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What is ABSLI Anmol Suraksha Kawach Plan?
ABSLI Anmol Suraksha Kawach is a straightforward and cost-effective term insurance plan designed to meet your short-term protection needs. Life is unpredictable, and we can never be certain of what lies ahead. As the primary provider for your family, ensuring their financial security is a top priority. Sometimes, it is necessary to think short-term and adapt to life’s uncertainties. ABSLI Anmol Suraksha Kawach offers life insurance coverage and protection benefits to safeguard your loved ones from financial distress in the event of an unfortunate incident, even when you are no longer around.
Key Features
- Life Cover up to 5 years: Provides coverage for a short duration, making it an ideal solution for temporary protection needs.
- Budget-friendly: The plan is designed to be affordable, allowing you to secure your family’s future without straining your finances.
- Flexible Payment Options: Choose between a single premium payment or regular payments, depending on what suits you best.
- Tax Benefits: Enjoy tax advantages under prevailing laws, making the plan even more beneficial.
Benefits of ABSLI Anmol Suraksha Kawach Plan
ABSLI Anmol Suraksha Kawach is an affordable, short-term plan that provides security for you and your loved ones against all unforeseen events.
How does this Plan work?
Protect multiple life needs with ABSLI DigiShield Plan
Use Case 1
Mr. Gupta, a non-smoker aged 35 years, purchases ABSLI Anmol Suraksha Kawach and opts for a single premium payment. He chooses a policy term of 4 years with a sum assured of ₹1,00,00,000. He pays a single premium of ₹25,000. Unfortunately, Mr. Gupta passes away at the beginning of the 2nd year. In this case, his nominee/family will receive a lump sum assured on death of ₹1,00,00,000.
Eligibility Criteria
- Type of Plan: A Non-Linked Non-Participating Individual Life, pure risk premium term insurance product.
- Coverage: Available to all individuals, including Male, Female, and Transgender.
- Premium Payment Term (PPT): Options include Single Pay or Regular Pay.
- Policy Term (PT): Available for 2, 3, 4, or 5 years.
- Age at Entry: Minimum 25 years; Maximum 55 years.
- Maximum Cover Ceasing Age: 60 years.
Premium Details
- Minimum Annualized Premium: As per Sum Assured.
- Maximum Annualized Premium: Based on the chosen Sum Assured.
- Sum Assured: Ranges from ₹50 Lakhs to ₹2 Crores.
Premium Payment Frequency
- Annual = 0.0% loading
- Semi-annual = 2.0% loading
- Quarterly = 3.0% loading
- Monthly = 4.0% loading
What’s Not Covered under ABSLI Anmol Suraksha Kawach Plan?
Suicide Exclusion
If the Life Insured passes away due to suicide within 12 months from the policy’s commencement or revival, the Death Benefit will not be paid. Instead, ABSLI will refund the premiums paid from the policy’s inception until the date of death, or the Unexpired Risk Premium Value available as of the date of death, whichever is higher, to the nominee or beneficiary. The policy must be in force for this refund to be applicable. The refunded premiums will exclude applicable taxes, as these are collected over and above the premiums per prevailing tax rules.
Why Invest in ABSLI Anmol Suraksha Kawach Plan?
Here are the top 4 reasons to consider this plan:
- Convenient Premium Payment: Get comprehensive protection benefits with flexible payment options—choose between regular pay or single pay.
- Short-term Life Cover: Covers short-term protection needs for up to 5 years.
- Flexible & Affordable: Customize your sum assured and policy term at inception, with an affordable single-pay premium.
- Lump Sum Payment: The sum assured is paid in a lump sum as a death benefit.
How to Initiate a Claim?
The claim process is straightforward and entirely online, involving three quick steps:
- Fill in basic details.
- Claim intimation.
- Document submission.
Anmol Suraksha Kawach FAQs
What is ABSLI Anmol Suraksha Kawach? ABSLI Anmol Suraksha Kawach is a modern term plan offering level cover protection to address customers’ short-term protection needs in the immediate future. It provides comprehensive coverage against short-term liabilities.