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We all have savings account, fixed deposits, and equity investments to create a reserve of funds to meet future financial expenses and earn profits. So, why not take term insurance plan to protect the family from the risk of uncertain deaths in addition to the above-mentioned things.
Birla Sun Life Insurance to fulfill the need for financial protection from unanticipated risk of death and terminal illnesses. Aditya Birla Sun Life Insurance is operating as the leading life insurance provider that was instituted in 2000 through the joint collaboration of Aditya Birla Capital Ltd and Sun Life Financial Inc.
Claim Settlement Ratio: First most significant thing to look before buying term insurance is claim settlement ratio of the company. Aditya Birla Sun Life with 96.4% as claim solvency ratio ensures the immediate safety and protection to the family at the time of eventualities.
Brand Value and Popularity: Secondly, the brand value that Aditya Birla Sun life has maintained in the insurance market is commendable by offering excellent service in term plans, health plans, and wealth protection plans and many more. The presence of company is not limited to domestic level but scattered to international boundaries.
Online Facility: The term plans such as DigiShield Plan and UltimaTerm Plan are the most demanding term insurance plans of Aditya Birla Sun Life due to the presence of online feature where the customer can register, intimate and receive the claim amount online with minimal efforts and time. The policyholder can also submit the payments of premiums through their credit/ debit cards or netbanking.
Tax Benefits: Aditya Birla Sun Life not only secures the family from the risk of death and critical illness but also provide unlimited tax benefits under each term insurance plans.
Wide Network of Satisfied Customers: Aditya Birla Sun Life believes in long term relationship with the valuable customers as they help in promoting and developing business. With over 16 lakhs active customers present all around the country, the company has gained a profitable chain of customers.
Flexibility and Affordability: Aditya Birla Sun Life due to sharp understanding of customer need for freedom, flexibility, and affordability have launched an array of term plans. These plans give you the option to choose the premium paying term, policy term, sum assured, premium paying frequency and rider benefits at cheap and affordable rates of premium.
Awards and Recognition: Aditya Birla Sun Life insurance has claimed the title of largest Private Life Insurance Companies in India along with awards like Golden Peacock Award (corporate excellence), Best Life Insurer (runner up) etc in the past years.
Birla Sun Life Insurance has framed various term insurance policies to cater to the emerging needs of people to protect their family from future risks.
This is an online term insurance plan which can be tailor-made in correspondence to the existing demands of the assured with death benefit and joint life protection.
Inbuilt terminal illness benefit that pays whole sum assured on just detection of the illness.
Two plan options are available to the assured namely-
Level Term Assurance Option -The sum assured will remain the same throughout the policy term.
Increasing Term Assurance Option -The sum assured will keep on rising by the rate of 5% or 10% per annum.
Pays your family on death either in-
Staggering Payment Fixed Monthly Income
Option to include your spouse under joint life protection plan where maximum of two lives can be assured.
Rise your sum assured amount to 50% of the basic coverage on the occurrence of life stage events like childbirth, marriage of children etc.
No requirement to present for medical check-ups to purchase the policy.
This plan delivers regular monthly income to the family of deceased assured and help in living the same lifestyle as earlier.
Waives the premium for women on the delivery of child where the female life assured becomes incapable of paying premiums due to abrupt financial responsibilities of newborn baby.
Offers 4 plan options by keeping in mind the requirements of different policyholders.
Option 1 -On death, whole sum assured will be paid in fixed monthly income
Option 2 - On death, the nominee will receive income benefit every year for 10/ 20 years increasing at a rate of 5% annually.
Option 3 - On death, the nominee is assured with a regular fixed payment of sum assured as income benefit along with benefit of waiver of premium. Waiver of premium is only offered when life assured suffers from critical illness or total permanent disability, whichever happens first.
Option 4 - On death, the income benefit is paid in regular income for a limited period at an increasing rate of %5 applicable. Also, future premiums will be waived off in case the life assured is diagnosed with critical illness or total permanent disability, whichever happens first.
Income benefit is paid as 1.25% of the sum assured along with the benefits attached to the option selected.
Covers 14 critical illness related to major body organs if death has happened due to illness.
Reduces or waives the premium amount if the life assured shows any symptoms of permanent disability and critical illness.
Get yourself protected from the risk of accidental death by taking Accidental Death Benefit Rider Plus.
This term insurance plan assures the interest of life assured by providing flexibility in choosing coverage type, premium paying term, death benefit options, and rider options.
