Aditya Birla Sun Life Insurance

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.

Features and Benefits

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.

1. 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

2. 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.

3. 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.

4. 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.

5. 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

 
Eligibility ULIP – ABSLI Wealth with Protection Plans

Details of ULIP – ABSLI Wealth with Protection Plans

Details of Endowment – ABSLI Savings with Protection Plans

Eligibility and Details of Child Plan

Eligibility– ABSLI Retirement Plans

Details – ABSLI Retirement Plans

Documents Required

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:

1. 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. 

2. 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 

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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