Aditya Birla Sun Life Insurance Company Limited

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About Aditya Birla Sun Life Insurance Company

Aditya Birla Sun Life Insurance is a joint venture of Sun Life International Financial Services Organisation and Aditya Birla Group. Aditya Birla Capital Limited provides universal financial solutions by catering to the diverse needs and requirements of its customers across all stages of life. The company was incorporated on 4th August 2000 and began its operations on 17th January 2001. With a strong legacy of Aditya Birla Group, Aditya Birla Sun Life Insurance Company is a reliable and trustworthy brand in the Indian insurance sector. 

Aditya Birla Sun Life Insurance offers a wide variety of life insurance solutions that helps individuals meet their protection and financial requirements at every milestone of their life. It offers products across the customer’s entire life cycle including wealth protection plans, child future plans, health plans, pension and retirement plans, unit-linked and traditional term plans. 

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Key highlights of Aditya Birla Sun Life Company

Some key highlights of Aditya Birla Sun Life Insurance are as follows: 

Total number of offices in India 363 offices
Gross premium income Rs 17,628 million in first quarter of the financial year 21- 22
Distribution channel and Ban Assurance partners 6 distribution channels and 7 bancassurance partners across India
Direct selling agents 90,000 agents
Total employees 13,000 employees
Number of customers 17 lakh customers

 

Aditya Birla Sun Life Awards and Achievements

Aditya Birla Sun Life Insurance Company Limited has received many awards and achievements ever since its inception. Let’s have a look at some of the recent awards and achievements of the company – 

  • Aditya Birla Sun Life Insurance was awarded as the first runner up in Frost and Sullivan Awards, 2021 in the customer value leadership category. 
  • The company received the “Customer Service Provider of the Year Award” in the 5th Annual Insurance India Awards, 2020. 
  • The company was the winner of the “Best CSR category” in the FICCI Insurance Industry Award, 2020. 
  • It received a bronze and a silver medal from the Confederation of Indian Industry. 
  • Aditya Birla Sun Life Insurance has won one silver and 10 gold medals for its “Cultural Breakthrough” in the Quality Circle Forum of India. 

Why choose Aditya Birla Sun Life Insurance?

Aditya Birla Sun Life Insurance is very famous for its customer service and innovative products. Aditya Birla Life provides 360-degree coverage to you and your family. Some of the reasons for choosing Aditya Birla Sun Life Insurance are as follows: 

  • The company looks for various innovative methods in order to provide customized insurance solutions and long-term value to its employees, customers, community, and shareholders. 
  • It offers customized and innovative insurance solutions in order to meet specific requirements of individuals and customers
  • It provides excellent customer service and has been awarded numerous times for the same. 
  • Aditya Birla Sun Life is consistently and constantly trying to create insurance products that are easy and affordable for each stage of people’s lives and endeavour to provide a quick and hassle-free claim settlement process. 

Types of life insurance products offered by Aditya Birla Sun Life

Aditya Birla Sun Life offers various types of Life Insurance products to suit your variant insurance needs. Here are the plans that you can choose from: 

1. Term Insurance Plans

Term Insurance plans are the most basic types of insurance policies that provide financial security to you and your loved ones. Term insurance is a pure protection life insurance policy that provides coverage against the risk of premature death.  These plans do not usually pay a maturity benefit. However, some plans allow comprehensive coverage with an option to get the premium refunded on maturity. 

Aditya Birla Sun Life’s term plan available at PayBima is as follows –  

1a. ABSLI DigiShield Plan

Aditya Birla Sun Life DigiShield Plan is a comprehensive term insurance policy that provides financial protection. Here are some of the salient features of the DigiShield Plan: 

  • It offers ten plan options to choose from according to your insurance needs. 
  • Option to get whole life coverage till 100 years of age enjoying financial support for your entire life 
  • The plan offers flexibility in death benefit payout in which you can choose to receive the death benefit payout in lump sum payment, as monthly installment, or as a combination of both. 
  • The plan also offers survival benefits options in which you can receive monthly income after you are 60 years to enjoy a stress-free retired life. 
  • The plan comes with an inbuilt terminal illness and accelerated critical illness benefit in which a specified benefit is payable on the occurrence of terminal illness or critical illness. 
  • It also offers a range of insurance riders to enhance the coverage benefits of your plan by paying additional premiums.  

