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Aditya Birla Sun Life Term Insurance

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Having a term insurance plan is one of the best methods to avoid any financial crises that may arise due to medical contingencies or emergencies.

A term insurance plan is a life insurance plan that pays the Sum Assured of the policy to the beneficiary or nominee in the event of the demise of the insured before the maturity of the policy.

These plans are specifically designed to meet the financial requirements of people who wish to create a corpus for certain or all the members of their families in the event of their premature death. In such a case, the Sum Assured by the insurance plan, as well as all the benefits it entails, is transferred to the beneficiary of the policy. 

In case the policyholder survives till the maturity of the plan, no other additional benefits are provided except the basic Sum Assured. Although many term insurance policies offer benefits and interests on premiums paid (to be reimbursed upon maturity), these are often priced higher. 

Aditya Birla Sun Life Insurance is one of the pioneer insurance companies in India that offers term insurance policies at attractive rates.

What is Aditya Birla Term Insurance?

Aditya Birla Sun Life Insurance Company Limited, also known as ABSLI, is one of the leading and reputed financial services and insurance companies in India and abroad. It has business interests in the fields of financial services, solutions and management; investment management and solutions; and insurance.

In the insurance sector, the company offers a wide range of insurance plans ranging from term insurance to wealth insurance plans.

It was founded and established in the year 1994 in India as a joint venture between 2 prominent organizations – Aditya Birla Group of India and Sun Life Financial Inclusive of Canada. It was previously known as Birla Sun Life Insurance Company Ltd. (BSLI).

ABSLI is registered as an Investment Management and Financial services Company under SEBI (Securities and Exchange Board of India).

The company was the first insurance provider in India to introduce the notion of the Free Look Period, long before the IRDA (Insurance Regulatory and Development Authority of India) made it compulsory. Also, it has significant contributions to the development and growth of the Indian insurance market. 

ABSLI currently has a distribution network that consists of 85,000 advisors, 500 branch offices, and more than 140 partnerships with various banks and corporate agents. It is operational in 26 countries. 

The current CEO of the company is Mr A. Balasubramanian.

Highlights of Aditya Sun Life Insurance Company Ltd

Serial Number Feature of the company Particulars

Serial Number Feature of the company Particulars
1 Claim Settlement Ratio (in %) 87.76 – FY 2013-14
95.30 – FY 2014-15
88.45 – FY 2015-16
94.69 – FY 2016-17
96.38 – FY 2017-18
2 Total Premium (in Cr) 4,833.05 – FY 2013-14
5,233.22 – FY 2014-15
5,579.71 – FY 2015-16
5,723.96 – FY 2016-17
5,903.00 – FY 2017-18
3 Number of customers 2.5 Million (as of FY 2018-19)


Why should you choose Aditya Birla Sun Life Term Insurance?

Reasons as to why one should choose Aditya Birla Term Insurance, of which the important ones are listed below:

  • One of the reputed award-winning Insurance providers in India with lots of recognitions and excellent history in the insurance sector
  • ABSLI is one of the few insurers in India that provides term insurance plans at affordable rates, including decreasing term insurance plans

  • A decreasing term life insurance plan refers to an insurance plan that provides financial coverage to family members of the policyholder in case the policyholder has outstanding loan or mortgage and dies prematurely

  • ABLSI is the first insurer to introduce the notion of Free Look Period, which refers to the period in which a policyholder can cancel or port his/her term insurance policy from one insurance provider to another

  • Aditya Birla Term Insurance Company has a wide range of distribution network that covers more than 500 cities in India and consists of over 85,000 empanelled financial advisors

  • The premium rates of the plans are flexible. A low earner may find it affordable as the minimum premium amount is low whereas a high earner may find it suitable as there is no maximum premium limit

  • The Sum Assured by all the policies are also flexible, as 3 of the 4 plans have no upper limit for Sum Assured; the 4th one can cover up to an amount of INR 500 Crores

Types of Aditya Birla Life Insurance Plans

There are 4 types of Aditya Birla Sun Life Term Insurance plans that one can choose from. These are as follows:

