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ABSLI DigiShield Plan is a comprehensive term insurance cover designed to singularly protect the policyholder’s family from the uncertainties of life. It is a pure risk insurance plan that secures the family’s financial future, even when the policyholder is no more. As is the norm for term insurance, the ABSLI DigiShield Plan provides a large sum assured against a nominal premium with a solution that ensures the family’s financial future free from worries to pursue their aspirations unhindered.
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The features that make ABSLI DigiShield Plan one of the most popular term insurance solutions are the flexible options to tailor the policy to suit various protection needs and individual preferences. Anyone between the ages of one year to hundred years is eligible for the cover, with such innovative benefits like multiple death payout in lump sum or installments and an in-built terminal illness benefit. Let us check out the plan contours in some detail:
| Parameters | Particulars | ||||
| Plan Options | Premium | Minimum | Maximum | ||
| Policy Tenure | 1, 2, 6, and 7 | Single | 5 years | 55 years | |
| Limited | PPT + 5 years | ||||
| Regular | 10 years | ||||
| 3 | Single + 5 pay | 11 years | 55 years | ||
| Limited | PPT + 5 years | ||||
| Regular | 11 years | ||||
| 4 and 5 | Single | 100 minus entry age | |||
| 5 pay | |||||
| 8 | Single | 1 year | 4 years | ||
| Regular | |||||
| 9 | Single | 70 minus entry age | 55 years | ||
| Regular | |||||
| 10 | Regular | 10 years | 55 years | ||
| Premium Paying Term | 1, 2, 3, 6, and 7 | Single | |||
| Limited | 5, 7, 10, 12, 15, and 20 pay up to 60 years | ||||
| Regular | |||||
| 4 and 5 | Single | ||||
| Limited minus 5 | |||||
| Regular | |||||
| 8 | Single | ||||
| Regular | |||||
| 9 | Single | ||||
| Limited | 5, 7, 10, 12, 15, and 20 pay up to 60 years | ||||
| 10 | Regular | ||||
| Sum Assured | 1, 2, 3, 4, 5, 6, 7, 9, and 10 | Rs. 30 lacs | No limit | ||
| 8 | Rs. 1 lac | Rs. 20 lacs | |||
| Premium Payment Frequency | Single-Premium Limited and Regular Premium: Yearly, Half-yearly, Quarterly, and Monthly | ||||
| Loan Facility | No Loan facility is available under the plan | ||||
The ABSLI DigiShield Plan offers an array of plan options to suit every preference and to tailor the plan according to individual family needs:
| Option Number | Option Name | Features |
| 1 | Level Cover | The death sum assured is paid to lump sum. |
| 2 | Increasing Cover | The sum assured increases every policy anniversary |
| 3 | SA Reduction | The chosen sum assured reduces post defined Retirement Age |
| 4 | Whole Life – Level Cover | Coverage until 100 years of age and the death benefit is paid in a lump sum |
| 5 | Whole Life – SA Reduction Cover | Coverage until 100 years of age and the chosen sum assured reduces post defined Retirement Age |
| 6 | Income Benefit | The death benefit is paid in monthly installments |
| 7 | Level Cover plus Income Benefit | The death benefit is paid in a combination of Lump sum and installments spread of 10 years |
| 8 | Low Cover | The coverage is limited, and the death benefit is paid in a lump sum |
| 9 | Level cover with Survival | The plan offers dual benefits after attaining 60 years of age, paying survival benefits till maturity. The death benefits are paid in a lump sum minus the paid survival benefit. |
| 10 | Return of Premium | If the policyholder survives the policy term, the cumulative total of premium paid is returned as Maturity Benefit. |
It is the amount payable to the nominee or the assignee, as the case may, upon the policyholder’s unfortunate demise during the policy term, provided all the premiums are paid, and the policy is live. The payable quantum and the mode are determined by the plan option chosen at inception.
Life insurance policies are covered for tax obligations under the Income Tax Act, 1961. The total amount for the premium paid in a financial year is tax-exempt under Section 80 C, while the death and maturity benefit is tax-exempt under Section 10 (10D).
We have already seen the premium payment options in the ABSLI DigiShield Plan are very flexible. Accordingly, the policyholder has the option to pay the premium as Single, Limited, or Regular. Further, the regular premium is paid in annual, semi-annual, quarterly, or monthly installments. The amount of premium payable depends on the plan option chosen at inception.
Accordingly, a 35 years old non-smoker policyholder with a sum assured of Rs.1 cr and policy term and PPT of 80 years minus the entry age will pay the following illustrative annualized regular pay premium.
