Aditya Birla Sun Life Term Plans offer a set of attractive features & benefits that work towards providing financial security to your family, in case something untoward happens to you. The company offers five term insurance plans, viz. ABSLI DigiShield Plan, ABSLI Income Shield Plan, ABSLI Life Shield Plan, ABSLI Protect@Ease, ABSLI Future Guard Plan and ABSLI Protector Plus Plan.

Aditya Birla Sun Life Insurance Company

Aditya Birla Sun Life Insurance Company Limited is a joint venture between Aditya Birla Group, a distinguished business house of India and the Sun Life Financial Inc, one of Canada’s esteemed international financial services organization.

ABSLI offers a diverse range of products consisting of an extensive array of protection and investment solutions. It spans over life coverage, wealth creation, planning and children’s future. With more than 550 office branches located across the country, the company has a customer base of 2.5 million. Further, it also has 100+ business & distribution partnerships and an advisory network of 1, 05,000.

Highlights of Birla Sun Life Insurance:

  • ABSLI introduced ULIPs (Unit Linked Insurance Plans) in the investment market.
  • ABSIL discloses their portfolio on monthly basis to maintain their credibility and provide additional transparency to its customers.
  • ABSLI ranks among the top 7 life insurance companies in Indian private sector. The company was given the ‘Good Corporate Citizen Award’ under the Banking and Financial Institutions category for the year 2009-10.
  • In the H1 Financial Year 2017-18, ABSLI recorded a gross premium income of Rs 24331 million.
  • ABSLI has 433 branches, 7 distribution channels, 6 bancassurance partner and more that 80,000 direct selling & corporate agents across India and all of these distribution channels can be accessed online as well.
  • ABSLI has more than 8,000 employees and over 16 lakhs active customers.

About Birla Sun Life Term Insurance Plans:

Birla Sun Life term insurance plans offer several other benefits besides providing pure protection, such as affordable premiums, income tax benefits, various premium-payment modes and a wide range of riders to choose from.

PlanPolicy TermEntry Age (Min-Max)Maturity AgeSum Assured (Min-Max)
ABSLI DigiShield Plan5 to 40 years18 – 65 years80 yearsRs.30,00,000 – No Limit
ABSLI Income Shield Plan10 to 40 years18 – 50 years75 yearsRs.500,000 – No Limit
ABSLI Life Shield Plan6 To 50 years18 – 65 years80 yearsRs.25,00,000 – No Limit
ABSLI Protector Plus Plan10 to 30 years18 – 65 years70 yearsRs. 30,00,000 – No Limit
ABSLI Protect@Ease5 to 40 years18 – 65 years80 yearsRs. 30,00,000 – No Limit
ABSLI Future Guard Plan10 to 30 years18 – 65 years75 yearsRs. 5,00,000 – No Limit

ABSLI DigiShield Plan:

ABSLI DigiShield Plan is a non-linked, non-participating Aditya Birla sunlife term plan which comes with an option to customise it depending upon the policyholder’s life-stage requirement. The plan also offers in-built benefit of terminal illness.

It offers two plan options to suit the insured’s protection needs: Joint Life Protection and Enhanced Lifestage Protection.

Benefits & features of ABSLI DigiShield Plan:

Death Benefit:

Death Benefit offered under ABSLI DigiShield Plan is the sum insured paid on death of the policyholder after deducting the amount of any Terminal Illness Benefit paid previously to her/him.

Death benefit paid for regular or limited pay will be highest of either of the following:

  • Minimum sum assured guaranteed on maturity
  • 10 X annualised premium
  • 105% of all the premiums paid by the death date of the insured; or
  • Total amount guaranteed to be paid on death of the policyholder

Death benefit paid for single pay will be highest of either of the following:

  • 125% of single premium
  • Minimum sum assured guaranteed to be given on maturity
  • Total amount guaranteed to be paid on death of the policyholder

The nominee or the claimant has the option to get the death benefit either as a:

  1. Lump sum payment; or
  2. Dispersed payments plus fixed annual income

Under this option, 20% of the Death Benefit will be paid to the nominee as a one-time payout. It will be given at the time of claim settlement.

