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Aditya Birla Sun Life Insurance (formerly known as Birla Sun Life Insurance) is a subsidiary company of Aditya Birla Capital Limited. It is a 51: 49 joint venture partnership between Aditya Birla Group and Sun Life Financial Incorporation. While Aditya Birla Group is an Indian conglomerate, Sun Life is a leading international financial organisation in Canada. The company was incorporated on 4th August 2000 and commenced operations on 17th January 2001. Aditya Birla Sun Life Insurance is one of the leading and most trusted private sector life insurance providers in India.
Top Aditya Birla Sun Life Insurance Plans (2020)
Aditya Birla Sun Life Insurance offers a range of insurance products suiting different insurance needs of individuals. Let’s have a look at the top life insurance plans offered by Aditya Birla Sun Life Insurance:
Aditya Birla Sun Life Term Plans
A term insurance plan is a financial coverage offered to the life insured against the risk of premature death throughout the term of the plan. These plans are protection oriented plans which pay a death benefit to the family in case of unfortunate death of the life insured during the policy term. The death benefit under these plans can either be given in lump sum, monthly income or a combination of both as chosen by the policyholder. Term insurance is the simplest form of life insurance product which offers an optimal amount of cover at a minimum premium cost. Aditya Birla Sun Life Insurance offers one term insurance plan which provides comprehensive coverage and multiple plan options along with multiple options to receive the death benefit.
Term Insurance Plans Offered by Aditya Birla Sun Life Insurance -
|Product Name||Product Description|
|Aditya Birla Sun Life Insurance Shield plan||Aditya Birla Sun Life Insurance Shield plan is a non-participating term plan. It offers the flexibility to choose coverage from 8 different options as per the needs of your family. The plan offers joint life cover to include your spouse under the policy. The plan offers inbuilt terminal illness benefit which provides you with comprehensive coverage. There is also the benefit of the return of premium under plan options 7 and 8. You can also choose from multiple options to receive the death benefit under the plan.|
Aditya Birla Sun Life Whole Life Plans
Whole Life Insurance plans provide longer coverage benefit. These plans extend coverage lifelong i.e. 100 years of age so that the life insured gets life protection throughout their life. Aditya Birla Sun Life Insurance offers one whole life plan which provides maturity benefit if the life insured survives the term of the plan and also death benefit if the life insured dies any time before turning 100. With such plans, you get financial security for your family throughout your life.
Whole Life Plans Offered by Aditya Birla Sun Life Insurance -
|Product Name||Product Description Product Description|
|Aditya Birla Sun Life Insurance Vision Life Secure Plan||Vision Life Secure is a participating whole life plan which provides life cover till 100 years of age. In the event the life insured survives till the end of the plan, which is before turning 100, the sum assured plus the accrued regular and terminal bonus (if any) will be paid to the policyholder. The plan will continue even after the maturity benefit is paid. In case of unfortunate death of the life insured during the term of the policy, the 'sum assured on death' along with accrued regular bonus and terminal bonus (if any) will be payable. The plan continues till the life insured attains 100 years of age and in case of death during the period death benefit will be payable even if maturity benefit has already been paid at the maturity of the insurance plan.|
Aditya Birla Sun Life Endowment Plans
Endowment plans provide the dual benefit of savings plus protection. Endowment plans are one of the wisest ways to secure your savings for the future. These plans are considered to be risk free when it comes to returns. In case of any mishap, if the life insured dies the family of the insured gets the added benefit of risk coverage. Apart from providing a life insurance cover, on maturity, the sum assured is paid. Endowment plans also offer participation in the profit of the company which helps you to enhance your savings.
