Aditya Birla Sun Life Insurance Company Limited

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

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4 Plan Options

Icon-Whole life cover

Life Cover upto 70 years

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Optional Accelerated Critical Illness benefit

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Inbuilt Terminal Illness Benefit

Life Cover
₹1 crore

Premium:
₹508/month*

Recently Added Article

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.
ADV/8/22-23/1211