Protection needs differ from one family to another. There is no one in all policy which will be the same for everyone. Be it joint life protection with your spouse, increasing or decreasing term assurance option, waiver of premium benefit in case of total permanent disability or critical illness on the return of premium option, you need a policy that delivers future security for your family in the way you prefer.
Aditya Birla Sun Life Insurance has come up with Term Plan named ” Aditya Birla Sun Life Insurance (ABSLI) Life Shield Plan” which offers you the flexibility to make a combination from amongst 8 different plan options as per your family’s needs so they need not compromise on their lifestyle, even in your absence.
||Level Term Assurance – Sum Assured chosen by you will remain constant for the entire policy term.|
||Level Term Assurance with Waiver of Premium (WOP) Benefits – In addition to benefit applicable for Option 1, in case you are diagnosed with Critical Illness^ or Total and Permanent Disability^ whichever is earlier, all future premiums if any, will be waived off and policy will continue till the end of the policy term.|
||Increasing Term Assurance – You can choose to enhance your sum assured at inception by 5% / 10% per annum. (simple) as per your needs. Every year, your sum assured will increase by 5% / 10% p.a. (simple) of the original sum assured without any increase in your premium amount.|
||Increasing Term Assurance with Waiver of Premium (WOP) Benefits – In addition to benefits applicable for Option 3, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums if any, will be waived off and policy will continue till the end of the policy term.|
||Decreasing Term Assurance – An option designed to take care of your protection needs owing to any loan or mortgage taken by you. Refer to the product brochure for details on death benefit under this option.|
||Decreasing Term Assurance with Waiver of Premium (WOP) Benefits – In addition to benefits applicable for Option 5, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums if any, will be waived off and policy will continue till the end of the policy term.|
||Return of Premium – Sum Assured chosen by you will remain constant for the entire policy term. If the life insured survives till maturity date, we shall return all the premiums paid #.|
||Return of Premium with Waiver of Premium (WOP) Benefit – In addition to benefits applicable for Option 7, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums if any, will be waived off and policy will continue till the end of the policy term.|
a) Death Benefit –
In case of the unfortunate demise of the life insured during the Policy Term, Death Benefit will be paid to the nominee. Death Benefit is the Sum Assured on deathless any previously paid Terminal Illness Benefit. The policy shall be terminated once the Death Benefit is paid.
Sum Assured on death for regular | limited pay will be highest of –
Sum Assured on death for single pay will be the highest of –
The annualized premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium, and taxes.
b) Maturity Benefit –
In the event the life insured survives to the end of the Policy Term, no benefit is payable on maturity except when the Return of Premium Plan Option 7 | 8 is chosen and then the sum of all the premiums (excluding GST, premiums paid towards underwriting extras and/or riders as may be applicable) shall be paid on the policy maturity date and the policy will be terminated thereafter.
c) Terminal Illness Benefit –
In case the life insured is diagnosed with a Terminal Illness, 50% of the applicable Sum Assured on death, subject to a maximum of Rs. 2.5 crore, will be paid immediately and all future due premiums are waived off. On subsequent death of the life insured during the Policy Term, the Sum Assured on death shall be reduced by the amount of Terminal Illness Benefit already paid. Future due premiums are not liable to be paid on their premium due dates.
Terminal Illness Benefit shall only be payable on the first diagnosis of any Terminal Illness of the life insured during the Policy Term.
d) Waiver of premium and on Total and Permanent Disability (TPD) –
In case of the life insured suffering from Total and Permanent Disability during the Policy Term described later in detail, all future premiums, if any, will be waived off. Death Benefit under the policy will remain unaffected.
e) Waiver of Premium on Critical Illness (CI) –
In case of the life insured suffering from any of the specified Critical Illness during the Policy Term described later in detail, all future premiums if any will be waived off. Death Benefit under the policy will remain unaffected.
The premium waiver on TPD or CI is applicable only if you have chosen Plan Option 2, 4, 6 or 8. Premium waiver benefit is applicable to the first occurrence of either TPD or Critical Illness whichever is earlier. This benefit is applicable only once during the entire Policy Term.
f) Joint Protection Life –
Under this option, two lives, i.e., you (primary life insured) and your spouse (secondary life insured) are covered under the same policy. The Sum Assured applicable for your spouse shall be equal to 50% of your applicable Sum Assured. This option shall only be available where the Sum Assured of primary life insured is greater than or equal to Rs. 50,00,000.
You can opt for Joint Life Protection for only if Plan Option 1, 2, 3 or 4 is chosen. You can opt for this option at the inception of the policy and the same shall not be changed subsequently. No rider can be chosen under this option.
In case of death of the primary life insured prior to the secondary life insured, Sum Assured on death for primary life insured will be paid to the spouse (secondary life insured) and the life cover for secondary life insured will continue with the future premiums, if any, waived off. Then on the death of secondary life insured, before the policy maturity date, Sum Assured in respect of secondary life insured will be paid to the nominee and policy will be terminated.
In case of death of secondary life insured prior to primary life insured, Sum Assured in respect of secondary life insured will be paid to the primary life insured. Future premiums, if any, will be reduced from the next policy anniversary to the premium that would have been charged at inception for only primary life insured at policy inception. Then on the death of the primary life insured, before the policy maturity date, the Sum Assured on death in respect of primary life insured will be paid to the nominee and the policy will be terminated.