Endowment Plans Offered by Aditya Birla Sun Life Insurance -
|Product Name||Product Description|
|Aditya Birla Sun Life Insurance Guaranteed Milestone Plan||Guaranteed Milestone Plan is a non-participating plan which offers fully guaranteed benefits on the death of the life insured or on the survival of life insured till maturity. You can opt for joint life cover under this plan to include your spouse by paying an additional premium. The plan also offers guaranteed additions which accrue on a monthly basis till maturity. They boost your corpus year after year. You get the flexibility of policy term and also customise the plan with the help of optional insurance riders by paying an additional premium.|
|Aditya Birla Sun Life Insurance Savings Plan||Savings Plan is a participating plan which enables you the benefit of bonus additions. The additional sum assured is payable under the plan in case of death of the insured due to an accident. The plan offers guaranteed additions @4% of the sum assured at the end of every policy year during the first 5 policy years. In addition, there is an auto cover continuation in the plan in which if you pay the premiums for two policy year in full and miss the payment of subsequent premium, the full death benefit shall continue for two successive years.|
|Aditya Birla Sun Life Insurance Jeevan Bachat Plan||Jeevan Bachat is a non-participating plan which boosts your savings through guaranteed returns and life insurance cover which is 10 times the premiums paid by you. In case of unfortunate death of the life insured 'sum assured on death' plus the guaranteed additions accrued till the date of death will be payable. In addition, if the life insured is at least 18 years at the time of death resulting due to an accident, the additional accidental death benefit will be payable which will be equal to and in addition of 'sum assured on death.'|
Aditya Birla Sun Life Money Back Plans
Money Back plans offer guaranteed money-backs on a regular basis to help you meet your short term financial goals. These plans are like endowment plans but with liquidity in the form of money back benefits. Money back benefit is paid as a percentage of the sum assured in the plan at regular intervals. In case of death of the life insured during the term of the plan, the death benefit is paid to the nominee irrespective of the money back benefits already paid. Aditya Birla Sun Life Insurance offers a wide range of money back plans, some of which offers a bonus to enhance your savings.
Money Back Plans Offered by Aditya Birla Sun Life Insurance -
|Product Name||Product Description|
|Aditya Birla Sun Life Insurance SecurePlus Plan||SecurePlus Plan is a traditional non-participating plan. After the expiry of premium paying term, guaranteed money-back benefits which are the pre-defined percentage of annualised premium will be paid till the maturity of the plan. The plan offers the choice of two-income to benefit pay-out options at the inception of the plan. On maturity, you can choose to receive the commuted value of the income benefit as a lump sum benefit. You can also customise your plan by buying insurance riders available under the plan.|
|Aditya Birla Sun Life Insurance Assured FlexiSavings Plan||Assured FlexiSavings Plan is a non-participating life insurance plan that offers guaranteed returns on premiums along with the flexibility to access the corpus through the facility of unlimited withdrawals. This plan offers guaranteed annual incomes which accrue at the beginning of each year, income booster to grow your savings, loyalty additions at the end of the policy term and the additional benefit of 10% of total premiums paid by you on completion of the policy term. You can enhance your insurance coverage during the term of the policy by adding riders at a nominal cost.|
|Aditya Birla Sun Life Insurance Vision Money Back Plus||Vision Money Back Plus is a participating insurance plan which provides you with regular incomes. Survival benefit is offered every 4th or 5th year as selected by you at the inception of the plan. The survival benefit is a percentage of sum assured which is paid as long as the life insured survives. On maturity, the reversionary and terminal bonus will be payable. On the death of life insured during the term of the plan, 'sum assured on death' will be payable along with accrued regular bonus and terminal bonus, if any.|
|Aditya Birla Sun Life Insurance Vision Life Income||Vision Life Income is a participating whole life plan which provides regular and steady income and whole life cover. This insurance plan offers a blend of income and financial protection through its survival benefits. Such benefits are payable every year from the expiry of the premium paying term until the maturity of the plan. On maturity of the plan, you receive higher of sum assured or 105% of the total premiums paid along with terminal bonus (if any).|
|Aditya Birla Sun Life Insurance Income Assured Plan||Income Assured is a non-participating life insurance plan. The plan offers assured income after the premium paying term till the end of the policy tenure @ 8% of the sum assured. You can choose to receive the assured income either monthly or accumulate it to receive it either along with maturity benefit or with a death benefit. In addition, guaranteed additions are also added at the beginning of each quarter after the premium paying term until the maturity of the plan. These accrued guaranteed additions are paid either on death or on the maturity of the plan.|
