Aditya Birla Sun Life Insurance Company Limited (ABSLI) which was formerly known as Birla Sun Life Insurance Company Limited was established in the year 2000. The company is a life insurance subsidiary of Aditya Birla Capital Limited. ABSLI was started by coming together of Aditya Birla Group, Indian multinational conglomerate and Sun Life Financial Inc., a leading Canada based international financial services organisation. Aditya Birla Sun Life Insurance Company is one of the leading private life insurers in India that offers a wide range of products to cater to the needs of various customer segments. Product offerings include term plans, savings plans, child plans, retirement plans and health plans that can help people achieve their various life goals.
Important Facts about Aditya Birla Sun Life Insurance Company
Following are the important facts to note about the company –
- Aditya Birla Sun Life Insurance Company Limited boasts a strong customer base of over 18 lakh customers
- The company secured the first Frost & Sullivan Runners-Up award in the Customer Value Leadership category.
- Assets under management of the company as in September 2021 stood at INR 5,71,182 million.
- The company recorded a gross premium income of INR 49,214 million in the financial yeats 2021-22
- ABSLI makes insurance accessible for people with its wide presence across the nation. It has 340 branches, 6 distribution channels, 7 bancassurance partners and 70,000 + direct selling agents and brokers.
- There are more than 13,000 employees working for the Aditya Birla Sun Life Insurance Company
Benefits of Birla Sun Life Insurance Plans
Birla Sun Life offers a variety of insurance and investment products loaded with a variety of benefits and features. Following are the benefits of Birla Sun Life insurance plans –
- Comprehensive protection: The plans provide financial protection to the family of the insured in the event of uncertainties and ensure their life goals are achieved without hassles.
- Wealth creation: Be it for children’s education, marriage or for retirement life or for a dream vacation, Birla Sun Life plans help in building a corpus to achieve many long-term goals.
- Customisation:Birla Sun Life insurance plans come with customisable features, additional optional riders to enhance the coverage depending on the risk-taking ability and need of an individual.
- Tax benefits: Premium paid for most for the life insurance plans qualifies for tax deduction under Section 80C of the Income Tax Act. Lump-sum benefits paid out from the policies are exempted from tax under Section 10 (10D) of the Income Tax Act. Health plans provide tax benefits under Section 80D of the Income Tax Act.
Types of Life Insurance Plans Offered by Birla Sun Life Insurance
Birla Sun Life offers a variety of plans for protection and investment with many customisable benefits. Following are the category of life insurance products offered by the company –
- Term Insurance Plans
- Wealth with Protection Plans
- Child Plans
- Health Plans
- Retirement Plans
- Savings with Protection Plans
Let’s learn each plan offered in all of the categories.
Birla Sun Life Term Insurance Plans
Term insurance plans offered by Birla Sun Life provides financial coverage to the policyholder in the event of an untimely demise during the policy period. Term life insurance policies are meant to provide protection for a specific period of time. In this uncertain world, with term insurance plans one can ensure future financial stability for the family and loved ones. Following are the various term insurance plans offered by Birla Sun Life Insurance Company –
ABSLI Life Saral Jeevan Bima is a non-linked, non-participating, individual life insurance plan which is designed to pay a lump sum amount to the family of the policyholder in case he loses his life during the policy tenure. This is a simple life insurance policy that ensures the financial protection of your family even in your absence.
Features of ABSLI Life Saral Jeevan Bima:
- Death benefit shall be paid as a lump sum amount in case the policyholder loses his life during the policy duration
- For enhanced protection additional rider, accidental death benefit rider can be added just by paying a nominal charge
- Flexibility of paying premium in single pay or regular payments
- Flexibility to cancel your single pay plan anytime before maturity
- Premiums can be paid on an annual, semi-annual and monthly basis as per affordability.
