Aditya Birla Life Insurance: Comprehensive Coverage, Peace Of Mind

Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a Canadian financial services organisation. Established in 2000, ABSLI has contributed significantly to the growth of the life insurance industry in India and currently ranks among the top seven private life insurance companies in the country. The company offers a diverse range of life insurance plans tailored to meet various financial goals and protection needs, including term plans, savings plans, ULIP plans, child plans, and retirement plans. ABSLI is known for its innovation and has introduced several industry firsts, such as the Free Look Period and the launch of Unit Linked Life Insurance plans in India. With flexible options for coverage and tenure, ABSLI allows individuals to customise their insurance to their specific needs and budget, providing peace of mind and financial security for its customers.

Types of insurance plans offered: term, savings, ULIP, child, retirement, and protection plans

Aditya Birla Sun Life Insurance offers a wide range of insurance plans, including term, savings, ULIP, child, retirement, and protection plans.

Term Insurance Plans

Aditya Birla Sun Life Insurance offers term insurance plans that provide pure protection with high coverage and low premiums. These plans pay a sum assured to the beneficiary in the event of the policyholder's death during the term, but do not offer maturity benefits. The company's term plans include the ABSLI Salaried Term Plan, designed specifically for salaried individuals with affordable premiums and substantial life cover, and the ABSLI DigiShield Plan, which offers comprehensive coverage with multiple plan options and the flexibility to enhance coverage with riders.

Savings Plans

Aditya Birla Sun Life Insurance's savings plans combine life insurance with savings, offering both death and maturity benefits. These plans provide financial security and help individuals save for future goals. Examples include the ABSLI Assured Savings Plan, which guarantees additions to enhance the policyholder's corpus, and the ABSLI Guaranteed Milestone Plan, which offers long-term guaranteed income.

ULIP Plans

Unit Linked Insurance Plans (ULIPs) offered by Aditya Birla Sun Life Insurance combine life insurance with market-linked investments. A portion of the premium goes towards life cover, while the rest is invested in equity or debt funds. ULIPs offered by the company include the ABSLI Wealth Aspire Plan, which provides multiple investment fund options and the flexibility to switch between funds, and the ABSLI Wealth Secure Plan, which offers whole life cover along with investment options.

Child Plans

Aditya Birla Sun Life Insurance's child plans are designed to secure a child's future by providing financial support for major milestones such as education or marriage. These plans continue even if the parent, who is the plan's owner, passes away, with the insurer waiving future premiums. The ABSLI Vision Star Plan and the ABSLI Child's Future Assured Plan are two child plans offered by the company.

Retirement Plans

The retirement plans offered by Aditya Birla Sun Life Insurance provide a steady income for senior citizens, ensuring financial security during retirement. These plans offer regular income or lump-sum benefits at retirement, with options to delay payouts if desired. The ABSLI Empower Pension Plan and the ABSLI Guaranteed Annuity Plus are examples of retirement plans offered by the company.

Protection Plans

Aditya Birla Sun Life Insurance's protection plans are designed to ensure the financial security of an individual's family, especially during times of crisis. These plans offer total financial security to reduce stress and provide peace of mind. The ABSLI DigiShield Plan and the ABSLI Life Shield Plan are examples of protection plans, with minimum sum assured amounts of Rs. 30 lakh and Rs. 25 lakh, respectively.

Claim settlement process: online and offline options available for filing a claim

Aditya Birla Sun Life Insurance (ABSLI) offers a straightforward claim settlement process, aiming to provide quick assistance during challenging times. Here is a comprehensive guide on how to file a claim with ABSLI, outlining both the online and offline options available to you.

Online Claim Settlement Process:

The online claim settlement process for ABSLI can be completed in three simple steps:

Step 1: Claim Intimation

To initiate the claim process, visit the official website of Aditya Birla Capital. From the homepage, hover over "Protecting" and click on "Life Insurance." On the new page, scroll down and click on "Manage a Claim" in the right corner. This will direct you to the claims page, where you need to click on "File Claim" under the "Manage Claim" section.

