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Buy ₹1 Crore Term Insurance at Just ₹542/month1
Large life cover
4% discount on annual premiums^
Covers COVID-193 death claims
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Term Insurance

What is Term Insurance?

Term insurance is simply a pure risk protection life insurance plan that helps dependent family members to stay financially secure and stable, in case of breadiwnner’s untimely death.
Simply put, term insurance is a type of life insurance policy that provides financial protection to your family for a specified "term" or period. In case of an untimely death of the breadwinner during the specified policy term, breadwinner’s family receives a sum assured, which can help them to manage financial needs in breadwinner’s absence.
Consider a term plan as your promise to your family to ensure their dreams and goals continue to thrive, even in your absence.

Features of a Term Insurance Plan

Term insurance comes packed with features designed for simplicity, flexibility, and peace of mind. Here’s what makes it stand out:

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Simplicity
It's straightforward, pay a premium, and in return, you get a life cover of a significant amount, which helps your dependents in your absence.
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Flexibility
Choose the term length, coverage amount, and even how your family receives the sum assured. Whether it's a lump sum or regular payouts, it's all about what works best for you.
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Affordability
One of the most affordable ways to secure a huge amount of sum assured for your loved ones. As a term life plan is only a pure risk protection cover without any investment component, it ensures that the premium paid is not a huge financial burden on your pocket.
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Riders/Add-ons
Customize your policy with additional benefits for more comprehensive coverage, like critical illness cover or accidental death benefit, tailoring the policy to your unique needs.

Benefits of Buying Term Insurance

Investing in a term insurance policy is not just about securing a safety net; it’s about ensuring peace of mind for you and your family. Here are some compelling reasons why term plan is a smart choice:

  • High Sum Assured: It provides your dependents with high sum assured ensuring family’s financial stability and support when they need it the most, helping them cover daily expenses, any debts, and future costs like childresn’s education, in your absence.
  • Peace of Mind: Knowing your loved ones are financially protected helps you live life without worries, focusing on the present while securing their future.
  • Tax Benefits²: Enjoy tax benefits² on the premiums you pay and the benefits your family receives, making term life insurance a smart financial choice to secure your family.
  • Financial Protection: Provide financial protection to your family with term plan’s high sum assured.

At ABSLI, we understand the importance of protecting your family's future. That's why we're here to offer term insurance solutions that are not only easy to comprehend but also flexible enough to adapt to your evolving needs. Our commitment is to ensure you find the right coverage with ease, providing the security and peace of mind you deserve. Let's make sure your loved ones are protected, no matter what life throws your way.

How Does a Term Plan Work?

To understand how a term plan works, let's take a real-life inspired story of Arun, a 32-year-old IT professional from Bengaluru. Arun, recently married and planning for a family, recognized the importance of securing their financial future early on. He wanted to ensure that in the event of any unforeseen circumstances, his family would not have to compromise on their lifestyle or future goals, such as his future child's education or paying debts of a home.

Arun opts for a term insurance plan with a policy term of 30 years with a sum assured that seemed adequate to cover his family's future expenses, including his home loan and his child's education. The premium was quite affordable, fitting comfortably into his monthly budget without disturbing his current lifestyle or savings plans.

How term plan works

  • Financial Security for Family: In the unfortunate event of Arun's untimely passing during the policy term, his family would receive the sum assured, providing them with financial stability and the means to continue pursuing their dreams without financial burden.
  • Peace of Mind: Knowing that his family would be financially secure in his absence allowed Arun to focus on his career and family life without the constant worry of "what if."
  • Tax Savings: The premiums paid towards the term insurance offered Arun tax benefits², thus reducing his taxable income and providing additional savings each year. The sum assured as a death benefit that the beneficiary would receive, would also be tax exempted**

Arun's story is a testament to the power of proactive planning with term insurance, ensuring that life's uncertainties do not derail the dreams and financial goals of our loved ones.

