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Overview
ABSLI Poorna Suraksha Kawach is an insurance plan that offers both a return of premium and life cover benefit. It also provides an early return of premium option to support liquidity requirements during the policy term. The plan focuses on protection plus savings, offering financial safety for your family with premium refund benefits if you survive the policy term. It also includes critical and terminal illness coverage, helping you manage major health risks without compromising financial stability.
One of the many benefits of the plan is the ability to increase your sum insured at major life stages such as marriage and the birth of your child.
Here are some key features of this plan:
- Waiver of premium benefit
- Critical illness benefit
- Accidental and total disability
- Decreasing term insurance
- Tax benefits
- Return of premium
Riders Associated with ABSLI Poorna Suraksha Kawach
You can add the following riders to your ABSLI Poorna Suraksha Kawach:
ABSLI ADD (Accidental Death and Disability)
This rider offers additional protection for accidents resulting in death or disability at an affordable cost.
ABSLI Critical Illness Rider
This rider offers a lump sum amount upon diagnosis of listed critical illnesses.
ABSLI Surgical Care Rider
This rider offers a lump sum amount to cover surgical expenses.
Key Benefits
Six Plan Options
ABSLI Poorna Suraksha Kawach offers six different plan options, providing comprehensive protection and meeting diverse customer needs.
Return of Premiums
With the ABSLI Poorna Suraksha Kawach Term Plan, you can receive a refund of all paid premiums upon surviving the entire policy term.
Special Exit Value
ABSLI Poorna Suraksha Term Plan offers a special exit value to its customers. Through this feature, you can exit your plan before the policy term completes.
Critical Illness Benefit
ABSLI Poorna Suraksha Term Plan offers an in-built feature that covers 42 critical illnesses.
Exclusions
- Death due to a pandemic is not covered.
- Death caused by adventure sports.
- Death due to the consumption of drugs and alcohol.
- Death due to any pre-existing disease not disclosed at policy inception.
- If the policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to the nominee. Instead, the higher of the premiums paid to date or the surrender value of the policy will be paid.
Plan Benefits
Death Benefit
In case of the unfortunate demise of the life insured during the policy term, ABSLI Poorna Suraksha Kawach offers death benefits as a lump sum amount, which will be the highest of the following: 10 times the annual premium, 105% of the total premiums paid, or the sum assured.
Maturity Benefit
If the life insured survives the entire policy term, ABSLI Poorna Suraksha Kawach refunds all paid premiums.
Tax Benefits
All premiums paid for ABSLI Poorna Suraksha Kawach can be used to claim tax benefits: up to ₹1.5 lakhs under Section 80C and up to ₹2.5 lakhs under Section 10(10D) of the Income Tax Act.
