What is ABSLI Anmol Suraksha Kawach Plan?
The ABSLI Anmol Suraksha Kawach Plan is a straightforward and cost-effective term insurance plan designed to offer life coverage for a short duration. It aims to provide financial protection to your loved ones in the event of your untimely demise, making it an ideal choice for those seeking short-term insurance solutions.
Key Features:
- Life Cover Up to 5 Years: Offers protection for a fixed period ranging from 2 to 5 years.
- Budget-Friendly: Designed to be an affordable option for those with short-term protection needs.
- Flexible Payment Options: Choose between single pay or regular pay premiums.
- Tax Benefits: Enjoy tax advantages as per prevailing tax laws.
Benefits of ABSLI Anmol Suraksha Kawach Plan:
- Affordable Short-Term Coverage: Provides protection for a short period at a low cost.
- Lump Sum Payment: In the event of death, a lump sum amount is paid to the nominee, ensuring financial support for your family.
How Does This Plan Work?
Consider the example of Mr. Gupta, a 35-year-old non-smoker. He purchases the ABSLI Anmol Suraksha Kawach Plan with a policy term of 4 years and a sum assured of ₹1 crore. Mr. Gupta opts for a single premium payment of ₹25,000. If he passes away early in the second year, his nominee will receive ₹1 crore as a lump sum, providing financial security during a difficult time.
Eligibility Criteria:
- Type of Plan: Non-Linked Non-Participating Individual Life Term Insurance.
- Coverage: Available for all individuals (Male, Female, Transgender).
- Premium Payment Term (PPT): Single Pay or Regular Pay.
- Policy Term (PT): 2 years, 3 years, 4 years, or 5 years.
- Age of Insured at Entry: Minimum 25 years, Maximum 55 years.
- Maximum Cover Ceasing Age: 60 years.
Sum Assured Options:
- ₹50 Lakhs, ₹75 Lakhs, ₹1 Crore, ₹1.25 Crore, ₹1.5 Crore, ₹1.75 Crore, ₹2 Crore.
Premium Payment Frequency and Loadings:
- Annual: 0.0%
- Semi-annual: 2.0%
- Quarterly: 3.0%
- Monthly: 4.0%
What’s Not Covered:
- Suicide Exclusion: If the insured dies by suicide within 12 months from the policy start date or revival date, the death benefit will not be paid. Instead, the premiums paid will be refunded to the nominee, excluding taxes.
Why Invest in ABSLI Anmol Suraksha Kawach Plan?
- Convenient Premium Payment: Choose the payment mode that suits your convenience (regular or single pay).
- Short-Term Life Cover: Ideal for addressing short-term protection needs.
- Flexible & Affordable: Set the sum assured and policy term at the inception with an affordable premium.
- Lump Sum Payment: Provides a lump sum death benefit to the nominee.
How to Initiate a Claim:
- Fill Basic Details: Provide the necessary information.
- Claim Intimation: Notify the insurance company of the claim.
- Document Submission: Submit required documents to process the claim.