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ABSLI Group Smart Select Plan

Aditya Birla Sun Life Insurance Group Smart Select a non-linked non-participating Group Credit Life Insurance
Plan




Choose death benefit variants

This product offers 2 Death Benefit Options to choose from:
  • Level
  • Reducing

Choose member option

Depending upon the loan availed, member can choose the from below option

1. Single Life

2. Joint Life (two lives), with benefit payable on first death

3. Co-Borrower (no limit, provided each member meets eligibility criteria)

Choose optional benefits

  • Accidental Death Benefit (Additional)
  • Accidental Total Permanent Disability (Accelerated)
  • Either of the Critical Illnesses package (Accelerated)
  • Essential Critical Illness Cover (Accelerated Critical Illness 10))
  • Super Critical Illness Cover (Accelerated Critical Illness 25)

  • Select Policy Term & Moratorium Period if required


    Life is full of dreams and aspirations and in order to fulfill the dream of buying a new house
    or a new car, joy and concern equally dominate our thoughts. With the delight of achieving our
    goal, we take a loan and worry about its repayment in case of our absence.


    ABSLI Group Smart Select Plan ensures this doesn't happen by safeguarding your
    family from any financial risk. Along with risk coverage, it also assures peace of mind
    in case of death, disability, and illness of the insured.

    Choose member option

    • Covers all types of loans products
    • Inbuilt terminal illness cover
    • Flexibility to choose from Level or Reducing Sum Assured Cover options
    • Enhance your Cover by choosing from various inbuilt options:
    • Accidental Death Benefit (additional)
    • Accidental Total & Permanent Disability Benefit (accelerated)
    • Critical Illness Benefit (Option to cover 10, 25 or 50 CI as per requirement) (accelerated)

Plan Eligibility


Cover Term
1 month - 30 years (in multiples of 1 month, not exceeding underlying loan tenure)
Premium Payment Term (PPT)
Single Pay
Entry Age


Minimum: 14 years (age as on last birthday) for Base cover

19 years (age as on last birthday) for other benefit options
benefit options

In case of minor lives, risk shall commence immediately on enrolment acceptance.

Maximum: 79 years (age as on last birthday) for Base cover

63 years (age as on last birthday) for other benefit options

Maximum Maturity Age


90 years (age as on last birthday) for Base cover
70 years (age as on last birthday) for other
benefit options

Minimum Premium Amount
Re. 0.20
Maximum Annualized Premium
No limit
Minimum Sum Assured


Rs. 5,000
Maximum Sum Assured
No limit subject to Board Approved Underwriting Policy. Original Sum Assured shall not exceed 125% of outstanding loan amount.
Minimum No. of Members
5 members
Minimum No. of Members
No Limit
Minimum Top-up Sum Assured
Rs. 5,000
Death Benefits Variants


This product offers 2 Death Benefit Options to choose from:

Level Cover: The sum assured stays at same level throughout the Cover term

Reducing Cover: The sum assured decreases as per the repayment schedule

Optional Benefits


Accidental Death Benefit (Additional)

Accidental Total and Permanent Disability (Accelerated)

Essential Critical Illness Cover (Accelerated CI 10)

Super Critical Illness Cover (Accelerated CI 25)

Mega Critical Illness Cover (Accelerated CI 50)

Plan Combinations


1. Death Benefit

2. Death Benefit + Accidental Death Benefit (Additional)

3. Death Benefit + Accidental Total Permanent Disability (Accelerated)

4. Death Benefit + Essential Critical Illness Cover (Accelerated Critical Illness 10)

5. Death Benefit + Super Critical Illness Cover (Accelerated Critical Illness 25)

6. Death Benefit + Mega Critical Illness Cover (Accelerated Critical Illness 50)

7. Death Benefit + Accidental Death Benefit (Additional) + Essential Critical Illness Cover (Accelerated Critical Illness 10

9. Death Benefit + Accidental Death Benefit (Additional) + Super Critical Illness Cover (Accelerated Critical Illness 25)

9. Death Benefit + Accidental Death Benefit (Additional) + Mega Critical Illness Cover (Accelerated Critical Illness 50)

10. Death Benefit + Accidental Death Benefit (Additional) + Accidental Total Permanent Disability (Accelerated)

11. Death Benefit + Accidental Total Permanent Disability (Accelerated) + Essential Critical Illness Cover (Accelerated Critical Illness 10)

12. Death Benefit + Accidental Total Permanent Disability (Accelerated) + Super Critical Illness Cover (Accelerated Critical Illness 25)

13. Death Benefit + Accidental Total Permanent Disability (Accelerated) + Mega Critical Illness Cover (Accelerated Critical Illness 50)

14. Death Benefit + Accidental Death Benefit (Additional)+ Accidental Total Permanent Disability (Accelerated) + Essential Critical Illness Cover (Accelerated Critical Illness 10)

15. Death Benefit + Accidental Death Benefit (Additional) + Accidental Total Permanent Disability (Accelerated) + Super Critical Illness Cover (Accelerated Critical Illness 25)

16. Death Benefit + Accidental Death Benefit (Additional) + Accidental Total Permanent Disability (Accelerated) + Mega Critical Illness Cover (Accelerated Critical Illness 50

Member Option


Following member types are covered under this scheme:

1. Single Life

2. Joint Life (two lives): The plan can be taken on joint life basis where we will cover the death, disability or illness of either of joint insured members, whichever occurs first. There has to be insurable interest between the joint lives.

Under Joint Life option, only 2 borrowers can be jointly insured wherein the Base Sum Assured and Policy Term will be same for both lives

10% discount is offered on the premium of the younger life in joint life.

The death benefit shall be payable on occurrence of first death of either of the two lives and cover on the second life would cease to exist.

Incase of death of both members, covered under joint life cover, at the same time the claim will be considered in favor of the beneficiary of the older of the two lives. However, in this case, if the claim on the older of the life were to get repudiated, then the claim will be considered in favor of the beneficiary of the other life.

3. Co-Borrower: Co-borrower means two or more members who has availed a loan facility together form the Master Policyholder.

Under this option, co-borrowers will be considered as separate lives and will be covered to the extent of respective share of loan amount

All co-borrowers must individually satisfy the eligibility conditions to become a Member.





 


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Disclaimer
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked, non-participating traditional group insurance plan. ABSLI reserves the right to recover levies such as GST levied by the authorities on insurance transactions. If there be any additional levies, they too will be recovered from you. This brochure contains only the salient features of the plan. For further details, please refer to the policy contract. Tax benefits are subject to changes in the tax laws. Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com Reg. No. 109 | CIN: U99999MH2000PLC128110 ADV/6/18-19/2963

109N125V01