ABSLI Life Shield Plan

term insurance
Protect your loved ones against death, disability and Illness
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ABSLI Life Shield Plan

The ABSLI Life Shield Plan ensures the well-being of your family and loved ones against uncertain situations. It provides an all encompassing solution to the financial and medical exigencies of life, making sure that your family does compromise on any of their dreams or ambitions in your absence. 

This policy comes with a free-look period of 15 days and 30 days in case of online purchase. The free-look period allows you to return the policy if you are dissatisfied with the terms of the plan. It also allows for the refund of all payments paid till date after the deduction of risk cover and expenses incurred by the insurance provider during the tenure of the plan. 

Best features of the ABSLI Life Shield Plan 

The following are some of the significant features of the ABSLI Life Shield Plan -

  • The plan comes with a comprehensive and in-built insurance cover that offers you financial protection against 14 critical illnesses, total and permanent disability, accidental injury, and death.
  • The plan is versalite and offers you as many as 8 variant options to choose from to suit your and your family’s personal and financial needs. 
  • It has the option of including a life insurance cover for your spouse under the same policy. 
  • The term also allows you to conveniently enhance the insurance coverage in correspondence with the different milestones of your life. 
  • The policy can be revived with its full coverage within a period of 5 years by paying all due premiums together at an interest rate of 1% per month. 

ABSLI Life Shield Plan Benefits 

  1. Comprehensive Coverage Benefit 

The ABSLI Life Shield offers a comprehensive coverage benefit by assuring you of life insurance in terms of critical illnesses, total and permanent disability, and accidental injury. It also offers you the convenience of insuring your spouse under the same plan. 

  1. Customisation Benefits 

This policy allows you to increase the amount of your financial protection by availing any of the riders enlisted under the ABSLI Accidental Death and Disability Rider, Critical Illness Rider, Surgical Rider, Hospital Care Rider and Accidental Death Benefit Care Rider Plus. These benefits can be utilized by the payment of a nominal extra cost. 

  1. Flexible Payment Benefit 

This term comes with a flexible mode of premium payment that allows you to make payments either annually, semi-annually, quarterly or monthly as per your convenience. 

  1. Wide Array of Variants

This plan offers the policyholder or the life assured the freedom of choice in deciding their sum assured, plan options and policy tenure from amongst 8 plan options. 

What is covered ?

The benefits and coverages offered under the ABSLI Life Shield Plan is as follows depending upon the variant you choose-

  1. Plan Option 1 - 

This Plan option provides the following kind of coverage benefit -

  • Death Benefit - In case the policyholder chooses Plan Option 1, then they can avail the option of Level Term Assurance. In this case, the sum assured on death would be paid on death. Under this option, the death sum assured on death remains the same as chosen during the beginning of the tenure. 
  • Enhanced Life Stage Protection Benefit - Under this option, the insurance seeks to offer financial protection to you corresponding with life events such as marriage and childbirth. You have the facility of increasing your life cover on the occurence of each event without the hassle of medical check-ups. This benefit comes with a regular pay option and to avail this, your age must be less than or equal to 50 years at the time of utilizing this option. This option cannot be chosen together with the Joint Life Protection Option. Future Premiums shall be increased proportionally with the increase in the sum assured at the inception of the policy and will be reflected in subsequent policy years. 
  • Joint Life Insurance Benefit - This option allows you to insure a secondary life like your spouse’s. Under this benefit, the sum assured on the death for your spouse would be equal to 50% of your sum assured and this option will be available only if the sum assured is greater than or equal to INR 5 Lakh. Furthermore, this plan also offers the life assured to avail a terminal illness benefit in respect of both the primary and secondary life assured. This facility can be chosen by you is irreversible. 

