ABSLI Salaried Term Plan

Who should buy the ABSLI Salaried Term Plan?

What are the premium payment options?

What are the payout options?

• Lump sum payout+

  The Death Benefit, Terminal Illness Benefit, or accelerated pay-out shall be paid in a lump sum to the nominee or policyholder. Lump sum pay-out provides immediate access to funds for the policyholder to meet the cost of expenses of the terminal or critical illness or for the nominee to meet living expenses, debts, etc.

• Return of Premiums+

  If the life insured survives the plan's term, all the premiums paid shall be returned on maturity, enabling the insured to meet their long-term financial goals..

• Fixed Income payout+

  The Sum Assured on Death is paid as a fixed monthly income equal to 1.25% of Sum Assured during the Income Benefit Period chosen. Income Benefit Period can be 10 years, 15 years or 20 years and has to be chosen at the inception of the policy by the life insured. The Income Benefit Period cannot be changed during the term of the policy. This payout option is available for ABSLI Salaried Term Plan Option 3.

• Increasing payout+

  The Sum Assured on Death is paid as an increasing pay-out every month; for the first year, it will be equal to 1.25% of the Sum Assured chosen at inception, thereafter the monthly income will grow at either 5% or 10% p.a. as per Income Escalation Rate on simple interest basis and is paid throughout the chosen Income Benefit Period, which can be 10 years, 15 years or 20 years. The income benefit increases over time to keep pace with inflation and helps to ensure that the dependents have the financial resources they need to cover their expenses, even as the cost of living rises. This payout option is available for ABSLI Salaried Term Plan Option 4.
  +For more information on the payout options, please refer to the policy brochure.

What is the commutation benefit of the ABSLI Salaried Term Plan?

At any time during the Income Benefit Period, if the nominee would like to get a lump sum instead of the Income Benefit, the commuted value of the outstanding benefits shall be paid as a lump sum. The lump sum shall be calculated as:

Lump-sum =1.25% x Sum Assured at Inception x Commutation Factor

At the time of commutation, this lump sum amount will be equal to the sum assured at inception, less the Income Benefit already paid.

where,
The Commutation Factors represent the discounted value of future benefits at the time of commutation.

How to choose your Plan?

ABSLI Salaried Term Plan provides you with the flexibility to customise your Death Benefit basis your needs and requirements.

• Step 1

  Choose your Death Benefit option
  
  ● Life Cover
  ● Life Cover with ROP
  ● Fixed Income Cover
  ● Increasing Income Cover

• Step 2

  Choose the Income Benefit Period (For Variant 3 and 4 )
  
  ● 10, 15 or 20 years of Income

• Step 3

  Choose the Income Escalation Rate (For Variant 4 only)
  
  ● 5 % or 10% (Simple Interest)
  
  Benefit options, sum assured, policy term, premium payment term, and mode of premium payment chosen at inception cannot be changed thereafter. Premium will vary depending upon the Option chosen at inception.

What factors affect the policy premium?

What is the claim process for the ABSLI Salaried Term Plan?

• Step 1

  Gather the required documents: the policy documents, certificates, ID proof, etc.

• Step 2

  Inform the insurer about the event by phone, email, website, or visiting a branch.

• Step 3

  Fill out and submit the claim forms along with all of the required documents.

• Step 4

  Track your claim through the website or by contacting customer support.

• Step 5

  The payout will be processed once your claim is verified and approved.