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Term Insurance 5387 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.
Table of Contents
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.
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:-
If you have chosen Single Pay then the Sum assured after your death will be the highest of the below-mentioned conditions:-
Terms and Conditions
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.
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.
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
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
Enhanced Protection
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:-
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.
Plan Option | Male | Female |
---|---|---|
Option1 | INR 6120 | INR 5680 |
Option 2 | INR 7120 | INR 6620 |
Option 3 | INR 6360 | INR 5900 |
Option 4 | INR 7440 | INR 6880 |