For example -

Name of the PolicyholderMr. Verma and Mrs. Verma
Age of the policyholder(s)35 years and 34 years
Policy Tenure20 years
Premium Payment FrequencyMonthly, quarterly, half yearly and annually
Sum Assured INR 1 Crore
First Marriage50% subject to a maximum of INR 50 Lakh
Birth of 1st Child 25% subject to a maximum of INR 25 Lakh
Birth of 2nd Child25% subject to a maximum of INR 25 Lakh

Benefit Payable -

  • If Mr. Verma is getting married, then he would get an insurance amount of INR 50 Lakh.
  • On the birth of their first child as well as on the birth of their second child, the couple would get an insurance amount of INR 25 Lakh each time. 
  • If Mr. Verma dies before Mrs. Verma during the tenure of 20 years, INR 1 Crore will be paid to his spouse and INR 50 Lakh insurance cover for Mrs. Verma will continue till the end of the term. 
  • If Mrs. Verma dies after the death of Mr. Verma during the tenure of 20 years, INR 50 Lakh will be paid to the nominee and the policy will be terminated. 
  • If Mrs. Verma dies before Mr. Verma during the period of 20 years, INR 50 Lakh will be added to the primary sum assured of INR 1 Crore. Future premiums would be charged at a reduced rate from the next policy anniversary date, only for the primary life insurance. 
  • If Mr. Verma dies after the death of Mrs. Verma during the time period of 30 years, the sum assured on death will be paid to the nominee and the policy will be terminated. 
  • If both Mr. Verma and Mrs. Verma died at the same time, a sum of INR 1 Crore 50 Lakh would be paid to the nominee and the policy would be terminated. 

 

  1. Plan Option 2

This plan offers the following kind of coverage benefits -

  • Death Benefit - Under this option, in the unfortunate occasion of the death of the policyholder the sum assured on death will be paid to the nominee or family members of the life assured All future premiums will be waived off and the policy will be terminated. 
    •  
  • Critical Illness (CI) Benefit - If the policyholder is diagnosed with a critical illness during the term of the policy, 50% of the sum assured will be paid to him along with an immediate payment of INR 25 Crore. All future premiums would be waived off and the policy would continue till its full tenure. The Critical or Terminal Illness Benefit would only be payable on the first diagnosis of terminal illness during the tenure of the policy.
  • Total Permanent Disability (TPD) Benefit - If the policyholder is diagnosed with Total Permanent Disability (TPD) while the policy is in force, all future premiums will be waived off and the policy will continue till its full term. 
  • Enhanced Life Stage Protection Benefit - This option allows you an increased financial protection corresponding with your life events such as marriage or childbirth. You can avail this option on the occurence of each event without the hassle of medical check-ups. This benefit comes with a regular pay option and to avail this you must be less than or equal to 50 years of age. This option can be chosen only in isolation of Joint Life Protection Option. Future Premiums will increase proportionally with the sum assured at the inception of the policy and will be reflected in subsequent policy years. 
  • Joint Life Insurance Benefit - This option allows you to insure a secondary life such as your spouses under the same scheme. The sum assured on death for your spouse would be equal to 50% of the  death sum assured provided that the amount of the sum assured is greater than or equal to INR 5 Lakh. Furthermore, this plan also comes with a terminal illness benefit in respect of both the lives assured. This facility can be chosen by you at the beginning of the policy and it cannot be changed later on. This option does not have any rider benefit. 

This is how it works -

Name of the policyholder(s)Mr. Verma and Mrs. Verma
Age35 years and 34 years
Policy Tenure20 years
Premium payment FrequencyLimited premium for 10 years payable monthly, quarterly, half-yearly or annually
Sum assuredINR 1 Crore
First Marriage50% subject to a maximum of INR 50 Lakh
Birth of 1st Child 25% subject to a maximum of INR 25 Lakh
Birth of 2nd Child25% subject to a maximum of INR 25 Lakh

Benefits payable -

  • If Mr. Verma is getting married, then he would get an insurance amount of INR 50 Lakh.
  • On the birth of their first child as well as on the birth of their second child, the couple would get an insurance amount of INR 25 Lakh each time. 
  • If Mr. Verma dies before Mrs. Verma during the tenure of 20 years, INR 1 Crore will be paid to his spouse and INR 50 Lakh insurance cover for Mrs. Verma will continue till the end of the term. 
  • If Mrs. Verma dies after the death of Mr. Verma during the tenure of 20 years, INR 50 Lakh will be paid to the nominee and the policy will be terminated. 
  • If Mrs. Verma dies before Mr. Verma during the period of 20 years, INR 50 Lakh will be added to the primary sum assured of INR 1 Crore. Future premiums would be charged at a reduced rate from the next policy anniversary date, only for the primary life insurance. 
  • If Mr. Verma dies after the death of Mrs. Verma during the time period of 30 years, the sum assured on death will be paid to the nominee and the policy will be terminated. 
  • If both Mr. Verma and Mrs. Verma died at the same time, a sum of INR 1 Crore 50 Lakh would be paid to the nominee and the policy would be terminated.
  • If Mr. Verma is diagnosed with any critical illness during the period of 20 years then he would be paid a sum of INR 50 Lakh along with an immediate payment of INR 25 Crore. All future premiums will be waived off and the policy would continue till the end of its term provided that no critical benefit has been paid earlier than this. 
  • If Mr. Verma suffers from Total Permanent Disability (TPD) during the tenure of the plan, all future premiums will be waived off and the policy will continue till its maturity. 
  1. Plan Option 3 -