|Aditya Birla Sun Life Insurance Monthly Income Plan||Monthly Income Plan offers assured monthly tax-free income along with bonus at maturity. The plan offers two income benefits to choose from. The income benefit is a percentage of the sum assured which is paid after the completion of the Deferment Period. The plan has an in-built accidental death benefit rider in which additional benefit will be paid in a lump sum to the nominee in case of death of the life insured due to an accident. For added protection, you can also enhance your insurance coverage during the term of the policy by adding riders for a nominal extra cost.|
Aditya Birla Sun Life Unit-linked Plans
Unit-linked plans are two-in-one plans which offer protection and investment opportunities in the capital market. You can customise your ULIP plans according to your risk appetite and insurance requirements to enjoy the best of both- investment and protection. Aditya Birla Sun Life Insurance offers five ULIP Plans which provide a suitable life insurance cover and help you to save money regularly for your future.
Unit-linked Plans Offered by Aditya Birla Sun Life Insurance -
|Product Name||Product Description|
|Aditya Birla Sun Life Insurance Wealth Assure Plus||Aditya Birla Sun Life Insurance Wealth Assure Plus helps you to grow your wealth over a long term period along with protecting you against death, total permanent disability and critical illness. The plan offers 4 investment options to invest your money and two plans options namely Classic option and Assured option.|
|Aditya Birla Sun Life Insurance Wealth Max Plan||Wealth Max Plan is a single premium plan. In this plan, you pay once and get the benefit of financial growth throughout the term of the policy. The plans offer guaranteed additions from 6th policy year along with the flexibility to add top-ups when you have additional savings and also make partial withdrawals to meet the immediate requirement of funds.|
|Aditya Birla Sun Life Insurance Wealth Secure Plan||Wealth Secure Plan is specially designed to provide combined benefits of whole life coverage and market-linked savings. It is a limited premium united linked plan with whole life cover. You can choose from three investments options as per your risk appetite and investment needs. You can also add a top-up to your plan to enhance the coverage of the plan.|
|Aditya Birla Sun Life Insurance Fortune Elite Plan||Fortune Elite offers you to the benefit of wealth enhancement and preservation. Guaranteed additions in the form of additional units are added from 10th policy anniversary and thereafter every 5 years to enhance your investment and help you to create wealth.|
|Aditya Birla Sun Life Insurance Wealth Aspire Plan||Wealth Aspire has flexible premium paying terms, different plan options, multiple policy terms to choose from, four investment options to select as per your investments and facility of top-up to enhance coverage of your plan. Under the assured option, the sum assured is paid in case of death of the life insured and the policy continues till maturity. Maturity benefit which is equal to fund value will be payable on the expiry of the policy term.|
Aditya Birla Sun Life Insurance Child Plans
Child plans help you to secure your child’s future and enable you to provide financial stability to your young ones during key milestones of life, be it in your presence or absence. These plans aim to create a corpus for your child’s future so that they meet the goals in their life. Aditya Birla Sun Life Insurance offers two child plans, one is a participating plan which yields bonuses and other is a non-participating plan which does not offer participation in the profits of the insurance company. Let’s have a look at the plans in details -
Child Plans Offered by Aditya Birla Sun Life Insurance -
|Product Name||Product Description|
|Aditya Birla Sun Life Vision Star||Vision Star is a participating plan which offers assured pay-outs from the 5th year after the expiry of premium paying term. In the event of unfortunate death of the life insured, the death benefit is paid to the nominee and the future premiums are waived off and the policy continues. On maturity of the plan, accrued reversionary bonus till the maturity along with terminal bonus, if any will be paid. The plan offers a wide range of insurance riders to enhance the coverage of your plan at an additional premium.|
|Aditya Birla Sun Life Future Assured Plan||Child's Future Assured Plan is a non-participating savings plan in which assured benefits are payable. Under this plan, you can plan to receive funds in the future. In the event of the death of the life assured, the future premiums for the plan are waived off and paid by the insurance company. The plan offers the flexibility to choose from various premium paying terms and policy terms. You also can avail enhanced insurance cover through riders.|
Aditya Birla Sun Life Retirement Plans
Retirement plans are basically an investment tool to provide for future retirement needs. The benefit under retirement plans can be either paid in a lump sum or a fixed regular income depending on the type of pension plan you choose to buy. You can either choose to build a retirement corpus or use a corpus to receive regular lifelong income under these retirement plans. Aditya Birla Sun Life Insurance offers three retirement plans- two of which are deferred annuity and one immediate annuity plan. The two deferred annuity plans are unit-linked plans with partial withdrawal facility.
