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Life Insurance

Risk is everywhere, but so is the opportunity to mitigate it

Get Guaranteed Returns After a Month²

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Buy ₹ 1 Cr Term Cover @Rs.492/month for Salaried Individuals¹

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Give ₹1 lakh/ month for 5 years and Get ₹ 4.58 lakhs every year till your life3

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Give ₹ 1 Lakh/year for 10 years and get ₹ 21.58 lakhs⁴ guaranteed benefit

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ABSLI Param Suraksha
Give ₹5 lakhs/year for 6 years
Get ₹ 84.53 lakhs @ 8% return or
₹ 42.37 lakhs @ 4% return at maturity5

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Are You Built For Financial Success, or..

What is Life Insurance?

Life insurance goes beyond being just a policy; it plays a vital role in overall financial planning. Essentially, a life insurance policy represents an agreement between you and an insurer. In return for regular premium payments, the insurance company commits to giving a sum of money to a chosen beneficiary upon your death. However, it’s not solely about offering financial aid; it’s also about providing peace of mind for both you and your family.

Additionally, certain life insurance plans provide the advantage of a payout at maturity, functioning as both protection and a way to build savings. This maturity payout helps in realizing personal and family goals, turning life insurance into a flexible instrument for meeting short-term and long-term financial objectives.

By securing life insurance, you’re preparing not only for unforeseen events but also ensuring a future where your family’s financial security remains intact despite life’s unpredictable nature.

Why is Life Insurance Essential for Financial Planning?

Incorporating life insurance into your financial strategy is a pivotal step towards holistic financial health. It ensures that in your absence, your loved ones aren’t burdened by financial stress. Life Insurance helps your family to get back on their feet and make them financially secure when life takes an unforeseen turn.

Moreover, with life insurance plans having a maturity benefit as well, it ensures that you can meet your financial goals with ease.

Life Insurance can be a powerful tool for:

1. Providing for Your Family: It replaces lost income, helping your family maintain their standard of living.

2. Debt Protection: Ensures your debts or loans aren’t passed on to your family, the sum assured takes care of it.

3. Educational Support: Secure your children’s educational future even in your absence.

4. Estate Planning: Helps in estate planning, ensuring your assets are distributed according to your wishes.

5. Retirement Planning: Certain life insurance policies accumulate cash value over time, offering a source of income in retirement.

6. Wealth Accumulation: With maturity benefits, you can plan for your short-term and long-term financial goals, and help your family reach new milestones.

By choosing a life insurance plan, you’re not just planning for the unexpected; you’re ensuring a secure financial future, ensuring that your family’s dreams and well-being are protected no matter what life brings.

Different Types of Life Insurance Plans

Aditya Birla Sun Life Insurance (ABSLI) offers various life insurance plans to cater to diverse needs. Primarily, these can be categorised into Term Plans (Pure risk cover) and Investment Plans (Risk Protection + Investment Option).

Term Life Insurance

Term life insurance provides coverage for a specific period or "term." If the policyholder passes away within this term, the beneficiaries receive the death benefit. It's the simplest and most affordable type of life insurance with a huge sum assured at a lowest premium, offering pure death risk cover without any savings component.

Endowment Plans

Endowment plans, are a combination of life insurance and savings. These policies pay out the sum assured under both scenarios: if the policyholder survives the policy term, the policyholder receives survival benefit and in case of their untimely death during the policy term, beneficiary receives the death benefit. They are designed to build a corpus for future financial needs.

Whole Life Insurance

Whole life insurance offers coverage that lasts your entire lifetime, ensuring that beneficiaries receive a death benefit no matter when you pass away. Some whole life policies also accumulate cash value over time, which can be withdrawn or borrowed against, if required.

Unit Linked Insurance Plans (ULIPs)

ULIPs offer a combination of investment and insurance. A portion of the premium goes towards life cover, while the rest is invested in various equity and debt funds. These plans are linked to the capital market and offer the potential for higher returns but come with investment risks.