Term Insurance Plan: Inclusions and Exclusions

Below table mentions the list of things typically included and excluded in a term insurance plan

Inclusions Exclusions
Death Benefit: In case of the policyholder's death during the term, the nominee receives the sum assured. Suicide: Claims if the death is due to suicide within the first year of policy commencement.
Accidental Death Benefit (Optional Rider): An additional sum assured in case of death due to an accident. Death Due to Intoxication or Substance Abuse: Deaths arising from the policyholder's involvement in substance abuse or intoxication are typically excluded.
Critical Illness Benefit (Optional Rider): A lump sum amount is paid upon the diagnosis of specified critical illnesses. Criminal Activities: Deaths occurring while engaging in illegal activities or due to involvement in criminal acts are excluded.
Terminal Illness Benefit: Early payout if the policyholder is diagnosed with a terminal illness, helping to cover medical expenses and other needs. Dangerous Activities: Deaths resulting from participation in high-risk activities like skydiving, racing, etc., without proper disclosure and acceptance in the policy.
Tax Benefits2: Premiums paid and benefits received are eligible for tax benefits2 under existing tax laws. Payouts of term insurance paid to the beneficiary are tax exempted** Pre-existing Conditions: Conditions not disclosed at the time of purchasing the policy may lead to the exclusion of claims related to those conditions.

Our Term Insurance Plans
ABSLI Salaried Term Plan
Term plan designed for salaried individual.
4 Plan Options
Life Cover upto 70 years
Option to Choose Death Benefit Payout – lumpsum or monthly
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹800⁹/month
ABSLI DigiShield Plan
Life cover up to 100 years of age.
Covers Covid-193 life claims
Covers Terminal illness
4% online discount.
Survival benefit after age 60 years.
Life Cover:
₹1 Cr.
Premium:
₹542/month¹
ABSLI Life Shield Plan
Term plan to protect your loved ones financially.
Cover your spouse
Covers Covid-193 death claims.
Return of premium option
Terminal Illness Benefit
Life Cover
₹1 Cr.
Premium:
₹575⁴/month
ABSLI Saral Jeevan Bima Yojna
Simple term insurance plan for securing family’s future.
Lump-Sum benefit
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Affordable Premium
Accidental Death Benefit Rider
Flexible Premium Payments
Life Cover
₹25 lakh
Premium:
₹2939/month⁶
ABSLI Anmol Suraksha Kawach
Simple term insurance plan for securing family’s future.
Life Cover up to 5 years.
Budget friendly
Flexible payment (Single pay/Regular pay)
Tax Benefits2
Life Cover
₹1 Cr.
Premium:
₹624/month⁷
ABSLI Poorna Suraksha Kawach
Simple term insurance plan for securing family’s future.
Multiple plan options
Inbuilt Terminal Illness Benefit
Accelerated Critical Illness Benefit against 42 listed Critical Illnesses.
Option to avail a ‘One time exit value’ for emergencies
Life Cover
₹1 Cr.
Premium:
₹1900/month⁸
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Term Insurance Riders

Riders are additional benefits that can be attached to your term insurance plan, offering enhanced protection tailored to your specific needs. Here are some popular types of riders offered by ABSLI:

  • Accidental Death Benefit Rider: Provides an additional sum assured in case of death due to an accident, offering extra security to your family.
  • Critical Illness Rider: Offers a lump sum amount if diagnosed with one of the specified critical illnesses, aiding in managing high medical costs.
  • Waiver of Premium Rider: Ensures the waiver of all future premiums in case of critical illness or disability, keeping the policy active without further financial burden.
  • Income Benefit Rider: Provides a regular income to the family in addition to the sum assured for a specified period, ensuring financial stability.