And, the remaining amount will be paid as a fixed percentage of the death benefit on every death anniversary of the policyholder. It will be 11% of the death benefit for a payout term of 10 years and 8.37% for a payout of 15 years.

  • Dispersed payments with increasing annual income at the rate of 5%

Under this option, the Death Benefit will be given as

  1. One-time payout of 20% of Death Benefit at claim settlement
  2. The remaining Death Benefit will be paid annually as a fixed percentage to the nominee.

It will be 9.16% of the death benefit for a payout term of 10 years and 6.47% for a payout of 15 years.  This death benefit is paid at every death anniversary of the policyholder at an increasing rate of 5% p.a.

Joint Life Protection:

Under this feature offered by DigiShiled Plan, the primary life assured and her/his spouse (the secondary life assured), both are covered under the same plan. In Joint Life Protection, the spouse will also get 50% of the applicable sum assured. However, this feature is only applicable if the sum assured chosen (at the time of plan inception) is equal to or above Rs 60 lakhs.

Enhanced Lifestage Protection

The protection needs of policyholders may vary at different life stages due to occurrence of different major events in their life. Owing to this, they may need to increase their life cover on occurrence of certain events marriage or birth of children.

This option works only for regular pay policies, standard life policies and policies under Level term Assurance Option. Please understand that this option isn’t applicable for the cases where the policyholders have already opted for Joint Life Protection.

Following are the details of Enhanced Lifestage Protection:

EventEnhanced Protection (% of Sum Assured at Inception of the policy)
Marriage (applicable only for the 1st marriage)50% subject to a maximum of Rs 50, 00,000
1st Child’s Birth25% subject to a maximum of `25,00,000
2nd Child’s Birth25% subject to a maximum of `25,00,000

Maturity Benefit:

Aditya Birla DigiShield Plan doesn’t have any maturity benefit.

Reduced Paid Up

For Limited Pay:

In any case, if the policyholders discontinue paying premiums after they have paid premiums for a minimum of 4 years, their policies will not be lapsed but will work on a reduced paid-up basis. Under this option, their sum insured will be reduced in proportion to the premium amount paid by them to the total premium amount meant to be paid during the policy tenure.

Please understand that this feature is not applicable for Regular Pay option.

Different riders available under Aditya Birla DigiShield Term plan:

ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V01)

ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)

ABSLI Surgical Care Rider (UIN: 109B015V03)

ABSLI Critical Illness Rider (UIN: 109B019V03)

ABSLI Hospital Care Rider (UIN: 109B016V03)

ABSLI Income Shield Plan:

ABSLI Income Shield Plan is an all-inclusive Aditya Birla term insurance plan. This plan is designed for entrepreneurs as well as salaried professionals. This Birla sunlife term insurance plan offers 4 different plan options to suit your protection needs. The plan offers EVA benefit – a benefit exclusively designed for women policyholders.

Benefits & Features of Birla Sun Life Income Shield Plan:

Death Benefit

In case of unfortunate demise of the policyholder, besides the Income Benefit Term, the nominee will be paid a regular monthly income (based on the plan option chosen by the policyholder). The nominee will receive the first payout at the time of acceptance of the death claim and remaining payouts will be paid by the company on every policy monthiversary.

The monthly payout is equal to 1.25% of the total sum insured and will continue throughout the Income Benefit Term.

The Sum assured paid on the policyholder’s death will be highest of:

  • 10 X the annualised premium
  • Maturity Sum Assured
  • 105% of the total premium amount paid till the date of death
  • Insured benefit meant to be paid on death

EVA Benefit

Under this benefit option, the female policyholders will be granted freedom from paying the premiums for a period of one year in case of a newborn delivery during their policy tenure.

This benefit is applicable for all plan options. Once the period of one year waiver is over, the female policyholders need to start paying their premiums till the end of the policy tenure.

Reduced Paid-Up Benefits

For Limited Pay

Similar to ABSLI DigiShled Plan, if the policyholders discontinue paying premiums in Aditya Birla Income Shield Plan after paying premiums for a minimum of 4 years, their policies will not be lapsed but will rather work on a reduced paid-up basis.

Under this option, their sum insured will be reduced in proportion to the premium amount paid by them to the total premium amount meant to be paid during the policy tenure.

