A hyper-personalized plan to suit individual protection needs
Industry first offering of whole life cover with sum assured reduction option
Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), announced a hyper-personalized term plan, ABSLI DigiShield Plan, to cater to the unique protection needs of customers. This single plan will offer multiple plan options, added benefits linked to life stages, joint life protection, critical illness cover and rider options to tailor-make a distinctive protection solution, offering a comprehensive financial safety net for the customers and their loved ones.
People have various protection needs during different stages of their life and the hyper-flexibility offering of this plan helps to curate a protection strategy that aligns with their specific needs. Besides offering death benefit and acting as an income replacement tool, ABSLI DigiShield plan assists in comprehensive financial planning.
Unlike traditional term plans, this plan allows a customer to enjoy its benefits during their lifetime through the survival benefit option. Further, it provides a unique flexibility to reduce the sum assured at a pre-defined retirement age, allowing customers to align their cover as per their outstanding liabilities and the life stage. This whole-life cover with sum assured reduction feature is a first-of-its kind in the life insurance industry which offers life coverage until age 100 years.
Along with these fully customizable offerings, this plan also provides various premium paying terms, policy tenures and death benefit pay-out options to satisfy unique customer requirements. This holistic plan mitigates liabilities, provides protection to loved ones, and supports retirement and legacy goals.
Mr. Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance
Commenting on the launch, Mr. Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, “Recent uncertain times have generated a need for a resilient financial cover with customized offerings. 2021 would be the year of hyper-personalization and at ABSLI, we aim to offer solutions which evolve with changing needs and lifestyles of our customers. ABSLI’s DigiShield Plan is one of a kind offering that stands as testimony to our customer-centric ethos. Now, our new-age customer will be empowered to tailor make a comprehensive solution through the various personalization features and carve a protection policy which is a precise fit for self and family.“
Unique benefits offered by the DigiShield plan:
Sum assured reduction option with whole life cover – This option offers life coverage until age 100 years and also allows the customer to reduce the sum assured by 50% or 25% at a pre-determined retirement age. This unique flexibility allows customers to choose high sum assured in their earning years and reduce their life cover during their retirement years. It makes the offering ideal for salaried customers or people who have to manage their liabilities effectively.
Survival income on attaining Age 60 years – This option provides monthly income to the customer on attaining Age 60 years and takes care of retirement income needs. Life cover continues throughout the policy term and the nominee is paid lumpsum benefit of sum assured, less survival benefits paid, in case of any unfortunate event. This option ensures need for life protection & retirement income is taken care under one plan.
Income Benefit option – This option provides support to the dependent members of the customer in his/her absence by replacing the lost income with a 1.25% of Sum Assured as fixed monthly income or increasing monthly income at 5% (simple) per annum for a period of 10/15/20 years, as chosen by the customer at inception of the policy.
Level cover option – The nominee is paid the absolute amount equal to the sum assured on death, in lump sum.
Customize the plan based on your needs: DigiShield plan offers 10 plan options with a variety of benefits to suit every individual’s requirements. Some of the options that one can select from are
Type of cover (level & reducing)
Tenure of the policy (To Age 85 & Whole Life)
Premium payment term (Single, Limited & Regular)
Death benefit pay-outs (Lump sum, Monthly income and Lump sum plus Monthly income)
Accelerated Critical Illness (ACI) benefit: Secured protection against 42 critical illnesses by opting for the Accelerated Critical Illness (ACI) Benefit option with additional premium payment.
Cover for your spouse: Now one can cover their partner’s life under the same plan by availing of the Joint Life Protection option.
Multiple rider benefits: A comprehensive protection plan can be created by opting for additional protection through multiple riders by paying additional premiums.
Enhance protection cover without medical: One can avail flexibility to increase the cover amount on specific events like marriage, childbirth or on availing house without undergoing fresh medical or underwriting, just by intimating us on any of these events.
About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company
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 is currently ranked 7th in Individual Business (Individual FYP adjusted for 10% single premium) (Source: IRDAI reported Financials). 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 and Brokers and through its website. The company has over 13,000 employees and more than 17 lac active customers.
About Aditya Birla Capital
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, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages. Powered by more than 21,000 employees, the subsidiaries of ABCL have a nationwide reach with 800+ branches and more than 2,00,000 agents/channel partners and several bank partners.
As of December 31st, 2020, Aditya Birla Capital Limited manages aggregate assets under management around Rs. 3200 billion, has a consolidated lending book of over Rs. 575 billion, and an active customer base of over 21 million, through its subsidiaries and joint ventures.
Aditya Birla Capital Limited is a part of the Aditya Birla Group, a US$ 48.3 billion Indian multinational, in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 36 countries across the globe.
About Sun Life Financial Inc., Canada
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. As of September 30th, 2020, Sun Life Financial had total assets under management of CAD 1,186 billion.
For more information, please visit www.sunlife.com. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
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