Why Should a Loan Taker Opt for ABSLI Anmol Suraksha Kawach?

Say you are on a ship in the middle of the sea, at night. Imagine you are lost and don’t know how to make it to the shore. A lighthouse will guide you in finding your way back home. Just like a lighthouse guides ships safely to shore, a term insurance plan provides guidance and protection to your loved ones during a time of uncertainty and loss.

Term insurance helps them build a stable financial future by giving them the cover amount in the event of your untimely demise. It is a beacon of hope that can light their path and ensure they do not get lost in a wave of financial burden.

One such term insurance plan is the ABSLI Anmol Suraksha Kawach - which is highly recommended if you’ve taken a loan. It is a short-term insurance plan that provides your family with a death benefit if, unfortunately, you pass away during the policy term. The received claim can be used to repay any outstanding loan amounts.

In this article, we will delve into the details of this term insurance plan and why it is an essential tool in securing one's financial future. So, let’s begin!

First, What is ABSLI Anmol Suraksha Kawach?

Life is full of uncertainties and it becomes a necessity to have a term insurance plan in place to ensure the financial stability of your loved ones, especially in your absence.

ABSLI Anmol Suraksha Kawach is a smart and economical solution if you want to provide financial protection to your family in the short term. This term insurance plan is designed to provide coverage for a specific duration and offers a death benefit to your nominee if something untimely happens to you.

When your family grows or when you want to achieve bigger dreams, you need financial support. For this purpose, you might secure loans that you are indebted to repay. In such cases, this plan can be a good choice to avoid the unfortunate circumstances of your family shouldering this financial burden should something happen to you. It is a budget-friendly option that helps you focus on living life to the fullest, knowing that your loved ones are taken care of.

How does ABSLI Anmol Suraksha Kawach Work?

ABSLI Anmol Suraksha Kawach is a short-term life insurance plan that provides coverage for a specific duration. This plan gives you the flexibility to choose the length of coverage that best suits your needs, ranging from 2-5 years.

Customisation Options

Some of the customisation options available under this plan include -

• Premium Payment Term
  • → Single Pay Option – Here, you can pay the premium in one go as a lump sum when you purchase the policy and enjoy the benefits for the rest of the policy duration.
  
  
  • → Regular Pay Option – This option allows you to pay the premium throughout the policy duration, making it easier for you to [manage your finances](https://lifeinsurance.adityabirlacapital.com/articles/your-money/top-5-money-management-tips/).


• Premium Payment Frequency
  You can choose a frequency that best fits your budget and lifestyle. It can be monthly, quarterly, semi-annually, or annually.


• Cover Amount
  You can customise the cover amount in accordance with your family’s future goals and needs, any loans you have taken, etc. You can pick from Rs 50 Lakhs, Rs 75 Lakhs, Rs 1 Crore, Rs 1.25 Crores, Rs 1.5 Crores, Rs 1.75 Crores, and Rs 2 Crores.

Benefits

In exchange for the premiums paid, ABSLI Anmol Suraksha Kawach provides a life cover for the duration that you select. If you pass away during the policy term, the insurer will pay a fixed sum of money, known as the death benefit, to your nominee. This death benefit can provide financial stability and support to your loved ones in your absence. And, in the event that you survive the policy term, there is no payback.

Why Should a Loan Taker Opt for ABSLI Anmol Suraksha Kawach?

ABSLI Anmol Suraksha Kawach is a smart choice if you have taken a short-term loan and want to ensure that your dependents are not left with the burden of its repayment in case of your absence. You can rest assured that your dependents will receive a lump sum payment as a death benefit if you pass away during the policy term. Your family can use this to repay any outstanding short-term loans and take care of other financial obligations.

Let’s understand this better with a few examples,

• Radha has a daughter who excels in her studies and has big plans for her future. She has been accepted into a prestigious university abroad. Radha intends to support her daughter’s dreams by taking out a loan to finance her education.


• Mohan’s daughter has secured admission to a top university in India, and he has taken a loan to pay for the expensive tuition fees.


• Ram has taken a loan to finance his son’s grand wedding and to also buy him a brand-new car.

As breadwinners of their families, Radha, Mohan, and Ram work hard to ensure that they repay these loans while still providing for their loved ones.

However, life is unpredictable, and even the best-laid plans can go awry. If something were to happen to them, their families could be left with a huge financial burden that they may not be equipped to handle. The task of repaying these loans would befall their shoulders. All this can easily be avoided with the help of a good short term insurance plan like ABSLI Anmol Suraksha Kawach.

If you’ve taken a loan and it is to be repaid over the next few years, you should consider investing in the plan. Even if something happens to you during this time span, the cover amount that your loved ones will receive will take care of the debt and let them live life happily and peacefully - just like you want them to.

You can customise the cover amount so that it encompasses the entire loan amount. And what's more, the premiums for this plan are budget-friendly. As discussed before, you can also choose the premium payment frequency and duration in accordance with your financial requirements.

To Conclude

ABSLI Anmol Suraksha Kawach is a budget-friendly term insurance plan that offers flexibility and customisation options to help you protect your family's financial future. With this plan, you can have peace of mind knowing that your loved ones will be taken care of, even if you're not there to support them anymore.