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Aditya Birla Sun Life Insurance

Claim Settlement Ratio - 96.45%*
*Data according to IRDA Annual Report (2018-19)
*Please note that the quotes shown will be from our partners

Aditya Birla Sun Life Insurance product portfolio comprises pure risk protection term plans, children’s plans, wealth and protection plans, savings with protection plans, retirement, and pension solutions covering the whole gamut of options to choose from.

A policyholder has the convenience of securing the finances of his/her family by choosing Aditya Birla - Sun Life Insurance Plans that are curated to support the family during different stages of the life cycle.

What is Aditya Birla Sun Life Insurance?

Boasting an impressive portfolio of life insurance products, Aditya Birla Sun Life offers solutions covering the entire life cycle of the policyholder, starting at 30 days to whole life at 100 years of age. Their product range thus offers life insurance solutions for protection, savings, wealth creation, investment as well as plans for leading a contented retired life. They also have a customized range of online life insurance products with solutions for the entire clientele offering ease of purchase and management.

Why choose Aditya Birla Sun Life Insurance Plan?

Aditya Birla Sun Life Insurance is a trusted brand in the field of the life insurance business which has established a strong legacy of its own. It has a pan India presence through its distribution network of 397 branches, 6 distribution channels, 8 Bancassurance partners, 82000 strong direct selling agents, besides Corporate Agents, Brokers and a robust portal to cater to its clientele. With a customer-centric approach, it has achieved a Claim Settlement Ratio of 97.15 in the FY 2018-19. For all its strong antecedents, Aditya Birla Sun Life Insurance remains grounded with life insurance products which are simple and need-based.

Types of Aditya Birla Life Insurance Plans

As already enunciated, it has a wide range of life insurance solutions to match every need of an individual customer starting from a baby of 30 days to a ripe old age of 100 years.

ABSLI Plan Types Name of Plan
Term Insurance Plans ABSLI Life Shield Plan – Online
ABSLI Income Shield Plan
Retirement Plan ABSLI Empower Pension Plan
ABSLI Immediate Annuity Plan
ABSLI Empower Pension SP Plan
Wealth with Protection - ULIP ABSLI Wealth Max Plan
ABSLI Wealth Secure Plan
ABSLI Wealth Assure Plus - Online
ABSLI Fortune Elite Plan
ABSLI Wealth Aspire Plan
Savings with Protection – Endowment ABSLI Secure Plus Plan – Online
ABSLI Vision MoneyBack Plus Plan
ABSLI Vision LifeIncome Plan
ABSLI Savings Plan
ABSLI Income Assured Plan
ABSLI Vision Endowment Plus  Plan
ABSLI Guaranteed Milestone Plan
ABSLI - Jeevan Bachat Plan
ABSLI Monthly  Income Plan
ABSLI Vision LifeSecure Plan
Child Plan ABSLI Vision Star Plan – Online

Features and Benefits of Aditya Birla Sun Life Insurance Plans

The product range of Aditya Birla Life Insurance being so wide, it makes sense to look at the features and benefits of each product type individually, instead of generalizing omitting many without consideration.

  • Term Insurance Plans

    They are pure risk protection plans aiming to provide financial stability to the family on the death of the policyholder. It also enables to fulfil all the key milestones of the family.

    Benefits:

    Economy: The premium rates are extremely affordable offering high sum assured.

    Liquidation of Liabilities: The high death benefit paid to the beneficiary is enough to liquidate all the outstanding debts and loans.

    Critical illness Cover: Payout in a lump sum or monthly income on the diagnosis of any of the listed critical illnesses.

    Tax Benefit:  As per extant guidelines under the Income Tax Act, 1961.

    Features:

    Policy Term: It begins at 5 years and extends in its multiples to 25 years.

    Entry Age: The minimum is 18 years and the maximum 65 years. Starting early provides the advantage of a lower premium.

    Multiple Premium Payment Modes: Single Pay, Limited Pay as well as Regular Pay options are available.