Money-Back Plans

Money-back plans are a type of endowment plan that periodically returns a portion of the sum assured as a survival benefit during the policy term, with the remaining sum assured paid as maturity benefit if the policyholder survives the term.

Child Plans

Child plans are insurance-investment plans designed specifically to meet the future financial needs of children, such as education. These plans typically offer a lump sum payment on the maturity of the policy or in the event of the policyholder's death that helps in child.

Retirement Plans

Retirement or pension plans. are designed to build a retirement corpus for policyholders. They ensure a steady income after retirement in the form of annuities or lump sum payments. These plans can be with or without a life cover component.

Many More

Just Contact us on WhatsApp or Email. Read our articles or Ask the AI assistant any and all questions you have about your investment planning, Balancing between risks and returns and a lot more.

Our financial and Insurance calculator assesses income, expenses, and investments to determine the insurance needed for family security in case of death or disability.

It calculates coverage by analyzing income, investments, expenses, and future goals like retirement or education, providing recommendations on the right type and amount of insurance required.

Insurance Requirement Calculator
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Quick Comparison Between Different Life Insurance Plans

FeaturePure Risk Protection (Term Insurance)Risk Protection + Investment (Endowment, Whole Life, ULIPs, Child)
PremiumLowerHigher
Sum AssuredFixed AmountFixed Amount + Investment Returns
Death BenefitHigh Sum AssuredBasic Sum Assured + Investment Returns
Survival BenefitNoneMaturity Benefits Including Investment Returns
Purpose of BuyingFinancial Security with High Sum Assured for Beneficiaries in the case of untimely death during the policy termFinancial Security + Wealth Creation / Savings to fulfil short-term & long-term goals

Quick Comparison Between Different Life Insurance Plans

ABSLI offers a range of life insurance plans tailored to meet various needs and preferences. Here’s a glance at some of the most popular options:

Plan NamePlan TypeKey Features and Benefits
ABSLI Nishchit Aayush PlanSavings Plan– Offers guaranteed# income for a fixed term post-maturity.
– Provides life cover along with savings benefits.
– Flexibility in choosing premium payment and policy terms.
ABSLI Assured Savings PlanSavings Plan– Guaranteed# additions to enhance your corpus.
– Life insurance cover plus savings for your future needs.
– Flexibility in premium payments and policy terms.
ABSLI DigiShield PlanTerm Plan– Comprehensive term insurance with multiple plan options.
– Flexible premium payment and policy term choices.
– Option to enhance coverage with riders.
ABSLI Salaried Term PlanTerm Plan– Tailored term insurance for salaried individuals.
– Affordable premiums with substantial life cover.
– Simple and convenient online application process.
ABSLI Assured Income PlusSavings Plan– Guaranteed# income for a defined period after maturity.
– Life cover along with regular income.
– Bonus accumulation potential, enhancing the policy’s value.
ABSLI Wealth Aspire PlanULIP Plan– Market-linked returns with life insurance cover.
– Choice of multiple investment funds.
– Flexibility to switch between funds and premium redirection.
ABSLI Guaranteed Annuity PlusAnnuity Plan– Regular income post-retirement.
– Multiple annuity options to suit individual needs.
– Option for life cover and return of purchase price.

Each of these life insurance plans is designed to cater to specific financial goals, whether it’s securing your family’s future, saving for life goals, or growing your wealth. It’s important to assess your personal needs and financial objectives when choosing the most suitable life insurance plan.
Not sure which life insurance plans suit your needs? Get in touch with our experts at ABSLI to understand more.

Why Buy Aditya Birla Sun Life Insurance Plan?

Choosing Aditya Birla Sun Life Insurance (ABSLI) for your life insurance needs means more than just securing a policy; it’s about entrusting your financial future to a name synonymous with reliability and excellence. Here’s why ABSLI stands out:

Claim Settlement Ratio

ABSLI has 98.40% Claim settlement ratio for individual business with a TAT of 1.4 days^. The Claim settlement ratio for group business is 99.59% with a TAT of 2 days^.

Comprehensive Coverage

ABSLI offers a diverse range of plans, ensuring that there's a solution for every need, whether it's pure protection, wealth accumulation, or retirement planning.

