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.
Life Shield Plan 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 Age | 18 years – 65 years (depending on the plan option) |
| Maximum Maturity Age | 85 years |
| Sum Assured | Minimum Sum Assured- Rs. 25 Lakhs Maximum Sum Assured- No Limit |
**Last Updated on 01-02-2021
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:
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 Age | 18 years – 65 years |
| Maximum Maturity Age | 70 years |
| Sum Assured | Minimum Sum Assured- Rs. 30 Lakhs Maximum Sum Assured- No Limit |
**Last Updated on 01-02-2021
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 Age | 18 years – 65 years |
| Maximum Maturity Age | 75 years |
| Sum Assured | Minimum Sum Assured- Rs. 5 Lakhs Maximum Sum Assured- No Limit |
**Last Updated on 01-02-2021
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 Age | 18 years – 65 years |
| Policy Term | 5-40 years, subject to max-age of 80 years at the end of the policy term |
| Sum Assured | Minimum Sum Assured- Rs. 30 Lakhs Maximum Sum Assured- No Limit |
**Last Updated on 01-02-2021
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.
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.
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.
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.
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.
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.
You have two options to invest in Aditya Birla Sun Life Term Insurance. Let's take a look at them.
Buy via Birla Sun Life Insurance Company
Buy via PolicyX.com
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:
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.
Listed below are the documents required to register for a term insurance claim.
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 01-02-2021
