Interest Rate Declaration

ABSLI shall declare interest rates at the start of each month, subject to minimum floor of 0.1% p.a, excluding applicable tax, if any. The relevant interest rate applicable to each policy shall accrue at the end of each quarter. This interest rate shall be declared and credited in accordance with the Board approved policy of the insurer. The interest rate declared is net of a management charge of 0.5% p.a. The insurer can change it, subject to IRDAI approval.

Benefit payable on Death or Member Exit

On death of a member or exits as per scheme rules, the master policyholder may claim from the policy an amount up to the Policy Account Value of members account or as per the scheme rules. The amount payable shall be in accordance with the pension scheme rules applicable to the death of a member or survival, subject to a maximum of the Policy Account Value.

For other benefits that become payable, the master policyholder may claim from the policy up to the Policy Account Value or as specified by the pension scheme rules.

In case individual member accounts are maintained in the policy, the maximum payment shall be the Policy Account value for each existing member separately. If an individual member exits from such policies, the Policy Account Value for the existing member will have Interim Interest added for the period from the end of the last Fiscal Quarter to the exit date. The Interim Interest rate for this purpose will be the last declared Interest Rate.

When a payment is requested for a member on exit, ABSLI needs sufficient evidence to establish that a benefit is payable under the pension scheme rules and the amount of benefit then due.

Should a claim against the Policy Account Value be made for which the scheme rules require the purchase of an annuity, then the master policyholder may purchase such annuity from any insurer permitted by the then prevailing regulations.

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 policy 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 values as at the beginning 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 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 based on the Interim Interest Rate which shall be the last declared Interest Rate

ABSLI Group Assured Pension Plan

ABSLI Group Capital Assured Traditional Plan

ABSLI Superannuation Plan