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Aditya Birla Sun Life Insurance Company Limited

ABSLI Nishchit Aayush Plan

Plan Smarter, Live Better!

Guaranteed¹ Income

Lumpsum Benefit at policy maturity, in addition to Income

Life Cover across policy term

Guaranteed returns after a month^

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What is ABSLI NISHCHIT AAYUSH Plan?

ABSLI NISHCHIT AAYUSH Plan is a non-linked non-participating individual savings life insurance plan that provides life insurance cover with guaranteed¹ regular income and lumpsum benefits. It empowers you to fulfil your life goals so that you can meet your responsibilities and financially secure your family even in your absence.

Key Features

Guaranteed¹ Income
5 Income Variants to choose as per your needs
Lumpsum Benefit at policy maturity²
Life Cover across policy term

Benefits of ABSLI NISHCHIT AAYUSH Plan

An affordable short-term plan that provides security to you and your loved ones against all unforeseen eventualities.

Death Benefit

In the unfortunate event of Death of the Life Insured anytime during the Policy Term, provided the policy is in-force, Death Benefit shall be payable as a lump-sum to the nominee.
Death Benefit is defined as higher of:
a) Sum Assured on Death
b) Surrender Benefit

Staggered Death Benefit

The Nominee will have an option to receive the amount of Death Benefit in Annual/ Monthly instalments payable at the end of the year/month instead of a lump-sum, over a period of 5 years Refer to product brochure for further details.

Survival Benefit

On Survival of life insured, provided all due premiums have been paid, Survival Benefit in the form of Guaranteed¹ Income will be paid at the end of each year starting from the first policy year (if ‘0 Year’ deferment is chosen) until Policy Maturity. Refer to product brochure for more details.

Maturity Benefit

On survival of life insured till the end of policy term, Guaranteed Lumpsum Benefit (GLB) is payable. Guaranteed Lumpsum Benefit is equal to Total Premiums Paid by You multiplied by the applicable Lumpsum Factor. The lumpsum Factor varies by Benefit Option, Income Variant, Premium Payment Term and Policy Term. Refer product brochure for more details. If all due premiums are paid under the policy, Your Guaranteed¹ Lumpsum Benefit (GLB) will be further increased by 100% and paid to you at Maturity. This increase to the guaranteed¹ lumpsum benefit is applicable to all income benefit variants (except Income Only Benefit variant) under this product.

Opting Riders with your Policy is like wearing a shield after wearing the mask

Riders offer additional benefits that are not included in the base policy at a nominal additional premium. There are exclusions attached to the riders. Please refer brochure for more details

ABSLI Accidental Death Benefit Rider Plus

UIN: 109B023V02

provides 100% of Rider Sum Assured as an additional lump sum amount in case of death due to accident of Life Insured. Additionally, the rider premiums collected aﬅer the date of Accident till date of death, shall be refunded with interest, along with death benefit payable. This rider is only applicable for a Life Insured aged 18 years & above and the rider Policy Term cannot exceed the base Policy Term.

ABSLI Critical Illness Rider

UIN: 109B019V03

provides lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses. This rider is only applicable for a Life Insured aged 18 years and above and the rider Policy Term cannot exceed the base Policy Term.

ABSLI Surgical Care Rider

UIN: 109B015V03

provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India. This rider is only applicable for a Life Insured aged 18 years and above and the rider Policy Term cannot exceed the base Policy Term.

ABSLI Hospital Care Rider

UIN: 109B016V03

provides daily cash benefit in case of hospitalization for a minimum period of 24 hours for medically necessary treatment of any Illness or Injury payable from the first day for the duration of hospitalization. This rider is only applicable for a Life Insured aged 18 years and above and the rider Policy Term cannot exceed the base Policy Term.

ABSLI Waiver of Premium Rider

UIN: 109B017V03

waives off all future premiums of the base plan and the attached riders throughout the rest of the premium payment in case of diagnosis of Critical Illness, Disability or Death (only if Life Insured is a minor i.e. below 18 years of age and is different from the Policyholder).

