Aditya Birla Sun Life Shield Plan
Aditya Birla SunLife Insurance
Our Verdict
ABSLI Life Shield Plan is ideal for those seeking flexible term insurance with multiple coverage options. It offers an ROP benefit and riders but has higher costs for added features and extended coverage.
About the Plan
The ABSLI Life Shield Plan is a customizable term insurance plan by Aditya Birla Sun Life Insurance, offering eight plan options with flexible premium payment terms. It provides coverage up to 85 years, a return of premium option, waiver of premium benefits, and additional riders like accidental death and critical illness cover. Policyholders can choose coverage terms from 10 to 55 years, ensuring financial security for their families. The plan also offers tax benefits as per prevailing laws.
About the Plan
Eligibility
• Minimum Entry Age :
18 years
• Maximum Entry Age :
65 years
• Maximum Maturity Age: :
85 years
• Policy Term :
10 to 55 years
• Premium Payment Terms :
Single Pay – One-time payment
Limited Pay – 6, 8, or 10 years
Regular Pay – Throughout the policy term
• Minimum Sum Assured :
₹50,00,000
• Maximum Sum Assured :
No limit (subject to underwriting approval)
Eligibility
Features of the Product
Terminal Illness
If the policyholder is diagnosed with a terminal illness, 50% of the sum assured on death (up to ₹2.5 crore) is paid immediately.
Future premiums are waived off, and upon the policyholder's death, the remaining sum assured is reduced by the amount already paid.
Zero Cost Option
If the policyholder survives beyond the chosen policy term, the entire premium paid is refunded.
This option is applicable under specific plan options like Return of Premium (ROP) variants.
Total Permanent Disability Payout
If the policyholder suffers from Total and Permanent Disability, all future premiums are waived.
The death benefit remains unaffected, ensuring full coverage for beneficiaries.
Inflation Protection Coverage
Policyholders can choose to increase their sum assured by 5% or 10% annually to counteract inflation.
The increase applies every year without an increase in premium.
Premium Payment Customizations
Flexible payment options:
Single Pay – One-time premium payment.
Limited Pay – Pay premiums for 6, 8, or 10 years.
Regular Pay – Pay premiums throughout the policy term.
Policy term options range from 10 to 55 years, with coverage up to age 85.
Exclusions
Suicide within 12 months from the policy start or revival.
Death due to self-inflicted injuries or participation in hazardous activities.
Pre-existing medical conditions not disclosed at the time of application.
Drug or alcohol abuse-related deaths.
Involvement in criminal activities leading to death or disability.
Exclusions
Accidental Death - Policyholders can add an accidental death rider, which provides an extra payout in case of death due to an accident.
This ensures higher financial protection for the nominee.
Critical Illness - If diagnosed with a specified critical illness (like cancer, heart attack, stroke, or organ failure), all future premiums are waived.
The death benefit remains intact to support the family.
Add-ons
If you are a woman
Lower premium rates for female policyholders.
Additional benefits under critical illness coverage tailored for women-specific conditions.
If you smoke
Smokers are categorized as high-risk individuals and charged a higher premium.
Non-smokers enjoy lower premium rates, making the plan more affordable.
Note :
Suicide Clause : If the policyholder dies due to suicide within 12 months from the policy start date or revival:
For Single Premium Policies: 90% of the premium paid will be refunded.
For Regular/Limited Pay Policies: The higher of total premiums paid or 90% of the surrender value will be refunded.
No other benefits will be paid.
Free look up period: 15 days (if purchased offline) and 30 days (if purchased online or via distance mode).
During this period, the policyholder can review the policy and cancel for a full refund (minus medical examination and stamp duty charges).
Grace Period: 30 days for yearly, half-yearly, and quarterly premiums.
15 days for monthly premium payments.
If the premium is not paid within the grace period, the policy lapses but can be revived within the revival period.
Still Confused ?
Why OneAssure?
We guide your loved ones every step of the way to ensure they receive the full benefit of their coverage.
About the Company
ABSLI is a joint venture between Aditya Birla Capital and Canada based ‘Sun life financial Inc.’. Aditya Birla is the holding company of Aditya Birla group's financial services businesses, through its subsidiaries ABCL provides a comprehensive layout of financial solutions including loans, insurance, payments to cater the customers throughout their lifecycle.
Sun Life Financial Inc., commonly known as Sun Life, is a leading international financial services organization headquartered in Toronto, Canada. Established in 1865, the company offers a diverse range of products and services, including life insurance, health insurance, investment management, and retirement planning.
Aditya Birla Sun Life Insurance (ABSLI) offers a wide range of insurance plans designed to meet diverse financial goals, including protection, savings, wealth creation, retirement planning, and child education.