Retirement Plans Offered by Aditya Birla Sun Life Insurance -
|Product Name||Product Description|
|Aditya Birla Sun Life Insurance Immediate Annuity Plan||Immediate Annuity Plan is a traditional plan which gives you a regular income post retirement. It is a single premium plan in which you invest a corpus to purchase the plan and choose from 6 pay-out options as per your need and requirement.|
|Aditya Birla Sun Life Insurance Empower Pension Plan||Empower Pension is a unit-linked plan which offers vesting benefits and guaranteed additions in the form of additional units added to your policy. There are two vesting options under the plan, namely Assured option and Self-managed option. In the event of unfortunate death of the life insured guaranteed death benefit or policy fund value, whichever is higher is paid to the nominee of the plan.|
|Aditya Birla Sun Life Insurance Empower Pension- SP||Empower Pension-SP is a unit linked plan which helps you to plan your retirement. Guaranteed additions are made in the form of additional units which are added to the policy. On the death of the life assured, higher of guaranteed death benefit or the policy fund value will be payable to the nominee.|
Aditya Birla Sun Life Cancer Plans
Aditya Birla Sun Life Insurance offers a cancer-specific health insurance plan which provides coverage against all the stages of the critical illness cancer. A lump sum benefit is paid to the insured upon the diagnosis of cancer depending upon the stage of cancer suffered. This plan allows you to pay for expensive treatment cost without any financial stress or burden. The plan also offers a waiver of premium benefit for a period upon diagnosis of cancer.
Cancer Plans Offered by Aditya Birla Sun Life Insurance -
|Product Name||Product Description|
|Aditya Birla Sun Life Cancer Shield Plan||Cancer Shield plan covers all the stages of cancer which includes both early-stage cancer and major stage cancer. Under this plan, you can choose from the increasing sum insured or level sum insured and also choose to receive monthly income for 5 years on the diagnosis of major stage cancer. In case of diagnosis of early-stage cancer, the premiums for 5 years of the policy will be waived off and paid by the insurance company. 30% of the sum insured is paid on diagnosis of the early stage of cancer and 100% of the sum insured is paid on diagnosis of major stage cancer|
Aditya Birla Sun Life Health/Hybrid Insurance Plans
Health Insurance plans cover the medical or surgical expenses of the insured. Under these plans, a fixed benefit is paid by the insurer for meeting your medical expenses. Aditya Birla Sun Life Insurance offers health insurance plan which covers specific illness and ailments and pays a lump sum benefit on diagnosis of such condition or illness.
Health/Hybrid Insurance Plans Offered by Aditya Birla Sun Life Insurance -
|Product Name||Product Description|
|Aditya Birla Sun Life Insurance CritiShield Plan||CritiShield Plan is an insurance policy which provides coverage against kidney and heart ailments. 30% of the sum insured is paid on diagnosis of an early stage cardiac condition and 100% of the sum insured will be paid on cardiac illness less any previously paid claim for early stage cardiac condition. Waiver of premium benefit for the next five years on the early stage of the cardiac or renal condition is also available.|
Aditya Birla Sun Life NRIs Plans
Aditya Birla Sun Life Insurance offers plans for NRIs too. NRIs can buy any insurance product offered by Aditya Birla Sun Life Insurance as per their coverage needs and insurance requirements. They can choose any policy relevant to their needs and mention their residential status as NRI when buying the policy.
