Aditya Birla Sun Life Insurance Company Limited

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Life Insurance

What is Life Insurance?

Life Insurance is a financial contract between you and an insurance company, where the insurer promises to pay a specified sum of money to your beneficiary in the event of your demise during the policy term. It serves as a financial safety net, ensuring that your loved ones are financially secure even in your absence. Life insurance can also include savings or investment components, depending on the type of policy.
Key Features of Life Insurance:

  • Financial Security: Provides financial support to your family in case of your untimely demise.
  • Customisable Plans: Options to tailor coverage, add-ons, and benefits to suit your needs.
  • Savings and Investments: Some life insurance policies help you save or invest for future goals while providing life cover.
  • Tax Benefits*: Offers deductions on premiums and exemptions on benefits received under the Income Tax Act, 1961.

How Life Insurance Policies Function

Life insurance policies operate on a simple principle of providing financial security. Here’s how they work:

  1. Policyholder Enrolment: You purchase a life insurance policy by selecting the sum assured, policy term, and premium payment mode. Some policies may require a medical examination.

  2. Regular Premium Payments: You pay premiums regularly (monthly, quarterly, or annually) or as a single lump sum, depending on the chosen payment option.

  3. Coverage During the Policy Term: If the policyholder passes away during the policy term, the insurer pays the death benefit to the nominee or beneficiary. This amount can be used to meet expenses, repay debts, or secure the family’s future.

  4. Maturity Benefit (For Certain Policies): For plans with a savings or investment component, if the policyholder survives the policy term, they receive a maturity benefit, which may include the sum assured and accumulated bonuses or returns.

  5. Add-On Benefits: Many policies allow riders or add-ons like critical illness cover or accidental death benefits, enhancing the coverage.

Life insurance ensures peace of mind by safeguarding your family’s financial future and, in some cases, helping you achieve long-term savings or investment goals.

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Types of Life Insurance Plans in India

Life insurance policies in India cater to a variety of financial needs. Here are the main types:

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Term Life Insurance:

A pure protection plan offering high coverage at low premiums. It pays the sum assured to the beneficiary in case of the policyholder’s demise during the term but does not provide maturity benefits.

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Whole Life Insurance:

Provides life-long coverage, typically up to 100 years. It also includes a savings component, allowing you to build cash value over time.

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Endowment Plans:

Combines life insurance with savings. Offers a death benefit during the policy term and a maturity benefit if the policyholder survives the term.

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Unit Linked Insurance Plans (ULIPs)

Combines life cover with investment. A portion of the premium goes towards life insurance, while the rest is invested in equity or debt funds.

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Child Plans:

Designed to secure your child’s future by providing financial support for major milestones like education or marriage.

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Pension/Retirement Plans:

Helps build a retirement corpus. Offers a regular income post-retirement, ensuring financial independence.

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Money-Back Plans:

Provides periodic payouts during the policy term along with life cover, offering liquidity for planned expenses.

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Quick Comparison Between Different Life Insurance Plans

Here’s a side-by-side comparison of various life insurance plans to help you make an informed decision:

Type of Plan Key Features Ideal For Maturity Benefit
Term Insurance High coverage at low premiums, no maturity benefit Pure protection seekers Not applicable
Whole Life Insurance Lifetime coverage with a savings component Long-term financial planning Yes (cash value)
Endowment Plan Life cover + savings; guaranteed# payouts Risk-averse individuals Yes
ULIP Life cover + market-linked investments Investors seeking market exposure Depends on fund performance
Child Plan Financial support for child’s milestones Parents planning for their child’s future Yes
Pension Plan Corpus building for retirement + regular annuity Individuals planning for retirement Yes (annuity payments)
Money-Back Plan Periodic payouts during the term + maturity benefit Those needing liquidity during the term Yes


Most Popular Life Insurance Plans by ABSLI

Aditya Birla Sun Life Insurance (ABSLI) offers a diverse range of life insurance plans tailored to meet various financial goals and protection needs. Here are some of the most popular plans:

Plan Name Plan Type Key Features and Benefits
ABSLI Nishchit Aayush Plan Savings Plan - Offers guaranteed# income for a fixed term post-maturity. - Provides life cover along with savings benefits. - Flexibility in choosing premium payment and policy terms.
ABSLI Assured Savings Plan Savings Plan - Guaranteed# additions to enhance your corpus. - Life insurance cover plus savings for your future needs. - Flexibility in premium payments and policy terms.
ABSLI DigiShield Plan Term Plan - Comprehensive term insurance with multiple plan options. - Flexible premium payment and policy term choices. - Option to enhance coverage with riders.
ABSLI Salaried Term Plan Term Plan - Tailored term insurance for salaried individuals. - Affordable premiums with substantial life cover. - Simple and convenient online application process.
ABSLI Assured Income Plus Savings Plan - Guaranteed# income for a defined period after maturity. - Life cover along with regular income. - Bonus accumulation potential, enhancing the policy's value.
ABSLI Wealth Aspire Plan ULIP Plan - Market-linked returns with life insurance cover. - Choice of multiple investment funds. - Flexibility to switch between funds and premium redirection.
ABSLI Guaranteed# Annuity Plus Annuity Plan - Regular income post-retirement. - Multiple annuity options to suit individual needs. - Option for life cover and return of purchase price.
Each of these plans is designed to cater to specific financial objectives, whether it's securing your family's future, saving for life goals, or growing your wealth. It's important to assess your personal needs and financial goals when choosing the most suitable life insurance plan.

Why Buy Aditya Birla Sun Life Insurance Plan?

Choosing Aditya Birla Sun Life Insurance (ABSLI) for your life insurance needs offers several advantages:

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High Claim Settlement Ratio:

ABSLI boasts a claim settlement ratio of 98.40% for individual business, reflecting its commitment to honoring claims promptly. citeturn0search17

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Diverse Product Portfolio:

ABSLI provides a wide array of insurance plans, including term, savings, ULIPs, retirement, and child plans, catering to various financial goals. citeturn0search9

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Flexible Premium Payment Options:

Offers multiple premium payment modes and frequencies, allowing you to choose one that aligns with your financial planning.

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Comprehensive Customer Support:

Dedicated customer service to assist with policy management, claims, and queries, ensuring a seamless experience.

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Tax Benefits*:

Premiums paid towards ABSLI policies are eligible for tax deductions under Section 80C, and the death benefit is generally tax-exempt under Section 10(10D)** of the Income Tax Act, 1961.
By opting for an ABSLI life insurance plan, you ensure a robust financial safety net for your loved ones, backed by a trusted and reliable insurer.

Benefits of Life Insurance in India

Life insurance is more than just a financial product; it’s a long-term commitment to your family’s financial security. Here are the key benefits of life insurance in India:

  1. Financial Security for Loved Ones: Provides a lump-sum death benefit to your family in case of your untimely demise, ensuring they can maintain their lifestyle and meet financial goals.

  2. Wealth Creation and Savings: Plans like endowment policies and ULIPs combine life cover with savings or investment opportunities, helping you build wealth over time.

  3. Tax Benefits*: Premiums paid towards life insurance policies are eligible for tax deductions under Section 80C, and the benefits received are usually tax-free under Section 10(10D)** of the Income Tax Act, 1961.

  4. Retirement Planning: Policies like pension plans provide a regular income post-retirement, ensuring financial independence in your golden years.

  5. Loan Availability: Life insurance policies with savings components can be used as collateral for loans, providing liquidity when needed.

  6. Peace of Mind: Knowing that your family’s future is secure brings immense peace of mind, allowing you to focus on your present.

Top Factors That Affect Life Insurance Premium

The premium you pay for a life insurance policy depends on several factors. Understanding these can help you make an informed choice:

  1. Age: Younger individuals typically pay lower premiums as they are considered less risky by insurers.

  2. Gender: Women usually have lower premiums as they statistically have a longer life expectancy.

  3. Health Condition: Pre-existing medical conditions or a history of illnesses may lead to higher premiums or the need for medical tests.

