Poorna Suraksha Kwach Acomplete and comprehensive Protection solutionoffering 4 uniqe plan options, specifically designed to fulfil your financial requirements and secure your family future in the face of un certainties.
1-Choiceof 4 Plan Options offering comprehensive life insurance coverage to suit your varied Protection needs.
2-Return of premium and early return of premium option along with life insurance cover to secure your saving.
3-Waiver of Premium on Critical illness and total Parmanant Disability for added financial security.
4-Flexibilityto avail a one time exit valve and get back your premiums paid as dependable support system in case of emergencies .
5-Inbuilt Terminal illness Benefit.
6-Accelerated Critical Illness Benefit option cocuring 42 specified critical illnesses, on payment of additional premium.
Poorna Suraksha Kawach Eligibility Criteria
Minimum Entry Age 18 Maximum Entry Age 65 in this plan the propose and life insured have to be same person ,unless plan is taken under Key man Insurance / Partnership Insurance
Rider Benefit
A claim can be submitted under this rider while it is in effect and upon the first occurrence of the following events.
The policy owner suffers a total and permanant disability lasting at least 180 days or,
The policy owner is diognosed to be suffering from any one of the covered critical illnesses under this rider and survivers for the period of at least 30 days following the date of diagnosis; or
Upon the unfortunate death of the policy owner , provided the insured under the base policy is a different person.
ABSLIPoorna Suraksha Kawach Critical Illness Rider
The benefit amount is payable if the Life insured diagnosed to be suffering from any one of the covered critical illnesses under this rider and survivers for a period of at least30 days following the date of diagnosis.
The diagnosis must occur while this rider is in effect and the benefit amount shall equal the rider sum assured payable upon the first occurrence of
- First heart attack of specified severity
- b) Cancer of specified severity
- c) Stroke resulting in permanent symptoms ;or
- d.)Major Organ/Bone Marrow Transplant..
ABSLI Poorna Suraksha Kawach Hospital care Rider
The benefit amount is payable to each hospitalisation of the life insured for a period of at least 24 hours.
The Hospitalisation must occur while this rider is in effect
The total benefit amount shall be the sum of
a)Daily Cash Benefit : The benefit amount shall be 0.4%of the rider SAfor each Day of Hospitalisation.
- b) ICU Benefit:the benefit amount shall be 0.4%of the rider SAfor each Day in the ICU.starting from the date of admission to the hospital.
c)Recuperating Benefit:the benefit amount shall be 1.2% of the rider SA, provided the hospitalisation was for a period of at least 7 continuous Days and for the same injury or illness,’The hospitalisation need not be in the same hospital for this benefit.
ABSLI Poorna Suraksha Kawach Surgical Care Rider
The benefit amount is payable if the life insured is hospitalised for at least 24 hours and undergoes medically necessary surgery while hospitalise
The hospitalisation must occur while this rider is in effect and the benefit amount shall depend on whether the surgery is classified as a Major Surgery or other Surgery
a)Major Surgery is classified as a Major Surgery or Other Surgery.
- a) Major Surgery: The benefit amount shall be 10%0f the rider sum assured in case the surgery directly involves the brain , the heart,including coronary arteries,the liver ,or a lung.
- b) Other surgery: Benefit amount shall be 2% of the rider sum assured in case the surgery is not a Major Surgery as per (a) above.
ABSLI Poorna Suraksha Kawach Accidental Death Benefit Rider Plus
A claim can be submitted under this rider white it is in effect and upon the first occurrence of the events.
The first occurrence of the events are:
- A death that is caused by bodily injury resulting from an accident.
- A death that occurs due to the said bodily injury solely,directly, and independently of any other causes.
- c) A death that occurs with in 180 days of the occurrence of such Accident but before the expiry of the
- cover;and
- d) it is not result of any of the causes listed in the exclusions for the accidental death benefit.
Poorna Suraksha Kawach Exclusion Criteria
In case the life insured. Dies due to suicide with in 12 months from the Risk Commencement Date or date of revival of the policy , the Policyshall immidiaetely terminatel terminate, and Companyshall pay the following to the Nominee
Where the policy has acquired the Surrender Value , hifher of Surrender Value or (Total Premiums Paid plus underwriting extra premium Paid plus loading for model premiums paid excluding applicable taxis ) till date of death.
Where the the Policy has not acquired the Surrender value,, Totalpremiums Paid plus underwriting extra premiums paid plus loadings for model premiums paid excluding applicable taxes till date of death.
Poorna Suraksha Kawach Tax Benefits
You may be entitled to certain applicabletax benefits on the premiums paid and benefits received under your Policy.