Please understand that this feature is not applicable for Regular Pay option.

Maturity Benefit

Aditya Birla Sunlife Income Shield Plan doesn’t have any maturity benefit.

Customisable Benefits (Add-on Riders)

The policyholders can increase their policy coverage by opting for the add-on of ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V01).

ABSLI Life Shield Plan:

ABSLI Life Shield Plan is an Aditya Birla term insurance plan that offers provide complete financial security for the insured’s family and ensure that they are taken care of even when the life assured is not around.

The policy offers 8 different plan options to go for depending upon different protection needs of the life assured. Below enlisted is the list of 8 different plan options offered by Birla Life Shield Plan:

Plan Option 1 – Level Term Assurance

Under this option, the sum insured chosen by the policyholders will not change for their entire policy tenure.

Plan Option 2 – Level Term Assurance with Waiver of Premium (WOP) Benefits

Under this plan option, besides the benefit applicable under Plan Option 1, the policyholders will also get the benefit of all future premiums waived off for them, in case they suffer from Total and Permanent Disability or are diagnosed with any of the Critical Illness (mentioned in the policy document) during the policy term.

Plan Option 3 – Increasing Term Assurance

This plan options allows the policyholders to increase their sum insured at the time of plan inception by 5% or 10% per annum depending upon their financial needs. However, it won’t have any effect on their premium amount.

Plan Option 4 – Increasing Term Assurance with Waiver of Premium (WOP) Benefits

Besides the benefit applicable under Plan Option 3, this plan option will also benefit the policyholders by waiving off all their future premiums, in case they are diagnosed with any of the Critical Illness (listed in the policy document) or suffer from Total and Permanent Disability during the policy term.

Plan Option 5 – Decreasing Term Assurance

This plan option is specifically designed to help the policyholders manage their protection needs owing to any mortgage/ loan taken by them. The death benefit will be payable as per the Decreasing Sum Assured Schedule shown below:

Decreasing Sum Assured Schedule (% of Sum Assured at Inception)
Policy Year

Policy Term of up to 20 years

Policy Term of more than 20 years

1 to 5 years

100%

100%

6 to 10 years

90%

95%

11 to 15 years

75%

90%

16 to 20 years

50%

85%

21 to 25 years

NA

70%

26 to 50 years

NA

50%

 Plan Option 6 – Decreasing Term Assurance with Waiver of Premium (WOP) Benefits

Besides the benefit applicable under Plan Option 5, this plan option will also benefit the policyholders by waiving off all their future premiums, in case they are diagnosed with any of the Critical Illness (listed in the policy document) or suffer from Total and Permanent Disability during the policy term.

Plan Option 7 – Return of Premium

Under this plan option, if the policyholder is able to survive till maturity date, the company will return all the premiums paid by her/him till date.

Plan Option 8 – Return of Premium with Waiver of Premium (WOP) Benefit

Besides the benefit applicable under Plan Option 7, this plan option will also benefit the policyholders by waiving off all their future premiums, in case they are diagnosed with any of the Critical Illness (listed in the policy document) or suffer from Total and Permanent Disability during the policy term.

Please note that plan option once chosen cannot be changed during the term of the policy.

Benefits & Features of Aditya Birla Sun Life Shield Plan:

Death Benefit

Death Benefit offered under ABSLI DigiShiled Plan is the sum insured paid on death of the policyholder after deducting the amount of any Terminal Illness Benefit paid previously to her/him.

Death benefit paid for regular or limited pay will be highest of either of the following:

  • Minimum sum assured guaranteed on maturity
  • 10 X annualised premium
  • 105% of all the premiums paid by the death date of the insured; or
  • Total amount guaranteed to be paid on death of the policyholder

Death benefit paid for single pay will be highest of either of the following:

  • 125% of single premium
  • Minimum sum assured guaranteed to be given on maturity
  • Total amount guaranteed to be paid on death of the policyholder

The nominee or the claimant has the option to get the death benefit either as a:

  1. Lump sum payment; or
  2. Dispersed payments plus fixed annual income

Under this option, 58% of the Death Benefit will be paid to the nominee as a one-time payout. It will be given at the time of claim settlement.

