Features And Benefits of Aditya Birla Sun Life Insurance DigiShield Term Plan
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Aditya Birla Sun Life Insurance offers its customisable ABSLI DigiShield term plan to meet their customer-specific needs. In addition to special offers like added benefits linked to life stages, joint life protection, and critical illness cover, they also offer rider options to tailor an exceptional protection solution, offering an extensive financial safety net to their clients.
The feature of providing a survival benefit option that permits the buyer to enjoy its benefits during their lifetime differentiates the ABSLI DigiShield term plan from traditional ones. Read on to know more about the features and benefits of the policy.
Features of Aditya Birla Sun Life Insurance DigiShield Term Plan
Aditya Birla Sun Life Insurance DigiShield Term Plan comes with the following key features -
1. Plan Variants
The plan is available in 10 variants namely Level Cover Option, Increasing Cover Option, Sum Assured Reduction Option, Whole Life Option (Level Cover), Whole Life Option (Sum Assured Reduction Cover), Income Benefit, Level Cover plus Income Benefit, Low Cover Option, Level Cover with Survival Benefit, and Return of Premium (ROP).
2. Multiple Death Benefit Pay-out Options
The death benefit under the plan can be received as a lump sum, monthly income, or a combination of both.
3. Rider Options
The plan allows you to extend its coverage by opting for any or all of the 6 rider options namely Accidental Death and Disability Rider, Accidental Death Benefit Rider Plus, Surgical Care Rider, Hospital Care Rider, Critical Illness Rider, and Waiver of Premium.
4. Minimum and Maximum Entry Age
The plan can be taken by people of the age group 18-65 years, based on the opted premium payment term.
5. Premium Payment Mode
You can pay the premiums for the plan either as a single payment or on a monthly, quarterly, half-yearly or yearly basis.
6. Minimum and Maximum Sum Assured
The minimum sum assured under the plan stands at Rs. 30 Lakh. There is no limit on the maximum sum assured available under the plan, however, the same is subject to the underwriting approval of the company’s board.
Aditya Birla Sun Life Insurance DigiShield Term Plan Benefits
The policyholders of the Aditya Birla Sun Life Insurance DigiShield Term Plan enjoy the following benefits -
1. Death Benefit
The plan provides the nominated beneficiaries with the death benefit in the form of a lump sum, monthly income or a combination of both in an unfortunate event of death of the life assured. However, the death benefit will be reduced proportionately to the size of the reduction in sum assured if the company had paid the claim under the Accelerated Critical Illness (ACI) Benefit option. ACI acts as a secured plan against 42 critical illnesses with additional premium payment.
2. Survival Benefit
According to the level cover with survival benefit plan, a monthly income gets paid when the life assured achieves 60 years to fulfil retirement income needs, ultimately ensuring the life protection and retirement income needs under one plan.
3. Terminal Illness Benefit
The 50% sum death assured on death will be provided as a lump sum if you are diagnosed with a terminal illness up to the age of 80 years. In addition, the company will waive off the future due to premiums as well. In the eventuality of the policyholder's death, the company will pay the sum assured on death with a reduced amount.
4. One Plan For Spouses
You can cover your partner’s life under the same plan by availing the Joint Life Protection option.
5. Multiple Rider Benefits
You can get an extensive protection plan by opting for additional protection through multiple riders and paying additional premiums.
6. Enhanced Life Stage Protection
You can get the flexibility to increase the cover amount on special events like marriage, childbirth, or purchasing a house without undergoing a fresh medical examination or underwriting.
Endnote
The plan fulfils the protection needs during various stages of their client's life and provides a death benefit and financial security to the dependents by giving an income replacement. Hence, you can indeed consider the ABSLI DigiShield term plan while purchasing the insurance policy.
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