Types of Term Insurance Plans

Term insurance plans come in various shapes and sizes to fit the unique needs and goals of each individual. At ABSLI, we offer a range of term insurance plans, each designed with your security and flexibility in mind. Let's explore the types

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Level Term Insurance
The most straightforward type, where the sum assured remains constant throughout the policy term. It's perfect for those seeking simple and stable protection without any fluctuations in coverage.
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Increasing Term Insurance
Ideal for those anticipating growth in financial responsibilities over time. The sum assured increases at a predetermined rate during the policy term, helping to counter inflation and increasing living costs, ensuring your coverage keeps up with your changing needs.
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Decreasing Term Insurance
Tailored for individuals with decreasing financial liabilities over time, like a home loan or mortgage. The sum assured decreases at a predetermined rate, aligning with the decreasing loan balance, making it a cost-effective option for loan protection.
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Return of Premium (TROP) Plan
If you're looking for a safety net that comes back to you, TROP is the answer. If you outlive the policy term, all the premiums paid (excluding taxes and rider premiums, if any) are returned, combining protection with savings.

How to Choose the Best Term Insurance Plan?

Selecting the best term insurance plan requires a thoughtful approach, considering your unique financial situation and future goals.
Here's how to make an informed choice when opting for a term plan:

  • Assess Your Coverage Needs: Consider your financial obligations, future goals, and the lifestyle you wish to secure for your family. This helps determine the sum assured needed.
  • Consider Policy Term: Align the policy term with your retirement age or until your financial liabilities are expected to diminish, ensuring you're covered when it's most needed.
  • Check for Flexibility: Opt for a term plan that offer flexibility in terms of premium payment options, coverage adjustments, and add-on riders.
  • Consult with Experts: When in doubt, speak with your financial advisors or insurance experts to get personalized advice tailored to your needs.

At ABSLI, we're dedicated to guiding you through this journey, offering plans that are designed with your peace of mind at the forefront. Our goal is to help you choose a term insurance plan that not only meets your current needs but also adapts to your evolving life stages, ensuring your loved ones are protected, no matter what the future holds.

Choosing Higher Sum Assured for Your Family’s Protection

When it comes to safeguarding your family's future, opting for a higher sum assured in your term insurance plan can make a significant difference. A higher sum assured ensures that your loved ones have enough financial support to maintain their lifestyle, pay off any debts, and fulfil future goals without compromise, even in your absence.
Here's why and how you should consider choosing a higher sum assured when opting for a term plan

  • Adequate Coverage: Factor in inflation and the rising cost of living to ensure the sum assured today will be sufficient for your family's future needs. A higher sum assured helps to cushion against these economic changes.
  • Debt Repayment: If you have loans or mortgages, a higher sum assured can ensure that your family can repay these debts without financial strain.
  • Education and Lifestyle: It can cover your children's education expenses and support your family's lifestyle, ensuring they can continue to live comfortably.
  • Long-Term Security: Offers peace of mind knowing that your family is financially secure for the long term, covering various life stages and needs.

To determine the right sum assured, consider using online calculators provided by insurers like ABSLI, or consult with financial advisors for a tailored assessment based on your income, liabilities, and family's future aspirations.

Documents Needed to Buy Term Insurance

Purchasing term insurance is a straightforward process, but having the right documents ready can make it even smoother. Here’s a list of the common documents you may need

  • Identity Proof: A government-issued photo ID such as an Aadhaar card, PAN card, passport, or driving license to verify your identity.
  • Address Proof: Documents like recent utility bills, Aadhaar card, or passport that confirm your current residence.
  • Income Proof: To assess the premium and sum assured you're eligible for, you'll need to provide recent salary slips, income tax returns, or Form 16.
  • Age Proof: Birth certificate, PAN card, passport, or any other document that certifies your date of birth.
  • Medical Reports: Depending on your age, sum assured, and health declarations, you might be asked to undergo medical tests. Relevant medical reports may be required if you have pre-existing conditions.
  • Bank Proof: Bank statements or a cancelled cheque for setting up the premium payment process and to validate your bank account details.
  • Photographs: Passport-size photographs for your application form.

At ABSLI, we strive to make your experience as seamless as possible. Our team is here to guide you through each step, ensuring you understand the process and requirements. We're committed to providing you with a term insurance plan that matches your needs, offering comprehensive protection for your family's future. Remember, the right preparation and documents can expedite the process, bringing you one step closer to securing your family's financial well-being.

