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Death Benefit

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What is Absolute Assignment?

Absolute Assignment in insurance refers to the complete transfer of all rights, liabilities, and benefits of a life insurance policy from the policy owner (assignor) to another person or entity (assignee). After the assignment, the assignee becomes the new policy owner and is entitled to all the benefits such as death benefits and maturity benefits1.

Why Opt for Absolute Assignment

People often choose absolute assignments for various reasons such as:

  • To use the insurance policy as collateral for a loan, with the lender becoming the assignee.
  • To gift the insurance policy to someone else, making the recipient the new policy owner.
  • To change the policyholder due to the original policyholder's inability to maintain the policy.

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ABSLI Salaried Term Plan

Exclusively For Salaried Individuals

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4 Plan Options

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Life Cover upto 70 years

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ABSLI Salaried Term Plan (UIN:109N141V02) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
*LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6100/- ( which is ₹ 508.33/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.