ABSLI Assured Savings Plan

No, Customer cannot increase or reduce his premium amount during the policy tenure.

The Maximum Sum Assured on Death for Policies sourced through the POS channel is ₹25,00,000/-

Yes, enhanced guaranteed1 maturity benefits will be provided for employees of Aditya Birla Group companies, Agents of Aditya Birla Sun Life Insurance and Employees of Corporate Agents and Brokers, buying their policies directly from ABSLI.

Yes. Customers can take a loan against policy on completion of the first policy year.

The minimum loan amount is Rs. 5,000 and the maximum is 80% of the then applicable Surrender Value less any outstanding Policy loan balance. On exercising this option, the Policy shall automatically get assigned to the Company to the extent of the outstanding Policy loan balance.

For Single Pay policies, the Policyholder can take Policy Loan, once the Policy has acquired a Surrender Value.

For Limited Pay policies, the Policyholder can take Policy Loan, on the completion of the first Policy Year, once the Policy has acquired a Surrender Value, subject to the following conditions

• At any time during the Policy Term when the Policy is in-force (premium paying) or all due Instalment Premiums under the Policy have been paid, and if the outstanding Loan plus Loan interest becomes equal to or exceeds the Surrender Value available under the Policy as on that date the Company will inform You of the same with a 90-days advance notice to repay such outstanding Loan balance along with applicable interest.
• If a Policy is a Reduced Paid-up Policy, and if the outstanding Loan plus Loan interest exceeds the Surrender Value available under the Policy as on that date, then ABSLI shall terminate the Policy.
• Any payment of a proceed against Death, Maturity or Surrender Benefit shall be reduced by any outstanding policy loan balance at that time and the residual value is paid to the nominee or to You as the case may be. ABSLI shall be issuing the loan re-payment schedule at the time You opt for the loan against policy.
• ABSLI shall declare the Loan Interest Rate applicable to all policies under this product on June 1st of every calendar year and is equal to the base rate of the State bank of India plus 100 basis points (i.e. absolute 1%). The compound interest rate applicable as on June 1st, 2024 is 11.10% p.a.

If Customer discontinues paying premiums, after having paid premiums for at least first policy year, policy will not lapse but continue on a Reduced Paid-Up (RPU) basis. Under Reduced Paid-Up:

• The RPU Sum Assured, RPU Sum Assured on Death and RPU Guaranteed Maturity Benefit shall be equal to the Sum Assured, Sum Assured on Death and Guaranteed Maturity Benefit respectively multiplied by the RPU Factor. Where, “RPU Factor '' means the ratio of the number of Instalment Premium paid on date, over the total number of Instalment Premium originally due for the Policy Term.
• The Policy will not be entitled for any Loyalty Additions once it has been converted into Reduced Paid-Up Policy.
• Rider benefit, if any, will cease.

The policy shall immediately and automatically terminate on the earliest occurrence of any of the following events:

For a single life policy

• date of payment of free look cancellation amount; or
• the date of payment of Surrender Value; or
• the date of settlement of Death Benefit; or
• the date of payment of Maturity Benefit; or
• the date on which the Revival Period ends after Your Policy has lapsed as per Premium Discontinuance provision

For a joint life policy

• date of payment of free look cancellation amount; or the - date of payment of Surrender Value; or
• the date of payment of Maturity Benefit; or
• the date on which the Revival Period ends after Your Policy has lapsed as per Premium Discontinuance provision On termination of this Policy, all other benefits, including Riders attached to the Policy will immediately and automatically terminate.

The “Common Application Form MAJOR” & “Common Application Form MINOR” would be used for this plan. In case of Joint Life Protection Option, the “Joint Life Addendum Form” will also have to be used.

No, the policyholder can avail any one discount at any given time while sourcing the policy.

Yes, Tax benefits are available under the plan as per existing tax laws, please consult your tax advisor for details.

Policyholder will have the right to return his/her Policy to Us within 30 days from the date of receipt of the Policy, in case he/she disagrees with the terms & conditions of his/her Policy. We will refund the premium paid post receipt of written notice of cancellation (along with reasons thereof) together with the original Policy document from his/her end. We may reduce the amount of the refund by proportionate risk premium for the period of cover and expenses incurred by us on medical examination, if any and stamp duty charges while issuing his/her Policy in accordance with IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024.