And, the remaining amount will be paid as a fixed percentage of the death benefit on every death anniversary of the policyholder. It will be 5.77% of the death benefit for a payout term of 10 years and 4.40% for a payout of 15 years.

  • Dispersed payments with increasing annual income at the rate of 5%

Under this option, the Death Benefit will be given as

  1. One-time payout of 58% of Death Benefit at claim settlement
  2. The remaining Death Benefit will be paid annually as a fixed percentage to the nominee.

It will be 4.81% of the death benefit for a payout term of 10 years and 3.40% for a payout of 15 years.

Terminal Illness Benefit

In case the policyholder is diagnosed with a Terminal Illness, s/he will be eligible to get 50% of the total sum assured amount applicable for her/him. It’ important to note that the terminal illness benefit is subject to a maximum of Rs 2.5 crore.

In future, on subsequent death of the policyholder, her/his nominee will receive the sum after deducting the amount of Terminal Illness Benefit already paid. Please understand that the Terminal Illness Benefit will only be payable on the first diagnosis of any Terminal Illness of the policyholder during the policy term.

Waiver of premium on Total and Permanent Disability (TPD)

Under this feature, the policyholder’s future premiums will be waived off in case s/he suffers from any case of Total and Permanent Disability during her/his policy tenure. However, it will not affect the death benefit applicable under the plan.

Waiver of premium on Critical Illness (CI)

Under this feature available in Aditya Birla Life Shield Plan, the policyholder’s future premiums will be waived off in case s/he i diagnosed with any of the Terminal Illnesses listed in the policy document. However, it will not affect the death benefit applicable under the plan.

This feature is only applicable for the Plan Options 2, 4, 6 or 8 and for the first occurrence of either of Terminal Illness or TPD.

Joint Life Protection

Under this feature offered by Life Shield Plan, the primary life assured and her/his spouse (the secondary life assured), both are covered under the same plan. In Joint Life Protection, the spouse will also get 50% of the applicable sum assured. However, this feature is only applicable if the sum assured chosen (at the time of plan inception) is equal to or above Rs 50 lakhs and for the Plan Options 1 to 4.

Reduced Paid Up

  • For Plan Options 1 to 6:

Limited Pay:

Under this option, if the policyholders discontinue paying premiums after they have paid premiums for a minimum of 4 years, their policies will not be lapsed but will work on a reduced paid-up basis.

Please understand that this feature is not applicable for Regular Pay option.

  • For Plan Options 7 & 8:

For these plan options, the policyholders have the option to stop paying premiums once they have paid premiums for a minimum of two policy years. Under Reduced Paid-Up feature, their sum insured will be reduced in proportion to the premium amount paid by them to the total premium amount meant to be paid during the policy tenure.

Maturity Benefit

There isn’t any maturity benefit available under the plan. However, if the policyholders opt for Plan Option 7 & 8, they will receive the sum of all the premiums paid by them till the maturity date of the plan.  The sum will be paid to them after reducing GST any premium paid for underwriting extras or riders.

Different riders available under Aditya Birla Life Shield Term insurance plan: 

  • ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V01)
  • ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
  • ABSLI Surgical Care Rider (UIN: 109B015V03)
  • ABSLI Critical Illness Rider (UIN: 109B019V03)
  • ABSLI Hospital Care Rider (UIN: 109B016V03)

ABSLI Protector Plus Plan:

ABSLI Protector Plus is a term insurance plan with comparatively higher sum insured which ensures that the dependents or the family members of the life insured stays protected even when s/he is not around to take care of them.

The plan allows the policyholders to choose the sum insured options at the time of buying the policy depending on the life insured’s needs:

  • Level Sum Assured:

Under this option, the insurance seekers can choose the amount of protection they are going to need at the time of plan inception. It can’t be changed later on.

  • Increasing Sum Assured:

Under this feature, the insurance holders have the option to increase their sum assured with their increasing responsibilities. They get the option to increase their sum assured at the annual rate of 5% or 10% (simple interest) at the time of buying the plan.

The sum assured will increase on the policy anniversary date every year. Please understand that the increase in sum assured is not going to affect their premium amount.

