Bulk Exits

If the amount to be paid on total exits during the policy year exceeds 25% of the policy account values as at the beginning of the year, such transactions shall be treated as bulk exits, where exit shall be as per the scheme rules. Exit shall mean exit of the member from the group. MVA shall be applied to the amount which is over and above the amount representing bulk exit threshold i.e. above 25% of the policy account value at the start of the policy year. Provided there is sufficient policy account value on Bulk Exit, the policyholder may choose (in accordance with the scheme rules) whether the MVA is deducted from the exit payment or from the remaining account value. For individual accounts, the MVA will be adjusted in the amount payable itself.

Surrender benefit

You can surrender the policy anytime by providing us 30 days advance notice about the intention to surrender. The surrender value will be the Policy Account Value less the Market Value Adjustment (MVA) if any. No surrender charge is applicable on surrender of the policy.

Prior to payment of surrender value, ABSLI will credit interest to Policy Account for the period from the end of the last Fiscal Quarter to the date of receipt of surrender request. This interest credit will be the last declared Interest Rate.

Market Value Adjustment (MVA)

The Market Value Adjustment shall be applied on the amount redeemed in excess of the Bulk Exit threshold from the pool account on Non-Benefit payments or full surrender of the policy. The MVA is a reduction to payments based on any decrease in the market value of assets held for this product by ABSLI.