Death benefit is payable either in lumpsum to meet the immediate financial demands or staggered payment with fixed annual income to live current lifestyle in future too.
50% of sum assured is paid on the investigation of terminal illness.
Include your spouse under Joint Life Protection option.
Surrender benefit is payable on selecting Option 7 and 8.
Choose from any one of the 8 coverage options as discussed below-
Option 1 - Level term Assurance throughout the life of the policy.
Option 2 - Level term Assurance in combination with waiver of premium in case the assured get infected with critical illness and total permanent disability.
Option 3 - Increasing term assurance with a limited increase of 5% to 10% per year disregard of premium.
Option 4 - Just like Option 3, this also offers Increasing term assurance in supplementary with waiver of premium only applicable when assured is investigated with critical illness and total permanent disability.
Option 5 - Helpful when you have loan and liabilities to meet at the same time wanting to give financial protection to family.
Option 6 - Decreasing sum assured with waiver of premium only available under critical illness and total permanent disability.
Option 7 - Return of premium if policy gets mature without the death of life assured.
Option 8 - Future premiums will be waived off on the happening of critical illness and total permanent disability along with the return of premium on surviving till the date of maturity.
|Birla Sun Life Term Insurance Plans||DigiShield Plan||UltimaTerm Plan||Income Shield Plan||Life Shield Plan|
|Minimum Age of Entry||18 years||18 years||18 years||18 years|
|Maximum Age of Entry||65 years||65 years||50 years||65 years|
|Maximum Age of Maturity||85 years||85 years||75 years||80 years|
|Term of the Policy||5 years to 50 years||
||10 years to 40 years||For Option 1-6:: 10 years
For Options 7 and 8: 20 years 50 years
|Minimum Sum Assured||Rs 30 lakhs||Rs 1 crore||Rs 5 lakhs||Rs 25 lakhs|
|Maximum Sum Assured||No limitations (regards to underwriting)||No limitations (regards to underwriting)||No limitations (regards to underwriting)||No limitations (regards to underwriting)|
|Premium Paying Term||
|Premium Paying Frequency||Yearly/ Half Yearly/ Monthly/ Quarterly||Yearly/ Half Yearly/ Monthly/ Quarterly||Yearly/ Half Yearly/ Monthly/ Quarterly||Yearly/ Half Yearly/ Monthly/ Quarterly|
1. Birla Sun Life Accidental Death and Dismemberment Benefit
On the death of the life assured due to an accident, the family will be provided accidental death benefit along with the basic sum assured amount.
The claim for accidental death and dismemberment must be informed within 180 days after the event has taken place.
Benefits payable depicted below-
|Event||Sum Assured Payable|
|In case of Accidental Dismemberment:|
|Loss of limb (one arm or one leg)||50%|
|Loss of eyesight in one eye||50%|
|Eyesight loss in both eyes||100%|
|Loss of more than one limb.||100%|
|Loss of eyesight plus loss of one limb||100%|
To become eligible for Accidental Dismemberment claim, the life assured must fulfill any one of the following situations-
Loss of limb (one arm or one leg)
Loss of eyesight in one eye
Eyesight loss in both eyes
Loss of more than one limb.
Loss of eyesight plus loss of one limb
2. Birla Sun Life Critical Illness Plus Rider
The illness that is chronic in nature and can severely affect the immunity of the body. The critical illness must be tested and confirmed by a medical practitioner and benefit is paid if assured survived for a minimum 30 days.
Only the in-patient treatment facility is available.
Medical practitioner who is conducting the diagnosis of the assured must be certified by the Medical Council of India or of any state governed by the government of India.
Illness due to intake of drugs, narcotics, and alcohol are considered for coverage.
Any diseases occuring in the first 90 days starting from the period of commencement of the policy.
First heart attack
Open chest CABG
Kidney failure (demanding timely dialysis)
Major Organ/Bone Marrow Transplant (Kidney/ Liver/ Lung/ Heart)
Major Surgery Of Aorta
Stroke Resulting in Permanent Symptoms
Coma of Specified Severity
Alzheimer’s Disease happening before attaining the age of 60 years
Cancer of Specific Severity
Heart Valve surgery
Permanent Paralysis of Limbs
Benign Brain Tumor
3. Birla Sun Life Surgical Care Rider
Birla Sun Life through this rider option want to infuse some feature of health insurance to give a wide variety of choices to the policyholders. Under this option, assured have access to treatment for all the major and minor surgeries in a hospital.