This plan offers the following coverage benefits -

  • Death Benefit - If the policyholder dies during the tenure of the policy, a sum assured on death will be paid to his nominee or family members. 
  • Increasing Term Insurance Benefit - If the policyholder chooses Plan Option 3, they can choose to enhance their sum assured at the beginning of the tenure by 5% or 10% per annum as per their requirement. The sum assured will increase every year at an interest rate of 5% or 10% of the original sum assured without any fluctuations in the amount of premiums.
  • Joint Life Insurance Benefit - This option allows you to insure a secondary life such as your spouses under the same scheme. The sum assured on death for your spouse would be equal to 50% of the  death sum assured provided that the amount of the sum assured is greater than or equal to INR 5 Lakh. Furthermore, this plan also comes with a terminal illness benefit in respect of both the lives assured. This facility can be chosen by you at the beginning of the policy and it cannot be changed later on. This option does not have any rider benefit. 

For Example -

Name of the policyholder(s)Mr. Verma and Mrs. Verma
Age35 years and 34 years
Policy Tenure20 years
Premium payment FrequencyLimited premium for 10 years payable monthly, quarterly, half-yearly or annually
Sum assuredINR 1 Crore

Benefits payable -

  • If Mr. Verma dies before Mrs. Verma during the tenure of 20 years, INR 1 Crore will be paid to his spouse and INR 50 Lakh insurance cover for Mrs. Verma will continue till the end of the term. 
  • If Mrs. Verma dies after the death of Mr. Verma during the tenure of 20 years, INR 50 Lakh will be paid to the nominee and the policy will be terminated. 
  • If Mrs. Verma dies before Mr. Verma during the period of 20 years, INR 50 Lakh will be added to the primary sum assured of INR 1 Crore. Future premiums would be charged at a reduced rate from the next policy anniversary date, only for the primary life insurance. 
  • If Mr. Verma dies after the death of Mrs. Verma during the time period of 20 years, the sum assured on death will be paid to the nominee and the policy will be terminated. 
  • If both Mr. Verma and Mrs. Verma died at the same time, a sum of INR 1 Crore 50 Lakh would be paid to the nominee and the policy would be terminated.
  • If Mr. Verma chooses the Increasing Term Insurance Benefit, then his sum assured would increase by INR 5 Lakh every year, calculated at a minimum interest rate of 5% for a limited tenure period of 10 years. 
  1. Plan Option 4 -

This Plan Option offers the following kind of benefits -

  • Death Benefit - If the policyholder dies during the tenure of the plan, the sum assured on death would be paid to his nominee or family members. All future premiums would be waived off and the policy would be terminated after the payment of the sum assured. 
  • Critical Illness Benefit - If the policyholder is diagnosed with a critical illness during the term of the policy, 50% of the sum assured will be paid to him along with an immediate payment of INR 25 Crore. All future premiums would be waived off and the policy would continue till its full tenure. It would only be payable on the first diagnosis of terminal illness during the tenure of the policy
  • Total Permanent Disability (TPD) Benefit - If the policyholder or the life assured suffers from Total Permanent Disability (TPD) during the tenure of the policy, all future premiums will be waived and the policy will continue to function till its year of maturity. 
  • Increasing Term Insurance Benefit - Under this option, the policyholder can choose to increase the amount of their sum assured by 5% or 10% during the beginning of per annum and it will increase at an interest rate of 5% to 10% of the original sum without any fluctuations in the premium amount. 
  • Joint Life Insurance Benefit - This option allows you to insure a secondary life such as your spouses under the same scheme. The sum assured on death for your spouse would be equal to 50% of the  death sum assured provided that the amount of the sum assured is greater than or equal to INR 5 Lakh. Furthermore, this plan also comes with a terminal illness benefit in respect of both the lives assured. This facility can be chosen by you at the beginning of the policy and it cannot be changed later on. This option does not have any rider benefit. 
Name of the policyholder(s)Mr. Verma and Mrs. Verma
Age35 years and 34 years
Policy Tenure20 years
Premium payment FrequencyLimited premium for 10 years payable monthly, quarterly, half-yearly or annually
Sum assuredINR 1 Crore