Customization and Flexibility

With options to tailor coverage, premium payment terms, and benefit payouts, these plans adapt to your evolving life stages and financial goals.

Innovative Products

ABSLI is known for its innovative life insurance products that are designed to offer maximum benefits, keeping in mind the changing market dynamics and customer needs.

Customer-Centric Approach

ABSLI's dedication to customer service is evident in our easy-to-understand policies, transparent processes, and responsive customer support.

Trusted Brand

Part of a well-respected conglomerate, ABSLI has earned the trust of millions, standing as a testament to its commitment to excellence and customer satisfaction.

About Life Insurance Riders

Life insurance riders are additional benefits that can be attached to a base life insurance policy, offering added protection and coverage options. ABSLI provides a range of riders to enhance your insurance plan:

1. ABSLI Accidental Death and Disability Rider: Offers additional sum assured in case of accidental death or disability, ensuring extra financial support during tough times.
2. ABSLI Critical Illness Rider: Provides a lump sum benefit on the diagnosis of specified critical illnesses, helping you manage high medical expenses and focus on recovery.
3. ABSLI Surgical Care Rider: Ensures financial assistance in case of surgical procedures, easing the burden of healthcare costs.
4. ABSLI Hospital Care Rider: Offers daily cash benefit and ICU benefits during hospitalisation, mitigating the financial strain of prolonged medical treatment.
5. ABSLI Waiver of Premium Rider: Ensures that your policy remains in force by waiving off future premiums in case of total permanent disability or critical illness.

Life insurance riders enable you to widen the coverage and to customise your insurance policy to fit your specific needs, providing peace of mind that goes beyond basic life cover.

Factors Affecting Your Life Insurance Premium

The cost of your life insurance premium is influenced by several factors, each playing a crucial role in determining the amount you pay.
Some of the key factors affecting life insurance policy premium include:

1. Age: Younger applicants typically pay lower premiums as they are considered less risky to untimely death compared to older individuals.
2. Health: Your current health condition, including any pre-existing medical issues, has a significant impact on premium costs. Healthier individuals usually enjoy lower premiums.
3. Lifestyle Choices: Habits like smoking or excessive alcohol consumption can increase your premium due to higher health risks associated with such lifestyles.
4. Occupation: Jobs that are considered high-risk can lead to higher premiums. If your profession exposes you to danger, insurers might charge more.
5. Policy Term and Coverage Amount: Longer policy terms and higher coverage amounts typically result in higher premiums.
6. Riders and Add-ons: Adding riders for extra protection increases the premium, as it enhances the scope of your insurance coverage.
7. Gender: In some cases, gender may influence premium rates due to the statistical variance in life expectancy.
Understanding these factors can help you make informed decisions about your life insurance policy, ensuring you choose the right coverage at a cost that aligns with your financial plan.

How to File a Life Insurance Claim with Us?

Filing a life insurance claim, whether it’s for a death benefit or a maturity/survival benefit, can be done both online and offline. Here’s a step-by-step guide for each process:

Online Life Insurance Policy Claim Process:

1. Visit the ABSLI Website: Go to the official website and locate the ‘Claims’ section.
2. Submit Claim Form: Fill in the necessary details in the online claim form. For a death benefit claim, provide details of the policyholder and the cause of death. For maturity/survival claims, details of the policy are required.
3. Upload Documents: Attach the required documents (listed below).
4. Claim Review: ABSLI will review the claim and may contact you for additional information if needed.
5. Claim Settlement: Once approved, the claim amount will be transferred to the policyholder’s bank account in case of maturity benefit or beneficiary’s bank account in case of death benefit.

Offline Life Insurance Policy Claim Process:

1. Visit ABSLI Branch: Go to the nearest ABSLI branch.
2. Submit Claim Form and Documents: Fill out the claim form and submit it along with the necessary documents.
3. Claim Processing: The claim will be processed by ABSLI after thorough verification.
4. Claim Disbursement: Upon approval, the claim amount will be provided to the beneficiary.
5. Death Benefit Claim: Requires submission of death certificate, policy document, and identity proof of the beneficiary.

