Birla Sun Life Term Plans
Birla Sun Life Term Plans
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Birla Sun Life Term Insurance

Previously known as the Birla Sun Life insurance company Limited, Aditya Birla Sun Life Insurance Company Limited is one of the leading private insurance providers in India. Aditya Birla Sun Life Insurance Company is the joint venture between Sun Life Financial Services Organization, a financial services organization in Canada and the Aditya Birla Group. The company started operations in January 2001. The company offer several products including term insurance that meet the requirements of existing and potential customers.

Types of Birla Sun Life Insurance Plans

1. ABSLI Life Shield Plan

Life Shield provides 8 different plan options to choose from to suit your family's needs in your absence. Along with this, it also provides inbuilt terminal illness benefit for added protection.

Key Features:

Joint Life Protection: The plan allows the policyholder to add his/her spouse under its protection. 50% of the sum assured will be used towards life cover for your spouse. However, this is only applicable if the life cover of the primary life insured exceeds Rs. 50,00,000.

Waiver of Premium on Total and Permanent Disability: If due to some reason, the policyholder becomes a victim of total and permanent disability, all future premiums will be waived off, without any effect on the death benefit.

Eligibility Criteria:

Entry Age18 years – 65 years (depending on the plan option)
Maximum Maturity Age85 years
Sum AssuredMinimum Sum Assured- Rs. 25 Lakhs
Maximum Sum Assured- No Limit

**Last Updated on 16-09-2020

2. ABSLI Protector Plus Plan

The Protector Plus Plan by Birla Sun Life is one among the leading traditional terms plans, which require the insured to pay a premium throughout the tenure of the plan. The insured may pay premium monthly, quarterly, half-yearly or yearly.

Key Features:

Coverage Options: The Birla Sun Life Protector Plus plan comes with two coverage options- Level Sum Assured and Increasing Sum Assured. Under the Level Sum Assured Option, the Sum Assured remains the same throughout the term of the insurance plan. On the other hand, the sum assured increases at 5% or 10% under the Increasing Sum Assured plan.

Death Benefit: In the event of the death of the insured during the tenure of the plan, the beneficiary is entitled to receive the higher of:

  • Sum Assured
  • 10x Annual Premium
  • 105% of all premiums paid till death

The beneficiary has the option of availing the death benefit either in instalments or in lump sum. The instalment option pays out 20% immediately after the claim is made and the benefit remaining may be availed over a period of 10, 15 or 20 years.

Eligibility Criteria:

Entry Age18 years – 65 years
Maximum Maturity Age70 years
Sum AssuredMinimum Sum Assured- Rs. 30 Lakhs
Maximum Sum Assured- No Limit

**Last Updated on 16-09-2020

3. ABSLI Future Guard Plan

The Future Guard by Birla Sun Life is a traditional term insurance plan with the return of premium option. The premium (under this plan) is payable by monthly, quarterly, half-yearly or on an annual basis.

Key Features:

Maturity Benefits: There are two variants of the plan- A and B. 100% of the premium paid is returnable under plan A while 110% or 150% of the premium paid is returnable under plan B, depending on the plan chosen.

Death Benefit: Under the Birla Sun Life Insurance Plan, the death benefit offered to the nominee in the event of unfortunate death of the insured during the policy tenure is the higher of the sum assured or 10x the annual premium or the maturity sum assured or 105% of the total premiums.

Tax Benefit: The insured is eligible to receive tax benefits for the premium paid towards the plan under Section 80C of the Income Tax Act, 1961.

Eligibility Criteria:

Entry Age18 years – 65 years
Maximum Maturity Age75 years
Sum AssuredMinimum Sum Assured- Rs. 5 Lakhs
Maximum Sum Assured- No Limit

**Last Updated on 16-09-2020

4. ABSLI Protect @ Ease Plan

The Protect @ Ease Plan by Birla is yet another affordable term insurance that comes with a high sum assured to compensate for the loss of income of the family in the event of the unfortunate death of the bread earner. The plan features an in-built terminal illness benefit and offers rewards to the insured for leading a healthy lifestyle.

Key Features:

Death Benefit: In the event of the untimely demise of the insured, the Protect @ Ease Plan offers a death benefit, which is the higher of minimum guaranteed sum assured on maturity, or absolute amount to be paid on death or 10x annualized premiums or 105% of the total premium paid till the death of the insured.

Joint Life Coverage: The insured also has the option of adding his/her spouse to the plan. 50% of the sum assured will be used towards life cover for your spouse. However, this option is only available if the life cover of the primary life insured exceeds Rs. 60,00,000.

Plan Options: Level Term Assurance and Increasing Term Assurance are two plan options under the Protect @ Ease Plan. While under the Level Term Assurance option, the sum assured will remain the same throughout the tenure of the plan, the sum assured will increase at 5% or 10% under the Increasing Term Assurance Plan, depending on the plan you opt for.

Enhanced Life Stage Protection: In case the insured opts for level term assurance, (s)he is presented with the option to increase the sum assured on specific events like marriage, the birth of the first child and birth of the second child. The insured has the option of increasing the sum assured by 50% (up to Rs. 50 Lakh) in the event of marriage and 25% (up to Rs. 25 Lakh) each in the event of the birth of two children.

Eligibility Criteria:

Entry Age18 years – 65 years
Policy Term5-40 years, subject to max-age of 80 years at the end of the policy term
Sum AssuredMinimum Sum Assured- Rs. 30 Lakhs
Maximum Sum Assured- No Limit

**Last Updated on 16-09-2020

Types of Birla Sun Life Riders

To enhance the basic term insurance coverage, Birla Sun Life comes with myriad riders. Listed below are some of the most offered riders by Birla Sun Life Insurance. The policyholder can purchase them along with the respective policy to avail its benefits.