Entry age | 18 years to 65 years of age |
Maturity age | Up to 70 years |
Policy term | - Single pay: 5 years to 40 years
- Limited pay: PPT+1 to 40 years
- Regular Pay 5 years to 40 years
|
Premium paying term | For limited pay: 5 and 10 years |
Sum assured | INR 50,000 to INR 25 lakhs |
Premium payment frequency | Annual, semi-annual and monthly. |
1. ABSLI DigiShield Plan
ABSLI DigiShield plan is a non-linked non-participating life insurance plan that provides financial protection to the family of insured in an unforeseen situation during the policy term. The plan comes with customisable features which can be done according to the needs of an insured and his/her family.
Features of ABSLI DigiShield Plan
2. ABSLI UltimaTerm Plan
ABSLI UltimaTerm Plan is a non-linked non-participating term insurance plan offered to provide complete protection to the insured’s family against future uncertainties. This is an affordable plan that keeps the family’s financial position stable and helps in achieving key milestones of life.
Features of ABSLI UltimaTerm Plan
3. ABSLI Income Shield Plan
ABSLI Income Shield plan is a non-linked, non-participating term insurance plan that offers a financial shield to the insured’s family against income loss during an unforeseen situation like death. The policy ensures the regular income is not affected due to any uncertainties of life.
Features of ABSLI Income Shield Plan
4. ABSLI Life Shield Plan
ABSLI Life Shield plan is a non-linked non-participating term insurance plan that offers flexible coverage options to suit the diverse insurance needs of people. The policy comes with many customisable features which secure the insured family in the event of uncertainties depending on their needs.
Features of ABSLI Life Shield Plan
Birla Sun Life Wealth with Protection Plans
Wealth and protection plans offered by Birla Sun Life are two-in-one plans that bring the best of both investment and insurance world. Basically, these are the unit-linked insurance plans (ULIPs) that are designed in a customisable way to suit the varying needs of people and their risk-taking ability. Let’s take a look at various ULIP plans offered by Birla Sun Life.
1. ABSLI Wealth Max Plan
ABSLI Wealth Max is a single premium unit-linked insurance plan that offers financial protection to the insured’s family and the potential good returns from market investments.
Features of ABSLI Wealth Max Plan
2. ABSLI Wealth Secure Plan
ABSLI Wealth Secure plan is a unit-linked insurance plan that can be customised according to investor’s needs, risk profile and life goals. The plan offers long-term savings opportunity, wealth creation and whole life coverage.
Features of ABSLI Wealth Secure Plan
3. ABSLI Wealth Assure Plan
ABSLI Wealth Assure plan is a non-participating unit-linked insurance plan that offers the benefit of protection against death, critical illness and total permanent disability along with generating good returns on investment. The policy comes with many customisable features to suit the various insurance and investment needs of people.
Features of ABSLI Wealth Assure Plan
4. ABSLI Fortune Elite Plan
ABSLI Fortune Elite plan is a unit-linked insurance plan that offers the benefit of wealth preservation and enhancement along with life protection. Basically, the plan aims to protect insured and insured’s family during uncertainties along with preserving the accumulated wealth.
Features of ABSLI Fortune Elite Plan
5. ABSLI Wealth Aspire Plan
ABSLI Wealth Aspire Plan is a unit-linked insurance plan that offers the benefit of financial protection against uncertainties and wealth creation for long-term goals of life.
Features of ABSLI Wealth Aspire Plan
Birla Sun Life Child Plans
Child insurance plan offered by Birla Sun Life helps the investor secure their child’s future against the uncertainties of life. Child plan ensures child’s life milestones are achieved by providing financial stability.
1. ABSLI Vision Star Plan
ABSLI Vision Star plan helps to build a sufficient corpus for child’s future financial needs such as for higher education or for exploring career options. The policy also comes with adequate life protection in the event of uncertainties.
Features of ABSLI Vision Star Plus
- Waiver of the premium facility in case of policyholder death
- Comprehensive financial protection to the family in the event of death along with growth to your savings.
