Aditya Birla Sun Life Insurance T&Cs

The following are the terms and conditions of Aditya Birla Sun Life Insurance plans:

1. Free Look Period: The policyholder or the life assured has the right to return his/her policy to the Aditya Birla Sun Life Insurance within 15 days (If the policy is purchased or issued through distance marketing then 30 days is allowed) in case they are not satisfied with the terms and conditions laid out in the policy. The policyholder will get the refund of the premium paid once the written notice of cancellation of the policy along with the required documents is submitted to the insurance company. The refund will be payable with the deduction of the proportionate risk premium for the period of cover and all the medical expenses incurred by the Aditya Birla Sun Life insurance.

2. Grace Period: If the policyholder is unable to pay his/her premium by the due date, then he/she will be given a grace period of 30 days and during this grace period all coverage and benefits offered under the policyholder’s policy will continue.

• For Regular Pay Policy: If the policyholder does not pay his/her premium within the grace period, the policy will lapse and all benefits will extinguish immediately.
• For limited Pay Policy: In case the policyholder has not paid premiums for three full policy years, his/her policy will lapse and all benefits will extinguish immediately.

3. Revival of the Policy: In case the policyholder has paid premiums for at least three full policy years and any subsequent premium is not paid, the policy will continue on a Reduced Paid-up basis, on expiry of the grace period. The policyholder can revive his policy for its full coverage within 2 years from the due date of the first unpaid premium by paying all outstanding premiums along with the interest as declared by the insurance company from time to time and by providing proof of insurability satisfaction to Aditya Birla Sun Life Insurance. The policyholder can reinstate the policy only during the revival period.

4. Goods and Services Tax (GST): Goods and Services Tax (GST) and other levies will be extra and will be levied as per the prevailing tax laws.

5. Tax Benefits: Aditya Birla Sun term Life plans offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to the contentment of the other conditions of the respective sections prescribed. According to the Section 194DA of the Act, in case the conditions prescribed are not met as per section 10(10D), then the proceeds of the policy are subject to Tax Deducted at Source (TDS).

6. Exclusions: Aditya Birla Sun Life Insurance will refund the premiums paid to date or surrender value, if during the policy period, the policyholder dies by committing suicide, whether medically insane or sane, within one year after the revival date or the issue date.

7. Nomination: Nomination is allowed as per the provisions of Section 39 of the Insurance Act, 1938 as amended from time to time.

8. Assignment: Assignment is allowed as per the provisions of Section 38 of the Insurance Act, 1938 as amended from time to time.

9. Fraud and Misrepresentation: As per the provisions of Section 45 of the Insurance Act, 2015 as amended from time to time.