ABSLI Nishchit Aayush Plan - Policy Contract - V02

Aditya Birla Sun Life Insurance
Nishchit Aayush Plan

A non-linked non-participating individual savings life insurance plan POLICY CONTRACT
PART A – WELCOME LETTER
Ref.: Your Proposal for ABSLI Nishchit Aayush Plan, Policy Reference No. XXXXXXXXX
Dear Mr. /Ms. <<Name of Policyholder>>
<Personalised Welcome Paragraph>
It is our endeavour to enhance your financial future by providing you the best services at all times.
Yours sincerely,
< >
Chief Operations Officer
Aditya Birla Sun Life Insurance Company Ltd.
Freelook Period - Review Your Policy

We request You to go through the enclosed Policy document in detail and check the accuracy of information provided herein. You will
have the right to return Your Policy to Us within <<15/30>> days from the date of receipt of the Policy in case You disagree with the
terms & conditions of Your Policy. We will refund the premium paid post receipt of written notice of cancellation (along with reasons
thereof) together with the original Policy document from Your end. We may reduce the amount of the refund by proportionate risk
premium for the period of cover and expenses incurred by us on medical examination, if any and stamp duty charges while issuing
Your Policy in accordance with the IRDAI (Protection of Policyholders Interest) Regulations, 2017. Where the date of receipt of Policy
shall be determined basis the below:
(a) 15 days in case of receipt of physical Policy document for policies purchased through mode other than Distance Marketing;
(b) 30 days in case of receipt of Policy document for policies purchased through mode of Distance Marketing or in case of
electronic policies; the delivery date of the email confirming the credit of the Insurance policy by the IR to the eIA
For clarity, Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through
voice mode, SMS, electronic mode, physical mode (like postal mail) or any other means of communication other than in person
While handing over the original Policy document, it is critical that You collect a valid written acknowledgement on submission of the
same, as this would be required for all future references.
Health Evaluation
Further, for Your reference, we are sharing the results of Your medical examination, if applicable, conducted for assessment of Your
proposal for insurance. The medical examination report was obtained for assessment of Your health conditions, which is relevant to
take a decision on the proposal to obtain insurance cover from us. The results of the tests are only indicative in nature. Aditya Birla
Sun Life Insurance Company Limited expresses no opinion on the matters contained in the medical reports.
Responsiveness
We are committed towards addressing all our customer queries within a maximum of 10 days of receipt of the same.
Empower
You can reach us at any our touch points mentioned on our website: https://lifeinsurance.adityabirlacapital.com/
Advisor Advisor
: name :
Name Code
:
Address : Phone No.
0000000000
E-Mail :
Aditya Birla Sun Life Insurance Company Limited

One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road
Mumbai – 400013
Reg. No. 109 – Toll free no. : 1-800-270-7000 – Website: www.adityabirlasunlifeinsurance.com
Corporate Identity Number: U99999MH2000PLC128110
Policy Contract_V02_22/02/2023 Page 1 of 28

PART A – POLICY SCHEDULE
This Policy is the evidence of a contract between Aditya Birla Sun Life Insurance Company Limited (‘ABSLI’, ‘We’, ‘Our’,
‘Us’ or ‘the Company’) and the Policyholder (‘You’, ‘Your’ or ‘Policyholder’) as described in the Policy Schedule. This Policy
is based on the Proposal made by the within named Policyholder and submitted to the Company along with the required
documents, declarations, statements, benefit illustration and other information received by the Company from the
Policyholder, Life Insured or on behalf of the Policyholder. This Policy is written under and will be governed by the
applicable laws in force in India and all premium and benefits expressed are payable in Indian Rupees.
POLICY INFORMATION
Product Unique
Identification 109N137V02 Policy Number 000000000
Number
Risk
Policy Issue Date dd/mm/yyyy Commencement dd/mm/yyyy
Date
Policyholder Name Date of Birth : dd/mm/yyyy
Relationship with
Gender :Female/Male/Transgender
Life Insured
Address Age Admitted Yes
Life Insured Name Date of Birth : dd/mm/yyyy

Address Gender :Female/Male/Transgender
Age Admitted : Yes

Relationship
Nominee Name with Life Gender Date of Birth Allocation Percentage
Insured
Nominee 1: name dd/mm/yyyy xx %
Nominee 2: name dd/mm/yyyy xx %
Appointee (incase dd/mm/yyyy
xx %
nominee is minor)
Appointee
Relationship with
Nominee
POLICY PREMIUM
: 25 years | 30 years | 35
Premium Payment Term : 6 | 8 | 10 | 12 years Policy Term years | 40 years | Whole
Life: (100- Age at entry)
: Annual | Semi- Annual |
Deferment Period 0 year | 1 year Premium Payment Mode
Quarterly I Monthly
Modal Loading Factor : xx% Annualized Premium* : Rs. excl. any u/w extra/
Installment Premium Rs. incl. any u/w extra,
Instalment Premium due on : xx of every - XXXXXX
loadings & GST
Total Installment Premium
Rider Premium : Rs. including rider premium & Rs Base + Rider premium
taxes for year 1

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Total Installment Premium

including rider premium & Rs Base + Rider premium
taxes for year 2 & onwards
Last Premium due on: : dd/mm/yyyy
BENEFIT INFORMATION
Level Income with Lumpsum
Long Term Income/ Benefit / Level Income with
Income Variant
Benefit Option Whole Life Income Enhanced Lumpsum Benefit /
Increasing Income with Lumpsum
Benefit.
Income Annual / Semi- Annual /
Income Benefit Rs. XXXX
Frequency Quarterly / Monthly
First Income Benefit Payment dd/mm/yyyy

Sum Assured Rs. 000
Date
Enhanced Guaranteed Lumpsum Income Benefit

Rs. XXXX XX%
Benefit^ Factor
^Payable only when all due premiums have been paid during the premium paying term
Rider
Annual Rider Rider
Rider Name UIN Sum Pay Term
Premium Term
Assured
ABSLI Accidental Death Benefit Rider Plus 109B023V02 Rs. 000 Rs. incl. any u/w extra xx years xx years
ABSLI Critical Illness Rider 109B019V03 Rs. 000 Rs. incl. any u/w extra xx years xx years
ABSLI Hospital Care Rider 109B016V03 Rs. 000 Rs. incl. any u/w extra xx years xx years
ABSLI Surgical Care Rider 109B015V03 Rs. 000 Rs. incl. any u/w extra xx years xx years
ABSLI Waiver of Premium 109B017V03 Rs. 000 Rs. incl. any u/w extra xx years xx years
Note: Rider benefits, if opted for, shall be payable as per rider sum assured chosen at inception. All the riders provide
cover independent to each other. Policyholder would be entitled for rider benefits under each of the riders (including
base product). Please refer to the respective rider contract(s) for terms and conditions on the rider(s).
Signed for and on behalf of
Authorized Signatory
Please read Your Policy Schedule carefully to verify that it correctly reflects the Policy You applied for, if You notice
any discrepancies do return this Policy document to us for correction immediately. To claim a benefit or request a
change in Your Policy Schedule, contact your advisor or write to our nearest Branch Office. Please advise us promptly
of any change in any of Your contact details.

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PART B – DEFINITIONS
GENERAL
In this contract, “You” or “Your” will refer to the owner of this Policy and “We”, “Us”, “Our”, “insurer”, “ABSLI” or “the
Company” will refer to Aditya Birla Sun Life Insurance Company Limited, or any of its successors.
Please read this Policy document carefully.
• “Act” refers to the Insurance Act 1938 as amended from time to time and shall include the Insurance Laws
(Amendment) Act 2015.
• “Accidental Death” means that the Life Assured sustains any bodily injury resulting solely from an Accident and
where such injury solely and directly and independently of all other causes results in the death of the Life Assured.
• “Age” refers to age of the Life Insured in completed years as on the last birthday.
• “Appointee” is the person who is appointed by You and as named in the Policy Schedule, in case where Nominee
is minor.
• “Annualized Premium” as shown in the Policy Schedule is the amount of premium payable in a year chosen by the
Policyholder, excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if
any. Further, any discount on the first year premium, if applicable, shall be excluded.
• “Assignment” means a provision wherein the Policyholder can assign or transfer a Policy in accordance with Section
38 of the Insurance Act, 1938 as amended from time to time.
• “Basis Point” means one-hundredth of a percentage point. E.g. One hundred basis points equals to 1%.
• “Benefit Option” means the option chosen by the Policyholder at Policy inception, as specified in the Policy
Schedule. The benefits offered under the Policy will be based on the option chosen at inception and cannot be
changed later on during the Policy Term.
• “Benefit Payout Frequency” refers to the frequency of receiving the Income Benefit chosen by the Policyholder.
The policyholder can choose to receive the Income Benefit annually, semi-annually, quarterly, or monthly.
• “Claimant” means You, Nominee(s) (if valid nomination is effected), assignee(s) or their heirs, legal
representatives, or holders of a succession certificate in case Nominee(s) or assignee(s) is/are not alive at the time
of claim.
• “Date of Commencement of Risk” is the date as shown in the Policy Schedule when risk cover on the life of the Life
Insured begins under this Policy.
• “Death Benefit” means the benefit payable on death of the Life Insured as specified in the Policy Contract.
• “Deferment Period” means the period in years from policy commencement date post which the first Income
Benefit becomes payable to the Policyholder.

