Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance Company Limited (ABSLI) is one of the leading private sector life insurance companies in India. A subsidiary of Aditya Birla Capital Ltd, it is a joint venture between the Aditya Birla Group of India and the Sun Life Financial Inc. of Canada. The company has contributed significantly towards the growth and development of the life insurance sector in India and has set a benchmark for its competitors. The company was the first to introduce the concept of free-look period, even before the Insurance Regulatory and Development Authority (IRDA) made it mandatory.

In India, the company enjoys the trust of over 2.5 million customers.

ABSLI offers a complete range of protection solutions to help secure your family's future and ABSLI’s various innovative insurance plans cater to provide financial support for your child's education, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions, to help you stay financially secure in the future with an additional provision of small disciplined savings at regular intervals. Note: The Company was formerly known as Birla Sun Life Insurance Company Limited (BSLI).

Highlights of Aditya Birla Sun Life Insurance

ABSLI pioneered the launch of Unit Linked Insurance Plans (ULIPS).
ABSIL has a policy of disclosing their portfolio on a monthly basis to establish its credibility and add additional transparency.
Aditya Birla Sun Life ranks among the top seven private sector life insurance companies in India and was conferred with ‘Good Corporate Citizen Award’ for the year 2009-10 in Mumbai under the Banking and Financial Institutions category.
ABSLI recorded a gross premium income of INR. 24331 million in H1 FY 2017-18.
The company registered a year on year (y-o-y) growth of 21% in First Year Premium and posted a net profit of INR. 70 Crore in H1 FY 2017-2018.
ABSLI has a nation-wide distribution presence through 433 branches, 6 bancassurance partners, 7 distribution channels, over 80,000 direct selling and corporate agents, all which can be accessed online as well.
The company has over 8,000 employees and more than 16 lac active customers.

Benefits of Birla Sun Life Insurance

Multiple Plans: Birla Sun Life Insurance offers you a host of life insurance products - Term Insurance, Endowment policy, ULIP, Money Back Life Insurance and Whole Life Insurance.
Flexible Premiums: You can enjoy flexibility in paying premiums by opting for monthly or annually premium paying option.
Payouts and Benefits: You can opt for Annual Income or Lump Sum benefit payout option.
Tax Benefits: You are entitled to Tax saving benefits under Section 80C, 80CCC, 80CCE, 80D, Sec 3 of 10(10A) and 10(10D) under the Income Tax Act, 2016.

Documentation needed to apply for an Aditya Birla Sun Life Insurance Policy

Every policy is taken for different types of needs, therefore documentation for your policy will vary according to the type of plan applied for. The initial documents include:

Duly filled applicable proposal form and photographs.
Know Your Customer (KYC) documents i.e. Address Proof and Identity proof.
Income Proof.

Address Proof, Identity Proof, Age Proof and Income Proof should be self-attested at the time of submission.

Note: A Standard requirement of an identity and address proof is mandatory for applying for a life insurance policy. The following documents are considered valid:

Aadhaar card, a biometric, digital and physical identity system.
Indian passport or an Overseas Passport.
Electoral Photo Identity Card (EPIC) issued by the Election Commission of India.
Overseas Citizenship of India Document.
Person of Indian Origin Card.
Permanent account number (PAN) card (income tax).
Driving license in India issued by the states.
Ration card issued by the Government of India.
Identity Certificate for non-citizens or stateless people.
A Birth certificate issued by the Registry of Births and Deaths (RBD) or from a Municipality within the provisions of the RBD Act.
Transfer/School leaving/Matriculation Certificate.

Products and Services offered by Aditya Birla Sun Life Insurance

Protection Plan

Protection plans, also known as Term Insurance Plans, provide complete financial protection security and coverage at low premiums. Aditya Birla Sun Life Insurance Company Limited (ABSLI) offers three types of term insurance plans that safeguard your family’s financial future in your absence.

ABSLI DigiShield Plan: ABSLI DigiShield Plan is a non-linked non-participating term insurance plan which you can customize as per your requirements at an affordable cost. Depending on your requirement, this policy allows you to choose your sum assured and plan option. Once you choose a sum assured, the plan option determines the enhancements to your chosen life cover over the course of your policy.

Key features of this plan include:

Complete financial protection at an affordable cost
Two plan options to suit your protection needs
Option to enhance coverage at different stages of your life
Option to cover your spouse under the same policy
Inbuilt Terminal Illness Benefit with flexible premium paying terms
Multiple options to receive death benefit
Additional rider benefit options

The eligibility for this policy application is between 18-65 years of age while the policy term is between 5-40 years. The minimum sum assured is INR. 30,00,000 with no such limit for the maximum sum assured.