The policyholders can choose to pay their premium amount either on yearly, half-yearly, quarterly or monthly basis. Under this option, their annual premium will be multiplied by:

  1. 090 for monthly instalments
  2. 265 for quarterly instalments
  3. 519 for half-yearly instalments
  4. for annual instalments

Benefits & Features of Birla Sunlife Protector Plus Plan:

Death Benefit

Death benefit paid under ABSLI Protector Plus Plan will be highest of either of the following:

  • 105% of all the premiums paid as on the date of death
  • 10 X the annualised premium
  • Sum Assured at date of death

The nominee or the claimant has the option to get the death benefit either as a:

  1. Lump sum payment; or
  2. Dispersed payments plus fixed annual income

Under this option, 20% of the Death Benefit will be paid to the nominee as a one-time payout. It will be given at the time of claim settlement.

And, the remaining amount will be paid as a fixed percentage of the death benefit on every death anniversary of the policyholder. It will be 11% of the death benefit for a payout term of 10 years, 8.37% for 15 years’ payout term and 7.12% for a payout term of 20 years.

Total and Permanent Disability (TPD) Benefit

Under this feature, in case the policyholders experience Total and Permanent Disability during their policy tenure, 50% of their sum assured will be paid to them (subject to a maximum of Rs 50 lakhs). However, it will not affect the death benefit applicable under the plan.

Different riders available under Birla Protector Plus plan: 

  • ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V01)
  • ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
  • ABSLI Surgical Care Rider (UIN: 109B015V03)
  • ABSLI Critical Illness Rider (UIN: 109B019V03)
  • ABSLI Hospital Care Rider (UIN: 109B016V03)

ABSLI Protect@Ease:

ABSLI Protect@Ease is a traditional online term plan which comes with an option to cover the insured’s spouse under the same plan.

Benefits & Features of Birla Sun Life Protect@Ease Plan:

Death Benefit

Death Benefit offered under Birla Protect@Ease Plan is the sum insured paid on death of the policyholder after deducting the amount of any Terminal Illness Benefit paid previously to her/him.

Death benefit paid for regular or limited pay will be highest of either of the following:

  • Minimum sum assured guaranteed on maturity
  • 10 X annualised premium
  • 105% of all the premiums paid by the death date of the insured; or
  • Total amount guaranteed to be paid on death of the policyholder

Death benefit paid for single pay will be highest of either of the following:

  • 125% of single premium
  • Minimum sum assured guaranteed to be given on maturity
  • Total amount guaranteed to be paid on death of the policyholder

The nominee or the claimant has the option to get the death benefit either as a:

  1. Lump sum payment; or
  2. Dispersed payments plus fixed annual income

Under this option, 20% of the Death Benefit will be paid to the nominee as a one-time payout. It will be given at the time of claim settlement.

And, the remaining amount will be paid as a fixed percentage of the death benefit on every death anniversary of the policyholder. It will be 11% of the death benefit for a payout term of 10 years and 8.37% for a payout of 15 years.

  • Dispersed payments with increasing annual income at the rate of 5%

Under this option, the Death Benefit will be given as

  1. One-time payout of 20% of Death Benefit at claim settlement
  2. The remaining Death Benefit will be paid annually as a fixed percentage to the nominee.

It will be9.16% of the death benefit for a payout term of 10 years and 6.47% for a payout of 15 years.

Joint Life Protection

Under this feature offered by Protect@Ease Plan, the primary life assured and her/his spouse (the secondary life assured), both are covered under the same plan. In Joint Life Protection, the spouse will also get 50% of the applicable sum assured. However, this feature is only applicable if the sum assured chosen (at the time of plan inception) is equal to or above Rs 50 lakhs.

Enhanced Lifestage Protection

The protection needs of policyholders may vary at different life stages due to occurrence of different major events in their life. Owing to this, they may need to increase their life cover on occurrence of certain events marriage or birth of children.

This option works only for regular pay policies, standard life policies and policies under Level term Assurance Option. Also, the attained age of the insurance holder should be equal to or less than 50 years while going for this option. Please understand that this option isn’t applicable for the cases where the policyholders have already opted for Joint Life Protection.

