Aditya Birla Sun Life Insurance has announced the launch of its new term insurance plan, ABSLI Anmol Suraksha Kawach. It is a non-linked, non-participating individual, life, pure risk premium, term insurance solution that offers life cover for up to five years.
The policy can be bought either as a single pay or regular pay policy. The policy terms are two, three, four and five years, respectively.
The minimum entry age is 25 years and the maximum age is 55 years. The maximum cover ceasing age of the life insured (age as on last birthday) is 60 years. The sum assured is from Rs 50 lakh to Rs 2 crore in slabs of Rs 25 lakh.
Aditya Birla Sun Life Insurance announced in a press release that the policy has been designed to fulfil the short-term protection needs of the policyholders.
Kamlesh Rao, managing director and CEO, Aditya Birla Sun Life Insurance, said: “Aditya Birla Sun Life Insurance has been a leader in developing modern, comprehensive life insurance policies that anticipate customer needs and help them create a stable financial future. Our latest offering, ABSLI Anmol Suraksha Kawach will empower the policyholders by providing short-term protection at affordable prices so they can get the much-required life cover and live a worry-free fulfilling life. Its simplistic and affordable proposition, will position us to achieve deeper penetration and advance IRDAI’s vision of a fully insured India.”
According to Aditya Birla, the plan provides flexibility in choosing premium payment terms and policy terms and sum assured, thus enabling the policyholders to customise their term plans.
For single pay policies, the sum assured on death will be calculated as the highest of the following:
125 per cent of single premium, or, the absolute amount assured to be paid on death.
For regular pay policies, the sum assured on death will be calculated as the highest of the following:
1] Ten times annualised premium,
2] 105 per cent of total premiums paid as on the date of death,
3] The absolute amount assured to be paid on death
Being a pure term plan, the policy does not offer any maturity, survival or rider benefits. There is also no option of a loan on the policy.
Aditya Birla Aditya Birla Sun Life Insurance said that the policy will offer four key benefits.
Short-term protection: Buyers can take a short-term policy between two and five years.
Choice of premium payment term: Policyholders can choose between making a one-time payment or pay for the entire policy term
Varied sum assured option: The policy offers varied sum assured options. Policyholders can choose from sum assured options from Rs 50 lakh to Rs 2 crore in steps of Rs 25 lakh.
Protection till age of 60: Policyholders will be eligible for a maximum cover till the age of 60 years.