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^ - ABSLI Nishchit Aayush Plan (UIN No 109N137V05), Provided 0 year deferment & monthly income frequency is chosen at the time of inception of the policy. ADV/8/23-24/1409
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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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Policy Document

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Definition
Under life insurance, a policy document is a hardcopy or softcopy of the policy contract between the life insured and the insurance company mentioning every minute detail of the policy.
Description:
A policy document is a detailed document that contains all the information about the insurance contract. It is the formal evidence of the legal contract that mentions all the terms and conditions of the insurance.

A policy document mentions the following things in it:

  • Policyholder’s proposal form mentioning the coverage and required premiums

  • Policy schedule mentioning the payment frequencies, payment periods along with policy revision details

  • The first premium receipt issued at the policy inception

  • Extensive details of what is covered and what is not covered and other benefits of the policy.

  • Initial medical test report if applicable. This mentions pre-existing medical conditions.

  • Beneficiary details including the personal information of nominee/ nominees/ appointees, etc.

  • Grace period details and non-payment actions

  • Policy terms along with maturity date

  • Premium waiver clause, etc.



Example:
Mayank received a policy document after he purchased a term plan from REC Life Insurance Company Limited. The policy document had all the details about the premium, insured, duration of the policy, sum assured and other terms and conditions.
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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/8/22-23/1211