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The term plan’s popularity is because of its simplicity focusing on the family’s financial security The term plan’s popularity is because of its simplicity focusing on the family’s financial security The term plan’s popularity is because of its simplicity focusing on the family’s financial security in the absence of the policyholder. It is considered the mainstay of the earning individual’s financial portfolio.
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Note: Know more about what is term insurance first before reading this article.
But often, the thought of wasted money overrides the policyholder’s intent in the absence of any maturity benefit. The psychological rather than the accrued benefits clinch the issue. However, the return of premium on survival in term plans dispels such fears. It is usually referred to as TROP, and the innovative Aditya Birla Term Plan with Return of Premium provides the necessary comfort to the policyholders.
The plan’s primary focus remains unaltered from the traditional in-force term plan paying the death benefit in lump-sum upon the policyholder’s death during the policy term. Two products in the ABSLI bouquet provide various options to customize the policy, matching far more fantastic demands. The ABSLI Life Shield Plan and ABSLI DigiShield Plans are thus eminently suited to fit the bill.
Term Plans
Now that there is clarity on the TROP’s meaning and what it essentially does, the fact remains that the term plan is still the most sensible choice for the earning member to shield the family’s finances in every contingency. The benefits should ideally outweigh all other considerations. Let us determine the eligibility conditions defined in the Aditya Birla Term Plan with Return of Premium.
|
Parameter |
Conditions |
|
|
Plan Name =?? |
Life Shield Plan |
DigiShield Plan |
|
Minimum Entry Age * |
Option 1, 3, 5, 7: 18 years Option 2, 4, 6, 8: 18 years |
18 years |
|
Maximum Entry Age |
Option 1, 3, 5, 7: 65 years Option 2, 4, 6, 8: 50 years |
54 to 65 years |
|
Maximum Maturity Age * |
.85 years |
69 years to 100 years |
|
Minimum Policy Term |
Options 1 to 6: 10 -15 years Options 7,8:: 20 years |
5 to 10 years |
|
Minimum Policy Term |
55 years |
55 years |
|
Premium Payment Term |
Single, Regular, Limited for 6, 8, 10 years |
Single, Regular, Limited for 5 years |
|
Minimum Sum Assured |
Rs.25 Lakh |
Rs.30 Lakh |
|
Maximum Sum Assured |
No limit |
No limit |
|
*Last birthday. |
||
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The Aditya Birla Term Plan with Return of Premiumpolicy is designed to provide the financial umbrella to the family when the policyholder is no more. It offers possibly the widest options range to customize the plan to individual preference. The Life Shield Plan offers eight options, of which options number 7 and 8 pertain to TROP. In contrast, the DigiShield Plan offers ten options, the last being TROP. The policyholder has to weigh the pros and cons before arriving at an informed decision. It is imperative to remember three points about theAditya Birla Term Plan with Return of Premium benefit.
Let us look at the key features in the plans separately. However, some inter-lapping features are not ruled out.
The following are the key benefits offered under the ABSLI TROP plan:
The sum assured is paid to the policyholder’s nominee in the Aditya Birla Term Plan with Return of Premium policy on his demise during the policy term. Depending on the chosen plan option, the benefit is paid lump-sum, installments, or a combination of both. If the terminal illness or the critical illness benefit has been paid, the death benefit is reduced to the extent already paid.
In both the plans under discussion, the Maturity Benefit is paid as per terms of the chosen option for Return of Premium. The amount is payable only upon the policyholder’s survival of the policy term. However, if the policyholder dies anytime within the policy term, a death benefit is paid and the policy terminated. Diagnosis of critical illness or total permanent disability triggers the waiver of the premium clause in the TROP option of the Life Shield plan.
The critical illness cover for the premium waiver option with TROP applies for the first occurrence to policyholders under 65 years of age. Similarly, for total permanent disability, the policyholder is considered eligible for the premium waiver with TROP if he or she fails to perform three of the six defined tasks listed in the policy document independently. Additionally, the relevant specialist must certify that the condition is unlikely to improve in the policyholder’s lifetime, regardless of the policy term.
All life insurance products in the country are required to comply with the extant tax laws. Accordingly, the premium paid is tax-exempt under Section 80C, and the benefit received is tax-exempt under Section 10 (10D) of the Income Tax Act, 1961.
*Tax benefit is subject to changes in tax laws. T &C Apply”
In the present times purchasing suitable life insurance is not a hassle. Rather with the digital platform provided by the insurer and aggregator portals, it is seamless. The Aditya Birla Term Plan with Return of Premium policy is no exception. Whatever be the purchase method, it is sensible to consider the following for making the proper term plan choice: These are valid both for the online and offline purchase model. The offline method is through brick-and-mortar office agents or brokers.
After due consideration of the above, the applicant can accomplish the online purchase in 4 simple steps.
Whether the Aditya Birla Term Plan with Return of Premium policy is purchased online or otherwise, the standard officially valid documents (OVD) needed for purchase is tabulated below. The documents are sought primarily to comply with the KYC norms. However, the insurer is entitled to call for any additional document essential for processing the proposal application. Some of the OVD are the Aadhaar card, PAN card, EPIC, Passport, Driving License, etc.
The policyholder is allowed 15 days for policy return from the policy document receipt date if the terms are not acceptable. The period is extended to 30 days for distant marketing policies, which as per IRDAI guidelines, is not made in person.
The time permitted for policy renewal beyond the due date. It is 15 days for the monthly premium payment mode and 30 days for the others. Life risk is covered as usual during the grace period.
It applies to premium payment default if the policy is not renewed within the grace period. However, the lapse clause is variable and invoked depending on the chosen option.
The lapsed policy can be revived within five years from the first default date upon complying with the ABSLI rules and satisfying insurability as per norms.
Exclusions are not applied to any medical condition, ailment, or injury accepted and underwritten by the insurer at the Aditya Birla Term Plan with Return of Premiumpolicy inception.
Note: Check out the term insurance plan 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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