ABSLI Poorna Suraksha kawach

This plan offers preferential premium rates for all Female lives. Also, Policyholder get discounted premium rates for non – smoker status

No, Plan Option once chosen at inception; cannot be changed anytime during the Policy Term.

Sum Assured Escalation Rate is applicable under Plan Option 5 Increasing Cover Option, where the Sum Assured increases by simple 5% p.a. or simple 10% p.a. as chosen by the Policyholder at inception.

No, Sum Assured Escalation Rate chosen at inception cannot be changed anytime during the Policy Term. As the premium is calculated considering to the Sum Assured Escalation Rate and since the premiums cannot change during the Policy Term, the Sum Assured Escalation Rate once chosen cannot be changed thereafter.

Retirement Age is applicable under Plan Option 3: Early Return of Premium Option and Plan Option 6: Sum Assured Reduction Option. For Plan Option 3, Policyholder has the option to select 60 years, 65 years, 70 years, or 75 years as Retirement Age at inception at which 100% of the Total Premiums Payable will be paid back to the Policyholder. The Retirement Age should be at least 5 years more than the age of the Life Insured at the end of the Premium Payment Term and less than the maturity age. For Plan Option 6, Policyholder has the option to select 60 years, 65 years, 70 years, or 75 years as Retirement Age at inception at which the Sum Assured chosen at inception decreases by either 25% or 50%. The Retirement Age should be at least 10 years more than the age of the Life Insured at inception of the Policy and less than the maturity age.

No, Sum Assured Reduction Rate or Retirement Age chosen at inception cannot be changed anytime during the Policy Term

No, there is no option for the Nominee to avail instalment of lump sum death benefit or discounted value of future instalment in lump sum.

No, there is no loan facility against this policy.

If you are unable to pay your policy premium by the due date, you will be given 30-day grace period, to pay your due premiums, during which your coverage will continue. however, In case of occurrence of death or Terminal Illness or critical illness during the grace period, the Company shall be entitled to deduct the unpaid Premium from the Benefits payable under the Policy.

If you don’t pay the due premium during the Grace Period during the Premium Payment Term, on expiry of the Grace Period, the Policy shall Lapse w.e.f. the due date of unpaid premium, and all benefits under the Policy, including the insurance cover, shall cease and no benefits shall be payable, however, you will have the option to revive the Policy within 5 years from the due date of first unpaid premium.

For Plan Option 2 and 3, if you don’t pay the due premium during the Grace Period during the Premium Payment Term, on expiry of the grace period, the Policy shall become Reduced Paid Up (RPU) Policy. The Policy will however lapse for ACI risk coverage, if any, and no ACI benefit will be payable thereafter.
After the Policy has become RPU, the benefits payable will be amended as follows:

The RPU Terminal Illness Benefit, RPU Survival Benefit, RPU Sum Assured, RPU Effective Sum Assured and RPU Maturity Benefit shall be equal to the Terminal Illness Benefit, Survival Benefit, Sum Assured, Effective Sum Assured and Maturity Benefit respectively, multiplied by the ratio of:

The number of premium instalments paid to date; over

The total number of premium instalments originally due for the Policy Term.

After the Policy has become RPU, the benefits payable will be amended as follows:

Death Benefit for RPU Policies:

For Plan Options 1,4,5,6: Not Applicable

For Plan Options 2,3: If the Life Insured dies during the Policy Term, the RPU Death Benefit will be the RPU Effective Sum Assured as on the date of death less any previously paid Terminal Illness benefit and/ or ACI Benefit.

Terminal Illness Benefit for RPU Policies:

For Plan Options 1,4,5,6: Not Applicable

For Plan Options 2,3: If the Life Insured is diagnosed with a Terminal Illness during the Policy Term, the benefit payable shall be the RPU Terminal Illness Benefit applicable at that time

Survival and Maturity Benefit for RPU Policies:

For Plan Options 1, 4, 5 and 6: Not Applicable

For Plan Option 2: The RPU Maturity Benefit is payable at the end of the Policy Term
For Plan Option 3:

The RPU Survival Benefit is payable at the policy anniversary falling after the Life Insured’s chosen Retirement Age.

Common Application Form – Major (E app) for ABSLI Poorna Suraksha Kawach needs to be filled.

Yes, this plan can be offered to NRIs provided the client is residing in the standard residency country.