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• “Free-Look Period” means the period as specified in the Policy Contract, during which You can return the Policy in
case You are not satisfied with the terms and conditions of the Policy.
• “Grace Period” means the time granted by Us from the due date for the payment of Premium, without any penalty
or late fee, during which time the Policy is considered to be in-force with the risk cover without any interruption,
as per the terms and conditions of the Policy. The grace period is a period of 15 (Fifteen) days from the due date
of the first unpaid Premium for monthly Premium payment mode and 30 (Thirty) days from the due date of the
first unpaid Premium for annually, semi-annually or quarterly premium payment modes.
• “Guaranteed Lumpsum Benefit (GLB)” refers to the Total Premiums Paid by You multiplied by the applicable
Lumpsum Factor. Where, ‘Lumpsum Factor’ refers to a pre-defined percentage of Total Premiums Paid as per the
chosen benefit option, income variant, premium payment term and policy term.
• “Guaranteed Surrender Value” means the Surrender Value computed in Section 4 of Part D, which is guaranteed
by Us.
• “Instalment Premium” is the premium as payable by You as per the Policy Schedule to effect and continue this
Policy Contract.
• “Income Benefit” is defined as a percentage of Annualized Premium and varies by Benefit Option, Deferment
Period, Income Variant, Premium Payment Term, Policy Term, Life Insured’s Age at inception of the policy and the
Annualized Premium.
• “IRDAI” or “Authority” means the Insurance Regulatory and Development Authority of India.
• “Lapsed Policy” means a Policy which has not acquired the Surrender Value and where the due Premium has not
been received for any of the first two Policy Years.
• “Life Insured” is the person on whose life the insured contingent events have to occur for the benefits to be payable
and as named in the Policy Schedule.
• “Loan” means an amount granted by the Company, at a specified interest rate, to the Policyholder against the
Surrender Value available under the Policy in accordance with Section 5 of Part D.
• "Maturity Benefit" means the benefit, which is payable on maturity as stated in Section 3 of Part C.
• “Major” is a person who is aged 18 years and above.
• “Minor” is a person who has not completed 18 years of age.
• “Nomination” is the process of nominating a person who is named as “Nominee” in the proposal/application form
or subsequently included/ changed by an endorsement. Nomination should be in accordance with provisions of
Section 39 of the Insurance Act, 1938 as amended from time to time.
• “Nominee” is the person who is nominated by You and as named in the Policy Schedule, to receive the Death
Benefit as specified in the Policy Contract. Nomination can only be effected if the Policyholder and Life Insured are
the same.

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• “Policy Anniversary” means the date corresponds numerically with the Policy Issue Date in every calendar year
until Policy Maturity Date.
• “Policyholder” or “You” or “Your” means the owner of the Policy at any point of time.
• “Policy Issue Date” is the date this Policy is issued, and Your rights, benefits and risk cover begin, as shown in Policy
Schedule.
• “Policy Year” is the period of twelve calendar months starting from the Policy Anniversary.
• “Proposer” is a person, who proposes for insurance on and has an insurable interest in the life of the Life Insured.
• “Reduced Paid-up” means the continuance of this Policy with reduced paid up benefits, as specified under Section
3 of Part D.
• “Revival” means restoration of the Policy, which was discontinued due to the non-payment of premium, by the
insurer with all the benefits mentioned in the Policy document, with or without rider benefits if any, upon the
receipt of all the premiums due and other charges or late fee if any, as per the terms and conditions of the Policy,
upon being satisfied as to the continued insurability of the Insured or Policyholder on the basis of the information,
documents and reports furnished by the Policyholder, in accordance with Board approved Underwriting Policy.
• "Revival Period" means the period of five consecutive years from the date of first unpaid premium, during which
period You are entitled to revive the Policy.
• “Risk Commencement Date” is the date as shown in the Policy Schedule when risk cover on the life of the Life
Insured begins under this Policy.
• “Special Surrender Value” means the value as specified in Section 4 of Part D.
• “Sum Assured on Death” means an absolute amount of benefit which is guaranteed to become payable on death
of the Life Insured in accordance with the terms and conditions of the Policy.
• "Surrender" means complete withdrawal or termination of the entire Policy.
• "Surrender Value" means an amount that becomes payable in case of surrender of this Policy, in accordance with
Section 4 of Part D.
• “Sum Assured” is the amount as specified in the Policy Schedule.
• “Survival Benefit” refers to an amount, payable on survival of Life Insured during the Policy Term as per the benefit
option, income variant and deferment period chosen.
• “Total Premiums Paid” means total of all the premiums received, excluding underwriting extra premium, rider
premiums, loadings for modal premiums and applicable taxes. Further, any discount on the first year premium, if
applicable, shall be excluded.

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• “Vesting” means the transfer of Policy benefits to the Life Insured on attainment of majority in case the Policy is
issued to a Minor.
ABSLI Nishchit Aayush Plan Ver 2/ Feb / 2023 POL/ 2/22-23/3291 UIN: 109N137V02

Mumbai – 400013

PART C – POLICY FEATURES, BENEFITS AND PREMIUM PAYMENT
1. Death Benefit
On death of the Life Insured anytime during the Policy Term, provided the Policy is in force, we will pay the Death
benefit in lumpsum to the Nominee(s) / legal heir(s), where Death Benefit will be highest of the following:
a) Sum Assured on Death
b) Surrender Benefit
The Sum Assured on Death is the highest of,

- Sum Assured
- 105% of the Total Premiums Paid till the date of death
Where Sum Assured is 10 times the Annualized Premium.
Staggered Death Benefit Option

The Nominee(s)/legal heir(s) will have an option to take Death Benefit in Monthly/Annual instalments payable at
the end of the month/year, as specified in the table below, over a period of 5 years instead of the lump sum
payment as specified above.
Instalments Frequency Annual Monthly

Instalment
21.80% 1.855%
(as % of Death Benefit)
Total payments
109.00% 111.30%
(as % of Death Benefit)
The above percentages are determined at a compound interest rate of 4.50% per annum. ABSLI may revise the
instalment based on the then prevailing market conditions subject to prior approval from IRDAI. Any change in
the methodology/formula for calculating the instalment shall also be subject to prior approval from IRDAI.
Once the Instalment mode has been opted by the Nominee, it cannot be changed thereafter. However, the
Nominee shall, at any point, have an option to receive the future instalments as a lumpsum, wherein the lump
sum will be at least equal to the Sum Assured on Death less instalments, if any, already paid.
2. Survival Benefit
On survival of Life Insured during the Policy Term, provided all due premiums are paid, Survival Benefit in the form
of Guaranteed Income is payable by the Company as per the benefit option, income variant and deferment period
chosen (as specified in Your Policy Schedule) by You.
The Benefit Option, Income Variant and Deferment Period as chosen at the Policy Issue Date, cannot be changed
thereafter. However, for added flexibility, the Benefit Payout Frequency chosen can be changed anytime during
the Policy Term.
3. Maturity Benefit
On Survival of life insured till the end of Policy Term, Guaranteed Lumpsum Benefit (GLB) shall be payable as
Maturity Benefit. Guaranteed Lumpsum Benefit is equal to the Total Premiums Paid multiplied with the applicable
Lumpsum factor. Where, ‘Lumpsum Factor’ refers to a pre-defined percentage of Total Premiums Paid as per the
chosen benefit option, income variant, premium payment term and policy term.
Guaranteed Lumpsum Benefit is further enhanced by 100%, provided all due premiums are paid.

