ABSLI Salaried Term Plan
What is ABSLI Salaried Term Plan?
Benefits of ABSLI Salaried Term Plan
A flexible term plan to suit your protection needs
Plan Options
You shall choose one Plan Option at the inception of the Policy. The option once selected cannot be changed at a later date. Premium payable will vary depending upon the Option chosen.
However, on survival of Life Insured till the end of the Policy term, 100% of the total premiums paid will be payable to the policyholder.
Income Benefit Period can be 10 years, 15 years or 20 years and has to be chosen at the inception of the policy by the life insured.
The Income Benefit Period cannot be changed during the term of the policy.
Income Benefit Period can be 10 years, 15 years or 20 years. Income Escalation has to be chosen at the inception of the policy by the Policyholder, and once chosen cannot be changed.
Term Plan with Riders offer Added Protection
You can enhance your insurance coverage during the Policy Term by adding following riders for a nominal extra cost. You can only opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus. Please refer to detailed brochures on riders, consult your financial advisor or visit our website for further details.
How does this Plan work?
Term Plan Exclusively For Salaried Individuals
Type of Plan |
A Non-Linked Non-Participating Life Individual Pure Risk Premium Plan |
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Coverage |
All Individuals (Male | Female | Transgender) |
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Age of the Life Insured at Entry (age as on last birthday) |
Minimum |
21 Years. |
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Maximum |
55 years |
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Maturity Age of the Life Insured (age as on last birthday) |
Minimum |
31 years |
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Maximum |
70 Years |
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Premium Payment Term (PPT) & Policy Term (PT) |
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Premium Payment Modes and Modal Factors |
Annual | Semi-Annual | Quarterly | Monthly
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Sum Assured |
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Discount |
Annual income of Rs. 5,00,000 or above. This discount will apply to the first-year premium only
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How to choose your Plan? |
ABSLI Salaried Term Plan provides you the flexibility to customize Your Death Benefit basis your needs and requirements.
Step 1: Choose Your Death Benefit Option
Step 2: Choose the Income Benefit Period (For Variant 3 and 4 )
Step 3: Choose the Income Escalation Rate (For Variant 4 only)
Benefit options, Sum Assured, Policy Term, Premium Payment Term and mode of premium payment chosen at inception cannot be changed thereafter. Premium will vary depending upon the Option chosen at inception.
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What's not Covered under ABSLI Salaried Term Plan?
Where the Policy has acquired the surrender value/ unexpired risk premium value, higher of Surrender value/ unexpired risk premium value or (Total Premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes) till date of death. (For Plan Option 2)
Where the Policy hasn’t acquired the Surrender value/ unexpired risk premium value, Total Premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes till date of death. (For Plan Option3, and 4)
How to initiate Claim?
3 quick steps, everything online.
- Fill basic details
- Claim intimation
- Document submission
Frequently Asked Questions
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Risk Factors and Disclaimer:
This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This 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. All terms & conditions are guaranteed# throughout the Policy Term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. This brochure contains only the salient features of the plan. For further details please refer to the Policy contract. This product shall also be available for sales through online channel. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true.
Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
*LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
# Provided all due premiums are paid
(UIN:109N141V01)
ADV/12/23-24/2948