    Rider Benefits: Addition of different riders augments the sum assured and helps customize. Following riders are available for selection.

    • Accidental Death Benefit Rider Plus
    • Accidental Death and Disability Rider
    • Critical Illness Rider
    • Surgical Care Rider
    • Hospital Care Rider
  • Wealth with Protection – ULIP Plans

    Since these are investment-oriented plans, the policyholder is concerned with the yield.

    Features:

    Lock-In: ULIP Plans generally attract a lock-in period of 5 years.

    Switch Option: Depending on the risk appetite, a policyholder can switch funds with an eye on the return on investment.

    Charges: There are charges which the policyholder has to factor in.

    Top-Up: With this facility, the policyholder can increase the weight of investment for better yield.

    Benefits:

    Transparency: The policyholder is kept informed about the investments to enable monitoring of yield.

    Flexibility: One can switch funds for better returns.

    Partial Withdrawal: A policyholder can opt for partial withdrawal in an emergency.

    Rider Options: Critical Illness and Accidental Death are the available riders.

    Tax Benefit:  As per extant guidelines under the Income Tax Act, 1961, though they are investment life insurance products.

  • Savings with Protection – Endowment Plans

    It offers the policyholder dual benefit of life protection and wealth accumulation spread over the policy term.

    Features:

    High Returns: The long-term plans offer handsome returns in addition to protection.

    Survival Benefit: If the policyholder outlives the policy term, the payout is the sum assured plus the accumulated bonuses.

    Death Benefit: In the event of the policyholder’s demise, the beneficiary receives the sum assured and bonuses.

    Addition of Riders: The facility of rider addition is available in these plans.

    Tax Benefit:  As per extant guidelines under the Income Tax Act, 1961. 

    Benefits:

    Long-term Savings: These plans are suitable for wealth creation in the long term while providing life cover.

    Maturity Benefit: At the end of the policy term, the policyholder receives the sum assured with bonus.

    Additional Bonus:

    Reversionary Bonus: If it is a profit policy, then it is added to the Maturity or Death Benefit as the case may be.

    Terminal Bonus: It is termed as a dual benefit as tax is saved both on premium and the Maturity / Death Benefit.

    Child Plans: These plans are designed to secure the child’s future to enable them to pursue their dreams and aspirations.

  • Child Plans

    Aditya Birla Sun Life Insurance offers child plans to secure and protect the future of the children of the policyholder.

    Features:

    Policy Term: It is chosen to match the life milestones of the child for education or other needs.

    Waiver of Premium: On the demise of the parent policyholder, the cover continues without further payment of premium.

    Partial Withdrawal: The facility is allowed to coincide with the life stages of the child.

    Benefits:

    Education: It is suited to finance the education of the child and the term is matched accordingly.

    Medical Expenses: Medical expense for the child is covered in this plan.

    Collateral Security: The policy can be pledged as security to raise funds for the needs of the child.

  • Retirement Plans

    It is a form of a contribution to a pool of funds intended to secure and stabilize the life of the policyholder after retirement for an independent existence.

    Features:

    Annuity: It provides for two types – Immediate and Deferred, depending on the policyholder’s preference.

    Payment Period:  It generally commences after the accumulation phase is over at retirement.

    Vesting Age: It is determined by the policyholder to start receiving retirement income.

    Benefits:

    Financial Independence: The primary aim of these plans is to endow the policyholder with financial independence on retirement.

    Regular Income: Choosing the plan wisely enables the policyholder to receive a pension as a means of regular income.

    Wealth Accumulation: It helps build a corpus over a while to enable the policyholder to lead a contended retired life.

    Tax Benefit: As per extant guidelines under the Income Tax Act, 1961.

