Aditya Birla Group Term Insurance is just the tailored solution, providing the interested corporate houses to fulfil their employee obligations through two products called the ABSLI Group Protection Solution Plan and the ABSLI Group Income Replacement Plan. They serve a vast canvas to help the corporation offer the most comprehensive employee protection package covering a gamut of possibilities that may potentially be disastrous for the loved one in the worst eventualities.
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What is a group term insurance plan? The principles applied to individual plans are part and parcel of this scheme, but only on a larger scale, covering groups. The most common insurer target group is the formal Employer-Employee, the informal Non-Employer-Employee, Affinity, Professional, Borrower-Lender, or a Social Group, who have assembled not with the sole purpose of buying a group term plan, but for a common interest. The two named Aditya Birla Group Term Insurance fall under the Employer-Employee category, with ample flexibility to customize the policy to meet the group’s aspirations.
Term Plans
₹1 Crore
Life Cover
@ Starting from ₹ 16/day+
₹50 LAKH
Life Cover
@ Starting from ₹ 8/day+
₹75 LAKH
Life Cover
@ Starting from ₹ 12/day+
Eligibility Criteria for ABSLI Group Term Plan
The primary quality needed to be a group member in the Aditya Birla Group Term Insurance is that the individual must be a permanent employee of the corporate intending to buy a suitable group plan meeting its requirements. Since the idea is to compensate the employee dependents for financial losses suffered in unforeseen events, the coverage plays a significant role in the protective shield. Two formulas often adopted are a flat coverage across the board for the group members and the graded, which is determined by several factors like rank and salary scale. The other eligibility criteria applicable to the plans are:
Parameter
Conditions
Plan Name =?
Group Protection Solution Plan
Group Income Replacement Plan
Minimum Entry Age *
15 years
18 years
Maximum Entry Age
Retirement Age, or 79 years.
65 years
Maximum Maturity Age *
.Retirement Age, or 80 years
65 years
Policy Term
Annual
Annual
Premium Payment Frequency
Regular
Regular
Minimum Sum Assured
Per Member: Rs.5000
Per member Rs.10000
Maximum Sum Assured
Rs.100 Crore
No limit
Minimum Group Size
EE: 10 members
NEE: 50 members
7. members
*Last birthday.
Salient Features of Aditya Birla Group Term Plan
Some of the key features making the Aditya Birla Group Term Insurance an attractive proposition are:
A single master policy covers all the group members, while the scheme targets diverse groups.
The employer is the master policyholder and empowered with an administrative role for the creation, membership register maintenance, facilitating claim settlements, and liaison with the ABSLI office.
While the Term Protection Plan protects the family in times of grave crisis, the Income Protection Plan secures the dependent’s future earnings even during health emergencies.
Total flexibility in fixing the coverage amount, which is either flat or graded
ABSLI Term Protection Plan:
A range of riders offered in the plan makes for comprehensive coverage.
High Free Cover Limit is determined by the sum assured and the group size, yet no medical examination is necessary.
ABSLI Income Protection Plan:
Assured steady income for a limited period on dreaded disease diagnosis or disability due to accident or an ailment.
Multiple options to fix income benefit parameters.
Benefits of Aditya Birla Sun Life Group Term Insurance Policy
For easy comprehension, the Aditya Birla Group Term Insurance benefits have been clubbed under the specific plans:
ABSLI Term Protection Plan
Death Benefit:
It is paid to the nominee when the covered member dies during the policy’s currency. The two options for the benefit receipt are:
Full Death Benefit SA in lump-sum.
Death Benefit is paid partially in lump-sum, and the residual in regular installments spread over 1 to 10 years.
Maturity / Survival Benefit:
The plan does not provide any survival or maturity benefit.
Rider Benefit:
The policy offers a host of riders to enhance the sum assured in events as diverse as an accidental disability in different grades, critical, and terminal illness in both addition and accelerated versions. However, all the riders may not be chosen, and the combinations are defined in the policy document.
ABSLI Income Replacement Plan
Income Benefit:
The benefit gets triggered when the member is diagnosed with any of the listed diseases or suffers disability resulting from an accident. The defined benefit sum assured is paid in installments up to 24 months in various proportions.
Death Benefit:
Nil.
Maturity / Survival Benefit:
Nil.
The Process to Purchase Aditya Birla Group Term Plan
The traditional method of Aditya Birla Group Term Insurance purchase has been replaced to a large extent by the digital platform. This is the choice method and popularly patronized by the millennial generation for the inherent convenience of operating remotely anytime and anywhere. On the flip side, not all plans are offered for online purchases. In such cases, brick and mortar office agents are the best bet. Employers can also engage broker services to land a suitable deal. The other option is to access the ABSLI official portal and request the Relationship Manager’s services by providing essential information.
