Product Specifications |
Type of Plan | A Non-Linked Non-Participating Individual Savings Life Insurance Plan |
Coverage | All Individuals (Male | Female | Transgender) |
Age of the Life Insured at Entry (age as on last birthday) | Minimum | Long Term Income: 30 days* Whole Life Income: 30 years * In case the Life Insured is a minor, the Policy will automatically vest once the life insured attains the age of majority. The risk coverage for the minors will start from the Date of Commencement of Risk. |
Maximum | 65 years |
Maturity Age of the Life Insured (age as on last birthday) | Minimum | 18 years |
Maximum | Long Term Income: 85 years (age last birthday) Whole Life Income: 100 years (age last birthday) |
Premium Payment Term (PPT) & Policy Term (PT) | Other than Income Only Benefit Premium Payment Term (Years) | Policy Term (Years) | Long Term Income | Whole Life Income | 6 Pay | 15 | 20 | 25 | 30 | 35 | 40 | 100 (–) Age at Entry | 8 Pay | 15 | 20 | 25 | 30 | 35 | 40 | 10 Pay | 15 | 20 | 25 | 30 | 35 | 40 | 12 Pay | 15 | 20 | 25 | 30 | 35 | 40 |
Income only benefit Premium Payment Term (Years) | Policy Term (Years) | Long Term Income | Whole Life Income | 6 Pay | 25 | 30 | 35 | 40 | 100 – Age at Entry | 8 Pay | 25 | 30 | 35 | 40 | 10 Pay | - | 30 | 35 | 40 | 12 Pay | - | 30 | 35 | 40 |
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Deferment Period | 0 to 5 years |
Death Benefit Multiple | o 5 times of Annualized Premium o 7 times of Annualized Premium o 10 times of Annualized Premium |
Premium Payment Modes and Modal Factors | Annual | Semi-Annual | Quarterly | Monthly Mode | Annual | Semi-annual | Quarterly | Monthly | Modal Factors | 0% | 2.0% | 3.0% | 4.0% |
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Minimum Annualized Premium (Rs.) | - Benefit Option - Long Term Income - | | | | Sum Assured Multiple Option | Income Variant | Entry Age
(Age last birthday) | 10 times | 7 times | 5 times | All except Income Only Benefit | 0 to 49 years | 30,000 | NA | 50 - 55 years | 30,000 | 1,00,000 | 56 - 65 years | NA | 1,00,000 | Income Only Benefit | 0 to 45 years | 50,000 | NA | 45 to 49 years | 1,00,000 | NA | 50 to 55 years | 1,00,000 | 56 to 65 years | NA | 1,00,000 |
o Benefit Option - Long Term Income - | | | | Sum Assured Multiple Option | Income Variant | Entry Age
(Age last birthday) | 10 times | 7 times | 5 times | All except Income Only Benefit | 30 to 49 years | 30,000 | NA | 50 to 55 years | 30,000 | 1,00,000 | Income Only Benefit | 30 to 45 years | 50,000 | NA | 46 to 49 years | 1,00,000 | NA | 50 to 55 years | 1,00,000 |
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Maximum Annualized Premium | No Limit (subject to Board Approved Underwriting Policy) |
Minimum Sum Assured (Rs.) | | | Sum Assured Multiple Option | Income Variant | Entry Age
(Age last birthday) | 10 times | 7 times | 5 times | Other than Income Only Benefit | 0 to 49 years | 3,00,000 | 2,10,000 | NA | 50 to 55 years | 3,00,000 | 3,00,000 | 50,0000 | 56 to 60 years | NA | 7,00,000 | 50,0000 | 61 to 65 years | NA | 7,00,000 | 50,0000 | Income Only Benefit | 0 to 45 years | 5,00,000 | 3,50,000 | NA | 46 to 49 years | 10,00,000 | 7,00,000 | NA | 50 to 55 years | 10,00,000 | 7,00,000 | 50,0000 | 56 to 60 years | NA | 7,00,000 | 50,0000 | 61 to 65 years | NA | 7,00,000 | 50,0000 |
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Maximum Sum Assured | Subject to Board Approved Underwriting Policy |
Premium bands | The benefits under this product vary by premium bands as mentioned below: Premium Bands | Band 1 | Band 2 | Band 3 | Band 4 | Band 5 | Band 6 | Band 7 | Annualized Premium (Rs.) | 30,000 to 49,999 | 50,000 to
99,999 | 1,00,000 to 1,99,999 | 2,00,000 to 2,99,999 | 3,00,000 to 4,99,999 | 500,000 to 24,99,999 | 25,00,000+ |
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Benefit Options | ABSLI Nishchit Aayush Plan provides you the flexibility to customize Your regular income requirements as per Your goals, Step 1: Choose Your Benefit Option - Long Term Income or, - Whole Life Income Step 2: Choose the Income Variant - Level Income with Lumpsum Benefit or, - Level Income with Enhanced Lumpsum Benefit or, - Increasing Income (@5% simple interest rate every 5 years) with Lumpsum Benefit - Level Income with Return of Premium Benefit - Income Only Benefit Step 3: Choose to receive income immediately or after a deferment period of 1 year as per the chosen income payout frequency. Benefit options chosen at inception cannot be changed thereafter. Premium will vary depending upon the Option chosen at inception. |
Benefit Payout Frequency | You can choose to receive income benefit in Annually in Advance, Annually in Arrears or Semi-Annual or Quarterly or Monthly frequency. The income is payable at the start of the year in case of annually in advance frequency and at the end of the year or half-year or quarter or month, as the case may be, for the rest of the frequencies. Annually in Advance payout frequency is only available in "Annual" premium payment mode. The chosen Benefit Payout Frequency can be changed during the term of the policy. |
ABC Customer Benefit | For customers of Aditya Birla Capital (ABC) entities, an option to choose between a premium discount option and an income enhancement option shall be available based on objective criteria. Under the premium discount option, a discount of 12% shall be offered on the first-year premium. Under the income enhancement option, the Income Benefit of the policyholder will be enhanced by an Income Enhancement Factor. |