Benefits payable -

  • If Mr. Verma dies before Mrs. Verma during the tenure of 20 years, INR 1 Crore will be paid to his spouse and INR 50 Lakh insurance cover for Mrs. Verma will continue till the end of the term. 
  • If Mrs. Verma dies after the death of Mr. Verma during the tenure of 20 years, INR 50 Lakh will be paid to the nominee and the policy will be terminated. 
  • If Mrs. Verma dies before Mr. Verma during the period of 20 years, INR 50 Lakh will be added to the primary sum assured of INR 1 Crore. Future premiums would be charged at a reduced rate from the next policy anniversary date, only for the primary life insurance. 
  • If Mr. Verma dies after the death of Mrs. Verma during the time period of 20 years, the sum assured on death will be paid to the nominee and the policy will be terminated. 
  • If both Mr. Verma and Mrs. Verma died at the same time, a sum of INR 1 Crore 50 Lakh would be paid to the nominee and the policy would be terminated.
  • If Mr. Verma chooses the Increasing Term Insurance Benefit, then his sum assured would increase by INR 5 Lakh every year, calculated at a minimum interest rate of 5% for a limited tenure period of 10 years. 
  • If Mr. Verma is diagnosed with any critical or terminal illness during the period of 20 years, INR 25 Lakh would be paid to him along with an immediate payment of INR 25 Crore. All future premiums will be waived off and the policy will continue till its full term provided that no disability benefit has been paid before. 
  • If Mr. Verma suffers from Total Permanent Disability (TPD) during the tenure of 20 years, all future premiums will be waived and the policy will continue till maturity, provided that no critical illness benefit has been paid earlier. 
  1. Plan Option 5 

This plan offers the following coverage benefit -

  • Decreasing Term Insurance Benefit- Under this option, the policy seeks to safeguard the policyholder for money that has been obtained in lieu of a loan or mortgage.  The sum assured on death will be payable as per the following Decreasing Sum Assured Schedule over a period of the policy tenure as chosen by the policyholder-

  

Decreasing Sum Assured Schedule (% of Sum Assured at Inception)

Policy Year

Policy Term Upto 20 years

Policy Term Above 20 years

1 to 5

100%

100%

6 to 10

90%

95%

11 to 15

75%

90%

16 to 20

50%

85%

21 to 25

N/A

70%

26 to 50

N/A

50%

  1. Plan Option 6 

This plan offers the following coverage options -

  • Decreasing Term Assurance Benefit -  Under this option, the policyholder can avail the decreasing term benefit option whereby a percentage of the sum assured on death will be paid to the policyholder in accordance with the policy term and tenure as outlined in the table above. All future premiums will be waived off. 
  • Critical Illness Benefit -  If the policyholder is diagnosed of a critical illness during the tenure of the policy, 50% of the sum assured on death will be paid to the policyholder, subject to an immediate payment of INR 25 Crore and all future premiums will be waived off. The Critical or Terminal Illness Benefit would only be payable on the first diagnosis of terminal illness during the tenure of the policy
  • Total Permanent Disability (TPD) Benefit - If the policyholder suffers from Total Permanent Disability (TPD), they will be paid a TPD Benefit and all future premiums will be waived. The policy will continue till the end of its term. 