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4. Premiums
You can pay the Premiums annually, semi-annually, quarterly or on monthly basis, as per the premium payment
mode chosen by You. You can pay Premium at any of Our offices or through Our website
https://lifeinsurance.adityabirlacapital.com/ or by any other means, as informed by Us. Any Premium paid will be
deemed to have been received by Us only after the same has been realized and credited to Our bank account. The
Premium payment receipt will be issued in Your name, which will be subject to realization of cheque or any other
instrument/medium. The responsibility of Instalment Premium payment shall be upon the Policyholder.
5. Grace Period
The Premium is due and payable by the due date specified in the Schedule. If the Premium is not paid by the due
date, You will be given a Grace Period of 30 days (15 days in case of monthly mode) to make the payment of due
premium, during which time all benefits under the Policy will continue.
If the premium is not paid within the Grace Period then one of the following will happen:
• If less than two full years premiums have been paid then policy will lapse and all benefits will cease
immediately.
• Otherwise, the policy will continue on a Reduced Paid-Up basis.
In case of death during the Grace Period, we will recover the unpaid premium due from the death benefit payable.
6. Risk coverage for minor and vesting on attaining majority

For policies issued on minor life, the date of commencement of risk shall be the Date of commencement of the
policy. In case the Life Insured is a minor, the Policy will automatically vest in him/her on his/her attaining the Age
of majority. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death
of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered
as new Proposer/Policyholder. As there is no Death Benefit payable on the death of the Proposer/Policyholder,
the Policy status does not change, and the Policy continues. However, if the premiums are not paid before the
expiry of the grace period the Policy would be subject to the provisions mentioned in Part D below.

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PART D – POLICY TERMS AND CONDITIONS
1. Free-look Period
You have a free look period of 15 days from the date of receipt of the policy document and period of 30 days in
case of electronic policies and policies obtained through distance mode, to review the terms and conditions of
the policy and where you disagree to any of those terms or conditions, you have the option to return the original
policy document to us for cancellation, stating in writing the reasons for your objection, you shall be entitled to
a refund of the premium paid subject to a deduction of a proportionate risk premium for the period of cover and
the expenses incurred by us on medical examination and stamp duty charges in accordance to IRDAI (Protection
of Policyholders Interest) Regulations, 2017.
2. Lapsation of Policy
If the Instalment Premium is not paid within the Grace Period during the first two Policy Years, the Policy will
become a Lapsed Policy from the due date of first unpaid Instalment Premium and thereafter no benefits will
be payable under the Policy.
3. Reduced Paid-Up (RPU) Benefits

If this Policy has acquired a Surrender Value, i.e. on payment of all Instalment Premiums during the first two
Policy Years, then, in the event of non-payment of the due Instalment Premiums by You to Us, on the expiry of
the Grace Period this Policy will not become a Lapsed Policy but will continue with reduced paid-up benefits as
specified below unless revived. In such a case, the benefits payable shall be as follows:
The RPU Sum Assured shall be equal to the Sum Assured multiplied by the RPU Factor,
where the RPU Factor is the ratio of:

− The number of Instalment Premiums paid to date; over
− The total number of Instalment Premiums originally payable for the Policy Term.
All future income benefits will cease and will be paid in the form of Terminal Value 1 or
Terminal Value 2 mentioned below.
Death Benefit for RPU Policies

If the Life Insured dies during the Policy Term, the Death Benefit shall be:
Long Term Income:
Higher of:
• RPU Sum Assured on Death
• Surrender Benefit
Whole Life Income:

Higher of:
• RPU Sum Assured on Death + Terminal Value 1*
• Surrender Benefit
where, RPU Sum Assured on Death is the highest of:

• RPU Sum Assured
• 105% of the Total Premiums Paid up to the date of death
* Terminal Value 1 = RPU Factor * Sum of Income Benefits payable from the date of RPU to the date of Death

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Survival/ Maturity Benefit for RPU Policies

On survival of Life Insured till the end of the Policy Term, RPU Maturity Benefit shall be:
• Guaranteed Lumpsum Benefit; plus
• Terminal Value 2**
**Terminal Value 2 = RPU Factor * Sum of Income Benefits payable from the date of RPU to the date of
Maturity
Please Note: No Enhanced Guaranteed Lumpsum Benefit will be payable for RPU policies.
4. Surrender Benefits
This Policy shall acquire a Surrender Value provided all the due Instalment Premiums for the first two Policy
Years have been received by Us. The Policyholder can Surrender the Policy any time before the end of Policy
Term. The Policy will terminate after payment of the Surrender Value and thereafter no other benefits under
this Policy shall be payable.
The Surrender Value payable will be equal to the higher of Guaranteed Surrender Value and Special Surrender
Value.
The Guaranteed Surrender Value (GSV) is defined as:

− GSV Factor * Total Premiums Paid; less
− Any Survival Benefit already paid
GSV Factors are provided in Annexure 1.
Your Policy also acquires a Special Surrender Value (SSV). Special Surrender Value is not guaranteed and may
be revised by the Company from time to time. Any change in method/ formula for calculating the SSV is subject
to prior approval from the Authority.
5. Policy Loan
You may take a loan against Your Policy once it has acquired a Surrender Value. The minimum loan amount is
Rs.5,000 and the maximum is 80% of the then applicable Surrender Value less any outstanding Policy loan
balance as on that date. On exercising this option, the Policy shall automatically get assigned to the Company to
the extent of the outstanding Policy loan balance. The outstanding Policy loan balance is an amount of loan still
unpaid plus all accrued but unpaid loan interest up to the given date.
Where the Policy is in-force (premium paying) or all due Instalment Premiums under the Policy have been paid,
and if the outstanding loan plus interest becomes equal to or exceeds the Surrender Value, the Company will
inform the Policyholder of the same with a 90-days advance notice to repay such outstanding Loan balance along
with applicable interest.
If a Policy is a Reduced Paid-up Policy, and if the outstanding Loan plus Loan interest exceeds the Surrender
Value available under the Policy as on that date, then We shall send a notice 90 days in advance informing to
the Policyholder to repay such outstanding Loan balance along with applicable interest. If the Policyholder
doesn’t repay the Loan or fails to respond to the notice, the policy will be terminated.
Any payment of a proceed against Death, Survival Benefit or Maturity Benefit provisions or as a Surrender Value
shall be reduced by any outstanding Policy loan balance at that time and the residual value shall be payable. We
shall be issuing the loan re-payment schedule at the time Policyholder opts for the loan against Policy.

Mumbai – 400013

At the beginning of a Policy Year, the Policy shall be assigned the latest Loan Interest Rate declared by company.
We shall declare the Loan Interest Rate applicable to all policies under this product on June 1 st of every calendar
year which shall be assigned to policies on their next Policy Anniversary and is equal to the base rate of the State
bank of India plus 100 basis points (i.e. absolute 1%). The compound interest rate applicable as on June 1st, 2022
is 8.55% p.a. Any change in basis of determination of interest rate for Policy loan can be done only after prior
approval of IRDAI.
6. Revival
A Lapsed Policy or a Policy in the Reduced Paid up mode can only be revived within a Revival Period of five years
from the due date of first unpaid premium, subject to following conditions:
• Paying all outstanding premiums together with interest and/or late fees as declared by Us from time to
time;
• Providing evidence of Life Insured’s insurability satisfactory to Us
• Revival of the Policy shall take effect only when these requirements are met and after Revival of the Policy
is approved by Us basis the Board Approved Underwriting Policy and communicated to You in writing.
Once the Policy has been revived, all benefits under the Policy will be restored to their full value.
The provisions of Section 45 of the Insurance Laws (Amendment) Act, 2015, as amended from time to time will
also be applicable in case of Revival of the Policy. Refer Annexure C.
The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1 st of each calendar
year and is determined as (x+1%)/12 rounded to the next 0.5%, where x is the base rate of the State Bank of
India. The current applicable interest rate, as declared on June 1st, 2022, is 1% per month.
Any change in basis of determination of interest rate for Revival can be done only after prior approval of the
Authority.
If a Lapsed Policy without having acquired any paid-up value is not revived within five years, the Policy shall be
terminated, and no value is payable to You.
7. Payments of Benefits:
The benefits under this Policy will be payable only on submission of satisfactory proof to Us. The benefits under
this Policy will be payable to You/the Claimant (Nominee) as the case may be.
Once the benefits under this Policy are paid to You/the Claimant (Nominee) as the case may be, the same will
constitute a valid discharge of Our liability under this Policy.
8. Termination of Policy
Your Policy will terminate upon the occurrence of any of the following events:
• the date of payment of the Surrender Value; or
• the date of settlement of Death Benefit; or
• the date of payment of Maturity Benefit; or
• the date on expiry of the Revival Period after the Policy has lapsed as per Premium Discontinuance
provision; or
• the date of payment of free-look cancellation amount

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PART E – POLICY CHARGES
This Policy is a non-linked non-participating individual savings life insurance plan and therefore, Part E is not applicable
to this Policy.