- Regular bonuses and terminal bonuses on maturity
Eligibility Criteria of ABSLI Vision Star Plus
Entry age | 18 years to 55 years |
Maturity age | 75 years |
Policy term | For option A – 16 years (maximum of 23 years)
For option B – 14 year (Maximum of 21 years) |
Premium paying term | 5 years to 12 year |
Sum assured | INR 1,00,000 |
Premium payment frequency | Yearly/Half-yearly/Quarterly/Monthly |
ABSLI Child’s Future Assured Plan:
ABSLI Child’s Future Assured plan is a non-linked,non-participating , individual life insurance savings plan especially designed to provide a planned and secure future to your child. This policy provides assured benefits for your child’s important life events like education or marriage.
Key Features of ABSLI Child’s Future Assured Plan:
- The plan offers total financial security of the child at affordable rates
- Policy continuance benefit feature allows worry free goal achievement
- Flexibility to choose the policy terms and premium payment terms according to your affordability
- Flexibility to enhance your coverage by choosing any of the appropriate rider options
- Flexibility to save a corpus for important life goals like child marriage or higher education
- Enhanced insurance cover options available
Entry age | 18 years to 65 years NOTE: the maximum entry age shall be 50 years in case enhanced insurance cover option is chosen |
Maturity age | 75 years |
Policy term | Option 1: Education milestone benefit: 10 to 29 years Option 2: Marriage milestone benefit: 8 to 32 years Option 3: Education & marriage milestone benefit: 11 to 32 |
Premium paying term | Minimum: - For PT options 1&2: 5 years
- For PT option 3: 6 years
Maximum: 12 years |
Sum assured | INR 4 Lakhs- no limit |
Premium payment frequency | Annual, Semi-annual, quarterly and monthly |
Birla Sun Life Health Plans
Health insurance plans offered by Birla Sun Life helps to cover the medical or surgical expenses of an individual. Health plans are an important necessity to have a financial backup against the uncertainties. There are various health plans offered by Birla Sun Life.
1. ABSLI Cancer Shield Plan
ABSLI Cancer Shield Plan is a traditional non-participating health insurance plan that is specifically designed to provide a shield against cancer by covering all stages of cancer. Considering the rising medical inflation and increasing rate of lifestyle diseases, it’s important to be financially prepared for medical uncertainties.
Features of ABSLI Cancer Shield Plan
2. ABSLI Hospital Plus Plan
ABSLI Hospital Plus Plan is a fixed benefit health plan that ensures the investor enjoys the best medical care experience. The plan provides a fixed cash amount in the event of hospitalisation to take care of additional expenses and acts as a great supplement to base health plan.
Features of ABSLI Hospital Plus Plan
3. ABSLI CritiShield Plan
ABSLI CritiShield Plan is a non-participating traditional health insurance plan offered by Birla Sun Life. The plan basically provides a financial shield against heart and kidney ailments.
Features of ABSLI CritiShield Plan
Birla Sun Life Retirement Plans
Retirement planning needs to start early in the career. Birla Sun Life offers many options for saving for retirement. There are a variety of plans suitable for varying risk profiles and needs.
ABSLI Assured Income Plus Plan:
ABSLI Assured Income Plus plan is a non-linked, non-participating, individual life insurance savings plan that offers the benefits of both investment and insurance in the same plan. The policy promises life insurance to the assured during the policy tenure and post that provides guaranteed income for a long term.
Key features of ABSLI Assured Income Plus Plan:
- Pay for a short term and receive guaranteed income for a long period of 20, 25 or 30 years
- Flexibility to choose from the two benefit options as per your financial needs
- Loyalty addition benefit comes along with the plan
- Option to receive a discounted value of the survival benefit in a lump sum amount if needed
- A number of rider options are available to enhance your coverage at just a little extra fee.