Aditya Birla Sun Life Insurance Riders
Riders are additional coverage benefits which can be added to life insurance plans to enhance their coverage at a nominal premium cost. You can choose the riders that you require and customise your plan as per your preference and insurance needs. Aditya Birla Sun Life Insurance offers 8 riders to help you enhance the coverage.
Riders Offered by Aditya Birla Sun Life Insurance -
|Rider Name||Rider Description|
Aditya Birla Sun Life Insurance Surgical Care Rider
|Surgical Care Rider provides hospitalisation for medically necessary surgeries for a minimum period of 24 hours. You can choose the benefit amount at the time of buying the plan and the rider sum assured will be 50 times of the benefit amount selected by you. You will be paid five times of the benefit amount in case of major surgery and the chosen benefit amount in case of any other valid surgical hospitalisation.|
|Aditya Birla Sun Life Insurance Hospital Care Rider||Hospital Care Rider pays a daily cash benefit in case of insured’s hospitalisation for necessary treatment of any injury or illness for a minimum period of 24 hours. The daily cash benefit will be paid for the duration of hospitalisation from the first day of hospitalisation. An additional 100% of chosen daily cash would be payable per day for each day of stay in the intensive care unit (ICU).|
|Aditya Birla Sun Life Insurance Waiver of Premium Rider|
Waiver of Premium Rider waives off the future premiums for the plan in case the policyholder suffers from the following –
|Aditya Birla Sun Life Insurance Accidental Death and Disability Rider||Accidental Death and Disability Rider provides coverage against the risk of accidental death and accidental disability. In case of death of the life insured due to an accident during the term of the rider, rider sum assured would be paid and in case of accidental disability, a percentage of the rider sum assured would be paid. The percentage would depend on the nature of disability suffered by the life insured.|
|Aditya Birla Sun Life Insurance Critical Illness Rider||Critical Illness Rider covers up to 4 major critical illnesses- First Heart Attack of Specified Severity, Stroke resulting in permanent symptoms, cancer of specified severity and major organ/bone marrow transplant. If the life insured is diagnosed with any of the four covered critical illness, 100% of the rider sum assured would be paid on the survival of 30 days following the date of confirmed diagnosis.|
|Aditya Birla Sun Life Insurance Accidental Death Benefit Rider Plus||Accidental Death Benefit Rider Plus provides coverage against accidental death. In the event of unfortunate death of the life insured due to an accident during the term of the rider, 100% of the rider sum assured would be payable to the nominee of the plan.|
|Aditya Birla Sun Life Insurance Waiver of Premium Rider||The future premiums of the policy will be waived off and paid by the insurance company under this rider. The coverage would, however, continue for the chosen tenure unaffected.|
|Aditya Birla Sun Life Insurance Accidental Death Benefit Rider Plus||Accidental Death Benefit Rider Plus covers accidental death. 100% of the rider sum assured is paid to the nominee of the plan in the event of the death of the life insured due to an accident during the term of the rider.|
Benefits of Buying Aditya Birla Sun Life Insurance Plans
Aditya Birla Sun Life Insurance offers a range of benefits to its customers, both individual and corporate when they invest in the company’s life insurance plans. These benefits vary from plan to plan and depend on the type of life insurance policy that you buy. The benefits of buying Aditya Birla Sun Life Insurance Plans are as follows:
- Protection and Peace of Mind- Life Insurance plans offer protection against the risk of death and ensure financial stability and security to the family in the absence of the policyholder. The death benefit paid under the plan helps the family to manage the financial loss suffered by them due to the death of the breadwinner.
