Launch Date | UIN | Status |
27/6/2018 | 109N108V02 | Active |
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 |
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Claim Settlement Ratio of the Insurer |
94.69% |
USPs of the Policy |
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Illustration with Premium of INR 1 Lakh |
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. |
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:
The individual has to select the policy term (between 5 and 40 years) and any one of the following premium-payment terms:
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:
B) Sum assured on death for single pay will be the higher of:
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:
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:
The ABSLI Digishield plan offers the following riders:
Besides the benefits mentioned earlier, here are some other features of the ABSLI Digishield 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.
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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