Get life cover of ₹ 1 Crore
For just ₹ 542¹/month

What is a Term Insurance?

Term insurance is the most cost effective form of life insurance which offers you a substantial life cover at a nominal premium for a specific period chosen by you. A term insurance plan provides financial protection to the nominee in case the life insured dies during the policy term.

Benefits of our Term Insurance Plan

1. Financial security to the family

It provides financial protection to the family in case of the unfortunate death of the insured, who might be the sole breadwinner of the family. The sum received from his/her life insurance policy helps to take care of the family’s household expenses, loan liabilities and secure the future financial goals.

2. High life cover at lower premiums

It offers high value life cover at affordable premium amount. For eg. ABSLI DigiShield Plan provides life cover of Rs. 1 Crore at just Rs. 477 per month2. Additionally, the premiums are lower when you buy it at a young age.

3. Longer Life Cover

Term insurance plans offer substantially longer coverage. ABSLI DigiShield Plan offers option to avail life cover up to age 100 years

4. Flexibility to choose pay-out options

With term plans, you have the flexibility of choosing the payout options. The payout of sum assured on the death of life insured can be in the form of lumpsum or as an income that is either monthly or annual. This helps the family manage regular expenses and other financial needs in the absence of the life insured.

5. Helps to take care of the liabilities

If you have been prudent in choosing an adequate life cover, a term insurance plan arms your dependents to pay off the liabilities like home loan, car loan, education loan, etc with the claim amount received.

6. Inbuilt terminal illness benefit (Free)

Terminal illnesses are those that would likely lead to death within 6 months of being detected (e.g. AIDS). They are not only life threatening but its treatment cost can lead to wipe out of your life savings. ABSLI provides full claim pay out immediately in case the life assured is diagnosed with a terminal illness. This benefit comes in-built with the policy without any extra cost to you.

7. Tax Benefits

Premiums paid towards a term plan qualify for deduction under Sec 80C of the Income Tax⁵ Act, 1961upto a maximum of Rs. 1.5 lakh. Also, claim amount received from the term policy (on death) is exempted from tax under Sec10(10D) of the Income Tax Act, 1961.

8. Return of Premium Option:

In case you survive the policy term, the sum total of all premiums paid is returned to you on maturity of the policy. ABSLI Life Shield Plan & ABSLI DigiShield Plan offer this option.

9. The simplicity of Term Plans

Term life insurance plans are the purest form of insurance and are extremely simple to understand. There is no investment component in these plans.

How do you buy ABSLI Term Insurance Plan online?

It only takes 3 simple steps to get the plan:
Step 1: Enter your basic details such as name, gender, date of birth, mobile no., e-mail id, tobacco usage etc.
Step 2: Choose your Policy Term, Premium Paying Term, Sum Assured etc. to get your premium details.
Step 3: Fill basic personal details and upload required documents
That’s it! Enjoy the benefits of your policy.
ABSLI Term Insurance Plans gives your family the financial independence and security that you desire.

What is ABSLI Life Shield Plan?

ABSLI Life Shield Plan is a term insurance plan that offers you the flexibility to provide for your family’s well-being even if you are not around. You can .make a choice from different plan options as per your family's needs. This ensures they do not need to compromise on their lifestyle, even in your absence.

Key Features of the Plan

• Multiple options to suit your different protection needs.
• Option to enhance coverage at key milestones of your life.
• Option to cover your spouse under the same policy.
• Return of premium option.
• Inbuilt terminal illness benefit.
• Enhance your insurance with appropriate rider options.

Your Plan Options

ABSLI Life Shield Plan offers you the freedom to choose your sum assured, how long you want to pay your premium and other plan options. The plan options available are given below:

The premium will vary depending on the plan option chosen by you. Plan options once selected cannot be changed during the policy term.
# excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any. ^ Explained in detail later in the brochure

Note: In case of rider benefits, if opted for, shall be payable as per rider sum assured chosen at inception.

Your Benefits:

Death Benefit:

In case of the unfortunate death of the insured during the policy term, death benefit is paid to the nominee Death Benefit is the Sum Assured on death less any previously paid Terminal Illness Benefit.
The policy is terminated once the Death Benefit is paid.
The nominee has an option to take the Death Benefit by choosing one of the following options:

Terminal Illness Benefit

The policy comes with an inbuilt terminal illness benefit In case you’re diagnosed with a Terminal illness during the policy term 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2.5 Crore will be paid immediately and the remaining future premiums on your policy will be waived off.

Waiver of premium

In case life insured suffers with total and permanent disability or critical illness during the policy term, all future premiums will be waived off. The death benefit under the policy will remain unaffected.

