Aditya Birla Life Shield Plan
Aditya Birla Life Shield Plan
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Aditya Birla Life Shield Plan

Aditya Birla Life Shield is a non-linked, non-participating term plan, which is designed to offer flexibility to choose amongst 8 plan options to guarantee the financial stability of your family. To offer maximum comfort, the plan allows the insured to cover his/her spouse under the same plan.

Eligibility

Age of entry (age of last birthday)

Plan options 1/3/5/7: 18-65 years

Plan options 2/4/6/8: 18-50 years

Maximum maturity age

85 years

Policy Term

10-55 years (may vary as per chosen plan option)

Premium payment term

Single pay | Limit pay- 6,8,10 years | Regular pay

Premium mode

Annual, semi-annual, quarterly, monthly

Sum assured

Minimum- Rs. 25,00,000

Maximum - No limit (subject to warranty guidelines)

**Last Updated on 22-12-2020

What are the key features of Aditya Birla Life Shield Plan?

  • Multiple choices: Under this plan, you have the freedom to choose between 8 plan options to suit different protection needs.
  • Riders: To enhance the overall protection, the insured can choose between 5 riders. Each of them has its list of benefits.
  • Tax benefits: Under the Income Tax Act, 1961, the plan provides tax benefits for premiums paid.
  • Grace period: If you are unable to pay your premium by the due date, a grace period of 30 days (15 days for monthly mode) will be given for the same. Post that, the policy will lapse.
  • Loan facility: Sadly, the plan doesn't allow policyholders to avail of a loan against it.
  • Suicide clause: If the insured commits suicide within 12 months of policy inception or revival, the plan will pay the surrender value or total premiums paid to date (whichever is higher).

What are the different plan options offered under the Aditya Birla Life Shield?

  • Option 1- Level Term Assurance- The sum assured you choose is fixed for the entire policy term.
  • Option 2- Level Term Assurance With Waiver of Premium- In addition to the benefit applicable to Option 1, all premiums will be waived off if you face critical illness or total permanent disability (whichever is earlier), and the policy will continue till the end of the term.
  • Option 3- Increasing Term Assurance- You can initially increase your sum assured up to 5% or 10% per annum under this option. Each year your premium amount rises by 5% or 10% without any change.
  • Option 4- Increasing Term Assurance with Waiver of Premium- In addition to the benefit applicable to Option 3, all future premiums will be waived off if you are suffering from a severe illness or total permanent disability (whichever is earlier).
  • Option 5- Decreasing Term Assurance- An option designed to look after your protection needs due to any loan or mortgage you have taken out. The death benefit is provided based on the decreasing sum assured schedule mentioned in the policy document.
  • Option 6- Decreasing Term Assurance with Waiver of Premium- All future premiums will be waived off if you are suffering from a severe illness or total permanent disability (whichever is earlier), in addition to the benefit applicable to Option 5.
  • Option 7- Return of Premium- The chosen sum assured remains constant for the entire policy term. If the insured survives till maturity, the paid premiums are refunded.
  • Option 8- Return of Premium with Waiver of Premium- In addition to the benefit applicable to Option 7, all premiums are waived off if you are seriously ill or a victim of permanent total disability (whichever is earlier).

What are the key benefits of the Aditya Birla Life Shield Plan?

1. Death Benefit

If the policyholder dies during the policy term, the death benefit will be paid to his/her nominee. The policy is terminated after the death benefit is paid.

Sum assured on death for regular | limited pay will be highest of -

  • 10 times of the Annualised premium for all ages
  • 105% of all the Total Premiums paid as on the date of death
  • Absolute amount assured to be paid on death

Sum Assured on death for single pay will be highest of -

  • 125% of the single premium for all ages
  • Absolute amount assured to be paid on death

2. Maturity Benefit

If the insured survives till the end of the policy term, no benefit is payable. However, if plan options 7 & 8 are chosen, the total of all premiums paid (excluding charges listed in the policy) are refunded as a benefit.

3. Terminal illness benefit

If the policyholder suffers from a terminal illness, 50% of the sum assured on death (up to Rs.2.5 crore) is paid immediately and all future premiums are waived off.

4. Joint life protection

With the help of this benefit, two lives (insured and his/her spouse) are covered under the same policy. The sum assured of the spouse will be equal to 50% of the insured's sum assured. However, this benefit is only applicable if the primary life insured has chosen a sum assured of at least 50 lakhs.

5. Waiver of premium on critical illness

If the insured becomes a victim of any listed critical illness during the policy term, the plan will waive off its future premiums. The death benefit will not be affected in any manner.

How does Aditya Birla Life Shield Plan Function?

The functioning of this plan can be better explained with the help of an example.

Atul (aged 35 years, non-smoker) purchased a Life Shield plan (return of premium option). He chose a policy term of 25 years with a sum assured of Rs.1 crore. His annual premium was Rs.24,900 (excluding GST), premium paying term (regular) and payment mode was regular pay. At the end of the policy term, Atul got Rs.6,22,500 as a maturity benefit.

Note- If Aman dies between the policy term, his nominee will get Rs.1 crore as a death benefit.

life shield example

What's not covered under Aditya Birla Life Shield?

Below are the crucial exclusions of this plan. Let's take a look at it.

  • Sexually transmitted diseases.
  • Participation in unlawful/criminal activities.
  • Nuclear contamination.
  • Participating in hazardous activities.
  • Consuming intoxicating beverages/materials.

What's the buying process of Aditya Birla Life Shield?

Today, nobody has time to stand in huge lines to buy term insurance plans. That's why Aditya Birla encourages its potential customers to buy plans from its website. Let's take a look at the steps to buying a Life Shield plan.

  • Visit the official website of the Aditya Birla Capital. Tap on 'Life Insurance' under the 'Protecting' tab.
  • Click on 'Life Shield' under the 'Online Plans' tab.
  • Tap on 'Buy Online Now' and enter the required information.
  • Check the premium details and pay it online.
  • Once done, the policy will be shared on your registered mail id.

To know more about the Life Shield plan, feel free to call (1800-4200-269) the experts of PolicyX.com.

What is the claim process of the Aditya Birla Life Shield Plan?

To save time and resources, Aditya Birla asks its customers to follow a simple claim process. Let's check it out.

  1. Inform the company about the claim settlement. This can be done via call (1800 270 7000), email (claims.lifeinsurance[at]adityabirlacapital[dot]com), branch, or company's official website.
  2. The company will ask you to submit all the documents. Once done, proper verification will be held by Aditya Birla.
  3. Once everything is sorted, the company will communicate its decision with the claimant.

FAQ's

1. Can I return my Aditya Birla Life Shield policy if I don't like its terms and conditions?

Yes, the insured can cancel the policy within 15 days from the date of receipt. For those who have purchased the policy electronically, the deadline is 30 days.

2. Will natural death be covered under the Aditya Birla Life Shield plan?

Yes, natural death and accidental death are covered under this plan.

3. Is GST applicable on the premium of Aditya Birla Life Shield plan?

Yes, it's applicable as per the tax laws.

Last updated on 22-12-2020