ABSLI Assured Savings Plan


PROTECTING your dreams and goals is now assured


ABSLI Assured Savings Plan provides life insurance cover and savings benefits to safeguard your family members from financial crisis in case of an unfortunate event, while helping you accumulate lumpsum benefits to achieve all your dreams.

Key Features

  • Guaranteed1 benefits on death or maturity
  • Loyalty Additions that boost your maturity corpus year on year
  • Multiple policy & premium payment term options
  • Cover your spouse by choosing Joint Life Protection
  • Death Benefits

    In the event of death of the Life Insured during the Policy Term and provided that the Policy is In-force, the Death Benefit will be payable to the Nominee(s)/ Legal Heir(s). Nomination can only be effected if the Policyholder and Life Insured are the same.

  • Maturity Benefits

    On Survival of the Life Insured till the end of the Policy Term provided the Policy is in-force and all due Installment Premiums under the Policy have been paid, you will receive lumpsum. Maturity Benefit which shall be:

    • Guaranteed1 Maturity Benefit plus
    • Accrued Loyalty Additions
  • Joint Life Protection

    Under this option, two lives, the Primary Life Insured and the Secondary Life Insured (spouse) are covered under the same Policy. The coverage for the secondary life insured will be equal to 20% of the Sum Assured of the Primary life insured.

    This option is available only for limited pay policies and needs to be chosen at inception of the policy

  • Type of Plan

    A Non-Linked Non-Participating Individual Life Insurance Savings Plan

  • Coverage

    All Individuals (Male | Female | Transgender)

  • Benefit Option

    Lumpsum Payout at Policy Maturity

  • Premium Payment Term (PPT) & Policy Term (PT)

    Premium Payment Term (Years)

    Policy Term (Years)

    Minimum

    Maximum

    Single Pay

    5

    20

    5

    10

    35

    6

    12

    7

    13

    8

    14

    9

    15

    10

    16

    11

    17

    12

    18

  • Age of the Life Insured at Entry (Age as on last birthday)

    Minimum

    Single Life: 30 days*
    Joint Life: 18 years

    * In case the Life Insured is a minor, the Policy will automatically vest in favour of Life Insured after attainment of majority of the Life Insured. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy.

    Maximum

    Single Life: 65 years
    Joint Life: 50 years
    Single Pay Option B: 50 years

  • Maturity Age of the Life Insured (Age as on last birthday)

    Minimum

    18 years

    Maximum

    85 years
    Single Pay Option B: 70 years

  • Minimum Annualized Premium

    Single Pay: Rs.100,000
    6-12 Pay: Rs.30,000

  • Maximum Annualized Premium

    No Limit (subject to Board Approved Underwriting Policy)

  • Premium Payment Frequency and Frequency Loadings

    Frequency

    Annual

    Semi-annual

    Quarterly

    Monthly

    Modal Factors

    0.0%

    3.5%

    5.0%

    6.0%


  • Premium Bands

    The benefits under this product vary by premium bands as mentioned below

    Annualized Premium

    Band 1

    Band 2

    Band 3

    Band 4

    Band 5

    Band 6

    Single Pay

    NA

    NA

    100,000 to 199,999

    200,000 to 499,999

    500,000 to 24,99,999

    25,00,000 & above

    Limited Pay

    Upto 49,999

    50,000 to 99,999

    100,000 to 199,999

    200,000 to 499,999

    500,000 to 24,99,999

    25,00,000 & above

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Riders

  • ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)

    Get additional protection for accident leading to death at a nominal cost.

  • ABSLI Critical Illness Rider (UIN: 109B019V03)

    Get benefit amount as a lumpsum upon diagnosis of any of the 4 specified critical illnesses.

  • ABSLI Surgical Care Rider (UIN: 109B015V03)

    Get lump sum benefit amount to cover surgical expenses

  • ABSLI Hospital Care Rider (UIN: 109B016V03)

    Get daily cash benefit, additional ICU benefit and lumpsum recuperating benefit upon hospitalization

  • ABSLI Waiver of Premium Rider (UIN: 109B017V03)

    All future premiums waived in case of permanent disability due to illness or accident, any of the specified critical illnesses or death.

FAQs

  • What are the significant features of ABSLI Assured Savings Plan?

    Key features of ABSLI Assured Savings Plan are:

    • Get Guaranteed1 Maturity benefits to cater to your life’s milestones worry free.
    • Receive Loyalty Additions post premium payment term to boost your maturity corpus, provided all due premiums have been paid.
    • Get Higher maturity benefit for higher premium paying policies.
    • Get Comprehensive risk cover in case of death of life insured.
    • Get Cover for your Spouse in the same policy through Joint Life Protection option.
    • Flexible Premium Payment Terms, Policy Terms and Sum Assured Multiples for customizing policy benefits.
    • Additional risk cover through Riders.

    Tax benefits as per prevailing tax laws.

  • What is the Maturity Age of Life Insured acceptable under this plan?

    The minimum maturity age is 18 Years. The maximum maturity age is 85 Years and 70 Years for Single Pay Option B.

  • Can this plan also be taken on Joint life basis?

    YES, this plan can be taken on single life as well as on joint life basis (only under the limited pay option).

    Under the Joint Life Protection option, two lives i.e. Customer (primary life insured) and their Spouse (secondary life insured) are covered under the same policy and have joint ownership of the policy. The sum assured applicable for the spouse shall be equal to 20% of applicable sum assured of primary life insured. Customer can opt for this option at the inception of the policy subject to the attained age of primary life insured & secondary life insured is less than or equal to 50 years.

