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Birla Sun Life Insurance Co. Ltd. or BSLI is considered one of India's most trustworthy and foremost insurance organizations. It's a combined endeavor by Aditya Birla Group, a sincere multinational enterprise with a global presence and Sun Life Financial Inc., one of Canada's top financial service organization.
Birla Sun Life Insurance Co. Ltd. started its operations in India, in 2000. It now has over a decade of enjoying in the insurance sector and has emerged as one of India's leading insurance groups. It is ranked among the top seven personal area life insurance companies in India. Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of India's leading life insurance companies offering a range of products across the customer's lifecycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans ("ULIPs").
The financial goal is on the list of every person. In India, everyone thinks of building a strong financial background so that in future their loved one would not suffer. Life insurance plans offer that financial security so your loved would be able to deal with different types of financial crisis.
CertaintyOnce you set your financial goal, then the life insurance plan is the best way to achieve it. Moreover, it is the best financial assistance that your family member would receive in case of your death.
Tax efficientLike other health insurance plans, this plan also offers the tax benefits. Under the SEC 10(10D) and Section 80C, you will be able to avail tax benefits.
FlexibilityLife insurance plans are really flexible in terms of asset allocation that go well with specific requirements.
Wider optionsUnder a life insurance plan, you have several options to choose from. Different types of loans help you in dealing with different types of requirements.
Insurance for Financial SecurityLife insurance is the best way to secure your family and their future needs. It helps you by offering a contingent liabilities such as hospitalization, debt redemption, critical illness in the most cost-effective manner.
Accident benefitIt is basically an add-on cover to your basic life insurance plan. It offers an additional sum assured amount to the nominee in case of death because of the accident. Since we all know that the death issue and in such cases the family will face different forms of problems such as relocation, debt servicing ad several other requirements.
Retirement planningWith the help of effective retirement life insurance plan, you can easily secure your post-retirement life, Your needs would be taken care of. In return for your premium, the company will pay a sum assured amount that you can use to enjoy our post-retirement life further.
Term Insurance is the traditional typical insurance plan that is affordable for the policyholder and provides financial stability and complete protection for the loved ones of the policyholder and provides cover against any type of unforeseen events.
ABSLI Protector Plus PlanAditya Birla Sun Life Insurance Life Shield Plan that offers you the flexibility to make a combination from amongst 8 different plan options as per your family's needs so they need not compromise on their lifestyle, even in your absence.
Features| Entry Age (age last birthday) | 18 to 65 years |
| Maximum Maturity Age | 80 years |
| Policy Term Minimum | For Plan Option: 1 | 2 | 3 | 4 | 5 | 6 – 10 years For Plan Option: 7 | 8 or 20 years Maximum: 50 years |
| Premium Paying Term | Single Pay | Limited Pay – 6, 8 Years | Regular Pay |
| Premium Mode | Annual | Semi-annual | Quarterly | Monthly |
| Sum Assured | Minimum – Rs.25,00,000 Maximum – No Limit (subject to underwriting guidelines) |
ABSLI DigiShield offers you the freedom to choose your sum assured and plan option, depending on your needs. Once you choose a sum assured, the plan option determines the enhancements to your chosen life cover over the course of your policy. It provides the flexibility to choose your policy term and premium paying term.
FeaturesComplete financial protection at an affordable cost
| Entry Age | 18 to 65 years |
| Maximum Maturity Age | 80 years |
| Plan Option | I - Level Term Assurance II - Increasing Term Assurance |
| Policy Term | 5 to 40 years |
| Premium Paying Term | Single Pay | Limited Pay - 5 | 7 years | Regular Pay |
| Premium Mode | Annual | Semi-annual | Quarterly | Monthly |
| Sum Assured | Min.: Rs.30,00,000 Max.: No Limit (subject to underwriting guidelines) |
It offers the financial support needed to protect your loved ones even in case of death or other unforeseen circumstances. It ensures that the family continues to earn the same monthly salary or income necessary to enjoy the same lifestyle as earlier. It allows you to enhance your insurance with an appropriate rider option.
Features| Entry Age (age last birthday) | 18 - 50 years |
| Maximum Maturity Age | 75 years |
| Premium Paying Term (PPT) | Regular Pay, Limited Pay – 6 | 10 Years |
| Policy Term | 10 to 40 years |
| Income Benefit Term | 10 – 20 Years |
| Sum Assured | Min.: Rs.500,000 Max.: No Limit |
| Premium Mode | Annual, Half-yearly, Quarterly & Monthly |
Wealth with Protection or Unit Linked Insurance Plan, which is also popular by the name of wealth insurance plan is basically a complete package of investment and insurance cover. It allows you to do wealth enhancement. In ULIPs, a part of the premium is reserved for a life insurance and rest is invested in different forms of investments that includes stocks, bonds and much more.