All the benefits are subject to tax laws prevailing at the time of payment of premium of receipt of benefits by you.
It is advisable to seek independent tax advise.
GST and the other levies, as applicable , will be extra and levied as per the current law taxes.
Document List required for Poorna Suraksha Kawach Policy Issuance
-Application Form
-Illustration
-AML proofs
-Payment method=NACH:ECS/NACH Form + Canceelled Cheque/ Bank Statement
-PAN Number (Pan copy in case the name is not verified from NSDL)
-NEFT Proof
-CDF
-PSM
Based on the specific case additional documentation might be required
Document List required for Poorna Suraksha Kawach to Underwriting
-Age proof
-KYC Addresses proof
-Live photo
-income proof, wherever applicable
-MHR, wherever applicable to be submittedby sales hierarchy
-FIQ, wherever applicable
-FJ,wherever applicable to be submitted by sales hierarchy
-COVID Questionnaire. Vaccination certificate preferable (mandatory in some cases), covid recovery questionnaire if the insured has a history of COVID
-Old medical reports in case of adverse medical history
-NRI Qqestionnaire , Tax identification number , copies of all pages of passport , if the customer is NRI/FNIO/PIO/OCI
-Latest education proofif the Life assuredis a student
-NOC form parents if the proposer is a Grantparent
if the policy is applied under MWP-HUF Addendum/HUF PAN if the policy is applied under HUF-MWP addendum
FAQs
What is the Sum ASSURED Edscalation Rate?
Can I change the SumAssured Escalation Rate during the policy Term?
What is retierment age?
Can I change the Sum Assured Reduction Rate or Retierement Age during the Policy Term?
What is OTEV (one time exit value)?
Whart are the conditions to avail the OTEV (One Time Exit Value)?
How does option 3 Early Return of Premium (EROP) option work?
Riders are available with all Plan Options?
.
Option 1:
Policy Details-10 year -annual premium Paying Term
45 years Policy Term-Return of premium plan option
What -you -give-Pay annual premium of Rs108300
What you Get = Guaranted Life cover of Rs 1,00,00,000=(one crore) for 45 years
(get 50% 0f Sum Assured upfront on diagnosis of Terminal Illness)
Get Return of premium Paid of Rs 10,83,000 at the end of 45 years.
Illustration:-Rs 1,08,300= Annual premium
-Rs 1,00,00,000(ONE CRORE) live cover for 45 years
Time Line Illustration:-you get Guaranted life cover of Rs 1,00,00,000.(ONE CRORE)
-you pay= Annual premium of Rs 1,08,300.
Inception age 40 years you pay upton 49 years end plan on 84 years old get Rs 10,83,000.
Plan Details= ABSI Poorana Suraksha Kawach ;:
P0licy Term= 45 years
Plan option 2 -Return of premium.
Premium payment term= 10 years annual
Sum Assured==one crore-1,00,00,000.
Premium details – Base premium first year-1,08,300.Second year and onwards 1,08,300 GST————4,874—————————————–2437
Total premium————————————–1,13,174————————————-1,10,737.
.
Year- wise Case Flow
AgeAnnuilisedpremiumMaturitybenefitGuaranted death benefit
40—–108300———————–0—————10000000=
41—–108300———————–0—————10000000=
42—–108300———————–0—————10000000=
43—–108300———————–0—————10000000=
44—–108300———————–0—————10000000=
45—–108300———————–0—————10000000=
46—–108300———————–0—————10000000=
47—–108300———————–0—————10000000=
48—–108300———————–0—————10000000=
49—–108300———————–0—————10000000=
50——0——————————0—————-10000000=
51——0——————————0—————-10000000=
52——0——————————0—————-10000000=
53——0——————————0—————–10000000=
54——0——————————0—————–10000000=
55——0——————————0—————–10000000=
56——0——————————0—————–10000000=
57——0——————————0—————–10000000=
58——0——————————0—————–10000000=
59——0——————————0—————–10000000=
60——0——————————0—————–10000000=
61——0——————————0—————–10000000=
62——0——————————0—————–10000000=
63——0——————————0—————–10000000=
64——0——————————0—————–10000000=
65——0——————————0—————–10000000=
66——0——————————0—————–10000000=
67——0——————————0—————–10000000=
68——0——————————0—————–10000000=
69——0——————————0—————–10000000=
70——0——————————0—————–10000000=
71——0——————————0—————–10000000=
72——0——————————0—————–10000000=
73——0——————————0—————–10000000=
74——0——————————0—————–10000000=
75——0——————————0—————–10000000=
76——0——————————0—————–10000000=
77——0——————————0—————–10000000=
78——0——————————0—————–10000000=
79——0——————————0—————–10000000=
80——0——————————0—————–10000000=
81——0——————————0—————–10000000=
82——0——————————0—————–10000000=
83——0——————————0—————–10000000=
84——0———————–1083000————–10000000=
Totals-1083000————-1083000—————————-
OPTION-2-40 years mail
Policy details-regular pay annual 45 years policy term
Option 2 Return of premium plan option
What you give-Pay annual premium of Rs-42600=
What you getGuaranted life Cover of Rs 10000000=for 45 years
Get 50% of Sum Assured upfront on diagnosis of terminal illness
Get return of premiums paid of Rs 19,17,000= at the end of 45 years.
