Insurance Plans 1135 views April 18, 2020

Family Protection is the basic preventive step that every individual should take before it is too late. Therefore the Aditya Birla Sun Life Insurance has introduced a term plan that will help you to protect your family after you. The name of the plan is ABSLI Life Shield Plan that has 8 different options for protecting your family. You can take the protection for your loved ones including your spouse, children, and other family members. So, let’s explore all the features, benefits, and other details of this policy. You can also enjoy a premium waiver benefit in case of total permanent disability and critical illnesses so that your family won’t compromise the lifestyle if you are not with them.

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Features of Life Shield Plan

  1. 8 Different Options are available in this policy.
  2. Increase the Amount of Sum insured once you reach the key milestones of your life.
  3. You can cover your spouse as well in the same policy.
  4. There are two options where you will get the paid premiums in return.
  5. Get the Terminal Illness Benefit in this plan.
  6. Receive the Death Benefits in different options available.
  7. Choose the additional rider option with the same policy.

Benefits of Aditya Birla Life Shield Policy

Now you must explore the various benefits of this term insurance plan and find out how they can be fruitful for your family after your demise.

Death Benefits

The company will give the assured sum to your family after your death. The nominee can claim the assured sum of money and can meet the financial risks.

If you have chosen Limited Pay or Regular Pay then the Sum assured after your death will be the highest of the below-mentioned conditions:-

  1. 10 Times of the Annualised Premium.
  2. 105% of the Total Premium that you have paid until the date of death.
  3. The Amount Assured by the company that has to be paid on death.

If you have chosen Single Pay then the Sum assured after your death will be the highest of the below-mentioned conditions:-

  1. 125% of the amount of the Single Premium.
  2. The Amount Assured by the company that has to be paid on death.

Terms and Conditions

  1. Annualised Premium will be the amount of premium excluding taxes, rider’s premium, extra premiums, loadings for modal premiums, and underwriting.
  2. Total Premiums paid will be the overall amount that you have paid as premium excluding taxes, riders premium, extra premiums, loadings for modal premiums, and underwriting.

Terminal Illness Benefit

In the ABSLI Life Shield Plan, the company will pay 50% of the sum assured with a maximum of INR 2.5 Crores and waive off the future premiums if you are diagnosed with a terminal illness. At the time death of the insured the nominee will get the reduced sum of money after the deduction of Terminal Illness amount that is paid earlier by the company.

Term and Condition

The Insured Amount will only be paid on the first diagnosis of any Terminal Illness.

Premium Waiver Benefit

The Insurance Company will waive off all the future premiums if you are diagnosed with Critical Illness or Total and Permanent Disability during the term of the policy. You can enjoy this benefit if you have chosen Option 2. Option 4, Option 6, and Option 8 while taking the Life Shield Insurance Plan. The various options in this policy are mentioned below on this page.

Joint Life Protection

This policy also gives you the facility to insure two persons including you and your spouse under one insurance plan only. The sum insured is divided into two parts equally and the minimum amount of the Sum Insured in this policy is of INR 50 Lakhs.

Primary Insured Person Dies- If the primary insured person dies first then the 50% of the assured amount is given to the secondary insured person and then the premium continues for the remaining period. After the Death of the Secondary insured person, the sum assured for the secondary person only will be given to the nominee.

Secondary Insured Person Dies– If in case the secondary insured person dies first then the sum assured for the secondary person will be given to the primary insured person and the amount of premium will also be reduced. After the Death of the Primary insured person, the sum assured for the primary person only will be given to the nominee.

Both the Insured Person Dies Together– If both the insured persons die simultaneously then the whole sum insured of both the individuals will be given to the nominee.

Terms and Conditions

  1. This benefit is only available if you take Option 1, Option 2, Option 3, and Option 4.
  2. Once you have chosen the Option then it can’t change until the maturity of the policy.
  3. The Terminal Illness Benefits mentioned above is applicable to both the persons that are primary insured and secondary insured.