On the next screen, you will be required to fill in your policy number, date of birth, mobile number, and email address. After entering these details, click on "Next." You will then be asked to submit event details, ensuring that all the information provided is accurate and true to your knowledge.

Finally, upload all the relevant documents to make a successful claim.

Step 2: Claim Processing

Once you have submitted the claim, the next step is to provide the necessary paperwork as soon as possible. The claims team at Aditya Birla Sun Life will review the documents and may contact you if any additional information is required.

Step 3: Claim Decision

The claims team will assess your claim based on the documentation submitted and the information provided in the proposal form. Once the assessment is completed, the claim amount will be disbursed according to the terms and conditions of your insurance policy.

Offline Claim Settlement Process:

If you prefer to file your claim offline, you will need to follow these steps:

• Download the claim form from the ABSLI website and fill it out completely.
• Collect all the required claim documents, as outlined in the section below.
• Send a letter, along with the completed claim form and supporting documents, to the following address:

Claims Grievance Redressal Committee

Aditya Birla Sun Life Insurance Company Limited

Kasar Wadavali, Ghodbunder Road,

Alternatively, you can contact the customer support team by calling the toll-free number 1-800-270-7000 or sending an email to [email protected].

Documents Required for the Claim Process:

To ensure a smooth claim settlement process, it is essential to have the following documents ready:

• Claimant's Statement Form
• Death Certificate issued by the Local Municipal Authority or Government
• KYC Documents and Photo ID Proof of the claimant
• Cancelled Cheque, Copy of Bank Passbook, or Copy of Bank Statement
• Medical Attendant's Certificate
• Original Policy Document or Indemnity Bond (in case of a lost policy document)
• Employer's Certificate
• Certificate by the doctor who declared death (in case of sudden death)

Points to Remember When Raising a Claim:

• Timely Intimation: Notify the insurance company as soon as possible in the event of the policyholder's death. You can do this by phone or email.
• Organize Your Documents: Keep all the required documents in one place to avoid any delays in the claim settlement process.
• Provide Accurate Information: Ensure that all the information provided in the insurance forms is correct and double-check for any errors or misleading information.
• Update Your Policy: Keep your policy up to date with any changes in personal information, address, phone number, or health status. Also, inform the insurance company of any changes in the beneficiary's name or address.
• Understand the Policy Terms: Familiarize yourself with the terms and conditions of your ABSLI policy, including the inclusions and exclusions, to make informed decisions and avoid claim rejections.

Aditya Birla Sun Life Insurance is committed to providing reliable protection and peace of mind to its customers. With a high claim settlement ratio, ABSLI strives to ensure that your loved ones receive the financial support they need during difficult times.

Premium payment options: pay premiums online through the company website

Aditya Birla Sun Life Insurance Company Limited (ABSLI) offers a range of premium payment options to its customers. Online premium payment is allowed through the ABSLI website and Mobile site (M-Site). To pay the premium, customers can use the quick links "Pay Premium option" by using the policy number and insured's date of birth.

Step 1:

Enter your registered Email ID/Mobile Number/Policy Number and your Date of Birth (DOB).

Step 2:

Click on the 'Pay Now' button to proceed to the payment gateway.

Step 3:

Select your preferred payment method, such as credit/debit card, net banking, or e-wallets like Paytm and Google Pay.

Step 4:

Follow the instructions on the screen to complete the payment process. This may include entering payment details, authenticating the transaction, or using a secure payment gateway.

Step 5:

After a successful payment, a premium receipt will be generated, which can be printed or saved for future reference and tax purposes.

In addition to online payments through the website, ABSLI also offers other convenient ways to pay premiums. These include cash, cheque, demand draft (DD), or credit/debit card payments at selected ABSLI branches and authorised bank branches, such as Axis Bank, ICICI Bank, and State Bank of India (SBI).

ABSLI also offers various payment options like NEFT, Bill Junction, Bill Desk, National Automated Clearing House (NACH), Direct Debit, and Standing Instruction on Card for the convenience of its customers.