Eligibility and Additional Details at Aditya Birla Life Insurance

Eligibility and Details of Term Insurance Plans

Parameter ABSLI Life Shield Plan ABSLI Income Shield Plan
Key Features ● Online Purchase

● Enhance cover at Life Stages

● Return of Premium option

● In-built Terminal illness Benefit

● Multiple Death Benefit Options
● 4 plan options

● EVA benefit

● Add riders
Entry Age 18-60 Year 18-55 Year
Maturity Age 80 years 75 years
Policy Term 10-50 years 10-40 years
Premium Payment Single, Limited, Regular Single, Limited, Regular
Sum Assured Min-Rs 25 Lakh, Max-No Limit Min-Rs 5 Lakh, Max-No Limit

 
Eligibility ULIP – ABSLI Wealth with Protection Plans

Name  Entry Age Years Maturity Age Years  Policy Term Years
Wealth Max Plan 30 to 70 - 5 to 50
Wealth Secure Plan 30 to 65 - 5 to 30
Wealth Assure Plus Classic Assured Classic Assured 15 to 20
30 to 55 18 to 50 18 to 75 33 to 65
Fortune Elite Plan   30 to 55 75   10 to 40
Wealth Aspire Plan Classic Assured Classic Assured 10 to 40
30 to 65 18 to 50 18 to 75 28 to 60


Details of ULIP – ABSLI Wealth with Protection Plans

Name Features Sum Assured
Wealth Max Plan
  • Pay once and experience growth

  • Can top-up for additional savings

  • Partial withdrawal in an emergency

  • Tax Benefits

    Investment options:

  • Systematic Transfer

  • Self-Managed

Basic Premium

  • Rs 1 Lakh Min for 5-10 years

  • Rs 2 Lakh Min  for 15 -20 years

  • 1.25 to 10 times of Basic Sum Assured
Wealth Secure Plan
  • Whole Life cover with Limited Pay

  • Top-up for additional savings
  • Partial withdrawal in an emergency
  • Tax Benefits

    Investment options:
     
  • Life Cycle

  • Systematic Transfer

  • Self-Managed

Basic Premium

  • Rs.30000 to Rs.60000


Wealth Assure Plus

Online purchase

Plan Option:

  • Classic

  • Assured: With Riders

    Investment options:
  • Smart
  • Systematic Transfer
     
  • Return Optimizer

  • Self-Managed

 

Basic Premium:

  • Rs 24000 per annum

Minimum SA:

  • Rs 2.40 Lakh per annum
Fortune Elite Plan
  • Policy Terms from 10-40 years

  • Limited pay from 5-20 years

  • Top-up for additional savings

  • Partial withdrawal in an emergency

  • Tax Benefits

Investment options:

  • Life Cycle

  • Systematic Transfer

  • Self-Managed

Basic Premium:

  • Rs 40000 per annum

Minimum SA:

  • Rs 4 Lakh per annum
Wealth Aspire Plan
  • Multiple options in all parameters

Plan Option:

  • Classic

  • Assured:
    With Riders

  • Top-up for additional savings

  • Partial withdrawal in an emergency

  • Tax Benefits

Investment options:

  • Smart

  • Systematic Transfer

  • Return Optimizer

  • Self-Managed

Basic Premium:

  • Rs 40000 per annum to Rs 5 Lakh per annum

Minimum SA:

  • Rs 4 Lakh per annum


Details of Endowment – ABSLI Savings with Protection Plans

Name Features Sum Assured
Secure Plus Plan
  • Online Purchase

  • Income, Death, Maturity Benefits

  • Customizable

Rs 5.22 Lakh

Vision Money Back Plus Plan
  • Guaranteed Survival

  • Death, Maturity Benefits

  • Riders

Rs 1 Lakh


Vision Endowment Plus  Plan
  • Death, Maturity Benefits

  • Death, Maturity Benefits
Min Rs 1 Lakh
Vision Life Income Plan

 

  • Guaranteed Survival

  • Death, Maturity Benefits

  • Customizable

 

