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ABSLI Savings Plan
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ABSLI Savings Plan is a non-linked participating savings plan that helps you grow your savings along with availing the benefits of a life cover. The plan provides flexible sum assured choices based on your investment requirements along with multiple policy terms and premium payment terms. The plan also provides for an additional sum assured in case of an unfortunate death of the life assured due to an accident.
Moreover, the plan ensures increment of your savings via guaranteed additions feature which is applicable for the first 5 policy years. The plan further helps you appreciate your savings via regular bonuses, interim bonuses, and terminal bonus.
Best Features of ABSLI Savings Plan
Following are the key features of the ABSLI Savings Plan which makes this plan stand out among its counterparts:
- Guaranteed Additions- Guaranteed additions of 40 per thousand sum assured is added to your savings corpus at the end of each policy year during the first 5 years of the policy term.
- Auto Cover Continuation- If the premiums for at least 2 policy years is paid, then this feature lets full death benefit continue for a period of 2 successive years from the due date of the first unpaid premium even though the policy is in the reduced paid-up status.
- Bonuses- The company provides simple reversionary bonuses at every policy anniversary along with interim bonuses and terminal bonus to boost your savings.
- Additional Sum Assured - In case of death of the life assured in an accident, an additional amount equivalent to the sum assured chosen at the time of policy inception is payable to the nominee.
- Policy Loan- If the policy has acquired a surrender value and the life assured is alive, a loan of up to 85% of the surrender value can be availed, subject to a minimum loan amount of INR 5,000.
- Reduced Paid-up Policy- In case you discontinue the policy after the payment of at least full 2 years’ premiums, the policy will get converted into a reduced paid-up policy instead of getting lapsed.
Benefits of ABSLI Savings Plan
In case of an unfortunate death of the life assured during the policy term, the aggregate of the following is payable to the nominee -
- Guaranteed death benefit equivalent to the higher of sum assured or 10 times of the annualised premium
- Accrued guaranteed additions
- Accrued regular bonuses as on date of death
- Terminal bonus
The amount of the death benefit is subject to a minimum of 105% of the total premiums paid.
In case the death of the life assured happens in an accident, an accidental death benefit equivalent to the sum assured is paid to the nominee in addition to the above aggregate benefit.
After the payment of the death benefit, the policy terminates and no further benefits are payable to the nominee.
2. Maturity Benefit
In case the life assured survives till the end of policy term, the aggregate of the following is paid as the maturity benefit -
- Sum assured
- Accrued guaranteed additions
- Accrued regular bonuses
- Terminal Bonus
After the payment of maturity benefit, the policy stands terminated.
ABSLI Savings Plan Eligibility
ABSLI Savings Plan comes with the following eligibility criteria:
|Eligibility Criteria For ABSLI Savings Plan
|Minimum Age at Entry
|Maximum Age at Entry
|Maximum Age at Maturity
|Minimum Sum Assured
|Maximum Sum Assured
|INR 10 Lakh
|10, 15, 20 years
|Premium Paying Term
For 10-year policy term: Regular pay
For 15-year policy term: 10 years, Regular pay
For 20-year policy term: 10 years, 15 years, Regular pay
|Premium Payment Frequency
|Yearly, Half-yearly, Quarterly, Monthly
INR 30,000 - INR 49,999
INR 50,000 - INR 1,49,999
INR 1,50,000 - INR 10,00,000
ABSLI Savings Plan Review
ABSLI Savings Plan is a savings plan which provides benefits of a life insurance plan along with wealth creation. The plan offers 2 kinds of benefits namely death benefit and maturity benefit along with guaranteed additions by the way of regular bonus, interim bonuses, and a terminal bonus. One of the unique features of this plan is its auto cover continuation which helps you to enjoy its death benefit even if you do not pay the premium after the completion of 2 policy years.
The plan also provides an additional sum assured in case of accidental death of the life assured to help you keep your loved ones completely secured financially when you are not around. The plan also provides a loan facility to help you meet unplanned financial requirements. ABSLI Savings Plan best suits individuals who are looking for a savings plan which provides gradual savings increments along with a life cover.
ABSLI Savings Plan FAQs
1. What are the benefits provided during the auto cover continuation period?
During the auto cover continuation period, the accrued guaranteed additions and bonuses till the due date of the first unpaid premium remain payable on death of the life assured but the additional accidental death benefit and further bonuses and Guaranteed Additions get ceased.
2. What is the grace period under the plan?
The plan offers you a grace period of 30 days (15 days for monthly mode) to pay all the due premiums from the date of the first unpaid premium. During this grace period, the life cover continues without any interruption.
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