Aditya Birla Sun Life Insurance (ABSLI) has announced a hyper-personalized term plan to meet the security needs of the customers. The company said in the statement that in this one plan, many plan options, additional benefits related to life stages, joint life protection, cover for critical illness and rider options will be available to make separate security plans. Through them, customers and their friends and relatives will get financial security.
According to the statement, it also allows reducing the sum assured at the age of pre-determined retirement, which helps the customers to cover their cover according to the remaining responsibilities and life stage. Whole life insurance is the first of its kind with the option of reduction in the sum assured, which provides insurance cover till the age of 100 years. With this fully customized offer, this plan comes with multiple options for paying premiums, term of the policy, multiple periods of the policy and death benefit payments, which cater to the specific needs of the customers.
Benefits found in DigiShield plan
Reduction in Sum Assured with Insurance cover for whole life: This option provides life insurance cover up to the age of 100 years and the customer can also reduce the assured amount by 25 or 50 percent on the pre-determined retirement age. Due to this unique facility, customers can choose more assured amount in their earning years and after retirement, they can reduce their life insurance cover.
Survival income when you are 60 years old: In this option, the customer gets monthly income after the age of 60 years and after retirement, the income requirement is fulfilled. Life insurance continues for the entire duration of the policy and if something unexpected happens in the event of misfortune, then all the benefits of the assured amount are deducted in lump sum after deducting the survival income paid up to that time. With this option, the need for life protection and retirement income is ensured in a single scheme.
Income Benefit Option: This option provides assistance to the dependent members in lieu of lost income in the absence of the customer. At the time of taking the policy, the dependent is given 1.25 per cent of the assured amount every month or an increased monthly income at the rate of 5 per cent every year for a period of 10, 15 or 20 years, chosen by the customer.
Level Cover Options: On death, the nominee is paid a lump sum equal to the assured amount.
Customize according to your needs: In the DigiShield plan, there are 10 plan options with different types of benefits that meet the needs of the person. Some of them are as follows:
- Cover Type (Level & Reducing)
- Policy term (up to 85 years of age and for life)
- Premium payment (one-time, limited or regular)
- Benefit payment on death (lump sum, monthly income and monthly income with lump sum)
Accelerated Critical Illness (ACI) Benefit: Opting for Accelerated Critical Illness (ACI) benefit option without paying additional premium provides protection against 42 critical illnesses.
Safety for Spouse: Now you can also insure your spouse in the same plan through Joint Life Protection option.
Multiple rider benefits: A comprehensive safety plan can be prepared by paying a separate premium for different riders providing additional protection.
Increase the protection cover without medical examination: There is also a facility to increase the amount of cover for special occasions like marriage, child birth or buying a house without undergoing a fresh medical examination or without underwriting. For this, information about such occasions has to be filled.