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  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on +44 7831 065557 or visit the nearest Metra Trust branch for further queries.

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ABSLI Assured Savings Plan - Eligibility

Type of Plan

A Non-Linked Non-Participating Individual Savings Life Insurance Plan

Coverage

All Individuals (Male | Female | Transgender)

Benefit Option

Lumpsum Payout at Policy Maturity

Minimum Annualized Premium

Single Pay: Rs.100,000
5 Pay: Rs.20,000
6-12 Pay: Rs.30,000

Maximum Annualized Premium

No Limit (subject to Board Approved Underwriting Policy)

Age of the Life Insured at Entry (Age as on last birthday)

Minimum

Single Life: 30 days*
Joint Life: 18 years

In case the Life Insured is a minor, the Policy will automatically vest in favour of Life Insured after attainment of majority of the Life Insured. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy.

Maximum

Single Life: 65 years
Joint Life: 50 years
Single Pay Option B: 50 years

Maturity Age of the Life Insured (Age as on last birthday)

Minimum

18 years

Maximum

85 years
Single Pay Option B: 70 years

Premium Payment Term (PPT) & Policy Term (PT)

Premium Payment Term (Years) Policy Term (Years)
Minimum Maximum
Single Pay 5 20
5 10 35
6 12
7 13
8 14
9 15
10 16
11 17
12 18

 

Premium Payment Frequency and Frequency Loadings

Frequency Annual Semi-annual Quarterly Monthly
Modal Factors 0.0% 3.5% 5.0% 6.0%

 

Premium Bands

Annualized Premium Band 1 Band 2 Band 3 Band 4 Band 5 Band 6
Single Pay NA NA 100,000 to 199,999 200,000 to 499,999 500,000 to 24,99,999 25,00,000 & above
Limited Pay Upto 49,999 50,000 to 99,999 100,000 to 199,999 200,000 to 499,999 500,000 to 24,99,999 25,00,000 & above

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