Joint Life Protection

In this option, two lives i.e., you (primary life insured) and your spouse (secondary life insured) are covered under the same policy. The sum assured for your spouse will be equal to 50% of your applicable sum assured. You can opt for Joint Life Protection for only if Plan Option 1, 2, 3 or 4 is chosen. No rider can be opted under this option.

Enhanced Life Stage Protection

Your protection needs varies at different lifestages owing to occurrence of joyous events like marriage and birth of children.
You can choose to increase the coverage on occurrence of each of the events without undergoing any fresh medical examination.

Return of Premium

The sum total of all premiums paid by you shall be returned to you on policy maturity date in case you survive the policy term. Return of Premium is applicable only if you choose Plan Option 7 or 8.

Customisable Benefits

For added protection, ABSLI Life Shield Plan can be enhanced by the following riders for a nominal extra cost.

You can opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus and not both.
There are exclusions attached to the rider, for more details on exclusions, please refer to rider brochures.

Your Sample Premiums
Below are sample annualized premiums for age 35, non-smoker, Sum Assured of Rs. 50,00,000 for a policy term of 20 years, regular premium payment.

*The premium is exclusive of GST. All applicable taxes will be levied as per extant tax laws and collected additionally. Please visit our website or ask your financial advisor for the customised benefit illustration specific to your policy.

Eligibility

What is ABSLI DigiShield Plan?

ABSLI DigiShield Plan is a comprehensive term insurance plan that provides you with 10 plan options to choose from based on your various needs. This plan protects your loved ones from uncertainties of life.

Key Features of the Plan

• 10 Plan Options to suit your varied protection needs.
• Flexibility to choose a life cover for 1 year or till age 100 years.
• Flexible death benefit pay-out options - as a lump-sum, monthly income or a combination of both.
• Option to avail Survival Benefit as monthly income on attaining age 60 to ensure a worry-free retired life.
• Return of Premium (ROP) option along with life insurance cover to secure your savings.
• Accelerated Critical Illness (ACI) Benefit option covering 42 specified critical illnesses.
• Option to cover your spouse under the same Policy with Joint Life Protection.
• Enhance your insurance with appropriate rider options
• Tax benefits*

*Tax benefits are subject to changes in tax laws. Please consult your tax advisor for more details

Your Plan Options:

ABSLI DigiShield Plan allows you to choose from 10 different Plan Options that suit your various needs.

What benefits does DigiShield Plan Offer?

Death Benefit

In case of the unfortunate demise of the insured person during the policy term, death benefit will be paid to the nominee(s) /legal heir(s)/assignee as per the Plan Option chosen.

Please refer policy brochure for detailed Death Benefit.

Terminal Illness Benefit

In case you are diagnosed with a Terminal Illness during the Policy Term, up to an age of 80 years, provided the Policy is in-force, 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2 crores, will be paid immediately as a lump sum and future due premiums shall be waived off.

Accelerated Critical Illness (ACI) Benefit

Accelerated Critical Illness (ACI) Sum Assured will be paid on the first diagnosis of any of the specified critical illnesses during the ACI Benefit Cover Period, provided the Policy is in-force and meets the required ACI terms and conditions.
Please refer to product brochure on our website for applicable exclusions on Accelerated Critical Illness Benefit.

Joint Life Option

If you have opted for this benefit at Policy inception, risk cover will be available to two lives, the Primary Life Insured and the Secondary Life Insured. The sum assured applicable for Secondary Life shall be equal to 50% of your applicable sum assured. You can opt for this benefit at the inception of the Policy and the same shall not be changed subsequently. No rider can be opted under this benefit.

Enhanced Life Stage Protection

As your protection need varies at different life stages owing to occurrence of joyous events such as marriage & birth of children. If you have opted for this benefit at Policy inception, you may opt to increase your life cover (Sum Assured) on occurrence of each listed events without undergoing for any fresh medical examination.

Survival Benefit

There is no Survival Benefit payable for Plan Options 1, 2, 3, 4, 5, 6, 7, 8, and 10.
If Plan Option 9 is chosen, in the event the Life Insured survives till the Policy anniversary falling after the Life Insured attains an age of 60 years, Survival Benefit of 0.12% of Sum Assured per month is paid commencing with the first Policy Month Anniversary after the event and continuing for each Policy Moth Anniversary till the end of the Policy Term or death of the Life Insured whichever is earlier.

Maturity Benefit

There is no Maturity Benefit payable for Plan Options 1, 2, 3, 4, 5, 6, 7, 8 and 9. If Plan Option 10 has been chosen, the Total Premiums Paid less loadings for modal premiums, if any will be payable at the end of the Policy Term.