ABSLI Wealth Max PlanIt safeguards your wealth against the market volatilities and averages out the risks associated with the equity market. Under this option, you get access to a well-established suite of 11 segregated funds, complete control on how to invest your premiums.
Features| Entry Age (age last birthday) | 30 days* - 70 years, subject to minimum attained age of 18 at maturity |
| Policy Term | 5 |10 | 15 | 20 years |
| Premium Paying Term | Single pay |
| Basic Premium | Minimum: Rs.100,000 for policy term 5 & 10 years Minimum: Rs.200,000 for policy term 15 & 20 years |
| Basic Sum Assured | 1.25 | 5 | 10 times the Basic Premium |
It allows you to manage and administer your investment portfolio on your behalf and according to your risk profile. With this investment option, you can systematically participate and eliminate the need to time your investments into the market.
Features| Policy Term | Whole Life |
| Entry Age | 30 days* to 60 years |
| Pay Term | 5 to 30 years |
| Maximum PPT | Attained age at the end of premium paying term must be 75 years or less |
| Basic Premium | Minimum Rs. 20,000 p.a. if paid annually
Minimum Rs. 30,000 p.a. if paid semi-annually Minimum Rs. 60,000 p.a. if paid monthly or quarterly |
| Top-up Premium | Minimum Rs. 5,000 |
Upon the unfortunate demise of the life insured prior to maturity, ABSLI will pay to the nominee the Basic Sum Assured plus the Basic Fund Value as on the date of intimation of death. In addition, ABSLI will also pay the top-up sum assured plus the top-up fund value as on the date of intimation of death
Features| Entry Age (age last birthday) | 30 days* – 65 years |
| Maturity Age | Minimum – 18 years Maximum – 75 years |
| Policy Term | 10 | 15 | 20 | 25| 30 years |
| Premium Paying Term | 5 pay |
| Basic Premium Minimum Rs.1,80,000 p.a. if paid Monthly | Minimum Rs.1,00,000 p.a. if paid AnnuallyMinimum Rs.1,80,000 p.a. if paid Monthly |
| Top-up Premium | Minimum Rs. 5,000 |
| Pay Mode | Annual, Monthly |
In case of emergencies, you can surrender your policy to us anytime during the policy term. Any such surrender will be treated according to the complete withdrawal as mentioned in the policy discontinuance section.
Features| Entry Age | 30 days* to 55 years (subject to max maturity age of 75 years |
| Policy Term | 20 | 25 | 30 | 35 | 40 year |
| Premium Paying Term (PPT) | 5 | 10 | 15 | 20 years |
| Minimum Basic Premium | 40,000 |
| Minimum Sum Assured | 4,00,000 |
| Top-up Premium | Minimum Rs. 5,000 |
In the unfortunate event the life insured dies while the policy is in effect, ABSLI will pay immediately to the nominee the basic sum assured plus top-up sum assured, if any. The death benefit shall never be less than 105% of total premiums paid to date (excluding GST).
Features| Classic Option | Assured Option | |
| Entry Age (age last birthday) | Minimum - 30 days* Maximum - For 5 Pay: 50 years For 6 Pay & 7 Pay: 55 years For 8 Pay and above: 60 years |
Minimum - 18 years Maximum - For 5 Pay, 6 Pay & 7 Pay: 45 years For 8 Pay and above: 50 years |
| Maturity Age | 18 to 70 years | 28 to 60 years |
| Policy Term | Minimum - 10 years Maximum - For 5 Pay: 20 years For 6 Pay: 35 years For 7 Pay and above: 40 years |
Minimum - 10 years Maximum - For 5, 6 & 7 Pay: 15 years For 8 pay and above: 40 years |
| Premium Paying Term (PPT) | 5 to 40 years | 5 to 40 years |
| Minimum Sum Assured | Rs. 3,00,000 | Rs. 3,00,000 |
Child insurance is basically designed to help you save for your child's future education, marriage and other important milestones in your child's life.
ABSLI Vision Star PlanABSLI Vision Star Plan’s main aim is to ensure that your child doesn't miss out on opportunities due to insufficient funds. ABSLI will declare simple reversionary bonuses regularly at the end of each financial year and that will be added to your policy on its policy anniversary.
Features| Entry Age (age last birthday) | 18 – 55 years |
| Max Maturity Age | 75 years |
| Minimum Policy Term | For Option A - 16 years (maximum of 23 years) For Option B - 14 years (maximum of 21 years) |
| Premium Paying Term | 5 -12 years |
| Minimum Sum Assured | Rs.100,000 |
| Premium Frequency | Annual, Semi-annual, Quarterly and Monthly |
Pension plans are also popularly known as retirement plans. Under the same you can use a part of your current savings to secure your post-retirement life. Some people think that they have enough savings for their retirement, but it is a fact that savings get exhausted quickly, so with the help of the best pension plan you can safeguard your post-retirement life easily.
