ABSLI Poorna Suraksha Kawach

In case of unfortunate demise of the Life Insured during the Policy Term, the Death Benefit will be Sum Assured on Death payable in lump sum.
In case Terminal Illness claim and/or Accelerated Critical Illness (ACI) Benefit claim has already been paid, the Death Benefit payable shall be reduced to the extent of reduction in Sum Assured on account of Terminal Illness and/or Accelerated Critical Illness (ACI) Benefit already paid
The policy shall be terminated once the Death Benefit is paid.
Where,
Sum Assured on Death for a Regular Pay and Limited Pay Policy will be the highest of -

• 11 times of the Annualized Premium; or
• 105% of Total Premiums paid as on the date of death; or
• The Effective Sum Assured as on the date of death

Sum Assured on Death for Single Pay Policy will be the highest of -

• 125% of Single Premium; or
• The Effective Sum Assured as on the date of death

Annualized Premium shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. Any extra premium on account of ACI Benefit, if any, is also excluded.
Single premium is the lump-sum payable by the Policyholder to effect this Policy, excluding any underwriting extra premiums, if any. Applicable taxes and any applicable rider premiums will be collected additionally. Any extra premium on account of ACI Benefit, if any, is also excluded.
Total Premiums paid means total of all the premiums received, excluding any extra premium, any loadings for modal premiums, any rider premium and taxes, if any. Any extra premium on account of ACI Benefit, if any, is also excluded.

The Effective Sum Assured as on the date of death reflects any increase or reduction in Sum Assured chosen at inception of the Policy in accordance with the Plan Option chosen as defined below:

• For Option 1,2,3,4 – Effective Sum Assured will be the same as Sum Assured throughout the Policy Term.
• For Option 5 –Sum Assured escalating at the chosen Sum Assured Escalation Rate at each policy anniversary till the end of the Policy Term.
• For Option 6 –
  Before Retirement Age: Effective Sum Assured will be the Sum Assured
  After Retirement Age: Effective Sum Assured will be the Sum Assured chosen reduced by the Sum Assured Reduction Factor till the end of the Policy Term .

For Plan Option 1, 2, 4, 5, 6:
No Survival Benefit will be payable.

For Plan Option 3:
On survival of the Life Insured till the policy anniversary falling after the chosen Retirement Age, Survival Benefit will be payable i.e., an amount equal to Total Premiums Payable excluding underwriting extra premiums and loadings for modal premiums, if any, rider premiums if any and applicable taxes. Any extra premium on account of ACI Benefit, if any, is also excluded.

For Plan Option 1, 3, 4, 5, 6:
No Maturity Benefit will be payable.

For Plan Option 2:
On the survival of Life Insured till the end of Policy Term, we will pay the Total Premiums Payable excluding underwriting extra premiums and loadings for modal premiums, if any, rider premiums if any and applicable taxes. Any extra premium on account of ACI Benefit, if any, is also excluded.

In case Life Insured is diagnosed with a Terminal Illness during the Policy Term and Life Insured has not exceeded the Age of 80 years, 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2 Crore, will be paid immediately and future due premiums are waived off. On subsequent death of the Life Insured during the policy term, the Sum Assured on Death shall be reduced by the amount of Terminal Illness Benefit already paid.

Terminal Illness Benefit shall only be payable on the first diagnosis of any Terminal Illness of the Life Insured during the Policy Term.

Example: Ajay (aged 35) opts for ABSLI Poorna Suraksha Kawach – Level Cover Option for Sum Assured Rs. 1 crore with Policy Term of 50 years and Premium Payment Term of 10 years. He pays annual premium of Rs. 59,400 (excl. taxes) p.a. During 17th Policy Year, Ajay is diagnosed with Terminal Illness, 50% of Sum Assured i.e., 50 lakh is paid immediately as lump-sum and future due premiums are waived off. On his unfortunate demise after 2 months from the diagnosis of Terminal.

Under this benefit, Accelerated Critical Illness (ACI) Sum Assured will be payable to policyholder on the first diagnosis of any of the specified critical illnesses, as provided in the Annexure, during the ACI Benefit Cover Period, provided the policy is in-force and meets the required ACI terms and conditions. Once the ACI Sum Assured is paid on the first occurrence of any of the specified critical illness during the ACI Term, the ACI benefit will terminate.

Upon payment of the ACI Benefit Sum Assured, the Death Benefit will be reduced for the ACI benefit already paid, for the rest of the Policy Term and the Policy will continue provided all premiums are paid in full on due dates. Future premiums payable under the Policy for Death Benefit will also reduce proportionately and in the same proportion as Death Benefit is reduced post payment of ACI Benefit Sum Assured.

The ACI Sum Assured is fixed and will not change even if the Sum Assured under the base policy changes during the Policy Term. The ACI Benefit is accelerated and not an additional benefit i.e. policy will continue till maturity after the ACI benefit is paid, provided the policy is in-force and all premiums are paid in full.

Accelerated Critical Illness Sum Assured will be minimum 5 Lakh and maximum 50% of Base Sum Assured, subject to maximum limit of 50 lakh. It will be allowed in steps of 5 lakh only.

Example: Sachin (aged 35) opts for ABSLI Poorna Suraksha Kawach – Level Cover Option for Sum Assured Rs. 1 crore and ACI Sum Assured of Rs. 25,00,000 with Policy Term of 50 years and Premium Payment Term of 10 years. He pays annual premium of Rs. 68,025 (excl. taxes) p.a., where Rs. 59,400 is for Death Cover and Rs. 8,625 for ACI cover. During 16th Policy Year, Sachin is diagnosed with Cancer of Specified Severity, ACI Sum Assured Rs. 25,00,000 is paid in lump sum immediately and further Policy continues with proportionately reduced Sum Assured of Rs. 75,00,000 and premium of Rs. 44,550 (excl taxes) till the end of Policy Term.

As an additional protection against emergencies, at any point during the Policy Term, subject to the terms and conditions given below and provided the policy is in-force and all due premiums have been paid, you will have an option to avail a One Time Exit Value (OTEV), equal to Total Premiums Paid under the policy.
No additional premium is payable to avail this option.
This option can be exercised by cancelling the policy subject to the following conditions:

• This option can be exercised in any policy year greater than 30, but not during the last 5 policy years.


• This option shall not be available with Plan Option 2 and 3.

One Time Exit Value (OTEV) shall be applicable on the base cover premium only and not to premiums for additional optional benefits.