- Affordability- You can choose the desired cover under the life insurance plans as per your need. The premiums for the plan can be paid as per your term in different modes such as quarterly, annually, semi-annually or monthly. Life Insurance plans are, therefore, affordable.
- Financial Liability- Life Insurance plans help you to meet your financial liabilities. In case of unfortunate death of the insured, a death benefit is paid to the family to meet their financial debts such as loans, EMIs, etc. Aditya Birla Sun Life Insurance plans provide financial security to your family even in your absence.
- Wealth Accumulation- Life Insurance plans help you to accumulate wealth. Aditya Birla Sun Life Endowment Plans and ULIP plans help you to create a corpus from your savings after the end of the term of the policy. You can use the corpus to fulfil your different financial goals. Endowment plans help you to create a guaranteed corpus and ULIP plans enhance your wealth through market-linked returns. Endowment and money back plans might also offer a simple reversionary and terminal bonus which enhances your accumulated wealth. Aditya Birla Sun Life Retirement plans also help you to great wealth through regular incomes post-retirement.
- Financial Goals- You can meet your long term and short term financial goals with the help of life insurance plans offered by Aditya Birla Sun Life. Term plans help you to fulfil income replacement goals, child plans help you in your child's education planning and retirement plans help you to plan your retirement to yield guaranteed annuities for your life.
- Regular Income- Life Insurance plans offer liquidity through the benefit of regular income. Aditya Birla Sun Life Insurance Retirement plans helps you to live a worry-free life as you receive regular income post retirement. Aditya Birla Sun Life Money-Back plans provides guaranteed regular income after the premium paying term which helps you with a regular and steady flow of income to meet your financial short term goals. With such plans, you can strategically plan your goals and meet them.
- Flexibility- Life Insurance plans offer a choice of plan options, different policy terms to choose from and flexible premium paying terms. Aditya Birla Sun Life Unit Linked plans offers flexibility to invest in different fund options and switch between funds as per your funding needs.
- Liquidity- Aditya Birla Sun Life Unit-Linked plans enable you to partially withdraw the amount from your fund value in case of any need after the first five years of the plan. This helps you to meet your immediate requirement of funds. In addition, you can also avail a policy loan on the plan. Aditya Birla Sun Life Insurance plans can also be used as collateral security to avail the loans for your financial requirements. These life insurance plans are financial assets which can help you in availing loans when you need immediate funds.
- Lump Sum Payment for Critical Illness- Aditya Birla Sun Life Cancer plan and health plans provide lump sum benefit for critical illness and heart and kidney ailments. The lump sum amount received can be used for major expenses, treatment cost, surgeries, transplants, etc. This helps you to get the proper treatment without any financial burden. This lump sum benefit received is irrespective of the treatment cost incurred. In addition, the future premiums of the plan are also waived off on diagnosis of critical illness giving you further financial relief.
- Tax Benefits- Aditya Birla Sun Life Insurance plans offer tax benefit both on the premiums paid and on the benefits received from the life insurance plan subject to certain terms and conditions. This tax benefit helps to save on tax and lower your taxable income. You can also enjoy tax-free return from Aditya Birla Sun Life Insurance plans. You can read about the tax benefits in detail below.
Aditya Birla Sun Life Insurance Claim Process
Having a High Claim Settlement Ratio of 97.05% for the financial year 2019-20 Aditya Birla Sun Life Insurance shows that its claim settlement process is streamlined and smooth. The company claims to put various checks and controls in order to ensure that you get a smooth claim settlement experience. You can intimate the insurance claim online to the company through the company's website. Here are the steps to initiate for a claim:
- Visit (https://lifeinsurance.adityabirlacapital.com/customer-service/claim-procedure/online-claim.aspx)
- Fill the policy number and date of the insured and click on 'next'
- You can also email the insurance company at firstname.lastname@example.org or call the toll free number at 1800 270 7000 or visit the claim department or branch office to initiate a claim
- The claim team of the insurance company will scrutinise each claim document submitted by you in detail. In case any pending document is required, the same will be communicated to you for submission.
