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Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
Credit Life Insurance Scheme
Key Features:
Ensures asset doesn’t become a liability
Helps in brand building and enhancing customer loyalty
Safeguards you against non-repayment of loans
Shields the borrower’s family from the burden of loan repayment
Our Credit Life Insurance Scheme Products
ABSLI Group Asset Assure
Offers for all types of loan and wealth creation products Suitable for HFCs, NBFCs and Banks, it offers:
Availability of coverage during moratorium period
Flexibility to choose from multiple plan options
Option to choose between level and variable cover
ABSLI Group Bima Yojana ( Micro Insurance)
A credit protect product suitable for MFI loans Suitable for MFIs, it offers:
Discount on premium younger life in case of joint cover
Level death benefit
Option for choosing single or joint life cover
Benefits Of ABSLI Credit Life Insurance Scheme
Affordable and low-cost product
A cost-effective and value-added product that shields you against potentially bigger losses in the event of non-repayment of loans.
Hassle-free claim settlement
A hassle-free claim settlement ensures you get the desired funds as and when required, which prevents you from booking losses.
Helps build customer loyalty
By safeguarding the borrower’s family from paying off loan’s liabilities in case of eventualities, it helps foster customer loyalty.
High non-medical cover limits
Get the desired coverage hassle-free without having to undergo any medical tests.
Prevent losses
Safeguards interest of lending institutions including banks, NBFCs and HFCs, among others, and prevents them from incurring losses due to default in payment arising out of borrower’s death.
Tax benefits for customers
By offering tax benefits* as per prevailing tax laws, , it helps your customers lower their tax liability.
FAQs
Credit life insurance scheme primarily serves two purposes. It protects you, the lender, against non-repayment of loan in the event of the borrower’s death and also helps build customer loyalty.
Eligibility criteria differs across plans. Refer to plan brochures for more information.
Repayment of loan becomes a tall order for the family of the borrower in case of untoward incident. While hypothetically you can re-possess the asset in case of non-payment of outstanding loan EMI, the same doesn’t augur well for both parties.
However, with credit life insurance scheme, the family of the borrower doesn’t have to undergo the hassle of loan repayment as the outstanding loan amount is paid through the policy. Thus, while on one hand it protects your loan from turning into a non-performing asset (NPA), on the other hand it ensures that the family of the borrower doesn’t forgo the asset created with the loan.
Why Choose ABSLI Credit Life Insurance Scheme?
Avail our credit life insurance scheme because of our:
Coverage to a wide range of portfolios
High group claim settlement ratio standing at 99.57% for FY 22-23
Presence in 18 states and 85+ locations
5.5 million lives covered as of March 31, 2023
Explore Other Categories
- Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
ABSLI Group Asset Assure plan is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked, non-participating traditional group insurance plan. ABSLI reserves the right to recover levies such as GST levied by the authorities on insurance transactions. If there be any additional levies, they too will be recovered from you. For further details, please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details on risk factors terms and conditions, please read the sales brochure carefully before concluding the sale. UIN: 109N045V04
ABSLI Group Bima Yojana plan is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating group micro insurance term plan. All terms & conditions are guaranteed throughout the policy term. GST will be added (extra) to your premium and levied as per extant tax laws. For further details please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details on risk factors terms and conditions, please read the sales brochure carefully before concluding the sale. UIN: 109N123V04
ABSLI Group Smart Select plan is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non – participating Group Credit Life Insurance Plan. ABSLI reserves the right to recover levies such as the GST levied by the authorities on insurance transactions. If there be any additional levies, they too will be recovered from you. For further details, please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details on risk factors terms and conditions, please read the sales brochure carefully before concluding the sale. Please refer the Exclusions Section in the sales brochure for details on Exclusions and the Terms & Conditions. UIN: 109N125V02
ABSLI Group Smart Supreme is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non – participating Group Credit Life Insurance Plan. ABSLI reserves the right to recover levies such as the GST levied by the authorities on insurance transactions. If there be any additional levies, they too will be recovered from you. This brochure contains only the salient features of the plan. This product shall also be available for sale through Online channel. For further details, please refer to the policy contract. Tax benefits are subject to changes in the tax laws. (UIN:109N140V01)