Aditya Birla Sun Life Term Insurance Plan

Aditya Birla Sun Life Term Insurance

Aditya Birla Sun Life Insurance Company offers three types of Aditya Birla Sun Life Term Insurance Plan. These term insurance plans are explained below.

1. ABSLI Life Shield Term Insurance Plan

ABSLI Life Shield Term Insurance Plan provides the policyholder with the facility to choose from 8 coverage options. It is designed keeping in mind the needs of the family members of the policyholder so that there is no hindrance in the lifestyle of the family in case of death of the policyholder. In this plan, the policyholder can add various add-ons to enhance his coverage, thereby further increasing the benefits he gets from this term insurance.

2. ABSLI DigiShield Term Insurance Plan

ABSLI DigiShield Term Insurance Plan gives the policyholder the option of providing 10 different types of coverage. This term insurance plan gives the policyholder the option of providing life insurance cover from the age of 1 to 100 years. The death benefit paid to the family member of the life assured through this policy can be lump sum, monthly or a combination of both. It can be opted by the policyholder at the time of taking the policy. Along with providing life insurance cover, the plan also offers return of premium option i.e. the premium paid by the policyholder is returned at the end of the policy term.
Aditya Birla Sun Life Term Insurance offers a number of benefits to its customers. It offers benefits like financial security of the family, pay-out options, high coverage at low cost, riders tax benefits etc. Now we will discuss about it in detail further.

3. ABSLI Saral Jeevan Bima Term Insurance Plan

ABSLI Saral Jeevan Bima Term Insurance Plan is a simple insurance plan that provides a lump sum amount as death benefit to the family members on the death of the insured to meet the financial needs of the family. Along with this, the insured can increase his insurance coverage by adding additional riders to it. These additional riders can be added at an additional cost. The plan also offers the option of lump sum payment of premiums or payment up to a specific term or premium payment for the entire plan term.

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Benefits Of Aditya Birla Sun Life Term Insurance

1. Financial Security:

In case of death of the policyholder, financial security is provided to his family. The nominee receives the amount paid by the insured as the death benefit. It can use that amount to meet the family’s household expenses and debt and non-liabilities.

2. Pay-out Option:

You can choose the pay-out option in this term insurance policy. In case of death of the policyholder during the policy term, the sum assured can be paid to the nominee in the form of lump sum or monthly income or a combination of both. It is very helpful in meeting the regular expenses and various other financial needs of the family.

3. High Coverage at Low Cost:

This term insurance policy offers high coverage at low premium cost to the policyholder. If you buy this term insurance policy at a young age, then you also have to pay less premium. So it is necessary that you try to buy term insurance policy at your young age as soon as possible.

4. Multiple Riders:

In this you can add multiple riders. Through this, you can further increase the cover of your policy and double the benefits. You can add these riders by paying additional charges. Accidental death riders in these riders. Disability Riders. Includes Premium Waiver Rider, Hospital Care Rider, Surgical Rider etc.

5. Tax Benefits:

Tax benefits are also provided to you in this. The premiums paid in this are eligible for tax deduction up to a maximum of Rs 1.5 lakh as per Section 80C of the Income Tax Act 1961. Additionally, the claim amount received by the nominee on the death of the policyholder is also tax deductible as per section 10(10D) of the Income Tax Act, 1961.

Aditya Birla Sun Life Term Insurance Riders

Aditya Birla Sun Life Term Insurance comes with a variety of riders to enhance the basic term insurance coverage. You can readjust your benefits by adding these riders by way of additional charges. The riders are explained in detail below.

1. Accidental Death and Disability Rider:

Through accidental death rider, if the life assured dies during the policy term, the nominee is also provided with an additional amount in the form of accidental death benefit rider in addition to the death benefit. If the insured person becomes disabled in an accident, then he is paid up to a certain percentage of the sum assured. Hence through this rider you can add additional benefits to your policy.

2. Surgical Care Rider:

The surgical care rider provides a lump sum amount payment to the insured in case of hospitalization and surgical procedure in any hospital in India, by which he can easily defray his surgical expenses. This amount can be between Rs. 3000 to Rs. 30,000.

3. Critical Illness Rider:

In the critical illness rider, a payment benefit of up to 100% of the sum assured is provided to the insured.

4. Hospital Care Rider:

In Hospital Care Rider, if the insured person is hospitalized for a period of at least 24 hours, he/she is paid a daily allowance as expenses. ICU recovery benefit is also provided in this. It can range from Rs. 600 to Rs. 6000.

5. Waiver of Premium:

Through this rider, if the insured person becomes disabled in an accident, then he is exempted from paying the premium, that is, all his premiums are waived off.

Exclusions Of Aditya Birla Sun Life Term Insurance Plan

Death benefit is not provided in certain cases in Aditya Birla Sun Life Term Insurance Plan. This is explained in detail below-

• Dangerous sports or other activities. Partial or total disability resulting from participation in activities such as hunting, mountaineering, racing, bungee jumping, etc. is not covered.
• Self-inflicted injury, suicide or attempted suicide.
• Disability, injury or death due to service in military, air force, navy or paramilitary organization.
• The benefit is not provided to the life insured who takes part in strike, industrial dispute, riot, war, civil commotion, invasion, terrorism, hostilities, nuclear reaction, biological or chemical contamination etc.

How To Buy Birla Sun Life Term Insurance Plan ?

You can buy Aditya Birla Sun Life Term Insurance Plan through both online and offline means.

To buy through online, you have to go to the official website of the company and after providing the necessary details sought, you can buy the online policy by paying.
In offline mode, you have to apply through an agent or broker. You may also have to pay a little extra for this.