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Different Types of Life Insurance Plans
Aditya Birla Sun Life Insurance (ABSLI) offers various life insurance plans to cater to diverse needs. Primarily, these can be categorised into Term Plans (Pure risk cover) and Investment Plans (Risk Protection + Investment Option).
Let's explore each:
Why Buy Aditya Birla Sun Life Insurance Plan?
Choosing Aditya Birla Sun Life Insurance (ABSLI) for your life insurance needs means more than just securing a policy; it's about entrusting your financial future to a name synonymous with reliability and excellence. Here's why ABSLI stands out:
FAQs on Life Insurance
For example, if you purchase a life insurance policy and receive the documents on January 1st, and your policy has a 15-day free look period, you have until January 16th to review the policy and decide whether to keep it or cancel it for a full refund.
Tax Implications: Be aware of any tax implications on the maturity proceeds, as per recent Tax laws.
For example, a 35-year-old non-smoker might pay ₹5,000 annually for a term life policy, while a smoker of the same age might pay ₹15,000 for the same coverage.
For example, if you have a whole life policy with a cash value and you lose your job, you might opt for a premium holiday to pause your premium payments for six months while you get back on your feet financially.
● Misrepresentation or fraud: If the policyholder provided false information on the application, such as lying about their health or smoking status.
● Exclusions: Some policies have exclusions for certain causes of death, like suicide within the first two years of the policy or death resulting from illegal activities.
● Lapsed policy: If the policy has lapsed due to non-payment of premiums.
● Contestability period: If the policyholder dies within the contestability period (usually the first two years), the insurer may investigate the claim more thoroughly.
However, if the claim is legitimate and none of these issues apply, the insurance company is legally obligated to pay the death benefit.
● Obtain the death certificate: You'll need an official copy of the death certificate to submit with your claim.
● Contact the insurance company: Notify the insurer of the policyholder's death and request a claim form.
● Complete the claim form: Fill out the form with all required information, including details about the policyholder and the cause of death.
● Submit the claim form and required documents: Along with the death certificate, you may need to provide the original policy document and any other requested documentation.
● Wait for the claim to be processed: The insurance company will review the claim and may request additional information. Once approved, the death benefit will be paid to the beneficiaries.
For example, if you are the beneficiary of your spouse's life insurance policy, you would contact the insurance company upon their passing, complete the necessary paperwork, and submit it along with a copy of the death certificate to receive the death benefit.
● Set up automatic payments: This ensures your premiums are paid on time.
● Keep your contact information updated: This helps ensure you receive payment reminders.
● Review your budget: Make sure you can afford the premiums when selecting a policy.
● Contact your insurer if you're facing financial difficulties: They may offer options like a premium holiday or a policy loan.
For example, if you have a policy with a monthly premium of ₹2,000 and you miss a payment, your insurer may provide a 30-day grace period. If you pay within this period, your policy remains active. If not, the policy lapses, and you lose coverage.
● Shop around: Compare quotes from different insurers to find the best rate.
● Choose term life insurance: Term policies typically have lower premiums than permanent policies.
● Buy early: Premiums tend to be lower when you're younger and healthier.
● Opt for a lower coverage amount: Reducing the death benefit can lower your premiums.
● Improve your health: Quitting smoking, losing weight, and managing chronic conditions can lead to lower premiums.
● Consider a higher deductible: Some policies offer a higher deductible option, which can reduce premiums.
● Bundle policies: Some insurers offer discounts if you have multiple policies with them.
For example, a 30-year-old non-smoker might pay ₹5,000 annually for a ₹50 lakh term life policy, but by shopping around and finding a more competitive rate, they could reduce their premium to ₹4,000 annually.
|
Feature |
Term Life Insurance |
Whole Life Insurance |
|
Coverage Duration |
Fixed term (e.g., 10, 20, 30 years) |
Lifelong coverage |
|
Premiums |
Generally lower, fixed for the term |
Higher, fixed for life |
|
Cash Value |
No cash value component |
Builds cash value over time |
|
Investment Component |
None |
Yes, part of the premium goes into a cash value account |
|
Flexibility |
Less flexible, coverage ends after the term |
More flexible, can borrow against cash value |
|
Purpose |
Suitable for temporary needs, like a mortgage or income replacement |
Suitable for long-term needs, like estate planning or retirement savings |
● Waiver of Premium Rider: Waives your premium payments if you become disabled and unable to work.
● Accidental Death Benefit Rider: Pays an additional sum if your death is the result of an accident.
● Critical Illness Rider: Provides a lump sum payment if you're diagnosed with a specified critical illness.
● Age: Generally, the younger you are, the lower your premiums.
