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What is a Term Insurance Plan?

A Term insurance plan is designed to secure your family’s financial future against uncertainties and unforeseen circumstances.

What are the key features of a Term Insurance Plan?

Features common to ABSLI Digishield Plan & ABSLI UltimaTerm

  • Complete financial protection at an affordable cost
  • Inbuilt Terminal Illness Benefit
  • Flexible premium paying terms
  • Variety of rider options to enhance your insurance
  • Minimum & Maximum Entry Age – 18-65 years
  • Enhanced Life Stage Protection – This feature allows to increase the Sum Assured at different stages like after First Marriage or Birth of Life Insured’s First & Second Child. This could be availed without any additional medical examination.
  • Maximum Policy Term – 50 years (Maximum Maturity Age is 85 years)
  • Multiple options - lump sum or staggered payments - to receive Death Benefit to meet your needs

Key features of ABSLI Digishield Plan

Key features of ABSLI UltimaTerm

    Please click here to download ABSLI UltimaTerm product brochure
  • Minimum Sum Assured – INR 1,00,00,000. It will be Level Term product, hence the Sum Assured will remain constant in entire Policy Term.
  • High Sum Assured discount provided if Sum Assured is Rs. 2 Cr or above.
  • Employee Discount of 10% is applicable for ABG employees as well as to their immediate family members when purchased online (Spouse, Parents & Children).
  • No Joint Life application is allowed.

Eligibility Criterion

Basis certain parameters such as sum assured, annual income, occupation etc. you may be eligible for the ABSLI Digishield Plan or the ABSLI UltimaTerm. Both of these are Term Insurance Plans. You will automatically be redirected to the lowest premium product as per your specific inputs & eligibility.

Here’s the basic eligibility criterion for ABSLI DigiShield Plan

Entry Age 18 to 65 years of age
Maximum Maturity Age 85 years
Plan Option Level Term Assurance
Increasing Term Assurance
Policy Term 5 to 50 years
Premium Paying Term Level Term Assurance - Single Pay | Limited Pay – 5 | 7 |10 | 15 | 20 | 25 | 30 | To Age 60 |Regular Pay
Increasing Term Assurance – Single Pay | Limited Pay – 5 | 7 years | Regular Pay
Premium Mode Annual | Semi-annual | Quarterly | Monthly
Sum Assured Minimum Rs. 30,00,000
Maximum: No Limit (subject to underwriting guidelines)

Here’s the basic eligibility criterion for ABSLI UltimaTerm

Entry Age 18 to 65 years of age
Maximum Maturity Age 85 years
Policy Term Limited Pay – 10 to 50 years | Regular Pay – 5 to 50 years
Premium Paying Term Limited Pay – 5 | Regular Pay
Premium Mode Annual | Semi-annual | Quarterly | Monthly
Sum Assured Minimum Rs. 1,00,00,000
Maximum : No Limit (subject to underwriting guidelines)

What benefits do ABSLI’s Term Plans offer?

Death Benefit

In case of the unfortunate demise of the life insured during the policy term, Sum assured will be paid to the nominee. The policy shall be terminated once the Death Benefit is paid. If terminal illness benefit is paid, equivalent amount will be deducted from final death benefit.

*For more details regarding this benefit, refer to the brochure.

Enhanced Life stage Protection

The protection needs of the life insured increase at key milestones in their life like marriage and child birth. With this policy, the life insured can opt for increased life cover at the occurrence of such events.

This option is not available if Joint Life Protection is opted for – (applicable for ABSLI Digishield Plan).

Future premiums will increase based on the chosen increase in your sum assured and will be applicable from the following policy anniversary

Joint Life Protection (only applicable to ABSLI Digishield Plan)

Under this option, you can cover your spouse under the same policy

The sum assured applicable for the life insured’s spouse shall be equal to 50% of the applicable sum assured.

This option is only available where the sum assured of the primary life insured is greater than or equal to INR 60, 00,000.

One can opt for this during the time of purchase of the policy and cannot be changed subsequently.

No rider can be opted for under this option.

Customisable Benefits

With this option, the life insured can enhance their insurance coverage by adding riders for a nominal cost

What are riders?

A rider is an add-on to the original life insurance policy, which offers benefits over and above the plan subject to certain conditions

Why should one opt for riders?

Riders are a way of maximizing the benefits on a current policy. Riders are also a way of customizing a life insurance plan as per the specific needs of the life insured.

What are the different types of riders available for this plan?

ABSLI Accidental Death and Disability Rider(109B018V03):

This rider provides additional financial security in case of accidental death or disability.

ABSLI Accidental Death and Disability rider covers the following events:

Accidental Death

In the unfortunate event of the death of the life insured within 180 days of the occurrence of an accident, the nominee gets the rider sum assured.

