Aditya Birla

Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a life insurance subsidiary of Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organization in Canada. Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of India’s leading life insurance companies offering a range of products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”).

As of December 2020, total AUM of ABSLI Stood at Rs. 5,06,782 million. ABSLI recorded a gross premium income of Rs. 65,821 million in 9M FY 2020-21 and registering a y-o-y growth of 24% in Gross Premium with Individual Business FYP at Rs 13,364 Mn. ABSLI has a nation-wide distribution presence through 360+ branches, 7 bancassurance partners, 6 distribution channels, over 85,000 direct selling agents, other Corporate Agents, Brokers and Web Aggregators. The company has over 13,000 employees and more than 17 lac active customers.

Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group. ABCL’s subsidiaries have a strong presence across Protecting, Investing and Financing solutions, Aditya Birla Capital Limited is a part of the Aditya Birla Group, a global conglomerate in the league of Fortune 500. Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda.

Aditya Birla Sun Life insurance review

aditya birla sun life Insurance plans
Distribution - Number of branches pan India (March 2019)
386
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
May-67
Solvency Ratio (FY 2018-19) *
1.96
Number of Policies Sold (Ind+Group) *
2,62,495
Number of Lives Covered (Ind+Group) **
32,11,511
Claims Settlement Ratio (Ind+Group) ***
97.54%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Aditya Birla Sun Life Insurance Plan overview

  • Awards & Recognitions
  • Why choose Aditya Birla Life Insurance
  • Key Features
  • Claims Process

Awards & Recognitions

Listed below are some of the many awards that the company has won over the past two years:
  • ETBFSI Excellence Award 2019 – Best Customer Engagement Innovator of the Year
  • Golden Peacock Award 2019 – Excellence in Corporate Governance
  • CII 2019-20 – Silver & Bronze Project based Awards
  • Insurance Summit 2019 – Best Fraud Intelligence Company of the Year
  • ERM World Summit Award 2019 – Cyber Security Initiatives of the Year
  • National Convention on QC 2019 – Par Excellence in Legal Risk Mitigation
  • Creative ABBY Awards 2018 – Internal Communication / Public Relations
  • India Economic & Law Summit 2018 – Excellence in In-House Technological Innovation
  • Quality Circle Forum of India 2018 – Silver in Innovation on Contact Management Process

Why choose Aditya Birla Sun Life Insurance?

Aditya Birla Sun Life Insurance is a trustworthy brand with strong legacy of Aditya Birla Group. They offer a wide range of solutions and our life insurance policies will help you in meeting your Protection and Financial needs for every important stage of your life. They care about you and look for innovative ways to provide long term value to our customers, employees, shareholders and community.
  • Strong Legacy – Joint Venture between Aditya Birla Group and Sun Life Insurance
  • Prompt, Transparent and Easy Claim Settlement – 97.54% Claims Paid in FY 19-20
  • Assets Under Management: Rs. 44,184.9 Cr
  • 386 Offices Pan India for any policy support, if required

Key Features of Term Insurance Plans

Some of the key features of their Term Insurance plan are listed below:
  • Comprehensive coverage at aff¬ordable cost
  • Provides financial protection for you and your family at all times, especially during a family exigency - Maintain your family’s standard of living even in your absence
  • Many Plan Options to suit your varied protection needs – Digishield ha2 10 Options to choose from
  • Availability of life insurance cover for 1 year or till age 100 years providing comprehensive financial support.
  • Flexible death benefit pay-out options - as a lump sum, monthly income or a combination of both.
  • Option to avail Survival Benefit as Monthly Income on attaining age 60 to ensure a worry-free retired life.
  • Single, Limited and Regular premium payment options to choose from
  • Attractive premium rates for non tobacco users
  • Tax benefit under Section 80D as per prevailing tax laws

Claims Process

To register a claim, please follow one of the following:
Call us at : Toll Free in India 1800 270 7000
(10 AM- 7 PM on all days)
Outside India: : +918045860777
Email us at : care.lifeinsurance@adityabirlacapital.com
SMS : : “OPTIN” at 567679
Visit Online at : www.adityabirlasunlifeinsurance.com
Whatsapp On : +91 8828800040
Missed Call Services : Select services like fund value, premium amount and premium due date can be availed by giving us a missed call at +91 7676690033
Write to us at : Policy Services, One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013

What are the documents required to process an online death claim?
The documents required to process the claim are based on the cause of death are:
  • Medical Cause of Death Certificate
  • Death Certificate
  • Claimant’s ID PAN card
  • Claimant’s Address proof
  • Cancelled cheque of claimant
  • Claimant’s photograph

Notes: Any document uploaded should be self-attested by the claimant. ADITYA BIRLA SUN Life may further call for documents apart from the above (case specific).

