Secure Plus Plan A money back arrangement that provides a guaranteed tax free income that will suffice your recurring needs as well as will help you lead peaceful retirement life.Help for children education & marriage plan.
1-Secure Plus Guaranteed Income: Regular flow of guaranted income for the chosen Benefit Payout Period to safeguard saving.
2-Secure Plus Loyalty Additions: Loyalty Additions as an additional boost to the income Benefit pay-out.
3-Secure Plus Commutation Option: Flexibility to receive a discounted value of future survival benefits as a lump sum based on ones needs.
4-Secure Plus Maximise Returns: Option to maximise returns for higher age customers age 50 years above , as the choise of a lower sum assured multiple are available.
5-Secure Plus Enhanced Benefits: Higher ticket sizes are rewarded with enhanced benefits(multiple premium bands are present).
6-Secure Plus Customizable Benefits: Option to enhance the insurance cover through riders, which are available at a nominal extra cost.
Secure Plus Plan EligibilityCriteria
1- Entry age = 1 to 60 years
2- Premium Paying Term; 6/8/10/12 YEARS.
3- Policy term if ppt = 6, then 6/7/8/9/10/11 years
If ppt = 8 then 8/9/10/11/12/13 years – if ppt 10, then 10/11/12/13/14/15 years
If ppt 12, then 12/13/14/15/16/17 years
4- Benefit Payout Period; 6/8/10/12 years
5- Minimum Annualized Premium:Rs 50000/-
6 Maturity age : 18 years to 77 years.
Secure Plus Plan Rider Benefit
Waiver of Premium:
Acclaim can be submitted under this rider it is effect and upon the first occurrence of the following events.
The policy owner suffers a total and permanent disability lasting at least 180 days; or
The policy owner is diagnosed to be suffering from any one of the covered critical illness under this rider and survives for a period of at least 30 days following the date of dia gnosis ; or upon the unfortunate death of the policy is a different person.
ABSLI Secure Plus Plan Critical Illness Rider:
The benefit amount is payable if the life insured is diagnosed to be Suffering from any of the covered critical illnesses under this rider and survives for a period of at least 30 days following the date of diagnosis. The diagnosis must occur while this rider is in effect and the benefitamount shall equal therider sum assured payable upon the first occurrence of:
First heart attackof specified severity
Cancer of specified severity
Stroke resulting in permanent symptom; or
Major Organ/ Bone Marrow Transplant.
ABSLI Secure Plus Plan Hospital Care Rider:
The benefit amount is payable for each hospitalisation of the life insured for a period of at least 24 hours . The Hospitalisation must occur while this rider is in effect and the total benefit amount shall be the sum of:Daily Csah Benefit : The benefit amount shall be 0.4% of the rider SA for each Day of hospitalisation.
ICU Benefit : The benefit amount shall be 0.4% of the rider SA for each day in the ICU , starting from the date of admission to the hospital.
Recuperating Benefit : the benefit amount shall be 1.2 % of the rider SA, provided of 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 Secure Plus Plan 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 hospitalised. The Hospitalisation must occur while this rider is in effect and the benefit amount shall depend on where the surgery is classified as a major surgery or other surgery.
Major Surgery: The benefit amount shall be 10% of the rider sum assured in case the surgery directly involves the brain , the heart ,the liver , or a Lung.
Other surgery : Benefit : amount shall be 2% of the rider sum assured in case surgery is not a Major Surgery.
ABSLI Secure Plus Plan Tax Benefit
Yoy may be entitled to certain applicable tax benefits on premiums paid and on benefits received under your policy.
All the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefit by you.
It is advisable to seek independent tax advise.
Exclusion Criteria for this Secure Plus Plan Plan
If the life insured dies by suicide within 12 monthsof the effective date of commencement of risk or the date of revival of the policy , the policy shall terminate immediately
In such cases, the Companyshall pay a higher Surrender Value ; or Total premiums Paid plus underwriting extra premiums paid plus excluding applicable taxes in case the policy has acquired a Surrender Value ; or total premiums paid plus underwriting extra premiums paid plus loadings for model premiums paid excluding applicable taxes in case the policy has not acquired a Surrender Value.
Documents:
Document list required for This Secure Plus policy Issuance
Application form
Illustration
AML proofs
Payment method = NACH: ECS/NACH form + cancelled cheque / Bank statement
PAN number
NEFT Proof
CDF
PSM
Based on the specific case additional documentation might be required.
Documents List required for Underwriting
Age proof
KYC address proof
Live photo
Income proof, wherever applicable MHR, where applicable to be submitted by sales hierarchy
COVID Questionnaire, Vaccination certificate preferable (mandatory some cases) , COVID recovery questionnaire if the insured has a history of COVID
Old medical reports in case of adverse medical history
NRI Questionnaire , Tax identification number, Copies of all pages of passport , if the customer is NRI/ FNIO / PIO / OCI
Latest education proof if the Life assured is a student.
NOC from parents if the proposer is a Grandparent.
HUF addendum / HUF Pan if the policy is applied under HUF
MWP addendum if the policy is applied under MWP
Based on the specific case additional documentation might be required.