Following are the details of Enhanced Lifestage Protection:

EventEnhanced Protection (% of Sum Assured at Inception of the policy)
Marriage (applicable only for the 1st marriage)50% subject to a maximum of Rs 50, 00,000
1st Child’s Birth25% subject to a maximum of Rs 25,00,000
2nd Child’s Birth25% subject to a maximum of Rs 25,00,000

ABSLI Future Guard Plan:

ABSLI Future Guard Plan is an ideal Birla term insurance plan to protect your family in an economical way in the unfortunate event of you not being around. The plan comes with a guarantee of return of premiums that will be paid at the end of the term of the policy.

Benefits & Features of  Birla Sun Life Future Guard Plan:

Death Benefit

Death Benefit offered under Aditya Birla Future Guard Plan is the sum insured paid in case of the unfortunate demise of the policyholder during the policy term

Maturity Benefit

There isn’t any maturity benefit available under the plan. However, the policyholders will receive the sum of all the premiums paid by them till the maturity date of the plan.  The sum will be paid to them after reducing GST any premium paid for underwriting extras or riders.

Type of Plan

% of Premium Amount Based on the Policy Term

10 Years15 Years20 Years25 Years30 Years
Plan A100%100%100%100%100%
Plan B110%120%130%140%150%

Surrender Value

Under this facility, the plan will acquire a surrender value once all the due premium amount has been paid for a minimum of three full policy years. This Guaranteed Surrender Value include a percentage of premium amount paid by the insurance holders (excluding premium amount paid for rider’s benefit, service tax and underwriting extra).

This plan will also be eligible for a Special Surrender Value. The surrender value will be higher of Special Surrender Value or Guaranteed Surrender Value. The policy shall be terminated once the Surrender Value is paid.

Note:

All the plans under Aditya Birla term insurance plans offer tax-saving benefits u/s 80C, 80D and 10(10D) under the Income Tax Act, 2016.

Documents Required to Apply For Birla Sun Life Term Plans:

Initial documents needed to apply for Aditya Birla term plans include self-attested:

  • Duly filled applicable proposal form from the applicants
  • Passport size photographs
  • KYC (Know Your Customer) documents like Address Proof & Identity proof.
  • Proof of income

Below is the list of documents considered valid for identity & address proof:

  • Aadhaar Card
  • Passport
  • Voter ID
  • PAN (Permanent Account Number) card
  • Driving License
  • Ration Card
  • Birth Certificate
  • Transfer/ Matriculation/ School leaving Certificate

Claim Settlement Procedure of Birla Sunlife Term insurance Plans:

Aditya Birla term plans are known to offer a swift & hassle-free claim settlement process. It follows a streamlined claim settlement process and has induced different checks and controls to make sure that the customers are able to experience a smooth claim settlement experience.

For the Financial Year 2017-18, ABSLI has given a claim settlement ratio of 96.4% for the category of individual candidates; whereas, for group businesses, it was 99.9%.

Below is the process followed for claim settlements in Birla Sunlife Term insurance Plans:

  1. The first step is of course, to intimate the provider about the death of the life assured. To do so, the claimant should visit a branch executive or sales officer and submit a written intimation and a copy of the death certificate along with that.
  1. The death certificate should be issued by the Municipal Authority or Gram Panchayat. Here, it’s important to realize that the death certificate is a mandatory requirement for logging death claims. One can also directly intimate The Claims Department at Head Office of ABSLI to initiate the claim process.
  1. Once the claim is submitted and the Claims Department of the company has received the intimation of the claim, it will send a notification letter to the claimant with all the necessary claim forms.

Document required for claim settlements in Birla Sun Life Term Plans in case of Death Claim:

  • A duly attested death certificate copy by the authorised person
  • Claimant’s Statement
  • Original Policy document (one can also submit Indemnity Bond in case, original policy document is lost)
  • Death Abroad Questionnaire (in case, the death of the insured has occurred outside India)
  • Legal necessities (if policy money is unclear)
  • Certificate from Medical Attendant
  • Medical reports’ copies of previous and last hospitalizations
  • Employer’s certificate (if required)

Documents required for claim settlements in Birla Term insurance Plans in case of Accidental Death Claim (with or without rider):

  • First Information Report (FIR)
  • Police Inquest Report
  • Post Mortem Report
  • Newspaper Cuttings (if there are any)

Please understand that these copies are required in addition to the documents required for normal death claims. Also, all these documents and copies should be duly attested by the authorized person.