Who is a Nominee? At time of death claim intimation, if there is no nominee or in case of unfortunate demise of nominee what are the documents required?
Nominee is the person appointed at time of policy issuance for receiving the benefits of insurance policy. In an event the nominee is a minor, the benefits would be received by appointee mentioned at time of policy issuance.

We require court issued proof of title/succession certificate. This condition is referred to as “Open Title Case”.

What is a Death Certificate? What is a Medical Cause of Death Certificate?
Document issued by the Government to the nearest relatives of the deceased, stating the date, fact and cause of death. Document issued by a Medical Practitioner/Hospital certifying the deceased state of a person

What is termed as Natural Death?
Death occurring in the course of nature and from natural causes (as age or disease) as opposed to accident or violence.

What are the things that I must take care while uploading the documents?
Kindly make sure of the following while uploading documents:
  • Make sure documents uploaded are clear
  • Claimant should be equal to nominee
  • Claimant’s Name on PAN should match with the name on cheque
  • Do not sign across account number and IFSC

Is NEFT mandatory for all claims?
As per the IRDAI circular no. IRDA/F&A/CIR/GLD/056/02/2014 dated February 13, 2014, all payouts made to customers need to be in the electronic form. Hence, NEFT details of the customers are mandatory to process the claim payouts.
  • NEFT payments would be made only in Indian Saving Bank Accounts or NRO Accounts.
  • Cheque would be issued if payment has to be deposited in NRE Account.

What all documents are acceptable ID proof and address proof?
Document Identity Proof Address Proof
PAN Card
Passport
Voter’s Identity Card issued by Election Commission of India
Permanent Driving License
Aadhaar Card
Identity card with applicant’s photograph issued by Central/State Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Finance Institutions
Letter issued by a gazette officer, not more than 6 months old, mentioning the address along with a duly attested photograph of the person
Bank account statement / Passbook not older than six months as on date of acceptance (If it contains photograph)
Documents (not more than 3 months old) issued by Government departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India (If it contains photograph)
Central KYC identifier (can be accepted, if there is no change in current address of client)

By when will the claim be settled?
Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) Death Claims Health Claims
Raising Claim Requirements Within 15 days of receipt of claim. Within 15 days of receipt of claim.
Settlement or Rejection or Repudiation of claims wherein Investigation is not required Within 30 days from the date of receipt of last necessary document. Within 30 days from the date of receipt of last necessary document.
Settlement or Rejection or Repudiation of claims wherein Investigation is required Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.

Frequently Asked Questions (FAQs)

You need to fill and sign the Proposal form, Illustration copy and the Most Important Document.
  • Proposal Form consists of Plan details and Personal details of the Life to be Assured, Nominee, Beneficiary and Appointee (where applicable).
  • The Illustration copy contains basic policy details such as the Policy term, Frequency, Plan name and assumed returns on investment at various stages of the policy including the effect of charges (applicable only for Unit Linked policies).
  • Most Important Document (MID) is a One Page Declaration Form which you need to fill, that will serve as an understanding of the key features of your policy.
  • Address Proof, Identity Proof, Age Proof and Income Proof should be also submitted along with the documents stated above.
  • As per regulatory changes, it is mandatory to submit PAN/Form 60 (if PAN is not available). In case you have already submitted the PAN, you may ignore this instruction.
The claim benefit can be received by:
  • The nominee or the guardian (in case of minor nominee), if you are the Life Assured
  • The proposer, in case you are not the Life Assured
  • Assignee, in case the policy is assigned
  • Life Assured, in case of living benefit claims such as, claims under disability, critical illness and major surgery rider.

In such circumstances, we would require the proof of title/succession certificate issued by a competent court. The claim would then be paid to the person specified in the said proof. Such a condition is called 'Open Title' situation.

If we have accepted the claim but are waiting for the issued certificate of proof, we hold the money till the proof is submitted and pay interest as directed by the Insurance Regulatory and Development Authority of India.

Yes, the premiums paid for the term plan as well as the pay-out received offer tax benefits. The premium that you pay for any life cover policy is eligible for deduction under section 80C of the Income Tax Act, 1961 up to a maximum of Rs 1,50,000. Moreover, the claim amount received from the life insurance policy (in the event of death) is exempted from the income tax under section 10(10D) of the Income Tax Act, 1961.