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PART F – GENERAL TERMS AND CONDITIONS
1. Contract
Your contract includes this Policy Document, the proposal for the Policy and any endorsements agreed upon in
writing after the Policy is issued. The contract also includes declarations given by the Policyholder and written
statements and answers furnished as evidence of insurability. We are bound only by statements that are part of
the contract. Only our authorized officers can agree to any change in the contract and then only in writing.
This contract can be issued in cases where the Life Insured is different from the Policyholder. In all situations, it
is ensured that the Policyholder has an insurable interest in the Life Insured. This contract does not provide for
participation in the distribution of profits or surplus declared by us.
All the communication/ documents including the Contract document will be sent to Your registered address. It
shall be Your responsibility to confirm Your address, email ID, mobile no, bank account details (contact
information) or update any change in such contact information. In the event of non- receipt of the Contract You
should contact Our Customer Care Unit before expiry of the Free-Look Period.
We encourage You to open E- Insurance Account. For more details on E-Insurance Policy, please visit our website
or contact our Relationship Manager.
In case of purchase of Policy by electronic mode through online or E-app, the Application form and Sales
Illustration shall be validated through One-time password (OTP) sent on Your mobile number/e-mail ID and
undertaking obtained in the Client Declaration form if any or through any other means as may be notified by the
Company from time to time.
2. Taxes
All Premiums are subject to Goods and Services tax (GST), other applicable taxes, cesses, and levies, if any which
will entirely be borne by You and will always be paid by You along with the payment of Premium. If any
imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, ABSLI reserves
the right to claim the same from You. Alternatively, ABSLI has the right to deduct the amount from the benefits
payable by Us under the Policy.
Tax benefits and liabilities under the Policy may be available as per prevailing tax laws. Tax laws and the benefits
arising thereunder are subject to change. You are advised to seek an opinion of Your tax advisor in relation to
the tax benefits and liabilities applicable to You.
3. Claim Procedures
The Policyholder/Nominee should notify the claim with proof of claim at the nearest Aditya Birla Sun Life
Insurance Co. Ltd. branch office or through our Customer Portal
https://lifeinsurance.adityabirlacapital.com/customer-service/claim-procedure/online-claim or to the 'Claims
Department' at claimsnotification.lifeinsurance@adityabirlacapital.com and the claim documents to be
simultaneously sent at Aditya Birla Sun Life Insurance Company Limited, G- Corp Tech Park, 5th & 6th Floor,
Kasar Vadavali, Near Hypercity Mall, Ghodbunder Road, Thane (West) – 400601.
The claim is required to be intimated to us within a period of 90 days from the date of death. However, we may
condone the delay in claim intimation, if any, and the delay is proved to be for reasons beyond the control of
the claimant. We will be able to proceed with the claim intimation request only on receipt of the following
mandatory claim documents:
For processing a Death claim under this Policy, We will require the following documents:
Mandatory Claim Requirements:
1) Claimant Statement Form
2) Death Certificate issued by Municipal Corporation/Gram Panchayat (Self attested copy)
3) Original Policy Document

Mumbai – 400013

4) KYC Document of beneficiary ( Self attested copy)

5) Relationship of beneficiary with Life Insured
6) Bank details of the beneficiary
Additional Requirements: (Claims within 3 years from date of issue/Revival)
1) Medical Attendant's Certificate, if any
2) Hospital or treatment records, if any (Self attested copy)
3) Employer's Certificate (if applicable)
Additional Requirements for Accidental/Unnatural Death:
1) FIR & Final Police Closure Report
2) Post Mortem Report
3) Policy Inquest Report/Inquest Panchnama
4) News Paper Cutting (if any)
For processing Maturity claim under this Policy, Maturity proceeds shall be credited in Policyholder’s bank
account as per the bank details available in our records. In case of any change in the bank details You are
requested to update the bank details by submitting a request at the nearest Aditya Birla Sun Life Insurance Co.
Ltd. branch office or through our website https://lifeinsurance.adityabirlacapital.com/ or Customer Portal or
any other mode as allowed by the company.
Any other relevant information/ document as may be required by ABSLI depending on the circumstances of the
death or illness needs to be provided.
Beneficiary can download the claim documents from our website https://lifeinsurance.adityabirlacapital.com/
or can obtain the same from any of ABSLI branches. In case You are unable to provide any or all the above
documents, in exceptional circumstances such as a natural calamity, we may at our own discretion conduct an
investigation/ verification and accord a claim decision. For any further queries, You can call us at our toll free no.
1800 270 7000 or email us at Aditya Birla Capital - Life Insurance “claims.lifeinsurance@adityabirlacapital.com”
Claimant/Beneficiary may intimate Us about Death claim via the following ways:
• Online intimation through ABSLI Website (https://lifeinsurance.adityabirlacapital.com/)
• Through e-mail on claims.lifeinsurance@adityabirlacapital.com
• Visit nearest ABSLI Branch Office
4. Fraud, Misstatement
Fraud, misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act,
1938, as amended from time to time. For more details on Section 45 of the Insurance Act, 1938, as amended
from time to time, please refer to Annexure C.
5. Suicide Exclusion
In case the Life Insured, either minor or major, dies due to suicide within 12 months from the Risk
Commencement Date or date of Revival of the Policy, the Policy shall immediately terminate, and Company shall
pay the following to the Nominee:
• Where the Policy has acquired the Surrender Value, higher of Surrender Value or (Total Premiums Paid plus
underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes) till
date of death.
• Where the Policy hasn’t acquired the Surrender Value, Total Premiums Paid plus underwriting extra
premiums paid plus loadings for modal premiums paid excluding applicable taxes) till date of death.
6. Travel and Occupation

There are no restrictions on travel or occupation under this Policy.

Mumbai – 400013

7. Assignment
Assignment is allowed as per the provisions of Section 38 of the Insurance Act, 1938 as amended from time to
time. For more details on the nomination, please refer to Annexure A.
8. Nomination
Nomination is allowed as per the provisions of Section 39 of the Insurance Act, 1938 as amended from time to
time. For more details on the nomination, please refer to Annexure B.
9. Policy Currency
This Policy is denominated in Indian Rupees. (INR) Any benefit/claim payments under the Policy will be made in
Indian Rupees by Us or in any other currency in accordance with the applicable guidelines issued by the Reserve
Bank of India from time to time.
10. Electronic Transactions

You will comply with all the terms and conditions with respect to all transactions effected by or through facilities
for conducting remote transactions including the internet, world wide web, electronic data interchange, call
centre, tele-service operations or by other means of telecommunication established by Us or on Our behalf, for
and in respect of the Policy or services, which will constitute legally binding and valid transactions when executed
in adherence to and in compliance with the terms and conditions for such facilities.
11. Communication and Notices

All notices meant for Us should be in writing and delivered to Our address as mentioned in Part G or such other
address as We may notify from time to time. You should mention the correct Policy number in all
communications including communications with respect to Premium remittances made by You. All notices
meant for You will be in writing and will be sent by Us to Your address as shown in the Schedule or as
communicated by You and registered with Us. We may send You notices by post, courier, hand delivery, fax or
e-mail/electronic mode or by any other means as determined by Us. If You change Your address, or if the address
of the Nominee changes, You must notify Us immediately. Failure in timely notification of change of address
could result in a delay in processing of benefits payable under the Policy. For any updates, please visit Our
website https://lifeinsurance.adityabirlacapital.com/
12. Governing Law and Jurisdiction

The Policy will be governed by and enforced in accordance with the laws of India. The competent courts in India
will have exclusive jurisdiction in all matters and causes arising out of the Policy.
13. Loss of Policy Document

The Policyholder can make an application for duplicate Policy on payment of ₹ 250/- upon loss of Policy
document along with other requirements as may be prescribed by the Company.

