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Aditya Birla Term Plan with Return of Premium

The term plan’s popularity is because of its simplicity focusing on the family’s financial security The term plan’s popularity is because of its simplicity focusing on the family’s financial security The term plan’s popularity is because of its simplicity focusing on the family’s financial security in the absence of the policyholder. It is considered the mainstay of the earning individual’s financial portfolio.

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Note: Know more about what is term insurance first before reading this article.

But often, the thought of wasted money overrides the policyholder’s intent in the absence of any maturity benefit. The psychological rather than the accrued benefits clinch the issue. However, the return of premium on survival in term plans dispels such fears. It is usually referred to as TROP, and the innovative Aditya Birla Term Plan with Return of Premium provides the necessary comfort to the policyholders.

The plan’s primary focus remains unaltered from the traditional in-force term plan paying the death benefit in lump-sum upon the policyholder’s death during the policy term. Two products in the ABSLI bouquet provide various options to customize the policy, matching far more fantastic demands. The ABSLI Life Shield Plan and ABSLI DigiShield Plans are thus eminently suited to fit the bill.  

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Eligibility Criteria for Aditya Birla Sun Term Plan with Return of Premium

Now that there is clarity on the TROP’s meaning and what it essentially does, the fact remains that the term plan is still the most sensible choice for the earning member to shield the family’s finances in every contingency. The benefits should ideally outweigh all other considerations. Let us determine the eligibility conditions defined in the Aditya Birla Term Plan with Return of Premium. 

Parameter

Conditions

Plan Name =??

Life Shield Plan

DigiShield Plan

Minimum Entry Age *

Option 1, 3, 5, 7: 18 years

Option 2, 4, 6, 8: 18 years

18 years

Maximum Entry Age 

Option 1, 3, 5, 7: 65 years

Option 2, 4, 6, 8: 50 years

54 to 65 years

Maximum Maturity Age *

.85 years

69 years to 100 years

Minimum Policy Term 

Options 1 to 6: 10 -15 years

Options 7,8:: 20 years

5 to 10 years

Minimum Policy Term

55 years

55 years

Premium Payment Term

Single, Regular, Limited for 6, 8, 10 years

Single, Regular, Limited for 5 years

Minimum Sum Assured

Rs.25 Lakh

Rs.30 Lakh

Maximum Sum Assured 

No limit

No limit

*Last birthday. 

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Salient Features of the ABSLI TROP

The Aditya Birla Term Plan with Return of Premiumpolicy is designed to provide the best financial umbrella to the family when the policyholder is no more. It offers possibly the widest options range to customize the plan to individual preference. The Life Shield Plan offers eight options, of which options number 7 and 8 pertain to TROP. In contrast, the DigiShield Plan offers ten options, the last being TROP. The policyholder has to weigh the pros and cons before arriving at an informed decision. It is imperative to remember three points about theAditya Birla Term Plan with Return of Premium benefit. 

  • The payable maturity benefit is the total of the premium paid over the entire policy term, minus the taxes.
  • No interest is paid on the maturity amount.
  • The maturity amount is reduced for the amounts paid for the chosen riders if any. 

Let us look at the key features in the plans separately. However, some inter-lapping features are not ruled out. 

ABSLI Life Shield Plan

  • There are eight plan options to choose from
  • The plan provides an optional joint spouse cover facility (both plans).
  • There is an inbuilt terminal illness benefit (both plans).
  • The plan offers Return of Premium and Return of Premium with Waiver Benefit as distinctly independent options. 
  • Multiple rider options to enhance coverage (both plans).
  • Options to stagger Death Benefit (both plans). 

ABSLI DigiShield Plan

  • The plan offers ten options to tailor diverse protection needs.
  • Coverage up to 100 years of age for comprehensive financial support.
  • The sum assured is in the range of Rs 1 Lakh to Rs 20 Lakh for the low cover option.
  • Option to tailor death benefit in lump-sum or installments.
  • TROP maturity benefit in lump-sum or installments after 60 years for a comfortable retired life. 

Core Benefits of Aditya Birla Sun Life Insurance Term Plan with Return of Premium

The following are the key benefits offered under the ABSLI TROP plan:

  1. Death Benefit

    The sum assured is paid to the policyholder’s nominee in the Aditya Birla Term Plan with Return of Premium policy on his demise during the policy term. Depending on the chosen plan option, the benefit is paid lump-sum, installments, or a combination of both. If the terminal illness or the critical illness benefit has been paid, the death benefit is reduced to the extent already paid. 

  2. Maturity Benefit

    In both the plans under discussion, the Maturity Benefit is paid as per terms of the chosen option for Return of Premium. The amount is payable only upon the policyholder’s survival of the policy term. However, if the policyholder dies anytime within the policy term, a death benefit is paid and the policy terminated. Diagnosis of critical illness or total permanent disability triggers the waiver of the premium clause in the TROP option of the Life Shield plan. 

