ABSLI Param Suraksha is a unit linked, non-participating insurance plan is an exclusive solution tailored for all individuals which provides protection of a term plan and growth potential of a ULIP. This plan grows your wealth through market linked returns along with providing ample protection to your loved ones with Life Insurance cover for as high as 30X.

Yes, all individuals with minimum Annual Income of Rs. 5,00,000 are eligible for this plan.

No, the Policyholder will not have the flexibility to increase or decrease the Premium Payment Term under this plan.

This plan offers 5 investment strategies for the policyholders to choose according to their goals & risk appetite. Investment strategies as follows:-

 i. Systematic Transfer Investment Option is an option for individuals who would like to eliminate the need to time one’s investments in the market.

ii. Return Optimiser Investment Option is an option for individuals who would like to have optimal participation in the capital markets while safeguarding their returns from any market related volatilities.

iii. Self-Managed Investment Option is an option for individuals who would like to have complete control over their investment.

iv.  Smart Investment Option is an option for individuals who would like to take care of ever-changing financial needs as per their increasing age.

v.   Life Cycle Investment Option is an option for individuals who would like to create an ideal balance between equity and debt, based on their age.

Yes, Policyholder can switch between different investment strategies any time after first policy year during the policy term. Policyholder can give Us a written notice to exercise this option. Upon exercising the option to change the Investment strategy, all Instalment Premiums will be allocated per the new Investment strategy from the date of such change confirmed in writing by Us. The existing Fund Value will be allocated per the new Investment Option.

Risk Profile Switching is applicable only under Smart Investment & Life Cycle Investment Option where the policyholder can switch to a different risk profile, free of charge, at any time during the policy term. The fund is automatically rebalanced after the Risk Profile Switch, according to the applicable percentages under the Smart Investment & Life Cycle Investment option at that time. All Annualized Premiums paid from that point onwards will be invested in Maximiser and Income Advantage based on the new risk profile.

If Policyholder changes the investment option, existing fund value will be allocated to the new investment strategy from the date of change and all the future premiums will be allocated as per the new investment strategy.

Yes, Fund switch is allowed if Self-Managed Investment Option/Systematic Transfer Option is opted, Policyholder can choose to switch from one fund to another provided the switched amount is at least Rs. 5,000. There is no limit on the number of switches that can be exercised in a policy year and all switches are free of charge.

Important notes:-

• Switches are allowed during the settlement period.

• Switches are allowed in case the policy acquires reduced paid up status post lock in period.

• Switches shall not be allowed during the period of discontinuance in first five years of the policy.

• Switches is not available under Systematic Transfer Option when the funds are in Liquid Plus fund.

Yes, Policyholder has this flexibility to reduce future premium commitment to take care of other financial needs at that point of time. Policyholder can reduce premium amount up to 50% of the original Annualized Premium, subject to minimum premium limit, provided all due premiums have been paid. Reduction in premium is allowed subject to following conditions:-

a. It can be opted only once during the term of the contract, and premium once reduced cannot be subsequently increased

b. Sum Assured will be reduced by the same proportion as the reduction in premium.

c. The rider attached to the policy (if any) shall lapse if the Reduction of Premium option is chosen.

d. Charges & the benefits will be applicable as per the new reduced Sum Assured and new reduced premium, wherever applicable.

Settlement Option is a facility which allows Policyholder to receive fund value at maturity in periodic installments and stay invested in the policy for an extended period up to 5 years.

Policyholder will have to intimate Us at least fifteen (15) days prior to the maturity date opt for a Settlement Option. Once opted, the policy will continue after the maturity date for a period not exceeding five (5) years from the maturity date. Policyholder will have the flexibility to avail fund value in periodic installment up to 5 years and in frequency of monthly, quarterly, semi-annual or annual payouts. Under settlement option, the balance number of units in the fund at the start of the settlement period will be divided in equal instalments for payout over the settlement period. The first instalment under Settlement Option is paid on the date of maturity. The policyholder shall continue to bear all investment risks. Units will be cancelled at the prevailing NAV to make periodic payments of the Fund Value. During the settlement period, Partial Withdrawal is not allowed, however, Fund Switches is allowed.

At any time, Policyholder may opt out of the settlement option and we shall close the Unit Account on the date of receipt of such request and pay the prevailing Fund Value.

No, policy loans are not available with this plan. 

You are advised to consult your tax advisor for details regarding taxation.

Policy will terminate at the earliest of:

• the date when there is complete withdrawal as per the Policy Discontinuance Provision; or

• the date when the Fund Value becomes zero; or

• the date of settlement of the Death Benefit; or

• the date when the Surrender Benefit is paid; or

• the date when the Maturity Benefit is paid; or

the date of payment of free-look cancellation amount.

Since the minimum entry age under this plan is 18 years, the “Common Application Form_MAJOR” would be used for this plan.

Yes, proposer/policyholder can be different from the Life Insured under the plan for the cases where WOP Rider is not selected. In case the proposer and the life insured are different then all the proceeds for the policy will be paid to the proposer.

For cases, where WOP Rider is selected, the life insured and the proposer has to be the same.

Yes, this policy can be sold to the NRIs. Policies will be sold to the NRIs without the WOP Rider. Only ADB Plus rider and Comprehensive Critical Illness Rider are attached as an mandate to these policies.