ABSLI Income Shield Plan: A non-linked non-participating term insurance plan, the ABSLI Income Shield Plan especially caters to meet the requirement of salaried professional and entrepreneurs. In case of death of the insured, it ensures that the family continues to earn the same monthly salary or income necessary to enjoy the same lifestyle as before.

Key features of this plan include:

Complete financial protection at an affordable cost
4 plan options to suit your protection needs
EVA benefit - a benefit exclusive for females
Flexible Premium Paying Terms & Income Benefit Term
Option to enhance your insurance pan with appropriate rider benefits

The eligibility for this policy application is between 18-50 years of age while the policy term and income benefit term is between 10-20 years. The minimum sum assured is INR. 5,00,000 with no such limit for the maximum sum assured.

ABSLI Life Shield Plan: The Aditya Birla Sun Life Insurance Life Shield Plan offers you the flexibility to make a combination from amongst 8 different plan options as per your family's needs. It focuses heavily on customization as it is based on the fact that every family is different and so are their protection needs.

Key features of this plan include:

Multiple options to suit your family’s different protection needs
Option to enhance coverage at key milestones of your life
Option to cover your spouse under the same policy
Return of premium option and multiple options to receive death benefit
Inbuilt Terminal Illness Benefit
Additional rider benefit options

The eligibility for this policy application is between 18-65 years of age while the policy term is for a maximum of 50 years and can be availed in options of 1 | 2 | 3 | 4 | 5 | 6 - 10 years or 7 | 8 or 20 years. The minimum sum assured is INR. 25,00,000 with no such limit for the maximum sum assured.

Saving Plan

ABSLI savings with Protection Plans offers you the chance to save money in small amounts, with the added advantages of a large life cover and tax free returns.

ABSLI SecurePlus Plan: This plan offers you a backup income opportunity coupled with a flexibility to choose the amount you wish to pay every year and the Income Benefits. The options include:

If you want to receive Income Benefit equal to 100% to 600% of Annual Premium for 6 years
If you want to receive Income Benefit equal to 200% of Annual Premium for 12 years.

The minimum sum insured is INR. 5,22,000.

ABSLI Vision MoneyBack Plus Plan: ABSLI Vision MoneyBack Plus Plan provides you with regular liquidity to meet your financial requirements along with adequate life cover against any unfortunate event. The minimum sum assured is INR. 1,00,000.

ABSLI Vision LifeIncome Plan: This is a comprehensive plan which provides you with a steady income and whole life cover. It is a perfect blend of income and financial protection for you and your family with survival benefits payable every year from the end of the premium paying term till maturity and a life insurance benefit.

ABSLI Savings Plan: A traditional participating life insurance plan, the ABSLI Savings Plan enables you to save regularly and grow your savings steadily over time. You also have an option to take a loan against this policy. The sum assured ranges between INR. 30,000 to INR. 10,00,000.

ABSLI Vision LifeSecure Plan: A traditional participating whole life insurance plan, the policyholder receives the sum assured, accrued regular bonuses and Terminal Bonus (if any). You can also enhance the protection with riders such as ABSLI Accidental Death and Disability Rider, ABSLI Critical Illness Rider and ABSLI Waiver of Premium. The sum assured starts from INR. 2,00,000 with minimum premium of Rs. 12,000 p.a..

ABSLI Income Assured Plan: This plan offers you secured savings, regular income and a comprehensive financial protection for your family. It is a traditional non-participating savings with protection plan which you can customise to suit your needs by choosing the pay term and the policy term. The minimum sum insured is INR. 1,00,000.

ABSLI Vision Endowment Plus Plan: This plan provides you return of premium along with accrued bonuses on maturity and also offers financial protection for your family. The minimum sum assured is INR. 1,00,000 with a minimum premium payment of INR. 2,495 p.a.

ABSLI Guaranteed Milestone Plan: This plan offers full benefits on death or maturity with guaranteed additions that boost your corpus year on year. The minimum sum assured is INR. 2,25,000 with options to choose policy term of 12, 14, 16, 18, 20, 22, 24 & 26 years.

ABSLI POS: Jeevan Bachat Plan: The ABSLI POS - Jeevan Bachat Plan comes with guaranteed saving benefits and financial protection to your family in your absence. You have two options of Premium Paying Term - single play and limited pay.

Child Plan

This investment plan is designed to assist your child when it comes to funding their foreign education, raising capital to set up a small home-based business or meeting wedding expenses. It provides you with a high life cover along with an opportunity to earn guaranteed returns on the investment and the freedom to manage your fund to maximize your earnings as per need.

ABSLI Vision Star Plan: The ABSLI Vision Star Plan is designed keeping in mind of the changing goals and aspirations of your child. Hence, throughout the term, you have the flexibility to get the benefits of your payouts as per your child's need, and deferring the payouts if required. During this time, if you face any unfortunate event, then the policy continues in your absence and your child receives the amount he/she is eligible for, at the time of payouts as decided by you. The minimum sum assured is INR. 1,00,000.