Eligibility Conditions 

Age at Entry Minimum: 18 years

Maximum: 65 years

Age at Maturity Maximum: 85 years
Sum assured Minimum: INR 30 Lakhs

Maximum: No limit

Policy Term Minimum: 5 years

Maximum: 55 years

Premium Payment Frequency Single, Annually/Semi-annually, quarterly and monthly. 
Premium Payment Term Single pay: 5 years (Minimum) upto age 60 years (maximum) and Regular pay

 

2. Endowment Assurance Plans

Endowment plans provide the dual benefits of life cover and savings in a single policy. Endowment plans help you to save for various goals of your life along with providing financial protection to your family in times of need. Endowment plans help you to build a corpus with loyalty benefits, guaranteed additions, and bonuses if any. 

3. Child plans

Child insurance plans are savings-oriented insurance policies that help you create a corpus for your child’s future even when you are not around. Child plans usually provide an inbuilt premium waiver rider in which premiums for the plan are waived off in case of death of the policyholder i.e. the parent of the child. The policy continues with uninterrupted coverage even after the death of the policyholder and the child is financially taken care of at all times.  

4. Unit-linked Insurance plans

ULIPs or Unit-linked insurance policies offer life insurance protection and an option to invest in the capital market to create wealth and grow your funds. It is an insurance-cum-investment product that can be customized as per requirements. In ULIPs, a portion of your premium goes towards life insurance cover and the other portion is an investment in the capital market to earn attractive returns. Unit-linked plans are risk-oriented plans in which the returns are subjected to market risks. 

5. Money-back Insurance plans

Money-back plans are much similar to endowment plans. They differ in terms of pay-out. Rather than paying a lump-sum maturity benefit, money-back plans pay survival benefits during the tenure of the policy. It, thus, offers regular income to the policyholder to meet their short-term requirements along with enjoying risk coverage. The survival benefits do not affect the death benefit under the plan. If the insured dies during the policy tenure, the entire death benefit will be paid out. 

6. Retirement plans

Retirement plans help you save for financially independent life after retirement. A pension plan helps in building a retirement corpus or paying a lifelong pension from the invested corpus. There are two types of retirement plans- Deferred pension plans in which you can build a retirement corpus by paying premiums and immediate annuity plans in which you invest a lump sum amount as a premium and later receive regular fixed income after your retirement.  

7. Health Insurance plans

Health Insurance plans provide you lump sum financial benefits to meet the requirement of funds in medical emergencies. Aditya Birla’s health insurance plans cover specific illnesses and if you suffer from any covered illness, a lump sum benefit is paid which can be used to meet your financial needs. 

The process to buy Aditya Birla Sun Life Insurance policy

Aditya Birla Sun Life insurance policies can be brought both online through PayBima or offline by visiting the branch of the insurance company. The online process of buying Aditya Birla Sun Life Insurance is very simple and can be done within minutes. The steps to buying Aditya Birla life insurance policy through PayBima is discussed as follows: 

  • Fill the application form

Visit the website www.paybima.com and select on “Life Insurance” option. An application form will appear. Fill the application form as per your requirements and details which include your name, date of birth, gender, sum assured, policy term, and other relevant details. Ensure to fill in the details correctly to enable PayBima to assess your insurance needs. 

  • Compare available plans

Once the application form is submitted, PayBima will show you a list of available life Insurance policies after assessing your insurance requirements. You can easily compare the available plans and choose one which best suits your coverage needs and offers comprehensive coverage at a competitive price.

  • Fill and submit the proposal form

Once you have finalized your life insurance policy, the next step is to fill up the proposal form for the policy with personal and financial information. The proposal form is an application to the insurance company for issuance of the policy forming the basis of a contract. The insurance company will underwrite your policy on the basis of the information provided in the proposal form. 

  • Submit the documents

You will have to submit some documents along with the proposal form to buy the Aditya Birla Sun Life Insurance policy. The documents required to be submitted are as follows: 

  • Identity proof such as PAN card, Aadhar card, driving license, etc
  • Address proof such as rent agreement, driving license, voter ID, etc
  • Age proof such as Aadhar Card, passport, PAN card, etc. 
  • Valid proof of income such as salary slip, financial statement, bank statement, etc
  • Passport size photographs. 
  • Pre-issue medical check-up

A pre-issue medical check-up is required if the sum assured in the policy or age of the insured is high as it involves a higher risk. Some insurance policies mandate a health check-up before they are issued. So, if required, you will also have to undergo a health check-up to complete the process of buying Aditya Birla Sun Life Insurance. 