Maturity/Survival Benefit Claim: Requires submission of original policy document, identity proof, and bank details for fund transfer.

What Documents are Needed for Filing a Life Insurance Claim?
The required documents for filing a life insurance claim with ABSLI vary based on the type of claim:

For Death Benefit Claim:

1. Death Certificate of the policyholder.
2. Original or attested copy of the policy document.
3. Identity proof of the claimant (Aadhar card, PAN card, etc.).
4. Bank account details of the claimant for the transfer of the claim amount.
5. Any other document as required by ABSLI (medical reports, hospital records in case of death due to illness).

For Maturity/Survival Benefit Claim:

1. Original policy document.
2. Identity proof of the policyholder.
3. Bank details for the transfer of the maturity amount.
4. A duly filled discharge form in some cases.

It’s important to provide accurate and complete documentation to ensure a smooth and quick claim settlement process.

So, What Should You Do Next?

1. Explore Your Options: Dive into the world of ABSLI life insurance policies. Each policy is crafted with your needs in mind, offering a blend of protection, savings, and wealth creation. Whether you’re looking for term insurance, whole life plans, or investment-centric policies, ABSLI has options that cater to every need and life stage.

2. Connect with Experts: The journey of choosing the right insurance can be intricate. That’s where our experts come in. The ABSLI team is not just well-versed in insurance solutions but also understands the nuances of effective financial planning. They are here to guide you, answer your questions, and help tailor a policy that fits your unique requirements.

3. Take the First Step: Reach out to us! Visit the ABSLI website, call our helpline, or drop by at our nearest branch. Our professionals are ready to assist you in navigating through your options and ensuring that you make a choice that brings peace of mind and financial security.

4. Secure Your Future Today: Remember, the best time to buy life insurance is now. Delaying can result in higher premiums and reduced benefits. Take charge of your financial future today and embrace a life of security and assurance with ABSLI.

5. We’re Here to Help: Your journey with ABSLI doesn’t end at purchasing a policy; it’s just the beginning of a lifelong commitment to your well-being and peace of mind. Our support and services are always at your disposal, ensuring that your experience of buying life insurance in India is seamless and rewarding.

6. Act Now: Don’t wait for tomorrow what you can secure today. Research, reach out, and let us help you embark on a path of financial security and prosperity with Aditya Birla Sun Life Insurance. Buy life insurance online or offline today.

FAQs on Life Insurance

The free look period is a provision in life insurance policies that allows policyholders to review the policy and cancel it without penalty within a specified period after receiving the policy documents. This period is usually 15 to 30 days, depending on the insurer and the regulations in your area. During the free look period, you can cancel the policy for any reason and receive a full refund of any premiums paid. This provision is designed to give you time to review the policy details and ensure it meets your needs before committing to it.

For example, if you purchase a life insurance policy and receive the documents on January 1st, and your policy has a 15-day free look period, you have until January 16th to review the policy and decide whether to keep it or cancel it for a full refund.
Tax Implications: Be aware of any tax implications on the maturity proceeds, as per recent Tax laws.

Smoking significantly affects life insurance in terms of premium rates and eligibility. Smokers typically pay higher premiums than non-smokers because they are considered higher risk due to the health risks associated with smoking, such as heart disease and lung cancer. The difference in premiums can be substantial, with smokers often paying two to three times more than non-smokers for the same coverage. Insurers may also have different definitions of a smoker, so it’s important to disclose your smoking status accurately when applying for a policy.
For example, a 35-year-old non-smoker might pay ₹5,000 annually for a term life policy, while a smoker of the same age might pay ₹15,000 for the same coverage.

A premium holiday is a feature offered in some life insurance policies that allows policyholders to temporarily stop paying premiums without causing the policy to lapse. This can be useful in times of financial hardship. The policy remains in force during the premium holiday, with the insurance company using the policy’s cash value (if available) to cover the premium payments. However, taking a premium holiday can reduce the policy’s cash value and death benefit. It’s important to check with your insurer for specific terms and conditions before taking a premium holiday.
For example, if you have a whole life policy with a cash value and you lose your job, you might opt for a premium holiday to pause your premium payments for six months while you get back on your feet financially.

