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Overview
Aditya Birla Sun Life Shield Plan is an online term insurance policy designed to provide comprehensive protection with its 8 plan options. The plan allows you to select the combination of payout type, protection, and payment term that suits your goals.
One of the many benefits of the plan is the ability to increase your sum insured at major life stages such as marriage, the birth of your child, and other such major life events.
Here are some key features of this plan:
- Level Term Insurance
- Increasing Term Insurance
- Return of Premium
- Decreasing Term Assurance
- Tax Benefits
- Increasing Term Assurance with Waiver of Premium (WOP)
Riders Associated with ABSLI Life Shield Plan
You can add the following riders to your ABSLI Life Shield Plan:
ABSLI ADD (Accidental Death and Disability)
This rider offers additional protection for accidents leading to death and disability at an affordable cost.
ABSLI Critical Illness Rider
This rider offers a lumpsum amount in case of diagnosis of any of the listed critical illnesses.
ABSLI Surgical Care Rider
This rider offers a lumpsum amount to cover surgical expenses.
Level Term Assurance
Under this option, once the sum assured value is opted by a customer, it will remain constant for the entire policy term.
Increasing Term Assurance
You can choose to enhance your sum assured at inception by 5% or 10% per annum as per your requirements. Every year, your sum assured value will increase by either 5% or 10% as per your selection at the time of policy purchase, at no additional premium charges.
Return of Premium
Under this plan option, the sum assured chosen by the customer will remain constant for the entire policy term. If the life insured survives till the maturity date, the plan shall return all the premiums paid to the insured life.
Exclusions
- Death occurred due to a pandemic is not covered by the company.
- Death caused due to any type of adventure sports.
- Death by consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease that isn't mentioned during the start of the policy.
- If the policyholder commits suicide within the first 12 months of purchasing the policy, then no death benefits are paid to their nominee. Either premiums paid to date or the surrender value of the policy, whichever is higher, is paid to them.
Death Benefit
Upon the unfortunate demise of the life insured during the policy tenure, the ABSLI Life Shield term plan offers a death benefit among the highest of the following: 10 times the annual premium, 105% of the total premium paid, or the total sum assured on death.
Maturity Benefit
If the life insured survives the entire policy tenure, the ABSLI Life Shield term plan returns all the paid premiums, applicable only if the 'Return of Premium' option is chosen.
Tax Benefits
All the premiums paid for the ABSLI Life Shield term plan can be used for claiming tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