Customisable Benefits

You can enhance your insurance cover during the policy term by adding the following riders for a nominal extra cost.
ABSLI Critical Illness Rider (UIN: 109B019V03)
ABSLI Surgical Care Rider (UIN: 109B015V03)
ABSLI Hospital Care Rider (UIN: 109B016V03)
ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
ABSLI Waiver of Premium (UIN:109B017V03)
ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)

Riders are not available for Joint Life Protection Option and for Plan Option 3 and 5.

You can only opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus. There are exclusions attached to the rider, please read rider brochures before concluding sale. Please consult your financial advisor or visit our website for further details.

For more details on the plan benefits, please read the product brochure carefully before concluding the sale.

Eligibility:

1. At what age can you purchase a term insurance plan?

You can buy a term insurance plan anytime between 18 years to 65 years of age. As one’s age increases, the premium for the policy increases too. Hence, it is better to start early and in good health.

2. How can you buy term insurance?

Buying a term insurance plan is very easy. You can buy it online or offline. If you wish to buy term insurance online:

• Go to the website of your chosen insurance provider. Select the plan that meet your requirements.
• Fill up personal details such as name, gender, date of birth, policy term, smoking habit, city of residence, sum assured, mobile number, email id, etc.
• The insurer would generate a quote based on the details which will let you know about the monthly/annual premium to be paid to get the term cover.
• If you are satisfied with the quote, you would need to provide additional details such as nominee’s name, health and employment details, among others.
• Make payment online through any of the digital payment modes.
• Upload scanned copy of KYC documents and others as required.
• The soft copy of the insurance policy will be mailed to your registered email id.

In case you get stuck, you can call the customer care who will provide the necessary assistance. Also, most insurers have chatbots on their website to guide you with the entire process.
On the other hand, if you wish to buy term insurance offline, you can do so from an insurance advisor. Fill up the proposal form and submit the relevant documents. Whether you buy term insurance online or offline, make sure to provide accurate details, particularly related to your health. Hiding information may lead to a claim rejection.
Also, before policy issuance, you may need to undergo a medical examination. Insurers do so for better risk assessment. Make sure not to skip it as it may reveal conditions that you aren’t aware of.

Why buy term insurance online?

Buying a term insurance plan online can be a cost effective and smarter way to buy insurance as it saves not only your time, but your money too.

4. Do term insurance plans offer any tax benefits?

Yes, the premiums paid for the term plan as well as the pay-out received offer tax benefits. The premium that you pay for any life cover policy is eligible for deduction under section 80C of the Income Tax Act, 1961 up to a maximum of Rs 1,50,000. Moreover, the claim amount received from the life insurance policy (in the event of death) is exempted from the income tax4 under section 10(10D) of the Income Tax Act, 1961.
⁴Tax benefits are subjected to changes in tax laws. You are advised to consult your tax advisor for the same

5. Does term insurance expire?

The term plans do not expire till the end of the policy term or if the claim is received, whichever comes earlier. However, to keep the existing policy in force, one must continue to pay premiums regularly.

6. How is the premium for a term policy arrived at?

Premium for a term plan depends on multiple factors including your age, gender, occupation and lifestyle habits, among others. Note that premium increases with age, and therefore it’s advisable to buy a term policy when you are young and healthy. Online term insurance calculators are available which help you compute the applicable premium.

7. Is your company cover enough? Do you need a term plan?

The coverage that you get from the company may not be enough to meet the financial needs of the entire family in your absence. Also, one loses the life coverage in case of a job change or job loss. Calculate the ideal cover and then take additional cover to financially secure your loved ones.
For example, if the cover provided by your employer is Rs 10 Lakh, that may not be enough to keep your family secure for even a year. Hence, you may need to buy 75-80 % of your life insurance coverage personally through a term plan and ensure you & your family are covered under all conditions.

8. How will my loved ones get the term money?

Talk to your parents and partner about the term insurance plan you have taken and how it benefits them. More importantly, describe the claim settlement process and how they must file the term plan claim when the time comes. One of your family members would have to intimate the insurance company about your death through a sales officer by providing them with a written intimation & a copy of the death certificate issued by the concerned government organisation. Keep the insurance documents in a safe place that these family members can access when needed.

9. How long should be the term plan?

The policy term offered by most of the term insurance plans ranges between 10 to 55 years. One must opt for the term of a policy according to his/her retirement age. The retirement age would differ from person to person basis the occupation. If a person purchases term insurance plan till age 60 years, then by that age most of his/her liabilities & responsibilities are cleared. You need term insurance to secure your family's lifestyle, until your dependents become financially independent. That means in your absence, they are still able to afford the rent, school / college fees, pay off the loans, and live a comfortable life.