How to File a Claim for Term Insurance?

Filing a claim for term insurance is a process designed to be as smooth and hassle-free as possible, especially during the challenging times of dealing with a loved one's passing. Here's a step-by-step guide to help you through the process

Step 1: Intimation of Claim

The first step is to inform the insurance company about the policyholder's demise. This can usually be done by contacting the insurer's customer service via phone, email, or visiting their nearest office. Provide the policy number, date, cause, and place of death.

Step 2: Submission of Required Documents

The nominee or claimant will need to submit several documents, including
  • A duly filled claim form or death claim intimation form.
  • Original or certified copy of the death certificate.
  • Policy document.
  • ID proof of the nominee.
  • Any other documents requested, such as medical records, hospital certificates if death was due to illness, or a police FIR and post-mortem report in case of accidental death.

Step 3: Claim Processing

Upon receiving the claim intimation and necessary documents, we will verify the details and assess the claim. They may ask for additional information or documents if required.

Step 4: Claim Decision

Once the verification is complete, we will make a decision on the claim. If the claim meets the policy terms and conditions, it will be approved. All insurance companies are required by law to settle or reject a claim within 30 days of receiving all necessary documents. If the claim requires further investigation, the insurer must complete the process within 90 days from the date of claim intimation.

Step 5: Disbursement of Claim Amount

Upon claim approval, we will disburse the death benefit to the nominee. The payment method (such as cheque or direct bank transfer) and the timeline will be communicated by the insurer.
Important Tips:
  • Ensure that the nominee is aware of the policy details and knows where the policy documents are kept.
  • Keep all relevant documents organized and accessible to avoid delays in the claim process.
  • If facing difficulties or delays in the claim process, reach out to the insurer's grievance redressal officers or consider seeking legal advice.

Get assistance with term insurance queries

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FAQs

Anyone who has financial dependents should consider buying a term insurance plan. This includes parents, spouses, individuals with loans or debts, and anyone who wants to ensure their family's financial stability in their absence. It's particularly important for the primary earners in a family to have term insurance as it safeguards their loved ones against financial hardships.
Yes, buying term insurance is a wise decision for most people. It offers high coverage at affordable premiums, ensuring financial security for your family at a minimal cost. Moreover, it provides peace of mind knowing your loved ones will be financially taken care of in case something happens to you.
The best time to buy a term insurance plan is as early as possible. Premiums are lower when you are young and healthy. Starting early also ensures longer coverage and can provide financial security for your family when they need it the most. It's advisable to buy term insurance when you start earning or have financial dependents.
Your term insurance premium is calculated based on several factors including your age, health condition, lifestyle (such as smoking status), the sum assured you opt for, the policy term, and any additional riders you choose. Younger, healthier individuals typically pay lower premiums. High-risk factors, like smoking or pre-existing health conditions, may increase the premium.
Many term insurance plans offer the flexibility to increase the coverage amount during certain life stages, such as marriage or the birth of a child, without the need for medical examination. However, this feature varies by insurer and plan, so it's important to check the specific terms of your policy.
If you outlive your term insurance policy, the coverage ends, and you do not receive any payout since term insurance does not typically have a savings or investment component. However, some plans offer a Return of Premium (TROP) option where the premiums paid are returned to you if you outlive the policy term.
Yes, the premiums paid towards term insurance are eligible for tax deductions under Section 80C of the Income Tax Act, up to a limit of ₹1.5 lakhs. Additionally, the death benefit received by the nominee is tax-free under Section 10(10D)**, subject to certain conditions.
Yes, you can buy multiple term insurance policies based on your coverage needs. People often buy additional policies to increase coverage due to changes in income, financial liabilities, or family size. Each policy's premium will be based on your age, health, and coverage amount at the time of purchase.
Common exclusions include death due to suicide within the first year of the policy, death caused by involvement in illegal activities, substance abuse, and certain pre-existing health conditions not disclosed at the time of policy purchase. Policies may also exclude deaths due to certain risky activities unless specifically covered.
The nominee should inform the insurance company as soon as possible after the policyholder's death. They will need to submit a claim form, along with the policy document, death certificate, and any other documents the insurer requires, such as a post-mortem report if applicable. The insurer will review the claim and, if approved, disburse the death benefit to the nominee.
The time taken to process a term insurance claim can vary by insurer, but as per regulatory guidelines, insurers are typically required to settle or reject a claim within 30 days of receiving all necessary documents. In cases where an investigation is needed, this period may be extended but usually does not exceed 90 days from the date of claim intimation.
For a term insurance claim, the nominee needs to submit several key documents, including:
1. Duly filled claim form or intimation form provided by the insurer.
2. Original policy document.
3. Death certificate of the policyholder.
4. Identity proof of the nominee.