Customer service: dedicated customer support team to assist with policy-related queries and grievances

Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. The company offers a diverse range of life insurance plans tailored to meet various financial goals and protection needs.

Customer Service

ABSLI is committed to delivering market-leading customer service, putting its customers at the centre of everything it does. The company offers comprehensive customer support to assist with policy management, claims, and queries, ensuring a seamless experience for its policyholders.

Dedicated Customer Support Team

ABSLI has a highly functional customer support team that is dedicated to assisting policyholders with their policy-related queries and grievances. This team can be reached through various communication channels, including:

• Toll-free number within India: 1800 270 7000
• Phone number outside India: +918045860777
• Email: [email protected]
• Online chat: 'Need Help' option on the website
• SMS service: 'MYALERTS' service for specific queries
• Branch offices: Visit one of the branch offices to get your queries resolved or to purchase a new policy

The customer support team is available to address any concerns or issues related to ABSLI products and services. They can provide information about different insurance plans, help with policy management, and guide policyholders through the claims process.

Grievance Redressal

ABSLI also has a well-defined grievance redressal mechanism in place to handle customer complaints and ensure their satisfaction. Here are the steps to raise a complaint:

• Visit the customer service page on the ABSLI website and click on the "Give Feedback" option.
• On the complaint page, register your complaint by clicking the "Click here" option.
• You will receive a reply from the customer support team within 10 days, or you may receive a token number via email.
• If your query is not resolved satisfactorily, you can approach the Grievance Redressal Office/Officer using the token number.
• If the issue still persists, you can write to the Chief Grievance Redressal Officer or the Grievance Redressal Committee by entering the token number in the complaints page.
• As a last resort, you can approach the Insurance Ombudsman Officer in your region if your complaint remains unresolved.
• Grievances can also be submitted via post to the Grievance Redressal Department at the ABSLI office in Thane, India.

With its dedicated customer support team and well-defined grievance redressal process, ABSLI ensures that its policyholders receive timely assistance and a seamless experience throughout their journey.

Benefits of life insurance plans: financial security, flexibility, tax benefits, and peace of mind

Life insurance is a financial tool that provides security and peace of mind for you and your loved ones. It is a contract between an individual (the policyholder) and an insurance company, where the insurer promises to pay a specified sum to the beneficiary in the event of the policyholder's death. Here are some key benefits of life insurance plans:

Financial Security

Life insurance offers financial protection to your family or dependents in the event of your untimely death. It ensures that your loved ones can maintain their lifestyle, pay off any debts, and meet their financial goals without compromising their needs. This financial safety net is especially important if you are the primary breadwinner or have significant financial obligations, such as high credit card debt or a mortgage.

Flexibility

Life insurance plans often provide flexible options for coverage and tenure, allowing you to customise the policy according to your specific needs and budget. You can choose from various types of plans, including term insurance, unit-linked insurance plans (ULIPs), whole life insurance, endowment policies, money-back policies, and retirement plans. Additionally, life insurance policies offer a range of riders or add-ons, such as accidental death, critical illness, or waiver of premium riders, which provide additional benefits for a nominal extra cost.

Tax Benefits

Life insurance premiums paid are typically eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Moreover, the benefits received by the beneficiaries, including the death benefit and maturity proceeds, are usually tax-exempt under Section 10(10D) of the same Act. This makes life insurance an effective tool for both protection and tax planning.

Peace of Mind

Life insurance provides peace of mind, knowing that your loved ones will be financially secure in the event of your sudden death. It ensures that your family can maintain their standard of living and achieve their long-term financial goals, such as education or marriage.

Aditya Birla Sun Life Insurance (ABSLI), a joint venture between the Aditya Birla Group and Sun Life Financial Inc., offers a diverse range of life insurance plans tailored to meet various financial goals and protection needs. ABSLI boasts a high claim settlement ratio, flexible premium payment options, and a comprehensive suite of insurance products, including term plans, savings plans, ULIPs, child plans, and retirement plans.

By choosing a suitable life insurance plan from a reputable company like ABSLI, you can rest assured that your loved ones will be taken care of financially, even in your absence.

Frequently asked questions