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.
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 insurer 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.
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)|
Reasons as to why one should choose Aditya Birla Term Insurance, of which the important ones are listed below:
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 insured in case the insured 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 insurer 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
There are 4 types of 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|
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
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:
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 insured to cancel an ABSLI plan or port an insurance policy from another insurance provider to ABSLI or vice versa
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:
The applicant has to present any one of the following documents and submit it towards Proof of Identity while applying for a plan:
The applicant has to present any one of the following documents and submit it towards Proof of Residence:
RBD (Registry of Births and Deaths of India) or Municipality (as listed under the RBD Act) issued Birth certificate
Recent Salary Slip (not more than 3 months old)
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|
PaisaWiki has made claim process 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.
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 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.
The following documents required:
Proof of Identity
Proof of Residence
Proof of Age
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.
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.
The riders that come with the plans are as follows: