Yes, savings plans provide the tax benefit under the plan as per existing tax laws, please consult your tax advisor for details

o   Key features of ABSLI Assured Savings Plan are:

o   Get Guaranteed¹ Maturity benefits to cater to your life’s milestones worry free.

o   Receive Loyalty Additions post premium payment term to boost your maturity corpus, provided all due premiums have been paid.

o   Get Higher maturity benefit for higher premium paying policies.

o   Get Comprehensive risk cover in case of death of life insured.

o   Get Cover for your Spouse in the same policy through the Joint Life Protection option.

o   Flexible Premium Payment Terms, Policy Terms and Sum Assured Multiples for customizing policy benefits.

o   Additional risk cover through Riders.

Buying your life insurance policy early in life at a younger age is better because the premium at this point is more affordable. You will be taken as a low risk individual for the insurance company. At an early age, you can take the advantage of low premium rates.

YES, this plan can be taken on single life as well as on joint life basis (only under the limited pay option).Under the Joint Life Protection option, two lives i.e. Customers (primary life insured) and their spouse (secondary life insured) are covered under the same policy and have joint ownership of the policy. The sum assured applicable for the spouse shall be equal to 20% of applicable sum assured of primary life insured. Customers 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 riders 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.

The minimum maturity age is 18 Years. The maximum maturity age is 85 Years and 70 Years for Single Pay Option B.

No, Customer cannot increase or reduce his premium amount during the policy tenure.

The Maximum Sum Assured on Death for Policies sourced through the POS channel is ₹25,00,000/-

Yes, enhanced guaranteed1 maturity benefits will be provided for employees of Aditya Birla Group companies, Agents of Aditya Birla Sun Life Insurance and Employees of Corporate Agents and Brokers, buying their policies directly from ABSLI.

o   Yes. Customers can take a loan against the policy once it acquires a surrender value.

o   The minimum loan amount is Rs. 5,000 and the maximum is 80% of the then applicable Surrender Value less any outstanding Policy loan balance. On exercising this option, the Policy shall automatically get assigned to the Company to the extent of the outstanding Policy loan balance.

o   We shall charge interest on the outstanding loan balance at a rate declared by us from time to time based on prevailing market conditions.

o   The death benefit, maturity benefit or surrender benefit will be reduced by the outstanding loan balance (if any).

o   When the policy is in-force, if the outstanding policy loan plus Loan interest exceeds the surrender value, then the Policy will not be terminated, and the company will inform the Policyholder of the same with a 90-days advance notice to repay such outstanding Loan balance along with applicable interest.

If Customer discontinues paying premiums, after having paid premiums for at least 2 full policy years, policy will not lapse but continue on a Reduced Paid-Up (RPU) basis. Under Reduced Paid-Up:

o   The RPU Sum Assured, RPU Sum Assured on Death and RPU Guaranteed Maturity Benefit shall be equal to the Sum Assured, Sum Assured on Death and Guaranteed Maturity Benefit respectively multiplied by the RPU Factor. Where, “RPU Factor '' means the ratio of the number of Instalment Premium paid on date, over the total number of Instalment Premium originally due for the Policy Term.

o   The Policy will not be entitled for any Loyalty Additions once it has been converted into Reduced Paid-Up Policy.

o   Rider benefit, if any, will cease.

The policy shall immediately and automatically terminate on the earliest occurrence of any of the following events:

For a single life policy

• date of payment of free look cancellation amount; or
• the date of payment of Surrender Value; or
• the date of settlement of Death Benefit; or
• the date of payment of Maturity Benefit; or
• the date on which the Revival Period ends after Your Policy has lapsed as per Premium Discontinuance provision

For a joint life policy

• date of payment of free look cancellation amount; or the date of payment of Surrender Value; or
• the date of payment of Maturity Benefit; or
• the date on which the Revival Period ends after Your Policy has lapsed as per Premium Discontinuance provision

On termination of this Policy, all other benefits, including Riders attached to the Policy will immediately and automatically terminate.

The “Common Application Form MAJOR” & “Common Application Form MINOR” would be used for this plan. In case of Joint Life Protection Option, the “Joint Life Addendum Form” will also have to be used.

No, the policyholder can avail any one discount at any given time while sourcing the policy.

Yes, Tax benefits are available under the plan as per existing tax laws, please consult your tax advisor for details.

Free Look Period is the time when you can return your policy to Us within 15 days (30 days in case of electronic policies and the policies issued under the provisions of IRDAI Guidelines on Distance Marketing of Insurance products) from the date of receipt of the policy, in case You are not satisfied with the terms & conditions of Your policy. We will refund the premium paid once We receive Your written notice of cancellation (along with reasons thereof) together with the original policy document. We may reduce the amount of the refund by proportionate risk premium for the period of cover and expenses incurred by us on medical examination, if any, and stamp duty charges while issuing your policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.