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Best Aditya Birla Sun Life Term Insurance Plans
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.51%
- Zero Cost Benefit
- Terminal Illness
- Nominee's Choice payout
- Voluntary Top Up
- Tax Benefits
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹97.84%
- Waiver of Premium on Disability
- Terminal Illness
- Life Stage Benefit
- Tax Benefits
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.4%
- Tax Benefits
- Terminal illness
Will my Aditya Birla Sun Life term insurance plan expire?
Your Aditya Birla Sun Life term insurance plan will not expire until the policy duration ends or in case the claim is received (whichever happens earlier). However, in order to keep your existing term plan active, you must continue paying a regular insurance premium towards the plan.
How can I track the status of my Aditya Birla Sun Life term insurance plan?
To track your Aditya Birla Sun Life term insurance plan status, simply visit the official website of the insurance company and go to the policy tracker page. Afterwards, enter your policy number, contact info, date of birth, and then click on ‘submit’.
How is the premium for my Aditya Birla Sun Life term insurance plan calculated?
The premium paid towards your Aditya Birla Sun Life term insurance plan is calculated based upon various factors such as gender, age, occupation, lifestyle habits, etc. Moreover, it is advisable to buy term plans at an early age as the premium amount increases with age.
Why should I purchase my Aditya Birla Sun Life term insurance plan online?
You should consider purchasing your term insurance plan online because it is not only a cost-effective and smarter way to purchase insurance but it also saves your precious time as well as hard-earned money.
How can I pay my premium online for my Aditya Birla Sun Life term insurance plan?
You can make a premium payment for Aditya Birla Sun Life term insurance plan by going to the official website of the insurance company and then selecting ‘Pay Premium’ displayed at the top of the webpage. Then, you need to enter your policy number and birth date. Click on ‘Next’ to move ahead and then you can choose the payment option from the available options i.e net banking, credit card, debit card, etc.
Who is entitled to receive the sum assured in case of the life assured’s death?
The nominee, beneficiary, or the assignee/appointee in case of the death of the life assured, is entitled to receive the sum assured as mentioned by the policyholder in the proposal form.
What is the Claim Settlement Ratio of Aditya Birla Sun Life insurance for FY 2019-20?
The claim settlement ratio of Aditya Birla Sun Life insurance was 97.54% for the financial year 2019-2020.
When is a claim rejected?
A claim is rejected if in case there has been a material suppression of information or facts pertaining to the proposal form, which would have impacted the policy issuing decision if disclosed at the proposal stage. Claim repudiation may also happen in case the documents submitted at the claims stage are not genuine.
Who should I contact if I need to know my Aditya Birla Sun Life term insurance claim status or need any help during the claim process?
You can call upon the toll-free number 1800 270 7000 or send an email to firstname.lastname@example.org or can visit the nearest Aditya Birla Sun life Insurance branch for any help or to know the status of the claim.
What are the IRDAI guidelines pertaining to the claims?
The IRDAI guidelines state that a claim will have to be paid within 30 days from the date of receipt of all the required claim documents. In case the claim warrants a further investigation, then the insurer has to complete the investigation no later than 120 days from the time of making the claim.
What are the tax benefits available under Aditya Birla Sun Life Term insurance plans?
Tax deduction under Section 80C and Section 10(10D) is available under Aditya Birla Sun Life Term insurance plans. Tax deductions and exemptions are subject to change from time to time.
What Term Insurance plans does Aditya Birla Sun Life Insurance offer?
Under the Term insurance category, Aditya Birla Sun Life offers five plans namely- Aditya Birla Sun Life Insurance Premium Back Term Plan, Aditya Birla Sun Life Insurance Future Guard Plan, Aditya Birla Sun Life Insurance Protection Plus Plan, Aditya Birla Sun Life Insurance Protection Easy Plan and Aditya Birla Sun Life Insurance Easy Protect Plan.
What is the grace period under Aditya Birla Sun Life Term plans?
According to the Insurance Regulatory Authority of India (IRDAI) regulations, a grace period of 30 days is allowed from the premium due date under the Aditya Birla Sun Life Term plans.