● Health: Your medical history and current health condition can impact your rates. A healthier individual usually pays lower premiums.
● Lifestyle: Habits like smoking, drinking, or high-risk habits can increase your premiums.
● Type of policy: Term life plan typically has a lower premium as it does not have investment component like other life insurance plans such as whole life, ULIP, savings plans.
● Coverage amount: The higher the life cover, the higher the premium.
● Term length: Longer terms usually mean higher premiums.
● Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). If you pass away during the term, your beneficiaries receive the death benefit. It's like renting a house for a fixed period; you have protection as long as you're paying the rent.
● Whole Life Insurance: Offers lifelong coverage and includes a cash value component that grows over time. It's like owning a house, where you have permanent protection and can build equity.
● Universal Life Insurance: A flexible policy that combines lifelong coverage with an investment component. You can adjust premiums and death benefits over time, similar to having a customizable financial plan.
● Endowment Policies: These policies have a maturity date and pay out the sum assured either on death or on the policy reaching maturity, whichever comes first. They're like a savings plan with a life insurance component.
● Parents with Young Children: If you have children who depend on your income for their upbringing, education, and overall well-being, life insurance is crucial. It ensures that your children can maintain their standard of living and pursue their dreams even in your absence.
● Couples with Shared Financial Obligations: If you're in a relationship where both partners contribute to shared financial goals, such as paying off a mortgage or saving for retirement, life insurance can help ensure that these goals are still achievable if one partner passes away.
● Individuals with Debt: If you have debts like a home loan, car loan, or personal loan, life insurance can help ensure that your loved ones aren't burdened with these financial obligations after you're gone.
● Business Owners: If you own a business, life insurance can help protect your business partners and employees. It can provide funds to keep the business running or to buy out your share in the event of your death.
● People with Dependents: If you have ageing parents or siblings who rely on you for financial support, life insurance can help ensure their continued care.
● High-income Earners: If you're a high-income earner, life insurance can help preserve your family's lifestyle and future financial security.
● Estate Planning: Life insurance can be used as a tool for estate planning, providing liquidity to pay estate taxes and settle other financial matters.
For example, let's say you're a 35-year-old parent with two young children and a spouse who is a homemaker. If you're the primary breadwinner, your family relies on your income for their daily expenses, education, and future aspirations. In this scenario, having a life insurance policy ensures that your family has financial support to continue their lives without drastic changes in the event of your untimely death. Life insurance also helps you to build corpus to fulfil long-term and short-term financial goals.
Life insurance is not just for the elderly or the wealthy; it's for anyone who has financial responsibilities or people who depend on them. It's a way to ensure that your loved ones are taken care of, even when you're not there to provide for them.
In simpler terms, it's a way to ensure that your family remains financially secure even when you're no longer around to support them.
Here's how Life insurance works:
● Policy Selection: You start by choosing a life insurance policy that suits your needs. There are various types of policies, such as term life, whole life, and universal life, each with its own features and benefits.
● Premium Payments: Once you've selected a policy, you agree to pay a regular amount, known as a premium, to the insurance company. These payments can be made monthly, quarterly, semi-annually, or annually, depending on the policy terms.
● Coverage Period: If you opt for term life insurance, your coverage will last for a specific period, say 10, 20, or 30 years. On the other hand, whole life and universal life policies provide coverage for your entire life.
● Death Benefit: In exchange for your premium payments, the insurance company promises to pay a sum of money, known as the death benefit, to your designated beneficiaries upon your death. This benefit can be used by your loved ones to cover funeral expenses, pay off debts, or provide for their future financial needs.
● Cash Value (for permanent policies): Some life insurance policies, like whole life and universal life, also have a cash value component that grows over time. This cash value can be borrowed against or withdrawn during your lifetime under certain conditions.
For example, let's say you purchase a term life insurance policy with a coverage amount of ₹50 lakhs and a term of 20 years. You pay a monthly premium of ₹1,000. If you were to pass away during those 20 years, your beneficiaries would receive the ₹50 lakh death benefit, providing them with financial support in your absence.
In summary, life insurance is a crucial tool for financial planning, offering peace of mind that your loved ones will be taken care of financially when you're no longer there to support them.
Voice of Happy Customers
ABSLI provides various payment option to pay renewal premium, anytime and anywhere.! Best wishes to ABSLI
Mr. Singh
West Bengal
Entire surrender process was quite smooth with timely documentation and payout. Great experience!
Mr. Ganvit
Gujarat
Easy and simplified surrender process with a supportive branch and speedy payout experience!
Mr. Joshi
Maharashtra
Due to seamless branch support and timely communication from ABSLI, my maturity payout process was quite smooth.