How does this Plan work?

Level Income with Lumpsum Benefit
Mr. Sachin Sharma, age 40 years, invests Rs. 1,00,000 p.a. in ABSLI Nishchit Aayush Plan.
He opts for a Long Term Income variant with Premium Payment Term of 10 years and Policy Term of 40 years and chooses to receive his income immediately (0 year deferment) on annual basis.
Mr. Sharma survives through the Policy Term and receives Survival Benefit during the policy term and Maturity Benefit at end of policy term.
He receives Rs 35,900 as income every year which makes it a total of Rs 14,36,000 and receives maturity benefit of Rs 14,00,000 as a lumpsum at the end of the policy term

View Illustration

Level Income with Enhanced Lumpsum Benefit
Mr. Akshay Kumar, age 40 years, invests Rs. 1,00,000 p.a. in ABSLI Nishchit Aayush Plan.
He opts for a Long Term Income variant with Premium Payment Term of 10 years and Policy Term of 40 years and chooses to receive his income immediately (0 year deferment) on annual basis.
Mr. Akshay Kumar survives through the policy term and receives income benefit during the policy term and maturity benefit at the end of the policy term.

View Illustration

Increasing Income with Lumpsum Benefit – increasing income @5% simple interest rate every 5 years
Mr. Ravi Kumar, age 40 years, invests Rs. 1,00,000 p.a. in ABSLI Nishchit Aayush Plan.
He opts for a Long Term Income variant with Premium Payment Term of 10 years and Policy Term of 40 years and chooses to receive his income immediately (0 year deferment) on annual basis.
Mr. Ravi Kumar survives through the policy term and receives income benefit during the policy term and maturity benefit at the end of the policy term.

View Illustration

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Product Specifications

Type of Plan

A Non-Linked Non-Participating Individual Savings Life Insurance Plan

Coverage

All Individuals (Male | Female | Transgender)

Age of the Life Insured at Entry (age as on last birthday)

Minimum

Long Term Income: 30 days*

Whole Life Income: 30 years

* In case the Life Insured is a minor, the Policy will automatically vest once the life insured attains the age of majority. The risk coverage for the minors will start from the Date of Commencement of Risk.

Maximum

55 years

Maturity Age of the Life Insured (age as on last birthday)

Minimum

18 years

Maximum

Long Term Income: 85 years (age last birthday)

Whole Life Income: 100 years (age last birthday)

Premium Payment Term (PPT) & Policy Term (PT)

Other than Income Only Benefit

Premium Payment Term (Years)	Policy Term (Years)
Premium Payment Term (Years)	Long Term Income						Whole Life Income
6 Pay	15	20	25	30	35	40	100 (–) Age at Entry
8 Pay	15	20	25	30	35	40
10 Pay	15	20	25	30	35	40
12 Pay	15	20	25	30	35	40

Income only benefit

Premium Payment Term (Years)	Policy Term (Years)
Premium Payment Term (Years)	Long Term Income				Whole Life Income
6 Pay	25	30	35	40	100 – Age at Entry
8 Pay	25	30	35	40
10 Pay	-	30	35	40
12 Pay	-	30	35	40

Premium Payment Modes and Modal Factors

Annual | Semi-Annual | Quarterly | Monthly

Mode	Annual	Semi-annual	Quarterly	Monthly
Modal Factors	0%	2.0%	3.0%	4.0%

Minimum Annualized Premium

Income Only Benefit

- Upto Age 45 years: Rs. 50,000

- Age 46 years and above: Rs. 1,00,00

Other than Income Only Benefit

- Rs. 30,000

Maximum Annualized Premium

No Limit (subject to Board Approved Underwriting Policy)

Minimum Sum Assured

Rs. 2,10,000

Maximum Sum Assured

Subject to Board Approved Underwriting Policy

Premium bands

The benefits under this product vary by premium bands as mentioned below:

Premium Bands	Band 1	Band 2	Band 3	Band 4	Band 5	Band 6	Band 7
Annualized Premium (Rs.)	30,000 to 49,999	50,000 to 99,999	1,00,000 to 1,99,999	2,00,000 to 2,99,999	3,00,000 to 4,99,999	500,000 to 24,99,999	25,00,000+