Increase the Protection

If you have chosen Option 1 or Option 2 then you can increase the sum assured after your marriage or having 1 or two children. The rate of premium will be increased according to the Sum Assured for enhanced protection.

Terms and Conditions

  1. The Age of the Insured must not be not more than 50 years at the time when he is increasing the protection.
  2. This benefit is not available if you have chosen Joint Life Protection.
    These benefits are only available on regular pay policies.
  3. You can increase and decrease the sum assured at the time of the policy anniversary.

Enhanced Protection

  1. Marriage- 50% of the Assured Amount with a Maximum of INR 50 Lakhs.
  2. 1st Child- 25% of the Assured Amount with a Maximum of INR 25 Lakhs.
  3. 2nd Child- 25% of the Assured Amount with a Maximum of INR 25 Lakhs.

Money-Back Benefits

In the ABSLI Life Shield Plan if you are choosing Option 7 and Option then sum of all the premiums that you have paid to the company on that date of policy maturity. The premiums will be calculated after deducting taxes, underwriting expenses, and rider premiums.

Customize the Policy

You can also take additional coverage with this plan. The options available are:-

  1. Accidental Death Coverage
  2. Disability Coverage
  3. Surgical Care Coverage
  4. Hospital Care Coverage
  5. Accidental Death Benefits

8 Options Available in ABSLI Life Shied Plan

Explore all the options available in the plan and see which plan fits the best with your requirements.

Option 1- Level Term Insurance

The Sum Assured that you have chosen will remain the same throughout the policy Tenure.

Option 2- Level Term Insurance + Waiver of Premium

Sum Assured will remain the same but if you are diagnosed with Critical Illness and Permanent Disability then the company will waive off all the future premiums till the end of the plan.

Option 3- Increasing Sum Assured

In this option, you can increase the Sum Assured by 5% p.a. or 10% p.a. every year and the amount of your premium will also be increased.

Option 4- Increasing Sum Assured + Waiver of Premium

In this option of Aditya Birla Sun Life Insurance Plan you can increase the Assured Sum by 5% p.a. and 10% p.a. with the increase in the amount of premium. But as an additional benefit if you are diagnosed with a critical illness or permanent disability then all the remaining premiums will be waived off till the policy maturity.

Option 5- Decreasing Sum Assured

In this option of the ABSLI Life Shield Plan, you can decrease the Sum Assured minimum to half of the value and as a result, your amount of premium will also decrease.

Option 6- Decreasing Sum Assured + Waiver of Premium

This Option will also decrease the Sum Assured in the Policy with the decrease in the amount of premium payable but on the other hand, if you are diagnosed with a critical illness or permanent disability then you will not have to pay any premium till the maturity of the policy.

Option 7- Return of Premium

In this option, the amount of Sum Assured remains the same until the maturity of the policy and if the individual survives the policy term and doesn’t die then the company will return all the premiums that he has paid during the tenure. The amount of the premium will be a basic amount and it will not include taxes, riders premium, and underwriting expenses.

Option 8- Return of Premium + Waiver of Premium

In this Term Insurance option, the amount of Sum Assured remains constant until the maturity of the policy and if the individual survives the policy term then the company will return all the premiums that he has paid during the tenure. The amount of the premium will be a basic amount excluding taxes, riders premium, and underwriting expenses. You’ll get an additional benefit in this option and that is if you are diagnosed with a permanent disability or critical illness then all the future premiums will be waived off by the company until the maturity of the policy.

Eligibility Criteria to Take the ABSLI Life Shield Plan

Plan OptionMaleFemale
Option1INR 6120INR 5680
Option 2INR 7120INR 6620
Option 3INR 6360INR 5900
Option 4INR 7440INR 6880

Reasons for Opting Aditya Birla Sun Life Insurance

  1. You can return the Policy within 15 days of the look-up period.
  2. If you are unable to pay the premium on the due date then you’ll get a 30 days grace period.
  3. Enjoy Tax Deductions under Section 80C of the Income Tax Act.
  4. Multiple options are available to buy the plan.

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