Yes, a life insurance company can refuse to pay a claim in certain circumstances, such as:

● Misrepresentation or fraud: If the policyholder provided false information on the application, such as lying about their health or smoking status.
● Exclusions: Some policies have exclusions for certain causes of death, like suicide within the first two years of the policy or death resulting from illegal activities.
● Lapsed policy: If the policy has lapsed due to non-payment of premiums.
● Contestability period: If the policyholder dies within the contestability period (usually the first two years), the insurer may investigate the claim more thoroughly.
However, if the claim is legitimate and none of these issues apply, the insurance company is legally obligated to pay the death benefit.

A beneficiary is a person or entity designated to receive the death benefit from a life insurance policy when the policyholder dies. You can have multiple beneficiaries and specify how the death benefit should be divided among them. Beneficiaries can be primary (first in line to receive the benefit) or contingent (receive the benefit if the primary beneficiaries are unable to). You can also specify percentages or fixed amounts for each beneficiary. For example, you might designate your spouse as the primary beneficiary to receive 70% of the death benefit and your two children as contingent beneficiaries, each receiving 15%.
 

To file a life insurance claim, follow these steps:

● Obtain the death certificate: You’ll need an official copy of the death certificate to submit with your claim.
● Contact the insurance company: Notify the insurer of the policyholder’s death and request a claim form.
● Complete the claim form: Fill out the form with all required information, including details about the policyholder and the cause of death.
● Submit the claim form and required documents: Along with the death certificate, you may need to provide the original policy document and any other requested documentation.
● Wait for the claim to be processed: The insurance company will review the claim and may request additional information. Once approved, the death benefit will be paid to the beneficiaries.

For example, if you are the beneficiary of your spouse’s life insurance policy, you would contact the insurance company upon their passing, complete the necessary paperwork, and submit it along with a copy of the death certificate to receive the death benefit.

Whether you can change the coverage amount of your life insurance policy depends on the type of policy and the insurer’s rules. For term life insurance, you generally cannot increase the coverage amount once the policy is in force, but you can decrease it or purchase an additional policy for more coverage. For permanent life insurance policies like whole life or universal life, you may have the option to increase or decrease the coverage amount, subject to underwriting approval and possible fees. It’s important to review your policy details and consult with your insurer to understand your options.
 
Yes, there is typically a maximum age limit for buying life insurance, which varies by insurer and policy type. For term life insurance, the maximum age for purchasing a new policy is usually between 65 and 75. For whole life and universal life insurance, the maximum age may be higher, often up to 85. However, the older you are when you apply for life insurance, the higher your premiums will likely be, and you may be subject to more stringent underwriting criteria.
 

If you outlive your term life insurance policy, the coverage simply ends, and you will no longer have life insurance protection under that policy. You will not receive a refund for the premiums paid unless you have a return of premium (ROP) term life policy, which refunds the premiums at the end of the term if you outlive the policy. If you still need coverage, you may consider renewing your policy, converting it to a permanent policy (if your policy allows), or purchasing a new policy.

Yes, life insurance can cover chronic diseases, but it may affect the premium and coverage terms. Insurers may consider the type and severity of the disease, as well as how well it’s managed when underwriting the policy. In some cases, you may need to pay a higher premium or accept a lower coverage amount. There are also specialised policies designed for people with chronic diseases. It’s important to disclose any chronic conditions when applying for insurance to ensure your policy is valid. For example, if you have well-managed diabetes, you might still qualify for life insurance, but your premium might be higher compared to someone without chronic conditions.