Entry age | 5 to 60 years ( as per the policy terms |
Maturity age | 18 years to 73 years |
Policy term | 7 years, 9 years and 13 years |
Premium paying term | 6 years, 8 years and 12 years |
Sum assured | Minimum: INR 5.5 lakhs Maximum: As per the board guidelines |
Premium payment frequency | Annual, semi-annual, quarterly and monthly. |
ABSLI Vision LifeIncome Plus Plan
ABSLI Vision LifeIncome Plus Plan is a non-linked, participating individual life insurance savings plan which offers the benefits of income, savings and financial protection all in one plan. The policy allows guaranteed regular income, withdrawals even during the premium paying terms, cash bonus and a life cover till 100 years of age.
Key features of ABSLI Vision LifeIncome Plus Plan:
- The plan offers flexibility to choose among the 3 benefit options as per needs.
- Option to enhance your protection by choosing from a range of riders.
- The policy provides a regular flow of guaranteed income throughout your chosen benefit payout period
- Flexibility in receiving the bonus payouts
- Option to waive off the premiums in case the policyholder loses his life.
- Life coverage till 100 years of age.
Entry age | Minimum: 30 days Maximum: - For short term income: 60 years
- For long term income: 55 years
- For whole life income 55 years
|
Maturity age | Minimum: 18 years Maximum: - For short term income: 85 years
- For long term income: 85 years
- For whole life income 85/100 years
|
Policy term | - For short term income: 18,20,22 and 25 years
- For long term income: 28/33/38, 30/35/40 and 35/40/45 years
- For whole life income: till age 85 or 100 years
|
Premium paying term | 8 years. 10 years, 12 years and 15 years |
Sum assured | Minimum: INR 2 Lakhs Maximum: No Limit |
Premium payment frequency | Annual, semi-annual and monthly |
1. ABSLI Empower Pension Plan
ABSLI Empower Pension Plan is a unit-linked non-participating pension plan that helps to save for the golden years of life. The plan makes a market-linked investment to maximise the return on savings so that the future is secure without any financial worries.
Features of ABSLI Empower Pension Plan
2. ABSLI Immediate Annuity Plan
ABSLI Immediate Annuity Plan is a traditional, non-participating single premium plan that ensures alternate income in the golden years of life.
Features of ABSLI Immediate Annuity Plan
3. ABSLI Empower Pension – SP Plan
ABSLI Empower Pension –SP Plan is a single premium unit-linked pension plan that aims to provide financial freedom during the retirement years of life. The plan helps to focus on retirement goals.
Features of ABSLI Empower Pension – SP Plan
Birla Sun Life Savings with Protection Plans
Savings with protection plans offered by Birla Sun Life are basically the endowment insurance plans that offer the dual benefit of life protection and wealth accumulation over the long-term. Endowment plans inculcate the savings habit and secure the insured’s family during the unfortunate event. There are various savings with protection plans offered by Birla Sun Life.
ABSLI Assured FlexiSavings Plan
ABSLI Assured FlexiSavings Plan is a non-linked, non-participating, individual life insurance savings plan that provides the benefits of life insurance cover and wealth generation both in one plan. This plan comes with a lot of attractive features like unlimited withdrawals, short flexible premium payment terms and many more.
Key features of ABSLI Assured FlexiSavings Plan:
- The plan provides guaranteed annual income which helps you in saving money every year during the policy tenure.
- To increase your savings amount an income booster of 5% is added to the accrued amount at the end of every year during the policy term.
- The plan comes with loyalty additions that are added every year but can be collected at the end of the policy term
- Unlimited withdrawal facility is available
- The plan offers an additional benefit of 10% on the total premiums paid.
Entry age | 4 years to 60 years |
Maturity age | 18 years to 88 years |
Policy term | 15, 17, 20, 22 and 26 years |
Premium paying term | 5 years, 8 years, 10 years, 12 years |
Sum assured | Starting from INR 5.5 lakhs |
Premium payment frequency | Annual, semi-annual, quarterly and monthly. |
ABSLI Wealth Infinia
ABSLI Wealth Infinia is a unit-linked, individual, non-participating, life insurance savings plan that offers life coverage for the policy term and even returns your policy charges to help you generate wealth in a better way. This ULIP plan allows you to choose from 16 fund options and 5 investment strategies as per your risk appetite.
