with the interest) to date and by giving ABSLI satisfactory evidence of insurability in respect of the Life Insured. ABSLI according to it’s Board approved underwriting policy will decide whether to reinstate the policy to its full value. The effective date of the revival is when these requirements are met and approved by the Company as per the Board approved underwriting policy. On the effective date of the revival, all the benefits will be restored to their full value.
The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1st of each calendar year and is determined as (x+1%)/12 rounded to the next 0.5%, where x is the base rate of the State Bank of India. The interest rate, as declared on June 1st, 2022, is 1% per month.
Any change in basis of determination of interest rate for revival can be done only after prior approval of the Authority.
The policy will terminate on the earliest of the following events:
No, housewives are not covered under this policy.
Yes, this plan can be offered to NRIs provided the client is residing in the standard residency country.
Yes, life insured and proposer can be different under the policy only for business insurance cases like Keyman cover and Employer employee cases, not for individual cases.
The plan can be issued under Employer-employee, MWP and HUF. It can also be issued under Partnership and Keyman Insurance.
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Disclaimer
^Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI).
This is a Non-Linked Non-Participating Individual, Life, Pure Risk Premium Term Insurance Plan. All terms & conditions are guaranteed throughout the policy term.
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.
This brochure contains only the salient features of the plan. It does not purport to be a contract of insurance and does not in any way create any rights and/or obligations.
All the benefits are payable subject to the terms and conditions of the Policy.
This product shall also be available for sales through online channel.
All policy benefits are subject to policy being In-force.
“We/we” or “Us/us” or “Our/our” or “Company” or “ABSLI” means Aditya Birla Sun Life Insurance Company Limited.
“You/you” or “Your/your” or “Policyholder” 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.
UIN: 109N139V01
ADV/1/22-23/2820