  • Premium payment

The last step is premium payment. After submitting the documents and the proposal form, you can pay the insurance premium through the payment gateways offered by PayBima. PayBima offers secured and quick online payment channels i.e. debit card, credit card, NEFT, etc. 

Lapse of life insurance policy and process of revival

Life insurance policies require continuous renewal. You should pay the premium within the due date. If you fail to do so, your policy would lapse. A further period of 15/ 30 days called a grace period is offered for premium payment. If you fail to pay a premium even during the grace period, then your insurance policy will lapse and the coverage benefits with cease. 

However, a lapsed insurance policy can be revived. You can make an application to the insurance company for the revival of your policy. Full coverage benefits can be enjoyed only after revival. In order to revive your policy, you will have to:

  • Pay all the outstanding premium up to the date of revival
  • Pay the interest which has accrued on the outstanding premium up to the date application for revival
  • Submit a good health declaration form

If your lapsed insurance policy is not revived within the period of revival, then the insurance company will terminate your policy after the expiry of the revival period or continue your policy at the reduced value called paid-up value. 

You can take the assistance of PayBima for reviving your lapsed insurance policy. Call 800267 67 67 or email at paybima.care@mahindra.com for guidance in policy revival. 

How to claim Aditya Birla Sun Life Insurance plan?

Aditya Birla Sun Life Insurance offers a smooth and quick claim settlement process. The process involves the following steps: 

1. Intimate the Insurance Company 

To make a claim on your life insurance policy, the first thing you need to do is inform the insurance company about the claim. You can intimate either online on the official website of the insurance company or you can visit the nearest branch office to initiate a claim. In case of maturity claim, the company itself sends a form and readies your claim before the due date. You just have to fill the form and the maturity claim will be credited to your provided account. 

2. Fill and sign the claim application form 

Fill in the claim application form with personal and claim details such as the name of the insured, policy number, etc. Also, mention the type of claim and its details. The claim application form is to be duly signed by the claimant. 

3. Submit documents 

The insurance company requires documents to check the authenticity of the claim. You will have to submit the following documents for a successful claim settlement: 

  • Original Policy Document
  • Insured’s death certificate issued by Local Municipality
  • Address proof of claimant
  • ID proof of claimant and proof of relationship of the claimant with insured
  • Bank details or photocopy of passbook of the claimant to credit the claim process in his/her account
  • Additional documents such as police FIR, medical reports, post-mortem reports, medical bills, panchnama may also be required in case of accidental death of the life insured.

Aditya Birla Sun Life Insurance Company Review

  • For the financial year 20-21, the company’s claim settlement ratio stood at 98.04%. 
  • The insurance company provides comprehensive coverage at affordable premiums. 
  • As of 30th June 2021, the company registered an Asset Under Management of Rs.543,656 million.

Frequently asked questions

Q: Is it possible to cancel the Aditya Birla policy after I buy it?

Yes, you get a free-look cancellation period of 15 or 30 days. You can cancel the policy during this free-look cancellation period to receive a refund of your premium. After the free-look period is over, cancellation is not allowed.

 

Q: Does Aditya Birla’s life insurance allow portability?

No, portability is not available under Aditya Birla’s life insurance plans.

 

Q: Can the single premium that I may qualify for tax benefits?

If the single premium that you pay is up to 10% of the chosen sum assured, you can claim a tax deduction under Section 80C up to Rs.1.5 lakhs on the premium paid. However, if the premium exceeds 10% of the sum assured, the tax benefit would be allowed only on the premium up to 10% of the sum assured. The excess premium would be taxed at your income tax slab rates.

 

Q: Does the benefit received from the DigiShield policy attract tax?

No, the death benefit received from the policy is completely tax-free.

 

Q: What is the grace period allowed by the company for paying the due premium?

The grace period depends on the premium paying frequency. If you pay premiums every month, you get a grace period of 15 days. For other premium paying frequencies, however, the grace period is 30 days. 

Jan 19, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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