Term insurance is the affordable life insurance policy that offers financial cover for a fixed term. The policy ensures financial protection for the family after the life insured passes away. The insurance plan takes responsibility for helping dependents maintain lifestyles and fulfill their dreams.
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₹1 Crore term insurance at just ₹542/month1
What is term insurance?
Importance of term insurance
Term insurance policy helps families to protect them after the demise of the life insured. In case of the death of the sole breadwinner, a sudden financial crunch makes the family members feel helpless. They often have to compromise their living standards and give up their dreams. So protecting the family with term insurance is very important. Everybody needs a term plan because it helps in:
Features of term insurance
The concept of term insurance is to help the financially dependent members of life insured stay strong and financially stable against life’s uncertainties. This enables the loved ones to fulfill their financial needs and achieve their goals, even in the absence of life insured. A few features are:
Who should buy term insurance?
In a world of uncertainties, term insurance is for everyone. This is cost-effective and offers large life cover. However, individuals are often unsure of availing of a term plan. So below are the individuals, term insurance is essential for:
Factors Affecting Term Insurance Premium
Generally, term insurance premium depends on the policyholder’s life risk, among other factors. Higher is the life risk, higher is the premium. Below are the factors that determine the amount of term insurance premium:
Term insurance riders
Riders are additional covers that can be purchased along with a term insurance policy. Riders broaden the scope of coverage under a basic term insurance at a nominal premium amount. There are multiple options one can choose as per the requirement.
Frequently Asked Questions
Find out more about term insurance plans and explore how it will benefit you.
Traditional life insurance cover also known as whole life insurance provides multiple benefits. The insurance policy provides fixed income returns, safety and tax benefits. Traditional life insurance policies are risk-free as they give fixed returns. You can buy the policies when you are saving for a fixed purpose in life like a child's higher education, house, marriage, etc.
- The features that are offered by the term insurance plan.
- The amount of premium to be paid.
- Check whether the plan allows one to choose a flexible payment term.
- Verify the rider/additional covers available with the term insurance plan.
- Find out the claim settlement ratio of the insurance company.
- Check the insurer’s solvency ratio.
Generally, once you choose a term period and life cover amount and other details, the premium stays fixed throughout the term policy period.
Young individuals are healthy and have a lower life risk as compared to when they grow old. Hence the life insurance companies offer life cover to younger people at a low premium rate due to the low life risk involved. And this premium stays fixed while they grow old. So opting for term insurance at a younger age comes with the benefit of enjoying a low premium rate till the end of the policy term.
Check out when is the best age to buy a term insurance plan?
- Go to the website Aditya Birla Sun Life Insurance https://lifeinsurance.adityabirlacapital.com/term-insurance
- Select the plan that meets your requirements.
- Fill up personal details such as name, gender, date of birth, policy term, smoking habit, city of residence, sum assured, mobile number, email id, etc.
- The insurer would generate a quote based on the details, which will let you know about the monthly/annual premium to be paid to get the term covered.
- If you are satisfied with the quote, you would need to provide additional details such as the nominee's name, health and employment details, among others.
- Make a payment online through any of the digital payment modes.
- Upload scanned copies of KYC documents and others as required.
- The soft copy of the insurance policy will be mailed to your registered email id.
- It is paperless. You can buy it any time from anywhere
- It is cost-effective. Because when you buy a term insurance online it helps you save various related expenses like the distribution cost, intermediate agent commission, etc.
- It helps you save time as you do not have to visit the insurance office in person.
For example, if the cover provided by your employer is ₹10 Lakh, that may not be enough to keep your family secure for even a year. This is why you may need to buy 75-80% of your life insurance coverage personally through a term plan and ensure you & your family are covered under all conditions.
- Step 1: After the unfortunate death of the policyholder, the nominee must intimate the insurance company immediately by filing a claim and providing policy details.
- Step 2: Submitting the details of the death event is the next step.
- Step 3: In the last step the nominee has to fill and upload relevant documents such as death certificate, etc.
1ABSLI DigiShield Plan scenario: Female, non smoker, Age: 21 years, level Term Insurance, Premium paying Term: regular pay, policy term: 25 years, Pay frequency: Annual Premium of ₹6500/12 months = ₹542/month)(offline premium).
2Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework.
3Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
4ABSLI Life Shield Plan Scenario for female Age: 21 years, level Term Insurance, Premium paying Term: regular pay, policy term: 25 years, Pay Frequency: Annual, Annual Premium: ₹6904/12 months = ₹575/month (excl GST).
5As per annual audited figures submitted to IRDAI for the period FY 20-21
6As per annual audited figures submitted to IRDAI for the period FY 20-21
8ABSLI Saral Jeevan Bima Yojana scenario: Male, Entry age: 30. Policy term: 40 years. sum assured: ₹25,00,000. Regular premium payment, Premium: ₹2938.75/month
ABSLI Life Shield Plan (UIN: 109N109V06) is a non-linked non-participating individual life term insurance plan. All terms and 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. The insurance cover for the life insured will commence on the policy issue date.
ABSLI DigiShield Plan (UIN: 109N108V08) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 9 (Level Cover with Survival Benefit) and Plan Option 10 (Return of Premium [ROP]) this product shall be a non-linked non-participating individual life savings 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.
ABSLI Saral Jeevan Bima is a Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan (UIN: 109N128V01). GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws.