ABSLI Life Sheild Plan
The Life Sheild plan offered by Aditya Birla Sun Life Insurance (ABSLI) is a non-linked, non-participating, individual term insurance plan. This plan offers policyholder extensive and customizable life coverage along with other benefits.
Features and benefits of ABSLI Life Sheild plan:
The features and benefits of ABSLI Life Sheild plan Term Insurance are as follows:
- The ABSLI Life Sheild plan comes in eight different options
- This plan offers spouse coverage under the same policy
- This plan has return of premium option on maturity
- In case of disability or diseases, get benefit of waived of premium
- The death benefit payment can be availed in multiple ways
- Avail tax benefits under section 80C with this plan
- Terminal illness benefit available with this plan
Eligibility criteria for ABSLI Life Sheild plan:
The eligibility criteria for ABSLI Life Sheild plan are as follows::
Maximum age for entry (on last birthday) | 65 years |
Minimum age for entry (on last birthday) | 18 years |
Maximum maturity age | 85 years |
Policy term |
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Policy term (for plan options 7 & 8) | Regular premium or limited pay: 20 to 55 years |
Premium mode | Monthly, semi-annual, quarterly and annual |
Minimum sum assured | Rs.25,00,000 |
Maximum sum assured | No limit |
Documents required for ABSLI Life Sheild Plan:
The documents required to apply for ABSLI Life Sheild Plan are as follows:
Identity Proof |
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Address proof |
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Income proof (For salaried) |
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Income proof (For self-employed) |
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Exclusions for ABSLI Life Sheild Policy:
The claims under the below mentioned conditions will be rejected for ABSLI Life Sheild Policy:
- Suicide claim made outside of the policy period
- Any pre-existing diseases or conditions within 48 months of policy issue or revival
- Sexually transmitted diseases
- Self-inflicted injuries
- Injuries or death due to criminal activities
- Any sickness within 90 days of policy issue or revival
- Sickness or death due alcohol or drugs consumption
- Accident or death due to nuclear or radioactive material
- Death or disability due to participating in professional sports, adventures or hazardous activities.
FAQs on ABSLI Life Sheild Plan
- Is there any free look period for ABSLI Life Sheild plan?
Yes, there is a free look period of 30 days for ABSLI Life Sheild plan.
- How long does it take to get a claim settled for ABSLI Life Sheild plan?
The claims for ABSLI Life Sheild plan usually get settle with two to three working days.
- What is the death benefit for this policy?
The death benefit for single pay in this plan will be the highest of 125% of single premium amount or absolute amount assured to be paid upon death. For regular or limited pay plans will be the highest of 105% of total premiums paid till date of death or 10 times the annualized premium, or absolute amount assured to be paid upon death.
- How can I raise a claim for ABSLI Life Sheild plan?
To raise a claim for ABSLI Life Sheild plan, you can visit the nearest ABSLI branch and submit the claim form, or you can submit a claim form online. You can also call the ABSLI customer care toll-free number 1800 270 7000 and raise a request for claim settlement.
- What is the maximum policy term for ABSLI Life Sheild plan?
The maximum policy term for ABSLI Life Sheild plan is 55 years
- Can I avail myself of any tax benefit available on this plan?
Yes, you can avail tax benefit under section 80 C of the Income Tax Act on this plan.
- What is the minimum policy term for this plan?
The minimum policy term for plan options one to six is 10 years and for plan options seven and eight is 20 years.
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