    The critical illness cover for the premium waiver option with TROP applies for the first occurrence to policyholders under 65 years of age. Similarly, for total permanent disability, the policyholder is considered eligible for the premium waiver with TROP if he or she fails to perform three of the six defined tasks listed in the policy document independently. Additionally, the relevant specialist must certify that the condition is unlikely to improve in the policyholder’s lifetime, regardless of the policy term. 

  3. Tax Benefits

    All life insurance products in the country are required to comply with the extant tax laws. Accordingly, the premium paid is tax-exempt under Section 80C, and the benefit received is tax-exempt under Section 10 (10D) of the Income Tax Act, 1961. 

    *Tax benefit is subject to changes in tax laws. T &C Apply” 

The Process to Purchase the Plan

In the present times purchasing suitable life insurance is not a hassle. Rather with the digital platform provided by the insurer and aggregator portals, it is seamless. The Aditya Birla Term Plan with Return of Premium policy is no exception. Whatever be the purchase method, it is sensible to consider the following for making the proper term plan choice: These are valid both for the online and offline purchase model. The offline method is through brick-and-mortar office agents or brokers.  

  • The Insurance Cover should be adequate.
  • Disclose all the available information correctly.
  • Do not fail to add a nominee.
  • Add whatever rider is required.
  • Do not withhold information on existing policies. 

After due consideration of the above, the applicant can accomplish the online purchase in 4 simple steps. 

  • Enter basic personal information, communication address, and smoking status to get a quick quote. 
  • Enter all the information to design and customize the plan to define the financials,  get the premium displayed, and register.
  • Fill up the online proposal-cum-application form with detailed personal information to complete the registration. 
  • On the last page, pay the quoted premium to complete purchase formalities.

Documents Required

Whether the Aditya Birla Term Plan with Return of Premium policy is purchased online or otherwise, the standard officially valid documents (OVD) needed for purchase is tabulated below. The documents are sought primarily to comply with the KYC norms. However, the insurer is entitled to call for any additional document essential for processing the proposal application. Some of the OVD are the Aadhaar card, PAN card, EPIC, Passport, Driving License, etc.

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

Additional Features

  1. ABSLI Life Shield Plan

    • If the TROP option is chosen, the sum assured will remain constant throughout the policy term.
    • On survival, the policyholder receives the entire accumulated paid premium.
    • If the TROP with WOP is chosen, all the future premiums are waived upon diagnosis with Critical Illness or Total Permanent Disability. 
  2. ABSLI DigiShield Plan

    • If the TROP option has been chosen, the policyholder must receive the maturity benefit upon policy term survival.
    • The accumulated paid premium, minus the loadings for modal premium, is eligible for payment.
    • The option, once chosen, is final in both the plans under discussion.

Terms and Conditions

  • Free-Look Period

The policyholder is allowed 15 days for policy return from the policy document receipt date if the terms are not acceptable. The period is extended to 30 days for distant marketing policies, which as per IRDAI guidelines, is not made in person. 

  • Grace Period

The time permitted for policy renewal beyond the due date. It is 15 days for the monthly premium payment mode and 30 days for the others. Life risk is covered as usual during the grace period. 

  • Policy Lapse

It applies to premium payment default if the policy is not renewed within the grace period. However, the lapse clause is variable and invoked depending on the chosen option. 

  • Policy Revival

The lapsed policy can be revived within five years from the first default date upon complying with the ABSLI rules and satisfying insurability as per norms. 

Key Exclusions

Exclusions are not applied to any medical condition, ailment, or injury accepted and underwritten by the insurer at the Aditya Birla Term Plan with Return of Premiumpolicy inception.  

  • Suicide Clause:  It is invoked upon the policyholder committing suicide within twelve months for risk commencement date on purchase or revival. The nominee is paid the paid premium excluding taxes or the acquired surrender value, and the policy terminates.
  • Waiting Period: It is applied to the diagnosis of Permanent Disability or Critical / Terminal Illness:
  • Initial: Any related medical claim within 90 days of the policy commencement date. 
  • Pre-existing Disease: Any disease diagnosed or treated before the effective policy date for 48months.
  • Other Exclusions: 
  • Every ailment that is falling under the sexually transmitted category.
  • Self-inflicted injury or attempted suicide regardless of the mental conditions
  • Any medical condition manifesting under the influence of alcohol, substance abuse, or drug addiction
  • Indulgence in illegal activities with criminal intent
  • Participation in extreme adventure sports or potentially dangerous hobbies
  • Radioactive contamination or nuclear peril arising from leak, explosion, or fuel handling
  • Any hazardous occupation like mining, or in the  aviation industry other than as a bonafide regular passenger

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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