Benefit Options

ABSLI Nishchit Aayush Plan provides you the flexibility to customize Your regular income requirements as per Your goals,

Step 1: Choose Your Benefit Option

- Long Term Income or,

- Whole Life Income

Step 2: Choose the Income Variant

- Level Income with Lumpsum Benefit or,

- Level Income with Enhanced Lumpsum Benefit or,

- Increasing Income (@5% simple interest rate every 5 years) with Lumpsum Benefit

- Level Income with Return of Premium Benefit

- Income Only Benefit

Step 3: Choose to receive income immediately or after a deferment period of 1 year as per the chosen income payout frequency.

Benefit options chosen at inception cannot be changed thereafter. Premium will vary depending upon the Option chosen at inception.

Benefit Payout Frequency

You can choose to receive income benefit in annual or semi-annual or quarterly or monthly frequency. Income will be paid at the end of chosen frequency as opted by you.

Guaranteed income with Lumpsum benefit

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Why invest in ABSLI NISHCHIT AAYUSH Plan?

Here are the key reasons for you to consider this plan:

Choice of Benefit Option and payout frequency

You can choose the tenure of income benefit between Long Term Income or Whole life Income. You can choose monthly, quarterly, semi-annually, and annual payout.

Choice of Income Variant and Lumpsum Benefit

You can choose between 5 Income Variant and Lumpsum Benefit options - Level income with Lumpsum benefit, Level Income with Enhanced Lumpsum Benefit, Increasing Income with Lumpsum Benefit, Level Income with Return of Premium Benefit, Income only Benefit.

Choice of payout time

You can start getting income payouts immediately, i.e. at 1ˢᵗ monthly anniversary (monthly mode) or from 1`ˢᵗ /2ⁿᵈ Policy Anniversary till the end of the policy term as per chosen income payout frequency and deferment period at the time of inception.

Life Cover

You can choose Sum Assured between 7 times or 10 times the Annualized Premium.

What's not Covered under ABSLI NISHCHIT AAYUSH Plan?

Suicide Exclusion

If the Life Insured dies by suicide within 12 months of the effective date of risk commencement or the date of revival of policy, the policy shall terminate immediately. In such cases, the Company shall pay higher of Surrender Value or (total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes) in case the policy has acquired a surrender value; or Total premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes in case the policy has not acquired a surrender value.

How to initiate Claim?

3 quick steps, everything online.

Fill basic details
Claim intimation
Document submission

More About Claims

Nishchit Aayush Plan FAQs

What is ABSLI Nishchit Aayush Plan?

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

What is the minimum sum assured under this plan?

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

Is the Death Benefit payable across the policy term?

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

When does the Policy acquire a Surrender Value?

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

Is there any rider benefit in this plan?

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.

Is loan facility available under this plan?

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.

Can policyholder avail of tax benefits under this plan?

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.

What is a Reduced Paid-up policy?

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.

What is the Free-look Period applicable for this policy?

You will have the right to return Your Policy to Us within 30 days from the date of receipt of the Policy, in case You disagree with the terms & conditions of Your Policy. We will refund the premium paid post receipt of written notice of cancellation (along with reasons thereof) together with the original Policy document from Your end. 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 with IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024.

Can Life Insured and Policyholder be different under this plan?

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’.

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Disclaimer

^ - Provided 0 year deferment & monthly income frequency is chosen at the time of inception of the policy.
¹ Provided all due premiums are paid
² Not applicable for Income Only Benefit
This is a non-linked non-participating individual savings life insurance plan.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI).
GST and any other applicable taxes will be added (extra) to Your premium and levied as per extant tax laws.
An extra premium may be charged as per our then-existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc.
Tax benefits may be available as per prevailing tax laws. For more details and clarification call Your ABSLI Insurance Advisor or visit our website and see how we can help in making Your dreams come true.
(UIN No : 109N137V08)