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.
|Option 1- Level Cover
||In this option, the Sun Assured does not change and remains the same throughout the policy term.
|Option 2- Increasing Cover
||Under this option the Sum Assured will increase every year during the policy term by 5% or 10% per annum.
|Option 3- Sum Assured Reduction
||You will have an option to reduce the chosen Sum Assured by 50% or 25%. The reduction is applied on retirement age of 60 years, 65 years, 70 years or 75 years, as selected by you.
|Option 4- Whole Life Level Cover
||You can choose to have a whole life cover till the age of 100. The Sum Assured also remains the same throughout the policy term.
|Option 5- Whole Life Sum Assured Reduction Cover
||You will get a whole life cover till 100 years of Age. You will also have an option to reduce the Sum Assured Factor of 50% or 25% on retirement.
|Option 6- Income Benefit
||You can choose for the sum assured to be paid to the nominee as a monthly income, equal to 1.25% of sum assured. You can also have the monthly income increase by simple 5% p.a.
|Option 7- Life Cover Plus Income Benefit
||The nominee will receive Sum Assured in lump sum immediately. On top of that a monthly income will be paid as 0.5% of Sum Assured, for a period of 10 years.
|Option 8- Low Cover
||Under this option, the nominee will be paid an absolute amount in lump sum, equal to Sum Assured on Death.
|Option 9- Level Cover with Survival Benefit
||If you survive till the policy anniversary after the age of 60, a survival benefit equal to 0.12% of Sum Assured. The benefit will be paid every month till the end of the Policy Term.
|Option 10- Return of Premium (ROP) -
||If you survive the policy term, a sum of all the premiums paid will be paid to you at the end.
What benefits does DigiShield Plan Offer?
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.
|For Plan Options 1, 2, 3, 4, 5, 8, 9 or 10
||Death Benefit will be the sum assured on death payable in lump sum.
|For Plan Option 6
||Death Benefit will be payable in monthly instalments as 1.25% of Sum Assured during the Income Benefit Term. If Policyholder has chosen Increasing Monthly Income the monthly instalments will increase by 5% simple each year throughout the Income Benefit Term.
|For Plan Option 7
||Death Benefit will be payable as Sum Assured in lump sum paid immediately plus Level monthly income paid over 10 years as 0.5% x Sum Assured, commencing from the first Policy monthiversary on or after the date of death.
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.
(% of Sum Assured of the Policy)
||50% subject to a maximum of Rs. 50,00,000
|Child Birth (Two Children)
||25% subject to a maximum of Rs. 25,00,000 per child
(Once during the Policy Term)
|50%, subject to a maximum increase of Rs. 50,00,000
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.
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.
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.