Aditya Birla Sun Life Insurance Super Term Plan Plus (+)

Whether you want to secure your family’s future, protect important financial goals, or manage outstanding liabilities, the Aditya Birla Sun Life Insurance Super Term Plan Plus helps provide financial stability and peace of mind during difficult times.

Key Features of ABSLI Super Term Plan Plus

Here are the key features of this term insurance plan:

• Choose from 2 plan options: level cover or level cover with return of premium.

• With this plan, you get coverage against death, diseases, and disability.

• You can choose the most suitable death benefit payout options from the lumpsum, monthly income, or a combination of both options.

• Special discounts for salaried and female customers

• You can choose to defer premium payments by 12 months with cover continuance benefits.

• Receive all the premiums paid back with the Early Exit Value benefit.

• Your nominee will receive an instant payout on claim intimation

• Get health management services inbuilt within the plan to get healthy living benefits

• Increase the base sum assured of the policy with the enhanced life stage protection

Benefits of the ABSLI Super Term Plan Plus

Plan Options Available

Option 1: Level Cover

On the death of the life assured, the nominee will receive the absolute amount as lumpsum or monthly income or a combination of both, depending on the death benefit payout option selected at the time of policy purchase. In case of survaival of the policy term, no benefit will be payable.

Option 2: Level Cover with Return of Premium

Under the plan option, the benefits as per the above option will be paid and in case of surviva of the policy term, the premiums paid thorughout the policy tenure will be returned to the policyholder.

Death Benefits

In case of the policyholder’s untimely death during the policy term, the death benefit as per the following will be paid to the policyholder as the higher of the following:

• 11 times the annualised premium

• 105% of the total premiums paid as per the date of death

• The absolute amount assured to be paid on death

Maturity Benefits

Under option 1, there is no maturity benefit applicable. For option 2, the sum assured payable on maturity of the policy will be equal to the 1005 of the total premiums paid during the policy term, excluding any underwriting or extra premiums and loadings for modal premiums, and rider premiums.

Early Exit Value

With the Early exit value, the policyholder can exit the policy early and receive all the premiums paid till that point as a lump sum benefit. This benefit is free of cost and can be exercised at a specific window after the completion of 25 policy years and before the beginning of the last 5 policy years. This benefit is only available with plan option 1, and the policy should be in force when availing this benefit.

Death Benefit Payout Option

You can choose the most suitable death benefit payout option from the following:

• Lumpsum: The sum assured on death will be paid as lumpsun on successful verification of the claim.

• Income: The sum assured on death will be paid as equal monthly installments throughout the income benefit period, as selected at the policy purchase. The payout will begin at the date of death and will be paid at each policy month anniversary till the end of the benefit period.

• Income plus Lumpsum: The percentage, ranging from 10% to 90% will be selected at the income benefit component of the sum assured on death, which will be paid in equal installments throughout the income benefit period. The remaining percentage will be paid as lumpsum benefit.

Income Benefit Period: The number of years during which the nominee will receive the monthly income after the death of the life assured. This period can be selected from 10, 15, or 20 years of income benefit period.

Health Management Services

Health management services in term insurance are complementary benefits provided by the insurer that help the policyholder access additional preventive, diagnostic, treatment, or recovery services. These services can include medical consultations, coaching, second opinions, personal medical case management, and more.

Instant Payout on Claim Intimation

On the death of the life assured, the nominee is eligible to receive the instant payout on claim intimation within 1 working day from the date of claim registration, given that the mandatory documents have been submitted. The instant claim payout will be as follows:

• Sum Assured between 50 Lacs - 1 Crore: 1 Lac

• Sum Assured more than 1 Crore: 2 Lacs

Terminal Illness Benefit

In case the life assured is diagnosed with a terminal illness within the age of 75 years, during the policy term, the benefit will be paid in lumpsum, and all future premiums will be waived off. The terminal illness benefit will be 50% of the sum assured on death as applicable on the date of death, or 1 Crore, whichever is lower.

Waiver of Premium on Accidental Total and Permanent Disability (ATPD)

In case of the accidental total and permanent disability of the life assured, the future premiums will be waived off.

Accelerated Critical Illness (ACI) Benefit

The ACI or the Accelerated Critical Illness benefit, will be paid on the diagnosis of any of the critical illnesses listed under the plan. The ACI benefit will terminate on the payout of the first critical illness diagnosis. The policy covers up to 42 critical illnesses under this rider.

Rider Benefits Offered Under the Aditya Birla Sun Term Plan Plus

These are the term insurance riders offered with this ABSLI term insurance plan:

• ABSLI Accidental Death and Disability Rider

• ABSLI Critical Illness Rider

• ABSLI Surgical Care Rider

• ABSLI Hospital Care Rider

• ABSLI Accidental Death Benefit Rider Plus

• ABSLI Waiver of Premium

Eligibility Criteria to Buy ABSLI Super Term Plan Plus

Following are the eligibility conditions you need to satisfy to buy this Aditya Birla Sun Life Term Insurance Plan in India:

Additional Policy Details of the ABSLI Super Term Plan Plus

Option to change the Death Benefit Payout Option

• Staggered Death Benefit: The nominee can choose to receive the death benefit in installments, over a period of 5 years. This can be opted for both lumpsum and income plus lumpsum benefit options.

• Commutation of Income Benefit: If the policyholder has opted for an income or income plus lumpsum option, instead of the monthly installments, the commuted value of the outstanding benefit will be paid as lumpsum.

Enhanced Life Stage Protection

Under the life stage protection option, the life assured can choose to increase the base sum assured at different milestones, like first marriage, childbirth of up to 2 children, and borrowing of a housing loan.

Cover Continuance Benefit

The policyholder can defer the premium payment by 12 months with this benefit from the date of the premium, without worrying about policy lapse. This feature is free of cost and can be availed after the completion of 5 policy years, and can be opted for thrice during the entire policy term at gaps of 5 years between the two cover continuance benefits.

Change of Premium Payment Term

The premium payment terms can be changed in regular pay policies opted under option 1. The policyholder can convert the policy from a regular pay policy into a limited pay policy, given that the policy is still in force.

• The policy pay term can be changed at a policy anniversary.

• The policy should have been completed for at least one policy year.

• The policyholder has to provide a written notice at least 30 days before the policy anniversary to opt for this option.

Surrender Benefits

On surrendering the policy, the following benefits will be payable:

For Option 1:

Under regular pay policies, the unexpired risk will be 0. Under limited pay policies, the unexpired risk premium value will be available on the payment of all the premiums under the policy.

Unexpired Risk premium value factor x Total Premiums paid x [Outstanding Term (months)/ Policy Term (months)]

For Option 2:

The surrender value is available on the payment of all the premiums for the first year, and the policy can be surrendered at any time before the end of the policy term. The surrender value payable will be the higher of the following:

• Guaranteed Surrender Value (GSV)

• Special Surrender Value (SSV)

Free Look Period

You get a free look period of 30 days from the date of receipt of the policy documents, in case you disagree with the policy terms and conditions.

Grace Period

You get a grace period of 30 days for annual, half-yearly, and quarterly premium payment modes and a period of 15 days for monthly pay modes, to pay the premiums without lapse of the policy.

Exclusions

Suicide: In case the life assured commits suicide within the first 12 months of the policy purchase or revival, the nominee will receive a refund of the premiums paid till the date of policy purchase.

Terminal Illness: The terminal illness benefit will not be payable in case of a terminal illness diagnosis that is directly or indirectly caused by a self-inflicted injury or harm.