Rs 2 Lakh

Savings Plan
  • Choose Sum Assured

  • Guaranteed additions first 5 years

  • Bonuses from 1st policy anniversary

Min Rs 30000

Max Rs 10 Lakh

Income Assured Plan
  • Assured Income

  • Death, Maturity Benefits

  • Customizable

  • Guaranteed additions

Min Rs 1 Lakh

Band I: Rs 1 Lakh to Rs 1,99,999

Band II: Rs 2 Lakh to Rs 3,99,999

Band III: Rs 4 Lakh +

Vision Life Secure Plan
  • Death, Maturity Benefits

  • Customizable

  • Reduced paid-up Benefit

Min Rs 2 Lakh

Min premium Rs 12000 per annum

Guaranteed Milestone Plan
  • Death, Maturity Benefits

  • Guaranteed additions

  • Joint Life Protection

  • Riders

Rs 2.25 Lakh

Minimum Premium:

Rs 15000

Jeevan Bachat Plan
  • Death, Maturity Benefits

  • Accidental Death Benefit

  • Guaranteed additions

  • Reduced paid-up option

Min Single Pay: Rs 25 000

Min Regular, Limited: Rs 50000

Max Rs 10 Lakh

Monthly  Income Plan
  • Income, Death, Maturity Benefits

  • Accidental Death Benefit

  • Guaranteed additions

  • Reduced paid-up option

Rs 4 Lakh


Eligibility and Details of Child Plan

Parameter ABSLI Vision Star Plan
Key Features
  • Online Purchase

  • Assured payout

  • Maturity Benefit

  • Death Benefit

  • Regular Bonus

  • Terminal Bonus

  • Riders
Entry Age

18 to 55 years

Maturity Age

75 years

 

Minimum Policy Term
  • Option A – 16 years

  • Option B – 14 years

Maximum Policy Term
  • Option A – 23 years

  • Option B – 21  years

Premium Paying Term

5 to 12 years

Premium Frequency

Regular

Sum Assured

Min Rs 1 Lakh


Eligibility– ABSLI Retirement Plans

Name Entry Age Years Premium Pay Term Accumulation Years
Empower Pension Plan 25 to 70 vesting age 80 Regular
  • 5 to 30
Immediate Annuity Plan

30 to 90

-

-

Empower Pension SP Plan

25 to 70

Single

5 to 20

 


Details – ABSLI Retirement Plans

Name Features Sum Assured
Empower Pension Plan
  • Death, Surrender, Vesting Benefits

  • Guaranteed additions

Basic premium from Rs 18000 to Rs 36000

Immediate Annuity Plan
  • Guaranteed Income

  • Customized income frequency

  • No medical test required

 

Regular Income in multiple of Rs 1000

Empower Pension SP Plan
  • Death, Surrender, Vesting Benefits

  • Guaranteed additions

Min Rs 1 Lakh

Max no limit

Documents Required to Apply for Aditya Birla Sun Life Insurance Policy

At Aditya Birla Life Insurance, the multiplicity of life insurance plans require documents matching the policy applied for, based on individual needs. Accordingly, only indicative documents are listed. The insurer may seek additional documents depending on the chosen plan specifications. It is to be importantly remembered that all the submitted documents need to be self-attested.

  • Duly filled in Proposal Form
  • Photographs

  • KYC documents as ID, Residence and Age Proof

  • Income proof in the form of Salary Slips, Form 16, ITR and Bank Statement for a specified period

Exclusions of Aditya Birla Sun Life Insurance Plans

The policyholder must be aware of the details incorporated in the policy document, especially in respect of inclusions and exclusions. While inclusions depend on the type of plan opted for, exclusions apply to every insurance product. Some of the general exclusions to be considered are:

The illustration copy features specific basic policy details like the plan name, policy tenure, premium frequency, etc. The assumed returns on investment at diverse stages of the plan, including the effect of charges, are also mentioned in the case of HDFC Standard Life Insurance unit-linked policies.

The proposal form, on the other hand, features important plan details, as well as personal details of the assured, beneficiary, nominee, and appointee (if applicable).
The Most Important Document (MID) is a single page declaration form that the policy buyers would have to fill when applying for an HDFC Life Insurance Plan. This document would serve as proof of understanding of the critical features of the relevant policy.

