The ABSLI Nishchit Laabh Plan

What Is ABSLI Nishchit Laabh Plan?

The ABSLI Nishchit Laabh Plan is non-linked and non-participating, with guaranteed payouts depending on the option chosen. The policyholders are able to select any type of benefit structure that includes obtaining a guaranteed amount once the maturity date is reached, earning regular income over a certain period or money-back benefits throughout the policy period.

Eligibility Criteria For The ABSLI Nishchit Laabh Plan

The following is the eligibility criteria for the ABSLI Nishchit Laabh Plan:

The policy automatically vests when the person who is insured turns 18 if they are a minor.

Features ABSLI Nishchit Laabh Plan Offer

ABSLI Nishchit Laabh Plan comes with the following key features:

• Life insurance for the whole length of the savings plan
• You can choose from three plans: Endowment, Income With Lumpsum, or Moneyback
• Guaranteed benefits that only apply if all premiums are paid on time 
• Loyalty bonuses to increase maturity or survival benefits
• You can choose to get your income payments once, twice, or four times a year, or once a month

Benefits Of The ABSLI Nishchit Laabh Plan

The ABSLI Nishchit Laabh Plan has a selection of structured benefits aimed at offering security and predictable returns in terms of finances. Key benefits include:

1.  Death Benefit

   If the person who is insured dies while the policy is in effect, the nominee will get a lump sum death benefit. The death benefit is the highest of:

   • Sum Assured on Death
   • 105% of all premiums paid up to the date of death
   • Surrender Value (if it applies)

   This guaranteed return policy covers death in all cases except suicide, which is listed as an exception.

2.  Survival Benefit

   Plan Option	Survival Benefit
   Endowment Option	No survival benefit
   Income With Lumpsum Option	Regular income is paid after completion of the PPT
   Moneyback Option	Money-back benefit plus loyalty addition every 5th policy year

3. Maturity Benefit

   Plan Option	Maturity Benefit
   Endowment Option	Guaranteed Lumpsum Benefit + Loyalty Addition
   Income With Lumpsum Option	Guaranteed Lumpsum Benefit + Loyalty Addition
   Moneyback Option	No maturity benefit

   The Guaranteed Lumpsum Benefit is based on a proportion of the total premiums that must be paid, not including taxes and rider premiums. If all premiums are paid, loyalty additions will be paid at maturity.

Riders for the ABSLI Nishchit Laabh Plan

Being one of the best investment plans in India, it lets you add extra riders to increase coverage, but only if you follow the underwriting rules:

• Plus the ABSLI Accidental Death Benefit Rider
• ABSLI Critical Illness Rider
• ABSLI Surgical Care Rider
• ABSLI Hospital Care Rider and ABSLI Waiver Of Premium Rider

Rider premiums can't be more than 30% of the base premium, while health-related riders can be up to 100%.

Policy Details Of The ABSLI Nishchit Laabh Plan

Some of the policy-related provisions and conditions under ABSLI Nishchit Laabh Plan are listed below:

• Grace Period: A grace period of 30 days is allowed for all premium payment modes except the monthly mode, where the grace period is 15 days. Risk cover continues during this period.
• Revival: A lapsed or reduced paid-up policy can be revived within 5 years from the due date of the first unpaid premium, subject to payment of outstanding premiums and underwriting approval.
• Free Look Period: The policy can be returned within 30 days from the date of receipt if the policyholder disagrees with the terms. Refunds are made after deducting applicable charges.
• Surrender: The policy acquires surrender value after payment of at least one full policy year’s premium. The surrender value payable will be the higher of the Guaranteed Surrender Value or the Special Surrender Value, subject to conditions.
• Loan: A policy loan is available after acquiring the surrender value. The maximum loan amount is 80% of the surrender value, which is subject to applicable interest rates.

Exclusions Under The ABSLI Nishchit Laabh Plan

Suicide Exclusion

In case the life insured commits suicide within 12 months after taking or becoming a reinstated policy, the policy is terminated. The payout will be in relation to the policy terms as required, according to whether the surrender value has been purchased or not.