Illustration:-Rs 42,600-annual premium
Rs 1,00,00,000-life cover for 45 years.
Time line illustration-Guaranted life coverof Rs 1,00,00,000
You pay-Annual premium of Rs 42,600/-
Age 40 years You get age 84 Return of premium of Rs 19,17,000/-
Plan details;Policy Term= 45 years
Plan option 2 Return of premium.
Premium payment Term Regular pay- Annual
Sum Assured- Rs 1,00,00,000/-( one crore)
Premium details:-Base premium 42600-first year + GST 1917 -44,517/-Second year-42600/-+GST – 959 and onward-43959/-
dapibus leo.
Year-wise case flow
Age annualpremium maturity benefit guaranted death benefit
40 Rs 42600 0 Rs 10000000=
41 Rs42600 0 Rs 10000000=
42 Rs42600 0 Rs 10000000=
43 Rs42600 0 Rs 10000000=
44 Rs42600 0 Rs 10000000=
45 Rs42600 0 Rs10000000=
46 Rs42600 0 Rs10000000=
47 Rs42600 0 Rs10000000=
48 Rs42600 0 Rs10000000=
49 Rs42600 0 Rs10000000=
50 Rs42600 0 Rs10000000=
51 Rs42600 0 Rs10000000=
52 Rs42600 0 Rs10000000=
53 Rs42600 0 Rs10000000=
54 Rs42600 0 Rs10000000=
55 Rs42600 0 Rs10000000=
56 Rs42600 0 Rs10000000=
57 Rs42600 0 Rs10000000=
58 Rs42600 0 Rs10000000=
59 Rs42600 0 Rs10000000=
60 Rs42600 0 Rs10000000=
61 Rs42600 0 Rs10000000=
62 Rs42600 0 Rs10000000=
63 Rs42600 0 Rs10000000=
64 Rs42600 0 Rs10000000=
65 Rs42600 0 Rs10000000=
66 Rs42600 0 Rs10000000=
67 Rs42600 0 Rs10000000=
68 Rs42600 0 Rs10000000=
69 Rs42600 0 Rs10000000=
70 Rs42600 0 Rs10000000=
71 Rs42600 0 Rs10000000=
72 Rs42600 0 Rs10000000=
73 Rs42600 0 Rs10000000=
74 Rs42600 0 Rs10000000=
75 Rs42600 0 Rs10000000=
76 Rs42600 0 Rs10000000=
77 Rs42600 0 Rs10000000=
78 Rs42600 0 Rs10000000=
79 Rs42600 0 Rs10000000=
80 Rs42600 0 Rs10000000=
81 Rs42600 0 Rs10000000=
82 Rs42600 0 Rs10000000=
83 Rs42600 0 Rs10000000=
84 Rs42600 Rs1917000 Rs10000000=
Totals Rs1917000 Rs1917000——————————-.
Option-3.ABSLI Poorna Suraksha Kawach
Policy Details:
Regular pay annual premium payment term
Policy term -55years
Option-1-Leval Cover plan option
What you give-Pay AnnualPremium of Rs 20800/-
What you get-Guaranted Life cover for 55 years
Get 50% of SumAssured upfront on diagnosisofTerminal illness.
Illustration= Rs20800/-Annual premium
Rs10000000/-(one crore) life coverfor 55 years.
Plan details=Policy Term= 55 years.
Rider premium-5950/-GST Rs 4815Total premium Rs 31565/-
Riders= Rider name ADB Plus sum assured 8500000/-
Riders term 50 years. Annuilized premium Rs 5950/-
Year-wise Cash Flow
Age Annualized premium GuarantedDeath Benefit.