    No riders can be opted under this option and this option cannot be discontinued except due to the unfortunate demise of either of the lives who are insured.

  • Can the customer increase or reduce his premium amount?

    No, Customer cannot increase or reduce his premium amount during the policy tenure.

  • What is the Maximum Sum Assured on Death offered under POS?

    The Maximum Sum Assured on Death for Policies sourced through the POS channel is Rs. 25,00,000.

  • What are the additional benefits applicable under this plan?

    Yes, enhanced guaranteed1 maturity benefit will be provided for employees of Aditya Birla Group companies, Agents of Aditya Birla Sun Life Insurance and Employees of Corporate Agents and Brokers, buying their policies directly from ABSLI.

  • Is loan facility available under this plan?

    Yes. Customer can take a loan against the policy once it acquires a surrender value.

    • The minimum loan amount is Rs. 5,000 and the maximum is 80% of the then applicable Surrender Value less any outstanding Policy loan balance.
    • We shall charge interest on the outstanding loan balance at a rate declared by us from time to time based on then prevailing market conditions.
    • The death benefit, maturity benefit or surrender benefit will be reduced by the outstanding loan balance (if any).
    • If the outstanding policy loan plus Loan interest exceeds the surrender value, then the Policy will not be terminated, and the company will inform the Policyholder of the same with a 90-days advance notice to repay such outstanding Loan balance along with applicable interest.
  • What is a Reduced Paid-up policy?

    If Customer discontinues paying premiums, after having paid premiums for at least 2 full policy years, policy will not lapse but continue on a Reduced Paid-Up (RPU) basis. Under Reduced Paid-Up:

    • The RPU Sum Assured, RPU Sum Assured on Death and RPU Guaranteed1 Maturity Benefit shall be equal to the Sum Assured, Sum Assured on Death and Guaranteed1 Maturity Benefit respectively multiplied by the RPU Factor. Where, “RPU Factor” means the ratio of the number of Instalment Premium paid on date, over the total number of Instalment Premium originally due for the Policy Term.
    • The Policy will not be entitled for any Loyalty Additions once it has been converted into Reduced Paid-Up Policy.
    • Rider benefit, if any, will cease.
  • When will this policy terminate?

    The policy shall immediately and automatically terminate on the earliest occurrence of any of the following events:

    For a single life policy

    • on payment of free look cancellation amount; or
    • the date of payment of Surrender Value; or
    • the date of settlement of Death Benefit; or
    • the date of payment of Maturity Benefit; or
    • the date on which the Revival Period ends after Your Policy has lapsed as per Premium Discontinuance provision; or
    • the date on which the policy is terminated due to the outstanding loan amount exceeds the Surrender value.

    For a joint life policy

    • on payment of free look cancellation amount; or the date of payment of Surrender Value; or
    • the date of payment of Maturity Benefit; or
    • the date on which the Revival Period ends after Your Policy has lapsed as per Premium Discontinuance provision; or
    • the date on which the policy is terminated due to the outstanding loan amount exceeds the Surrender value.

    On termination of this Policy, all other benefits, including Riders attached to the Policy will immediately and automatically terminate.

  • What application form is required for ABSLI Assured Savings Plan?

    The “Common Application Form MAJOR” & “Common Application Form MINOR” would be used for this plan. In case of Joint Life Protection Option, the “Joint Life Addendum Form” will also have to be used.

  • Can policyholder get online discount & employee discount simultaneously?

    No, the policyholder can avail any one discount at any given time while sourcing the policy.

  • Can customer avail of tax benefits under this plan?

    Yes, Tax benefits are available under the plan as per existing tax laws, please consult your tax advisor for details.

  • What is the freelook period applicable for this product?

    Free Look Period
    You will have the right to return Your policy to Us within 15 days (30 days in case of electronic policies and the policies issued under the provisions of IRDAI Guidelines on Distance Marketing (1) of Insurance products) from the date of receipt of the policy, in case You are not satisfied with the terms & conditions of Your policy. We will refund the premium paid once We receive Your written notice of cancellation (along with reasons thereof) together with the original policy document. We may reduce the amount of the refund by proportionate risk premium for the period of cover and expenses incurred by us on medical examination, if any, and stamp duty charges while issuing Your policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.

    (1) Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes:
    (i) Voice mode, which includes telephone-calling;
    (ii) Short Messaging services (SMS);
    (iii) Electronic mode which includes e-mail, internet, and interactive television (DTH);
    (iv) Physical mode which includes direct postal mail and newspaper & magazine inserts; and
    (v) Solicitation through any means of communication other than in person.

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Disclaimer:

1 Provided all due premiums are paid
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating traditional insurance plan. All terms & conditions are guaranteed throughout the policy term. GST and any other applicable taxes will be added (extra) to Your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. All policy benefits are subject to policy being In-force. For more details on risk factors, terms and conditions, please read sales brochure before concluding the sale.
Customer Helpline Numbers: 1-800-270-7000 (Toll Free) between 10 am to 7 pm
The 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.
Registered Office: One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI Reg No.109. Toll Free No. 1-800-270-7000. Website: www.adityabirlasunlifeinsurance.com. CIN: U99999MH2000PLC128110 UIN: 109N134V01 ADV/11/21-22/1564

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.

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

Thank you for your details. Currently we are facing issue in our system.

1800-270-7000 or reach out to us on this number.