  4. Lifestyle Choices: Smokers and individuals with risky habits or occupations face higher premiums due to increased health risks.

  5. Policy Term: Longer policy terms may result in slightly higher premiums but offer more extended coverage.

  6. Sum Assured: Higher coverage amounts lead to higher premiums as the insurer’s risk increases.

  7. Type of Plan: Plans with additional benefits, such as riders or maturity benefits, generally have higher premiums compared to basic term insurance.

  8. Riders and Add-Ons: Adding riders like critical illness cover, accidental death benefits, or waiver of premium increases the overall cost of the policy.

  9. Premium Payment Mode: Annual payments are often slightly cheaper than monthly or quarterly instalments due to lower administrative costs.

Understanding these factors ensures you can choose a policy that balances adequate coverage with affordable premiums.

How to File a Life Insurance Claim with ABSLI?

Filing a life insurance claim with Aditya Birla Sun Life Insurance (ABSLI) is a straightforward process designed to provide prompt assistance during difficult times. Follow these steps:

1.Notify ABSLI:
Inform ABSLI about the claim as soon as possible. You can do this by:

  • Visiting the nearest ABSLI branch.
  • Calling the customer service helpline at 1-800-270-7000.
  • Sending an email to claims.lifeinsurance@adityabirlacapital.com.
Collect Required Documents:
Gather all necessary documents, which may include:

  • Claimant’s Statement Form: Available on the ABSLI website or at the branch.
  • Policy Document: Original or a certified copy.
  • Death Certificate: Issued by the municipal authority or gram panchayat.
  • Identity Proof of Nominee: Aadhaar card, PAN card, or passport.
  • Medical Records (if applicable): Hospital discharge summary or medical certificates.
  • Cancelled Cheque/Bank Passbook: For NEFT details to transfer the claim amount.

Submit Documents:
Submit the completed claim form and documents to the nearest ABSLI branch or via registered post to the claims department.
Claim Assessment:
ABSLI will review the submitted documents, verify the details, and may request additional information if required.
Claim Settlement:
Once approved, the claim amount will be disbursed to the nominee’s bank account through NEFT or cheque. ABSLI aims to settle claims quickly to minimise financial stress.

About Life Insurance Riders

Life Insurance Riders are optional add-ons that enhance your basic life insurance policy by providing additional benefits for specific circumstances. These riders allow you to customise your plan to better suit your needs, offering comprehensive coverage at an extra premium.

Popular Life Insurance Riders:

ABSLI Accidental Death and Disability Rider: Provides financial security for you and your family in case of accidental death or disability.

  • ABSLI Critical Illness Rider: Offers a lump sum payment to help cover medical costs and other expenses if you're diagnosed with a critical illness.
  • ABSLI Surgical Care Rider: Provides financial support to cover surgery-related costs, helping you focus on recovery.
  • ABSLI Hospital Care Rider: Offers daily cash benefits and ICU benefits to help cover hospital expenses during hospitalisation.
  • ABSLI Waiver of Premium Rider: Ensures your life insurance coverage continues even if you’re unable to pay premiums due to disability or critical illness.

Why Add Riders to Your Policy?

  • Enhanced Coverage: Riders broaden the scope of protection offered by your policy.
  • Cost-Effective: Adding riders is more economical than purchasing separate policies for each benefit.
  • Customisation: Tailor your policy to address specific risks and priorities.
  • Tax Benefits:* Premiums paid towards riders may qualify for tax deductions under Section 80C or Section 80D, depending on the type of rider. Riders make life insurance policies more versatile and ensure comprehensive protection for you and your loved ones.
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FAQs

Life insurance is essential to secure your family’s financial future in your absence. It provides a lump sum (death benefit) to your beneficiaries, ensuring they can meet daily expenses, pay off debts, and achieve long-term financial goals like education or marriage. Life insurance also offers peace of mind, knowing your loved ones will remain financially stable.
Life insurance enables your loved ones to:

  • Cover daily living expenses.
  • Pay off outstanding debts like home loans, car loans, or personal loans.
  • Fund long-term goals, such as your child’s education or marriage.
  • Maintain their standard of living without financial stress.