Option 1: Rs.16400
Option 2: Rs.50000
Option 3: Rs.15908
Option 6: Rs.40200
Option 7: Rs.24600
Option 8: Rs.10560
Option 9: Rs.71500 (15 pay)
Option 10: Rs. 24700
The policyholder must consult the sales brochure for options 4 and 5 as the features are widely varying from the above.
The ABSLI DigiShield Plan offers many riders to help the policyholder customize the plan according to the family’s specific needs to ensure a comfortable financial future when he is not around. The riders are chosen at policy inception against an additional premium. Some of the riders are:
Critical Illness
Surgical Care
Hospital Care
ADB (Accidental Death Benefit)
ADD (Accidental Death and Disability)
Premium Waiver
The ABSLI DigiShield Plan eligibility norms are varied depending on the chosen plan option. it is an individual pure risk insurance product open for purchase by male, female, or transgender. The other norms are:
| Parameters | Particulars | |||
| Plan Options | Premium | Minimum | Maximum | |
| Entry Age | 1, 2,3, 6, 7, 8, and 10 | 18 years | 65 years | |
| 4, and 5 | 45 years | 65 years | ||
| 9 | 18 years | 50 years | ||
| Maturity Age | 1, 2,3, 6, 7, 9, and 10 | 85 years | ||
| 4 and 5 | 100 years | |||
| 8 | 69 years | |||
The documents required to buy the ABSLI DigiShield Plan are an only indicative standard requirement. The insurer may ask for additional documents if warranted. Only copies of the officially valid documents (OVD) are accepted. The following documents are mandatory.
Proposal form
Identity proof
Date of birth proof
Address proof
Recent photographs
Bank account details
The most convenient way to purchase the ABSLI DigiShield Plan is online at the insurer portal or the aggregator’s site facilitating the purchase. At the insurer portal, the purchase is a four-step affair as under:
Step 1: Invoke the buy online option to enter basic personal details and smoking status on the opening page. Tick the agree button to proceed.
Step 2: The second page is where the policyholder must enter all the financial parameters and select the rider to get a premium quote depending on the chosen premium frequency.
Step 3: On clicking on the ‘Proceed’ button, a new page opens for entering the detailed personal information to complete the proposal form. The final page opens upon invoking the ‘Continue to Register and Payment’ button.
Step 4: Upload the requisite documents and pay the premium online at the safe gateway by choosing the convenient option to complete the purchase process
It is essential to learn about the exclusions in the ABSLI DigiShield Plan to ensure a seamless claim experience as and when the need arises. Accordingly, the primary exclusions are described below. It is sensible to check the policy document for a detailed exclusion list.
Suicide Clause: This clause comes into play if the policyholder commits suicide within twelve months of policy inception. Total paid premium and the acquired surrender value, whichever is higher, are paid to the beneficiary.
Terminal Illness: If the illness is caused by any self-inflicted injury or attempted suicide.
Critical Illness: The rider covers 42 listed critical illnesses subject to the following conditions:
Any pre-existing disease existing 48 months prior to the effective policy date:
Any disease with the first 90 days from the policy inception date.
Many other reasons for medical conditions directly or impacting the diagnosis of any of the listed critical illnesses.
A1. The policyholder is free to opt for joint life at policy inception for a risk cover for two lives. The death benefit for the second policyholder is limited to 50% of the chosen sum assured for the primary policyholder
A2. The joint-life cover in the ABSLI DigiShield Plan is available only in plan options 1, 2, 3, and 8.
A3. Protection needs vary in different stages of life as one reaches milestones, like marriage, the birth of a child, or home purchase. The sum assured is enhanced upon life stage events as under:
Marriage: 50% of the sum assured is limited to Rs.50 Lakh.
Childbirth: 25% of the sum assured is limited to Rs.25 Lakh per child.
Home Loan: 50% of the sum assured is limited to a maximum of Rs.50 Lakh.
A4. The policy has an in-built Terminal Illness Benefit, which mandates payment of up to 50% of the sum assured upon diagnosis of any terminal illnesses up to 80 years of age, subject to a maximum of Rs.2 Crore, and all premiums have been paid.
A5. The agreed-upon sum is paid to the policyholder upon the first diagnosis of any of the listed critical illnesses. However, in the ACI, the sum is paid immediately upon diagnosis without waiting for the survival period.
A6. The death benefit sum assured is paid to the beneficiary upon the policyholder’s demise by reducing it to the extent of the Terminal or Critical Illness benefit already paid.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
**Tax benefit is subject to changes in tax laws. Standard T&C apply.
†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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