Name of the Plan Entry Age Maturity Age Policy Term Sum Assured
Min Age Max Age Min Age Max Age Min Term Max Term Min Amount Max Amount
ABSLI Protector Plus plan 18 years 65 years 26 years 70 years 5 years 30 years INR 30 Lakhs No limit
ABSLI Future Guard plan 18 years 65 years NA 75 years 10 years 30 years INR 5 Lakhs No limit
ABSLI Easy Protect plan 18 years 55 years NA 80 years 5 years 30 years INR 50 Lakhs No limit
ABSLI Protect @ Ease plan 18 years 55 years NA 80 years 5 years 30 years INR 50 Lakhs INR 500 Crores
  • ABSLI Protector Plus plan

    • This is the most popular and traditional Aditya Birla Sun Life Term plan
    • Regarding the Increasing Sum Assured variant of this policy, SA increases by 5% or 10% every policy year, which depends on the policyholder’s choice
    • In case of premature demise of the policyholder of this plan during the policy tenure, 105% of all paid premiums till date or the amount 10 times of annual premium or current Sum Assured, whichever is higher, is reimburses to the nominee
    • This policy includes an in-built Permanent Total Disability Rider, under which 50% of Sum Assured is reimbursed immediately if the policyholder suffers from such a disability
  • ABSLI Future Guard plan

    • ABSLI Future Guard plan is a term insurance policy with the option of return of premium, which involves reimbursement of premiums paid after the maturity of the policy
    • Aditya Birla Sun Life Term Insurance plan comes in options – Variant A, wherein 100% of paid premiums are reimbursed after the policy matures, and Variant B, where 110% to 150% of the paid premiums are reimbursed, making Variant B costlier than A
    • This policy provides the same premature death benefits as ABSLI Protector Plus policy
  • ABSLI Easy Protect plan

    • This is a necessary term insurance plan which can be purchased separately or with any of the above 2 plans
    • This plan offers 2 options regarding payment of premiums – single pay (lump sum amount) or number of instalments same as the policy term
    • In case of premature demise of the policyholder, the available Sum Assured is reimbursed to the beneficiary or the nominee
  • ABSLI Protect @ Ease plan

    • This Aditya Birla Term Insurance plan is a term insurance plan that provides high financial coverage at comparatively lower premium rates
    • This also offers the option of single pay or payment of premium same as that of the policy term, like the ABSLI Easy Protect plan
    • Like the ABSLI Protector plan, the Increasing Sum Assured variant of this policy also offers 5% to 10% increase in Sum Assured per one policy year continuing till the maturity of the policy
    • This plan provides the same premature death benefit as ABSLI Protector Plus policy
    • Upon choosing Single Pay option for payment of premium for this plan, the amount reimbursed to the beneficiary will be higher of current Sum Assured or 125% of the premium paid in a lump sum
    • If the policyholder passes away before the maturity of the policy, the beneficiary will have the option to get reimbursement as Single pay (lump-sum) or in monthly instalments

Features and Benefits of Aditya Birla Sun Life Term Insurance

Aditya Birla Sun Life Term Insurance comes packed with different features and benefits to fulfil the needs of the policyholder. These features and benefits of ABSLI term insurance are discussed here:

Key Features of Aditya Birla Sun Life Term Insurance

Some of the salient features of ABSLI Term Insurance are mentioned as follows:

  • Policies come in 2 variants – Level Sum Assured, where the Sum Assured stays uniform throughout the policy tenure and Increasing Sum Assured, where it increases every policy year at a rate of up to 10% (as chosen by the policyholder)
  • All plans come with natural and accidental benefits

  • 3 of the 4 plans, which are ABSLI Protector Plus plan, ABSLI Future Guard plan, and ABSLI Easy Protect plan offer lower premium rates for non-smokers and people who lead a healthy lifestyle

  • The rates of premium are different, in lower for female applicants

  • The ABSLI Protector Plus plan and ABLSI Future Guard plan offer 5 riders that can be availed under the policy

  • Aditya Birla Sun Life Term Insurance Company has an excellent and supportive customer care and customer relations team

