Aditya Birla Sun Life Insurance Company Limited
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A term plan can be thought of as a safety vault for your family's security, offering comprehensive coverage that doesn't strain your budget. What's even better is its flexibility, allowing you to tailor the plan to meet your family's specific needs in your absence.
However, under regular term plans, if you outlive the policy term, you receive no benefits. This feature of lack of returns might deter you from choosing this plan. And this is where the term plan with return of premium option comes into play. This policy combines insurance protection with monetary returns if you make it through the policy period. It's a way to make sure you don't feel like your hard-earned money has simply vanished into thin air.
But, even with this enticing offer, basic term plans prove to be the wiser choice. Why? Let's find out.
Term insurance is a type of life insurance that ensures your family receives a fixed sum of money if you unfortunately pass away during the policy's term. The primary goal of buying a term insurance plan is to provide robust financial protection for your dependents in your absence. This plan is particularly essential if you have not had the opportunity to amass sufficient wealth to ensure a comfortable livelihood for them in the face of uncertainty.
You pay a set premium for a specific period in exchange for financial protection. If, unfortunately, you pass away while the policy is in effect, the insurance company will step in to provide a sum of money to your chosen nominee. This money, referred to as the ‘sum assured’, serves as a replacement for your income. This money can serve as a beacon of hope, enabling your loved ones to maintain their existing lifestyle and turn their dreams into reality in your absence. Your family will receive this financial assistance depending on the claim payout option you selected when you purchased the policy.
Term insurance with return of premium plan is a type of term insurance plan.
The return-of-premium policy offers a dual benefit. In the unfortunate event of your passing during the policy term, your family will receive a death benefit. On the other hand, if you outlive the policy term, you receive a maturity benefit. The maturity benefit essentially is a refund of the premiums you've paid throughout the policy duration. It's important to note that the return-of-premium option can only be added at the time of purchasing the policy and not at a later stage.
It's important to remember that the terms and conditions may vary depending on the specific insurance plan you choose.
Here are some of the reasons why buying a term plan is a wise decision -
ABSLI Anmol Suraksha Kawach [UIN: 109N139V01]
ABSLI Anmol Suraksha Kawach [UIN: 109N139V01] is a cost-effective and simple term insurance plan designed to cater to your short-term protection needs. Life's unpredictability underscores the need to prioritise the financial security of your family, particularly when you are the breadwinner of the family. This plan offers life insurance coverage and protection benefits to shield your loved ones from potential financial hardships in your absence. Some of the key features include – life cover of up to 5 years, flexible payment (single pay/regular pay), tax benefits, etc.
ABSLI Poorna Suraksha Kawach[UIN: 109N138V03]
ABSLI Poorna Suraksha Kawach [UIN: 109N138V02] is a comprehensive protection solution explicitly crafted to meet your financial needs and ensure your family's future in the face of life's uncertainties. It offers a range of plan options to suit your preferences. The key features of ABSLI Poorna Suraksha Kawach include multiple plan options, inbuilt terminal illness benefit, accelerated critical illness benefit covering 42 listed critical illnesses, an option to avail of a 'One-time exit value' for emergency situation, etc.
ABSLI DigiShield Plan [UIN:109N108V10]
ABSLI DigiShield Plan term insurance offers financial security at various life stages, whether you're a parent, newly married, a young individual, or managing a home loan. It includes versatile features, including limited pay (accelerated premium payments), sum assured reduction (decreasing cover), whole life coverage up to 100 years of age, and riders such as the Critical Illness Rider and Accidental Death Benefit Rider, etc.
Basic term plans are a simple, cost-effective way to ensure your family's financial security in the event of your untimely demise. They offer a straightforward, hassle-free approach, allowing you to customise coverage to meet your unique needs. On the other hand, return-of-premium plans do provide a refund of your premiums if you outlive the policy term, but they often come at a higher cost and offer less flexibility. The returned premium may not match the potential earnings from alternative investment opportunities. Ultimately, if your primary objective is to secure your family's financial future, basic term plans are a prudent choice.
ABSLI Anmol Suraksha Kawach[UIN: 109N139V01] is a Non-Linked Non-Participating Individual, Life, Pure Risk Premium Term Insurance Plan.
ABSLI Poorna Suraksha Kawach[UIN: 109N138V03] is a non-linked non-participating individual pure risk premium life insurance plan.
ABSLI DigiShield Plan [UIN:109N108V11] is a Non-Linked Non-Participating Individual, Life, Pure Risk Premium Term Insurance Plan.
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Buy ₹1 Crore Term Insurance at Just ₹576/month*
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹576/month*
Buy ₹1 Crore Term Insurance at just @ ₹576/month*
ABSLI Salaried Term Plan (UIN:109N141V04) 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.
*LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6400/- ( which is ₹ 576/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
ADV/7/24-25/958
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