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PART G – GRIEVANCE REDRESSAL MECHANISM AND OMBUDSMAN DETAILS
Grievance or Complaint
You may register Your grievance or complaint with any of our nearest branches or with our Head Customer Response
& Resolution at Customer Care Unit, Aditya Birla Sun Life Insurance Company Ltd., at G- Corp Tech Park, 5th & 6th
Floor, Kasar Vadavali, Near Hypercity Mall, Ghodbunder Road, Thane (West) – 400601 or at Company’s registered
address at One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone
Road, Mumbai – 400013. You may also call our toll-free no. 1-800-270-7000 or on Whatsapp no. 8828800040 or email:
care.lifeinsurance@adityabirlacapital.com and for NRI Customers - absli.nrihelpdesk@adityabirlacapital.com.
In case You are dissatisfied with the decision of the above office or have not received any response with 10 days, You
may contact Head Service Assurance at Customer Care Unit, Aditya Birla Sun Life Insurance Company Ltd. , at G- Corp
Tech Park, 5th & 6th Floor, Kasar Vadavali, Near Hypercity Mall, Ghodbunder Road, Thane (West) – 400601 or at
Company’s registered address at One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat
Marg, Elphinstone Road, Mumbai – 400013.
You may also call our toll free no. 1-800-270-7000 or on WhatsApp no. 8828800040 or email:
grievance.lifeinsurance@adityabirlacapital.com.
The complaint should be made in writing duly signed or through email by the complainant or by his/her legal heirs
with full details of the complaint and the contact information of complainant.
For senior citizens, we provide priority redressal of grievances and complaints. Please email us at:
ABSLI.SeniorcitizenLifeinsurance@adityabirlacapital.com
If You are not satisfied with the response or do not receive a response from us within 15 days, You may approach the
Grievance Cell of the Insurance Regulatory and Development Authority of India (IRDAI) on the following contact
details:
IRDAI Grievance Call Centre – Bima Bharosa Shikayat Nivaran Kendra TOLL FREE NO: 155255 or 18004254732
Email ID: complaints@irdai.gov.in
You can also register Your complaint online at
https://bimabharosa.irdai.gov.in
Address for communication for complaints by fax/paper:
Insurance Regulatory and Development Authority of India,
Policyholder's protection & Grievance Redressal Department – Grievance Redressal Cell
4th floor, Sy No. 115/1, Financial District,
Nanakramguda, Gachibowli, Hyderabad – 500 032
Ph: (040) 20204000
Insurance Ombudsman
For redressal of Claims related grievances, claimants can also approach Insurance Ombudsman who provides for low
cost, speedy arbitration to customers.
The Ombudsman, as per Insurance Ombudsman Rules, 2017, can receive and consider complaints or disputes relating
to the matters such as:
(a) Delay in settlement of claims, beyond the time specified in the regulations, framed under the Insurance
Regulatory and Development Authority of India Act,1999
(b) Any partial or total repudiation of claims by the life insurer, General insurer or the health insurer;
(c) Disputes over premium paid or payable in terms of insurance policy;
(d) Misrepresentation of policy terms and conditions at any time in the policy document or policy contract;
(e) Legal construction of insurance policies insofar as the dispute relates to claim;
(f) Policy servicing related grievances against insurers and their agents and intermediaries;
(g) Issuance of life insurance policy, general insurance policy including health insurance policy which is not in
conformity with the proposal form submitted by the proposer;
(h) Non-issuance of insurance policy after receipt of premium in life insurance and general insurance including
health insurance; and

Mumbai – 400013

(i) Any other matter resulting from the violation of provisions of the Insurance Act, 1938, as amended from time to
time, or the regulations, circulars , guidelines or instructions issued by IRDAI from time to time or the terms and
conditions of the policy contract, in so far as they relate to issues mentioned at clauses (a) to (f).
As per provision 14(3) of the Insurance Ombudsman Rules 2017, the complaint to the Ombudsman can be made:
i. only if the grievance has been rejected by the grievance redressal machinery of the insurer;
ii. within a period of one year from the date of rejection by the insurer; and
iii. if it is not simultaneously under any litigation
Risk Factors / Disclaimers

This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI) and is a non-linked non-
participating individual life insurance savings plan. All terms & conditions are guaranteed throughout the Policy term.
ABSLI reserves the right to recover levies such as the GST levied by the authorities on insurance transactions. If there
be any additional levies, they too will be recovered from You.
NOTWITHSTANDING ANYTHING CONTAINED IN THIS POLICY DOCUMENT, THE PROVISIONS HEREIN SHALL STAND ALTERED, AMENDED,
MODIFIED OR SUPERCEDED TO SUCH EXTENT AND IN SUCH MANNER AS MAY BE REQUIRED BY ANY CHANGE IN THE APPLICABLE LAW
(INCLUDING BUT NOT LIMITED TO ANY REGULATIONS MADE OR DIRECTIONS / INSTRUCTIONS OR GUIDELINES ISSUED BY THE IRDAI) OR ANY
OTHER COMPETENT AUTHORITY OR AS MAY BE NECESSARY UNDER A JUDGEMENT OR ORDER /DIRECTION/ INSTRUCTION OF A COURT OF LAW.

Mumbai – 400013

PART G – LIST OF OMBUDSMAN
Office Details Jurisdiction of Office (Union Territory, District)

AHMEDABAD - Shri Collu Vikas Rao Gujarat,
Office of the Insurance Ombudsman, Dadra & Nagar Haveli,
Jeevan Prakash Building, 6th floor, Daman and Diu.
Tilak Marg, Relief Road,
Ahmedabad – 380 001.
Tel.: 079 - 25501201/02/05/06
Email: bimalokpal.ahmedabad@cioins.co.in
BENGALURU – Shri Vipin Anand Karnataka.
Office of the Insurance Ombudsman,
Jeevan Soudha Building,PID No. 57-27-N-19
Ground Floor, 19/19, 24th Main Road,
JP Nagar, Ist Phase,
Bengaluru – 560 078.
Tel.: 080 - 26652048 / 26652049
Email: bimalokpal.bengaluru@cioins.co.in
BHOPAL – Shri R M Singh Madhya Pradesh
Office of the Insurance Ombudsman, Chattisgarh.
Janak Vihar Complex, 2nd Floor,
6, Malviya Nagar, Opp. Airtel Office,
Near New Market,
Bhopal – 462 003.
Tel.: 0755 - 2769201 / 2769202
Fax: 0755 - 2769203
Email: bimalokpal.bhopal@cioins.co.in
BHUBANESHWAR - Shri Manoj Kumar Parida Orissa
62, Forest park,
Bhubneshwar – 751 009.
Tel.: 0674 - 2596461 /2596455
Fax: 0674 - 2596429
Email: bimalokpal.bhubaneswar@cioins.co.in
CHANDIGARH - Shri Atul Jerath Punjab,
Office of the Insurance Ombudsman, Haryana(excluding Gurugram, Faridabad, Sonepat and
S.C.O. No. 101, 102 & 103, 2nd Floor, Bahadurgarh)
Batra Building, Sector 17 – D,
Himachal Pradesh, Union Territories of Jammu &
Chandigarh – 160 017.
Kashmir,
Tel.: 0172 - 2706196 / 2706468
Fax: 0172 - 2708274 Ladakh & Chandigarh.
Email: bimalokpal.chandigarh@cioins.co.in
CHENNAI - Shri Segar Sampathkumar Tamil Nadu,
Fatima Akhtar Court, 4th Floor, 453, Puducherry Town and
Anna Salai, Teynampet,
Karaikal (which are part of Puducherry).
CHENNAI – 600 018.
Tel.: 044 - 24333668 / 24335284
Fax: 044 - 24333664
Email: bimalokpal.chennai@cioins.co.in

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DELHI - Ms Sunita Sharma Delhi &
Office of the Insurance Ombudsman, Following Districts of Haryana - Gurugram, Faridabad,
2/2 A, Universal Insurance Building, Sonepat & Bahadurgarh.
Asaf Ali Road,
New Delhi – 110 002.
Tel.: 011 - 23232481/23213504
Email: bimalokpal.delhi@cioins.co.in
GUWAHATI - Shri Somnath Ghosh Assam,
Office of the Insurance Ombudsman, Meghalaya,
Jeevan Nivesh, 5th Floor, Manipur,
Nr. Panbazar over bridge, S.S. Road, Mizoram,
Guwahati – 781001(ASSAM). Arunachal Pradesh,
Tel.: 0361 - 2632204 / 2602205 Nagaland and Tripura.
Email: bimalokpal.guwahati@cioins.co.in
HYDERABAD - Shri N Sankaran Andhra Pradesh,
Office of the Insurance Ombudsman, Telangana,
6-2-46, 1st floor, "Moin Court", Yanam and
Lane Opp. Saleem Function Palace, part of Union Territory of Puducherry.
A. C. Guards, Lakdi-Ka-Pool,
Hyderabad - 500 004.
Tel.: 040 - 23312122
Fax: 040 - 23376599
Email: bimalokpal.hyderabad@cioins.co.in
JAIPUR – Shri Rajiv Dutt Sharma Rajasthan.
Jeevan Nidhi – II Bldg., Gr. Floor,
Bhawani Singh Marg,
Jaipur - 302 005.
Tel.: 0141 - 2740363
Email: bimalokpal.jaipur@cioins.co.in
ERNAKULAM - Shri G. Radhakrishnan Kerala,
Lakshadweep,
Office of the Insurance Ombudsman, Mahe-a part of Union Territory of Puducherry.
2nd Floor, Pulinat Bldg.,
Opp. Cochin Shipyard, M. G. Road,
Ernakulam - 682 015.
Tel.: 0484 - 2358759 / 2359338
Fax: 0484 - 2359336
Email: bimalokpal.ernakulam@cioins.co.in
KOLKATA - Ms Kiran Sahdev West Bengal,
Office of the Insurance Ombudsman, Sikkim,
Hindustan Bldg. Annexe, 4th Floor, Andaman & Nicobar Islands.
4, C.R. Avenue,
KOLKATA - 700 072.
Tel.: 033 - 22124339 / 22124340
Fax : 033 - 22124341
Email: bimalokpal.kolkata@cioins.co.in
LUCKNOW - Shri. Atul Sahai Districts of Uttar Pradesh :
Office of the Insurance Ombudsman, Lalitpur, Jhansi, Mahoba, Hamirpur, Banda, Chitrakoot,
6th Floor, Jeevan Bhawan, Phase-II, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh,
Nawal Kishore Road, Hazratganj, Jaunpur, Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao,
Lucknow - 226 001. Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti,
Tel.: 0522 - 2231330 / 2231331 Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti,