Core Benefits of Aditya Birla Sun Life Term Insurance

Below are the key benefits of ABSL Term Insurance:

  • All plans come with included natural death and accidental death benefits, under which the Sum Assured and other benefits are reimbursed or transferred to the beneficiary or nominee of the policy
  • Aditya Birla Sun Life Term Insurance plan policyholders can avail tax benefits like tax exemption and deduction as laid out by Section 80C for premiums and Section 10D for claims and claim related finances, of the Income Tax Act, 1961

  • There is provision for 5 additional riders in case of the ABLSI Protector Plus plan and ABSLI Future Guard plan, which are mentioned below:

    1: Disability and Accidental Death Rider
    2: Surgical Care Rider
    3: Critical Illness and Terminal Illness Rider
    4: Waiver of Premium Rider
    5: Hospital care Rider
  • Aditya Birla Term Insurance plans come in 2 variants, which are Level Sum Assured and Increasing Sum Assured, that provides the policyholder to modify the policy according to his/her financial requirements

  • ABSLI provides flexibility in Free Look and Grace Periods for all of its plans which allows the policyholder to cancel an ABSLI plan or port an insurance policy from another insurance provider to ABSLI or vice versa

Documents required to apply for Aditya Birla Sun Life Term Insurance

An Applicant, going through the application process for an Aditya Birla Sun life Term plan, is required to furnish different documents, which are mentioned below:

  • Proof of Identity

    The applicant has to present any one of the following documents and submit it towards Proof of Identity while applying for a plan:

    • Aadhar Card – KYC document
    • Voter’s Identity card
    • Permanent Account Number (PAN) Card
    • Driving Licence
    • Passport
    • NREGA issued Office ID card, attested by a State Government officer
  • Proof of Residence

    The applicant has to present any one of the following documents and submit it towards Proof of Residence:

    • Various Utility bills such as electricity, telephone or gas bills (recent, at most 2 months old)
    • Municipal tax or Property tax receipts
    • If the policyholder is tenant, then the Rent Agreement
    • Post Office or Bank Account statements
    • Letter of accommodation or allotment from Central or state government
    • Letter of accommodation or allotment from any pre-specified companies or financial institutions
  • Proof of Age

    RBD (Registry of Births and Deaths of India) or Municipality (as listed under the RBD Act) issued Birth certificate

  • Proof of Income

    Recent Salary Slip (not more than 3 months old)

Eligibility Criteria to apply for Aditya Birla Sun Life Term Insurance

The eligibility criteria for all Aditya Birla Term plans are based on the Age criteria, that is the age group that the applicant belongs to, which have been mentioned below:

Name of the plan Minimum Entry Age Maximum Entry Age
ABSLI Protector Plus plan 18 years 65 years
ABSLI Future Guard plan 18 years 65 years
ABSLI Easy Protect plan 18 years 55 years
ABSLI Protect @ Ease plan 18 years 55 years

Claim Process of Aditya Birla Sun Life Term Insurance

PaisaWiki has made claim process of Aditya Birla Sun Life Term Insurance quick and easy. They provide a relatively fast and hassle-free claim process. This process is simplified by an excellent customer care service that is available 24 x 7.

Online mode of the claim process

This involves the insured to file a claim online by intimating PaisaWiki through an email or call, regarding the claim, to the company’s claims department. Details such as policy number, name, date of birth, address, etc. are required to be mentioned in the mail for its verification.

Documents supporting the claim are also required to be attached to the email.

  • Step 1: Visit PaisaWiki website – www.paisawiki.com
  • Step 2: Click on the ‘Claim’ tab on the home page. You will be redirected to a ‘Claim Form’.

  • Step 3: Fill in the required details including policy number, date of birth, registered mobile number, and email id.

  • Step 4: Hit the ‘Request Claim Assistance’.

Once the claim is verified and settled by the insurer, the policyholder will get a notification informing the same, and the reimbursement or financial coverage will be provided shortly after this.