Example -

Name of the policyholderMr. Verma
Age35 years
Policy Tenure20 years
Premium payment FrequencyLimited premium for 10 years payable monthly, quarterly, half-yearly or annually
Sum assuredINR 1 Crore

Benefits Payable -

  • If Mr. Verma chooses the decreasing term insurance then he would be paid a percentage of the death sum assured over a period of 5 to 50 years, depending upon the tenure of his policy. 
  • If Mr. Verma is diagnosed with a critical illness during the tenure of the policy, he would be paid INR 25 Lakh as critical illness benefit along with the immediate payment of INR 25 Crore. 
  • If Mr. Verma dies during the tenure of the policy and a critical illness benefit has already been paid, the amount paid as death benefit would be deducted from his sum assured and the remaining amount would be paid to his nominee or family members. 
  • If Mr. Verma suffers from TPD, all future premiums would be waived off and the policy will continue till the end of its term. 
  1. Plan Option 7

This plan offers the following coverage areas -

  • Premium Return Benefit - This option enables the policyholder to receive a refund of all premium payments if he survives the entire period of the policy. The sum assured on death remains the same and the policy is terminated after all refunds have been made by the company. 
  • Paid Up Benefit - If the policyholder is unable to pay the premium under this option, the insurance holder can continue to benefit from the policy on a reduced paid-up basid. Under this option, the sum assured on death shall be reduced in accordance with all the premiums paid during the paying term. 

This is how it works -

Name of the policyholderMr. Verma
Age35 years
Policy Tenure20 years
Premium payment FrequencyLimited premium for 10 years payable monthly, quarterly, half-yearly or annually
Sum assuredINR 1 Crore

Benefits payable -

  • If Mr. Verma survives the entire tenure of 20 years, then all premiums paid by him from the commencement of the policy till its maturity will be repaid back to him by the insurance company. 
  • The death sum assured will remain constant throughout the period for 20 years and in the unfortunate occasion of Mr Verma’s death, his nominee or family would receive a sum of INR 1 Crore after which the policy will be terminated. 
  • In the unfortunate occasion of the death of Mr. Verma, his nominee can receive the sum assured on death as a lump sum payment. 
  • His nominee can also choose to receive the death sum assured as a staggered payment with a fixed annual income over the remaining policy years after his death. 
  1. Plan Option 8 -

This plan option offers the following benefits -

  • Return of Premium Benefit - If the policyholder survives the entire tenure of the plan, then the insurance company will repay all his premiums at maturity, provided that all dues have been made. 
  • Critical Illness Benefit - If the policyholder is diagnosed with any critical illness during the tenure of the plan, 50% of the sum assured will be paid to him along with an immediate payment of INR 25 Crore. All future premiums be waived off and the policy will continue with all its services. This benefit would only be payable on the first diagnosis of terminal illness during the tenure of the policy
  • Total Permanent Disability (TPD) Benefit - If the policyholder suffers TPD, all future premium payments under the term will be pardoned and the plan will continue till maturity. 
  • Paid Up Benefit - If the policyholder is unable to pay the premium under this option, the insurance holder can continue to benefit from the policy on a reduced paid-up basid. Under this option, the sum assured on death shall be reduced in accordance with all the premiums paid during the paying term. 

For example - 

Name of the policyholderMr. Verma
Age35 years
Policy Tenure20 years
Premium payment FrequencyLimited premium for 10 years payable monthly, quarterly, half-yearly or annually
Sum assuredINR 1 Crore

Benefits Payable -

  • If Mr. Verma survives the entire tenure of 20 years, then all premiums paid by him from the commencement of the policy till its maturity will be repaid back to him by the insurance company.
  • If Mr. Verma is diagnosed with a critical illness during the tenure of the policy, he would be paid INR 25 Lakh as critical illness benefit along with the immediate payment of INR 25 Crore. 
  • If Mr. Verma dies during the tenure of the policy and a critical illness benefit has already been paid, INR 25 Lakh would be deducted from his sum assured and the remaining amount would be paid to his nominee or family members. 
  • If Mr. Verma suffers from TPD, all future premiums would be waived off and the policy will continue till the end of its term.
  • In the unfortunate occasion of the death of Mr. Verma, his nominee can receive the sum assured on death as a lump sum payment. 
  • His nominee can also choose to receive the death sum assured as a staggered payment with a fixed annual income over the remaining policy years after his death. 

What is Not Covered?

 

The foremost exclusion under the ABSLI Life Shield Plan is suicide or death by self-harm. If the policyholder or the life assured dies within a period of 12 months from the date of commencement of the policy, then the insurance company would repay all the premiums paid till the date of death, provided that all due premiums have been paid.

