Why Should You Buy Aditya Birla Sun Life Term Insurance Plans?
Arjun and Sheeba got married recently after 5 years of being in a relationship. Immediately after the marriage, they moved into a new apartment that both had purchased via a joint loan. All was well until the COVID-19 pandemic, which led to their companies laying off employees. Unfortunately, both lost their jobs, which made life tough for both since there was a home loan to pay. Adding to the difficulties, Sheeba was diagnosed with a critical health complication making it tougher to manage the finances.
But the term plan that Arjun had taken also provided coverage to his partner with an inbuilt coverage for critical illnesses, which helped them cover the hospital surgery expenses without any trouble. Without this term plan, it would have been difficult for both to overcome the hard times.
What is Term Insurance?
A term insurance policy can help you safeguard your family’s financial future at a reasonable price, even after your absence. In case any unfortunate event occurs to the insured, it guarantees to pay a predefined amount to the nominee of the policyholder. In contrast to other investment products, the term plan does not offer any returns. Besides, knowing what is term insurance, you should be aware that there are several insurance companies offering term insurance policies in the market. This wide choice offered by the insurance companies makes it difficult for a potential policyholder to identify the most suitable one.
Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a popular subsidiary of Aditya Birla Capital Ltd (ABCL), which began operations in the year 2001. This joint venture was formed between Aditya Birla Group and Sun Life Financial Inc., one of the eminent financial services firms located in Canada offering insurance, wealth, asset, and management solutions to both individual and corporate customers.
Aditya Birla insurance offers a variety of term insurance plans that suit the needs of every individual. To know more about them in detail, continue reading below to have a better understanding of the product features.
1. ABSLI Life Shield Plan: This policy is designed to ensure financial security for your loved ones by transferring the benefit amount to the beneficiary in the event of an unfortunate loss of life insured during the term of this Aditya Birla Capital life insurance policy. It allows you to pick from 8 plan options, according to your requirements: Level Term Assurance and Level Term Assurance with Waiver of Premium (WOP) Benefits, Increasing Term Assurance or Increasing the Term Assurance through Waiver Premium (WOP) Benefits and Decreasing the Term Assurance and Decreasing the Term Assurance through Waiver Premium (WOP) Advantages Return of Premium and Repayment to Premium through Waiver Premium (WOP) Benefits.
It is also possible to increase the coverage of this Aditya Birla insurance policy during some of the life-changing events like childbirth, marriage, or childbirth. The option to protect your spouse under the same plan, multiple rider options, as well as tax benefits are just a few of the other features of this Aditya Birla term plan.
2. ABSLI DigiShield Plan: A full-featured insurance plan that offers greater options tailored to match your specific needs to enable you to be prepared for the challenges of life. There are 10 variants that allow you to select the right life insurance plan from 1 year to 100 years old as well as the Aditya Birla term plan with return of premium offer, income benefit, the terminal illness benefit, increase in the amount of life insurance coverage during major life circumstances, and more.
Additionally, you can also choose the premium payment period between regular pay, limited pay, and single pay, after you have decided on the best sum assured that starts at a minimum Rs.30 lakh, with no limits on the maximum amount.
3. ABSLI Saral Jeevan Bima: This is an easy-to-understand and cost-effective Aditya Birla term insurance policy with the standard features mandated by the IRDAI, in order to draw more people under the insurance fold. While the insured amount is paid to the beneficiary in the event of a sudden loss of the policyholder, there aren’t any survival or maturity benefits in this plan, which makes it a full protection plan.
An initial waiting period of forty-five days applies, beginning on the date of risk commencement which entitles to death benefits. With a guarantee of Rs.5,00,000 and no difficult eligibility requirements, it’s an insurance policy that is suitable for all people, especially those who belong to the unorganized sector.
Before you buy any of these above-mentioned Aditya Birla Insurance plans, make sure to compare them as per your requirements. After purchasing the plan, you can easily check the Birla Sun Life insurance policy status online or by contacting the insurer.
Why choose Birla Sun life Insurance?
If you are looking to buy Aditya Birla sun life term insurance policies, then it is necessary for you to know about their benefits:
1. Trust in the Company: Employing more than 140,000 people, and operations in 36 countries around the world, Birla Sun life has a large network of offices across India including the presence of 386 branches as well as 90,000 agents for direct selling to assist customers in choosing the best insurance product to meet their needs. They have a claim settlement ratio of 97.54 percent in FY 19-20.
2. High Coverage for the Lowest Cost: In the face of risks in life, it’s important to select an insurance policy that not only offers the security of your children during your absence but also assists to reduce the rising costs of living. If you choose to buy directly from the Aditya Birla capital insurance website, broker commissions are cut off which lowers the cost of insurance premium significantly.
3. Allows for Benefit Payouts: The term insurance plan benefits provided by the Aditya Birla term policies will be paid out upon receipt of the claim form from your nominee in a lump sum or in periodic time frames as regular income. The policyholder is able to make this decision when making the application for the policy by taking into consideration the needs and objectives of the family members.
4. Provides Add-on or Rider options: Riders are added benefits to your current Aditya Birla capital life insurance policy, providing additional protection against a variety of issues like illnesses and accidents, sickness, and more. This allows you to keep the same policy and make it future-proof instead of having multiple policies for various reasons.
5. Income Tax deductions: The term plan offered by Aditya Birla Sun life provides income tax advantages on premiums as well as payouts. You can get deductions on premiums that you pay, in accordance with Section 80C under the Income Tax Act, 1961. Besides, the payment of the benefit amount is tax-free under Section 10(10D) and 10(10D) of Income Tax Laws.
Now, that you have learned what is term life insurance? Are you still thinking of buying term insurance? Then the above points should have given you a brief on why you must seriously consider buying a term insurance policy from Aditya Birla capital term insurance.