Aditya Birla Sun Life Insurance Reduces Premium Rates: The life insurance division of Aditya Birla Capital Limited (ABCL), Aditya Birla Sun Life Insurance (ABSLI), announces a 15% premium rate cut for its ABSLI DigiShield Plan, making it one of the most affordable options for term insurance. Customers’ individual protection needs are catered for by this plan, which can be tailored to meet their demands.
Through the Survival Benefit Option, the ABSLI Digishield plan, unlike conventional term plans, enables a customer to benefit from a guaranteed recurring income beginning at age 60. Additionally, it offers customers the rare freedom to adjust their coverage in accordance with their current financial situation and stage of life by reducing the sum assured at a predetermined retirement age.
Aditya Birla Sun Life Insurance Reduces Premium Rates
By providing a variety of plan options, joint life protection, critical illness cover, and rider options to customise a special protection solution for the customers and their loved ones, the ABSLI DigiShield Plan offers extensive flexibility to meet one’s varied protection needs across life stages. The pandemic continued longer than anticipated, putting burden on people’s personal budgets, stated Mr Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, in response to the ABSLI DigiShield Plan’s premium price drop. Before making any price changes to our products, we have been closely monitoring the pandemic experience.
Due to the increased demand for term plans, we have carefully reduced the premium for the hyper-individualized ABSLI DigiShield Plan to better meet our customers’ changing financial demands. Customers are urged to benefit from the lower premium pricing of this comprehensive term plan, which offers financial security for the insured and their loved ones.
Aditya Birla Sun Life Insurance Reduces Premium Rates Overview
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Birla Sun Life Term Plan
Aditya Birla Sun Life Insurance Company provides a selection of term plans to meet every customer’s needs, whether they are looking for pure protection or to secure financing. Let’s look at the various term plans Aditya Birla Sun Life Insurance Company offers and their corresponding characteristics.
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Birla Sun Life Term Plan – Protector Plus Plan
The premiums must be paid throughout the period of the plan because it is a standard Birla Sun life term plan. Below are some key elements of the plan:
- The plan offers two types of coverage Level Sum Assured, where the Sum Assured remains constant for the course of the plan’s existence; and Increasing Sum Assured, where the Sum Assured rises annually by 5% or 10% depending on the policyholder’s preference.
- The higher of the available Sum Assured as of the date of death, ten times the annual premium, or one hundred and five percent of all premiums paid up to the insured’s death is due to the nominee during the term of the plan.
- The nominee has the choice of receiving the death benefit in one lump payment or over time. The remaining benefit under the installment option may be accessed over a period of 10, 15, or 20 years at rates of 11%, 8.37%, or 7.12% of the Sum Assured, respectively. 20% of the Sum Assured is paid on death under this option.
- Women are subject to lower premium rates.
- Smokers pay higher premiums than non-smokers. Smokers who choose to quit smoking
- A total and permanent disability rider included into this Birla Sun life term plan provides instant payment of 50% of the Sum Assured in the event that the insured becomes disabled.
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There are 5 additional riders available through the package, and they are as follows:
- ABSLI Accidental Death & Disability Rider
- ABSLI Critical Illness Rider
- ABSLI Surgical Care Rider
- ABSLI Hospital Care Rider
- ABSLI Waiver of Premium Rider
Birla Sun Life Term Plan – Future Guard Plan
It is a term plan from Birla Sun Life featuring a return of premium option, which allows the premiums to be refunded upon maturity. The following are the plan’s features and advantages:
- For the period of the plan, this Birla Sun life term plan’s premium is payable.
- There are two versions of the plan, A and B. 100% of the premium payments made under variation A are reimbursed at maturity. Depending on the selected plan duration, variant B returns 110% to 150% of the premiums paid.
- The larger of the Sum Assured or the Maturity Sum Assured or 10 times the annual premium or 105% of all premiums paid up to the insured’s death during the term of this Birla Sun Life Term Plan is payable to the nominee.
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Applying for a Term Plan from the company
Online
Specific life insurance products are offered by Birla Sun Life, and they are only accessible online. The customer merely needs to sign up for an account on the business’ website, select the necessary plan and coverage, and enter their information. The filled-out information will be used to calculate the premium. After the customer makes the required online premium payment using a credit card, debit card, or net banking services, the policy will be issued.
Intermediaries
Plans that cannot be purchased online can obtained from agents, brokers, banks, etc., where the middlemen assist with the application procedure.
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Applying For Term Insurance through Policy Bazaar
- On the Personal tab of the PolicyBazaar homepage, select Term Insurance.
- lick New quotes from insurance companies to compare and select plans.
- You must provide your DOB, whether you smoke or not, and the reward amount. You will receive an estimate of your premium based on the amount of your payout. Click Continue again.
- Name, email address, city, postal code, and mobile number should all be entered. Then click Next.
- You will be directed to a page with life insurance quotes from more than ten different insurers. Next, select a plan from the One-Time Payout and Monthly Payout Plans based on your payment schedule.
- Click the premium amount to purchase the preferred plan after carefully reading and contrasting each life insurance quote.
- A pop-up window will appear on your screen, providing you with a summary of the selected plan’s premium, features, exclusions, additional riders, etc. Then click Next.
- You can access the insurer’s website by clicking this. To purchase the plan, you must provide the following information.
Conclusion
Aditya Birla Sun Life Insurance has recently made a significant move by reducing its premium rates. This decision aims to make life insurance more affordable and accessible for individuals and families. Lower premium rates mean that policyholders can now secure the financial protection they need at a more affordable cost. This move is especially beneficial during uncertain times when ensuring the financial well-being of loved ones is of utmost importance. With Aditya Birla Sun Life Insurance’s reduced premium rates, individuals can now take proactive steps towards securing their future and providing financial security for their loved ones. This initiative highlights the company’s commitment to making life insurance a viable option for everyone, promoting financial stability and peace of mind.
Aditya Birla Sun Life Insurance Reduces Premium Rates FAQ’S
Is Aditya Birla Sun Life Insurance Safe?
Aditya Birla life insurance is a trustworthy insurance company. You can opt for their child insurance plan, which offers excellent benefits and returns. The premium is affordable, and the company has a high claim settlement ratio, thanks to their efficient staff members who provide prompt service. To access your Aditya Birla Sun Life Insurance policy and compare quotes, log in to policybachat.
What is the issue price of Aditya Birla Sun Life Insurance?
Aditya Birla Sun Life AMC IPO is a main-board IPO of 38,880,000 equity shares of the face value of ₹5 aggregating up to ₹2,768.26 Crores. The issue is priced at ₹695 to ₹712 per share.
Is Aditya Birla policy good?
Aditya Birla health insurance is one of the top-rated insurance companies in the category with 8200+ network hospitals panned across the country, lifelong renewability and 24x7 customer care service.
What is the claim ratio of Aditya Birla Sun Life?
At Aditya Birla Sun Life Insurance, we recognize the significance of safeguarding your loved ones. Hence, our impressive claim settlement ratio of 98.12%1 ensures that you can have peace of mind knowing that your family will remain well-protected.
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