Aditya Birla Sun Life Insurance Life Shield Term Insurance Plan

Aditya Birla Sun Life term plans are cost-effective insurance plans providing comprehensive life cover at an affordable premium amount for a specific time period chosen by the policyholder. One such term plan is the Life Shield plan which is carefully designed to cater to different requirements of the customer while offering them financial security. It comes with a host of benefits and features such as 8 different life cover options, terminal illness cover, multiple add-ons covers to name a few.

Aditya Birla Sun Life Insurance Life Shield Term Insurance Plan Features

  • The Life Shield term plan by Aditya Birla offers significant life cover at affordable premium rates.
  • It offers the flexibility to opt from 8 different coverage options as per the requirements of the policyholder. The 8 life cover options are
    1) Level Term Insurance,
    2) Level Term Insurance with Waiver of Premium benefit,
    3) Increasing Term Assurance,
    4) Increasing Term Assurance with Waiver of Premium benefits,
    5) Decreasing Term Assurance,
    6) Decreasing Term Assurance with Waiver of Premium benefits,
    7) Return of Premium,
    8) Return of Premium with Waiver of Premium (WOP) Benefit.
  • This plan gives you the option to cover your spouse under the same policy.
  • It comes with a Return of premium option benefit on maturity wherein all premiums paid are returned to the policyholder if he or she outlives the policy tenure.
  • The policy offers a waiver of premium benefit in case of disability or disease.
  • This plan also comes with a terminal illness benefit.

 

Aditya Birla Sun Life Insurance Life Shield Term Insurance Plan Eligibility Criteria

Parameters Features
Minimum/ Maximum Age at Entry For Plan Option: 1|3|5|7: 18 to 65 years

For Plan Option: 2|4|6|8: 18 to 50 years

Maximum Maturity Age 85 years
Minimum Sum Assured Rs 25 lakh
Maximum Sum Assured No limit (subject to underwriting guidelines)
Premium Payment Mode Yearly, Half-yearly, Quarterly and Monthly
Premium Payment Term Single Pay | Limited Pay – 6, 8, 10 Years | Regular Pay

Policy Term

Plan Options 1 to 6
Premium Payment Options Min Policy Term (in years) Max Policy Term (in years)
Regular Pay | Single Pay 10 55
Limited Pay 6 & 8 Years 10 55
Limited Pay 10 Years 15 55

 

Plan Options 7 & 8
Premium Payment Options Min Policy Term (in years) Max Policy Term (in years)
Regular Pay | Limited Pay – 6, 8, 10 Years | Single Pay 20 55

 

Aditya Birla Sun Life Insurance Life Shield Term Insurance Plan Benefits

  • Aditya Birla Sun Life Insurance Life Shield Term Insurance Plan provides a death benefit in case of sudden demise of the policyholder during the policy tenure.
  • The policy comes with an inbuilt terminal illness benefit wherein if the policyholder gets diagnosed with a terminal illness within the policy term, then 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2.5 Crore is paid and the remaining future premiums on the policy is waived off.
  • If the insured suffers with total and permanent disability or critical illness within the policy tenure, then all future premiums get waived off. The death benefit remains unaffected under the policy.
  • Under plan option 7 or 8, the total premiums paid is paid back to the policyholder on the policy maturity date in case the policyholder survives the policy term.
  • This policy covers your spouse as well. The sum assured applicable for the partner shall be equal to 50% of the applicable sum assured. The joint-life cover is available only in Plan Option 1, 2, 3, or 4.
  • The life stage protection under this policy can be increased during different life stages such as marriage and birth of children.
  • The base cover of the policy can be enhanced by adding riders for a nominal premium. The riders include ABSLI Accidental Death and Disability Rider, ABSLI Critical Illness Rider, ABSLI Surgical Care Rider, ABSLI Hospital Care Rider, and ABSLI Accidental Death Benefit Rider Plus.

 

Aditya Birla Sun Life Insurance Life Shield Term Insurance Plan Exclusions

The following exclusions are applicable only for Waiver of Premium benefit in case of

diagnosis of Total Permanent Disability and/or Critical Illness.

1. Any Pre-Existing Disease. “Pre-existing Disease” means any condition, ailment, injury or disease:

a) That is/are diagnosed by a physician within 48 months prior to the effective date of the

 policy issued by the insurer or its latest revival date; OR

b) For which medical advice or treatment was recommended by, or received from,  the physician within 48 months prior to the effective date of the policy or its latest revival date, whichever is later; OR

c) A condition for which any symptoms and/or signs if presented and have resulted within three months of the issuance of the policy or its latest revival date in a diagnostic illness or medical condition

This exclusion will not be applicable to conditions, ailments or injuries, or related condition(s) which are underwritten and accepted by an insurer at inception

2. Any sickness-related condition manifesting itself within 90 days from the policy commencement date or its latest revival date, whichever is later;

3. Any sexually transmitted diseases;

4. Suicide or attempted suicide or self-inflicted injury, irrespective of mental condition;

5. Participation in a criminal, unlawful or illegal activity;

6. Taking or absorbing, accidentally or otherwise, any intoxicating liquor, drug, narcotic,  medicine, sedative, or poison, except as prescribed by a registered medical practitioner acceptable to us;

7. Nuclear contamination, the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accidents arising from such nature.

Additional Total Permanent Disability Benefit Exclusion

In addition to the common exclusions above, you shall not be entitled to receive the benefits if the Total Permanent Disability results either directly or indirectly from:

  • Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race, underwater activities involving the use of breathing apparatus or not, martial arts, hunting, mountaineering, parachuting, bungee jumping.

 

Terminal Illness Benefit Exclusion

The Life Insured will not be entitled to any Terminal Illness benefit if it is caused directly or indirectly due to or occasioned, accelerated, or aggravated by intentional self-inflicted injury or attempted suicide, whether medically sane or insane.

Aditya Birla Sun Life Insurance Life Shield Term Insurance Plan Review

Aditya Birla Sun Life Insurance Life Shield Term Insurance Plan is a complete protection plan offering financial security against different life stage requirements. It comes with various benefits and features that are carefully designed to meet all necessities of the customers.

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