ABSLI Nishchit Laabh Plan

No, the income is payable every policy year after the completion of the Premium Payment Term.

Yes, the chosen Income Benefit Payout Frequency can be changed during the policy term.

Yes, Guaranteed^# Lumpsum benefit varies according to the premium payment term and policy term chosen at inception of the policy.

No, commutation of future income’s as lumpsum payout is not offered under this plan.

The minimum and maximum annualized premium is Rs. 15,000 and Rs. 1,00,000 respectively. The premium amount chosen will be payable every year for the premium paying term.

• Endowment & Income with Lumpsum Option: Loyalty Addition shall be paid along with the guaranteed^# lumpsum benefit on the date of maturity, provided all due premiums have been paid.

• Moneyback Option: Loyalty Addition shall be paid at the end of every 5th policy year, along with the money back benefit payouts provided all due premiums have been paid.

No, this plan does not offer instalment Option to the nominee.

Policy acquires a Surrender Value once premiums for at least two full policy years have been paid.

You can take a loan against Your policy once it has acquired a Surrender Value. The minimum policy loan can be Rs. 5,000 and the maximum 80% of the then applicable Surrender Value less any outstanding policy loan balance as on that date. On exercising this option, the Policy shall automatically get assigned to the Company to the extent of the outstanding Policy loan balance. The outstanding policy loan balance is an amount of loan still unpaid plus all accrued but unpaid loan interest up to the given date.

At any time during the Policy Term Where the policy is in-force (premium paying) or all due Instalment Premiums under the Policy have been paid and if the outstanding policy loan balance at any time is equal to or exceeds the then prevailing Surrender Value, 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, on the date the outstanding policy loan balance exceeds the Surrender Value, ABSLI shall send a notice, 90 days in advance, to the You to repay the loan amount along with the interest. In case You fail to respond to the notice, the policy will be terminated.

Any payment of a proceed against Death, Survival, 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 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, 2025 is 11.40% p.a.

Any change in basis of determination of interest rate for policy loan can be done only after prior approval of the IRDAI.

Policy will get terminated on any of the following events:

• The date of payment of Surrender Value under the policy; or
• The date of settlement of Death Benefit; or
• The date of payment of Maturity Benefit; or
• The date on expiry of the Revival Period after the Policy has lapsed as per Premium Discontinuance provision; or
• The date on which the outstanding loan amount exceeds the surrender value
• The date of payment of free look cancellation amount.

The “Common Application Form MAJOR” and “Common Application Form MINOR” would be used for this plan. The form will be duly uploaded in BSMS from where the same can be downloaded.

Yes, the Life Insured and Policyholder can be different under this plan. In case Policyholder and the Life Insured are different then all the proceeds for the policy will be paid to the Policyholder. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. As there is no death benefit payable on the death of the Proposer/Policyholder, the policy status does not change, and the policy continues. However, if the premiums are not paid before the expiry of the grace period the policy would be subject to the provisions mentioned in the ‘Premium Discontinuance Section’.

Yes, where a policy is issued on a minor life, the policy will vest after attainment of majority (age 18 years) of the Life Insured.

NRI is allowed. FNIO allowed (however client has to be in India)