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Aditya Birla Sun Life Term Insurance

Aditya Birla Sun Life Insurance (ABSLI) Company offers a range of protection solutions that ensures its customers are equipped to deal with any financial challenge in the future. Aditya Birla Term Insurance offers 3 term insurance plans i.e. ABSLI Life Shield Plan, ABSLI DigiShield Plan, ABSLI Saral Jeevan.

The term plans offered by Aditya Birla Sun Life Insurance are known to be suitable for long-term cover. These solutions have been introduced to meet the capital needs of the Life Assured's family in an unfortunate event leading to her/his death.

In the next sections, we will take you through the term insurance solutions of the company and demonstrate how these can benefit you.

Features of ABSLI Term Insurance

  1. Options in Death Benefit

    The policyholders can choose for the nominees to receive the sum assured on death as a lump sum amount or in periodic installments or as a combination of lump-sum amount and monthly income.

  2. Choice of Premium Payment

    Every term plan comes with the flexibility to choose from Single, Regular, or Limited premium payments.

  3. Joint Life Cover

    Buyers can now insure their spouses under the same life cover with ABSLI's term insurance solutions.

  4. Numerous Plan Options

    The plans offer scope for customization according to the potential financial requirements of the policyholder's family.

  5. Protective riders

    Riders can be availed for enhanced protection against accidental death, disability, hospital care, surgical care, terminal or critical illness etc.

Benefits of ABSLI Term Insurance

  • Cover against 40+ Critical Illnesses
  • Lump-sum payouts
  • 100% of the premiums returned
  • Monthly source of earning
  • Protection till 100 years of age

Claim Settlement Ratio of Aditya Birla Sun Life Insurance

ABSLI has settled over 99% of the claims filed in the year 2019-2020. Its current claim settlement ratio sits at 99.81%.

To demonstrate its performance among other private insurers in the life insurance space, we have attempted to illustrate the CSRs reported by them.

Private Life Insurers with the highest CSR

Claim Settlement Ratio of LIfe Insurance companies

Aditya Birla Sun Life Term Plans in India

S. No. Names of Plans Who should buy it?
1 ABSLI Life Shield Plan Those looking for customizable plans may want to consider this plan.
2 ABSLI DigiShield Plan Individuals who are looking to insure their partners along with themselves.
Those looking for flexibility in plan options should check this plan out.
People on the lookout for whole life cover might find this plan suitable.
3 ABSLI Saral Jeevan Bima Individuals interested in enhancing their cover with additional riders should consider this plan.
ideal for It is for people on the lookout for plans that can serve long-term financial obligations in their absence.

Aditya Birla Sun LifeTerm Plans - An Overview

  1. ABSLI Life Shield Plan

    Life Shield Plan provides 8 different plan options to choose from to suit a family's needs in the absence of the Life Assured. These options are:

    Level Term Assurance Sum Assured remains constant throughout the policy tenure.
    Level Term Assurance with Waiver of Premium (WOP) Benefits On diagnosis with a Critical Illness or permanent disability, future premiums are waived off and applicable benefits are paid at the end of the policy term.
    Increasing Term Assurance Option to increase the sum assured by 5% or 10% annually at no extra premium charges.
    Increasing Term Assurance with Waiver of Premium (WOP) Benefits Option to increase the sum assured by 5% or 10% annually, in addition to the waiver of future premiums payable on diagnosis with a Critical Illness or permanent disability.
    Decreasing Term Assurance Death benefit payable decreases as a percentage of sum assured at policy inception; designed to meet financial obligations like loans and mortgages
    Decreasing Term Assurance with Waiver of Premium (WOP) Benefits Combination of Decreasing Term Assurance and Waiver of Premium on diagnosis with a Critical Illness or permanent disability
    Return of Premium Sum assured remains constant and the premiums are returned to the policyholder on surviving the policy term.
    Return of Premium with Waiver of Premium (WOP) Benefit Combination of Return of Premium and Waiver of Premium on diagnosis with a Critical Illness or permanent disability

    * Please note that the plan option once chosen at inception cannot be changed later

    Key Features

    • 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 the spouse, if the life cover of the primary life insured exceeds Rs. 50,00,000.
    • If the policyholder loses mobility resulting in permanent disability, all future premiums will be waived off, without any effect on the death benefit.
    • Built-in Terminal Illness benefit guarantees that 50% of the sum assured is paid to the Life Assured immediately upon being diagnosed with a terminal illness.
    • Policyholders have the option to increase coverage on reaching any significant milestone in their lives.

    Eligibility Criteria

    Entry Age Minimum: 18 years
    Maximum: 65 years
    Maximum Age at Maturity 85 years
    Policy Term Minimum: 10 years
    Maximum: 55 years
    Premium Payment Option Single Pay, Regular Pay, Limited Pay (6/8/10 years)
    Sum Assured Minimum: Rs. 25,00,000
    Maximum: No Limit
  2. ABSLI DigiShield Plan

    It's a comprehensive protection plan serving life cover against uncertainties with multiple options to choose from. The ABSLI DigiShield plan comes with a total of 10 options.