The amount of life insurance you need depends on your financial responsibilities and goals. A general guideline is to opt for coverage that is 10–15 times your annual income. The amount of life insurance depends on:

  • Annual Income: A general rule is to get coverage that is 10–15 times your annual income.
  • Debts: Include outstanding loans or liabilities that need to be paid off.
  • Family Expenses: Estimate monthly expenses and multiply by the number of years your family will need support.
  • Future Goals: Factor in costs for children’s education, marriage, or other long-term needs.
  • Inflation: Adjust for inflation to ensure the sum assured is sufficient in future terms.
    Use a life insurance calculator to estimate the ideal coverage amount based on your specific needs.

A life insurance rider is an optional add-on that enhances your policy by providing additional benefits. Riders can be tailored to cover specific risks, such as critical illness, accidental death, or waiver of premiums in case of disability. They are cost-effective and offer comprehensive protection alongside your base policy. Common riders from ABSLI include:

  • ABSLI Accidental Death and Disability Rider
  • ABSLI Critical Illness Rider
  • ABSLI Surgical Care Rider
  • ABSLI Hospital Care Rider
  • ABSLI Waiver of Premium Rider

Riders are cost-effective and provide comprehensive protection tailored to your needs.

The life insurance premium is the amount you pay to keep your policy active. It can be paid monthly, quarterly, annually, or as a one-time payment (single premium). The premium amount depends on factors such as:

  • Age: Younger individuals pay lower premiums.
  • Health: A healthy lifestyle lowers premium costs.
  • Policy Term: Longer terms may have higher premiums.
  • Sum Assured: Higher coverage leads to higher premiums.
  • Riders: Adding riders increases the premium amount.
    Premiums can be paid monthly, quarterly, annually, or as a single lump sum (single premium).

A life insurance claim typically takes 30–60 days to process, provided all required documents are submitted and verified. Insurers with a strong claim settlement record, like ABSLI, aim to settle claims promptly to reduce financial stress for beneficiaries. To ensure a smooth process:

  • Submit all required documents promptly (e.g., claim form, death certificate, ID proof).
  • Ensure the information in your policy matches your claim details.
  • Claims from insurers with a strong claim settlement record, like ABSLI, may be processed faster.

Voice of Happy Customers

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ABSLI provides various payment option to pay renewal premium, anytime and anywhere.! Best wishes to ABSLI

User

Mr. Singh

West_Bengal

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Entire surrender process was quite smooth with timely documentation and payout. Great experience!

User

Mr. Ganvit

Gujarat

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 23 – 24 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: ₹ 6100/- ( which is ₹ 508.33/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 including modal loading for 5 years | Deferment period: 5 years Annuity Pay-out Frequency: Annual | Single life. Get Rs 4,09,292 /- (Exclusive of taxes) every year till annuitant is alive
⁵ Age 35 Years invests in ABSLI Wealth Aspire Plan, Self Managed Investment Option, 100% in maximiser fund, Assured Plan Option, Basic annual premium: ₹40,000. Sum assured: ₹4,00,000, Premium Payment Term 5 years, Policy Term 10 years. You get ₹ 2,85,403 lakhs @ 8% or Rs 2,07,296 @ 4% at maturity¹. Refer to policy brochure for more details ⁶ ABSLI Wealth Assure Plus, Scenario: Healthy male age 30 years, premium paying term 10 years, policy term 15 years, excluding GST), Self Managed Investment Option with 100% of premium invested in Maximiser Fund, you get Rs. 4,37,421 (@8% assumed rate of return) or Rs. 2,92,052 (@4% assumed rate of return) by age 45. Refer to policy brochure for more details.
ABSLI 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: 109N137V11
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:109N141V03
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: 109N132V14
ABSLI Param Suraksha is a unit-linked non-participating individual life insurance savings plan. UIN: 109L149V01
ABSLI Wealth Aspire Plan is a non-participating unit linked life insurance plan. (UIN:109L100V05)
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/12/24-25/2438

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