The Aditya Birla Sun Life Insurance (ABSLI) Salaried Term Plan is an affordable and comprehensive term insurance plan specifically designed for salaried people. This term plan allows you to customise your plan based on your protection needs. This plan offers the flexibility of a Lump-sum and monthly income coverage options. ABSLI Salaried Term Plan provides financial support to the policyholder’s family in case of his/her unfortunate death. Let’s learn more about the ABSLI Salaried Term Plan here.Read more
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Here are the features of the ABSLI Salaried Term Plan:
Choose from 4 different plans to match your protection needs.
Get covered until you're 70, which helps your family financially in the long run.
Choose from multiple death benefit pay-out options:
Level monthly income
Increasing monthly income
Enjoy Return of Premium (ROP) option along with life insurance cover to secure your savings.
Get inbuilt terminal illness cover.
Add extra coverage for 42 critical illnesses with the Accelerated Critical Illness benefit.
Enhance coverage with additional rider options.
Here is the eligibility criteria of the ABSLI Salaried Term Plan:
|Entry Age||21 years||55 years|
|Maturity Age||70 years|
|Premium Payment Term (PPT)||Limited Pay 5, 7, 10, 12, 15 and 20 / Regular Pay|
|Policy Term (PT)||Limited Pay – PPT + 5 years Regular Pay – 10 Years||49 years|
|Sum Assured||Rs. 50,00,000||Rs. 5,00,00,000 (Subject to Board Approved Underwriting)|
|Premium Payment Modes||Annual, Semi-annual, Quarterly, Monthly|
|Income||> Rs. 5,00,000|
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Here are the benefits of ABSLI Salaried Term Plan:
Life Cover: If the policyholder passes away during the policy term, the chosen sum assured is paid as a lump sum to the nominee.
Cover with Return of Premium: If the policyholder passes away during the policy term, the chosen sum assured is paid as a lump sum to the nominee. If the policyholder survives the policy term, all premiums received are returned at maturity.
Fixed Income Cover: In case of the policyholder's death, the nominee receives a monthly income equal to 1.25% of the chosen sum assured for the selected Income Benefit Period. The nominee can also choose to receive future incomes as a lump sum.
Increasing Income Cover: If the policyholder passes away, the nominee gets a monthly income (1.25% of the chosen sum assured) for the selected Income Benefit Period. This monthly income increases each year by 5% or 10%. The nominee can also opt for future incomes as a lump sum. Once a plan option is chosen, it cannot be changed during the policy term.
Lump-Sum: With this option, if the policyholder dies during the policy term, the insurance company pays the entire sum assured (the coverage amount chosen at the beginning of the policy) in a single, one-time payment to the nominee or beneficiary. This lump-sum amount can be used by the beneficiary as needed. It's a straightforward and immediate payout.
Level Monthly Income: In this option, if the policyholder passes away during the policy term, the nominee receives a fixed, regular monthly income. This monthly income is pre-determined and remains the same throughout the payout period. It provides a stable and predictable source of financial support for the beneficiary.
Increasing Monthly Income: With the increasing monthly income option, if the policyholder dies during the policy term, the nominee receives a monthly income. However, the unique aspect of this option is that the monthly income increases over time. This payout option is designed to help the beneficiary cope with the rising cost of living over the years.
With the Accelerated Critical Illness option, policyholders can enhance their insurance coverage by adding protection for 42 critical illnesses. In the unfortunate event of being diagnosed with one of these illnesses, the insurer will provide a lump-sum payment to the policyholder. This additional coverage is designed to offer financial support during a challenging time, helping cover medical expenses, loss of income, and other related costs, thus easing the financial burden associated with serious health conditions.
Policyholders can also benefit from tax advantages by investing in this insurance plan. Premiums paid towards the policy may be eligible for tax deductions under Section 80C of the Income Tax Act, which can help in reducing the policyholder's taxable income. Furthermore, any benefits received under the policy, whether as a death benefit or as a critical illness payout, are typically tax-free under Section 10(10D), providing added financial relief while ensuring that the policyholder's loved ones receive the full intended benefits without any tax liabilities.
Females can avail an additional 9% discount on this term life insurance plan and an overall 7% salaried discount is also included for all policyholders in the 1st year of the policy.
ABSLI Salaried Term Plan allows the policyholder to choose from 6 different riders to enhance their coverage at the beginning of the policy, in addition to the base plan. Each rider's coverage is valid for the duration of the policy term, provided it falls within the predefined coverage limits for that specific rider.