    Level Cover Nominees receive a lump sum payout of the absolute sum assured if death occurs during the policy term
    Increasing Cover Sum assured increases by 5% or 10% per annum.
    Sum Assured Reduction Sum assured can be reduced by 50% or 25% on attaining the chosen retirement age.
    Whole Life (Level Cover) Assured life is covered till the age of 100.
    Whole Life (Sum Assured Reduction Cover) Protection till the age of 100 and Sum Assured can be reduced by 50% or 25% on attaining the chosen retirement age.
    Income Benefit Nominees receive a monthly income of 1.25% of the sum assured for 10 / 15 / 20 years.
    Level Cover plus Income Benefit Nominees receive a lump sum payout of the sum assured, plus a level monthly income of 0.5% of the sum assured for 10 years.
    Low Cover Nominees receive a lump sum payout of the absolute sum assured on death
    Level Cover with Survival Benefit Assured monthly survival benefit payable as 0.12% of sum assured for the policy duration, on attaining 60 years
    Return of Premium (ROP) On surviving the policy term, total premiums are returned to the Life Insured.

    Key Features

    • The Death benefit is paid to the assigned nominee as a lump-sum amount or as monthly installments or a combination, depending on the plan option chosen.
    • Terminal Illness benefit ensures that 50% of the sum assured is paid on diagnosis as a lump sum, with the future premiums waived off.
    • The plan comes with the option to increase cover at different stages of life.
    • Life cover can be availed for as less as 1 year.

    Eligibility Criteria

    Entry Age Minimum: 18 years
    Maximum: 65 years
    Maximum Age at Maturity 69-100 years
    Policy Term 55 years*
    Premium Payment Option Single Pay, Regular Pay, Limited Pay
    Sum Assured** Minimum: Rs. 30,00,000
    Maximum: No Limit

    * Varies for plan options 4, 5 and 8.

    ** Minimum and Maximum sum assured for option 8 is Rs. 1 Lakh and Rs. 20 Lakh, respectively

  3. ABSLI Saral Jeevan Bima

    ABSLI's Saral Jeevan Bima is a pure risk, non-participating, non-linked protection plan. It offers a lump sum amount to the assigned nominee if the policyholder dies under unfortunate circumstances.

    Key Features

    • If death occurs due to an accident, the death benefit paid is equal to the sum assured.
    • If death occurs as a result of anything but an accident, the death benefit payable is calculated as 100% of all the premiums paid till the date of death.
    • Riders under this plan can be added at nominal costs.
    • Policyholders can choose to pay the premium once during the entire policy period or at regular intervals or for a limited period of time.

    Eligibility Criteria

    Entry Age Minimum: 18 years
    Maximum: 65 years
    Maximum Age at Maturity 70 years
    Maximum Policy Term 40 years*
    Premium Payment Option Single Pay, Regular Pay, Limited Pay (5 or 10 years)
    Minimum Premium Annual: Rs. 5,895
    Semi-Annual: Rs. 2,977
    Monthly: Rs. 508
    Sum Assured** Minimum: Rs. 5,00,000
    Maximum: Rs. 25,00,000

Claim Process at Aditya Birla Sun Life Insurance

Let's take a look at all the options available.

  • Visit the 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 the 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.lifeinsurance@adityabirlacapital.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 a 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.

How to Buy Aditya 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.

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 details and communication address and click on 'Proceed to Payment'.
  • Make the payment using your credit or debit card.
  • A copy of your insurance plan will be sent to you via mail.

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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.

4. What is the procedure for renewing a policy offered by Aditya Birla Term Insurance?

The process of renewing the Aditya Birla Term Plan is as follows:

  • Login to the e-portal with the username and password
  • Pay the premium amount to renew your Aditya Birla term policy
  • Print the payment receipt

5. What is the cancellation process for Aditya Birla Term Plan?

Policyholders of Aditya Birla Term Insurance must bring all relevant policy documents, along with a duly filled surrender form at the nearest branch from your locations. If the surrender form is submitted before 3:00 PM, the surrender value will be calculated using the current market rates; otherwise, the next day's value will be applicable.

6. What is the grace period offered by Aditya Birla Term plans?

According to the Insurance Regulatory Authority of India (IRDAI), Aditya Birla Term Insurance allows a grace period of 30 days from the premium due date.

7. When is the right time to buy Aditya Birla Term Insurance plan?

It is best to purchase an Aditya Birla Term Insurance plan When you are young and in relatively good health. This will help you in getting a policy at a low-cost premium.

Last updated on 01-02-2021

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