ABSLI Life Shield Plan

Protecting your loved ones’ future is now easy with customisable options

Aditya Birla Sun Life Insurance Life Shield Plan offers you the flexibility to make a choice from amongst 8 different plan options as per your family's needs so they need not compromise on their lifestyle, even in your absence.

Key Features

  • 8 Plan options to suit your different protection needs
  • Joint life protection option
  • Return of Premium option
  • Inbuilt terminal illness benefit

Plan Options

ABSLI Life Shield Plan offers you the flexibility to choose from 8 different plan options as per your requirements and preferences. Below are the available plan options:

  • Option 1 - Level Term Assurance

    Sum Assured chosen by you will remain constant for the entire policy term.

  • Option 2 - Level Term Assurance with Waiver of Premium (WOP) Benefits

    In addition to benefit applicable for Option 1, in case you are diagnosed with Critical Illness^ or Total and Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

  • Option 3 - Increasing Term Assurance

    You can choose to enhance your sum assured at inception by 5% / 10% p.a. (simple) as per your needs. Every year, your sum assured will increase by 5% / 10% p.a. (simple) of the original sum assured without any increase in your premium amount.

  • Option 4 - Increasing Term Assurance with Waiver of Premium (WOP) Benefits

    In addition to benefits applicable for Option 3, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

  • Option 5 - Decreasing Term Assurance

    An option designed to take care of your protection need owing to any loan or mortgage taken by you. The death benefit shall be payable as per the Decreasing Sum Assured Schedule shown below:

    Decreasing Sum Assured Schedule (% of Sum Assured at Inception)
    Policy Year Policy Term upto 20 years Policy Term above 20 years
    1 to 5 100% 100%
    6 to 10 90% 95%
    11 to 15 75% 90%
    16 to 20 50% 85%
    21 to 25 N.A. 70%
    25 to 55* N.A. 50%
  • Option 6 - Decreasing Term Assurance with Waiver of Premium (WOP) Benefits

    In addition to benefits applicable for Option 5, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term

  • Option 7 - Return of Premium

    Sum Assured chosen by you will remain constant for the entire policy term. If the life insured survives till maturity date, we shall return all the premiums paid # .

  • Option 8 - Return of Premium with Waiver of Premium (WOP) Benefit

    In addition to benefits applicable for Option 7, in case you are diagnosed with Critical Illness^ or Total Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

    The premium will vary depending on the plan option chosen by you. Plan option once selected cannot be changed during the policy term.

    #excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any
    ^For more details, please refer to the product brochure.

    Note: In case of rider benefits, if opted for, shall be payable as per rider sum assured chosen at inception.

  • Multi Stage Coverage

    All stages of cancer like early stage or major stage are covered in this plan.

  • Cancer Shield Plan Benefits

    On diagnosis of an early stage of cancer, 30% of the sum assured will be paid. On diagnosis of a major stage of cancer, 100% of the sum assured will be paid (minus any previously paid amounts).

  • Option to choose level or increasing cover

    Option 1 – Level sum assured: The initial sum assured remains at the same level throughout the policy term.

    Option 2 - Increasing sum assured: The sum assured increases by 10% on each policy renewal date starting from the first policy renewal to the tenth.

  • 5 years premium waiver on early stage diagnosis

    To support patients diagnosed with early stage cancer, premium payments are waived off for a period of 5 years, or for the remaining policy term, whichever is earlier.

  • Monthly income for 5 policy years on major stage diagnosis

    To contribute to a continued livelihood for those diagnosed with major stage cancer, a monthly income equal to 1% of the total sum assured will be paid out for 5 policy years, even if the policy expires during that period. Can only be chosen at policy inception and once chosen cannot be opted out of.

  • Tax Benefits as per Section 80D

    Tax benefits can be availed under Section 80D of the Income Tax Act, 1961, subject to fulfilment of all relevant conditions.

  • Entry Age

    18 - 65 Years

  • Maximum Maturity Age or Cover Ceasing Age

    85 years

  • Policy Term

    Minimum - 5 Years / Maximum - 50 Years

  • Premium Paying Term

    Regular Pay

  • Premium Paying Mode

    Annual | Semi-annual | Quarterly | Monthly

  • Sum Assured

    Minimum - Rs.10 Lakhs / Maximum - Rs.50 Lakhs

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Riders

  • ABSLI Accidental Death Benefit Rider Plus (UIN: 109A024V01)

    Get additional protection for accident leading to death at a nominal cost.

  • ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)

    Get additional protection for accident leading to death or disability at a nominal cost.

  • ABSLI Critical Illness Rider (UIN : 109B019VO3)

    Get benefit amount as a lumpsum upon diagnosis of any of the 4 specified critical illnesses.

  • ABSLI Hospital Care Rider (UIN: 109B016V03)

    Get daily cash benefit, additional ICU benefit and lumpsum recuperating benefit upon hospitalization

  • ABSLI Surgical Care Rider (UIN: 109B015V03)

    Get lump sum benefit amount to cover surgical expenses

  • ABSLI Waiver of Premium Rider (UIN: 109A039V01)

    All future premiums waived in case of permanent disability due to illness or accident, any of the specified critical illnesses or death.

FAQs

  • What is the maturity benefit in a term plan?

    Several term plans come with an option of ‘return of premium’ in case the policyholder survives the policy period. This amount that the policyholder receives upon the termination of policy is known as maturity benefit.

  • How long does it take to get the claim settled?

    Post the receipt of all claim requirements/ documents, your claim will be generally settled within 2 to 3* business days. To raise a claim, you can either fill an online claim form, or visit your nearest ABSLI Branch, or call on our toll-free number 1800 270 7000.

    *all requisite documents are submitted & claim does not require field investigation

  • Are there any plan options available for this product?

    There are 8 plan options available for this product:

    Option 1 – Level Term Assurance
    Option 2 – Level Term Assurance with Waiver of Premium benefit
    Option 3 – Increasing Term Assurance
    Option 4 – Increasing Term Assurance with Waiver of Premium benefit
    Option 5 – Decreasing Term Assurance
    Option 6 – Decreasing Term Assurance with Waiver of Premium benefit
    Option 7 – Return of Premium
    Option 8 – Return of Premium Term with Waiver of Premium benefit

  • What is the tax benefit in this Plan?

    You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax advice.

  • What is the period covered under this plan?

    The maximum policy term is 55 years.

  • How long do I pay premiums for?

    You can choose to pay the premium either for a single time, or for a limited period of 6,8 and 10 years, or regularly till the maturity of the policy.

  • What is the minimum and maximum policy term?

    The minimum policy term for Plan Options 1 to 6 is 10 years, and for Plan Options 7 and 8 is 20 years. The minimum policy term for Plan Options 1 to 6 ( Limited pay 10 years) is 15 years The maximum policy term for all plan options is 55 years.

  • What is the death benefit offered under this plan?

    Death benefit for limited or regular pay plans will be the highest of 10 times the annualized premium, or 105% of total premiums paid till date of death, or absolute amount assured to be paid upon death. For single pay plans, the death benefit will be the highest of 125% of single premium amount or absolute amount assured to be paid upon death.

  • Will there be any benefit if someone suicide?

    We will pay the premiums paid to date (excluding applicable taxes) or surrender value, if higher in the event the life insured dies by committing suicide, within twelve months from the inception of the policy or revival date of the policy respectively, provided the policy is inforce.

    For Joint Life Protection, the suicide exclusion described above applies in the event of earlier death of either the Primary Life Insured or the Secondary_ Life Insured and the life cover as mentioned in the Joint Life Protection section shall continue for the surviving Life Insured subject to the payment of reduced future premiums, if any.

  • Is there any minimum sum assured with this plan?

    Yes. You can choose a sum assured of Rs. 25 lakhs or more with this plan. The entire sum assured will be paid to your nominee in case of your death. Whereas, in case of total/permanent disability, your nominee will receive 50% of the total sum assured.

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Disclaimer

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a traditional non participating health insurance plan. All terms & conditions are guaranteed throughout the policy term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. This leaflet contains only the salient features of the plan. For more details on risk factors, terms & conditions, please refer to the sales brochure before concluding the sale. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited) Registered Office: One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com Reg. No. 109 | CIN: U99999MH2000PLC128110. UIN: 109N103V03

ADV/10/21-22/1281

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Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

Thank you for your details. Currently we are facing issue in our system.

1800-270-7000 or reach out to us on this number.