Documents required for the claim process

The following documents required for the claim process:

  • Proof of Identity
  • Proof of Identity

  • Proof of Residence

  • Proof of Age

  • Filled in Claim Form

Renewal Process of Aditya Birla Term Insurance

Policy renewal refers to the process where, after a term, insurance policy reaching its maturity is renewed by the policyholder.

Renewal process, like the claim process, is hassle-free with minimal documentation (only policy number and ID proof). Follow the below-mentioned steps:

  • Step 1: Visit PaisaWiki’s website – www.paisawiki.com

  • Step 2: Click on the ‘Renewal’ tab. The insured will be directed to the renewal page.

  • Step 3: Choose Aditya Birla Sun Life Company. The policyholder will be redirected to a short form.

  • Step 4: Fill in the details – Policy Number, and Date of birth in ‘YYYY-MM-DD’ format. Hit the ‘Get Premium’ button.

  • Step 5: Choose the mode of payment – Debit/Credit card, NEFT transfer, or Net banking.

  • Step 6: The insured will receive the details on your registered mobile number and email id confirming the renewal of the policy.

How to Buy Aditya Birla Sun Life Term Insurance?

As Aditya Birla Term plans can be bought through intermediaries too, there are 3 ways by which an interested individual can purchase the plans, which are mentioned below:

  • Step 1: Open the official website of PaisaWiki on your browser.

  • Step 2: Choose Aditya Birla Sun life insurance. Select the policy that you are interested in and check the details.

  • Step 3: Fill in the form with necessary details including name, date of birth in DD/MM/YYYY format along with your mobile number.

  • Step 4: Hit the ‘View Free Quotes’ button. Choose the annual income and the type of occupation.

  • Step 5: Choose the appropriate plan along with add-on riders. Fill in additional details including email id, city, qualification, and marital status.

  • Step 6: Click on ‘Proceed’ tab. Choose the mode of payment - Debit/Credit card, NEFT transfer, or Net banking.

  • The applicant can submit the policy form and applicable documents with us.

Faqs

  • Q: Is Aditya Birla Sun Life Term Insurance a good choice for buying term insurance plans?

    Ans: Yes, ABSLI is a great choice for buying a term insurance plan as all of its plans are flexible and may be modified to suit the policyholder's financial needs. Huge distribution network, affordable rates, attractive features, and an excellent customer care team are some of the other factors why Aditya Birla Term Insurance is a great term insurance provider.
  • Q: What are premiums and how to pay it? What are the premium payment modes supported by ABSLI?

    Ans: Premium is the amount of money invested by a policyholder in an insurance policy that may provide coverage against the different financial needs of the policyholder in the future. Premiums can be paid online by going to the insurance company’s website and logging in or by visiting a nearby branch office and paying there. The various premium payment modes supported by ABSLI are as follows:
    • NEFT transfer
    • Debit or Credit cards
    • Net banking
    • Cheques
    • ECS system
  • Q: How to check the claim or policy status of an Aditya Birla Term plan?

    Ans: One can visit a branch office nearby and check the policy or claim status there, or one can go to the official website of the insurer, log in and go to the "Claim" section to know about claim status or "Policy" to know about policy status.
  • Q: What are the additional riders that can be added to Aditya Birla Sun Life Term Insurance Plans? Which of the riders are included with the plans?

    Ans: Aditya Birla Sun Life Term Insurance offers a total of 5 Riders that can be purchased separately to enjoy multiple benefits through a single policy. These are as follows:
    • Disability and Accidental Death Rider
    • Surgical Care Rider
    • Critical Illness and Terminal Illness Rider
    • Waiver of Premium Rider
    • Hospital care Rider

    The riders that come with the plans are as follows:

    • Premature Death Rider
    • Total Permanent Disability Rider
  • Q: How to cancel an Aditya Birla Term Insurance plan?

    Ans: In case the policyholder wants to cancel his/her Aditya Birla Term plans, if he/she is not satisfied with the terms and conditions of the policy or some other reasons, he/she has to fill-up a Surrender form and submit the same with the insurer, online or at a branch office, with applicable policy documents.
Written By: Paisawiki - Updated: 22 September 2020