Does ABSLI announce up to a 15% cut in premium rates of its ABSLI DigiShield plan?

KWs: absli digishield plan, term insurance plan, absli digishield plan 2021

Numbers have the power to attract.

From the moment you open your eyes in the morning, it is about numbers and figures. 

Time in the clock on your bedside, one cup of tea, figures in the newspaper, all of this is enriched with numbers to keep your eyes glued. Like in the festive season full page ads with discounts catch all your attention. In another similar example, one thing that captured people’s minds and made into the media was Aditya Birla Sun Life Insurance reducing premium rates by 15% on ABSLI DigiShield Plan 2021. Intrigued by the considerable discount the company was offering, many individuals found a term insurance plan. 

If you have been willing for a long time to buy the term insurance plan and want to know more about it, you must read further.

What is a term insurance plan?

Why should you buy ABSLI DigiShield Plan?

Benefits of buying ABSLI DigiShield Plan.

Eligibility Criteria of buying ABSLI DigiShield Plan.

Conclusion

What is a Term Insurance Plan?

A term insurance plan is the purest form of life insurance. The policy provides life protection to the insured for a specified period. It implies that the nominee will get the death benefit if anything happens to the life insured during the policy term. 

Term insurance is a popular and most affordable plan that provides high coverage. For example, Rachit purchased a term insurance policy for Rs.1 crore at Rs.490/- per month. The policy term was 35 years. After paying a premium for 10 years, Rachit passed away. As specified in the policy, his nominee will receive the death benefit. 

In common, a term insurance policy will provide you with the tax benefit under Section 80C of the Income Tax Act, 1961. In addition, the lump-sum benefit received by the nominee is also exempted from tax as per Section 10(10D).

Why should you buy ABSLI DigiShield Plan?

You can buy ABSLI DigiShield Plan because it is one of the top-selling term insurance provided by the ABSLI company. In addition, the premium rates are low and offered after a 15% cut in excellent rates.

Like other traditional plans, ABSLI DigiShield Plan also provides the same cover. But still, the term insurance plan attracts you as:

• The buyers can customize the plan according to their needs.
• ABSLI DigiShield Plan allows customers to enjoy guaranteed recurring income starting from 60 years. This is classified as the Survival Benefit Option.
• The term plan provides unique flexibility to reduce the sum assured at pre-defined retirement age. It ultimately allows the customers to align the cover with the outstanding liabilities and life stages.
• ABSLI DigiShield Plan offers unique flexibility to choose from multiple plan options, joint life protection, rider options to enhance the cover, and critical illness cover. The ultimate idea is to create security for your family.
• The term insurance plan provides various death benefit payout options, premium payment terms, and policy tenures for the convenience of the customers.

Term insurance is the intent to support your family and save them from financial burdens. The policy helps mitigate liabilities, supports retirement, and provides protection to loved ones.

Benefits of buying ABSLI DigiShield Plan.

ABSLI DigiShield Plan is a comprehensive term plan that provides you with umpteen financial security to fulfil your financial goals. You get to choose from ten plan options to protect your family from the uncertainties of life.

Some of the features that can push you to buy ABSLI DigiShield Plan include:

1. The life insurance coverage is for 1 year or till age 100 years.
2. Flexible death benefit payout is a combination of a lump sum or monthly income, lump sum, or monthly income only.
3. Death Benefit payable under the ABSLI DigiShield Plan payable will be:

• Sum Assured on the death paid in a lump sum.
• Or monthly installments as 1.25% of sum assured during the income benefit term.
• Or, Sum Assured in a lump sum paid immediately plus Level monthly income paid over 10 years as 0.5% x Sum Assured.

1. ABSLI DigiShield Plan will pay you the maturity benefit except under plan option 10. In a term insurance policy, a maturity benefit is not payable, but Aditya Birla Sun Life Insurance has made a provision for it. Those who choose plan option 10 get a maturity benefit: total premiums paid fewer loadings for modal premium, payable at the end of the policy.
2. The policy insured will get 50% of the applicable sum assured on death, subject to a maximum of Rs.2 crores, paid in a lump sum if the life insured is diagnosed with terminal illness benefit. All the future premiums will be waived off after the diagnosis of the disease.
3. The ABSLI DigiShield Plan pays a sum assured on the first diagnosis of any specified critical illnesses during the ACI benefit period.
4. The advantage of the term plan from ABSLI does not end with the death benefit. At the policy’s inception, you may opt to increase the sum assured on special events like marriage, childbirth, or house loan.
5. You can also increase the scope of the term plan by buying riders available at an extra cost. Some riders that you can buy include ABSLI Accidental Death and Disability Rider, ABSLI Critical Illness Rider, ABSLI Surgical Care Rider, ABSLI Hospital Care Rider, ABSLI Accidental Death Benefit Rider Plus, and ABSLI Waiver of Premium.

After reading the benefits of the ABSLI DigiShield Term Plan, you must be influenced by how the product can help. But are you sure whether you will be allowed to buy the term plan or not? If not, you must check the eligibility criteria of the ABSLI DigiShield Plan.

Eligibility Criteria for buying ABSLI DigiShield Plan.

Check your eligibility before buying a good term insurance plan.

 

Particulars	Plan Option	Age
Entry Age	Option 1,2,3,6,7,8 & 10	18 years to 65 years
	Option 4 and 5	45 years to 65 years
	Option 9	18 years to 50 years
Maximum Maturity Age	Option 1,2,3,6,7,9 & 10	85 years
	Option 4 and 5	100 years
	Option 8	69 years

There are other criteria for which you must read the detailed product brochure of ABSLI DigiShield Plan.

Conclusion:

You don’t give a second thought when it is about the security of your family. Right? Similarly, you must not overthink when planning to buy a term plan. The best part about the term insurance plan is that it is a low-cost insurance policy that benefits you in multiple ways. ABSLI DigiShield Plan has features to provide you convenience and satisfaction after purchase. The policy is available online and can be purchased through the “Buy Term Plan” link.