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Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a joint venture between Aditya Birla Group and Sun Life Financial Inc. It offers a wide range of insurance plans, such as term plans and savings plans. The insurer has a distribution network of over 500 cities and 560 branches. Let’s understand more about the insurance company and the term plans offered by them in this article.
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Aditya Birla Sun Life Term Plan provides comprehensive term insurance to people making sure their loved ones are protected in the event of the policyholder’s unfortunate death. It has a CSR (claim settlement ratio) of 99.59% in the financial year 2021-22, which indicates a track record of settling claims quickly and efficiently. This suggests reliability and customer-centric service of the insurance company. With flexible options for coverage and tenure, this plan allows individuals to tailor their insurance to their specific needs and budget. It offers affordable premiums and the assurance of a tax-efficient policy under applicable sections of the Income Tax Act.
Term Plans
Here are the reasons to buy Aditya Birla Sun Life Term Plans:
Affordable Premiums: Aditya Birla Sun Life Term Plan offers cost-effective coverage for a specific period, making premiums lower than lifelong policies.
Financial Security: Aditya Birla Sun Life Term Plan ensures your loved ones receive a death benefit, easing their financial burden upon your unfortunatedemise.
Flexibility: Customize coverage and tenure to match your budget and specific needs.
Tax Benefits: Enjoy tax benefits on premiums under Section 80C, and tax-free death benefits under Section 10(10D) with this term insurance.
Peace of Mind: Aditya Birla Sun Life Term Plan provides assurance that your loved ones will be financially protected in unforeseen circumstances.
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Here is a list of all the Aditya Birla Sun Life Term Plans:
| Aditya Birla Sun Life Term Plan | Entry Age | Maturity Age | Sum Assured | |
| ABSLI Salaried Term Plan | 21 - 55 years | 70 years | Rs. 50 Lakhs - Rs. 5 Crores | |
| ABSLI DigiShield Plan | 18 - 60 years | 85 years | Rs. 1 Lakh - No Limit | |
| ABSLI Life Shield Plan | 18 - 65 years | 85 years | Rs. 25 Lakhs - No Limit | |
| ABSLI Saral Jeevan Bima Yojna | 18 - 65 years | 70 years | Rs. 5 Lakhs - Rs. 25 Lakhs | |
| ABSLI Anmol Suraksha Kawach | 25 - 55 years | 60 years | Rs. 50 Lakhs - Rs. 2 Crores | |
| ABSLI Poorna Suraksha Kawach | 18 - 65 years | 85 years | Rs. 30 Lakhs - No Limit |
Choose from 4 different plans to match your protection needs.
Get covered until you're 70, which helps your family financially in the long run.
Choose from multiple death benefit pay-out options:
Lump-sum
Level monthly income
Increasing monthly income
Enjoy Return of Premium (ROP) option along with life insurance cover to secure your savings.
Get inbuilt terminal illness cover.
Add extra coverage for 42 critical illnesses with the Accelerated Critical Illness benefit.
Enhance coverage with additional rider options.
Life insurance available for 1 year to age 100.
10 plan options for various protection needs.
Choose lump sum, monthly income, or a combination for death benefit payout.
Monthly income at age 60 for a worry-free retirement.
Return of Premium (ROP) option for savings security.
Includes Terminal Illness Benefit.
Accelerated Critical Illness Benefit available, covering 42 critical illnesses.
Spouses can be covered under the same policy with Joint Life Protection.
Enhance coverage with rider options for an extra premium.
Multiple plan options to match diverse protection needs.
Enhance coverage at significant life milestones.
Spouse coverage available under the same policy.
Choose the Return of Premium option.
Includes an Inbuilt Terminal Illness Benefit.
Expand insurance with 5 rider options:
ABSLI Critical Illness Rider
ABSLI Surgical Care Rider
ABSLI Hospital Care Rider
ABSLI Accidental Death & Disability Rider
ABSLI Accidental Death Benefit Rider Plus
Premium payment flexibility includes options for one-time, limited duration, or throughout the policy term.
Enhance coverage by adding the Accidental Death Benefit Rider for an additional premium.
In case of an insured's accidental death, the plan provides an extra lump sum amount equivalent to 100% of the Rider Sum Assured.
Any rider premiums paid after the accident until the date of death will be refunded with interest, in addition to the death benefit.
Eligibility for tax benefits under the Income Tax Act, 1961.
Get short-term protection for up to 5 years.
Ensure complete financial protection for your loved ones with affordable premiums.
Enjoy flexible premium payment options for comprehensive coverage.
Receive the Sum Assured on Death as a lump-sum payout to the nominee upon the insured's demise.
Explore potential tax benefits on your premium payments.
Choose from 6 Plan Options for versatile life insurance coverage.
Enjoy Waiver of Premium (WOP) for Critical Illness (CI) and Total Permanent Disability (TPD) for added financial security.
Access a 'One Time Exit Value' for emergency support, returning your premiums paid.
Secure savings with Return of Premium (ROP) and Early Return of Premium (ERoP) options, combined with life insurance coverage.
Benefit from an Inbuilt Terminal Illness Benefit.
Add an Accelerated Critical Illness (ACI) option, covering 42 specified critical illnesses, for an extra premium.
*Note: It is advisable to firstly understand what is term insurance and then buy term plan from Aditya Birla Sun Life Insurance.
Below are the steps to buy Aditya Birla Sun Life Term Plan from Policybazaar:
Step 1: Visit the official Policybazaar website and go to the Term Insurance section.
Step 2: Provide your name, contact details, gender, and date of birth.
Step 3: Enter the information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.
Step 4: Choose the Aditya Birla Sun Life Term Insurance Plan from the list of term insurance plans that appears.
Step 5: Pay using your preferred mode to complete the process.
*Note: You can easily use the term insurance calculator to quickly calculate your term life insurance premium amount of your selected Aditya Birla Sun Life Term Plan.
Here are the exclusions in the Aditya Birla Sun Life Insurance:
Suicide: If the life assured/policyholder commits suicide within a year of buying the term life insurance policy, the beneficiaries/nominees will not be able to claim the Aditya Birla Sun Life Term Plan death benefit.
Note: Check out the term life insurance in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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