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^ - ABSLI Nishchit Aayush Plan (UIN No 109N137V05), Provided 0 year deferment & monthly income frequency is chosen at the time of inception of the policy. ADV/8/23-24/1409
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I agree to the Terms of Usage and Privacy Policy. By submitting my contact details here, I override my NDNC registration and authorize ABSLI to contact me by phone/e-mail/SMS/WhatsApp. Trade Logo "Aditya Birla Capital" displayed above is owned by ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) and used by ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the license. BEWARE OF SPURIOUS / FRAUD PHONE CALLS! IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. ABSLI Nishchit Aayush is a non-linked non-participating individual savings life insurance plan (UIN No 109N137V05)

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Assignee in Insurance

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Definition:
An assignee is a person to whom all the rights and benefits in the policy are transferred.

Description:
The assignment is the legal process by which the assignor assigns the policy to the assignee. The entire ownership of the policy is now with the assignee. He can even reassign the policy in the future. In insurance, the policy once purchased can be assigned to any individual or legal entity at any given point of time before the policy maturity.

Types of Assignees: Absolute Assignee: Absolute Assignee is the one who can freely take all decisions relating to the policy such as re-assignment, maturity proceeds, or surrender of the policy.

Conditional Assignee: Conditional assignee is the person who is restricted to certain terms and conditions to take any policy decisions.

Example:
Example 1: Mr. Paul is gifting his policy to Mr. John of Rs.5 lakh on his birthday through the assignment. Here, Mr. Paul is the assignor, and Mr. John is the assignee. All the rights and benefits of the policy are with Mr. John now.

Example 2: Mrs. Neeta wants to take a loan from XYZ bank. For availing of the loan, the bank wants legal security from Mrs. Neeta until the loan is repaid. Mrs. Neeta has an insurance policy of Rs. 10 lakhs. She assigns the policy in the name of XYZ bank.Here, Mrs.Neeta is the assignor, and XYZ bank is the assignee.

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ABSLI Salaried Term Plan
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
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  • Disclaimer

    ABSLI Salaried Term Plan (UIN:109N141V01) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
    1LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
    ADV/4/22-23/120