* 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.
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.