Any other documents requested by the insurer, such as medical reports if the death was due to illness, or a police FIR and post-mortem report in case of accidental or unnatural death.
Yes, a claim can be rejected if the policyholder failed to disclose significant medical conditions or lifestyle habits (like smoking) at the time of policy purchase. Insurers consider this non-disclosure or misrepresentation of facts, which can affect the policy's validity. It's crucial to provide accurate and complete information during the application process to avoid issues during claim settlement.
If the nominee is unaware of the term insurance policy, they might not claim the death benefit. It's important for policyholders to inform their nominees about the policy, its details, and where the documents are stored. However, if the insurer finds out about the death of a policyholder, they are obligated to reach out to the nominee if possible, but this depends on the insurer having up-to-date contact information.
While there's no statutory time limit for filing a death claim, it's advisable to do so as soon as possible after the policyholder's death. Delay in filing a claim could complicate the process, requiring additional documents or investigations. Early intimation helps in smoother and faster claim processing. Insurers usually provide a grace period for late filing, but the terms and conditions vary, so it's best to check with the specific insurer.
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  • Disclaimer

    ^ when compared to monthly mode of premium payment
    **Sec 10(10D) benefit is available subject to fulfilment of conditions specified therein
    ¹ ABSLI 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 Rs. 6500/12 months = 542/month) Exclusive of GST (offline premium).
    ² Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
    ³ Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework.
    ⁴ ABSLI 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: Rs. 6904/12 months = ₹575/month (excl GST).
    ⁵ As per annual audited figures submitted to IRDAI for the period FY 22-23
    ⁶ ABSLI Saral Jeevan Bima Yojana scenario: Male, Entry age: 30. Policy term: 40 years. sum assured: ₹25,00,000. Regular premium payment, Pay Frequency: Monthly Premium: ₹2938.75/month
    ⁷ ABSLI Anmol Suraksha Kawach scenario - Age 35, Male, Non Smoker, PPT: Regular Pay, SA: 1 Cr., PT: 5 Years, Annual Premium: Rs. 7,200 p.a., Rs. 624 p.m. Premiums exclusive of GST.
    ⁸ ABSLI Poorna Suraksha Kawach scenario - Age 35, Male, Non Smoker, Option 1: Level Cover, PPT: Regular Pay, SA: 1 Cr., PT: Up to Age 85 (50 years), Annual Premium: Rs. 22,800 p.a., Rs. 1900 p.m. Premiums exclusive of GST.
    ⁹ LI Age 25, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: 1 Cr., PT: Up to Age 70 (45 years), Premium paying term: 45 years, Annual Premium: ₹ 9600/- ( which is ₹ 800/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
    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: 109N108V11) 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. 
    ABSLI Anmol Suraksha Kawach ( UIN: 109N139V01 ) is a Non-Linked Non-Participating Individual, Life, Pure Risk Premium 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.
    ABSLI Poorna Suraksha Kawach (UIN: 109N138V02) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Return of Premium Option [ROP]) and Plan Option 3 (Early Return of Premium [EROP]) this product shall be a non-linked non-participating individual savings life 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 Salaried Term Plan (UIN:109N141V01) 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.
    For further details regarding the above-mentioned rider, please refer to the respective rider brochure(s) available on our website
    ADV/3/23-24/3793