Mumbai – 400013


Fax: 0522 - 2231310 Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar,
Email: bimalokpal.lucknow@cioins.co.in Azamgarh, Kushinagar, Gorkhpur, Deoria, Mau, Ghazipur,
Chandauli, Ballia, Sidharathnagar.
MUMBAI – Shri Bharatkumar S Pandya Goa,
Office of the Insurance Ombudsman, Mumbai Metropolitan Region
3rd Floor, Jeevan Seva Annexe, (excluding Navi Mumbai & Thane).
S. V. Road, Santacruz (W),
Mumbai - 400 054.
Tel.: 69038821/23/24/25/26/27/28/28/29/30/31
Fax: 022 - 26106052
Email: bimalokpal.mumbai@cioins.co.in
NOIDA - Shri Bimbadhar Pradhan State of Uttaranchal and the following Districts of Uttar
Office of the Insurance Ombudsman, Pradesh:
Bhagwan Sahai Palace Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshehar,
4th Floor, Main Road, Etah, Kanooj, Mainpuri, Mathura, Meerut, Moradabad,
Naya Bans, Sector 15, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad,
Distt: Gautam Buddh Nagar, Firozbad, Gautambodhanagar, Ghaziabad, Hardoi,
U.P-201301. Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal,
Tel.: 0120-2514252 / 2514253 Amroha, Hathras, Kanshiramnagar, Saharanpur.
Email: bimalokpal.noida@cioins.co.in
PATNA - Ms Susmita Mukherjee Bihar,
Office of the Insurance Ombudsman, Jharkhand.
1st Floor, Kalpana Arcade Building,,
Bazar Samiti Road,
Bahadurpur,
Patna 800 006.
Tel.: 0612-2680952
Email: bimalokpal.patna@cioins.co.in
PUNE - Shri Sunil Jain Maharashtra,
Office of the Insurance Ombudsman, Area of Navi Mumbai and Thane
Jeevan Darshan Bldg., 3rd Floor, (excluding Mumbai Metropolitan Region).
C.T.S. No.s. 195 to 198,
N.C. Kelkar Road, Narayan Peth,
Pune – 411 030.
Tel.: 020-41312555
Email: bimalokpal.pune@cioins.co.in

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Annexure A:
Section 38 - Assignment and Transfer of Insurance Policies
Assignment or transfer of a Policy should be in accordance with Section 38 of the Insurance Act, 1938 as amended by the Insurance
Laws (Amendment) Act, 2015. The extant provisions in this regard are as follows:
a. This Policy may be transferred/assigned, wholly or in part, with or without consideration.

b. An Assignment may be effected in a Policy by an endorsement upon the Policy itself or by a separate instrument under notice
to the Insurer.
c. The instrument of assignment should indicate the fact of transfer or assignment and the reasons for the assignment or transfer,
antecedents of the assignee and terms on which assignment is made.
d. The assignment must be signed by the transferor or assignor or duly authorized agent and attested by at least one witness.
e. The transfer of assignment shall not be operative as against an insurer until a notice in writing of the transfer or assignment
and either the said endorsement or instrument itself or copy there of certified to be correct by both transferor and transferee
or their duly authorised agents have been delivered to the insurer.
f. Fee to be paid for assignment or transfer can be specified by the Authority through Regulations.
g. On receipt of notice with fee, the insurer should Grant a written acknowledgement of receipt of notice. Such notice shall be
conclusive evidence against the insurer of duly receiving the notice.
h. If the insurer maintains one or more places of business, such notices shall be delivered only at the place where the Policy is
being serviced.
i. The insurer may accept or decline to act upon any transfer or assignment or endorsement, if it has sufficient reasons to believe
that it is
i. not bonafide or
ii. not in the interest of the Policyholder or
iii. not in public interest or
iv. is for the purpose of trading of the insurance Policy.
j. Before refusing to act upon endorsement, the Insurer should record the reasons in writing and communicate the same in
writing to Policyholder within 30 days from the date of Policyholder giving a notice of transfer or assignment.
k. In case of refusal to act upon the endorsement by the Insurer, any person aggrieved by the refusal may prefer a claim to IRDAI
within 30 days of receipt of the refusal letter from the Insurer.
l. The priority of claims of persons interested in an insurance Policy would depend on the date on which the notices of assignment
or transfer is delivered to the insurer; where there are more than one instruments of transfer or assignment, the priority will
depend on dates of delivery of such notices. Any dispute in this regard as to priority should be referred to Authority.
m. Every assignment or transfer shall be deemed to be absolute assignment or transfer and the assignee or transferee shall be
deemed to be absolute assignee or transferee, except
1. where assignment or transfer is subject to terms and conditions of transfer or assignment OR
2. where the transfer or assignment is made upon condition that
i. the proceeds under the Policy shall become payable to Policyholder or Nominee(s) in the event of assignee or
transferee dying before the insured OR
ii. the insured surviving the term of the Policy. Such conditional assignee will not be entitled to obtain a loan on Policy
or Surrender the Policy. This provision will prevail notwithstanding any law or custom having force of law which is
contrary to the above position.
n. In other cases, the insurer shall, subject to terms and conditions of assignment, recognize the transferee or assignee named in
the notice as the absolute transferee or assignee and such person
i. shall be subject to all liabilities and equities to which the transferor or assignor was subject to at the date of transfer
or assignment and
ii. may institute any proceedings in relation to the Policy
iii. obtain loan under the Policy or Surrender the Policy without obtaining the consent of the transferor or assignor or
making him a party to the proceedings
o. Any rights and remedies of an assignee or transferee of a life insurance Policy under an assignment or transfer effected before
commencement of the Insurance Laws (Amendment) Act, 2015 shall not be affected by this section.
[Disclaimer: This is not a comprehensive list of amendments of the Insurance Laws (Amendment) Act, 2015 and only a simplified
version prepared for general information. Policy Holders are advised to refer to Original Act Gazette Notification dated March 23,
2015 for complete and accurate details. ]Annexure 2: Section 39 – Nomination by Policyholder

Mumbai – 400013

Annexure B:
Section 39 – Nomination by Policyholder
Nomination of a life insurance Policy is as below in accordance with Section 39 of the Insurance Act, 1938 as amended by the Insurance
Laws (Amendment) Act, 2015. The extant provisions in this regard are as follows:
1. The Policyholder of a life insurance on his own life may nominate a person or persons to whom money secured by the Policy shall
be paid in the event of his death.
2. Where the Nominee is a minor, the Policyholder may appoint any person to receive the money secured by the Policy in the event
of Policyholder’s death during the minority of the Nominee. The manner of appointment to be laid down by the insurer.
3. Nomination can be made at any time before the maturity of the Policy.
4. Nomination may be incorporated in the text of the Policy itself or may be endorsed on the Policy communicated to the insurer and
can be registered by the insurer in the records relating to the Policy.
5. Nomination can be cancelled or changed at any time before Policy matures, by an endorsement or a further endorsement or a will
as the case may be.
6. A notice in writing of Change or Cancellation of nomination must be delivered to the insurer for the insurer to be liable to such
Nominee. Otherwise, insurer will not be liable if a bonafide payment is made to the person named in the text of the Policy or in
the registered records of the insurer.
7. Fee to be paid to the insurer for registering change or cancellation of a nomination can be specified by the Authority through
Regulations.
8. On receipt of notice with fee, the insurer should grant a written acknowledgement to the Policyholder of having registered a
nomination or cancellation or change thereof.
9. A transfer or assignment made in accordance with Section 38 shall automatically cancel the nomination except in case of
assignment to the insurer or other transferee or assignee for purpose of loan or against security or its reassignment after
repayment. In such case, the nomination will not get cancelled to the extent of insurer’s or transferee’s or assignee’s interest in
the Policy. The nomination will get revived on repayment of the loan.
10. The right of any creditor to be paid out of the proceeds of any Policy of life insurance shall not be affected by the nomination.
11. In case of nomination by Policyholder whose life is insured, if the Nominees die before the Policyholder, the proceeds are payable
to Policyholder or his heirs or legal representatives or holder of succession certificate.
12. In case Nominee(s) survive the person whose life is insured, the amount secured by the Policy shall be paid to such survivor(s).
13. Where the Policyholder whose life is insured nominates his
(a) parents or
(b) spouse or
(c) children or
(d) spouse and children
(e) or any of them
14. If Nominee(s) die after the Policyholder but before his share of the amount secured under the Policy is paid, the share of the
expired Nominee(s) shall be payable to the heirs or legal representative of the Nominee or holder of succession certificate of such
Nominee(s).
15. The provisions of sub-section 7 and 8 (13 and 14 above) shall apply to all life insurance policies maturing for payment after the
commencement of the Insurance Laws (Amendment) Act, 2015.
16. If Policyholder dies after maturity but the proceeds and benefit of the Policy has not been paid to him because of his death, his
Nominee(s) shall be entitled to the proceeds and benefit of the Policy.
17. The provisions of Section 39 are not applicable to any life insurance Policy to which Section 6 of Married Women’s Property Act,
1874 applies or has at any time applied except where before or after the Insurance Laws (Amendment) Act, 2015, a nomination is
made in favour of spouse or children or spouse and children whether or not on the face of the Policy it is mentioned that it is made
under Section 39. Where nomination is intended to be made to spouse or children or spouse and children under Section 6 of MWP
Act, it should be specifically mentioned on the Policy. In such a case only, the provisions of Section 39 will not apply.
2015 for complete and accurate details.

Mumbai – 400013

Annexure C:
Section 45 – Policy shall not be called in question on the ground of mis-statement after three years
Provisions regarding Policy not being called into question in terms of Section 45 of the Insurance Act, 1938, as amended by the
Insurance Laws (Amendment) Act, 2015 are as follows:
1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 years from
b. the date of issuance of Policy or
c. the date of commencement of risk or
d. the date of Revival of Policy or
e. the date of rider to the Policy
whichever is later.
2. On the ground of fraud, a Policy of Life Insurance may be called in question within 3 years from
a. the date of issuance of Policy or
b. the date of commencement of risk or
c. the date of Revival of Policy or
d. the date of rider to the Policy
whichever is later.
For this, the insurer should communicate in writing to the insured or legal representative or Nominee or assignees of insured,
as applicable, mentioning the ground and materials on which such decision is based.
3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to
induce the insurer to issue a life insurance Policy:
a. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
b. The active concealment of a fact by the insured having knowledge or belief of the fact;
c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping
silence to speak or silence is in itself equivalent to speak.
5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured / beneficiary can prove that the
misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the fact or that such
mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the
Policyholder, if alive, or beneficiaries.
6. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact
material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which Policy was
issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or
Nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the
Policy of life insurance is based.
7. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on Policy till the date of
repudiation shall be paid to the insured or legal representative or Nominee or assignees of insured, within a period of 90 days
from the date of repudiation.
8. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer
to show that if the insurer had been aware of the said fact, no life insurance Policy would have been issued to the insured.
9. The insurer can call for proof of Age at any time if he is entitled to do so and no Policy shall be deemed to be called in question
merely because the terms of the Policy are adjusted on subsequent proof of Age of Life Insured. So, this Section will not be
applicable for questioning Age or adjustment based on proof of Age submitted subsequently.
2015 for complete and accurate details.]

Mumbai – 400013

ANNEXURE 1: GSV Factor (% of Total Premiums Paid)
Year of Policy Term-->

Surrender 25 30 35 40 45 46 47 48 49 50
1 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
2 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
3 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%
4 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
5 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
6 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
7 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
8 52% 52% 51% 51% 51% 51% 51% 51% 51% 51%
9 54% 53% 53% 52% 52% 52% 52% 52% 52% 52%
10 57% 55% 54% 54% 53% 53% 53% 53% 53% 53%
11 59% 57% 56% 55% 54% 54% 54% 54% 54% 54%
12 61% 59% 57% 56% 55% 55% 55% 55% 55% 55%
13 63% 60% 59% 57% 56% 56% 56% 56% 56% 56%
14 66% 62% 60% 58% 57% 57% 57% 57% 57% 57%
15 68% 64% 61% 60% 58% 58% 58% 58% 58% 57%
16 70% 66% 63% 61% 59% 59% 59% 59% 59% 58%
17 72% 67% 64% 62% 61% 60% 60% 60% 60% 59%
18 74% 69% 66% 63% 62% 61% 61% 61% 60% 60%
19 77% 71% 67% 65% 63% 62% 62% 62% 61% 61%
20 79% 73% 69% 66% 64% 63% 63% 63% 62% 62%
21 81% 74% 70% 67% 65% 64% 64% 64% 63% 63%
22 83% 76% 71% 68% 66% 65% 65% 65% 64% 64%
23 86% 78% 73% 69% 67% 66% 66% 66% 65% 65%
24 90% 80% 74% 71% 68% 67% 67% 67% 66% 66%
25 90% 81% 76% 72% 69% 68% 68% 68% 67% 67%
26 83% 77% 73% 70% 69% 69% 69% 68% 68%
27 85% 79% 74% 71% 71% 70% 70% 69% 69%
28 87% 80% 75% 72% 72% 71% 70% 70% 70%
29 90% 81% 77% 73% 73% 72% 71% 71% 70%
30 90% 83% 78% 74% 74% 73% 72% 72% 71%
31 84% 79% 75% 75% 74% 73% 73% 72%
32 86% 80% 76% 76% 75% 74% 74% 73%
33 87% 82% 77% 77% 76% 75% 75% 74%
34 90% 83% 78% 78% 77% 76% 76% 75%
35 90% 84% 79% 79% 78% 77% 77% 76%
36 85% 81% 80% 79% 78% 78% 77%
37 86% 82% 81% 80% 79% 79% 78%
38 88% 83% 82% 81% 80% 80% 79%
39 90% 84% 83% 82% 81% 80% 80%
40 90% 85% 84% 83% 82% 81% 81%
41 86% 85% 84% 83% 82% 82%
42 87% 86% 85% 84% 83% 83%
43 88% 87% 86% 85% 84% 83%
44 90% 88% 87% 86% 85% 84%
45 90% 90% 88% 87% 86% 85%

Mumbai – 400013

46 90% 90% 88% 87% 86%

47 90% 90% 88% 87%
48 90% 90% 88%
49 90% 90%
50 90%
Policy Term-->
Year of
Surrender 51 52 53 54 55 56 57 58 59 60
1 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
2 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
3 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%
4 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
5 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
6 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
7 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
8 51% 51% 51% 51% 51% 51% 51% 51% 51% 51%
9 52% 52% 52% 52% 52% 52% 52% 52% 52% 52%
10 53% 53% 53% 53% 53% 52% 52% 52% 52% 52%
11 54% 54% 53% 53% 53% 53% 53% 53% 53% 53%
12 55% 54% 54% 54% 54% 54% 54% 54% 54% 54%
13 55% 55% 55% 55% 55% 55% 55% 55% 55% 55%
14 56% 56% 56% 56% 56% 56% 56% 55% 55% 55%
15 57% 57% 57% 57% 57% 57% 56% 56% 56% 56%
16 58% 58% 58% 58% 58% 57% 57% 57% 57% 57%
17 59% 59% 59% 59% 58% 58% 58% 58% 58% 58%
18 60% 60% 60% 59% 59% 59% 59% 59% 58% 58%
19 61% 61% 60% 60% 60% 60% 60% 59% 59% 59%
20 62% 62% 61% 61% 61% 61% 60% 60% 60% 60%
21 63% 62% 62% 62% 62% 61% 61% 61% 61% 61%
22 64% 63% 63% 63% 63% 62% 62% 62% 62% 61%
23 65% 64% 64% 64% 63% 63% 63% 63% 62% 62%
24 65% 65% 65% 64% 64% 64% 64% 63% 63% 63%
25 66% 66% 66% 65% 65% 65% 64% 64% 64% 64%
26 67% 67% 67% 66% 66% 66% 65% 65% 65% 64%
27 68% 68% 67% 67% 67% 66% 66% 66% 65% 65%
28 69% 69% 68% 68% 68% 67% 67% 66% 66% 66%
29 70% 70% 69% 69% 68% 68% 68% 67% 67% 67%
30 71% 70% 70% 70% 69% 69% 68% 68% 68% 67%
31 72% 71% 71% 70% 70% 70% 69% 69% 68% 68%
32 73% 72% 72% 71% 71% 70% 70% 70% 69% 69%
33 74% 73% 73% 72% 72% 71% 71% 70% 70% 70%
34 75% 74% 73% 73% 73% 72% 72% 71% 71% 70%
35 75% 75% 74% 74% 73% 73% 72% 72% 72% 71%
36 76% 76% 75% 75% 74% 74% 73% 73% 72% 72%
37 77% 77% 76% 76% 75% 74% 74% 74% 73% 73%
38 78% 78% 77% 76% 76% 75% 75% 74% 74% 73%
39 79% 78% 78% 77% 77% 76% 76% 75% 75% 74%
40 80% 79% 79% 78% 78% 77% 76% 76% 75% 75%
41 81% 80% 80% 79% 78% 78% 77% 77% 76% 76%