The plan variants that offer an insurance coverage against critical illnesses and terminal illnesses does not guarantee an insurance for death caused by the following instance -

  1. Any pre-existing disease for that has been diagnosed 48 hours prior to the beginning of the policy term or its latest revival date, whichever is earlier
  2. Any medical condition that has arisen within 3 months of the beginning of policy or its latest date of revival whichever is earlier
  3. Any sickness related condition manifesting itself within 90 days from the date of the commencement of the policy
  4. Any sexually transmitted disease
  5. Suicide or self-harm and injury, irrespective of any medical condition
  6. Participation in a criminal, unlawful or illegal activity
  7. Alcohol, drug or psychotropic substance abuse
  8. Nuclear, radioactive explosive or hazardous contamination

In addition to the former exclusions, TPD will be not be provided to the policyholder if resulting from participation in any  of the following -

  1. Hazardous or professional sports
  2. Driving or riding racing activities
  3. Underwater activities
  4. Martial arts
  5. Hunting
  6. Mountaineering
  7. Parachuting
  8. Bungee Jumping

ABSLI Life Shield Plan Eligibility Criteria 

The following is a list of eligibility conditions for a prospective policyholder -

Eligibility Condition for the ABSLI Life Shield Plan

Minimum Age of Entry

18 years (for all plan options)

Maximum Age of Entry

65 years (for plan options 1,3,5,7)

50 years (for plan options 2,4,6,8)

Maximum Maturity Age

85 years

Premium Paying Term

Single Pay

Limited Pay (for 6, 8 or 10 years)

Regular Pay

Policy Term

Plan Options 1 to 6

 

Premium Payment Option

Minimum Policy Term

Maximum Policy Term

Regular Pay or Single Pay



 

10 years


 



 

55 years


 

Limited Pay ( 6 and 8 years)

Limited Pay 10 years

15 years

65 years

Plan Options 7 and 8

Premium Payment Option

Minimum Policy Term

Maximum Policy Term

Regular Pay, Limited Pay (6,8 and 10 years), Single Pay


 

20 years


 

55 years

Premium Mode

Annual, Semi Annual, Quarterly or Monthly 

Sum Assured

Minimum - INR 25 Lakh

Maximum - No Limit (subject to underwriting guidelines)

ABSLI Life Shield Claim Process 

The claiming process depends on the kind of plan option that a policyholder has chosen. The following are the different types of claim process that a policyholder can avail -

Death Claims -

 

  1. The nominee or the family members of the policyholder will have to inform the insurance company of the death of the life assured at the earliest. 
  2. The process has to be initiated by filing up the relevant claim form obtained from the nearest branch of the insurance officer or online from the website www.lifeinsurance.adityabirlacapital.com 
  3. The death claim form has to be submitted at the Claims Department along with other necessary documents. 

Documents Required for Filing Death Claims -

The following documents are required for filing Death Claim under the ABSLI Life Shield Term Plan -

  1. Claimant’s Statement along with KYC Documents
  2. ID Proof of Claimant establishing their relationship with the policyholder
  3. Medical Attendant’s Certificate
  4. Employer's Certificate (if the policyholder was employed when he died)
  5. Copy of Death Certificate
  6. Original Policy Documents/Indemnity Bond
  7. Cancelled Cheque with NEFT Details

  Critical Illness Claim 

  1. The nominee or the family member has to inform the  insurance company of the death of the life assured or the policyholder at the earliest. 
  2. The process has to be initiated by filing the Critical Illness Claimant Form, the Attending Physician’s Certificate, the family physician’s certificate and the employers’ certificate (if applicable) by downloading it online from the official website of the insurance company. 
  3. The company would review the application and inform the claimant or the nominee of their decision within 2.4 days and the money would be transferred electronically. 

  Documents required for Critical Illness Claim -

            

  1. Critical Illness Claimant’s Statement with KYC documents 
  2. ID Proof of Claimant establishing relationship with the policyholder
  3. Attending Physician’s Certificate
  4. Family Physician’s Certificate
  5. Original Policy documents/Indemnity Bond
  6. Medical Reports

 

Accidental Disability Claim -

  1. The nominee or the family member has to inform the insurance company of the accidental death and disability diagnosis at the earliest.
  2. The process has to be initiated by filing the Claimant’s Statement for Accidental Disability that can be downloaded online from the official website of the insurance company. 
  3. The company would review the application and inform the claimant within 2.4 days and the money would be transferred electronically. 

