What is ABSLI Salaried Term Plan?
The ABSLI Salaried Term Plan is a specialized, comprehensive protection solution designed exclusively for salaried individuals. This plan allows you to tailor your coverage to meet your specific protection needs, offering the flexibility of both Lump-Sum Cover and Monthly Income Cover options. Whether it’s for education, lifestyle, or day-to-day needs, this pure risk term plan is crafted to ensure your family’s financial stability, enabling them to move forward confidently even in your absence.
Key Features
- Diverse Plan Options: Choose from four distinct plan options to match your varied protection requirements.
- Extended Coverage: Life insurance coverage extends up to age 70, offering long-term financial security.
- Flexible Death Benefit Payouts: Select between Lump-Sum or Monthly Income for the death benefit payout.
- Terminal Illness Benefit: Enjoy additional protection with an inbuilt Terminal Illness Benefit.
- Critical Illness Coverage: Receive an accelerated payout if diagnosed with any of the 42 specified critical illnesses by opting for the Accelerated Critical Illness Benefit.
Brochure | Leaflet | Policy Contract
Benefits of ABSLI Salaried Term Plan
This flexible term plan is designed to suit your unique protection needs, providing peace of mind and security for your family.
Plan Options
You will choose one Plan Option at the start of the policy, which cannot be changed later. The premium payable will vary depending on the option chosen.
Term Plan with Riders for Added Protection
Enhance your insurance coverage during the policy term by adding the following riders for a nominal extra cost. You can only opt for either the ABSLI Accidental Death and Disability Rider or the ABSLI Accidental Death Benefit Rider Plus. For detailed information on riders, consult the brochures, your financial advisor, or visit our website.
How Does This Plan Work?
Use Case 1
Mr. Sharma, a 35-year-old non-smoker, opts for the ABSLI Salaried Term Plan – Life Cover (Option 1) with a sum assured of ₹1 Crore. He chooses a policy term of 30 years and a premium payment term of 30 years. Unfortunately, he passes away during the 25th policy year. In this case, his nominee receives a lump sum of ₹1 Crore, and the policy terminates.
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Are You Sure About Buying a Term Plan?
The ABSLI Salaried Term Plan is exclusively designed for salaried individuals, offering life cover up to 70 years. Buy Online Now!
Check Your Eligibility
Type of Plan
A Non-Linked, Non-Participating, Life Individual Pure Risk Premium Plan
Coverage
Available to all individuals (Male | Female | Transgender)
Age of the Life Insured at Entry (age as on last birthday)
- Minimum: 21 years
- Maximum: 55 years
Maturity Age of the Life Insured (age as on last birthday)
- Minimum: 31 years
- Maximum: 70 years
Premium Payment Term (PPT) & Policy Term (PT)
- Limited Pay:
- PPT: 5, 7, 10, 12, 15, and 20 years
- Min PT: PPT + 5 years
- Max PT: 49 years
- Regular Pay:
- PPT: 10 years
Premium Payment Modes and Modal Factors
- Mode
- Annual: 0%
- Semi-annual: 4%
- Quarterly: 6%
- Monthly: 8%
Sum Assured
- Minimum: ₹25,00,000
- Maximum: No limit (subject to Board Approved Underwriting Policy)
Discount
- Male/Transgender: 7%
- Female: 9%
Note: The discount applies to the first-year premium only for individuals with an annual income of ₹5,00,000 or above.
How to Choose Your Plan?
The ABSLI Salaried Term Plan allows you to customize your Death Benefit according to your specific needs and requirements.
Step 1: Choose Your Death Benefit Option
- Life Cover
- Life Cover with Return of Premium (ROP)
- Fixed Income Cover
- Increasing Income Cover
Step 2: Choose the Income Benefit Period (for Variant 3 and 4)
Select an income benefit period of 10, 15, or 20 years.
Step 3: Choose the Income Escalation Rate (for Variant 4 only)
Choose between a 5% or 10% simple interest rate.
Note: Benefit options, Sum Assured, Policy Term, Premium Payment Term, and mode of premium payment chosen at inception cannot be changed later. Premiums will vary depending on the option chosen at inception.
What’s Not Covered under ABSLI Salaried Term Plan?
Suicide Exclusion
If the life insured dies by suicide within 12 months from the policy’s risk commencement date or revival date, the policy will immediately terminate, and the company will pay the nominee as follows:
- For Plan Option 2:
- If the policy has acquired surrender value/unexpired risk premium value, the higher of these values or (Total Premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid, excluding applicable taxes) till the date of death.
- For Plan Options 3 and 4:
- If the policy hasn’t acquired surrender value/unexpired risk premium value, the Total Premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid, excluding applicable taxes, till the date of death.
Terminal Illness Benefit Exclusion
The life insured will not be entitled to any terminal illness benefit if it is caused directly or indirectly by intentional self-inflicted injury or attempted suicide, whether medically sane or insane.
How to Initiate a Claim?
Filing a claim is straightforward and can be completed online in three quick steps:
- Fill in basic details.
- Submit the claim intimation.
- Complete the document submission.
More About Claims
Frequently Asked Questions
What is ABSLI Salaried Term Plan?
The ABSLI Salaried Term Plan is an advanced term life insurance solution tailored specifically for salaried individuals. It offers four distinct plan options that cater to the diverse protection needs of salaried customers, ensuring comprehensive coverage against a range of life and health uncertainties.
How can I buy this plan?
What is the classification for lives to be assured under this plan?
What are the differential premium rates offered under this plan?
Can I change the Plan Option anytime during the term?
For more information, please consult the official documentation or customer support.