Birla Sun Life Term Insurance Plans

Birla Sun Life Term Insurance

Incorporated in 2000, as a part of Aditya Birla Capital Ltd (ABCL), Aditya Birla Sun Life Insurance Company Limited is one of the leading insurance companies in India. The firm is a joint venture between Sun Life Financial Inc. in Canada and Aditya Birla Group.

They offer a wide range of products that span a customer’s life span, including children’s plans, retirement, pension, life insurance, health plans, and many more.

Aditya Birla Sun Life Insurance has one motto and that’s to protect what’s dear to their customer. The company aims to compensate for financial losses that may arise due to risk. And to serve this mission, they have the support of 13,000 employees and 90,000 direct selling agents.

Birla Sun Life Term Insurance - At A Glance

CharacteristicsSpecifications
Company NameAditya Birla Sun Life Insurance
HeadquartersMumbai
Year of Establishment2000
Company TypePrivate
Parent CompanyAditya Birla Capital Ltd
MD and CEOKamlesh Rao
Number of Direct Selling Agents90,000+
Number of Branch Offices900+
Claim Settlement Ratio98.04%
No of policies sold (Up to 31st March 2021)2,58,069
No. of lives covered (Up to 31st March 2021)17,17,906
Sum assured (Up to 31st March 2021)202454.71 crore
First year premium (Up to 31st March, 2021)4564.26

Different Types Of Aditya Birla Sun Life Term Insurance

Aditya Birla Sun Life Term Insurance offers three different plans. Two of these plans come with varying options that are tailored to suit the needs of different priorities.

1. ABSLI Life Shield Plan

Just like no person is the same as another, no person’s requirements when it comes to term plans will be the same as someone else’s. Then why go for a standard term plan?

ABSLI’s Life Shield Plan gives you the following benefits:

  • Death Benefit: In the event of the policyholder’s demise during the term, the nominee is entitled to receive a death benefit.
  • Enhanced Life Stage Protection: Change is a part of life and as we grow, our priorities, as well as our families, experience change. With enhanced life stage protection, you can choose to increase the term plan’s coverage to include your spouse and children if you get married and have kids during the policy term.
  • Premium Waiver: During the policy term, if the policyholder suffers total and permanent disability, a premium waiver will kick in and all future premiums will be waived off. The death benefit will remain the same.
  • Return of Premium: Under options 7 and 8 of the ABSLI Life Shield plan, you can avail of this benefit, which returns to you the sum of all the premiums paid after the policy reaches maturity and you survive.

Eligibility Criteria:

Condition (for Plan 1)Eligibility
Minimum age18 years
Maximum age65 years
Policy term10 to 55 years
Premium frequencyMonthly, Quarterly, Half-yearly, Annually
Age at maturity (age last birthday)85 years
Sum assuredMinimum: Rs.25 lacs, Maximum: No limit

2. ABSLI DigiShield Plan

If you’re looking for financial security at any stage in your life, ABSLI’s DigiShield plan can be perfect for you. With ten different options to choose from, you can find a policy that best suits your requirements.

ABSLI’s DigiShield Plan gives you the following benefits:

  • Death benefit: If the policyholder dies while the policy is in effect, the nominee will receive a death benefit.
  • Terminal illness benefit: If you’re diagnosed with a terminal illness while under the age of 80, the policy will pay out 50% of the sum assured up to INR 2 crore as a terminal illness benefit. In addition to this, all future premiums will also be waived.
  • Enhanced life stage protection: Marriage, childbirth and homeownership are milestones that call for a celebration. With an increase in financial responsibility, this plan affords you the freedom to increase your sum assured without a fresh medical check-up when you hit these milestones.
  • Maturity benefit: Option 10 of the term plan offers a maturity benefit where, upon maturity of the policy, you will be entitled to receive the total of all the premiums paid.

Eligibility:

Condition (for Plan 1)Eligibility
Minimum age18 years
Maximum age65 years
Policy term5 to 55 years
Premium paymentRegular, Limited, Single Pay
Age at maturity (age last birthday)85 years
Sum assured

Minimum: Rs.30 lacs

Maximum: No limit

3. ABSLI Saral Jeevan Bima

ABSLI Saral Jeevan Bima is a term plan that is simple and affordable. Get the benefits of a good term plan without burning a hole in your pocket.

ABSLI’s Saral Jeevan Bima Plan gives you the following benefits:

  • If the policy is in its waiting period at the time of the policyholder’s demise:
  • The death benefits for their nominees include the sum assured in the event of accidental death
  • If the cause of death is other than an accident, 100% of all the premiums paid (taxes excluded)
  • If the waiting period is over at the time of the policyholder’s demise, the entire sum assured is released to the nominee.