Mr. Bansal
Haryana
Renewal payment through ECS has been quite smooth with timely reminders for the same. Great experience!
Mrs. Maheshwari
Madhya Pradesh
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Latest Life Insurance Articles
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Disclaimer
*Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
#Provided all due premiums are paid
^ As per annual audited figures submitted to IRDAI for the period FY 22 – 23 for individual death claims paid.
$ As on 30`th November 2023
¹ABSLI Salaried Term Plan -LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
² Provided 0 year deferment & monthly income frequency is chosen at the time of inception of the policy.
3 Annuitant -Health Male: Age 45 years invests in ABSLI Guaranteed Annuity Plus | Annuity Option: Deferred Life Annuity with Return of Premium | Premium payment term – Limited pay (5 years) | Purchase Price: Rs. 1,00,000/ month excluding modal loading for 5 years | Deferment period: 5 years Annuity Pay-out Frequency: Annual | Single life. Get Rs 4,58,800/- (Exclusive of taxes) every year till annuitant is alive
⁴ABSLI Child’s Future Assured Plan. Plan option: Education & Marriage Milestone. Male | Age: 35 years | Policy term: 25 years | Premium paying term: 10 years | Education milestone benefit period: 3 yrs & Education assured benefit start term: 15 yrs | Marriage assured benefit start term: 25 years | Annualized premium: ₹1,00,000 (excluding tax) | Total Benefits Payout: Rs 21,58,664 [Education Milestone Payout: Rs 10,79,332 (policy year 15,16,17) and Marriage Milestone Payout: Rs 10,79,332 (policy year 25)] | Age of Child: 0 years, Child as a nominee | Sum assured multiple for marriage: 100%
⁵Mr. Sharma aged 35 years purchases ABSLI Wealth Smart Plus with the details as given below:
Plan Option: Smart Life | Annualized Premium: Rs. 5,00,000 | Premium Payment Term: 5 years | Policy Term: 20 years | Investment Option: Self-Managed Option | Fund Chosen: Nifty Alpha 50 Index Fund | Premium Payment Mode: Annual | Sum Assured: Rs. 50,00,000.
ABSLI Accidental Death And Disability Rider - This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). UIN: 109B018V03
ABSLI Critical Illness rider. This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). UIN: 109B019V03
ABSLI Surgical Care Rider. This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). UIN: 109B015V03
ABSLI Hospital Care Rider. This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). UIN: 109B016V03
ABSLI Waiver Of Premium Rider. This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI).UIN: 109A039V01
ABSLI Nishchit Aayush Plan. This is a non-linked non-participating individual savings life insurance plan.UIN: 109N137V07
ABSLI Assured Savings Plan. his is a Non-Linked Non-Participating Individual Savings Life Insurance Plan.UIN: 109N134V09
ABSLI DigiShield Plan. This is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 9 (Level Cover with Survival Benefit) and Plan Option 10 (Return of Premium [ROP]) this product shall be a non-linked non-participating individual life savings insurance plan. UIN: 109N108V11
ABSLI Salaried Term Plan. This is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.UIN:109N141V01
ABSLI Assured Income Plus. This is a Non-Linked Non-Participating Individual Savings Life Insurance Plan. UIN: 109N127V14
Aditya Birla Sun Life Insurance SALARIED SURAKSHA ULIP Plan (UIN: 109L145V01) is a unit linked non-participating individual life insurance savings plan
ABSLI Guaranteed Annuity Plus. This is a Non-Linked, Non-Participating, General Annuity Plan All terms & conditions are guaranteed throughout the Policy Term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. UIN: 109N132V10
In the Unit Linked Policy, the investment risk in the investment portfolio is borne by the Policyholder.
Linked Life insurance products are different from the traditional life insurance products and are subject to the risk factors.
Linked Insurance Products do not offer any liquidity during the first five years of the contract.
The policyholder will not be able to withdraw/surrender the monies invested in Linked Insurance Products completely or partially till the end of the fifth year from inception. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document. The premium paid in unit linked life insurance policies are subject to investment risk associated with equity markets and the unit price of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. Tax benefits may be available as per prevailing tax laws. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale.
For further details regarding the above-mentioned rider, please refer to the respective rider brochure(s) available on our website.
Honesty is the best policy
Applicants should ensure that insurance details in the application form is filled by oneself with “ Utmost good faith”.
Be honest & truthful about your medical history, health conditions, or any other complications.
Also, let the insurer know about any habits like use of alcohol, tobacco or any narcotics/ psychotropic substances in the present or past, to ease the process of Policy issuance and claim assessment process.
ADV/6/24-25/526
