Starting ₹10/day* for ₹50 Lakh cover
Birla Sun Term Insurance
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- Shield your family from unforeseen events
- Tax benefit** u/s 80C on premium paid
Aditya Birla Sun Life Insurance Company Limited (ABSLI) was earlier known as Birla Sun Life Insurance Company Limited. The company, established in 2000, is now one of the most prominent life insurance companies in the country and offers a lot of options and variety to its customers. It allows the customer to select a plan and customise it on the basis of his own needs and requirements. There are various aspects of term insurance plans in India offered by Aditya Birla Sun Life Insurance Company Limited.
Aditya Birla Sun Life Insurance Life Shield Plan
Aditya Birla Sun Life Insurance Life Shield Plan is a non-linked, non-participating term insurance plan that helps you provide the best for your family. This term insurance plan gives you the opportunity to secure the financial well-being of your loved ones even if you are no longer around. So, a term plan is the cheapest way to obtain high coverage for your family.
There are multiple variants with ABSLI Life Shield Plan such as:
- Option 1 - Level Term Assurance
The sum assured that you choose remains the same throughout the policy. So, your coverage remains the same throughout the entire policy tenure.
- Option 2 - Level Term Assurance with Waiver of Premium (WOP) Benefits
Along with the benefits of Option 1, all future premiums will be waived off in case you:
- Are diagnosed with a critical illness
- Suffer total and permanent disability, whichever happens early
- Option 3 - Increasing Term Assurance
As per your choice, at the time of purchase, you can select an increase in the sum assured which can be 5% or 10% per annum. The premium that you pay will not increase.
- Option 4 - Increasing Term Assurance with Waiver of Premium (WOP) Benefits
Along with the benefits of option 3, all future premiums will be waived off in case you are diagnosed with a critical illness or you suffer total and permanent disability
- Option 5 - Decreasing Term Assurance
This option is suitable especially to take care of your needs owing to a loan or mortgage that you may have taken.
- Option 6 - Decreasing Term Assurance with Waiver of Premium (WOP) Benefits
With the benefits of Option 5, all future premiums will be waived off in case you suffer total and permanent disability or if you are diagnosed with a critical illness or you, whichever is early.
- Option 7 - Return of Premium
If you, the insured, survive the policy then all the premiums that you have paid will be retired. The sum assured will remain unchanged.
- Option 8 - Return of Premium with Waiver of Premium (WOP) Benefit
Along with the benefits applicable in option 7, all your future premiums will be waived off in case you:
- Suffer total and permanent disability
- Are diagnosed with a critical illness, whichever happens early.
Highlighting Features of the Plan
- The plan offers 8 different variants to suits your particular insurance needs
- You can also cover your spouse under this policy
- The plan also comes with the option of “return of premium”
- In case of a disease or an accidental injury, there is the “waiver of premium” benefit
- You also have the option to increase the coverage at different stages of life
- There are multiple options for the death benefit payout
For Plans 1/3/5/7
For Plan 2/4/6/8
|Maximum Maturity Age||85 years|
|Base Sum Assured|
Minimum: INR 25,00,000
Maximum: No Limits (Subject to Guidelines)
Benefits of Buying Aditya Birla Sun Term Insurance Plan
- Affordable Plans
Life Shield Plan is a very reasonable plan which offers wide coverage. You also have the choice to pay the premium as per your convenience, it can be paid monthly, quarterly or yearly.
- Limitless Coverage
You can choose a sum insured that can go as high as you want. There is no limit to the upper limit of sum assured, however, it is subject to the guidelines.
- Convenient Payment
The premium payment can be made online within a few minutes. Birla Sun Life has a customer-friendly online portal that makes premium payment very convenient.
- Wide Options
There are a lot of choices that you get when you opt for the Life Shield Plan. you can select any of the 8 available options.
Availability Of Riders
To further enhance the coverage of your term insurance plan, you have the option to add riders to your plan.
- Tax Benefits
Another benefit that you can avail with a term insurance plan is that the premium, as well as the payout, come with tax benefits under Section 80C and Section 10(10D).
What is Covered in Aditya Birla Sun Term Insurance?
- Death Benefit
In case of death of the policyholder, the appointed nominee receives the death benefit. Once this benefit is paid, the policy is terminated.
- Terminal Illness Benefit
In case you, the insured, are diagnosed with a terminal illness all your future premiums will be waived off and you will receive 50% of the Sum Assured on Death. This is subject to a maximum of INR 2.5 crores.
- Waiver of Premium on Total and Permanent Disability
In case the insured suffers from TPD within the tenure of the policy, all the future premiums will be waived off. The death benefit, however, will not be affected. The sum assured for your spouse will be 50% of the applicable sum assured. Note:
- This option will only be available when the sum assured of the primary insured member is more than or equal to INR 50 lakhs.
- A rider can not be opted for under this option.
- Waiver of Premium on Critical Illness
In case you are diagnosed with a critical disease within the policy term, all the future premiums will be waived off. There will be no effect on the death benefit.
- Joint Life Protection
Under this option, you can cover two lives, i.e., you and your spouse.
- Enhanced Life Stage Protection
Under Plan Option 1 & Option 2, you may opt to increase your life cover on the occurrence of each of the events without undergoing any fresh medical examination. This feature is available only for policy
What is not Covered in Aditya Birla Sun Term Insurance?
