Aditya Birla Sun Life Insurance - Super Term Plan

The plan offers various features to fit the varying needs of different individuals. Let us take a look at the features and benefits of the Aditya Birla Sun Life Insurance Super Term Plan.

Key Features of ABSLI Super Term Plan

Here are the key features of the Aditya Birla Sun Life Insurance Super Term Plan: 

• This term insurance plan offers 3 plan options: Level Cover Option, Increasing Cover Option, and Level Cover with Return of Premium 

• The plan provides additional benefits in case of terminal illness, critical illness, and waiver of premium benefits

• Female customers can get the plan at a lower premium than male customers, and you can also receive high sum assured rebates.

• You can also receive hospicare benefits, surgical care benefits, accidental death benefits, and more at nominal additional premiums.

• You can exit the plan early to receive the Aditya Birla Sun Life Term Insurance premiums paid until that point.

Plan Options Provided by the Aditya Birla Super Term Plan

Here is a list of the three plan options available with the Aditya Birla Sun Life Super Term Plan:

• Level Cover Option

  The level cover option of the Aditya Birla Sun Life Super Term plan offers the death benefits on the death of the policyholder. The sum assured on death will be paid in a lump sum, monthly income, or income plus lump sum payments, as per the policyholder’s choice.

• Increasing Cover Option

  The increasing term insurance cover option increases the life cover every year (at policy anniversary) by 5%, till the policy reaches a maximum cap of 200% of the original sum assured. In the event of the policyholder’s untimely death during the policy term, the nominee will be paid the sum assured in lump sum, monthly income, or lump sum plus monthly income modes.

• Level Cover with Return of Premium Option

  With the ABSLI Super Term Plan with Return of Premium option, the total premiums paid towards keeping the policy active will be returned to the policyholder at the survival of the policy term. This term insurance maturity benefit will be paid in lump sum, monthly income, or lump sum plus monthly income modes, as selected by the policyholder.

Benefits Offered By ABSLI Super Term Plan

Aditya Birla Sun Life Insurance Super Term Plan offers the following benefits: 

1. Death Benefits

   The death benefits will be paid in case of death during the policy term, provided that the terminal illness or accelerated critical illness (ACI) claim has not been made. In case terminal illness or ACI benefits have been claimed, the death benefit payable will be reduced by the amount already paid as a terminal illness claim. The policy will terminate once the death benefit is paid.

2. Maturity Benefits

   In the Term insurance with return of premium plan option, the premiums paid throughout the policy term to keep the plan active will be returned, excluding GST and other nominal charges as maturity benefits to the policyholder.

3. Death Benefit Payout

   The policyholder can choose the ideal death benefit payout mode best suited for their family. This option can be chosen at policy inception and pays a lump sum, monthly income, or monthly income plus lump sum benefits to the nominee of the policy. The monthly income will be paid over a tenure of 10, 15, or 20 years.

4. Waiver of Premium on TI and ATPD

   The plan offers a waiver of premium on the diagnosis of a terminal illness (TI) or accidental total and permanent Disability (ATPD). This means all the future premiums will be waived off in case of the following scenarios:

   • The policyholder becomes completely disabled due to an Accidental total and permanental disability 

   • The policyholder is diagnosed with a terminal illness

5. Accelerated Critical Illness (ACI) Benefit

   In case the policyholder is diagnosed with a critical illness covered under the policy and the policy is still in force (the premiums are regularly paid), then this term insurance rider will payout the rider sum assured. On the payment of the ACI benefit, the death benefit of the policy will be reduced by the amount paid out as ACI benefits.

6. Terminal Illness Benefits

   The inbuilt terminal illness benefit will payout 50% of the applicable sum assured on Death, subject to a maximum of 1 Crore on the diagnosis of a terminal illness. This diagnosis can happen at any point during the policy term, before the policyholder turns 80 years of age. All the remaining premiums till the survival of the policyholder will be automatically waived off. 

7. Early Exit Value

   The policyholder can use the early exit benefit and receive 100% of the premiums paid under the policy. This feature is available only in the level cover option and can be claimed for policies where:

   • The policyholder has attained the age of 60 years, and the policy continues till the age of 70 years.

   • The maturity age of the policyholder should be at least 70 years.

   • The policy term should be greater than 30 years, but the feature cannot be used in the last 5 policy years.

   • The policy should still be in force with all the premiums duly paid.

8. Cover Continuance Benefit

   The cover continuance benefit helps the policyholder keep the policy active while delaying the premium payment by 12 months. This premium holiday feature allows you to defer premium payment in case of a financial crisis without worrying about policy lapse.

