Why Buy ABSLI Assured Savings Plan?
ABSLI Assured Savings Plan provides life insurance cover with guaranteed savings. This plan offers lump sum benefits at maturity along with loyalty additions to support your family financially in case of any unfortunate event.
Key Features
- Loyalty Additions: Boosts maturity corpus.
- Joint Life Protection: Option to cover your spouse.
- Comprehensive Life Insurance Cover
- Guaranteed1 Maturity Benefits
- Riders: Option to enhance your cover.
Benefits of ABSLI Assured Savings Plan
ABSLI Assured Savings Plan provides life cover and savings to help manage crises. A savings plan without riders may offer insufficient cover, so consider enhancing your plan with rider3 options for better coverage and smart savings.
How Does ABSLI Assured Savings Plan Work?
Use Case 1
- Mr. Sharma, aged 35 years, purchases the ABSLI Assured Savings Plan.
- He opts for a policy premium paying term of 8 years and a policy term of 16 years with a lump sum benefit option.
- Mr. Sharma pays premiums annually with an annualized premium of ₹1,00,000/- (exclusive of taxes). The total premium paid for 8 years will be ₹8,00,000/-.
- At the end of the policy term, Mr. Sharma receives the Guaranteed Maturity Benefit and Accrued Loyalty Additions.
Product Specifications
Type of Plan: A Non-Linked Non-Participating Individual Savings Life Insurance Plan
Coverage: All Individuals (Male | Female | Transgender)
Benefit Option: Lump sum payout at policy maturity
Premium Payment Term (PPT) & Policy Term (PT):
- Single Pay:
- PPT: 5 to 20 years
- PT: 5 to 18 years
- Limited Pay:
- PPT: 6 to 12 years
- PT: 6 to 17 years
Age of the Life Insured at Entry (age as on last birthday):
- Minimum:
- Single Life: 30 days*
- Joint Life: 18 years
- Maximum:
- Single Life: 65 years
- Joint Life: 50 years
- Single Pay Option B: 50 years
Maturity Age of the Life Insured (age as on last birthday):
- Minimum: 18 years
- Maximum:
- Single Pay Option B: 70 years
- Others: 85 years
Minimum Annualized Premium:
- Single Pay: ₹100,000
- 5 Pay: ₹20,000
- 6-12 Pay: ₹30,000
Maximum Annualized Premium: No Limit (subject to Board Approved Underwriting Policy)
Premium Payment Frequency and Frequency Loadings:
- Annual: 0.0%
- Semi-annual: 3.5%
- Quarterly: 5.0%
- Monthly: 6.0%
Premium Bands:
- Single Pay:
- Band 3: ₹100,000 to ₹199,999
- Band 4: ₹200,000 to ₹499,999
- Band 5: ₹500,000 to ₹24,99,999
- Band 6: ₹25,00,000 & above
- Limited Pay:
- Band 1: Up to ₹49,999
- Band 2: ₹50,000 to ₹99,999
- Band 3: ₹100,000 to ₹199,999
- Band 4: ₹200,000 to ₹499,999
- Band 5: ₹500,000 to ₹24,99,999
- Band 6: ₹25,00,000 & above
What’s Not Covered?
Suicide Exclusion: In case of death due to suicide within 12 months from the date of commencement of risk or from the date of revival of the policy, the nominee(s)/legal heir(s) or beneficiary shall receive the higher of total premiums paid till the date of death or the surrender value available on the date of death, provided the policy is in-force.
For Joint Life Protection: The suicide exclusion applies in the event of the death of either the Primary Life Insured or the Secondary Life Insured.