ABSLI Empower Pension planThis is a non-collaborating, unit linked pension plan. This complete and simple pension plan helps you to gather your funding returns and premiums right into a bulk quantity so that you can lead a secure and independent life after retirement.
Features| Entry Age (age on last birthday) | 25 –70 years |
| Accumulation Period | 5 – 30 years subject to maximum vesting age of 80 years |
| Pay Term | Regular pay |
| Basic Premium | Minimum Rs.18,000 p.a. if paid annually Minimum Rs.24,000 p.a. if paid semi-annually Minimum Rs.30,000 p.a. if paid quarterly, or Minimum Rs.36,000 p.a. if monthly |
This plan enables you to have a lump sum amount just like the EPF. This plan serves as a financial planning tool that lets you combine your savings and bulk payouts that you could turn into ordinary income.
Features(1)Tax benefits are subject to changes in tax laws. Please consult your tax advisor for more details.
Eligibility| Age at entry | 30 to 90 years |
| Frequency of income | Monthly, quarterly, semi-annual or annual |
| Purchase price | Min. Regular Income of Rs.1,000, Rs.3,000, Rs.6,000 or Rs.12,000 for monthly, quarterly, semi-annual and annual mode of annuity payment |
This plan allows you to pick your premium amount, your vesting date and your risk profile. It is a non-collaborating, unit-linked pension plan and it helps you to use your savings and investments as a source of regular profits after retirement.
Benefits| Entry Age (age last birthday) | 25 – 70 years |
| Accumulation Period | 5 – 20 years, subject to maximum vesting age of 80 years |
| Pay Term | Single pay |
| Single Premium | Minimum : Rs.1,00,000 Max : - No limit |
Savings with Protection Solutions allows you to save money in small amounts, with the added benefits of a life cover and tax-free returns on the endowment insurance plan.
ABSLI SecurePlus PlanAfter the completion of the policy term, you will start receiving Income Benefit payouts at the end of each year during the Payment Period which are fully guaranteed. These payouts are a predefined percentage of the annual premium paid by you.
Features| Entry Age | 5 years - 50 years (age last birthday) |
| Maximum Maturity Age | 63 years (age last birthday) |
| Pay Term | 13 years |
| Minimum Premium | Rs.50,000 p.a. for annual mode, Rs.36,000 p.a. for monthly mode |
| Payment Period | For Income Benefit Option A – 6 years (from the completion of policy term) For Income Benefit Option B – 12 years (from the completion of policy term) |
| Sum Assured* | Sum Assured will be determined based on your entry age and the premium amount you commit to pay in a policy year |
| Minimum Sum Assured | Rs.5,22,000 |
It is a traditional participating plan, which provides you with regular liquidity to meet your financial requirements along with adequate life cover against any unfortunate event.
FeaturesRegular payouts as a pre specified percentage of sum assured at the end of eve fourth or fih policy year throughout the policy term
Safety to your loved onesComprehensive financial protection of your family depending on your choice of Sum Assured
Eligibility| Entry Age (age last birthday) | 13 – 45 years |
| Policy Term | 20, 24, 25 years |
| Premium Paying Term | 10 years for a 20 year policy term 12 years for a 24 or 25 year policy terms |
| Minimum Sum Assured | Rs.1,00,000 |
| Premium Frequency | Annual, Semi-annual, Quarterly and Monthly |
A traditional participating whole life plan that helps you to not only plan your financial goals but also realize your dreams by providing you with a steady income and whole life cover.
Features5% of the Sum Assured guaranteed plus bonus every year after premium paying term
| Entry Age (age last birthday) | 30 days* – 60 years |
| Policy Term | Whole Life to Age 100 |
| Premium Paying Term | 8 | 10 | 12 | 15 to 40 years |
| Minimum | Attained Age at end of Premium Paying Term is 18 or more |
| Maximum | Attained Age at end of Premium Paying Term is 75 or less |
| Minimum Sum Assured | Rs.2,00,000 |
It not only helps you save money regularly but also enables its steady growth over time. With this plan, you and your loved ones gain peace of mind and the potential of a secure financial future to meet your financial needs.
Features| Entry Age (age last birthday) | 18 - 50 years |
| Policy Term | 10, 15, 20 years |
| Premium Paying Term For policy term 10 years | Regular pay For policy term 15 years: 10 years - Regular pay For policy term 20 years: 10 years, 15 years - Regular pay |
| Minimum Sum Assured | Rs.30,000 |
| Maximum Sum Assured | Rs.10,00,000 |
| Premium Frequency | Annual, Semi-annual, Quarterly or Monthly (all modes except Annual allowed through ECS only) |
It is designed to provide long-term financial security for you and your family. With the flexibility to decide your policy term, you can enjoy life protection up to age 100 and steady growth to your savings over time so that you can relax and enjoy your life with complete peace of mind.