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*Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
#Provided all due premiums are paid
^ As per annual audited figures submitted to IRDAI for the period FY 23 – 24 for individual death claims paid.
$ As on 30`th November 2023
¹ABSLI Salaried Term Plan -LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
² Provided 0 year deferment & monthly income frequency is chosen at the time of inception of the policy.
3 Annuitant -Health Male: Age 45 years invests in ABSLI Guaranteed Annuity Plus | Annuity Option: Deferred Life Annuity with Return of Premium | Premium payment term – Limited pay (5 years) | Purchase Price: Rs. 1,00,000/ month excluding modal loading for 5 years | Deferment period: 5 years Annuity Pay-out Frequency: Annual | Single life. Get Rs 4,58,800/- (Exclusive of taxes) every year till annuitant is alive
⁴ABSLI Child’s Future Assured Plan. Plan option: Education & Marriage Milestone. Male | Age: 35 years | Policy term: 25 years | Premium paying term: 10 years | Education milestone benefit period: 3 yrs & Education assured benefit start term: 15 yrs | Marriage assured benefit start term: 25 years | Annualized premium: ₹1,00,000 (excluding tax) | Total Benefits Payout: Rs 21,58,664 [Education Milestone Payout: Rs 10,79,332 (policy year 15,16,17) and Marriage Milestone Payout: Rs 10,79,332 (policy year 25)] | Age of Child: 0 years, Child as a nominee | Sum assured multiple for marriage: 100%
⁵ Male | Age: 35 Years | Sum Assured: Rs. 1,00,00,000 | Sum Assured Multiple: 20X | Annualized Premium: Rs. 5,00,000 | Premium Payment Term: 6 years | Policy Term: 20 years | Investment Option: Self-Managed Option | Fund Chosen: Nifty Alpha 50 Index Fund | Premium Payment Mode: Annual | Comprehensive Critical Illness Rider: Platinum Variant (64 CIs) | Comprehensive Critical Illness Rider Sum Assured: 100% of Base Sum Assured: Rs. 1,00,00,000 | Comprehensive Critical Illness Rider Premium: Rs. 1,27,400 | Accidental Death Benefit Plus Rider Sum Assured: Rs. 1,00,00,000 | Accidental Death Benefit Rider Plus Premium: Rs. 13,800 | Waiver of Premium Rider: Rs. 18,723.
ABSLI Death And Disability Rider – This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). UIN: 109B018V03
ABSLI Critical Illness rider. This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). UIN: 109B019V03
ABSLI Surgical Care Rider. This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). UIN: 109B015V03
ABSLI Hospital Care Rider. This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). UIN: 109B016V03
ABSLI Waiver Of Premium Rider. This rider is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI).UIN: 109A039V01
ABSLI Nishchit Aayush Plan. This is a non-linked non-participating individual savings life insurance plan.UIN: 109N137V07
ABSLI Salaried Term Plan. This is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.UIN:109N141V01
ABSLI Guaranteed Annuity Plus. This is a Non-Linked, Non-Participating, General Annuity Plan All terms & 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. UIN: 109N132V10
ABSLI Child Future Assured Plan is a non-linked non-participating individual life insurance savings plan (UIN: 109N124V01)
ABSLI Param Suraksha is a unit-linked non-participating individual life insurance savings plan. 9UIN: 109L149V01)
In the Unit Linked Policy, the investment risk in the investment portfolio is borne by the Policyholder.
Linked Life insurance products are different from the traditional life insurance products and are subject to the risk factors.
Linked Insurance Products do not offer any liquidity during the first five years of the contract.
The policyholder will not be able to withdraw/surrender the monies invested in Linked Insurance Products completely or partially till the end of the fifth year from inception. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document. The premium paid in unit linked life insurance policies are subject to investment risk associated with equity markets and the unit price of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. Tax benefits may be available as per prevailing tax laws. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale.
For further details regarding the above-mentioned rider, please refer to the respective rider brochure(s) available on our website.
Honesty is the best policy
Applicants should ensure that insurance details in the application form is filled by oneself with “ Utmost good faith”.
Be honest & truthful about your medical history, health conditions, or any other complications.
Also, let the insurer know about any habits like use of alcohol, tobacco or any narcotics/ psychotropic substances in the present or past, to ease the process of Policy issuance and claim assessment process.
ADV/7/24-25/945

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