In addition to the documents mentioned above, policyholders would also have to submit their age proof, income proof, identity proof, and address proof, when applying for an HDFC Life Insurance Plan. The following documents are considered to be valid for applying an HDFC Life Insurance Policy:

  • Aadhaar card
  • Indian passport or an Overseas Passport
  • Electoral Photo Identity Card (EPIC) issued by the Election Commission of India
  • Permanent account number (PAN) card
  • Birth certificate issued
  • Matriculation Certificate
  • Driving license in India issued by the states
  • Ration card issued by the Government of India
  • Identity Certificate for non-citizens or stateless people
  • Overseas Citizenship of India Document
  • Person of Indian Origin Card

Exclusion of HDFC Life Insurance Plans

If not expressly stated to the contrary in the policy document, the HDFC Life Insurance Company will not make any payments in respect of any insured individual, if the event arises from, is caused by, is in any manner attributable to any of the following:

  • Total permanent Disability or Critical Illness

    It is applicable only for Waiver of Premium facility:

    • A waiting period of 48 months for any pre-existing disease
    • Any disease manifesting within 90 days of inception of the risk cover
    • Diseases like AIDS / HIV / STD etc.
    • Self-Inflicted injury
    • Indulgence in illegal or criminal activity
  • Suicide

    If the death of the policyholder occurs within 12 months of inception of the risk cover due to suicide, the beneficiary will be paid the total of all the paid premiums. In case of Joint Life Protection, the same principle applies in respect of the death of either, with continued cover to the survivor with a reduced premium.

Claim Process at Aditya Birla - Sun Life Insurance

The Claim settlement process at Aditya Birla Life Insurance is designed to be a seamless and hassle-free affair. They have a Claim Settlement Ratio of 97.15% as of FY 2018-19.

  • Step 1: The first step to submit a claim is registration. It can be done online by entering the policy number and the date of birth. Alternatively, one can access the nearest branch or the claim department.

  • Step 2: Documents required for claim settlement are determined by the nature of the claim. It is assessed after scrutinizing all the documents.

  • Step 3: Claim approval and settlement through NEFT or repudiation. 
  • Normal Death Claim

    • Relevant forms
    • Copy of Death Certificate
    • Policy Document
    • Medical reports
    • Medical attendant’s certificate
    • Any other document sought
  • Accidental Death Claim

    • FIR
    • Post-mortem Report
    • Police Inquest Report

Aditya Birla Life Insurance Renewal Process

The premium payment frequency determines the due date for payment of premium. Once it is paid on or before the due date, the policy stands renewed. A grace period 30 is allowed for renewal.  Else the policy is considered to have lapsed. However, the policy can be revived within 5 years of the last premium due date by paying all the outstanding premiums, plus the applicable interest to restore full risk cover.

How to Buy Aditya Birla Sun Life Insurance Plans?

The two primary ways to buy a suitable policy at ABSLI is Offline and Online. While the former can be through agents or broker, the second is an easy four-step process at their portal.

  • Step 1: Get a suitable quote by using the online calculator and compare insurance plans. By entering basic personal details, including cell number, email and smoking habits when a representative/advisor gets in touch.

  • Step 2: Select the plan matching requirements. The plan can be customized with the addition of appropriate riders.

  • Step 3: Enter all other details and submission of KYC documents with linking of Aadhaar card as a good measure.

  • Step 4: The final step is to make payment of the agreed-upon premium online completing the purchase.

About Aditya Birla Sun Life

Aditya Birla Sun Life Insurance is a private insurer operating in the country since 2001. The company caters to 1.7 million active customers with possibly the widest range of products in different flavours in the Indian market.

Aditya Birla Sun Life is a joint venture enterprise between the Aditya Birla Group and Sun Life Financial Inc of Canada, an internationally renowned financial services organization.

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Written By: Paisawiki - Updated: 22 September 2020