Aditya Birla SunLife Insurance

Aditya Birla Salaried Term Plan

Aditya Birla SunLife Insurance

98.12%
Claim Settlement Ratio

Our Verdict

ABSLI Salaried Term Plan suits salaried individuals seeking flexible life cover with income options. It offers critical illness benefits and ROP but has a coverage limit of 70 years, restricting lifelong protection.

About the Plan

Eligibility

Features of the Product

01

Terminal Illness

  1. The plan includes an inbuilt Terminal Illness Benefit, providing an accelerated payout if the life insured is diagnosed with a terminal illness. 

02

Zero Cost Option

  1. The provided sources do not mention a Zero Cost Option within the ABSLI Salaried Term Plan.

03

Inflation Protection Coverage

  1. One of the plan options, Increasing Income Cover, offers a monthly income benefit that escalates annually by a chosen rate (5% or 10% simple interest) to counteract inflation.

04

Premium Payment Customizations

  1. The plan offers multiple premium payment terms, including Single Pay (one-time payment), Limited Pay (5, 7, 10, 12, 15, or 20 years), and Regular Pay (throughout the policy term).

Exclusions

Add-ons

WOMEN

If you are a woman

  1. Female policyholders are eligible for an additional 9% discount on premiums, making the plan more cost-effective for women.

CIGARETTE

If you smoke

  1. Smoking habits influence premium rates. Smokers may be subject to higher premiums due to increased health risks.

Note :

  1. Suicide Clause : If the life insured dies due to suicide within 12 months from the policy commencement date or the date of policy revival, the nominee or beneficiary will receive the higher of:

    Total premiums paid till the date of death, or

    The surrender value as available on the date of death.

    Upon this payment, the policy will terminate, and no further benefits will be payable.

  2. Free look up period: Policyholders have a free look period to review the policy terms:

    Duration: 15 days from the date of receipt of the policy document.

    Distance Marketing: 30 days (if the policy is purchased through distance marketing channels).

    If the policyholder disagrees with any terms and conditions, they can return the policy within this period. The insurer will refund the premium paid after deducting:

    Proportionate risk premium for the period of cover.

    Expenses incurred on medical examination (if any).

    Stamp duty charges.

  3. Grace Period: A grace period is provided to pay overdue premiums without losing policy benefits:

    Monthly Premium Payment Mode: 15 days.

    Other Premium Payment Modes (Annual, Semi-Annual, Quarterly): 30 days.

    If a premium is not paid within the grace period, the policy may lapse, and coverage will cease.

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