Retirement Plan

A retirement pension solution that helps you face every financial obligation that might arise during retirement. With three excellent retirement plans, you can build a sizeable fund of money that will last you all through your post-retirement stage.

ABSLI Empower Pension Plan: The ABSLI Empower Pension Plan is a unit linked non-participating pension plan that is simple and hassle-free. It helps you accumulate premium and offers investment returns at the time of your retirement. The basic premium is INR. 18000 p.a. and Rs. 36,000 p.m. depending upon the time of payment - annually, semi-annually, quarterly or monthly with an entry age of 25-70 years.

ABSLI Immediate Annuity Plan: The ABSLI Immediate Annuity Plan is a unique insurance plan which offers regular income after retirement through a single premium payment as a lump sum amount. You are entitled to tax benefits under Section 80CCC and no medical tests are needed to avail this policy.

ABSLI Empower Pension - SP Plan: This plan helps you focus on your goals and enhances your savings to meet your retirement needs. It comes with a single pay term of a minimum of INR. 1,00,000 with no such limit for the maximum sum assured.

Health Plan

Aditya Birla Health Solutions are specifically curated to provide quality treatment for the insurer’s family with an adequate sum covering hospitalization, major illnesses and accidental injuries.

ABSLI Hospital Plus Plan: The ABSLI Hospital Plus Plan offers a fixed cash amount in the event of hospitalization. You can supplement your policy by mitigating additional expenses with a flexibility of choosing from 4 benefit options to suit your needs. This policy also entitles the insured tax benefits as per section 80D of the Income Tax Act, 1961.

ABSLI Cancer Shield Plan: The speciality of this plan is that it is meant to provide cover at all stages of Cancer i.e. early stage of cancer and major stage of cancer. If the diagnosis states a major stage of cancer, you have an option to receive monthly income for 5 policy years. The minimum sum insured is INR. 10,00,000 while the maximum is limited to INR. 50,00,000.

ABSLI CritiShield Plan: Certain diseases such as heart and kidney ailments demand more money than hospital bills. Aditya Birla Sun Life Insurance CritiShield Plan protects your savings and lifestyle against such expenses. It covers all stages of cardiac conditions and renal conditions with a waiver of premium for 5 years on diagnosis of early stage conditions.

Wealth Plan

Aditya Birla Life Wealth with Protection plans provides a sizeable life insurance cover to help you save money regularly for the future.

ABSLI Wealth Max Plan: A single premium unit linked insurance plan which gives you the flexibility to add top-ups whenever you have additional savings and flexibility of partial withdrawals to meet any emergency fund requirements. The basic sum assured is 1.25 | 5 | 10 times the basic premium which ranges between a minimum of INR.1,00,000 for a policy term of 5 & 10 years or a minimum INR. 2,00,000 for a policy term of 15 & 20 years.

ABSLI Wealth Secure Plan: Aditya Birla Sun Life Insurance Wealth Secure Plan combines long term savings and whole life coverage. It requires you to pay premium for a limited term which entitles you a cover for whole life. The basic premium ranges between INR. 20,000, 30,000 and 60,000, depending on the time of payment - annually, semi-annually and monthly or quarterly.

ABSLI Wealth Assure Plan: A protection and savings plan that enables your wealth to grow steadily over time. This investment cum insurance plan allows you partial withdrawals in emergency situations and also lets you add top-ups when you have additional savings. The minimum basic premium ranges from INR. 1,00,000 if paid annually or INR. 1,80,000 if paid monthly.

ABSLI Fortune Elite Plan: Under the ABSLI Fortune Elite Plan, you decide how to invest your premiums in one of the three investment options - Systematic Transfer Option, Return Optimiser Option or the Self-Managed Option.

ABSLI Wealth Aspire Plan: This insurance scheme helps you accumulate substantial financial corpus by proving the flexibility to choose plan options, policy term, premium paying terms and 4 investment options. You also have the flexibility of partial withdrawals and adding top-ups in case of additional savings.

Claims Process of Aditya Birla Sun Life Insurance

ABSLI offers you a swift and hassle-free claim process. In just a few steps, you can file your claim online. For online claim intimation, you need to register your policy number and date of birth of the life insured by sending an email to care.lifeinsurance@adityabirlacapital.com. You can also visit the claims department at the nearest branch office.

Additionally, you can visit the official website of Aditya Birla Sun Life Insurance lifeinsurance.adityabirlacapital.com/customer-service/claim-procedure/online-claim.aspx or contact at the following numbers mention below:

Toll free (Within India): 1800 270 7000

Outside India: +91 22 66917777 (Call charges apply)

Between 9 am to 9 pm, all 7 Days.

The official website also has an option where you can schedule a home or office visit with an advisor form the ABSLI.

