Plan Options
ABSLI Life Shield Plan offers you the flexibility to choose from 8 different plan options as per your requirements and preferences. Below are the available plan options:
Option 1 - Level Term Assurance
Sum Assured chosen by you will remain constant for the entire policy term.
Option 2 - Level Term Assurance with Waiver of Premium (WOP) Benefits
In addition to benefit applicable for Option 1, in case you are diagnosed with Critical Illness^ or Total and Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.
Option 3 - Increasing Term Assurance
You can choose to enhance your sum assured at inception by 5% / 10% p.a. (simple) as per your needs. Every year, your sum assured will increase by 5% / 10% p.a. (simple) of the original sum assured without any increase in your premium amount.
Option 4 - Increasing Term Assurance with Waiver of Premium (WOP) Benefits
In addition to benefits applicable for Option 3, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.
Option 5 - Decreasing Term Assurance
An option designed to take care of your protection need owing to any loan or mortgage taken by you. The death benefit shall be payable as per the Decreasing Sum Assured Schedule shown below:
| Decreasing Sum Assured Schedule (% of Sum Assured at Inception) |
| Policy Year |
Policy Term upto 20 years |
Policy Term above 20 years |
| 1 to 5r |
100% |
100% |
| 6 to 10r |
90% |
95% |
| 11 to 15r |
75% |
90% |
| 16 to 20r |
50% |
85% |
| 21 to 25r |
N.A. |
70% |
| 25 to 55*r |
N.A. |
50% |
Option 6 - Decreasing Term Assurance with Waiver of Premium (WOP) Benefits
In addition to benefits applicable for Option 5, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term
Option 7 - Return of Premium
Sum Assured chosen by you will remain constant for the entire policy term. If the life insured survives till maturity date, we shall return all the premiums paid # .
Option 8 - Return of Premium with Waiver of Premium (WOP) Benefit
In addition to benefits applicable for Option 7, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.
The premium will vary depending on the plan option chosen by you. Plan option once selected cannot be changed during the policy term.
#excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any
For more details, please refer to the product brochure.
Eligibility Criteria
Entry Age (age last birthday)
For Plan Option : 1|3|5|7: 18 to 65 years
For Plan Option : 2|4|6|8: 18 to 50 years
Maximum Maturity Age : 85 years
Policy Term
| Plan Options 1 to 6 |
| Premium Payment Options |
Min Policy Term (in years) |
Max Policy Term (in years) |
| Regular Pay | Single Pay |
10 |
55 |
| Limited Pay 6 & 8 Years |
10 |
55 |
| Limited Pay 10 Years |
15 |
55 |
| Plan Options 7 & 8 |
| Premium Payment Options |
Min Policy Term (in years) |
Max Policy Term (in years) |
| Regular Pay | Limited Pay - 6, 8, 10 Years | Single Pay |
20 |
55 |
Premium Paying Term
Single Pay | Limited Pay – 6, 8, 10 Years | Regular Pay
Premium Mode
Annual | Semi-annual | Quarterly | Monthly
Sum Assured
Minimum – Rs. 25,00,000
Maximum – No Limit (subject to underwriting guidelines)
Coverage Description
Death benefit
In case of your unfortunate demise during the policy term death benefit will be paid to your nominee. The policy will stand terminated once the death benefit is paid.
Terminal illness benefit
The policy comes with an inbuilt terminal illness benefit In case you’re diagnosed with a Terminal illness during the policy term 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2.5 Crore will be paid immediately and the remaining future premiums on your policy will be waived off.
Waiver of Premium
In case life insured suffers with total and permanent disability or critical illness during the policy term, all future premiums will be waived off. The death benefit under the policy will remain unaffected.
Return of Premium
If you choose Plan Option 7 or 8, the sum total of all premiums paid by you shall be returned to you on policy maturity date in case you survive the policy term.
Joint Life Protection
Under this option, two lives, i.e., you (primary life insured) and your spouse (secondary life insured) are covered under the same policy.
The Sum Assured applicable for your spouse shall be equal to 50% of your applicable Sum Assured.
You can opt for Joint Life Protection for only if Plan Option 1, 2, 3 or 4 is chosen. No rider can be opted under this option.
Enhanced life stage protection
Your protection needs varies at different lifestages owing to occurrence of joyous events like marriage and birth of children
You can choose to increase the coverage on occurrence of each of the events without undergoing any fresh medical examination.
Customisable benefits
For added protection, ABSLI Life Shield Plan can be enhanced by following riders for a nominal extra cost:
- ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
- ABSLI Critical Illness Rider (UIN : 109B019VO3)
- ABSLI Surgical Care Rider (UIN: 109B015V03)
- ABSLI Hospital Care Rider (UIN: 109B016V03)
- ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V02)
You can opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus and not both.
There are exclusions attached to the rider, for more details on exclusions, please refer to rider brochures.
