ABSLI Guaranteed Milestone Plan

Flexibility to choose the policy term

Cover your spouse also by choosing Joint Life Protection by paying an additional Premium

Enhance your insurance cover with appropriate rider options by paying an additional premium

Guaranteed Additions that boost your corpus year on year

Death Benefit for Single Life

In case of the unfortunate demise of the life insured during the policy term, the Sum Assured on Death will be paid to the nominee in 10 equal annual instalments.

Sum Assured on Death will be highest of:

Sum Assured (15 x annual premium); or

105% of the total premiums paid as on the date of death (excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any); or

Maturity Sum Assured (1)

(1) Maturity Sum Assured is the sum of all the premiums payable (excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any).

On acceptance of the death claim the first annual instalment shall be paid immediately along with the excess amount, if any, of Maturity Sum Assured plus accrued Guaranteed Additions over the Sum Assured.

In case the nominee would like to get a lump sum payment instead of the annual instalments, the discounted value of the outstanding annual instalments will be paid as a lump sum. The discounted value currently shall be calculated using an interest rate of 8.75% per annum. This interest rate is subject to change in future with prior IRDA of India approval.

In case the nominee would like to get a lump sum payment instead of the annual instalments, the discounted value of the outstanding annual instalments will be paid as a lump sum.

In case where the death of the Life Insured takes place prior to risk commencement date, only the premiums paid to date (excluding applicable taxes) shall be payable as the Death Benefit

Under this option, two lives i.e. you (primary life insured) and your spouse (secondary life insured) are covered under the same policy and also jointly own the policy. The sum assured applicable for your spouse shall be equal to 20% of your applicable sum assured. You can opt for this option at the inception of the policy subject to the attained age of primary life insured & secondary life insured is less than or equal to 50 years. No rider can be opted under this option and this option cannot be discontinued except due to the unfortunate demise of either of the lives who are insured.

Unfortunate death of the primary life insured prior to the secondary life insured:

Death benefit shall be paid in annual instalments to the spouse (secondary life insured) and the same can be opted as lump sum payment as explained above.

Secondary life insured will become the sole policyholder and receive the maturity benefit.

Life cover for the secondary life insured will continue without any future premiums to be paid.

On subsequent death of the secondary life insured during the policy term the applicable death benefit shall be paid to the nominee as a lump sum. On maturity date the maturity benefit shall be paid to the nominee.

Unfortunate death of the secondary life insured prior to the primary life insured

Applicable death benefit shall be paid immediately to the primary life insured as a lump sum.

Primary life insured will become the sole policyholder. Policy will continue with all benefits (including the insurance cover on primary life insured) with premiums to be paid when due. Maturity benefit shall be paid to the primary life insured on maturity date.

On subsequent death of the primary life insured during the policy term, the applicable death benefit shall be paid to the nominee in annual instalments and the same can be opted as lump sum payments explained above. On maturity date the maturity benefit shall be paid to the nominee

Unfortunate death of both the primary and secondary life insured together

Applicable death benefit for the respective lives insured shall be paid to the nominee – annual instalments for the death benefit of primary life insured and lump sum for the death benefit of secondary life insured respectively

Policy will continue without any future premiums to be paid and on maturity date the maturity benefit shall be paid to the nominee

Fully guaranteed benefits on death or maturity

In the event the life insured survives to the end of the policy term, you shall receive:

Maturity Sum Assured (1) ; plus

Accrued Guaranteed Additions

(1) Maturity Sum Assured is the sum of all the premiums payable (excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any).

ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)

ABSLI Critical Illness Rider (UIN: 109B019V03)

ABSLI Surgical Care Rider (UIN: 109B015V03)

ABSLI Hospital Care Rider (UIN: 109B016V03)

ABSLI Waiver of Premium Rider (UIN: 109B017V02)

ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V01)