Documents required for claim settlements in Aditya Birla Term insurance Plans in case of Accidental Dismemberment Claim:

  • Original Policy Document
  • Treatment Certificate from Hospital
  • Claimant’s Statement

There can be an examination held by the physician appointed by the company, if required.

Documents required for claim settlements in Aditya Birla Sun Life Term Plans in case of Critical Illness Claim:

  • Original Policy Document
  • Treatment Certificate from Hospital
  • Certificate from the Family Physician
  • Medical Records duly attested by the authorised person

Also, it’s important to understand that the claim has to be submitted by the life insured after expiry of a period of 30 days from the date of her/his critical illness diagnosis.

There can be an examination held by the physician appointed by the company, if required.

Please note that in case there would be any additional requirement for the submitted, claim ABSLI has the right to contact the claimant for the same. Also, submitting claim request doesn’t necessarily meant claim settlement liability by the company.

FAQs of Birla Sun Life Term Plans:

Q1) How do I check my Policy Number & Client ID for an Birla Sunlife Term insurance plan?

Your policy number is of 9 digits and you can find it at the right hand side of the receipt of the first premium paid by you; whereas, your client ID has 10 digits. It can be found at the left hand side of the receipt of the first premium paid by you.

Q2) How can I change my name on my Birla  Sun Life Term insurance plan?

You can let the company know of any name change by providing a gazette notification copy or a marriage certificate copy (if the name change has occurred due to marriage).

In case you want to make a correction in your name, please attach a copy of either of the following documents:

    1. Voter’s ID Card
    2. Passport
    3. PAN Card
    4. Driving Licence

You can submit the Policy service request form at any of the company’s branches along with the aforementioned documents

Q3) Is there an option of changing the ownership of the plan in case of unfortunate death of policyholder?

Yes, you can change the ownership by filling up the Deed of Relinquishment form. You will also need to submit the following documents along with the Deed of Relinquishment form:

  • Change in ownership form
  • DOR (Deed of Relinquishment) form. Please note that it should be notarized on a Rs.200 stamp paper
  • Death certificate
  • Identity proof of the new applicant
  • Passport size photograph of the new applicant
  • Residence proof of the new applicant
  • Income proof of the new applicant. The income proof is only required to be submitted in case the policyholder will be paying premium of Rs 1 lakh or above for all the policies assigned to her/his client ID.

Q4) How to revive an Birla Term plan in case it is already lapsed?

Policy revival is only possible if you approach the company:

  1. Within 180 days of policy lapse; or
  2. Between 181 -365 days of policy lapse

As of now, the charge is Rs 100 per revival request, but the company reserves the right to change this charge which can be increased to a maximum of Rs. 1000 per revival.

Q5) Define free-look period. Do Birla term insurance plans offer free-look period?

Free-look period is usually of 15 days wherein you can hold an insurance plan and can give it back to the company if you are not satisfied with the terms & conditions of the particular plan.

Yes, Aditya Birla term insurance plans offer a free-look period and you’ll be glad to know that this is the first insurance provider to introduce the free-look concept. The company did it even before it was made mandatory IRDAI (Insurance Regulatory and Development Authority of India).

Q6) How to cancel Aditya Birla Sunlife term plans online?

To cancel an Aditya Birla term insurance plan, you are required to submit your reason for surrender along with the cancellation or surrender form. The forms can be submitted at any of your nearest Aditya Birla office or branch.

Q7) What to do I lose my Birla Sun Life term plan documents?

If you have lost the policy document you can submit an Indemnity bond notarized on a Rs. 500 stamp paper (for Maharashtra-residents) and Rs. 200(Non Maharashtra-residents. The stamp paper should be duly signed by the policyholder. Please also attach the following documents along with the stamp paper:

a) Self-attested ID proof

b) Self-attested Address proof (You should be residing at the address mentioned in your address proof from the last 6 months)

In case your policy document is partially destroyed owing to different natural causes such as flood, fire, etc, you can submit the remaining portion as evidence of loss of policy to the company.