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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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.  

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. 

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 Premiumpolicy 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 Premiumpolicy 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 Premiumpolicy 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

FAQ's

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Average Rating
(Based on 32 Reviews)
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Aditya Birla Term Plan with Return of Premium Reviews & Ratings

4.5 / 5 (Based on 32 Reviews)
(Showing Newest 25 reviews)
Pragya
B.khajuripada, March 31, 2021
Beneficial product
The term insurance which I bought from the birla sun life insurance is one of the best plan I have got. It was done from the website of the policybazaar. I really like the offers and the plans are really beneficial for me and my family. I am thankful to both the team. Thanks.
Shilpa
Rohinaa, March 30, 2021
A great financial services
I have recently got the term insurance plan from the website of the policybazaar. It was the plan of birla sun life insurance. This company is good and have been providing with a lot of better services to me and my family. Thanks team.
Dev
Ambaliyasan, March 30, 2021
Beneficial product
The term insurance which I bought from the birla sun life insurance is one of the best plan I have got. It was done from the website of the policybazaar. I really like the offers and the plans are really beneficial for me and my family. I am thankful to both the team. Thanks.
Avinash
Maandhata, February 16, 2021
Beneficial plan:
I have recently bought a term insurance plan from the policybazaar. It was of aditya birla sun life insurance and that plan is superb. I got to know about various benefits in one plan. Thanks a lot team.
Brijesh
Laharpur, February 16, 2021
High sum insured:
I recently bought a aditya birla sun life term insurance policy from the policybazaar. It is a nice product and has helped me in securing my family’s future. I took the plan with high coverage. Thanks a lot team policybazaar.
Madhvan
Badayun, October 20, 2016
Perfect Policy
Birla Sun life insurance company is good insurers and they provide wide range of insurance policies. Policy coverage is high and the claims are even better. claiming amount is big which is sanctioned when the policy get matured. Online portal is for online renewals of the insurance policies.
Gunjan
Nainital, September 27, 2016
Big Savings
Friend of mine suggested me a term insurance policy which I bought from birla sun life insurance company ltd. Service is absolutely fantastic which is facilitated by the whole term of the insurance company. The renewals are made easy through the service of online portal service.
Tapish
Ajmer, August 25, 2016
Birla Insurance Policy
Recently i have purchased term insurance policy through birla sun life insurance. Premium is less and returns are high. Coverage is very high and claiming is very simple. Service is fast provided by company members.
Vinay
Greater_noida, July 18, 2016
Term plan
Term insurance plan which i purchased from birla sun life insurance. The policy premiums is very less and claims are high. The policy coverage is high and service provided by the executives and members of the company is great.
Hatim
Pipili, July 05, 2016
Very Nice
The term insurance plan which i purchase in less investment amount and it has low premiums too. Service given by the staff of the company is fantastic and even there web service is easy which can do renewals and many more things.
Saurabh
Bawal, June 28, 2016
Good Policy
My term insurance plan is very good and returns are much more than investment. The premium of the policy is low and claims are high. Policy coverage is fantastic and claims are easily sanctioned due to superb service provided by the company members. Nice future investment.
DEEPA
Mumbai, May 14, 2016
THREE EASY STEP
I M VERY HAPPY TO HAVE THIS PLAN AS IT IS VERY EASY TO TAKE IN THREE EASY STEPS WHICH WOULD BE NOT AVAILABLE WITH DIFFERENT POLICIES IN INSURANCE SECTOR.SERVICE PROVIDED BY BSLI IS SO EXCELLENT FOR WHICH I M SUGGESTING FOR OTHERS TO TAKE THIS PLAN.
Hitesh
Pune, March 30, 2016
Full Point
I purchased birla sun life insurance policy and the product is term insurance policy plan. The premiums are ~Rs.7 K per month. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future.
Nitin
Agartala, March 30, 2016
I Like The Policy Plan
Searching for life insurance and finally got one from birla sun Life Insurance one of the best insurance company. I took term insurance policy plan. The premium is normal and the policy coverage is approx. 93% and claims are high. The service is fine and the web services are also good.
Mayank
Manesar, March 30, 2016
Damn Good
My term policy plan is with birla sun life insurance policy plan. The policy coverage is high ~80%. Claims are easily sanctioned because of the quick services. The amount of payback is Rs.23 L. I'm satisfied with this policy plan.
Tarun
Mohali, March 30, 2016
Perfect Term Plan
My term policy plan has 90% policy coverage. Claims are high and easily sanctioned due to fast service. Premiums are ~37 K annually. Service is fast and always with taking good care by executives and staff members. Thank you, birla sun life insurance for this great policy. I like it very much.
Poonam
Udaipur, March 30, 2016
Fast Services
My term policy plan is good but the claims are less as compare with investment. The premiums is ~9.2 K twice per year. And returns are around Rs. 21 L. Birla sun life insurance is basically good policy company like they give 5% extra less for women on premiums. I like it.
Ritesh
Ranchi, March 30, 2016
Super Policy
I buy birla sun life term insurance policy plan. The policy coverage is good about 81% and the claims are high. The premium is low ~rs.33 K thrice per year. The services are fast and the claims are easily sanctioned. My taxes are also saved due to this policy. Good investment good policy plan, I like it.
Jignesh
Lonavla, March 30, 2016
Much Better Plan
Birla sun life insurance term policy plan i buy in low premiums and the policy coverage is 95% with good claims. The service is great provided by the executives and the 5% less on premiums for women. I like the policy plan. Behaviour also really nice from the staff members.
Rahul
Mysore, March 30, 2016
Fair Deal
The policy provide benefits according to premiums, so the term policy plan which i buy from birla sun life insurance is fair deal. Policy coverage is 70% and the claims are little bit low as the premiums are low. Around 23 L is the returns and the online portal is good and respond well.
Yajan
Jammu, March 30, 2016
Good Future Investment
My term policy plan is with birla sun life insurance. It has low premiums and the returns are high. Policy coverage is 90% and the claims are sanctioned easily form the insurance department. The taxes are not for premiums and claims. Even the 5% extra benefits for women on premiums. I like the policy plan, nice future investment.
Saahir
Malapuram, March 30, 2016
Fine Term Plan
Birla sun life insurance is equally good as other insurers for term insurance policy plan. The policy has low premiums and 5% extra less for women. The policy coverage is high with high claims and the claiming part is easy and no paper work so no waiting. Nice job guys.
Aman
Chandigarh, March 30, 2016
Best Policy
Policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 90%. Claims are are good and the payback amount is around Rs.25 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions.
Jiten
Hyderabad, March 30, 2016
Wonderful
Birla sun life insurance is one of the best insurer for term insurance policy plan. The policy coverage is 93% and the claims are good even the the claiming procedure is easy because the service provided by the company members are good and even the web services are even better. The premiums are low and for women 5% less extra benefits.
Devesh
Faridabad, March 30, 2016
Good Plan
I buy term insurance policy plan from birla sun life insurance. The policy coverage is 80% and the premiums are low ~25 K per year. The claims are easily sanctioned because the services are fast from the executives side and from online web services also. The policy premiums are 5% less for women.
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