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Aditya Birla Sun Life Term Plan with Return of Premium

Aditya Birla Sun Life Term Plan with Return of Premiumis an intelligent protection term plan offered by Aditya Birla Sun Life Asset Management Company Limited. Term plans are often opted by individuals who want to secure their future financial needs in case of any unavoidable circumstances. It is the first step to financially secure your family’s financial needs in your absence.

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The Life Shield Plan and DigiShield Plan are the two attractive options offered by the insurer and rank among the country’s top seven life insurance plans.

Eligibility Criteria of ABSLI Term Plan with Return of Premium 

Here are the eligibility criteria for both plans:

  1. Birla Sun Life Term Plan with Return of Premium Life Shield Plan

    • The age at entry for options without WOP benefits ranges from 18 years to 65 years
    • The age at entry for options with WOP benefits ranges from 18 years to 50 years
    • The maximum age at maturity of the plan is 85 years

    The policy term for plan option 1 to 6 is as below:-

    Premium Payment Option

    Min Policy Term (in years)

    Max Policy Term (in years)

    Regular Pay / Single Pay

    10

    55

    Limited Pay 6 & 8 years

    10

    55

    Limited Pay for 10 years

    15

    55

    The policy term for plan option 7 & 8 are as below:- 

    Premium Payment Option

    Min Policy Term (in years)

    Max Policy Term (in years)

    Regular Pay / Single Pay / Limited Pay - 6,8,10 years

    20

    55

  2. Birla Sun Life Term Plan with Return of Premium: Digi Shield Plan

    • The age at entry for options 1,2,3,6,7,8,10 ranges from 18 years to 65 years
    • The age at entry for options 4 and 5 ranges from 45 years to 65 years
    • The age at entry for options 9 ranges from 18years to 50 years
    • The maximum age at maturity of the plan ranges from 69 to 100 years

    The policy term is as follows:-

    Plan Options

    Premium Payment Option

    Min Policy Term (in years)

    Max Policy Term (in years)

    Single Pay

    5

    Plan Option -  1,2,6 & 7

    Limited Pay 

    PPT + 5

    55

    Regular Pay

    10

    Single, Regular  & 5 Pay

    11

    Plan Option -  3

    Limited Pay 

    PPT + 5

    55

    Single Pay

    100 minus Entry Age

    Plan Option -  4 & 5

    5 Pay 

    Single Pay

    1

    4

    Plan Option -  8

    Regular Pay 

    Single Pay

    70 minus Entry Age

    55

    Plan Option -  9

    Limited Pay 

    Plan Option -  10

    Regular Pay 

    10

    55

    The sum assured ranges from a minimum of Rs 1,00,000 to No limit (subject to guidelines)

Salient Features of the Plans

Along with some common features, let us consider the individual features of both plans.

  1. Birla Sun Life Term Plan with Return of Premium Life Shield Plan

    The Life Shield plan offers flexibility to an individual to choose between 8 different options as per their and their family’s requirements to not compromise with their future financial security. It offers an increasing cover period, an in-built terminal illness option, and even returns of premium with additional benefits attached. 

    The key features of this plan are as follows:-

    • The plan offers an individual to cover their spouse and the individual under the same policy
    • The plan offers 8 different options to an individual so that they can customize the plan according to their needs
    • Return of premiums as well as a waiver of premium benefits
    • The plan has an inbuilt terminal illness benefit
    • The policyholder can choose from various premium payment term options namely Single Pay, Regular Pay, and Limited Pay - 6, 8, 10 Years
    • The premium payment frequency can be chosen as annual, semi-annual, quarterly, or monthly by the policyholder at the inception of the plan
    • The sum assured ranges from a minimum of Rs 25,00,000 to No limit (subject to guidelines)
  2. Birla Sun Life Term Plan with Return of Premium Digi Shield Plan

    This plan offers protection to an individual by catering to multiple life needs with a single policy. The policy offers 10 different plan options for different financial requirements all combined within one policy. This is a smart and comprehensive plan to choosefor an individual who is looking out to protect their family’s future financial needs in case of an unforeseen event. The key features of this plan are as follows:-

    • 10 different options to choose from that can cater to an individual’s various financial security requirements.
    • The plan provides comprehensive financial support by providing insurance coverage ranging from 1-year to 100 years of age.
    • The policyholder option can choose from three pay-out options namely single lump-sum payout, monthly payout, or a combination of both.
    • The plan provides a survival benefit option wherein a policyholder can opt for monthly income after 60 years of age to enjoy a financially secured retired life.

Core Benefits offered under ABSLI TROP

Birla Sun Life Term Plan with Return of Premiumplans offer a wide variety of benefits, which are covered below.

  1. Death Benefit

    Like regular term plans, these plans offer a Death Benefit to the nominee or the beneficiary of the policyholder. Once the payout is received, the policy is terminated.

    It is the Sum Assured on Death after deducting any previous Terminal Illness Benefit and is different for different plan options as per the cover option opted for at the time of inception. It can be a lump sum amount, even a monthly, or a staggered payment.

