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I agree to the Terms of Usage and Privacy Policy. By submitting my contact details here, I override my NDNC registration and authorize ABSLI to contact me by phone/e-mail/SMS/WhatsApp. Trade Logo "Aditya Birla Capital" displayed above is owned by ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) and used by ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the license. BEWARE OF SPURIOUS / FRAUD PHONE CALLS! IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. ABSLI Nishchit Aayush is a non-linked non-participating individual savings life insurance plan (UIN No 109N137V05)

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Claim

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Definition:
A claim is a formal request made by the life insured or the nominee to the insurance company asking to compensate for the loss the insured suffered. The insurance company after taking the premium issues the insurance policy as an agreement to pay for the losses. The company pays the claim as a part of the contract at the time of the death or disability of the life insured. The claims are also paid at the end of the policy term when policy matures.
Description:
Under a life insurance policy, the insurance company is liable to pay the amount promised to the insured if the claim is admissible. The losses that arise must fall under the scope of coverage that the policy offers. A claim is paid if the policy is in effect at the time of loss and if the cause of loss is not beyond exclusions.

In life insurance there are two types of claims: maturity and death claims.

Maturity claims: The claim amount paid to the life insured when she/he survives the complete policy term falls under maturity claims. After the policy term is over, the life insured can file for the claim.

Death claims: The claim amount paid to the nominee on the death of the life insured are death claims. The unfortunate event must happen within the policy term.
Example:
Reena purchased a term plan of Rs.1.5 crores as she was the sole breadwinner in the family. She declared Nisha her nominee and chose a policy term of 20 years. Reena died after paying a premium for 15 years. The surviving dependent Nisha (Reena's daughter) filed for the claim with the insurance company. The claim was paid after the verification of the documents.
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Buy ₹ 1 Cr Term Cover @Rs.492/month
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Buy ₹1 Crore Term Cover @ @Rs.492/month for Salaried Individuals¹
ABSLI Salaried Term Plan
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹492/month¹
  • Disclaimer

    ABSLI Salaried Term Plan (UIN:109N141V01) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
    1LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
    ADV/4/22-23/120