Accidental Death and Disability Rider

Under this rider, the nominee is paid the rider sum assured in the event of unfortunate death of the insured during the policy tenure. In case of disability owing to an accident, the insured will be paid a percentage of the rider sum assured depending on the bodily injury. Both the death and disability benefit is paid within 180 days of the occurrence of the accident.

Surgical Care Rider

Under the Surgical Care Rider, the insured will be paid a lump sum benefit in case (s)he is hospitalized and undergoing a surgical procedure for at least 24 hours anywhere in India. The benefit chosen may vary between Rs. 3,000 and Rs. 30,000.

Critical Illness Rider

Under the Critical Illness Rider, the insured is paid 100% of the sum assured in case (s)he is diagnosed with 4 major critical illnesses including major organ or bone marrow transplant, first heart attack, a stroke which results in permanent symptoms and cancer of specific severity. The sum assured is paid off in case the insured survives 30 days after the date of diagnosis.

Hospital Care Rider

The Hospital Care Rider comes with a daily cash allowance for hospitalization for a minimum of 24 hour time period. ICU and recuperation benefits are also included in the rider. The allowance can range from Rs. 600 to Rs. 6,000 a day.

Waiver of Premiums

The waiver of premium rider comes into play in the event of accidental disability or death of the proposer. In that case, the premium for the base policy and the rider will be waived off.

How to Buy Birla Sun Life Term Insurance Plan?

You have two options to invest in Aditya Birla Sun Life Term Insurance. Let's take a look at them.

1. Buy via Birla Sun Life Insurance Company

  • Visit the official website of Birla Sun Life.
  • Go to the top of the page and click on 'All Insurance Plans'.
  • Click on Term Insurance Plans, following which you will be redirected to a new page.
  • Navigate to 'Term Insurance Plan by ABSLI' and click on 'Buy Online', following which a new page will appear.
  • Fill in your details including your name, date of birth, gender, nationality, mobile number and email address.
  • Click on 'Get me a quick quote' to proceed.
  • Select the amount of life cover, the term of the plan, the premium paying term, the frequency of premium payment, and other relevant details.
  • Click on the 'Proceed' button at the bottom of the page to proceed with the application.
  • Next, you must fill in your personal details and communication address and click on 'Proceed to Payment'.
  • Make the payment using your credit or debit card.
  • The copy of your insurance plan will be sent to you via mail.

2. Buy via PolicyX.com

  • Scroll up to the 'Get Birla Sun Life Term Insurance Quotes Online' section present at the top-right corner of this page.
  • Submit the required details such as your phone number, name, and D.O.B. Click on the tab 'Continue'.
  • Enter your Income, City, and then click on 'Proceed'. Please provide your education details and occupation type.
  • Choose the Birla Sun Life term insurance plan. Check the details and add relevant riders if needed.
  • Click on the tab 'Save & Continue'.
  • Click on the tab 'Pay Now'. It will redirect you to Birla Sun Life website.
  • Submit details and make the payment using available payment options.
  • You will receive the policy documents on your registered email address.

What is the Claim Process of Birla Sun Life Term Insurance?

Birla Sun Life provides its customers with a plethora of options to intimate the company regarding their claims. Let's take a look at all the options available.

Here is how you can file your claim online:

  • Visit Birla Sun Life Insurance website, scroll to 'Customer Service' and click on 'Claims'.
  • Tap on the 'Claim Intimation Process' and enter the policy number and date of birth of the life insured.
  • Tap on the 'Next' button to proceed with filing the claim.
  • Fill out the claim form and attach the necessary documents.
  • Click on 'Submit' for final submission.
  • On successful acceptance of the claim, the company will directly transfer the amount of claim to the registered bank account.
  • In case the claim is rejected, the company shall inform the same via mail/call/text.

Alternatively, you can also register your claim by sending a mail with your policy number and required documents to claims[dot]lifeinsurance[at]adityabirlacapital[dot]com. You can also visit the branch office or call toll free at 1800 270 7000 for claim-related queries or assistance.

What Are The Documents Required To Register Birla Sun Life Term Insurance Claim?

Listed below are the documents required to register for a term insurance claim.

  • Duly filled claim intimation form.
  • Death certificate issued by the local municipal body.
  • Cancelled cheque and photocopy of the passbook of the claimant.
  • Address proof and identity proof of the claimant/nominee.

Birla Sun Life Term Insurance : FAQs

1. How can I track the status of my Birla Sun Life Term Insurance Plan application?

To track the status of your term life insurance plan application, visit the Policy Tracker page of Birla Sun Life. Next, enter your policy number, date of birth, mobile number and click on 'Submit' to track the status of your application.

2. What is the procedure for premium payment of Birla Sun Life Term Insurance online?

Pay the initial or renewal premium of your Birla Sun Life Term Insurance Plan by visiting the payment page of Birla Sun Life. Enter your application number and insured date of birth and click 'Next' to proceed. Confirm your selection and select the payment option to pay your premium via credit and debit cards online.

3. I want to file my claim offline by visiting my nearest Birla Sun Life Branch Office. How do I locate the nearest branch office?

Locating the nearest Birla Sun Life branch office is simple. All you have to do is visit the Branch Locator on the Birla Sun Life Page, enter your location/city and you will be presented with a list of branch offices near your location.

Last updated on 16-09-2020