  2. Terminal Illness Benefit

    One very good feature of these plans is the in-built terminal illness benefit which gets paid upon the first diagnosis of any of the listed terminal Illnesses. 

    • Up to 50% of the Sum Assured on Death gets paid, subject to a maximum limit, immediately to the Insured. Subsequently, there is also a provision to waive off all future premiums.
    • If the Insured dies due to the terminal illness during the policy term, the Death Benefit is reduced by the Terminal Illness Benefit amount and then given to the nominee.
    • The DigiShield Plan offers an additional Accelerated Critical Illness (ACI) Benefit with a minimum Rs. 5 lakhs Sum Assured and the maximum can be up to 50% of the Sum Assured, subject to specific conditions as mentioned in the plan brochure. It is paid if any of the Accelerated Critical Illnesses mentioned in the plan get diagnosed.
  3. Waiver of Premium on Total and Permanent Disability (TPD)

    In case the person insured suffers from a total or a partial disability or critical illness or any terminal illness as mentioned in the plan, he will get a premium relief in the form of waiver of future premiums, subject to conditions. The policy will continue till the policy term ends.

  4. Enhanced Life Stage Protection

    Both the plans have features to provide extensive life stage protection at different life stages due to events like marriage, the birth of children, purchase of a house, etc. One can choose to increase the coverage on the occurrence of each of the events. At that time, there is also no need to undergo any fresh medical check-ups.

  5. Joint Life Protection

    Both the plans with ROP options provide this feature for joint life coverage. This means under the same plan, the Primary Life Insured can also cover the life of his spouse. In this case, the Spouse Sum Assured applicable is equal to 50% of the applicable Sum Assured. This joint protection is available under specific conditions as prescribed by the Insurer.

  6. Riders

    Both the plans provide several add-on coverage features with multiple riders available for accidental death, disability, hospital care, surgical care, etc.

  7. Tax Benefits

     The policyholder can avail of tax benefits under Sec 80C and Sec 10(10D) of the Indian Income Tax Act, both the plans with return of premium, for the premium amounts paid and on the payouts received.

    “Tax benefit is subject to changes in tax laws.”

The Process to Purchase ABSLI TROP Plans

The customer has the facility to purchase both the plans under Birla Sun Life Term Plan with Return of Premiumonline on the insurer’s or the insurance aggregator’s website. Customers can visit the website, go through the plan features, and decide the coverage amount needed. 

  • The “Buy Online” option on the website will lead one to fill a form with personal details like name, gender, DOB, smoking habits, and contact details.
  • Upon filling in the required details, the online quick premium calculator available on the website will provide a quick quote based on the Sum Assured, riders and the plan option chosen.
  • If the customer agrees with the propositions of the proposal, he can go ahead and finalize the purchase and make the payment online with any of the digital payment methods.
  • The policy document will be sent to the customer’s registered email after the plan purchase is complete.

Documents Required

TheBirla Sun Life Term Plan with Return of Premium plan is purchased online or offline, the following documents are required:- 

  • Identity Proof.
  • Age Proof.
  • Address Proof.
  • Income Proof.
  • Bank Account Details.

Additional Features

Both the plans have some common features applicable.

  1. Free Look Period

    Under IRDAI guidelines, customers have the option to send back the policy papers after plan purchase within 15 days in case of offline policies and 30 days in case of e-plans, if they are not satisfied with the plan. They need to send a letter specifying the reason for the objection and the insurer will refund their premium paid after deducting any proportionate risk premium, stamp duty charges and any charge incurred for medical checkups.

  2. Grace Period

    The plans provide a 30-days’ grace period for all other premium payment modes (except monthly mode) if the person insured is not able to make the premium payment on the due date. For monthly mode, this grace period is extended to 30 days. 

  3. Policy Revival

    If the policy lapses due to non-payment of premium within the grace period, one can revive one’s policy within five years from the due date of the first unpaid premium. This can be done by the payment of all outstanding premiums with interest.

Key Exclusions

Birla Sun Life Term Plans with Return of Premiumhave certain exclusion features that are as follows: 

  1. Suicide Exclusion 

    The plans provide a suicide exclusion wherein if the policyholder dies due to suicide twelve months from the policy inception date or the policy revival date. The payout to the nominee will include the premiums paid to date (less tax) or surrender value, whichever is higher.

    For Total permanent disability and critical illness, another set of exclusions prevail:

    • No pre-existing disease or ailment can be claimed within 48 months of the policy issue
    • Any sickness manifesting within 90 days of the plan purchase or the planned revival
    • Suicide or attempted suicide or self-inflicted injuries
    • STDs
    • Injuries due to participation in the war, terrorist activities, riots, illegal activities
    • Injuries due to participation in hazardous or adventure activities
    • Disease or ailment due to nuclear contamination and radioactive hazards

    *For a detailed list of exclusions, please refer to the policy document or the product brochure.

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