9. Life Stage Benefits

   With the life stage benefits, you can increase the sum assured if this life insurance policy is in the event of major life stage changes. For example, you can increase the sum assured at marriage, childbirth, or home loans. This feature is available with level cover and term return of premium cover options and allows you to customise the plan even after purchase to fit your evolving needs.

10. Instant Claim Payment

    In case of the policyholder’s untimely death, the nominee will receive an immediate claim intimation payout that can help the nominee take care of their immediate financial needs, like paying for the hospital bills or covering the funeral costs.

11. Health Management Services

    The health management services of term insurance allow you to receive complimentary services in the prevention, diagnosis, treatment, or recovery, which can be in the form of medical consultations, personal medical case management, or a second opinion. 

12. Pre-payment Option

    With this option, the policyholder can choose to convert the outstanding regular pay premiums into any limited pay premium tenure available. This option is available only for regular pay policies and can be availed at the policy anniversary, given that the policy is still in force.

Eligibility Conditions for the ABSLI Super Term Plan

Rider Benefits Available with Aditya Birla Sun Life Insurance Super Term Plan

To enhance your protection, ABSLI Super Term Plan offers a variety of term insurance riders. These riders allow you to customise your policy for enhanced coverage and greater peace of mind.

• Accidental Death Benefit Rider Plus

  This rider provides financial support in case the life assured passes away due to an accident during the policy term. The Rider Sum Assured is paid out as a lump sum to the nominee. Additionally, any premiums paid from the date of the accident till the date of death are refunded with interest as declared by Aditya Birla Sun Life Insurance. The rider term and premium payment term are aligned with the base policy.

• ABSLI Accidental Death and Disability Rider

  This rider covers both accidental death and total permanent disability. In case of accidental death, 100% of the Rider Sum Assured is paid to the nominee. For total and permanent disability due to an accident, the policyholder receives between 5% to 100% of the Rider Sum Assured, depending on the severity of the disability. Rider term and premium payment term match those of the base policy.

• Critical Illness Rider

  If the life assured is diagnosed with any of the listed critical illnesses during the policy term and survives for 30 days post-diagnosis, 100% of the Rider Sum Assured is paid. This rider offers a financial buffer to deal with expensive medical treatments. The rider term matches the base policy’s premium paying term.

• Surgical Care Rider

  This rider offers coverage for medically necessary surgeries performed in India, requiring at least 24 hours of hospitalization. Upon undergoing the surgery, the chosen Rider Sum Assured is paid. The sum assured must be a minimum of ₹1,50,000 and cannot exceed the base policy sum assured. The rider term is equal to the base policy’s premium paying term.

• Hospital Care Rider

  The Hospicare rider offers a daily cash benefit if the life insured is hospitalized due to illness or injury. The benefit is based on the chosen Rider Sum Assured, which must be at least ₹1,50,000 and not more than the base policy sum assured. This rider also shares the same term as the base policy’s premium paying term.

• Waiver of Premium Rider (Not available in Option 2)

  This rider waives off all future premiums of the base policy if the policyholder becomes completely disabled or is diagnosed with a critical illness, provided the policy is active. In case of death, disease, or disability of the policyholder, the base plan continues without interruption. Rider term aligns with the base policy premium payment term.

Policy Details of ABSLI Super Term Plan

• Grace Period: The policyholder gets a grace period of 15 days in the monthly mode and 30 days for all the other modes. During this period, the policyholder can pay the premiums after the due date without worrying about policy lapse.

• Free Look Option: The policyholder can return the policy to the insurer if unsatisfied with the policy details and documents. The policy can be returned within 30 days of receiving the policy contract.

• Policy Lapse: If the policyholder is unable to pay the premiums at the due date and after the end of the grace period, the policy will lapse. This means that the policy will no longer provide coverage to the policyholder, and in case of his/her death while the policy is in lapse, no benefit will be payable to the nominee.

• Revival Benefits: In case the policy is lapsed, and the policyholder wants to revive the benefits offered by the plan, the policyholder can revive the policy within the revival period by paying all the outstanding premiums and submitting the required documents.

• Surrender Benefits: The surrender benefits in term insurance are available with the level plan option and increasing plan options. You can surrender the policy and receive the applicable unexpired risk premium value.

Exclusions of Aditya Birla Sun Life Insurance Super Term Plan

Suicide Exclusion: In case the life assured commits suicide within the first 12 months of policy issuance or revival, the insurer will pay only the surrender value applicable till the date of death or total premiums paid, plus underwriting applicable till the date of death.