- After receiving all mandatory claim documents, the claims department of the company will verify them.
- After verification, the payment will be made to the beneficiary.
Documents Required for Death Claim
The documents you are required to submit to initiate the death claim are as follows:
- Claimant Settlement Form
- Death Certificate of life insured issued by Municipal Authority.
- KYC documents of Beneficiary/Nominee/ Claimant such as ID Proof, address proof, proof of relationship with the insured
- Cancelled cheque with pre-printed name or claimant’s bank passbook or online bank statement for last 3 months.
- Original policy document
- In case of accidental death, FIR and final police closure report, post mortem report and driving license (if death while driving) will also be required to submitted.
Aditya Birla Sun Life Insurance Tax Benefits
As stated earlier, Aditya Birla Sun Life Insurance plans offers tax benefits on both investments and returns in the form of pay-outs. Let’s have a look at the tax benefits which can be availed from Aditya Birla Sun Life Insurance plans under various sections of Income Tax Act, 1961:
|Sections of Income Tax Act, 1961||Tax Benefits Available|
|Section 80C||Tax benefit is allowed on the premiums of Aditya Birla Sun Life Insurance plans. The premiums that you pay towards the life insurance plans, except the retirement plans, are eligible for deduction under section 80C of the Income Tax Act, 1961. The deduction can be availed up to INR 1.5 lakhs per annum or 10% of sum assured, whichever is lower|
|Section 80CCC||The premiums paid for the pension plans of Aditya Birla Sun Life Insurance can be availed as deduction under section 80CCC of the Income Tax Act, 1961. Premiums up to 10% of the sum assured, subject to a maximum of INR 1.5 Lakhs is allowed as a deduction under this section.|
|Section 80D||Under Section 80D of the Income Tax Act, 1961 you can get a deduction if you invest in Aditya Birla Sun Life Health Insurance plans. Deduction up to INR 25, 000 can be availed in a financial year. Moreover, for individuals aged 60 years and above, deduction up to INR 50,000 can be availed in one financial year.|
|Section 10 (10A)||Section 10 (10A) of the Income Tax Act, 1961 allows you to claim the commutated pension as a tax free income subject to limit of 33% of the corpus. Under the deferred annuity plans, you can withdraw 60% of the corpus of your plan on maturity. However, tax benefit is allowed only on the 33% part of the corpus.|
|Section 10 (10D)||The pay-outs received from life insurance plans can be claimed as tax-free incomes under section 10 (10D) of the Income Tax Act, 1961. The survival and maturity benefit received from the life insurance plan can be allowed as tax-free income provided that the premiums for the plan do not exceed 10% of the sum assured. The death benefit received from the insurance plan is entirely tax free irrespective of the premium amount.|
Aditya Birla Sun Life Insurance Customer Care Details
Aditya Birla Sun Life Insurance is committed to serving its customers with the best possible support through its various modes to contact customer care department in case pf any query, claim, feedback or complaint. You can contact the customer care department of the company for any assistance by using any of the following modes-
|Toll Free Number (Within India)||1800-270-7000 (All 7 days, between 9AM to 9PM)|
|Toll Free Number (Outside India)||91 22 66917777 (Call Charges Apply) (All 7 days, between 9AM to 9PM)|
|Email at email@example.com|
Register by giving a missed call on 7676690033 or by sending a SMS ‘OPTIN’ on 567679 from hour registered phone number
Then start chatting by saving the number 8828800040 and writing ‘Hi’ to the company on WhatsApp.
|Virtual Assistant||You can also talk to life insurance virtual assistant by visiting the official website of the insurance company.|
Aditya Birla Sun Life Insurance Review
Aditya Birla Sun Life Insurance offers a range of insurance products to cater to investment needs of individuals as well as corporate customers. It is one of the most trusted brands in the insurance industry in India. Here are some of the details of the insurance company-
- The insurance company aims to make savings and life easier for its customers. So, each insurance product of Aditya Birla Sun Life Insurance has been designed with the basic and simple requirement of every customer.
