ABSLI DigiShield Plan
ABSLI DigiShield Plan is an insurance term plan policy that is designed to keep the policyholder and their family safe from any uncertainties. ABSLI DigiSheild provides 10 plans under its name and also provides the option to customize these plans. Hence, policyholders can customize the policy tenure, type of cover, payouts, etc. As per their convenience.
Benefits of ABSLI DigiShield Plan
The various benefits of ABSLI DigiShield Plan are mentioned below -
- Terminal illness benefit – For policyholders below the age of 80 diagnosed with terminal illness will receive 50% of the applicable sun assured of up to Rs.2 crore.
- Death benefits - In the event of the policyholder's death during the policy term, ABSLI DigiShield will pay the death benefits to the nominee(s) or legal heir(s) in the form of a lump amount or monthly income, depending on the plan option.
- Tax benefit – Policyholders can enjoy tax benefits on the plans offered by ABSLI DigiShield. Tax benefits are available on premiums paid and benefits obtained under the plan.
- Accelerated critical illness benefit - When the policy is in effect, the Accelerated Critical Illness benefit is given on the first diagnosis of a specified critical illness after a 90-day waiting period. In the ACI benefit cover period, the allowable ACI sum assured limit is a minimum of Rs.5 lakhs and a maximum of 50% of the declared sum assured.
ABSLI DigiShield Plan Options
The plan options for ABSLI DigiShield plans are mentioned below -
Plan Option | Plan Details |
Level cover option | This option pays the nominee the sum assured in a lump sum in case of life insurers death during the policy period, provided all premiums are paid. |
Increasing cover option | The sum assured under this term insurance option grows by a simple escalation rate of 5% or 10% per year over the policy period. The policyholder must select the amount assured escalation rate at the start. If the life insurer dies within the policy term, the nominee receives the sum assured as of that date in a lump sum. |
Sum assured reduction option | The sum assured under this term insurance option can be reduced by 25% or 50% from policyholder's retirement age until the conclusion of the policy term. At the start, the policyholder must select a reduction factor and retirement age (60, 65, 70, or 75 years). In the event of the policyholder's death during the policy term, the nominee receives the sum insured in a lump sum. |
Whole life insurance | This term insurance option covers policyholders until the age of 100. If the life insured dies within the policy term, the nominee will receive the money assured in a lump sum. |
Whole life option | This term insurance option provides life insurance coverage until the age of 100, as well as the option to reduce the sum assured by 25% or 50% upon retiring at the ages of 60/ 65/ 70/ 75 years until policy termination. In the event of the death of the life insured within the policy term, the nominee receives the sum promised in lump payment. |
Income benefit | In case of the death of policyholder during the policy term, this option gives the nominee a monthly income of 1.5% of the sum guaranteed for the duration of the chosen income benefit period (10/15/20 years). |
Level cover plus income benefit | The nominee receives 100% of the sum assured as a lump sum on the day of death of the life insured, plus 0.5% of the money assured as monthly income for a period of ten years, under this term insurance option. |
Low cover option | In the event of the policyholder's untimely death within the policy term, the nominee(s)/legal heir(s)/assignee will receive the sum assured as a lump sum. |
Level cover with survival benefit | This term insurance option provides a monthly income of 0.12% of the sum assured from the time the policyholder reaches 60 until the date of death or the end of the policy term, whichever comes first. In the event of death during the policy term, the nominee receives the sum insured less the survival benefit already paid till death. |
Return of premium | In the event that the policyholder survives the policy term, 100% of the entire premiums paid (maturity benefits) will be paid back. If the policyholder dies during the policy term, the nominee will receive the money assured in a lump sum. |
ABSLI DigiShield Plan Eligibility Criteria
The eligibility criteria for ABSLI are mentioned below -
- The entry age for ABSLI plan policy is 18 years minimum and 65 years.
- The maturity age for ABSLI plan policy ranges between 69 years to 100 years.
Documents Required for ABSLI DigiShield Plan
The documents required for ABSLI DigiShield plan are mentioned below -
- Photographs
- Address proof
- Identity proof
- Proposal form
- Proof of birth
- Details of your bank accounts
What is Excluded from ABSLI DigiShield Plan?
The following are excluded from ABSLI DigiShield plan -
- Pre-existing illness - If the policyholder was diagnosed with pre-existing conditions 48 months prior to the insurer's policy's effective date.
- Lifestyle related disease – Diseases that come from lifestyle choices are not covered under ABSLI plans.
- Terminal illness - There is no protection for critical illness or accidental death benefit if the policyholder dies as a result of alcohol consumption, hazardous activity, an act of war, or childbirth.
- Suicide or self-harm - No Terminal Illness Benefit shall be paid if the insured (whether medically sane or insane) suffers from self-inflicted injury or attempts suicide.
FAQs on ABSLI DigiShield Plan
- What does income benefit period in ABSLI mean?
Under Plan Option 6 Income Benefit, the Income Benefit Period applies, during which monthly installments are given to the Nominee upon the death of the Life Insured. At the time of purchase, policyholders have the choice of selecting an Income Benefit Period of 10 years, 15 years, or 20 years.
- Is it possible to change my plan option during a term?
No, once a Plan Option is selected at the beginning, it cannot be modified during the Policy Term.
- What is the retirement age considered in ABSLI plans?
Retirement Age applies to Plan Option 3 Sum Assured Reduction and Plan Option 5 Whole Life (Sum Assured Reduction Cover). The policyholder has the option of selecting 60, 65, 70, or 75 years as the Retirement Age at start, at which point the Sum Assured is reduced by the Sum Assured Reduction Rate. The Retirement Age should be at least ten years older than the Life Insured's age at the start of the policy but less than the maturity age.
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