ABSLI Saral Jeevan Bima Yojana

• Simple & affordable plan to meet Your financial security goals

• Flexibility to pay premium just once or for a limited period or throughout the Policy Term.

• Enhance Your insurance coverage with Accidental Death Benefit Rider, on payment of additional premium

• There is no Maturity Benefit payable under this Plan

• There is no Survival Benefit payable under this Plan

• If you are unable to pay your policy premium by the due date, you will be given a grace period of 15 (Fifteen) days from the due date of the first unpaid Premium for monthly Premium payment mode and 30 (Thirty) days from the due date of the first unpaid Premium for annually or semi-annually premium payment modes, to pay your due premiums, during which your coverage will continue, however, if the Life Insured dies during the grace period, the Company shall be entitled to deduct the unpaid Premium from the Benefits payable under the Policy.

You can revive Your Policy within a revival period of five years from the due date of first unpaid premium, subject to following conditions:

• Paying all outstanding premiums together with interest and/or late fees as declared by Us from time to time;

• Providing evidence of Life Insured’s insurability satisfactory to Us

• Revival of the Policy shall take effect only after revival of the Policy is approved by Us basis the Board approved underwriting Policy and communicated to You in writing.

Once the Policy has been revived, on the effective date of revival, all benefits will be restored to their full value.

The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1st of each calendar year and is determined as (x+1%)/12 rounded to the next 0.1%, where x is the base rate of the State Bank of India. The current applicable interest rate, as declared on June 1st, 2020, is 1% per month compounded annually. Any change in basis of determination of interest rate for revival can be done only after prior approval of the Authority. In case of Limited Pay policies, We will pay the Policy Cancellation Value, if any, if the lapsed Policy is not revived at the end of Revival Period.

The Policy will terminate on the earliest of the following events:

a. The date on which death benefit becomes payable; or

b. The date on which refund, if applicable, is settled, in case of cancellation of Policy; or

c. The date of maturity of the Policy; or

d. On expiry of revival period, if the Policy has not been revived; or

e. On payment of free look cancellation amount

This is an option to review the Policy following receipt of Policy Document.

a. You have a free look period of 15 days (30 days in case of electronic policies and policies obtained through distance mode) from the date of receipt of the policy document, to review the terms and conditions of the policy and where if You disagree to any of those terms and conditions, You have the option to return the policy to Us for cancellation, stating the reasons for Your objection, then You shall be entitled to a refund of the premium paid subject only to the deduction of a proportionate risk premium for the period of cover and expenses incurred by Us on medical examination of the proposer and stamp duty charges.

b. A request received by Us for free look cancellation of the policy shall be processed and premium refunded within 15 days of receipt of the request, as stated vide (a) above.

c. The Policy shall terminate on payment of this amount and all rights, benefits and interests under this Policy will stand extinguished.