ABSLI Life Shield Plan

Protecting your loved ones’ future is now easy with customisable options

Aditya Birla Sun Life Insurance Life Shield Plan offers you the flexibility to make a choice from amongst 8 different plan options as per your family's needs so they need not compromise on their lifestyle, even in your absence.

Key Features

  • 8 Plan options to suit your different protection needs
  • Option to cover your spouse under the same policy
  • Return of Premium option
  • Inbuilt terminal illness benefit

Plan Options

ABSLI Life Shield Plan offers you the flexibility to choose from 8 different plan options as per your requirements and preferences. Below are the available plan options:

  • Option 1 - Level Term Assurance

    Sum Assured chosen by you will remain constant for the entire policy term.

  • Option 2 - Level Term Assurance with Waiver of Premium (WOP) Benefits

    In addition to benefit applicable for Option 1, in case you are diagnosed with Critical Illness^ or Total and Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

  • Option 3 - Increasing Term Assurance

    You can choose to enhance your sum assured at inception by 5% / 10% p.a. (simple) as per your needs. Every year, your sum assured will increase by 5% / 10% p.a. (simple) of the original sum assured without any increase in your premium amount.

  • Option 4 - Increasing Term Assurance with Waiver of Premium (WOP) Benefits

    In addition to benefits applicable for Option 3, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

  • Option 5 - Decreasing Term Assurance

    An option designed to take care of your protection need owing to any loan or mortgage taken by you. The death benefit shall be payable as per the Decreasing Sum Assured Schedule shown below:

    Decreasing Sum Assured Schedule (% of Sum Assured at Inception)
    Policy Year Policy Term upto 20 years Policy Term above 20 years
    1 to 5 100% 100%
    6 to 10 90% 95%
    11 to 15 75% 90%
    16 to 20 50% 85%
    21 to 25 N.A. 70%
    25 to 55* N.A. 50%
  • Option 6 - Decreasing Term Assurance with Waiver of Premium (WOP) Benefits

    In addition to benefits applicable for Option 5, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term

  • Option 7 - Return of Premium

    Sum Assured chosen by you will remain constant for the entire policy term. If the life insured survives till maturity date, we shall return all the premiums paid # .

  • Option 8 - Return of Premium with Waiver of Premium (WOP) Benefit

    In addition to benefits applicable for Option 7, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

    The premium will vary depending on the plan option chosen by you. Plan option once selected cannot be changed during the policy term.

    #excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any
    ^For more details, please refer to the product brochure.

    Note: In case of rider benefits, if opted for, shall be payable as per rider sum assured chosen at inception.

  • Death benefit

    In case of your unfortunate demise during the policy term death benefit will be paid to your nominee.

    The policy will stand terminated once the death benefit is paid.

  • Terminal illness benefit

    The policy comes with an inbuilt terminal illness benefit In case you’re diagnosed with a Terminal illness during the policy term 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2.5 Crore will be paid immediately and the remaining future premiums on your policy will be waived off.

  • Waiver of premium

    In case life insured suffers with total and permanent disability or critical illness during the policy term, all future premiums will be waived off. The death benefit under the policy will remain unaffected.

  • Return of Premium

    If you choose Plan Option 7 or 8, the sum total of all premiums paid by you shall be returned to you on policy maturity date in case you survive the policy term.

  • Joint life protection

    Under this option, two lives, i.e., you (primary life insured) and your spouse (secondary life insured) are covered under the same policy.

    The Sum Assured applicable for your spouse shall be equal to 50% of your applicable Sum Assured.

    You can opt for Joint Life Protection for only if Plan Option 1, 2, 3 or 4 is chosen. No rider can be opted under this option.

  • Enhanced life stage protection

    Your protection needs varies at different lifestages owing to occurrence of joyous events like marriage and birth of children

    You can choose to increase the coverage on occurrence of each of the events without undergoing any fresh medical examination.

  • Customisable benefits

    For added protection, ABSLI Life Shield Plan can be enhanced by following riders for a nominal extra cost:

    • ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
    • ABSLI Critical Illness Rider (UIN : 109B019VO3)
    • ABSLI Surgical Care Rider (UIN: 109B015V03)
    • ABSLI Hospital Care Rider (UIN: 109B016V03)
    • ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V02)

    You can opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus and not both.

    There are exclusions attached to the rider, for more details on exclusions, please refer to rider brochures.