Death benefits are tax-free.

Tax benefits are subjected to changes in tax laws. You are advised to consult your tax advisor for the same.

ACI Benefit covers below mentioned 42 critical illnesses:
Please refer product brochure for definition of the listed critical illnesses.

Premium for a term plan depends on multiple factors including your age, gender, occupation and lifestyle habits, among others. Note that premium increases with age, and therefore it’s advisable to buy a term policy when you are young and healthy. Online term insurance calculators are available which help you compute the applicable premium.

Our process of medical examination is very simple. Immediately after the making payment, basis your pin code you will be eligible either for home visit or for centre visit.

  • Home visit: If you have selected this option, you can choose the date and time of examination as per your convenience.
  • 0Medical centre visit: If home visit option is not available for your location or in case of tests which require medical centre visit like X ray, TMT (Treadmill test) etc. You can choose the date, time & centre of examination as per your convenience.
0 Cost of medical exam would be borne by the company.

Your family will receive the claim amount in the event of both natural and accidental death. Life insurance is designed to provide your family with a certain amount of money, irrespective of the reason of death. However, there are some exclusions like suicide in 1-year, non-disclosure of rightful facts that can lead to a decline of your claim amount. To know more about such exclusions, please refer to the terms & conditions section in the policy document.

It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too.

For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.

Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate Aditya Birla Sun Sun Life’s plans on https://www.eindiainsurance.com/ .

Beneficiary is the sole person entitled to the benefits under the policy. Yes, the beneficiary of the policy can be changed in case of the unfortunate demise of the existing beneficiary. You have to submit the Policy Servicing Request Form at any Aditya Birla Sun Sun Life branch. Forms are available under the Forms & Downloads section under Policy Servicing.

You may also refer to your Policy documents to know more about the beneficiary change process.

If your policy has attained a surrender value, you can avail a policy loan which is a % of the surrender value. The policy loan can be taken for regular as well as single premium, Unit Linked & Conventional policies. Kindly refer to your policy document for details on the terms & conditions for availing a policy loan.

The coverage that you get from the company may not be enough to meet the financial needs of the entire family in your absence. Also, one loses the life coverage in case of a job change or job loss. Calculate the ideal cover and then take additional cover to financially secure your loved ones.

For example, if the cover provided by your employer is Rs 10 Lakh, that may not be enough to keep your family secure for even a year. Hence, you may need to buy 75-80 % of your life insurance coverage personally through a term plan and ensure you & your family are covered under all conditions.

Talk to your parents and partner about the term insurance plan you have taken and how it benefits them. More importantly, describe the claim settlement process and how they must file the term plan claim when the time comes. One of your family members would have to intimate the insurance company about your death through a sales officer by providing them with a written intimation & a copy of the death certificate issued by the concerned government organisation. Keep the insurance documents in a safe place that these family members can access when needed.

The death benefits received by the nominee under a life insurance policy are exempt from tax as per section 10(10D) of the Income Tax Act, 1961.

You can disclose additional information about yourself, after issuance of your policy, by sending us a letter. This information can be related to medical conditions, an occupational change which may have an impact on your health, insurance cover with other companies, changes in habits, change of residential status to NRI, etc.

If the due premiums are not paid while the policy is still within the lock-in period, then the policy would lapse and all benefits of the policy would cease. The policy holder has a grace period for premium payment, which is 15 days from the due date for monthly premium payment frequency and 30 days from the due date for half-yearly and yearly premium payment frequency.

If the due premiums are not paid even after completion of 45 days of the grace period then the policy acquires a "discontinued" status, the policy benefits cease. And the amount accumulated in the policy would move to the discontinued fund. This amount would be locked in till completion of the lock-in period (five years from the date of policy issuance). Please note, policy discontinued is applicable for policies issued after Sep 1, 2010.

The policy holder loses out on all the benefits of the plan. After discontinuance of the policy it cannot be withdrawn. The policy holder would receive the invested amount only on completion of the lock-in period (five years from the date of policy issuance).

You have a period of 15 days to review your original policy document from the date of receipt. If you are not satisfied with the terms and conditions of your policy, you can return it to us for cancellation and you will be eligible for a refund. If your policy is sourced through distance marketing, you have a period of 30 days. This will be mentioned in your policy certificate. To cancel your policy within the free look (review period), fill up the form and visit any of our branches with your Policy document. Once received, we will process your request and refund the premium amount after applicable deductions (if any) within 15 days.

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