ABSLI Life Shield Plan

Sum Assured chosen by you will remain constant for the entire policy term.

In addition to benefit applicable for Option 1, in case you are diagnosed with Critical Illness^ or Total and Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

You can choose to enhance your sum assured at inception by 5% / 10% p.a. (simple) as per your needs. Every year, your sum assured will increase by 5% / 10% p.a. (simple) of the original sum assured without any increase in your premium amount.

In addition to benefits applicable for Option 3, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

An option designed to take care of your protection need owing to any loan or mortgage taken by you. The death benefit shall be payable as per the Decreasing Sum Assured Schedule shown below:

In addition to benefits applicable for Option 5, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term

Sum Assured chosen by you will remain constant for the entire policy term. If the life insured survives till maturity date, we shall return all the premiums paid # .

In addition to benefits applicable for Option 7, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

The premium will vary depending on the plan option chosen by you. Plan option once selected cannot be changed during the policy term.

#excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any
^For more details, please refer to the product brochure.

Note: In case of rider benefits, if opted for, shall be payable as per rider sum assured chosen at inception.

Several term plans come with an option of ‘return of premium’ in case the policyholder survives the policy period. This amount that the policyholder receives upon the termination of policy is known as maturity benefit.

Post the receipt of all claim requirements/ documents, your claim will be generally settled within 2 to 3* business days. To raise a claim, you can either fill an online claim form, or visit your nearest ABSLI Branch, or call on our toll-free number 1800 270 7000.

*all requisite documents are submitted & claim does not require field investigation

There are 8 plan options available for this product:

Option 1 – Level Term Assurance
Option 2 – Level Term Assurance with Waiver of Premium benefit
Option 3 – Increasing Term Assurance
Option 4 – Increasing Term Assurance with Waiver of Premium benefit
Option 5 – Decreasing Term Assurance
Option 6 – Decreasing Term Assurance with Waiver of Premium benefit
Option 7 – Return of Premium
Option 8 – Return of Premium Term with Waiver of Premium benefit

You may be entitled to certain applicable tax benefits on your premiums and policy benefits. 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 you. It is advisable to seek an independent tax advice.

The maximum policy term is 55 years.

You can choose to pay the premium either for a single time, or for a limited period of 6,8 and 10 years, or regularly till the maturity of the policy.

The minimum policy term for Plan Options 1 to 6 is 10 years, and for Plan Options 7 and 8 is 20 years. The minimum policy term for Plan Options 1 to 6 ( Limited pay 10 years) is 15 years The maximum policy term for all plan options is 55 years.

Death benefit for limited or regular pay plans will be the highest of 10 times the annualized premium, or 105% of total premiums paid till date of death, or absolute amount assured to be paid upon death. For single pay plans, the death benefit will be the highest of 125% of single premium amount or absolute amount assured to be paid upon death.

We will pay the premiums paid to date (excluding applicable taxes) or surrender value, if higher in the event the life insured dies by committing suicide, within twelve months from the inception of the policy or revival date of the policy respectively, provided the policy is inforce.

For Joint Life Protection, the suicide exclusion described above applies in the event of earlier death of either the Primary Life Insured or the Secondary_ Life Insured and the life cover as mentioned in the Joint Life Protection section shall continue for the surviving Life Insured subject to the payment of reduced future premiums, if any.

Yes. You can choose a sum assured of Rs. 25 lakhs or more with this plan. The entire sum assured will be paid to your nominee in case of your death. Whereas, in case of total/permanent disability, your nominee will receive 50% of the total sum assured.