Accidental Disability

In the event of disability due to accident which is established 180 days following the date of the event, the life insured will get paid a percentage of rider sum assured, based on the description of bodily injury.

ABSLI Critical Illness Rider(109B019V03):

This rider provides an additional cover to protect you from costs of medication of 4 major illnesses

This rider covers 4 major illnesses:

  • First Heart Attack of specified severity
  • Cancer of Specified Severity
  • Stroke Resulting In Permanent Symptoms
  • Major Organ / Bone Marrow Transplant

In the unfortunate event that the life insured is diagnosed to be suffering from any one of the above 4 critical illnesses, he/ she would get paid 100% of the rider sum assured as a lumpsum on survival of 30 days following the date of confirmed diagnosis

ABSLI Surgical Care Rider(109B015V03):

This rider provides an additional cover to protect you from the high costs of surgeries

If the life insured is hospitalized for undergoing a medically necessary surgery in India for a minimum period of 24 hours and actually undergoes that surgery, a lump sum benefit will be paid. You can choose your benefit amount from Rs 3000 to Rs 30,000. The rider sum assured with be 50 times this benefit amount.

Policy Limits:

You can claim up to 10 times the chosen benefit amount in one policy year and upto 50 times the chosen benefit amount in the entire policy term.

ABSLI Hospital Care Rider(109B016V03):

This rider provides a daily cash benefit in case of hospitalisation for medically necessary treatment of any illness or injury for a minimum period of 24 hours.

Benefits of the Hospital Care Rider are:

  • Hospital Cash Benefit
  • ICU Benefit
  • Recuperating Benefit

Policy Limits:

The life insured can claim 100 times the chosen daily cash benefit amount in one policy year and 250 times the chosen daily cash benefit amount in the entire policy term.

ABSLI Accidental Death Benefit Rider Plus(109B023V01):

This rider offers additional financial security at a nominal cost to the life insured’s family in the event of their untimely accidental death.

You can only opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus. Please refer to detailed brochures on riders, consult your financial advisor or visit our website for further details.

Sample Illustration:

ABSLI Digishield Plan

Entry Age 35 years Annual Premium (in Rs.) 8,331
Gender Male Premium Paying Term Regular Pay
Policy Term 10 years Pay Frequency Annual
Sum Assured INR 1,00,00,000 Plan Option Level
Policy Year Premium Paid (in INR) Death Benefit (in INR)
1 8,331 1,00,00,000
2 8,331 1,00,00,000
3 8,331 1,00,00,000
4 8,331 1,00,00,000
5 8,331 1,00,00,000
6 8,331 1,00,00,000
7 8,331 1,00,00,000
8 8,331 1,00,00,000
9 8,331 1,00,00,000
10 8,331 1,00,00,000

ABSLI UltimaTerm

Entry Age 35 years Annual Premium (in Rs.) 7,913
Gender Male Premium Paying Term Regular Pay
Policy Term 10 years Pay Frequency Annual
Sum Assured INR 1,00,00,000 Plan Option Level
Policy Year Premium Paid (in INR) Death Benefit (in INR)
1 7,913 1,00,00,000
2 7,913 1,00,00,000
3 7,913 1,00,00,000
4 7,913 1,00,00,000
5 7,913 1,00,00,000
6 7,913 1,00,00,000
7 7,913 1,00,00,000
8 7,913 1,00,00,000
9 7,913 1,00,00,000
10 7,913 1,00,00,000

The above values are illustrative and for a healthy male. Premiums are inclusive of GST.

How does one apply for ABSLI’s Term Insurance Plan?

It only takes 3 simple steps to get the plan:

Step 1: Enter your basic details such as name, gender, DoB etc.
Step 2: Choose your Policy Term, Premium Paying Term, Sum Assured etc. to get your premium details.
Step 3: Fill basic personal details and make payment to get an application number.

ABSLI’s Term Insurance Plans gives your family the financial independence and security that you desire.

Disclaimer

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating term insurance 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. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. For more details on risk factors, terms & conditions, please read the brochure carefully before concluding the sale. For detailed terms & conditions please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details and clarification, call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true.

 

Trade Logo "Aditya Birla Capital" displayed above is owned by ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) and used by ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the license.

 

Aditya Birla Sun Life Insurance Company Limited, Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company

Registered Office:
One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013.
CIN:U99999MH2000PLC128110
IRDAI Registration No. 109
ADV/12/18-19/3916
Unique No. 109N121V01 (ABSLI UltimaTerm) / 109N108V03 (ABSLI Digishield Plan)
 

Premium for 18 year old healthy male non-smoker, PPT 10yrs, Policy term 10 yrs Monthly mode, Excl. GST with Cover of Rs. 1 Cr at Rs. 15.6 per day and Cover of Rs. 50 lacs - 9.3 per day. Premium may change as per underwriting extras.

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.