Insurance Plans 176 views December 17, 2019

Aditya Birla Term Plan

Aditya Birla Sun Life Insurance Company is a known name in the field of Insurance and offers comprehensive insurance plans for various kinds of needs of the consumers at large. The products on offer at Aditya Birla include all major categories such as future plans for children, wealth-based plans, retirement and pension-related solutions, term plans, health benefit plans, Unit Linked plans and the general life cover. 

Term Insurance

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What is Term Insurance?

Term Plans are categorically designed to meet the needs of a family when faced with the adverse situation of the death of a member. Term plans are very cost-effective and only serve death benefits with a few exceptions where the premium value is rather appreciated. The low premium feature of the policy makes it affordable for everyone which is the primary reason for the success of such policies.

Term plans offered by Aditya Birla – list of all term plans with their USPs in bullet points and eligibility conditions in a table format

Aditya Birla Sun Life Protector Plus Plan

The Protector Plus Plan from Birla Sun Life is the ideal choice for an individual looking for the financial security of his/her family with a high sum of assurance. This policy encompasses two modules of insurance cover as mentioned below:

  1. Level Sum Assured which assures a fixed sum of cover throughout the tenure of the plan.
  2. Increasing Sum Assured where the sum of the insurance cover increases every year by 5% or 10% as per the choice of the policyholder at the time of taking the policy.

The distinctive features of the Birla Sun Life Protector Plus Plan are listed below for a better understanding of the policy.

  1. The plan provides for a lump sum amount to help the policyholder sail through the hospital expenses incurred in case of surgery under its rider scheme. 
  2. A daily cash benefit is provided for, in cases of hospitalization with enhanced benefits if the treatment is to be carried out in the Intensive Care Unit for the policyholder. There is also provision for a lump sum payment for a prolonged stay at the hospital under one medical condition.
  3. In the case of a permanent disability, critical illness or early death of the policyholder, the plan provides for the waiver of all future premiums and grants the policy benefits. In case of a permanent disability, a pre-decided percentage of the Rider Sum Assured can be received which is largely based on the nature of the injury. For critical illnesses like malignancy, heart conditions and organ transplants, the complete amount of the Rider Sum Assured can be received by the insured person. In the event of an untimely demise of the policyholder, the nominee, as appointed by the policyholder, receives the Rider Sum Assured subject to a maximum of Rs.50,00,000.
  4. Death benefits can be availed in a lump sum amount or in instalments as preferred.
  5. The plan rewards people leading a healthy lifestyle by providing for low premiums to non-smokers and preferred non-smokers.
  6. The premiums paid for the policy are exempted from tax under the Income Tax Laws which are subject to the prevailing tax rules at the time of registering for the policy.

Eligibility Criteria for Aditya Birla Sun Life Protector Plus Plan

Entry Age18 years to 65 years
Policy Term5 years to 30 years with the maturity age cap at 70 years.
Sum AssuredMinimum of Rs.30 Lakhs with no maximum limit
Premium Payment FrequencySingle/Annual/Half-Yearly/Monthly

Aditya Birla Sun Life Future Guard Plan

The Aditya Birla house presents another economic and high returns plan in the form of the Birla Sun Life Future Guard Plan. This plan has a lot to offer as stated below:

The policy offers two option to choose from depending up on the kind of returns.

  1. Plan A of the policy provides 100% returns of the premium amount paid during the entire tenure of the policy.
  2. Plan B ensures anywhere between 110% to 150% returns of the premium paid depending upon the term period of the plan.

The sum to be assured under the policy is banded in 3 categories where:

  1. Band 1 is between Rs.5,00,000 – Rs.9,99,999
  2. Band 2 is between Rs.10,00,000 – Rs.24,99,999
  3. Band 3 is for the sum above Rs.25,00,000

Other important features of the policy are as follows:

  1. The policy can be enhanced to avail further benefits by adding a few riders as applicable which are available at a nominal charge but bring good returns.
  2. Tax benefits on the premium paid can be availed as per the prevalent tax laws under the Income Tax Act.

Eligibility Criteria for Aditya Birla Sun Life Future Guard Plan

Entry Age18 years to 65 years
Policy Term10 years to 30 years with the maturity age cap at 75 years.
Sum AssuredMinimum of Rs.5 Lakhs with no maximum limit
Premium Payment FrequencySingle/Annual/Half-Yearly/Monthly

Aditya Birla Sun Life Protect @ Ease Plan

The Life Protect @ Ease Plan is a comprehensive insurance tool which gives additional benefits to the policyholder in addition to the regular death cover in the case of an untimely demise or disability. This plan also offers two option from which you can choose your preferred plan:

  1. Level Term Assurance Option where the sum assured remains constant.
  2. Increasing Term Assurance Option where the sum assured increases by 5% or 10% as chosen.

Listed below are the other prominent features of the plan:

  1. The nominee can choose the mode of payment of the death benefit in one lump sum amount or in instalments as preferred.
  2. In cases of terminal illness, 50% of the sum assured can be availed with immediate effect, thereby assisting in medical expenses incurred for the same with the maximum limit set at Rs.2.5 Crores. In the event of death post the illness the sum received as the death benefit is arrived at after deducting the amount already paid.
  3. The plan provides the option of insurance for two individuals under the Joint Life Protection. The primary here is the person in whose name the policy is taken and the secondary is the spouse. This option is available only when the assured amount for the primary person is either equal to or above Rs.60,00,000. The spouse then is covered for the 50% amount of the sum assured for the primary policyholder.
  4. Another striking feature of the plan is the Enhanced Lifestage Protection wherein one can even seek financial protection for the joyous turn of events in life like a wedding or birth of children. The plan provides 50% of the sum assured for wedding and 25% each at the birth of two children. The underlying condition is that an individual having a Joint Life Protection cannot opt for this plan.
  5. There are a number of riders available under this plan to help you avail maximum benefits. You can choose from the riders mentioned below to enhance your chosen protection plan:
  • Accidental Death and Disability Rider ABSLI
  • Critical Illness Rider 
  • Surgical Care Rider 
  • Hospital Care Rider 
  • Waiver of Premium 
  • Accidental Death Benefit Rider Plus

Eligibility Criteria for Aditya Birla Sun Life Protect @ Ease Plan

Entry Age-
Policy Term-
Sum Assured-
Premium Payment FrequencySingle/Annual/Half-Yearly/Monthly

Conclusion

Aditya Birla Insurance is a name to reckon with and it lives up to its brand value by providing instant clearance with high returns on investments. The meticulously laid out plans to help individuals to plan the future financial needs of the family in their absence. The options as provided by the various plans are designed to suit the needs of various people and hence, it has been widely accepted by many. An important word of caution is to understand all the details of the plan you are opting for in the best interest of your family in your absence during times of need.

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