Mumbai – 400013

42 82% 81% 80% 80% 79% 79% 78% 77% 77% 76%
43 83% 82% 81% 81% 80% 79% 79% 78% 78% 77%
44 84% 83% 82% 81% 81% 80% 80% 79% 78% 78%
45 85% 84% 83% 82% 82% 81% 80% 80% 79% 79%
46 85% 85% 84% 83% 83% 82% 81% 81% 80% 79%
47 86% 86% 85% 84% 83% 83% 82% 81% 81% 80%
48 87% 86% 86% 85% 84% 83% 83% 82% 82% 81%
49 88% 87% 87% 86% 85% 84% 84% 83% 82% 82%
50 90% 88% 87% 87% 86% 85% 84% 84% 83% 82%
51 90% 90% 88% 87% 87% 86% 85% 85% 84% 83%
52 90% 90% 88% 88% 87% 86% 85% 85% 84%
53 90% 90% 88% 88% 87% 86% 85% 85%
54 90% 90% 88% 88% 87% 86% 85%
55 90% 90% 88% 88% 87% 86%
56 90% 90% 88% 88% 87%
57 90% 90% 88% 88%
58 90% 90% 88%
59 90% 90%
60 90%
Policy Term-->
Year of
Surrender 61 62 63 64 65 66 67 68 69 70
1 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
2 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
3 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%
4 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
5 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
6 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
7 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
8 51% 51% 51% 51% 51% 51% 51% 51% 51% 51%
9 51% 51% 51% 51% 51% 51% 51% 51% 51% 51%
10 52% 52% 52% 52% 52% 52% 52% 52% 52% 52%
11 53% 53% 53% 53% 53% 53% 53% 53% 53% 53%
12 54% 54% 54% 54% 53% 53% 53% 53% 53% 53%
13 54% 54% 54% 54% 54% 54% 54% 54% 54% 54%
14 55% 55% 55% 55% 55% 55% 55% 55% 55% 54%
15 56% 56% 56% 56% 56% 55% 55% 55% 55% 55%
16 57% 57% 56% 56% 56% 56% 56% 56% 56% 56%
17 57% 57% 57% 57% 57% 57% 57% 57% 56% 56%
18 58% 58% 58% 58% 58% 57% 57% 57% 57% 57%
19 59% 59% 59% 58% 58% 58% 58% 58% 58% 58%
20 60% 59% 59% 59% 59% 59% 59% 59% 58% 58%
21 60% 60% 60% 60% 60% 59% 59% 59% 59% 59%
22 61% 61% 61% 61% 60% 60% 60% 60% 60% 60%
23 62% 62% 61% 61% 61% 61% 61% 60% 60% 60%
24 63% 62% 62% 62% 62% 62% 61% 61% 61% 61%
25 63% 63% 63% 63% 62% 62% 62% 62% 62% 61%
26 64% 64% 64% 63% 63% 63% 63% 62% 62% 62%

Mumbai – 400013

27 65% 65% 64% 64% 64% 64% 63% 63% 63% 63%
28 66% 65% 65% 65% 64% 64% 64% 64% 64% 63%
29 66% 66% 66% 65% 65% 65% 65% 64% 64% 64%
30 67% 67% 66% 66% 66% 66% 65% 65% 65% 65%
31 68% 67% 67% 67% 67% 66% 66% 66% 65% 65%
32 69% 68% 68% 68% 67% 67% 67% 66% 66% 66%
33 69% 69% 69% 68% 68% 68% 67% 67% 67% 67%
34 70% 70% 69% 69% 69% 68% 68% 68% 67% 67%
35 71% 70% 70% 70% 69% 69% 69% 68% 68% 68%
36 71% 71% 71% 70% 70% 70% 69% 69% 69% 68%
37 72% 72% 71% 71% 71% 70% 70% 70% 69% 69%
38 73% 73% 72% 72% 71% 71% 71% 70% 70% 70%
39 74% 73% 73% 72% 72% 72% 71% 71% 71% 70%
40 74% 74% 74% 73% 73% 72% 72% 72% 71% 71%
41 75% 75% 74% 74% 73% 73% 73% 72% 72% 72%
42 76% 75% 75% 75% 74% 74% 73% 73% 73% 72%
43 77% 76% 76% 75% 75% 74% 74% 74% 73% 73%
44 77% 77% 76% 76% 76% 75% 75% 74% 74% 73%
45 78% 78% 77% 77% 76% 76% 75% 75% 75% 74%
46 79% 78% 78% 77% 77% 76% 76% 76% 75% 75%
47 80% 79% 79% 78% 78% 77% 77% 76% 76% 75%
48 80% 80% 79% 79% 78% 78% 77% 77% 76% 76%
49 81% 81% 80% 79% 79% 78% 78% 78% 77% 77%
50 82% 81% 81% 80% 80% 79% 79% 78% 78% 77%
51 83% 82% 81% 81% 80% 80% 79% 79% 78% 78%
52 83% 83% 82% 82% 81% 81% 80% 80% 79% 79%
53 84% 83% 83% 82% 82% 81% 81% 80% 80% 79%
54 85% 84% 84% 83% 82% 82% 81% 81% 80% 80%
55 86% 85% 84% 84% 83% 83% 82% 81% 81% 80%
56 86% 86% 85% 84% 84% 83% 83% 82% 82% 81%
57 87% 86% 86% 85% 84% 84% 83% 83% 82% 82%
58 88% 87% 86% 86% 85% 85% 84% 83% 83% 82%
59 89% 88% 87% 86% 86% 85% 85% 84% 84% 83%
60 90% 89% 88% 87% 87% 86% 85% 85% 84% 84%
61 90% 90% 89% 88% 87% 87% 86% 85% 85% 84%
62 90% 90% 89% 88% 87% 87% 86% 85% 85%
63 90% 90% 89% 88% 87% 87% 86% 86%
64 90% 90% 89% 88% 87% 87% 86%
65 90% 90% 89% 88% 87% 87%
66 90% 90% 89% 88% 87%
67 90% 90% 89% 88%
68 90% 90% 89%
69 90% 90%
70 90%

Mumbai – 400013

ABSLI Nishchit Aayush Plan - Policy Contract - V02

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ABSLI Nishchit Aayush Plan - Policy Contract - V02

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Aditya Birla Sun Life Insurance

Nishchit Aayush Plan

PART A – WELCOME LETTER

Dear Mr. /Ms. <<Name of Policyholder>>

<Personalised Welcome Paragraph>

Chief Operations Officer

Aditya Birla Sun Life Insurance Company Ltd.

Freelook Period - Review Your Policy

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 1 of 28

PART A – POLICY SCHEDULE

Life Insured Name Date of Birth : dd/mm/yyyy

Age Admitted : Yes

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 2 of 28

Total Installment Premium

First Income Benefit Payment dd/mm/yyyy

Enhanced Guaranteed Lumpsum Income Benefit

Signed for and on behalf of

Aditya Birla Sun Life Insurance Company Limited

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 3 of 28

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 4 of 28

• “Major” is a person who is aged 18 years and above.

• “Minor” is a person who has not completed 18 years of age.

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 5 of 28

• “Special Surrender Value” means the value as specified in Section 4 of Part D.

• "Surrender" means complete withdrawal or termination of the entire Policy.

• “Sum Assured” is the amount as specified in the Policy Schedule.

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 6 of 28

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 7 of 28

PART C – POLICY FEATURES, BENEFITS AND PREMIUM PAYMENT

The Sum Assured on Death is the highest of,

Where Sum Assured is 10 times the Annualized Premium.

Staggered Death Benefit Option

Instalments Frequency Annual Monthly

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 8 of 28

6. Risk coverage for minor and vesting on attaining majority

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 9 of 28

PART D – POLICY TERMS AND CONDITIONS

3. Reduced Paid-Up (RPU) Benefits

where the RPU Factor is the ratio of:

Death Benefit for RPU Policies

Whole Life Income:

where, RPU Sum Assured on Death is the highest of:

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 10 of 28

Survival/ Maturity Benefit for RPU Policies

The Guaranteed Surrender Value (GSV) is defined as:

GSV Factors are provided in Annexure 1.

Aditya Birla Sun Life Insurance Company Limited

Policy Contract_V02_22/02/2023 Page 11 of 28

Aditya Birla Sun Life Insurance Company Limited