ABSLI Accidental Death Benefit Rider Plus - This rider pays out in case of the life assured’s accidental death (with a maximum sum assured of 1 Crore).
ABSLI Accidental Death and Disability Rider - This plan offers a payout for the policyholder’s accidental death or disability (with a maximum sum assured of 1 Crore).
ABSLI Critical Illness Rider - This plan provides coverage if the life assured is diagnosed with any listed critical illness during the policy term (with a maximum sum assured of 50 Lakhs).
ABSLI Surgical Care Rider - This rider covers hospitalization for necessary surgery in India for at least 24 hours (with a maximum sum assured of 15 Lakhs).
ABSLI Hospital Care Rider - This rider offers coverage for hospitalization due to medically necessary treatment of any illness or injury (with a maximum sum assured of 15 Lakhs).
ABSLI Waiver of Premium Rider - This rider pays out in case of the policyholder's death, disease, or disability during the policy term, as long as the policy is inforce (the rider sum assured cannot exceed the base sum assured).
*Note: It's important to note that the ADB+ and ADD riders cannot be selected together, and the CI rider and ACI benefit cannot be chosen within the same policy.
Here is the complete list of Rider SAR calculation provided upon selection of a specific rider:
|Rider||Rider SAR Calculation|
|Critical Illness Rider||Rider Sum Assured|
|Surgical Care Rider||Rider Sum Assured / 5|
|Hospital Care Rider||Rider Sum Assured / 2.5|
|Waiver of Premium Rider||0.5 x Pay Term x Annual Premium|
|Accidental Death Benefit Rider Plus||Not added to SAR|
Here are the income proof documents that are required to be submitted to buy the ABSLI Salaried Term Plan:
Latest Form 16 / 16A
Latest 6 months bank statement showing salary Credit
Latest 3 months’ salary slips along with Bank statements showing Salary credit
Latest year Appointment Letter / Salary revision letter
Latest Form 26 AS
The additional guidelines that are required to be followed before buying the ABSLI Salaried Term Plan are:
|Critical Illness Rider||Maximum cover 50 lacs (21 to 55 years ) Financial Underwriting: 21 to 55 years: 5 times of the derived income|
|Validity of VFMR/VRV||3 months validity of Video FMR. Video verification subject to current live photo with salesperson, also can be considered valid for 3 months|
|Validity of Medical reports||Standard Medical: 1 year Substandard Medicals: 6 months|
|Rider’s other than Critical illness||No separate financial underwriting to be done for riders other than CI|
|NRI Guideline||Applicable as per current UW guideline|
Here are the plan details of ABSLI Salaried
Policy Benefit: The surrender benefit varies based on the chosen option, and the policy terminates upon payment of this benefit, with the option to surrender the policy once it has acquired a surrender value during the policy term.
Policy Revival: You can reinstate your policy within a five-year revival period from the first unpaid premium's due date, subject to specific conditions, including paying outstanding premiums with interest and late fees, demonstrating the Life Insured's insurability to our satisfaction, and receiving approval from us based on our underwriting policy. Once revived, all policy benefits are fully restored.
Policy Loan: This plan does not offer a policy loan facility.
Policy Termination: The policy will terminate at the earliest of the following events:
Upon settlement of the Death Benefit
Upon payment of any surrender benefit
If the policy has not acquired a surrender value for Plan Option 2 or the Unexpired Risk Premium Value for Plan Options 1, 3 & 4, when the revival period ends
On the maturity date of the policy
When the sum assured on death is entirely paid out through ACI Benefit and/or Terminal Illness claim
Upon payment of the free look cancellation amount.
Free Look Period: You can return the policy within 15 days (or 30 days for electronic or distance-marketed policies) from the receipt date, and upon receiving your written cancellation notice with reasons and the original policy documents, we'll refund the premium after deducting the proportional risk premium, medical examination expenses, if any, and stamp duty charges, as per IRDAI regulations.
Grace Period: Grace Period is the period during which your policy remains in force without any penalty or late fee, even after the premium due date. This grace period is 15 days for monthly premium payments and 30 days for annual, semi-annual, or quarterly premium payments. Your insurance coverage remains active during this time. However, if an unfortunate event like death, terminal illness, or critical illness occurs during the grace period, the unpaid premium may be deducted from the benefits payable under the policy.
The exclusion in the ABSLI Salaried Term Plan is:
Suicide Exclusions: If the Life Insured dies by suicide within 12 months from the Risk Commencement Date or policy revival date, the policy terminates.
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