  • Entry Age (age last birthday)

    For Plan Option: 1|3|5|7: 18 to 65 years
    For Plan Option: 2|4|6|8: 18 to 50 years

  • Maximum Maturity Age

    85 years

  • Policy Term
    Plan Options 1 to 6
    Premium Payment Options Min Policy Term (in years) Max Policy Term (in years)
    Regular Pay | Single Pay 10 55
    Limited Pay 6 & 8 Years 10 55
    Limited Pay 10 Years 15 55

     

    Plan Options 7 & 8
    Premium Payment Options Min Policy Term (in years) Max Policy Term (in years)
    Regular Pay | Limited Pay - 6, 8, 10 Years | Single Pay 20 55
  • Premium Paying Term

    Single Pay | Limited Pay – 6, 8, 10 Years | Regular Pay

  • Premium Mode

    Annual | Semi-annual | Quarterly | Monthly

  • Sum Assured

    Minimum – Rs. 25,00,000
    Maximum – No Limit (subject to underwriting guidelines)

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Riders

  • ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V02)

    Get additional protection in case of death due to accident at a nominal cost.

  • ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)

    Get additional protection for accident leading to death or disability at a nominal cost.

  • ABSLI Critical Illness Rider (UIN : 109B019VO3)

    Get benefit amount as a lumpsum upon diagnosis of any of the 4 specified critical illnesses.

  • ABSLI Hospital Care Rider (UIN: 109B016V03)

    Get daily cash benefit, additional ICU benefit and lumpsum recuperating benefit upon hospitalization

  • ABSLI Surgical Care Rider (UIN: 109B015V03)

    Get lump sum benefit amount to cover surgical expenses

  • ABSLI Waiver of Premium Rider (UIN:109B017V03)

    All future premiums are waived in case of death, disability, or diagnosis of critical illness.

FAQs

  • What is the maturity benefit in a term plan?

    Several term plans come with an option of ‘return of premium’ in case the policyholder survives the policy period. This amount that the policyholder receives upon the termination of policy is known as maturity benefit.

  • How long does it take to get the claim settled?

    Post the receipt of all claim requirements/ documents, your claim will be generally settled within 2 to 3* business days. To raise a claim, you can either fill an online claim form, or visit your nearest ABSLI Branch, or call on our toll-free number 1800 270 7000.

    *all requisite documents are submitted & claim does not require field investigation

  • Are there any plan options available for this product?

    There are 8 plan options available for this product:

    Option 1 – Level Term Assurance
    Option 2 – Level Term Assurance with Waiver of Premium benefit
    Option 3 – Increasing Term Assurance
    Option 4 – Increasing Term Assurance with Waiver of Premium benefit
    Option 5 – Decreasing Term Assurance
    Option 6 – Decreasing Term Assurance with Waiver of Premium benefit
    Option 7 – Return of Premium
    Option 8 – Return of Premium Term with Waiver of Premium benefit

  • What is the tax benefit in this Plan?

    You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax advice.

  • What is the period covered under this plan?

    The maximum policy term is 55 years.

  • How long do I pay premiums for?

    You can choose to pay the premium either for a single time, or for a limited period of 6,8 and 10 years, or regularly till the maturity of the policy.

  • What is the minimum and maximum policy term?

    The minimum policy term for Plan Options 1 to 6 is 10 years, and for Plan Options 7 and 8 is 20 years. The minimum policy term for Plan Options 1 to 6 ( Limited pay 10 years) is 15 years The maximum policy term for all plan options is 55 years.

  • What is the death benefit offered under this plan?

    Death benefit for limited or regular pay plans will be the highest of 10 times the annualized premium, or 105% of total premiums paid till date of death, or absolute amount assured to be paid upon death. For single pay plans, the death benefit will be the highest of 125% of single premium amount or absolute amount assured to be paid upon death.

  • Will there be any benefit if someone suicide?

    We will pay the premiums paid to date (excluding applicable taxes) or surrender value, if higher in the event the life insured dies by committing suicide, within twelve months from the inception of the policy or revival date of the policy respectively, provided the policy is inforce.

    For Joint Life Protection, the suicide exclusion described above applies in the event of earlier death of either the Primary Life Insured or the Secondary_ Life Insured and the life cover as mentioned in the Joint Life Protection section shall continue for the surviving Life Insured subject to the payment of reduced future premiums, if any.

  • Is there any minimum sum assured with this plan?

    Yes. You can choose a sum assured of Rs. 25 lakhs or more with this plan. The entire sum assured will be paid to your nominee in case of your death. Whereas, in case of total/permanent disability, your nominee will receive 50% of the total sum assured.

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Disclaimer

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating traditional 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. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding the sales. Tax benefits are subject to changes in the tax laws. Aditya Birla Sun Life Insurance Company Limited Registered Office: One World Center,Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com IIRDAI reg no.109 CIN: U99999MH2000PLC128110 VER1/NOV/2019 109N109V05 ADV/2/20-21/2210

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

Thank you for your details. Currently we are facing issue in our system.

1800-270-7000 or reach out to us on this number.