Documents required in case of a death claim

Copy of Death certificate duly attested by the authorised person in the Branch.
Original Policy document.
Claimant’s Statement.
Legal requirements (in case where title to policy monies is not clear).
Death Abroad Questionnaire (if death has taken place outside India in a foreign country).
Medical Attendant’s Certificate.
Employer’s Certificate, if applicable.
Copies of Medical Reports of last and previous hospitalizations, if any.
Any other requirement as warranted by the facts of the claim.

On receiving all the required documents, the claim team will each claim in detail.

Documents required in case of an accidental death claim:

First Information Report.
Post Mortem Report.
Police Inquest Report.
Newspaper Cuttings, if any.

In case of claim acceptance, the payment is made to the beneficiary via NEFT. In case of rejection, the beneficiary is communicated the grounds on which the claim was rejected.

Achievements of Aditya Birla Capital

Among the Top 5 Private Diversified NBFCs in India.
One of the largest Private Life Insurance Companies in India.
One of the largest General Insurance Brokers in the country.
Registered an AUM of INR. 2463 billion and 34% y-o-y growth as of 31st March, 2017.
Consolidated Lending Book has grown over 40% y-o-y to Rs 388 billion as of 31st March, 2017.

Aditya Birla Sun Life Claim Settlement Ratio

Aditya Birla Sun Life Insurance is the 3rd most trusted life Insurance company in the ‘Most Trusted Brands’ survey 2013 conducted by Brand Equity (The Economic Times Group) with Neilsen. The company has 433 branches, 6 bancassurance partners, 7 distribution channels, and over 80,000 direct selling and corporate agents across PAN India. Company claim settlement ratio stands at 96.38% (As per the Audited Claims figures published to IRDAI for F.Y. 2017-18).

Contact Details of Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance Company Limited

One Indiabulls Centre Tower 1, 16th Floor

Jupiter Mills Compound, 841, Senapati Bapat Marg

Elphinstone Road, Mumbai - 400013

CIN: U99999MH2000PLC128110

Registration No. 109

FAQ's of Aditya Birla Sun Life Insurance

What is the minimum eligibility criteria when applying for an Aditya Birla Sun Life Insurance policy?

The minimum eligibility criteria when applying for an Aditya Birla Sun Life Insurance Policy varies from policy to policy. The policy term for a plan varies from 10, 15, 20, 25, and 30 years and is subjected to a max age on maturity of 75 years.

What is a free look period? Does Aditya Birla Sun Life Insurance provide a free look period?

A free look period is the time during which you can hold a particular insurance policy and then give it back if you want to. This period lasts for 15 days since the time you receive the policy. It is applicable to all types of policies. Yes, Aditya Birla Sun Life Insurance offers a free look period. The company was the first insurer to introduce the concept of free-look period, even before the Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory.

How do I cancel my Aditya Birla Sun Life Insurance policy online?

If the policyholder wants to cancel their respective policy, they need to submit a ‘Reason for Surrender’ along with the Surrender or Cancellation Form at the Nearest Aditya Birla Sun Life Branch.

How do I generate the e-receipt for my Birla Sun Life Insurance policy?

You can get premium paid certificate (e-receipt) online at lifeinsurance.adityabirlacapital.com/premium-paid-certificate.aspx by just filling your policy details, date of birth and registered email id.

How can a loan be taken against an Aditya Birla Sun Life policy?

In order to take a loan against your Aditya Birla Sun Life Policy, ensure that your policy has reached its surrender value. Then, simply visit loanagainstsecurities.adityabirlacapital.com/Pages/Individual/Products/Loan_Against_Life_Insurance_Policy.aspx to download an application Form or call +91 1800 270 7000

Under Birla Sun Life Insurance, what are payouts?

Payouts is the facility that lets you take a loan against your policy or make partial withdrawal from your coverage in case of emergency.

How is the service tax charged under Aditya Birla Sun Life Insurance?

For ULIPs, service tax is charged on all the charges that are levied on your policy. In case of traditional endowment, health and term insurance plans, service tax is charged on the total premium that you pay.

How can I get a loan on my Aditya Birla Sun Life Insurance?

Once your policy has reached its surrender value, you can avail a loan against it. You will have to refer to your policy document to find out about the minimum and maximum loan amount that you can apply for.

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Aditya Birla Sun Life Insurance

Highlights of Aditya Birla Sun Life Insurance

Benefits of Birla Sun Life Insurance

Documentation needed to apply for an Aditya Birla Sun Life Insurance Policy

Products and Services offered by Aditya Birla Sun Life Insurance

Claims Process of Aditya Birla Sun Life Insurance

Documents required in case of a death claim

Achievements of Aditya Birla Capital

Aditya Birla Sun Life Claim Settlement Ratio

FAQ's of Aditya Birla Sun Life Insurance

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