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ABSLI Salaried Term Plan

ABSLI Salaried Term Plan is an exclusive comprehensive protection solution designed for Salaried individuals. It gives you the freedom to design your own plan that suits your protection needs. This plan offers the flexibility of a Lumpsum Cover & Monthly Income Cover options. Be it education, lifestyle, or day-to-day needs, this pure risk term plan is crafted to provide unwavering financial support, allowing your family to stride confidently into the future, even when you're not there!Read More

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FEATURES

Diverse array of 4 Plan Options

Diverse array of 4 Plan Options to match your varied protection requirements

Life insurance coverage

Life insurance coverage spanning upto Age 70, offering holistic financial security

Versatile options for Death Benefit

Versatile options for Death Benefit payouts to choose for: Lump-Sum or Monthly Income

Additional Protection

Additional Protection With Inbuilt Terminal Illness Benefit

Accelerated payout

Accelerated payout in case life insured is diagnosed with any of the 42 specified critical illnesses by choosing Accelerated Critical Illness Benefit

PLAN OPTIONS/VARIANTS

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    Policy Option:
     

    • Life Cover:

      Under this option, In the unfortunate event of the death of the Life Insured, anytime during the Policy Term, the Nominee(s)/legal heir(s)/assignee will be paid Sum Assured on Death chosen at Inception in Lump Sum. provided all due premiums have been paid.

    • Life Cover with ROP:

      Under this option, In the unfortunate event of the death of the Life Insured, anytime during the Policy Term, the Nominee(s)/legal heir(s)/assignee will be paid Sum Assured on Death chosen at inception in lump-sum, provided all due premiums have been paid.

      However, on survival of Life Insured till the end of the Policy term, 100% of the total premiums paid will be payable to the policyholder.

    • Fixed Income Cover:

      Under this option, In the unfortunate event of the death of the Life Insured, anytime during the Policy Term, the Nominee(s)/legal heir(s)/assignee will be paid monthly income, equal to 1.25% of Sum Assured chosen at inception, commencing with the first policy monthiversary on or after the date of death and continuing for each policy monthiversary throughout the Income Benefit Period, during the chosen Income Benefit Period.

      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.

    • Increasing Income Cover:

      Under this option, In the unfortunate event of the death of the Life Insured, anytime during the Policy Term, the Nominee(s)/legal heir(s)/assignee will be paid monthly income at the end of each month; for first year it will be equal to 1.25% of 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.

      Income Benefit Period can be 10 years, 15 years or 20 years. Income Escalation has to be chosen at the inception of the policy by the Policyholder, and once chosen cannot be changed.

ELIGIBILITY

Eligibility

  • Click on Know More for Eligibility

Know More

Documentation

  • ID Proof – Not required if purchased through Metra Trust
  • Address Proof – Not required if purchased through Metra Trust
  • Address proof Age Proof – Not required if purchased through Metra Trust

    o If LA - Proposer is different then we required age proof of LA
  • Recent Photograph
  • Income Proof

Bajaj Allianz life guaranteed pension goal

Disclaimer

Metra Trust Ltd. is a corporate agent of Aditya Birla Sun Life Insurance Company under IRDAI Registration No:CA0106 and does not underwrite the risk or act as an insurer. Registered Address: Metra Trust KRM Tower, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamil Nadu, India Participation by the Bank’s clients in the insurance products is purely on a voluntary basis.Read More

The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License. This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan. All terms & conditions are guaranteed# throughout the Policy Term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. This brochure contains only the salient features of the plan. For further details please refer to the Policy contract. This product shall also be available for sales through online channel. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details. #Provided all due premiums are paid. “We”, “Us”, “Our” or “the Company” or “ABSLI” means Aditya Birla Sun Life Insurance Company Limited. “You/you” or “Your/your” means the Policyholder. Policyholder and Life Insured can be different under this product. In all situations, it is ensured that the Policyholder has an insurable interest in the Life Insured. For other terms and conditions, request your Agent Advisor or intermediaries for giving a detailed presentation of the product before concluding the sale. Should you need any further information from us, please contact us on the below mentioned address and numbers. For more details on risk factor terms and conditions, please read sales brochure before concluding the sale.
Aditya Birla Sun Life Insurance Company Limited Registered Office: One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. 1-800-270-7000 Website: https://lifeinsurance.adityabirlacapital.com/ IRDAI Reg No.109 CIN: U99999MH2000PLC128110 UIN:109N141V01 ADV/11/23-24/2788

Beware of Spurious / Fraud phone calls!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.Read Less

FREQUENTLY ASKED QUESTIONS

What is ABSLI Salaried Term Plan?

The ABSLI Salaried Term Plan is a cutting-edge term life insurance solution designed specifically for salaried individuals. It presents four distinct plan options meticulously crafted to cater to the multifaceted protection needs of salaried customers, delivering comprehensive coverage against a range of life and health uncertainties.

What is the classification for lives to be assured under this plan?

Depending upon the smoking status of the life insured, he/she will be classified as Non-Smoker or Smoker. The proposed life insured will be classified as Non-Smoker, if he/she has not consumed tobacco products in the last 12 months. This includes any nicotine products like cigarette, cigars, chewable tobacco or any other classified stimulants.

What are the differential premium rates offered under this plan?

This plan offers preferential premium rates for all Female lives. Also, Policyholder get discounted premium rates for non – smoker status.

Can I change the Plan Option anytime during the term?

No, Plan Option once chosen at inception; cannot be changed anytime during the Policy Term.

Can I change the Income Escalation Rate during the Policy Term?

No, The Income Escalation Rate chosen at inception cannot be changed anytime during the Policy Term. As the premium is calculated considering the Income Escalation Rate and since the premiums cannot change during the Policy Term, the Income Escalation Rate once chosen cannot be changed thereafter.

Can I change the Income Benefit Period during the Policy Term?

No, The Income Benefit Period chosen at inception cannot be changed anytime during the Policy Term.

How can I pay my premiums?

Policyholder can pay the policy premium annually, semi-annually, quarterly or monthly mode. The monthly premium has to be paid compulsorily through automated mode of payments such as ECS, Salary Deductions, Credit Card standing instructions.

Can I avail of tax benefits under this plan? What are the benefits available?

As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. Tax benefits are subject to changes in tax laws. You are advised to consult your tax advisor for details.

What application form is required for ABSLI Salaried Term Plan?

Common Application Form – Major (E app) for ABSLI Salaried Term Plan needs to be filled.

Can housewives be covered under this plan?

No, housewives cannot be covered under this plan.

Can this plan be given to NRIs?

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

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