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.
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.
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.
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 |
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.
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:
Features:
Since these are investment-oriented plans, the policyholder is concerned with the yield.
Features:
Benefits:
It offers the policyholder dual benefit of life protection and wealth accumulation spread over the policy term.
Features:
Benefits:
Aditya Birla Sun Life Insurance offers child plans to secure and protect the future of the children of the policyholder.
Features:
Benefits:
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:
Benefits:
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 |
|
Basic Premium
|
Wealth Secure Plan |
|
Basic Premium
|
Wealth Assure Plus |
Online purchase
|
Basic Premium:
Minimum SA:
|
Fortune Elite Plan |
Investment options:
|
Basic Premium:
Minimum SA:
|
Wealth Aspire Plan |
Plan Option:
Investment options:
|
Basic Premium:
Minimum SA:
|
Details of Endowment – ABSLI Savings with Protection Plans
Name | Features | Sum Assured |
Secure Plus Plan |
|
Rs 5.22 Lakh |
Vision Money Back Plus Plan |
|
Rs 1 Lakh |
Vision Endowment Plus Plan |
|
Min Rs 1 Lakh |
Vision Life Income Plan |
|
Rs 2 Lakh |
Savings Plan |
|
Min Rs 30000 Max Rs 10 Lakh |
Income Assured Plan |
|
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 |
|
Min Rs 2 Lakh Min premium Rs 12000 per annum |
Guaranteed Milestone Plan |
|
Rs 2.25 Lakh Minimum Premium: Rs 15000 |
Jeevan Bachat Plan |
|
Min Single Pay: Rs 25 000 Min Regular, Limited: Rs 50000 Max Rs 10 Lakh |
Monthly Income Plan |
|
Rs 4 Lakh |
Eligibility and Details of Child Plan
Parameter | ABSLI Vision Star Plan |
Key Features |
|
Entry Age |
18 to 55 years |
Maturity Age |
75 years |
Minimum Policy Term |
|
Maximum Policy Term |
|
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 |
|
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 |
|
Basic premium from Rs 18000 to Rs 36000 |
Immediate Annuity Plan |
|
Regular Income in multiple of Rs 1000 |
Empower Pension SP Plan |
|
Min Rs 1 Lakh Max no limit |
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.
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
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:
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.
It is applicable only for Waiver of Premium facility:
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.
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.
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.
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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