ABSLI Life Shield Plan

The plan aims to provide comprehensive coverage to the policyholder's family in his absence. Available in eight different plan variants, this plan endeavours to offer a comprehensive family cover. In the case of total permanent disability or critical illnesses, the insured can also secure a premium waiver benefit.   

Benefits of ABSLI Life Shield Plan

The ABSLI Life Shield plan provides customizable life coverage and comes with the following benefits:

• 8 different plan options for various protection needs
• Spouse coverage under one policy
• Option for Return of Premium on maturity
• Waiver of Premium benefit available in case of disease or disability
• Coverage can be enhanced as the insured covers key milestones in life, like, marriage and childbirth.
• Terminal Illness Benefit included
• Multiple ways for death benefit payment
• Increased protection with appropriate riders for accidental death and disability, critical illness, hospital care, etc.
• *Tax benefits under Income Tax Act, Sec 80C & 10(10D)

*“Tax benefit is subject to changes in tax laws”

The premium for ABSLI Life Shield Plan

The ABSLI Life Shield Plan premium amount depends upon the plan variant that the insured chooses, along with the sum assured, plan tenure, age of the insured, payment frequency, and any add-on riders.

You can use the ABSLI Life Shield Plan calculator online to give a customized premium illustration. You can enter your DOB, gender, whether you are a smoker or not, monthly income, etc. your premium will be calculated and displayed.

Additional Riders for ABSLI Life Shield Policy

• ABSLI Accidental Death and Disability Rider – Provides financial coverage to the nominee in the case of untimely demise or disablement of the insured
• Accidental Death Benefit Rider Plus- 100% rider sum assured in case of the insured's accidental death plus the return of premiums after the accident.
• ABSLI Critical Illness Rider – Helps to cover costs for 4 major critical illnesses
• ABSLI Hospital Care Rider – Coverage for various hospital expenses, like ICU and hospital charges, and hospital cash benefits.
• ABSLI Surgical Care Rider –Extra cover for hospital surgical expenses.

Eligibility Criteria for ABSLI Life Shield Plan

• Indian national
• The age range for plans Level Term Assurance, Increasing / Decreasing Term Assurance, and Return of Premium option- 18 to 65 years
• Age range for plans Level Term Assurance with Waiver of Premium, Increasing / Decreasing Term Assurance, and Return of Premium with Waiver of Premium options- 18 to 50 years
• Maximum age of maturity is 85 years

What are the documents required to buy this plan?       

• Identity Proof- PAN Card/ Passport/Driving License/Voter Id
• Address proof- AADHAAR card/Passport/Driving License
• Income proof- latest salary slips, ITR, Form 16, bank statements

How to buy this plan online?                      

You can visit the insurer website and follow the instructions given to buying the ABSLI Life Shield Plan.

• Alternatively, for a quick and easy purchase experience, you can buy online ABSLI Life Shield Plan from Policybazaar.
• You can visit the Policybazaar website at policybazaar.com. On the home page, select Life Insurance>> Term insurance. Select the plan from the available options and provide your details as asked. Choose your payment method and make the payment online. You can also check the ABSLI Life Shield Plan policy status online on Policybazaar.
• You can also contact Policybazaar Sales at their helpline number at 1800-208-8787.

Exclusions for ABSLI Life Shield Policy

The policy will reject critical illness or total permanent disability benefits claim made due to the following for the Waiver of Premium:

• Any death or suicide claim made outside the policy period
• Any Pre-Existing condition or disease within 48 months of policy issue or revival
• Any sickness within 90 days from the policy commencement or revival date
• Sexually transmitted diseases
• Suicide or attempted suicide
• Self-inflicted injuries
• Death due to participation in a criminal, terrorist, or unlawful activity;
• Consumption of liquor, drugs, or narcotics leading to death.
• Any contamination or accident due to radioactive or nuclear material,
• Any death or disability arising due to participating in professional sports, hazardous or adventurous pursuits

FAQs