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I agree to the Terms of Usage and Privacy Policy. By submitting my contact details here, I override my NDNC registration and authorize ABSLI to contact me by phone/e-mail/SMS/WhatsApp. 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. 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. ABSLI Nishchit Aayush is a non-linked non-participating individual savings life insurance plan (UIN No 109N137V05)

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Material Fact Meaning

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Rated by 13 readers
Definition:
Material fact refers to the relevant and important fact that can form the basis of taking a decision. In life insurance, material facts influence the insurer’s decision of insuring a risk and issuing a policy. Non-disclosure of material facts can lead to cancellation of the policy.
Description:
Material facts are important information that one must not miss to reveal to the insurer as it can influence the insurance company’s decision of whether or not to issue the policy. These facts affect the judgement of a prudent insurance underwriter. Based on the principle of the ‘utmost good faith’ you should disclose all the material facts.

Material facts in insurance helps to determine the amount of coverage and the premium that should be charged. The information is crucial because it helps to identify the level of risk or class of insurance that the insurance company may be willing to offer.

Example:
Prateek was of 35 years but disclosed to the insurer that he is 30 years old. The premium band changes depending on the age for any type of life insurance policy. Premium is higher at a higher age. This is a material fact which Prateek should have disclosed to the insurer enabling them to compute the premium correctly.
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Buy ₹ 1 Cr Term Cover @Rs.492/month
for Salaried Individuals¹
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Buy ₹1 Crore Term Cover @ @Rs.492/month for Salaried Individuals¹
ABSLI Salaried Term Plan
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹492/month¹
  • Disclaimer

    ABSLI Salaried Term Plan (UIN:109N141V01) 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.
    1LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
    ADV/8/22-23/1072