ABSLI Nishchit Laabh Plan

No, the income is payable every policy year after the completion of the Premium Payment Term.

Yes, the chosen Income Benefit Payout Frequency can be changed during the policy term.

Yes, Guaranteed# Lumpsum benefit varies according to the premium payment term and policy term chosen at inception of the policy.

No, commutation of future income’s as lumpsum payout is not offered under this plan.

The minimum and maximum annualized premium is Rs. 15,000 and Rs. 1,00,000 respectively. The premium amount chosen will be payable every year for the premium paying term.

Endowment & Income with Lumpsum Option: Loyalty Addition shall be paid along with the guaranteed# lumpsum benefit on the date of maturity, provided all due premiums have been paid.

Moneyback Option: Loyalty Addition shall be paid at the end of every 5th policy year, along with the money back benefit payouts provided all due premiums have been paid.

No, this plan does not offer instalment Option to the nominee.

Policy acquires a Surrender Value once premiums for at least two full policy years have been paid.

Yes, policy loan is allowed once the policy acquires a surrender value. The minimum loan amount is Rs.5,000 and the maximum is up to 80% of surrender value.

We shall charge an interest on the outstanding loan balance at a rate declared by us on June 1st of every calendar year which is 1% plus the base rate of the State Bank of India. The interest rate applicable as on June 1st 2022 is 8.55% p.a. Any change in basis of determination of interest rate for policy loan can be done only after prior approval of the Authority.

Any outstanding loan balance (including unpaid interest) will be recovered by us from policy proceeds due for payment and will be deducted before any benefit is paid under the policy.

If the policy is in RPU and the loan balance equal or exceeds the then prevailing surrender value, policy will terminate immediately.

For inforce policies, ABSLI shall send a notice 90 days prior to give an opportunity to the policyholder to repay all or part of outstanding loan balance in order to continue policy uninterrupted. If he/she do not repay the loan or fail to respond to the notice, ABSLI shall have the right to foreclose the policy.

Policy will get terminated on any of the following events: The date of payment of Surrender Value under the policy; or The date of settlement of Death Benefit; or The date of payment of Maturity Benefit; or The date on expiry of the Revival Period after the Policy has lapsed as per Premium Discontinuance provision; or The date on which the outstanding loan amount exceeds the surrender value The date of payment of free look cancellation amount.

The “Common Application Form MAJOR” and “Common Application Form MINOR” would be used for this plan. The form will be duly uploaded in BSMS from where the same can be downloaded.

Yes, the Life Insured and Policyholder can be different under this plan. In case Policyholder and the Life Insured are different then all the proceeds for the policy will be paid to the Policyholder. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. As there is no death benefit payable on the death of the Proposer/Policyholder, the policy status does not change, and the policy continues. However, if the premiums are not paid before the expiry of the grace period the policy would be subject to the provisions mentioned in the ‘Premium Discontinuance Section’.

Yes, where a policy is issued on a minor life, the policy will vest after attainment of majority (age 18 years) of the Life Insured.

NRI is allowed. FNIO allowed (however client has to be in India)