Aditya Birla Life Shield Plan
  • Avail 8 Plan Options
  • Flexible-Premium Payment
  • Cover for Spouse
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Aditya Birla Life Shield Plan

ABSLI life shield plan is a versatile and affordable online term insurance designed by ABSLI. The plan is an affordable insurance plan with a high life cover and 8 different plan options to suit your requirements. Customers investing in the life shield plan Aditya Birla have the opportunity to pay their premiums at their convenience in annual/ half-yearly/ quarterly/ monthly cycles. 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. There are 3 different claim payout options available under the ABSLI life shield plan:

  • Lump Sum Payout option
  • Staggered Payment with Fixed Annual Income and
  • Staggered Payment with Increasing Annual Incomes

To make sure the plan is the right fit for you and your family it is important to get in-depth insights about the insurance product. We have mentioned all the necessary details in this article in order to help you make a better decision.

Aditya Birla Life Shield Plan At A Glance

Plan Options

8

Sum Insured

Minimum – Rs. 25,00,000
Maximum – No Limit (subject to underwriting guidelines)

Entry Age

Plan Option: 1|3|5|7: 18 to 65 years
Plan Option: 2|4|6|8: 18 to 50 years

Max Maturity Age

85 years

Plan Type

Top-up for Individual & Family floater

Policy Term

Plan Options: 1|2|3|4|5|6: Minimum: 10/15 years
Maximum: 55 years
Plan Options: 7 and 8
Minimum: 20 years
Maximum: 55 years

Premium Payment Term

Plan Options: 1|2|3|4|5|6: Regular Pay | Single Pay
Limited Pay 6 & 8 Years
Limited Pay 10 Years
Plan Options 7 and 8: Regular Pay |Limited Pay - 6, 8, 10 Years | Single Pay

Premium Mode

Annual | Semi-annual | Quarterly | Monthly

Read more specifications in the brochure.

Plan Options Under ABSLI Life Shield Plan

Listed below are a total of 8 plan options available under the life shield plan Aditya Birla for customers to opt from:

  • 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.
  • Level Term Assurance with Waiver of Premium (WOP) Benefits: Under this plan option customers are given additional benefit along with level term assurance benefit of the plan which states that in case you are diagnosed with Critical Illness or Total and Permanent Disability, all future premiums, will be waived off and policy will continue till end of policy term.
  • Increasing Term Assurance: You can choose to enhance your sum assured at inception by 5% / 10% per annum as per your requirements and 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.
  • Increasing Term Assurance with Waiver of Premium (WOP) Benefits: Under this plan option along with increasing term assurance benefit the user gets the benefit in case they are diagnosed with Critical Illness or Total Permanent Disability, all future premiums, if any, will be waived off and policy will continue till end of policy term.
  • Decreasing Term Assurance: This plan option is designed to take care of the customer’s protection needs owing to any loan or mortgage taken by the insured life. The nominee of the insured life will be paid the death benefit as per the decreasing sum assured schedule mentioned in the policy terms and conditions which means the policy will help you in repaying any loans taken by the insured life in case of his untimely demise.
  • Decreasing Term Assurance with Waiver of Premium (WOP) Benefits: In addition to benefits applicable for decreasing term assurance this plan option will provide them with waiver of premium benefits and continued policy coverage till the end of policy term in case the insured individual is diagnosed with critical illness or Total Permanent Disability.
  • Return of Premium: Under this plan option the sum assured chosen by the customer will remain constant for the entire policy term and if the life insured survives till maturity date, the plan shall return all the premiums paid to the insured life.
  • Return of Premium with Waiver of Premium (WOP) Benefit: In addition to benefits applicable for return of premium plan option in case you are diagnosed with Critical Illness^ or Total Permanent Disability whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

ABSLI Life Shield Plan Benefits

There are a plethora of benefits provided by ABSLI Life Shield plan and we have mentioned some of them below:

  • Reduced Paid-Up Benefit: Under the plan options 7 and 8 of this policy individuals can opt to stop paying premiums at any time once all due premiums, for at least two policy years have been paid and continue this policy on a paid-up basis.
  • Joint Life Protection Benefit : You can cover yourself and your spouse under the same policy wherein the sum assured applicable for your spouse shall be equal to 50% of your applicable sum assured. Customers can opt for this benefit under plan options 1,2, 3 or 4 and no additional rider can be opted under this option.
  • Terminal Illness Benefit : Under this plan benefit if an individual is diagnosed with a Terminal Illness, 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2.5 crore will be paid immediately, and all future due premiums are waived off.
  • Death Benefit : Death benefit under this plan is available to the nominee of the life insured in case of an unfortunate demise.
  • Customizable Rider Benefit: There are multiple additional riders that individuals can opt under ABSLI Life shield plan at a nominal premium cost. Customers can avail ABSLI Accidental Death and Disability Rider, critical illness rider, surgical care rider, hospital care rider, and accidental death benefit rider plus.

Sample Premium Calculation of Life Shield Plan Aditya Birla

Below provided is the premium calculated for a 35 year old non-smoker male who opted for Sum Assured of INR 50 lakh for a policy term of 20 years, regular premium payment

Plan Option Option 1 Option 2 Option 3 Option 4 Option 5 Option 6 Option 7 Option 8
Sum Insured 6,852 7,100 9,195 9,550 5,858 6,071 22,294 23,182

Below provided is the premium calculated for a 35 year old non-smoker female who opted for Sum Assured of INR 50 lakh for a policy term of 20 years, regular premium payment

Plan Option Option 1 Option 2 Option 3 Option 4 Option 5 Option 6 Option 7 Option 8
Sum Insured 5,751 5,964 7,491 7,775 5,041 5,219 18,851 19,596

Exclusions of ABSLI Life Shield Plan

There are certain exclusions mentioned in the policy such as:

Suicide Exclusion

Death due to involvement in illegal activities

Death due to substance or drug abuse

Death due to involvement in any criminal activity

Death or disabilities due to participation in hazardous activities or adventure sports

In A Nutshell

Individuals can avail a highly customizable life insurance plan with multiple plan options and benefits which can be opted as per your family’s requirements. The plan is a boon to individuals who want high sum assured at an affordable premium price. With flexible premium payments and 8 plan options insured individuals can provide financial safety to their family even in their absence.

Explore ABSLI Life Shield Plan Insurance

Know more about ABSLI Life shield Plan Term Insurance plans, claim process, buying process, and contact details of the company by clicking on the sections below:

Claim Process

Click to know ABSLI Claim Process.

Buying Process

Click to know ABSLI Buying Process.

Contact Us

Feel free to contact us for more details.

ABSLI Life Shield Plan: FAQs

1. What is the maximum policy tenure covered under ABSLI Life shield plan?

The maximum policy tenure mentioned in the policy schedule is 55 years for the plan.

2. Can insurance holders avail tax benefits with ABSLI Life shield plan?

Yes, individuals can avail tax benefits when purchasing life shield plan Adtiya Birla as it is eligible for tax benefits under the Income Tax Act of India.

3. Can I cover my Spouse under the same policy?

Yes, under the joint life protection benefit insurance holder can cover their spouse under the same policy.

4. What is the minimum Sum assured value under ABSLI Life shield plan?

The minimum sum assured value under the plan is INR 25 Lac.

5. Are additional riders available under ABSLI Life shield plan?

Yes there are multiple rider benefits available under the plan like accidental death and disability rider, critical illness rider, accidental death benefit rider, hospital care rider and more.

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