Life Insurance
Aditya Birla Sun Life
Aditya Birla Sun Life is a joint venture between Aditya Birla Capital and Canada based Sun Life Financial Inc. The company was founded in 2000 and has been one of the most popular life insurers in the country offering protection plans, child savings plans, income plans and ULIPs.
| Annual Business | ₹7,146 cr. |
| Claims Settled | 98.23% |
| Claims settled within 30 days | 99.39% |
Term Insurance offered by Aditya Birla Sun Life
Life Shield
With an in-built terminal illness benefit, life stage protection, multiple payout options and 8 plans to choose from, ABSLI Life Shield completely safeguards you against uncertainties and ensures your family is not deprived in your absence.
Add-ons available under the policy:
- Waiver of premium on critical illness:
In case you are diagnosed with any of the listed 14 critical illnesses, all your future premiums will be waived off. Meaning you don’t have to pay the premiums but your policy will still be active.
- Waiver of premium on Total and Permanent Disability:
If you get permanently disabled due to any mishappenings, all your future premiums will be waived off. Meaning you don’t have to pay the premiums but your policy will still be active.
- Joint Life protection:
If you select this option, your spouse also gets covered under the policy and their sum assured is 50% of your base sum assured. If the spouse dies, respective death cover is paid to you, cover continues, and on your demise the nominees receive the death benefit. However, if you (primary life) pass away before your spouse, your spouse gets your sum assured and upon their subsequent death, the respective cover is paid to nominees.
- Terminal Illness:
If you are diagnosed with a condition which confirms death in a few months, 50% of the death cover amount is paid right away. The balance cover is paid on death.
Riders you can select with this plan:
- ABSLI Accidental Death Benefit rider:
An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.
- ABSLI Accidental Death Benefit plus rider:
An additional lump sum amount is paid over and above the base death benefit if you get disabled or die because of an accident.
- ABSLI Critical Illness rider:
A lump sum amount is paid if you are diagnosed with any of the 4 critical illnesses listed in the rider.
DigiShield
This policy gives you ten different plan options to choose from so that you select what best suits your family’s needs. There is also an in-built terminal illness benefit and you have the choice of selecting any of the multiple death benefit payout options.
Features that can be added to this policy on inception:
- Life Stage Benefit:
You can increase your sum assured at major milestones in life like after getting married, having your first child and having a second child. The cover under this benefit increases by a maximum of 100% of the base cover.
- Accelerated Critical Illness Benefit:
You get a lump sum amount in case you’re diagnosed with any of the 42 listed critical illnesses up to a maximum of 50 lakhs. However, keep in mind this lump sum amount is part of your base cover itself. So your death cover gets reduced by the amount of Critical Illness benefit paid.
You also have the options to select riders:
- ABSLI Accidental Death and Disability rider:
An additional lump sum amount is paid over and above the base death benefit on death or disability because of an accident.
- ABSLI Critical Illness rider:
A lump sum amount is paid if you are diagnosed with any of the 4 critical illnesses listed in the rider.
- ABSLI Waiver of premium rider:
In case you are diagnosed with any of the listed 14 critical illnesses, all your future premiums will be waived off. Meaning you don’t have to pay the premiums but your policy will still be active.
Aditya Birla Sun Life Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
Life Shield | For Plan Option: | ₹25,00,000-unlimited | Annual, semi-annual, |
DigiShield | 18 to 65 years | ₹30,00,000 - unlimited | Annual, semi-annual, |
ULIP Plans
Unit Linked Insurance Plans or widely known as ULIPs are part insurance, part investment plans. So the premium that you pay, some of it is allocated towards providing a death cover and the rest is invested in equity and debt funds, whichever you choose. So if something were to happen to you, your family either gets death cover or the fund value, whichever is higher at that time.
Say you’re paying a premium of 1 lakh every year for 20 years and for a death cover of 10 lakhs. You die after 15 years and your family naturally gets 10 lakhs. However if at that time the value of your invested premiums is 13 lakhs, your family gets this 13 lakhs. But if the fund doesn’t earn good returns and values at 8 lacs, then you get the death cover. So 10 lacs, i.e., your death cover is the minimum payout. But if you survive after 20 years, then you get all those invested funds back, whatever the value is at that time. That’s your maturity payout.
But there are other things to look for as well. Firstly, there is a lock-in period of 5 years, meaning you won’t be able to get back your premiums before 5 years. It’s only after 5 years that you’re allowed to withdraw some funds and even that is partial withdrawal. You can never withdraw the entire amount. Also, there are different charges that are deducted from your premium every year like premium allocation charge, policy administration charge, fund management charge, etc. So the entire 1 lakh is never invested.
Make sure you read the policy document diligently. And remember ULIPs are largely dependent on how the market is performing, both stocks and bonds.
ULIP Plans offered by Aditya Birla Sun Life
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| Wealth Infinia | Minimum: 30 days Maximum: 5 Pay: 45 years 6 Pay: 55 years 7 Pay: 60 years Other Premium Paying Term options: 65 years | Total: 17 Equity: 13 Debt: 4 |
| Wealth Assure Plus | Classic option: 30 days-55 Assured option: 18-50 | Total: 17 Equity: 13 Debt: 4 |
| Wealth Max Plan | 30 days – 70 years, subject to minimum attained age of 18 at maturity | Total: 17 Equity: 13 Debt: 4 |
| Fortune Elite Plan | 5 Pay: 30 days to 55 years other pay terms: up to 65 years for (subject to max maturity age of 75 years) | Total: 17 Equity: 13 Debt: 4 |