- The company has a nation wide distribution presence through 397 branches, 6 distribution channels, 8 bancassurance partners and over 82, 000 selling agents.
- It has over 13,000 employees and active insurance customers over more than 17 lakhs.
- As on 30th June, 2020 the total Asset under Management (AUM) of Aditya Birla Sun Life Insurance stood at INR 44, 746 crores.
- Aditya Birla Sun Life Insurance is currently ranked 7th in individual business.
These statistics shows that the company is one of the leading and trusted insurance providers in India with different categories of insurance solutions and an easy claim settlement process.
Birla Sun Life Insurance FAQs
What is premium redirection in Unit-Linked Insurance plans?
Unit-Linked Insurance plan has multiple funds which differ based on their debt or equity allocation. A switch between the funds enables the allocation of the existing funds to a new fund under the plan. Generally, the redirection is free of cost and the insurers do not charge foe redirection.
What is fund switching in Unit-Linked plans?
Switching is a free option offered to the policyholders of unit-linked plans to move investment from one fund to another fund, within a plan. You are allowed to transfer the units fully or partially between debt to equity and equity to debt.
Do I get tax benefits in child insurance plans?
Under section 80C of the Income Tax Act, 1961 the premiums paid for children investment can be allowed for tax deduction and the income from the plan is free from tax under section 10 (10D) of the Income Tax Act, 1961.
What is assignment? How can I assign a life insurance plan of Aditya Birla Sun Life Insurance?
Assignment is a way by which you can transfer the beneficial interest, title and the rights of the policy from the policyholder to another person. Assignor is the owner of the policy and assignee is the person who derives the title of the policy. You can assign a life insurance policy by filling the assignment form and submitting it in any of the nearest branches of Aditya Birla Sun Life Insurance along with relevant documents such as original policy document, residence proof and Identity proof.
What are the premium payment options available in Aditya Birla Sun Life Insurance?
Aditya Birla Sun Life Insurance offers different options to pay the premiums for life insurance plans. These options includes online payment on the website, direct debit/ECS, direct debit from credit card, authorise from bill junction or bill desk, NEFT or by cheque or cash om the nearest branch of the insurance company.
Can I buy a child plan for a new born child?
Yes, you can buy a child insurance plan for a new born child at a low cost premium.
What is annuity plan under Aditya Birla Sun Life Insurance plans?
An annuity plan is an insurance product which pays out the income and can be used as a retirement strategy to help you receive regular income after your retirement. Annuities are a popular amongst investors who are looking for a steady income stream post retirement.
What will happen if I don’t pay the premium on the due date?
If you do not pay the premiums of your life insurance plan on due date, you can still make the outstanding premium payment within a further period without your policy being lapsed or charge of interest. That period is called grace period. Aditya Birla Sun Life Insurance offers 30 days grace period to pay the due premiums for yearly, half-yearly and quarterly premium paying modes and 15 days grace period for monthly premium paying mode. However, if you do not pay the premiums within the grace period too, your policy will lapse.
How can I change my premium paying frequency on my Aditya Birla Sun Life Insurance policy?
The feature of changing of premium paying frequency is available in Aditya Birla Sun Life Insurance plans and varies from product to product. You can change the premium paying frequency by updating a new frequency on the website of the company by logging in using your Username and Password. You can also call the call centre department of the company to make the request for change in frequency of your premium payment of the plan or by submitting policy service request form duly signed by the policyholder at the nearest branch of the insurance company.
Can I add riders with my life insurance plans during the policy term?
Yes, you can add insurance riders during the term of the policy by submitting a letter written and signed by the policyholder along with Illustration, rider premium and certificate of insurability. However, rider cannot be added if the life insured is a minor. Rider can be added only after the completion of first policy year.
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