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Documents required to Buy Aditya Birla Group Term Insurance
The common thread that binds all group term insurance plans is the administrative simplicity and membership enrollment ease. The Aditya Birla Group Term Insurance is no exception where the documentation is the master policyholder’s responsibility. The documentation related to claims, on the other hand, is subject to compliance with insurer-defined rules and regulations. Accordingly, the indicative document list in typical claim situations is tabulated below. However, this does not preclude ABSLI from calling for additional documents for claim evaluation, as and when required.
Death Claim:
Claim Form.
Death Certificate.
Nominee’s KYC documents.
Nominee’s bank account details.
Accidental Disability:
Apart from the above.
Police reports and documents.
Doctor’s certificate regarding disability status.
Critical Illness:
Hospital medical records, including discharge summary.
Diagnostic and investigation report confirming the critical illness.
Independent doctor’s opinion on the critical illness diagnosis.
Other Features:
ABSLI Term Protection Plan
For the employer:
Helps to fulfil social obligations.
It is a cost-effective, comprehensive protection package
It acts as a potent financial tool to retain talent and reward performance while protecting key human assets.
The employer is eligible for tax exemption under Section 37 (1) of the Income Tax Act, 1961, as the outgo is categorized as a legitimate business expense.
For the employee:
The member is free to choose the flat or the graded coverage, to suit individual preference.
The spouse is also eligible for joint cover under the scheme.
The coverage is variable and may increase upon the change in the member’s rank status.
The member can choose to continue the policy as an individual if the master policyholder surrenders the policy.
ABSLI Income Replacement Plan
For the employer:
It helps the master policyholder widen the protection ambit to cover the employees from lost income in health emergencies.
It is a cost-effective method to compensate the employee’s family suffering financial loss due to an accident or a debilitating disease.
For the employee:
Multiple options to receive income benefit as a steady income to absorb the income loss from health emergencies.
The sum assured can be increased or decreased to customize the plan further.
Terms and Conditions
Free-look:
The Aditya Birla Group Term Insurance named ABSLI Term Protection Plan does not provide any free-look to the policyholder. However, a 15 day period is available in the ABSLI Income Replacement Plan.
Grace Period:
Annual frequency: No grace period is allowed as the policy is renewable annually.
Other frequencies: A 30 day grace period is allowed from the default date for renewal.
Reinstatement:
The facility is available for frequencies other than annual. If the grace period is over and the premium is in default, the policy may be revived within the policy term.
Nomination:
It is available as per provisions of Section 39 of the Insurance Act, 1938.
Assignment:
While there is no Assignment provision in ABSLI Term Protection Plan, the ABSLI Income Replacement Plan provides An Assignment facility as per the Insurance Act, 1938.
Key Exclusions
ABSLI Term Protection Plan
There are no exclusions to consider in the EE compulsory groups. But in the case of NEE voluntary groups, both the suicide exclusion and waiting period for a maximum of 45 days from the risk commencement date are applied.
ABSLI Income Replacement Plan
Waiting Period: The members have to wait for 90 days from the policy commencement date compulsorily. The same principle applies to the revived policy.
Survival Period: This clause is applicable for the benefit to be triggered both in the case of critical illness and disability when the affected member has to survive for 30 days from the first event occurrence date.
Other Exclusions: It is already seen that the 90 days waiting period applies to critical illness with a direct or indirect impact on the diagnosis. In the event of disability, any of the following affecting the disability status will impact claim settlement and lead to repudiation.
If the condition in any way was pre-existing, then the claim is likely to be denied.
The medical condition arising from HIV affliction
Self-inflicted injury or participation in criminal activities
Medical conditions arising due to alcoholism, solvent abuse, and drug addiction
Acts of war, invasion, conflicts, or civil acts creating riots, strikes, and disturbances
Participation in war games involving the army, air force, and the navy during peacetime.
Use of the aviation industry professionally or otherwise, but not as a regular bonafide passenger using the regular airline services.
Indulgence in extreme sports, hazardous adventures, potentially dangerous hobbies
Radioactive contamination or nuclear peril arising from leaks, accidents, or handling such materials
Treatment of congenital anomalies, both internal and external
A2. India’s life insurance products are subject to the imposition of extant tax laws, both indirect and direct. The current GST rate applied on the Aditya Birla Group Term Insurance is 18%.
A4. A terminal illness is that, in the opinion of independent specialist doctors, the patient is unlikely to survive beyond 180 days from the diagnosis date.
A5. The employer, also called the master policyholder, is empowered with definite privileges for managing the policy. Creation, addition, and deletion of members in the master register are his responsibility.
A6. The master policyholder is responsible for adding new members and deleting members who are no more in the company’s employment, retired, or expired. In the case of the expired, the death benefit is paid and the cover terminated. The new members have to pay a pro-rata premium for the remaining part of the policy term, while the deleted members are refunded with a pro-rata premium for the uncovered policy term.
A8. These formulae are triggered when critical illness becomes payable. In the additional formula, the benefit is paid after the survival period is over without impacting the base coverage. In the accelerated formula, the benefit is paid on diagnosis, and the base coverage is reduced by a like amount.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in