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Launch Date UIN Status
27/6/2018 109N108V02 Active

About Aditya Birla Sun Life Insurance Digishield

The Aditya Birla Sun Life Insurance (ABSLI) Digishield plan is a non-linked, non-participating term insurance plan. The plan proves to be an ideal option because it provides two plan options that suit your family’s needs so that your family need not compromise on their lifestyle even in your absence.

Along with death benefits, the plan also provides a variety of benefits such as terminal illness benefit, joint-life protection, enhanced life stage protection, maturity benefits, tax benefits, and additional riders.

Let’s understand this plan in brief before getting into its details:

Modes of Payment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

94.69%

USPs of the Policy
  • Provides complete financial protection at an affordable cost
  • Flexible premium-paying terms
  • Flexibility to choose two plan options that suit your protection needs
  • Provides an option to enhance life cover at key milestones of your life
  • Provides option to cover your spouse under the same policy
  • Provides in-built terminal illness benefit
  • Offers multiple options to receive death benefits
  • Offers additional protection with appropriate rider options
  • Tax benefits

Illustration with Premium of INR 1 Lakh
(non-guaranteed policy values at 8% gross yield)

If a 30-year-old male (non-smoker) purchases the ABSLI Digishield plan at INR 11,965 premium (yearly mode) for a policy term of 40 years under the regular pay premium-paying term, the beneficiary stands to receive basic sum assured / death benefit of INR 1,00,00,000 at the unfortunate death of the policyholder.

How Does the Plan Work?

The individual has to choose the sum assured and a plan option at inception. Once the individual decides the sum assured amount, the plan option determines the enhancements to the selected life cover over the course of the policy. The plan options are as follows:

  • Option 1 – Level Term Assurance: In this option, the sum assured will remain constant for the entire policy term.
  • Option 2 – Increasing Term Assurance: In this option, the policyholder can choose to enhance his/her sum assured by 5 or 10% p.a. at inception depending upon his/her needs. Every year, the sum assured will increase by 5 or 10% p.a. of the original sum assured without any increase in your premium amount. The premiums will vary depending on the option chosen.

 

The individual has to select the policy term (between 5 and 40 years) and any one of the following premium-payment terms:

  • Single pay
  • Limited pay – 5 or 7 years
  • Regular pay

 

Now, let’s understand some more benefits offered with this plan:

Death Benefits

In case of the unfortunate death of the policyholder during the policy term, death benefits will be paid to the nominee. Death benefits are the sum assured on death minus any previously paid terminal illness benefit. The policy shall be terminated once the death benefits are paid.

A) Sum assured on death for regular/limited pay will be the highest of:

  • 10 times the annualized premium for all ages
  • 105% of all the premiums paid as on the date of death
  • Absolute amount assured to be paid on death

 

B) Sum assured on death for single pay will be the higher of:

  • 125% of single premium for all ages
  • Absolute amount assured to be paid on death (the effective sum assured as on the date of death)

 

Also note that under the Level Term Assurance option, the effective sum assured is the sum assured at inception and it will remain constant throughout the policy term. For this option, the effective sum assured shall include any change in sum assured arising from the exercise of the enhanced life stage protection option. Under the increasing term assurance option, the amount by which the effective sum assured will increase on every policy anniversary is the sum assured at inception multiplied by 5% or 10% p.a., as chosen by the policyholder at inception.

The nominee has the option to receive the death benefit by choosing any one of the following options:

  • Lump sum payment
  • Staggered payment with fixed annual income
  • Staggered payment with increasing annual income at 5% p.a.

 

Terminal Illness Benefit

In case the policyholder is diagnosed with a terminal illness, 50% of the applicable sum assured on death, subject to a maximum of 2.5 crore, will be paid immediately and all future due premiums will be waived off. On subsequent death of the policyholder during the policy term, the sum assured on death shall be reduced by the amount of terminal illness benefit already paid. The terminal illness benefit shall only be payable on the first diagnosis of any terminal illness of the policyholder during the policy term.

Joint Life Protection

Under this option, two lives (that is, the policyholder and the policyholder’s spouse) are covered under the same policy. The sum assured applicable for the policyholder’s spouse shall be equal to 50% of the policyholder’s applicable sum assured. This option shall only be available where the sum assured of the primary life insured is greater than or equal to Rs 60,00,000. You can opt for this option at the inception of the policy and the same cannot be changed subsequently. No rider can be opted under this option. For further details regarding this benefit, you can refer to the policy documents.

Enhanced Life Stage Protection

The policyholder may opt to increase his/her life cover on occurrence of events such as marriage and birth of children without undergoing for any fresh medical examination. This feature is available only under the following conditions:

  • Level Term Assurance option should have been chosen
  • Standard life at inception of the policy
  • Regular pay policy
  • The attained age of life insured is less than or equal to 50 while exercising this option

Riders

The ABSLI Digishield plan offers the following riders:

  • ABSLI Accidental Death and Disability rider
  • ABSLI Critical Illness rider
  • ABSLI Surgical Care rider
  • ABSLI Hospital Care rider
  • ABSLI Accidental Death Benefit Plus rider

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Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some other features of the ABSLI Digishield plan:

  • Tax Benefits: Premiums paid, death benefits, and surrender benefits will be eligible for tax benefits under Section 80(C) and Section 10(10D) of the Income Tax Act.
  • Free-look Period: The individual is advised to go through the policy thoroughly. If s/he finds any objections to the terms and conditions of the policy, s/he can cancel the policy within 15 days (free-look period) by giving a signed written notice to the insurance company, stating the reasons for objection of the policy. The individual will be entitled to a refund of the premium paid, excluding a few charges like stamp duty charges.

Who Should Buy This Plan?

The eligibility criteria to purchase this plan is 18 to 65 years. The ABSLI Digishield Plan proves to be an ideal plan because it accommodates your requirements for a comfortable today by asking for limited premiums and helps you fulfil your responsibilities even in your absence by offering high protection cover along with additional benefits.

Claim Process

Know Claim Process of Aditya Birla Sun life Income Assured plan 

Claim Process

Company Overview

Aditya Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organisations from Canada.

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