ABSLI Anmol Suraksha Kawach

This plan is available on E application platform through sales channel’s intervention as well as on website.

ABSLI Anmol Suraksha Kawach can be purchased in 4 simple steps: Step 1: Choose the Premium Payment Term for which you want to pay premiums for. Step 2: Choose the Policy Term for which you wish to remain protected. Step 3: Choose the Sum Assured for which you wish to be covered for. Step 4: Choose whether you are a smoker/non-smoker.

The minimum income criteria under this product for both salaried and self-employed individuals is Rs 7.5 lakhs per annum.

This plan offers Policy Term of 2 - 5 Years.

No, the Policy Term once chosen at inception; cannot be changed during the term of the policy.

Minimum (Maximum) Annualized premium under this policy depends on the minimum (maximum) Sum Assured chosen

Depending upon the smoking status of the life insured, he/she will be classified as Non-Smoker or Smoker.

This plan offers preferential premium rates for all Female lives. Also, premium rates vary for smoker/non-smoker status of the Policyholder.

No Joint Life Protection option is not available under this product.

No, the death benefit can be only be taken in lumpsum by the nominee after the death of the life insured.

For Regular Pay policies, the policyholder will have a Grace Period of 30 days (15 days for Monthly mode) from any premium due date to pay the premium. During this period, all coverage under the policy will continue.

In case of occurrence of death, during the grace period, ABSLI will recover the unpaid premium due from the death benefit payable.

If the premium due is not received during the Grace Period, the policy will lapse for risk coverage and no benefit will be payable thereafter.

For Single Pay policies, this is not applicable.

On non-payment of premium, a Regular Pay policy will be treated as lapsed with no benefit payable.

Such a policy can be revived to its full value within five years from the due date of the first unpaid premium by paying all due and unpaid policy premiums (along with the interest) to date and by giving ABSLI satisfactory evidence of insurability in respect of the Life Insured. ABSLI according to it’s Board approved underwriting policy will decide whether to reinstate the policy to its full value. The effective date of the revival is when these requirements are met and approved by the Company as per the Board approved underwriting policy. On the effective date of the revival, all the benefits will be restored to their full value.

The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1st of each calendar year and is determined as (x+1%)/12 rounded to the next 0.5%, where x is the base rate of the State Bank of India. The interest rate, as declared on June 1st, 2022, is 1% per month.

Any change in basis of determination of interest rate for revival can be done only after prior approval of the Authority.

The policy will terminate on the earliest of the following events:

1. The date of payment of Surrender Benefit under the policy; or
2. The date of maturity of the policy; or
3. The date of settlement of Death Benefit; or
4. The date of payment of free look cancellation amount.

No, housewives are not covered under this policy.

Yes, this plan can be offered to NRIs provided the client is residing in the standard residency country.

Yes, life insured and proposer can be different under the policy only for business insurance cases like Keyman cover and Employer employee cases, not for individual cases.

The plan can be issued under Employer-employee, MWP and HUF. It can also be issued under Partnership and Keyman Insurance.