Aditya Birla Sun Life Insurance reduces premium rates of DigiShield Term Plan
Aditya Birla sun life insurance (ABSLI) is a prodigious insurance company that holds an astonishing portfolio and unparalleled market reputation in the field of the insurance sector. Aditya Birla insurance offers an array of policies, including Aditya Birla Term plan (ABSLI Digishield plan, ABSLI life shield plan, etc.), health insurance plans, child insurance plans, Unit-linked insurance plans, and many more.
In August 2021, Aditya Birla Sun life insurance (a subsidiary of Aditya Birla Capital Limited (ABCL)) announced a reduction in the premium rates by up to 15% in ABSLI DigiShield Plan. With this reduction, the ABSLI DigiShield plan has become the most competitive plan in the field of the term insurance sector. Moreover, this tailor-made plan successfully meets all the needs of policyholders and can be further customized to cater to the specific protection needs of the customers.
The ABSLI DigiShield plan permits a policyholder to enjoy an assured recurring income starting from age 60 years through the survival benefit option. But most conventional term insurance plans don’t come with this kind of benefit. Moreover, this customized term plan offers flexibility to lessen the sum assured at pre-defined retirement age. As per their debts, outstanding liabilities, and the stage of life, policyholders can regulate their coverage.
ABSLI DigiShield Plan embraces customers with flexibility. This plan offers diverse protection needed across every stage of life. This insurance plan comes with multifarious plan options including, joint life protection, critical illness cover, and rider options. This tailor-made plan offers a distinctive protection solution for the policyholders and their family members.
This COVID-19 pandemic has created havoc in everyone’s life. Many people have experienced financial turbulence during this menacing COVID-19 period. This pandemic has forced many insurance companies like Aditya Birla life insurance to revise the price cap for their products. To cope with the evolving demand for term insurance plans, Aditya Birla has announced a reduction in the premium for ABSLI DigiShield Plan. This customized term plan suit all ever-evolving monetary needs of the customers. Now, customers should plunge into this reduced premium term plan and enjoy its benefits. In this way, they can offer the utmost financial protection to themselves and their family members.
This plan allows multiple premium payment terms, policy tenures, and death benefit pay-out options to policyholders. This comprehensive term plan allays liabilities, offers protection to your loved ones, and provides assistance in retirement.
Some prime features of the ABSLI DigiShield plan
- This policy offers 10 plan options that you can select as per your requirements and needs
- You can choose a survival benefit as a monthly income after 60 years and enjoy a tension-free retired life.
- Flexible death payment options (either a lump sum amount or monthly income or both)
- Life insurance coverage till 100 years
Aditya Birla Sun Life Insurance (ABSLI) DigiShield Term Plan Options
- Level cover option: If the policyholder dies in an unfortunate event during the tenure of the policy, the beneficiary will get the sum assured in a lump sum
- Increasing cover option: Depending on the sum assured escalation rate chosen by the insured policyholder, the sum assured usually increases either 5% or 10% per annum. In case of the sudden demise of the policyholder, the beneficiary is eligible for the sum assured.
- Sum assured reducing option: Under this plan, the policyholder can minimize the selected sum assured by 50% or 25% after his/her retirement (above 60 years, 65 years, 70 years, or 75 years).
- Whole life cover: The plan provides coverage for 100 years. In case of the sudden demise of the policyholder, the beneficiary will get an absolute amount, i.e., equal to the sum assured.
- Whole life cover (sum assured reduction cover): Though this plan will give coverage till 100 years of life, still, policyholders can minimize the selected sum assured factor of 50% or 25% after closing to retirement age as 60 years, 65 years, 70 years or 75 years.
- Income benefit: If the policyholder passed away due to any unfortunate event during the policy term, the beneficiary would be eligible for monthly income, i.e., equal to 1.25% of the sum assured for 10 years, 15 years, or 20 years.
- Level cover plus income benefit: After the sudden demise of the policyholder during the policy period, the nominee will immediately receive the sum assured (in a lump sum). Moreover, he/she will also get a monthly income for 10 years as 0.5% of Sum Assured.
- Low cover option: Under this plan, after the death of the policyholder, the beneficiary will get an absolute amount (the sum assured) in a lump sum.
- Level cover with survival benefits: Under this plan, if the policyholder survives till the age of 60 years, he/she will get a survival benefit (equal to 0.12% of the sum assured) every month till the end of the policy term. If the policyholder dies due to an unfortunate event, the beneficiary will get an absolute amount in a lump sum.
- Return of premium: If the policyholder survives at the end of the policy term, he/she will get the total premiums (under maturity benefit). But the beneficiary will get an absolute amount in a lump sum if the policyholder dies due to an unfortunate event.
These are the 10 plan options you will get while going through the Aditya Birla insurance policy details. In case of the untimely demise of the policyholders, the nominee is eligible for death benefits as per the plan option selected by the insured policyholder.
If you are looking for more information on Aditya Birla Sun Life Insurance term plans, you can visit iiflinsurance.com.