There are some situations under which the death benefit is not payable. A list of common exclusions is given below, for a detailed list, you can refer to the company website.
- In case the policyholder commits suicide within 12 months from policy purchase, or from date of revival, the company shall pay the surrender value or the paid premium amount
- Self-inflicted injuries causing death are not covered
- Death due to participation in professional sports or any hazardous pursuits
How to Apply For Birla Sun Term Insurance Plan?
Applying for Birla Sun Term life insurance is very simple, however, before applying you need to make sure that the plan that you have finalised is the best suited for your requirements. To help you make up your mind, you can do all your research on the company website. You can click https://lifeinsurance.adityabirlacapital.com/tools-and-planner/overview and calculate the premium that you would have to pay for the different plan options available.
After you finalise the plan, you need to follow the following steps:
- Step 1 - Get the Quote
You need to get started with a quick quote. Click https://lifeinsurance.adityabirlacapital.com/buy-online/calculators/term-insurance-premium-calculator?UID=LSDT01X01 and fill in the required fields.
- Step 2 - Customise your Plan
You will now have to enter the sum assured and the number of years you want the coverage for. You can also decide the plan option, payment frequency and the riders. Check the premium amount, if you satisfied, click Proceed, else change the parameters.
- Step 3 - Fill in the Personal Details
On the new page, fill in all the required personal details, including your qualifications, communication address etc. you can now view the payment summary and illustration.
- Step 4 - Make the Payment
To make the payment you can use any credit or debit card, Netbanking, PayTM or UPI payments. Select the preferred debit date and proceed. You will receive the policy online very soon.
Aditya Birla Sun Term Insurance Riders
Riders help you enhance the cover of your basic term insurance. By paying a little extra premium, you can increase the benefits manyfold.
- ABSLI Accidental Death and Disability Rider
In case the policyholder dies in an accident or suffers a permanent disability, the nominee/ the policyholder will receive the whole/ part of the rider sum assured.
- ABSLI Critical Illness Rider
The policyholder will receive 100% of the sum assured in case he/she is diagnosed with any of the listed critical illnesses. There is a survival period of 30 days.
- ABSLI Surgical Care Rider
The policyholder will receive a lump sum benefit amount in case of hospitalisation for undergoing surgery, for a minimum of 24 hours, anywhere in the country.
- ABSLI Hospital Care Rider
With this rider, the policyholder can avail a daily cash allowance in case of his/her hospitalisation for a minimum of 24 hours. The rider also covers recuperation and ICU.
- ABSLI Accidental Death Rider Plus
With this rider, the policyholder can ensure an additional financial cover in case of his accidental death.
When opting for Riders, keep in mind the following points:
- Either one of ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus can be opted for. You cannot opt for both.
- With plan options, Joint Life Protection (Option 5) and for Decreasing Term Assurance (Options 6) Riders are not available.
Aditya Birla Sun Term Insurance Claim Process
A claim is to be made by the nominee when the insured member dies. The claimant has to inform the company about the policyholder’s death, as early as possible. The claim can be registered by:
- Contacting customer care on 1800 270 7000
- Registering the claim online
- Writing the company an email to firstname.lastname@example.org
- Visiting a branch office. To locate a branch click https://lifeinsurance.adityabirlacapital.com/Pages/Unsecure/LI/INDV/Home/Locator.aspx
- You can also click and register the claim directly by going to https://lifeinsurance.adityabirlacapital.com/customer-service/claim-procedure/online-claim.aspx.
Once the claim is intimated, the nominee would have to fill in the claim form and submit the form along with the following documents:
- Original policy papers
- Death Certificate
- Employer’s certificate
- Medical reports of previous hospitalisations
- In the case of accidental death- FIR, Post Mortem Report and Police Inquest Form
Aditya Birla Sun Term Insurance Customer Care Number
|Toll-Free Number||1800 270 7000 (9am to 9pm)|
One World Center, Tower 1, 16th Floor,
Jupiter Mill Compound, 841, Senapati Bapat Marg,
Elphinstone Road, Mumbai - 400013.
Aditya Birla Sun Term Insurance Review
Aditya Birla Sun Life Insurance offers term insurance products that are loaded with multiple benefits. They allow you to provide complete financial protection to your family in the event of your untimely death. With customisable features and many optional riders, you also have the choice to enhance your insurance cover. The company recorded a remarkable Claim Settlement Ratio of 97.54% in the financial year 2019-20.
Birla Sun Term Insurance FAQs
1. Do Aditya Birla Sun Term Insurance plans have an expiry date?
Yes, every term insurance policy has an expiry date. Once the policy tenure is over, the policy expires.
2. What would happen when the term insurance policy expires?
When the policy tenure finishes and the policyholder is still alive no amount is paid. However, if the policyholder dies then the cover will be paid to the nominee.
3. What is the meaning of a free-look period?
Within 15 days of the policy purchase, you have the right to return it, in case you disagree with the company laid terms and conditions. You would have to submit a written notice of cancellation, that includes the reason thereof. The premium that you have paid will be refunded, after the compulsory deductions.
4. If someone opts for “Joint Life Protection” and both the life insured dies at the same time, what would happen to the sum assured?
In such a case the appointed nominee will receive the death benefit and the policy will be terminated.
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