Key features of ABSLI Wealth Infinia:
- The policyholders can choose from the two plan variants as per their coverage needs and wealth generation plans.
- The policy keeps on offering wealth boosters and loyalty additions to your funds to make it grow faster
- The policy comes with a systematic withdrawal facility so that you can access your funds anytime you want to.
- The policyholder is returned the mortality and premium allocation charges at the maturity stage
- Full Life coverage and financial protection is offered during the policy term
- Flexibility to choose from a range of premium payment terms and policy terms as per your affordability.
- The policyholder can avail of the tax benefits on the premiums paid towards the plan.
Entry age | 30 days to 65 years ( as per the plan variants) |
Maturity age | Milestone variant: 100 years Legacy variant: 18 to 85 years |
Policy term | Milestone variant: 100 years minus entry age Legacy variant: 10 years to 30 years |
Premium paying term | Milestone variant: - Single pay: NA
- Limited Pay: 5 to 20 years
Legacy variant: - Single pay:
- Limited Pay: 5 to 12 years
- Regular pay: 10 to 30 years
|
Sum assured | Minimum: - Single Pay: INR 6,25,000
- Limited /Regular Pay: INR 14 Lakhs
Maximum: No limits |
Premium payment frequency | Annual, semi-annual, quarterly, monthly and single |
1. ABSLI SecurePlus Plan
ABSLI SecurePlus Plan is a traditional non-participating endowment plan that offers the benefit of guaranteed income along with life protection for the insured period.
Features of ABSLI SecurePlus Plan
2. ABSLI Vision MoneyBack Plus Plan
ABSLI Vision MoneyBack Plus Plan is a traditional participating endowment plan that provides liquidity at regular intervals to meet the financial requirement along with the life cover against uncertainties.
Features of ABSLI Vision MoneyBack Plus Plan
3. ABSLI Vision LifeIncome Plan
ABSLI Vision LifeIncome Plan is a traditional participating whole life insurance plan that offers the benefit of steady income along with whole life protection against uncertainties.
Features of ABSLI Vision LifeIncome Plan
4. ABSLI Savings Plan
ABSLI Savings Plan is a traditional participating endowment plan that secures insured’s family well-being along with building a corpus for future life goals.
Features of ABSLI Savings Plan
5. ABSLI Vision LifeSecure Plan
ABSLI Vision LifeSecure Plan is a traditional participating whole life insurance plan that offers the dual benefit of whole life protection and corpus building for future life goals.
Features of ABSLI Vision LifeSecure Plan
6. ABSLI Income Assured Plan
ABSLI Income Assured Plan is a traditional non-participating endowment plan that helps in creating a corpus for brighter future along with providing comprehensive coverage to family against the uncertainties of life.
Features of ABSLI Income Assured Plan
7. ABSLI Vision Endowment Plus Plan
ABSLI Vision Endowment Plus Plan is a traditional participating endowment plan that ensures the family’s financial securities during any uncertainties along with offering an opportunity to save for future life goals.
Features of ABSLI Vision Endowment Plus Plan
8. ABSLI Guaranteed Milestone Plan
ABSLI Guaranteed Milestone Plan is a non-linked non-participating life insurance plan that offers adequate protection to the family in the event of insured’s death during the policy period along with guaranteed benefits on maturity.
Features of ABSLI Guaranteed Milestone Plan
9. ABSLI – Jeevan Bachat Plan
ABSLI Jeevan Bachat Plan is a non-linked non-participating endowment plan that boosts the savings by offering guaranteed returns along with providing life protection throughout the policy term.
Features of ABSLI Jeevan Bachat Plan
10. ABSLI Monthly Income Plan
ABSLI Monthly Income Plan is a non-linked participating life insurance plan that helps to build an adequate corpus for retirement life along with providing financial protection to the family in the event of uncertainties.
Features of ABSLI Monthly Income Plan
How to Buy Birla Sun Life Insurance Plans?
