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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.
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.
Every term plan comes with the flexibility to choose from Single, Regular, or Limited premium payments.
Buyers can now insure their spouses under the same life cover with ABSLI's term insurance solutions.
The plans offer scope for customization according to the potential financial requirements of the policyholder's family.
Riders can be availed for enhanced protection against accidental death, disability, hospital care, surgical care, terminal or critical illness etc.
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
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. |
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
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 |
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
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
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
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 |
Let's take a look at all the options available.
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.
Listed below are the documents required to register for a term insurance claim.
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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.
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.
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.
The process of renewing the Aditya Birla Term Plan is as follows:
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.
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.
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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