Documents required for Accidental Disability Claim -

  1. Claimant’s Disability Statement with KYC documents
  2. ID Proof of Claimant establishing relationship with the policyholder
  3. Medical Certificate for Disability
  4. Continuous Disability Statement
  5. Original Policy Document/Indemnity Bond
  6. Medical Reports
  7. Police Reports (if any)
  8. Cancelled Cheque with NEFT details

Claim Intimation Process in case of Death, Critical Illness or Accidental Disability -

The following steps are to be followed by the nominee or the family members to inform the insurance company about the settlement of death claims, critical illness claims or accidental disability claims -

  1. It can be done online by visiting the website of the insurance company at www.lifeinsurance.adityabirlacapital.com
  2. It can done by calling at the toll free number 1800 270 7000
  3. It can be done in person by visiting the nearest branch office of the insurance company
  4. It can be done by writing an email to the insurance company
  5. It can also be done by writing a letter to the Claims Division of the Thane Office of the insurance company 

ABSLI Life Shield Riders

ABSLI Life Shield offers the policyholder to choose from inbuilt rider options that come with the plan for added protection -

1.ABSLI Accidental and Disability Rider 

This rider covers accidental and accidental disability. Under this rider, the sum assured on death is paid as the accidental death benefit and the disability rider is paid as a percentage of the sum assured, depending on the nature of the disability. 

2.ABSLI Critical Illness Rider 

Under this option, the policyholder can avail a critical illness rider that covers 4 major illnesses such as a heart attack, cancer of specified severity, stroke resulting in permanent symptoms and a major organ or bone marrow transplant. This rider offers 100% of the rider sum assured to the policyholder on survival of 30 days from the date of diagnosis of the confirmed illness. 

3.ABSLI Surgical Care Rider 

By this rider, a policyholder can avail a benefit amount for hospitalization or a necessary medical surgery for a minimum period of 24 hours. The policyholder can choose the benefit amount from INR 3 Thousand to INR 30 Thousand and the rider sum assured would be 50 times this benefit amount. If a major surgery needs to be performed, the policyholder will be paid 5 times the chosen benefit amount. For any other surgery or hospitalization, the benefit payable will be equal to the sum chosen earlier. 

4.ABSLI Hospital Care Rider 

This option allows the policyholder a daily cash benefit in case of hospitalization for necessary medical treatment of an illness or injury for a minimum period of 24 hours. It will be payable to the policyholder for a minimum time of 24 hours till the entire duration of hospitalization. 

The minimum cash benefit payable to the policyholder will INR 600 per day and the maximum daily cash benefit would be INR 6,000 per day. An extra 100% of the chosen daily cash benefit option will be paid if the policyholder or the life assured is in the intensive care unit (ICU) and a lump sum amount equal to 3 times the chosen daily cash will be paid for 7 or more days for continuous hospitalization.

5.ABSLI Accidental Death Benefit Plus Rider 

This rider offers financial security in the unfortunate event of accidental death of the policyholder or the life assured. In such an occasion, a sum equal to 100% of the rider sum assured will be paid to the nominee or the family member of the policyholder. 

ABSLI Life Shield Plan Review 

ABSLI Life Shield Plan is a term insurance plan which comes with a critical illness cover for 14 terminal illnesses including heart attack, cancer and Alzheimer’s.  Also, its insurance provider ABSLI is a well-known name in the insurance industry and has bagged several awards and accolades including the ‘Golden Peacock Award’ at the Excellence in Corporate Governance Awards in 2019 and the ‘Best Fraud Intelligence Insurance Company of the Year Award at the Insurance India Summit of 2019. 

The policy also offers a grace period of 30 days for quarterly, half-yearly and annual premium payment frequencies and 15 days in case of monthly premium payment modes.People who are looking for an insurance policy that offers them life benefits along with total permanent disability benefit, critical illness and terminal illness benefit should shortlist this policy. Further, its waiver of premium option, enhanced life stage and joint life assurance and customisable benefits make it a worthwhile insurance plan in comparison to its counterparts. With its wide age margins for eligibility and an attractive claims settlement ratio of 97.54% in FY 2019-20, it is a good plan choice to safeguard the future of your family and loved ones. 

ABSLI Life Shield Plan Review Frequently Asked Questions (FAQs)
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