FAQs
Can income Benefits under this plan be received semi-annually ,quarterly , or monthly ?
Is there any additional benefit for higher premium?
What is the Survival Benefit available in the plan?
Can the income Benefit be taken in any other mode besides the annual mode?’
Can the Policyholder take a commuted value of all future survival benefits in a lump sum anytime , once the policy term ends?
What is the Death Benefit during the policy term under this plan?
Is the Death Benefit applicable during the benefit payout period?
In case of death during the Benefit Payout Period , does the Nominee have the option to choose the commutation option and take the discounted value of future income Benefits?
What happens in case of death of the life insured by suicide?
Does this plan also include auto-vesting functionality for minor Lives?
What will be the target customer segment for this product?nnn
ABSLI Secure Plusplan policy details
Premium paying term = 10 years
Policy term = 15 years
Annual Benefit Payout Period = 12 years
What you give= Pay annual premium of Rs 100000/- for 10 years
What you get = Income Benefit of Rs138500+ Loyalty additions of Rs 69250/-= Regular income of Rs207750/-for 12 years
Loyalty Additions asan additional boost to your Income Benefit pay-out
Flexibility to recieve future survival benefits as a lump sum to fullfill your needs
Illustration
You give 100000/- You get 2493000/-
Plan Details ABSLI Secure plus plan .
Policy term 15 years
Premium paying term 10 years
Benefit payout period 12 years
Benefit payout Frequency Annual
Sum Assured 1570000/-
Base premium Rs100000/-GST First year 4688/-233Gst 2nd year onward 2344/- Rider premium= 4170/-
First year premium 108858/-
Second year onward premium= 106514/-
Riders
Rider term 10 years amount Rs 4170/-
YearWise Cash Flow
Age-Single Guaranteed Guaranteed DeathBenefit
Annualised Income Loyalty Survival
Premium Benefit(A) Additions(B) Benefits(A+B)
—————————————————————————————————————————
3 ———–100000-————–0————0————–0———————-1570000
4————100000————- -0————0———- —0———————-1570000
5————100000———- -0———–0—————0———————-1570000
6————100000——– —0———–0———– –0———————-1570000
7————100000———– –0———–0—————0-=——————-1570000
8————100000——— – -0———–0—————0———————-1570000
9————100000———- –0———–0———– –0———————-1570000
10———-100000————–0———–0———– — 0———————-1570000
11———-100000———– -0———-0———— –0———————-1570000 12———-100000————–0———–0———— -0———————–1570000
13———-0———————-0———–0———– -0———————–1570000
14———-0 ————–0——– –0———– –0——————— –1570000
15———-0———————-0———–0———— -0——————— –1570000
16———-0———————-0———–0————- -0——————– –1570000
17———-0———————-0———–0———– -0——————– –1570000
18———-0————138500——–69250—– —207750——-——————0
19———-0————138500——–69250———207750———–————–0
20———-0————138500—– –69250———207750————————-0
21———-0————138500—– –69250———207750————————-0
22———-0————138500—– –69250——–207750——————— —0
23———-0————138500—- —69250——–207750————————-0
24———-0————138500—- – –69250——–20775————————–0
25———-0————138500—– –69250——–207750–———————–0
26———-0————138500— –69250——–207750–———————–0
27———-0————138500—- –69250——–207750–———————–0
28———-0————138500— —69250——–207750—-———————0
29———-0————138500— –69250——–207750————————-0
Total1000000——–1662000— -831000——–2493000————————0—-
Option-2 ABSLI Secure plus plan
Policy Details:10 year Annual paying term= 15 years
10 years Annual Benefit Payout Period
What you give= pay annual premium 1000000/=
What you get= 158000+79000= 237000=
Accidental Benefit 1200000/=
Loyalty addition as an additional boost to yourr Income Benefit Pay- Out
Flexibility to receive future survival benefits as a lump sum to fullill your needs
Yoy give 1000000= get2370000=
Plan Details: first year premium 100000++rider1020+GST4546= 105566=Second & onward premium=100000+rider1020+GST2273=103293=
Rider:Sum assured 120000=Rider term 15 years Annual premium 1020=
Year – wise cash flow
Age premiu guaratee income Loyalty survival Death benefit
30 100000 0 0 0 1300000
31 100000 0 0 0 1300000
32 100000 0 0 0 1300000
33 i00000 0 0 0 1300000
34 100000 0 0 0 1300000
35 100000 0 0 0 1300000
36 100000 0 0 0 1300000
36 100000 0 0 0 1300000
37 100000 0 0 0 1300000
38 100000 0 0 0 1350000
39 100000 0 0 0 1500000
40 0 0 0 0 1500000
41 0 0 0 0 1500000
42 0 0 0 0 1500000
43 0 0 0 0 1500000
44 0 0 0 0 1500000
45 0 158000 79000 237000 0
46 0 158000 79000 237000 0
47 0 158000 79000 237000 0
49 0 158000 79000 237000 0
50 0 158000 79000 237000 0
51 0 158000 79000 237000 0
52 0 158000 79000 237000 0
53 0 158000 79000 237000 0
54 0 158000 79000 237000 0
Totals 1000000 1580000 790000 2370000 0
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