Birla Sun Life Insurance plans can be purchased both offline and online platform. You can visit the branch offices or contact insurance advisors for purchasing Birla Sun Life plans offline. However, buying online is more convenient which can be done in a few steps through the company website of Birla Sun Life Insurance.
The easiest way to buy Birla Sun Life plans online would be buying them through Turtlemint as plans can be compared with similar other plans available in the market.
Following are the simple steps to follow for buying online –
- Visit www.turtlemint.com
- Click on the ‘life insurance’ category
- Choose the subcategory of your choice and the list of various plans available under the category are displayed.
- Provide your profile details such as gender, marital status, date of birth, name, income details, contact details and the coverage requirements etc
- Once you complete your profile, all the suitable plans available in the market are displayed
- Compare and choose the best-suited plan.
- After choosing the plan, fill in the online application and proceed for premium payment
- Once the payment is done, you would be able to buy the plan easily.
Documents Required for Buying Birla Sun Life Insurance Plans
Following are the documents required for buying Birla Sun Life Insurance plans –
- Identity Proof – PAN Card/ Driving license/Aadhaar Card/ Voter’s ID/Passport
- Address Proof – Passport/Voter’s ID/ Bank Statement/Driving License/ Aadhaar Card/ Ration card/Utility Bill
- Income Proof – ITR for last 3 years/Salary slip/ Latest form 16
- Passport size photographs
- Medical reports, if necessary
Claim Process for Birla Sun Life Insurance Plans
Claim process for Birla Sun Life Insurance plans is simple, convenient and streamlined. Following is the process to follow –
- Intimate the insurance company immediately about claim settlement. A claim can be registered online or through email or by calling on the toll-free number 1800-270-7000. Alternatively, claim intimation request can be placed at the branch office.
- Submit signed and filled claim form along with other relevant documents
- Claim team will carefully scrutinise all the documents submitted and communicate in case of any pending documents.
- Once all the documents are received and verified, claim decision (acceptance or rejection) will be taken.
Turtlemint can help you with claim settlements, you can contact Turtlemint by calling on 1800-266-0101 or by writing to them on claims@turtlemint.com. Their executive will get in touch with you.
Documents Required for Birla Sun Life Insurance Claims
Following are the documents required for Birla Sun Life insurance claims:
- Duly signed and filled claim form
- Original policy document/Indemnity bond
- Copy of Death certificate
- Claimant’s statement along with ID proof and relationship proof
- Medical attendant certificate
- Police FIR and post mortem report in case of unnatural death
- Employer’s certificate, if applicable
Requirement of documents may slightly vary depending on the type of claim.
Riders Offered under Birla Sun Life Insurance Plans
Birla Sun Life Insurance plans come with multiple optional rider options that can enhance the coverage. Following are the riders offered by Birla Sun Life.
- ABSLI Surgical Care Rider – This rider covers hospitalisation expenses for medically necessary surgery for a minimum period of 24 hours.
- ABSLI Hospital Care Rider – This rider provides a daily cash benefit in case of hospitalisation due to any illness or injury for a minimum period of 24 hours.
- ABSLI Waiver of Premium Rider – This rider waives future premiums if the policyholder is unable to pay the premium due to financial difficulties arising from uncertainties.
- ABSLI Accidental Death and Disability Rider – This rider provides additional coverage for accidental death and disability.
- ABSLI Critical Illness Rider – This rider pays out a lump sum benefit on diagnosis of four major specified critical illnesses.
- ABSLI Accidental Death Benefit Rider Plus – This rider provides additional coverage for accidental death.
Exclusions in Birla Sun Life Insurance Plans
Suicide exclusions: If the life insured dies by committing suicide within 12 months from the date of inception of the policy or revival of the policy, the insurance company will pay the premiums paid to the date (excluding applicable taxes).
For any queries, Birla Sun Life Insurance Company can be contacted easily.
Contact address: Aditya Birla Sun Life Insurance Company Limited, One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013
Email – care.lifeinsurance@adityabirlacapital.com
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