Aditya Birla Sun Life Insurance is a well-known insurer, which offers a range of insurance policies to Indian customers. The insurance seekers can choose from a wide range of comprehensive plans as per their requirement and suitability. The most popular product offered by Aditya Birla Sun Life is the term insurance plan. The Aditya Birla Sun Life Term Insurance policies provide the right financial protection to the assured’s family and ensure their financial security in the long term. To choose the best term insurance plan as per one’s requirement, the buyers can make use of the Aditya Birla Sun Life term insurance calculator. Read further to know in detail about the ABSL term plan calculator.
The customer has plenty of options when it comes to choosing an insurance product. The term insurance premium calculator considers various parameters such as age, marital status, amount of wealth accumulated while calculating the premium rate of the policy. This online premium calculator helps the customers to select the right plan according to their income and savings. Another essential function of the Aditya Birla Sun Life term insurance calculator is the comparisons and analysis of various insurance products, which will benefit the insurance buyers to make an informed choice.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
The Aditya Birla Sun Life Term Plan calculator is available on the insurer’s official website under the sub-menu named Insurance calculators. Below are a few simple steps to use the ABSL term plan calculator.
The term plan calculator requires basic information such as the age or the date of birth of the policy buyer, gender, name, marital status, income, etc. The calculator may also need details related to the customers' habits like does he/she smokes or not.
The calculator needs to determine the sum assured based on the customer's monthly income, family needs, and future financial goals. The premium is computed after careful assessment of the above factors.
The last and final step in the process wherein the customer is shown the premium amount on his/her screen. The customers can analyze the data and decide if the suggested amount is within their budget. Depending on which, they can either choose to go ahead with the policy purchase or make changes to the sum assured and calculate a different premium rate to tailor their needs.
The term plan calculator is user-friendly with an interactive interface. The customer with a vague idea of the policy premiums, sum assured, duration of the plan can readily determine and understand the policy's workings along with its benefits. The user can also alter the inputs and analyze different outcomes, enabling them to make sound and informed decisions.
The term plan calculator is accurate with exact details, minimizing mathematical errors resulting in reduced human efforts. It keeps the precious policyholders' time to access all the information on the insurer's website.
The ABSL term plan calculator does not charge users for its services and is free of cost.
The ABSL Term Plan calculator collects some mandatory information from the customers to effectively calculate the chosen policy's premium amount. Some of the essential details include
The following are some of the benefits of buying an ABSL term insurance policy.
The ABSL term insurance plan provides financial protection to the family of the insured in case of any eventuality. If the life assured dies an unfortunate death during the tenure of the policy, then the total sum assured amount as death benefit is paid by the insurer to the beneficiary of the policy.
One can use this benefit with a written request to the insurer within six months of the marriage event or the birth of the first and second child keeping in mind the below terms and conditions.
a. The policyholder must be less than 50 years of age or must have attained 50 years of age.
b. The policyholder must not have any instalment dues pending provided that the policy has a regular payout option.
Suppose the policyholder meets all the above conditions. In that case, the company will pay him/her half of the sum assured on the first marriage, they will also pay 25% of the sum assured during the birth of the first child, and the insurer will pay the remaining 25% of the sum on the birth of the second child.
The ABSL Ultima Term Plan can also be used for wealth creation wherein the investor with good discipline and patience can create a large amount of wealth.
The term plan secures the policyholder's family from unforeseen events such as the sudden demise of the life insured natural disasters and nurtures them financially during such testing times.
The ABSL Ultima Term Plan also provides flexibility for premium payment, making it customer-oriented. The term plan considers various factors such as income, loans, and other financial goals. The policyholder can also choose the frequency of premium payment at his convenience.
The term insurance plans offered by Aditya Birla Sun Life comes at reasonable and affordable rates, making it budget-friendly. It covers customers from the grass-root level, such as minors, female workers, and government officials. The company offers discounts to the following group of people.
*All rates are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.
An online insurance account usually takes seven days to activate. After activating the online credentials, a welcome kit is sent to the account holder, furnishing its operation details.
No, the online account is provided for free.
The policy number is a nine-digit unique identification number found on the right side of the policy document. It is different for each policy availed by the customer. The policy number helps track the policyholders' records for references.
Client ID is a ten-digit number found on the left side of the policy document. The customers with more than one policy are given a client ID. For customers with multiple approaches, client ID comes in handy as it is easier to remember. It is also helpful as the customer can use the client ID as an alternative if they have multiple policies availed.
The customer can update personal details such as contact address. The policyholders can correct the mobile number by submitting a Policy Service request form to any of the ABSLI branches at a nearby location. The customer must also need the following documents.
The contact number of the policyholder can be updated on the official website of the insurer using CIP/TPIN
A customer can make use of online and offline facilities to buy term insurance. He/She can purchase Term insurance online by visiting the official website of the insurer. The customer can enter his details such as name, gender, mobile number, and sum assured. The insurer will generate a quote containing the premium to be paid based on the customers' inputs. He/She can buy term insurance offline by getting in touch with an advisor.
The nominee mentioned by the life insured in the application form for insurance gets the claim money.
It is recommended to buy a plan early. The premium for the policy increases with age. Usually, the age limit is from 18 years to 65 years.
Please visit the insurer's official website, click on the register tab, and enter the customer ID followed by the email address.
The user can click the link called Forgot username and follow the instructions given by the insurer. The insurer may ask security questions to authenticate the user, after which the new login details are sent to the customer's registered email.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.