If the case of death of both the lives simultaneously the Sum Assured on death in respect of the primary life insured as well as Sum Assured in respect of secondary life insured will be paid to the nominee and the policy will be terminated.
Once the Joint Life Protection is chosen, you cannot discontinue the coverage of the particular life, unless it is due to the events as mentioned above.
The Terminal Illness Benefit as explained in the Death Benefits section shall be applicable in respect of both, i.e., the primary life insured and the secondary life insured.
g) Enhanced Life stage Protection –
Your protection need varies at different life stages owing to the occurrence of joyous events such as marriage and birth of children. You may opt to increase your life cover on the occurrence of each of the events without undergoing any fresh medical examination.
This feature is available only for policy under Plan Option 1 and Option 2, standard life at the inception of the policy, regular pay policy and the attained age of life insured is less than or equal to 50 years while exercising this option.
This option is not available if Joint Life Protection is chosen. Future premiums shall be considered at the premium rate as applicable to the age at the inception of the policy. Future premiums shall be increased in the proportion of the increase in the Sum Assured to the Sum Assured at the inception of the policy and will be reflected from the subsequent policy anniversary.
The details of Enhanced Lifestage Protection are mentioned below –
You can choose to reduce the Sum Assured in the future to the extent of Sum Assured increased under the Enhanced Lifestage Protection option. The reduction in Sum Assured will be effective from the policy anniversary falling immediately after the date of notification and the premium will be decreased at the same time.
Any increase in Sum Assured due to your first marriage, the birth of a first child or second child under this option may be subsequently reduced subject to the written request. The premium shall be decreased by the same amount as the premium was increased while exercising the Enhanced Lifestage Protection option.
h) Customizable Benefit –
Insurance cover can be enhanced during the premium paying term by adding any one of the following riders –
Riders are not available for Joint Life Protection Option & Decreasing Term Assurance (Plan Option 5|6).
The policyholder can only opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus, not both.
|Entry Age (age last birthday)
||18 to 65 years|
|Maximum Maturity Age
• For Plan Option: 1 | 2 | 3 | 4 | 5 | 6 – 10 years
• 50 years
|Premium Paying Term||Single Pay | Limited Pay – 6, 8 Years | Regular Pay|
|Premium Mode||Annual | Semi-annual | Quarterly | Monthly|
Is there any grace period in this policy?
Yes, a grace period of 30 days will be given if you are unable to pay your premium by the due date. During this grace period, all coverage under your policy will continue.
a) If Plan Option 1 or 2 or 3 or 4 or 5 or 6 is chosen then –
b) If Plan Option 7 or 8 is chosen then –
Is there any possibility where I can revive my policy?
Yes, there is a possibility where you can revive your policy for its full coverage within five years from the due date of the first unpaid premium by paying all outstanding premiums together with interest as declared by the company from time to time and by providing evidence of insurability satisfactory to us. The policy can be revived only during the revival period.
Is there any Paid-Up benefit in the policy?
a) If Plan Option 1 or 2 or3 or 4 or 5 or 6 is chosen –
b) If Plan Option 7 or 8 is chosen –
Is there any surrender value of our policy?
a) If Plan Option 1 or 2 or 3 or 4 or 5 or 6 is chosen –
b) If Plan Option 7 or 8 is chosen –
Can I return the policy if I didn’t like the terms and conditions of the policy?
Yes, the policy can be returned to the company within 15 days (30 days in case the policy issued under the provisions of IRDAI Guidelines on Distance Marketing(2) of Insurance products) from the date of receipt of the policy.
The company will refund the premium paid once they receive your written notice of cancellation (along with reasons thereof) together with the original policy documents.
The company will further deduct the proportionate risk premium for the period of cover and expenses incurred by us on medical examination and stamp duty charges while issuing your policy.
Exclusions under this policy are under various heads. Let us see them one by one –
a) Suicide Exclusion –
The company will pay the premiums paid to date (excluding applicable taxes) or surrender value, if higher in the event the life insured dies by committing suicide, within twelve months from the inception of the policy or revival date of the policy respectively, provided the policy is in force.
For Joint Life Protection, the suicide exclusion described above applies in the event of an earlier death of either the Prima Life Insured or the Secondary Life Insured and the life cover as mentioned in the Joint Life Protection section shall continue for the surviving Life Insured subject to the payment of reduced future premiums if any.
b) Total Permanent Disability and Critical Illness Benefit Exclusion –
The following exclusions are applicable only for Waiver of Premium benefit in case of diagnosis of Total Permanent Disability and/or Critical Illness.
The policyholder will be entitled to receive the benefit of Total Permanent Disability or a covered Critical Illness results either directly or indirectly from any one of the following causes listed in the exceptions below –
1. Any Pre-Existing Disease. “Pre-existing Disease” means any condition, ailment, injury or disease –
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. AIDS and/or HIV related complications or 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, etc….
c) Additional Total Permanent Disability Benefit Exclusion –
In addition to the common exclusions above, the policyholder shall be entitled to receive the benefits of the Total Permanent Disability results either directly or indirectly from –
d) 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.
So, by now you know each and every important detail about this policy. Do let me know if I have missed any important points in the comment section. Please feel free to ask any doubts regarding this policy.
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