Eligibility Criteria:

Condition (for Plan 1)Eligibility
Minimum age18 years
Maximum age65 years
Policy term5 to 40 years
Premium paymentRegular, Limited, Single Pay
Age at maturity (age last birthday)70 years
Sum assured

Minimum: Rs.5 lacs, Maximum: Rs. 25 lacs

Why Choose Aditya Birla Life Term Insurance?

  • Esteemed & established company: Aditya Birla Sun Life is a well-established renowned industry name for life insurance under the Aditya Birla Group.
  • High Claim Settlement Ratio: The company has an excellent claim settlement ratio of 98.04%
  • Widespread presence: Having over 900+ offices ABSL has a strong presence and accessibility all across India.

Exclusions Of Birla Sun Insurance That You Need To Know 

  • If the policyholder dies due to suicide within the first year of the insurance policy, then the company isn’t liable to pay the sum assured. 
  • Murder of the policy owner if the nominee was involved in the crime or the policyholder was involved in any criminal activity. 
  • Death because of influence of drugs or alcohol
  • Demise due to partaking in adventurous sports or activities
  • Death because of a natural disaster
  • The policyholder passed away due to childbirth
  • If the policy owner withhold any pre-existing health conditions and passed away because of the very same conditions, then the company isn’t liable to pay the sum assured
  • Death due to terrorist attacks

How To Buy Aditya Birla Sun Term Insurance Policy?

Buying a Sun Life Insurance plan is extremely simple. 

  • Go to the Aditya Birla Life Insurance website.
  • Choose your Term Insurance plan.
  • Click on ‘Buy Online’.
  • Add your personal information, cover amount, and policy term. 
  • Check your cover amount and add any other rider options.
  • Select the payment mode and that’s it. Pay and you are covered.

Documents Required To Purchase Birla Sun Life Term Insurance

Some of the documents you need to purchase Birla Sun Life Term Insurance are: 

  1. For Age proof – Aadhaar card/Passport/Rental Agreement/Birth Certificate 
  2. For Identity proof – PAN card/Aadhaar card/Passport/license,
  3. The latest medical certificate
  4. Income proof in the form of salary slips or income tax returns.

How You Can Claim Against Aditya Birla Sun Term Policies?

It’s both straightforward and easy. 

Step 1:

The nominee has to intimate the company on their toll-free number or click on ‘Manage my claims’. Fill out the information.

Step 2: 

Write an email at bsli.claims@birlasunlife.com and submit the necessary documents. 

Step 3:

The team will check and review the documents.

Step 4:

The team will then let the nominee know of its decision and on acceptance, will receive the payment.

Documents Required To Make An Insurance Claim

For Death Claim

  • Claim Form
  •  Original Policy Document
  •  Original/Attested Death Certificate 
  •  Beneficiary’s current address proof
  •  Nominee’s photo ID proof
  •  Claimant’s bank statement canceled cheque, and printed Bank account number

Other Additional Documents

  • Medical certificate
  •  Hospital treatment certificate
  •  Employer’s certificate (for salaried individuals)
  •  Copy of Panchnama Report/FIR/Post Mortem Report
  •  Copy of Inquest Report/Police Final Report.

Frequently Asked Questions

No matter the Aditya Birla Sun Life Policy, claims should be intimated as soon as possible except in Critical illness rider claims in which there’s a certain waiting period.

There are many reasons why a claim gets rejected. But majorly, if the documents are not genuine or during the review stage, the company found out the policyholder has withheld some information that impacted the assessment risk it leads to rejection.

If your policy has an option of ‘return of premium’ then the amount the owner receives on the termination of policy/end of the term is known as maturity benefit.

Usually, a claim gets settled within 2 to 3 business days post the receipt of the claim documents. If you want to raise a claim then you can fill the form online or call on toll-free number 1800 270 7000.

It’s a type of benefit with Birla Sun Life in which two lives can be covered under an insurance policy. One will be considered as primary life insured, and the other will be secondary life insured. However, the sum assured to the secondary life will be 50% of the sum assured to the primary life. As of now, only spouses are allowed as a secondary life.

You can revive your insurance policy within 5 years from the first unpaid premium date. But there are certain conditions. You will have to pay all the outstanding premiums together along with the interest and late fees. However, post 5 years, the policy will be terminated and no amount will be payable.

No, as of now, you can’t change the plan option. You will have to terminate the policy to change your option.

It’s an optional benefit offered with Birla Sun Life that allows the policy owner to increase the sum assured due to certain major life events such as marriage, childbirth, or home loan. But the policy owner should have opted for this option at the start of the policy so that it can be exercised whenever the events do occur.

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