ABSLI Nishchit Aayush Plan is a non-linked non-participating individual savings life insurance plan that provides guaranteed1 income from as early as the end of 1st policy month^ to ensure the fulfilment of your family’s recurring financial needs and also provides a life insurance cover thereby ensuring complete financial protection for your family. This is a limited pay plan which provides guaranteed1 returns to the policyholder throughout the policy term of 25, 30, 35 or 40 years.

_{^if monthly frequency & 0 year deferment period is chosen}

The minimum sum assured under this plan is Rs.210,000/-

Yes, Death Benefit is payable till the end of the Policy Term.

Policy acquires a Surrender Value once premiums for at least two full policy years have been paid.

Yes, policyholder can enhance insurance coverage during the policy term by adding one or more of the following riders for a nominal extra cost.

ABSLI Critical Illness Rider (UIN: 109B019V03)
ABSLI Surgical Care Rider (UIN: 109B015V03)
ABSLI Hospital Care Rider (UIN: 109B016V03)
ABSLI Waiver of Premium Rider (UIN: 109B017V03)
ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)

WOP rider will not be available when the Life Insured and Proposer are different and Life Insured is a major (above 18 years of age). Please refer to detailed brochures on riders or visit our website for further details.

Yes, policy loan is allowed once the policy acquires a surrender value. The minimum loan amount is Rs.5,000 and the maximum is up to 80% of surrender value.

We shall charge an interest on the outstanding loan balance at a rate declared by us on June 1st of every calendar year which is 1% plus the base rate of the State Bank of India. The interest rate applicable as on June 1st 2022 is 8.55% p.a. Any change in basis of determination of interest rate for policy loan can be done only after prior approval of the Authority.

Any outstanding loan balance (including unpaid interest) will be recovered by us from policy proceeds due for payment and will be deducted before any benefit is paid under the policy.

If the policy is in RPU and loan balance equal or exceeds the then prevailing surrender value, policy will terminate immediately. For inforce policies, ABSLI shall send a notice 90 days prior to give an opportunity to the policyholder to repay all or part of outstanding loan balance in order to continue policy uninterrupted. If he/she do not repay the loan or fail to respond to the notice, ABSLI shall have the right to foreclose the policy.

As per extant tax laws, this plan offers tax benefits under Section 80C, 80D (for specific rider premium) and Section 10(10D)** of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by policyholder. It is advisable to seek an independent tax advice.

If policyholder discontinues paying premiums, after having paid premiums for at least two full years, policy will not lapse but will continue on a Reduced Paid-Up basis. After the policy has entered RPU mode, the benefits payable will be amended as follows:

The RPU Sum Assured shall be equal to the Sum Assured multiplied by the RPU Factor,

where the RPU Factor is the ratio of:
The number of premium instalments paid to date; over
The total number of premium instalments originally due for the Policy Term.

All future Income Benefits will cease and will be paid in the form of Terminal Value 1 or Terminal Value 2, as defined in the following sections.

You will have the right to 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 and stamp duty charges while issuing Your Policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.

Yes, the Life Insured and Policyholder can be different under this plan. In case Policyholder and the Life Insured are different then all the proceeds for the policy will be paid to the Policyholder. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. As there is no death benefit payable on the death of the Proposer/Policyholder, the policy status does not change, and the policy continues. However, if the premiums are not paid before the expiry of the grace period the policy would be subject to the provisions mentioned in the ‘Premium Discontinuance Section’.