Growth in your savingsEnhance your savings by regular bonuses throughout the policy term starting from the first policy year
Safety of your loved onesComprehensive financial protection to you and your family up to age 100
Eligibility| Entry Age (age last birthday) | 30 days* – 60 years |
| Policy Term | 15 to 35 years |
| Minimum | Attained Age at end of Premium Paying Term is 18 or more |
| Maximum | Attained Age at end of Premium Paying Term is 75 or less |
| Premium Paying Term | Regular pay |
| Minimum Sum Assured | Rs.2,00,000 |
| Minimum Premium | Rs.12,000 p.a. |
This plan helps you plan your future better by creating a corpus in the long run that helps you realise your dreams and various financial goals.
In the event of the Life Insured surviving to the end of the Premium-Paying Term, the Life Insured will receive:
Option A: Assured Income of 8.0% of Sum Assured per annum payable monthly after the premium-paying term till maturity of the policy
Option B: Accumulate the Assured Income and receive as a lump sum at the end of policy term. The accrued Assured Income will be increased to 130% (for policy terms of 15, 17 and 20 years) and 150% (for policy terms of 22 and 25 years)
Eligibility| Entry Age | 8-60 years (subject to max attained age of 75 years at end of policy term) |
| Maximum Maturity Age | 5 years for 15 years policy term 7 years for 17 | 22 years policy term 10 years for 20 | 25 years policy term |
| Minimum PPT | Attained age at the end of premium-paying term must be 18 years or more |
| Maximum PPT | Attained age at the end of premium-paying term must be 65 years or less |
| Minimum Sum Assured | Rs.1,00,000 |
With this plan, your investment can go a long way in building a safe and financially sound future for your family, today as well as in the years to come.
BenefitsSum Assured on Death, plus
Option A - Sum Assured on Death is maximum of 100% of Sum Assured or Maturity Sum Assured(2) or 10 times the annual premium payable.
Option B - Sum Assured on Death is maximum of 150% of Sum Assured or Maturity Sum Assured(2) or 10 times the annual premium payable.
Eligibility| Entry Age | 30 days* – 60 years(subject to maximum maturity age of 70 years) |
| Policy Term | 10 – 40 years |
| Premium Paying Term | 7, 10, 15, 20 years, Regular Pay |
| Minimum Sum Assured | Rs.1,00,000 |
| Minimum Premium | Rs.2,495 p.a. |
This plan offers joint life option under which, two lives i.e. you (Primary life insured) and your spouse (Secondary life insured) are covered under the same policy and also jointly own the policy. The sum assured applicable to your spouse shall be equal to 20% of your applicable sum assured.
Features| Entry Age | 30 days* - 60 years |
| Policy Term | 12, 14, 16, 18, 20, 22, 24 & 26 years |
| Premium Paying Term | 6 years for policy term of 12/14 8 years for policy term of 16/18 10 years for policy term of 20/22 12 years for policy term of 24/26 Minimum |
| Maturity Age | 18 years |
| Minimum Premium | Rs.15,000 |
All interested cosnumers who want to invest their hard earned money in Birla Sun Life Insurance have to provide a few documets for the verification and eligibility process. The documents to be submitted is as follows:
To provide more ease to its customers, Birla Sun Life insurance Company has launched an online premium payment optionthrough which consumers can easily make payment ontime without any penalty.
Policyholders who wants to avail this service should follow the procedure given below:
For Birla Sun Life Insurance Login, we are giving the Login process steps for the convenience of the customer.
If you want to renew your life insurance policy, you have to make the premium payment and communicate the same to the company through email/a letter whereupon the policy will be renewed.
You can cancel your Birla Sun Life Insurance policy online by filling in the Surrender Form and submitting it as well as ceasing all premium payments.
The e-receipt can be generated by filling in details requested in the ‘Premium Paid Certificate’ link, which can be found on the company’s homepage.
You can contact them through email, by calling on the toll-free number (1-800-270-7000) from Monday to Friday or by visiting a Birla Sun Life Insurance branch office.
Claim amounts are disbursed to the nominee/assignee/appointee under Birla Sun Life policies.
Once the policy has acquired Surrender Value, a loan can be taken against it. Every policy has different loan amounts that can be taken depending on the policy.
On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.
“The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.
In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.
In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.
Right now, there are 24 life insurers and 33 general insurance companies operating in the country.
Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.
Monday November 13, 2017
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