Top Term Insurance Plans From Aditya Birla Sun Life Insurance and Their Advantages


6 min read

Term insurances are securities that support people in overcoming financial hardships. Let us read about the various term insurance plans by Aditya Birla Sun Life Insurance and their benefits in this post.

Aditya Birla Sun Life Insurance Company Limited or ABSLI is an insurance company created as a joint venture between Aditya Birla Group and Sun Life Financial Inc. with a 51:49 partnership. The company came into existence in August 2000, while it started its operations in January 2001. Sun Life Financial Inc., is a multinational financial services company based in Canada, while Aditya Birla is a Mumbai based Indian multinational.

Together, the ABSLI corporation offers some cost-effective and lucrative term insurance plans to suit the needs of their consumers. The best thing about term insurance is that it acts as a financial security as well as it aids in case of any critical illness or other emergencies. Since hard times are unpredictable and can reach anyone anytime, so preparing yourself for such times with better policies and investments is important.

Term Plans and its Importance

Term insurances are life insurance plans that secure a family with monetary protection at a reasonable cost. With a term plan, you can safeguard your family’s future even in your absence. Thus, if the policyholder of a term insurance plan meets with any unfortunate incident, the nominee of the policy holder receives death benefit in the form of a predefined amount.  Here, the policy doesn’t offer any other return at maturity.

Since term plans are lucrative and reasonable, they are very popular with common people. Thus, a large population buys term insurance plans to safeguard their families. Hence, several insurers in India cater to term plans. This makes it difficult for potential consumers to identify the policy that suits them best.

We are discussing here some of the top Aditya Birla term insurance plans to help you make your choice easy. The term plans offered by ABSLI suits the needs of every category of people.

3 Top Aditya Birla Sun Term Life Insurance Plans

  1. ABSLI DigiShield Plan –  Available with a full range of features, the Digishield plan by ABSLI is a customized policy that allows the insured to enjoy greater advantages as per their needs. This best term insurance plan is so designed to prepare a family to deal with the monetary challenges that might arise in their life. The plan is available in 10 different variants for the insured to choose from. Anyone in between the age group of 1 to 100 years can avail the ABSLI DigiShield Plan. The various features of the plan include income benefit, return of premium benefit, terminal illness benefit, enhanced coverage of plan during major situations in life and so on. Further, the policyholder can choose to make regular payments of the premium or can pay it as limited or single pay. However, before choosing the payment option, you must first decide on the sum assured of the plan starting at INR 30 lakh with no maximum limit.
  2. ABSLI Saral Jeevan Bima – As the name suggests, the Saral Jeevan Bima is the simplest form of term life insurance policies that are easily comprehensible and are reasonable as well. The policy comes with standard features that are made obligatory by the IRDAI so that more and more people can avail the policy. Under this plan, the nominee of the insured receives the death benefit in case of sudden demise of the policyholder. However, the plan doesn’t offer any maturity benefit. The plan is available with a 45 days of initial waiting period from the commencement of the policy. It guarantees INR 5 lakh to the nominee of the insured and can be availed by following simple eligibility criteria.  Thus, this insurance plan suits everyone, including workers from the unorganized sector.
  3. ABSLI Life Shield Plan – Like other term life insurance policies, Life Shield policy from ABSLI is crafted in a way to safeguard the family of the insured financially. So, in case of demise of the insured during the tenure of the policy, the insurer transfers the benefit or the lump sum amount to the nominee.  However, the policy is available with 8 different options which make it easy for the insured to choose the best one from among the varied choices. Further, the insured can also extend the coverage of the ABSLI Life Shield Plan during different phases of their life such as marriage, childbirth etc.  You can avail options like availing riders, include your spouse in the plan, can receive tax benefits and so on.

5 Benefits of Choosing Birla Sun Term Life Insurance

If you are one of the potential customers of Aditya Birla sun life term insurance plans, you may be interested in knowing about the benefits of the plan:

  1. Trustworthy name – ABSLI is a brand with high repute that has an employee base of over 140,000 workers working across 36 nations worldwide. Even in India, the company has a wide network with 386 branches all across the country. Moreover, the insurer has over 90,000 agents who are directly selling policies to customers and helping them to fulfill their needs. The company had a CSR or claim settlement ratio of 97.54 % during FY 2019-20.
  2. Greater Coverage at very low Price – With the kind of unpredictable emergencies and diseases that affect individuals and cause adversity, it becomes necessary for everyone to have an all-encompassing insurance plan to secure their families in their absence and to  support them with the growing inflation. To cut costs of policy at the time of purchase, the potential consumers may buy the plan directly from the website of the insurer rather than buying it from any broker. This way, you can save the commissions that you need to pay to the broker and thus lower the cost of insurance premium to an extent.
  3. Offer Payout Benefit – The Aditya Birla  term insurance benefit (death benefit) is offered to the nominee of the insured once the insurer receives the claim form from the beneficiary. The payment is done in lump sum or as regular payment on intervals as per the term of the policy at the time of buying the plan.
  4. Allow Add-ons or Riders – This is another benefit of the ABSLI plans which allow the insured to avail riders for additional coverage against several protections such as critical illness, accidents, etc. Thus, you can upgrade the policy by adding riders rather than buying separate plans for separate reasons.
  5. Allow Income Tax benefits –  The ABSLI term plans allow income tax benefits on both premiums and payouts. The deductions on premiums are offered as per Section 80C, while the deduction for maturity amount is paid under section 10(10D) of Income Tax Act, 1961.

Read More: Aditya Birla Sun Life Insurance Company Limited

Best Term Life Insurance Companies

To Sum Up

If you are planning to buy any of the above term plans from ABSLI, you can compare different plans offered by the insured before making the final purchase. Further, you can check your policy status of the ABSLI plans online or via customer care of the insurer.

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Oct 18, 2022
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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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