30 Rs20800————————Rs10000000/-
31 Rs20800 Rs10000000/-
32 Rs20800 Rs10000000/-
33 Rs20800 Rs10000000/-
33 Rs20800 Rs10000000/-
34 Rs20800 Rs10000000/-
35 Rs20800 Rs10000000/-
36 Rs20800 Rs10000000/-
37 Rs20800 Rs10000000/-
38 Rs20800 Rs10000000/-
39 Rs20800 Rs10000000/-
40 Rs20800 Rs10000000/-
41 Rs20800 Rs10000000/-
42 Rs20800 Rs10000000/-
43 Rs20800 Rs10000000/-
44 Rs20800 Rs10000000/-
45 Rs20800 Rs10000000/-
46 Rs20800 Rs10000000/-
47 Rs20800 Rs10000000/-
48 Rs20800 Rs10000000/-
49 Rs20800 Rs10000000/-
50 Rs20800 Rs10000000/-
51 Rs20800 Rs10000000/-
52 Rs20800 RS10000000/-
53 Rs20800 Rs10000000/-
54 Rs20800 Rs10000000/-
55 Rs20800 Rs10000000/-
56 Rs20800 Rs10000000/-
57 Rs20800 Rs10000000/-
58 Rs20800 Rs10000000/-
59 Rs20800 Rs10000000/-
60 Rs20800 Rs10000000/-
61 Rs20800 Rs10000000/-
62 Rs20800 Rs10000000/-
63 Rs20800 Rs10000000/-
64 Rs20800 Rs10000000/-
65 Rs20800 Rs10000000/-
66 Rs20800 Rs10000000/
67 Rs20800 Rs10000000/-
68 Rs20800 Rs10000000/-
69 Rs20800 Rs10000000/-
70 Rs20800 Rs10000000/-
71 Rs20800 Rs10000000/-
72 Rs20800 Rs10000000/-
73 Rs20800 Rs10000000/-
74 Rs20800 Rs10000000/-
75 Rs20800 Rs10000000/-
76 Rs20800 Rs10000000/-
77 Rs20800 Rs10000000/-
78 Rs20800 Rs10000000/-
79 Rs20800 Rs10000000/-
80 Rs20800 Rs10000000/-
81 Rs20800 Rs10000000/-
82 Rs20800 Rs10000000/-
83 Rs20800 Rs10000000/-
84 Rs20800 Rs10000000/-
Totals-Rs1144000 —————–
Option-4 30year mail BY ABSLI Poorna Raksha Kawach
Policy Details : 10 years Annual Premium Payment Term
Policy Term = 55 years -Option-1 – Leval Cover plan Option
What are you give – Pay Annual Premium Rs 45800 =
ou get – Guaranteed Life Cover Rs 10000000/-(one crore)
Get 50% of Sum Assured upfront on diagnosis of Terminal Illness.
Illustration:
Annual premium Rs 45800- Rs 10000000/-life cover for 55 years
Plan Details : ABSLI Poorna Suraksha Kawach .Policy Term in Years 55 Years
Policy Term 55 years:Plan option -option -1-Leval cover
Premium Payment Term – 10 years Annual Sum Assured Rs10000000/-(one crore)
Premium Details:-First year—————–2nd year Onwa
Base Premium – Rs 45800—————–Rs45800
GST—————-Rs 8244——————Rs 8244
Total Rs 54044——————Rs 54044
Year-wise Cash Flow
Age Single/Annualized premium Guaranted death benefit
30 45800 10000000
31 45800 10000000
32 45800 1000000
33 45800 10000000
34 45800 10000000
35 45800 10000000
36 45800 10000000
37 45800 10000000
38 45800 10000000
39 45800 10000000
40 45800 10000000
41 45800 10000000
42 45800 10000000
43 45800 10000000
44 45800 10000000
45 45800 10000000
46 45800 10000000
47 45800 10000000
48 45800 10000000
49 45800 10000000
50 45800 10000000
51 45800 10000000
52 45800 10000000
53 45800 10000000
54 45800 10000000
55 45800 10000000
56 45800 10000000
57 45800 10000000
58 45800 10000000
59 45800 10000000
60 45800 10000000
61 45800 10000000
62 45800 10000000
63 45800 10000000
64 45800 10000000
65 45800 10000000
66 45800 10000000
67 45800 10000000
68 45800 10000000
69 45800 10000000
70 45800 10000000
71 45800 10000000
72 45800 10000000
73 45800 10000000
74 45800 10000000
75 45800 10000000
76 45800 10000000
77 45800 10000000
78 45800 10000000
79 45800 10000000
80 45800 10000000
81 45800 10000000
82 45800 10000000
83 45800 10000000
84 45800 10000000
Total Rs 458000 ——————————————–
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