The hospitalization is for a minimum period of 24 hours or a day.
The surgery must be approved and mandated by a medical practitioner.
20% of rider sum assured can be availed in a given policy year.
Up to 100% of rider sum assured is payable during the entire policy term.
For major surgeries: Assured will receive 10% of the rider sum assured if the surgery is taken for the brain, heart (involving coronary arteries), liver, and lung.
For minor surgeries: Assured will receive 2% of the rider sum assured if the surgery is taken apart from organs mentioned in major surgeries.
4. Birla Sun Life Hospital Care rider
This rider benefit enables the life assured to take advantage of hospitalization of any illness whose treatment duration must last for a minimum time period of 24 hours.
Daily cash benefit: Once admitted to a hospital for treatment the daily cash limit supplied by the company would be 0.4% if the rider sum assured for each day.
ICU benefit: Here also, the ICU cost allowed for each day would be 0.4% if the rider sum assured beginning from the date of reception of patient in the hospital.
Recuperating Benefit: Under this benefit, if the hospitalization has lasted for a minimum period of 7 days for the same illness, then the assured is provided 1.25 of rider sum assured. The hospital where treatment is operating can be different
The illness must be the same for which daily cash and ICU benefits have been exercised after hospitalization.
Assured can claim ICU benefit for a maximum of 15 days each policy year.
Recuperating benefit can be claimed once in the whole policy term.
The benefits payable must not be more than 100% of rider sum assured in the entire life of the policy.
The minimum hospital cash limit is Rs 600 each day and maximum can be s 6,000 per day as opted during the purchase of rider.
5. Birla Sun Life Permanent Total Disability Rider
When the life assured faces any permanent disability symptoms and that continues for whole life are given due coverage after opting this rider.
The life assured must accomplish the following conditions-
Inability to return to normal life due to loss of both the arm/ both the legs/ one arm and one leg/ both eyes.
Have lost the capacity to work in the desired occupation/ profession and to earn to meet daily expenditures.
The disability must be declared by the treating doctor as irrecoverable.
The disability must occur within 180 days after the assured met by the accident.
If the life assured commits suicide in the first year of the policy, then the company will compensate the family for the premiums paid till the death date starting the date of inception or revival date of the policy. The nominee will receive all the premium paid with a deduction of taxes and stamp duty.
All the plans are fabricated with the objective of giving satisfactory benefits to policyholders when they need it the most. Birla Sun Life insurance company saves time through the online facility of claim settlement with lesser amount of paperwork and fast processing of claim within four days.
1. What is a terminal Illness?
A terminal is identified as a diseases which cannot be cured or rectified with any specialized treatment. Claims for terminal illness is only accepted when the death of assured is bound to happen within 6 months as certified by the treating Medical Practitioners listed by the company.
2. How can a policyholder intimate about the claim?
Nominee or claimant can inform about the claim through-
Online submission of claim by identifying policy number and other details.
Writing Email on the official ID of the company.
Visit the nearest branch of Birla Sun Life.
Call on the toll-free number.
3. How many days are given for submission of documents?
After the claim request has been made, the claimant has 15 days to collect all the evidence in the form documents for approval of claim.
4. What documents are required for a death claim?
Claimant statement in the claim form.
Photocopy of claimant's Identity & relationship proof duly attested by himself/ herself.
Death Certificate issued by the district officials of state government or by a local municipal body.
Original Policy document (if available)
5. What is the claim procedure for Birla Sun Life Term Insurance Plans?
Inform the Birla Sun Life about the claim through various ways as discussed in the above FAQ.
Gather all the necessary documents supporting the claim.
The claim assessing authorities will deeply examine each and every document. The decision will be communicated to the claimant after verification.
If all the documents are duly submitted, Birla Sun Life will give an acceptance letter.
The payment of the claim registered will be made directly into the account of claimant/ beneficiary.
However, if the company found any discrepancies in the evidence provided, the claim can be repudiated.
6. In how many days does Birla Sun Life process the payment of claim?
Claim Settlement without investigation- 30 days
Claim Settlement with investigation- 90 days plus an extra 30 days for the closure of case.
7. Does my term policy lapse after non-payment of premium?
No, the life assured will be provided a time limit of 30 or 15 days also called grace period to complete the payment of premium in a policy year. Grace period will fluctuate according to the premium paying term selected-
For annual/ semi-annual/ quarterly mode: 30 days
For monthly mode: 15 days