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Aditya Birla Sun Life Insurance Company Limited

What is a Life Insurance premium and what affects your quote?

October 1, 2026

6 mins

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Disclaimer : ABSLI Nishchit Aayush Plan (UIN No 109N137V12) is a non-linked non-participating individual savings life insurance plan.
^ Provided 0 year deferment & Annually in Advance payout frequency is chosen at the time of inception of the policy. Annually in Advance payout frequency is only available in "Annual" premium payment mode. ^*Male- 25 yrs invests in ABSLI Nishchit Aayush Plan with Level Income + Lumpsum Benefit. He chooses premium payment term 10 yrs , policy term 40 years, benefit option -Long Term Income, Sum Assured 7 times of Annualized Premium and Deferment Period 0 years. Annualized Premium is ₹1,00,000 (Exclusive of GST.). Annual Income of ₹ 32,750 (32,750*40=  13,10,000) + Maturity Benefit (₹20,00,000)= ₹ 33,10,000 ADV/3/24-25/3076.

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Frequently asked questions

Is the premium the same as the sum assured?

No. The premium is the payment due under the policy, while the sum assured is a specified benefit amount. The actual payable benefit depends on the insured event and contract terms.

Does quitting smoking automatically reduce an existing premium?

Do not assume it does. Ask the insurer whether reassessment is available and what evidence or qualifying period applies. Continue making the contractual payments until a written change is approved.

Is annual payment always cheaper than monthly payment?

There is no universal saving percentage. Obtain the actual quote for each available mode and compare the scheduled totals and affordability. An annual price shown as a monthly equivalent can differ from an actual monthly instalment.

Can I stop premiums after the agreed payment term ends?

Once all scheduled premiums under an agreed limited pay contract have been paid, benefits continue as specified in that contract. Stopping before the required payments are complete can affect cover and benefits.

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4 Sources and implementation

[1] Original article and verified company disclosures

[2] ABSLI term insurance information and underwriting FAQ

[3] Aditya Birla Capital factors affecting life insurance costs

[4] ABSLI term insurance calculator

[5] ABSLI application and document guidance

[6] ABSLI payment frequency guide

[7] IRDAI Master Circular on Life Insurance Products dated 12 June 2024 reference IRDAI ACTL MSTCIR MISC 89 6 2024

[8] Department of Financial Services GST insurance FAQs

[9] Ministry of Finance GST Council FAQs dated 3 September 2025

[10] ABSLI missed premium guide

Verification note: the IRDAI grace-period passage and Department of Financial Services exemption were available in official-domain search indexing; their full PDF fetches failed. Validate the latest consolidated circular and operative GST notification in the Legal/Tax review. No claim settlement ratio is used: it does not explain premium pricing and an unsupported reporting-year figure should not be added.

Buy ₹1 Crore Term Insurance at Just ₹575/month^*

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^*LI Age 21, Male, Salaried, Non Smoker, Option 1: Level Cover, PPT: Regular Pay, SA:  ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Death Benefit Payout as Lumpsum. Annual Premium: ₹ 6900/- ( which is ₹ 575/month), 1 Cr SA is paid and the policy terminates. 
ABSLI Super Term Plan - This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating individual pure risk premium life insurance plan. UIN: 109N153V02