When is the right time to purchase the Aditya Birla Sun Life Term insurance plan?
The best time to buy an Aditya Birla Sun Life term insurance plan when you’re young and in relatively good health. This will help you to get your premium at an affordable rate.
What is the claim settlement ratio of Aditya Birla Sun Life insurance?
Aditya Birla Sun Life insurance has a claim settlement ratio of 97.54% for the financial year 2019-20.
What happens when my Aditya Birla Sun Life term policy expires?
When the policy expires, and the life assured is alive then no death benefits are paid but if she/he dies then the cover is paid to the beneficiary/nominee.
How much cover is sufficient for my term protection?
The premium amount of your term plan is decided as per one's age, cover amount, and lifestyle. It varies from person to person and can be paid at his/her convenience.
Is natural Death covered under Aditya Birla Sun Life term insurance plan?
Yes, natural and accidental deaths are covered under Aditya Birla Sun Life term plan.
What is the customer care helpline number of Aditya Birla Sun Life insurance?
The customer care helpline number of Aditya Birla Sun Life is 1800 270 7000.
What are the key features of ABSLI Saral Jeevan Bima?
The key features offered under this plan are mentioned below:
- Affordable and simple plan to meet your and your family’s financial security goal.
- Flexible options offered to make the premium payment just once/ for a specific time/ throughout the plan duration.
- Option to increase life insurance coverage with Accidental death benefit rider.
What is the meaning of Joint Life Protection?
It is an optional benefit, wherein two lives can be given coverage on the basis of joint life as the primary and secondary life insured under the same insurance plan. It is available under ABSLI DigiShield Plan.
Am I eligible to get tax benefits with my ABSLI term insurance plan?
Yes, the term insurance plans offer tax deduction on the premium paid against the insurance plan according to section 80 C of the Income Tax Act, 1961. The income tax deductions that can be claimed by the policyholder against payment of premium is up to Rs 1.5 Lakh maximum.
Can I purchase ABSLI term insurance plans online?
Yes, you can easily purchase term insurance plans from the official website of Aditya Birla Sun Life Insurance Company Limited, within just a few minutes. The online buying process is not just time saving but also cost-effective.
At what age can I buy a term insurance plan?
You are eligible to purchase a term insurance plan if your age is anywhere between 18 years to 65 years. It is advisable to buy a term plan early as with the increase in age, the premium payable towards the insurance plan also increases.
What are the benefits of term life insurance?
Aditya Birla Sun Life Insurance provides several benefits to the policyholders such as Term plans offer high coverage at affordable premiums. Premiums payable towards term insurance provide tax exemptions under section 80C of The Income Tax Act, 1961. Most importantly, it gives the policyholder peace of mind by ensuring your loved ones financial security even when you are not there.
What factors determine my Aditya Birla Sun Life Term Insurance plan premium?
Your Aditya Birla Sun Life Term Insurance premium is based on your gender, age, occupation, pre-existing disease, and cover-up to which age.
What are the different Rider options available with Aditya Birla Sun Life Term Insurance Plans?
Aditya Birla Sun Life offers multiple riders options such as Accidental Death and Disability Rider, Critical Illness Rider, Surgical Care Rider, Hospital Care Rider, Waiver of Premium, and Accidental Death Benefit Rider Plus.
How would my Premium change if I add Riders to my Aditya Birla Sun Life Term insurance plan?
If you add riders to your Aditya Birla Sun Life Term Insurance coverage, the premium calculated would increase because each Rider provides an additional benefit which comes with an additional cost for the additional coverage benefit that it provides. Thus, by adding each rider, the premium goes up.
What does a term insurance premium calculator do for you?
A term insurance premium calculator aids you to determine whether the desired coverage will suffice the future needs of your family. The calculator does so by assessing different variables, such as the chosen life cover amount, age, gender, etc. Thus you can select a term plan coverage that is large enough to financially secure your family's requirements, while the premium payable comes under your budget.
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Claim Process at Aditya Birla Sun Life Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.