The Birla Sun Life Insurance Company Limited or BSLI, a business entity created between India’s Aditya Birla Group and the Canadian Sun Life Financial Incorporation, provides service to more than 2 million customers and is one of the leading life insurance companies and fund managers in India. With more than 600 branches in 500 different cities, it is one of the pioneers in the launch of the Unit Linked Life Insurance Plans. BSLI provides a complete solution for protection via insurance, which includes protection solutions, health and retirement solutions, wealth management with protection, children’s future solutions, life stage products and not to mention, customized group insurance plans for the benefit of employees of a company or organization.
Best Birla Sun Life Insurance Plans in India
There are a wide variety of Birla Sun Life Insurance Plans in India and there are a number of benefits that one can reap out of them such as flexible premiums, higher payouts, and tax benefits among others. Let us take a look at what the Birla Sun life offer best life insurance plans in India.
Birla Sun Life Insurance Plans
- Multiple Plans
Birla Sun Life offers you a wide range of life insurance plans and products, including Term Insurance, Endowment Policy, ULPI, Money Bank Life Insurance, and Whole Life Insurance among others.
- Flexible Premiums
There is flexibility with regards to paying the premium, and one can pay them either on a monthly basis or yearly.
- Payouts and Benefits
There are two options as far as payouts and benefits are concerned. The first option is to go for an annual income out of the plans. In the second option, one can reap the benefits all at once as a lump sum amount.
So, these are some of the benefits one can get by investing in a Birla Sun Life Insurance Plan. With that said, why don’t we take a look at the different kinds of plans that the company has on offer?
Birla Sun Life Protection Plans
Protection Plans are also known as Term Insurance Plans and provide insurance at low premiums. As for the Aditya Birla Sun Life Insurance Company, it has three types of term insurance or protection plans to help you safeguard your family’s finances in the future when you are no longer around. So, let’s see what they are:
- ABSLI DigiShield Plan
The ABSLI DigiShield Plan is a non-linked and non-participating protection plan, which can be customized as per the requirements of the investor, at really affordable prices. That is, depending on your requirement, the plan can have you choose your sum assured or the plan option. If you choose a sum assured, then the plan option determines what enhancements it can provide, depending on the life cover you choose over the course of the policy.
Some key features of this plan include:
- A complete financial solution at really affordable rates.
- Two plan options that befit the needs of your protection.
- This plan provides you with the option to enhance your coverage at different stages of your life, as per your requirement.
- You also have the option to cover your spouse in this plan.
- The plan comes with an Inbuilt Terminal Illness Benefit that has the flexibility in its terms of premium payment.
- The plan provides multiple options for the family to receive benefits in case of death of the person.
- It also comes with additional rider benefits.
With an eligibility of 18-65 years and a policy term between 5 and 40 years, this plan assures a minimum sum of Rs. 30 Lacs. And, it doesn’t have anything such as a maximum limit.
- ABSLI Life Shield Plan
This plan offers you the flexibility to make your combinations from eight different plan options, as per your family’s requirements. Focusing heavily on customization, this plan is designed keeping in mind the fact that each family is different, and so are their protection requirements.
Some of the notable features of this plan are:
- There are multiple options to suit the different needs of different families.
- The plan comes with options for enhancements at key milestones of your life.
- This plan, just like the DigiShield Plan has an option to cover your spouse under it as well.
- It also comes with Inbuilt Terminal Illness benefits.
- It comes with Additional Rider Benefits.
The eligibility criteria fall between 18 and 65 years, and the policy term comes for a maximum of 50 years. The policy term has options of one, two, three, four, five or six to ten years or 7, 8 or 20 years to avail it. There is a minimum sum of 25 lacs assured and has no upper limit.
Birla Sun Life Savings Plans
In Savings Plans, the company invests your funds in financial instruments such as mutual funds, so that it will be able to provide higher returns. The sum assured may be incremental or can be paid out in installments as per the product that is chosen. The plans typically come with both maturity and death.
So, with that being said, we can delve into the different schemes that come under this plan.
- ABSLI Vision Life Secure Plan
As a traditional whole life policy, the holder receives not only the sum assured, but also bonuses from time to time, and Terminal Bonuses, if there are any. The policy also comes with the option to enhance protection with riders like the Aditya Birla Sun Life Insurance Accidental Death and Disability Rider, Critical Illness Rider and Premium Waiver. The sum assured is around Rs. 2 lacs and comes with a minimum premium of Rs. 12,000 per annum.
- ABSLI Income Assured Plan
The income assured plan offers you secured savings and a regular income, along with a comprehensive financial protection for your family. A traditional non-participating, customization savings with the protection plan, befitting all your needs the payment as well as policy term. The minimum sum that is insured is Rs. 1,00,000.
- ABSLI Vision Life Income Plan
This comprehensive plan gives you a steady income as well as a whole life cover. A perfect blend of income and financial protection for you as well as your family wherein you can pay survival benefits each year, starting from the end of the premium payment term up until maturity and have the benefit of life insurance.
- ABSLI Vision Endowment Plus Plan
This plan gives you returns on premium as well as bonuses on maturity, offering your family, financial protection. There is a minimum sum of Rs. 1,00,000 assured for a minimum premium payment of Rs. 2495 per year.
- ABSLI Guaranteed Milestone Plan
Along with offering complete benefits on maturity or death, this plan guarantees additions to boost your whole investment from year to year. Rs. 225000 is the minimum sum assured, and you get policy term options of 12, 14, 16, 18, 20, 22, 24 and 26 years.
- ABSLI POS
This plan offers your family with financial protection in your absence and comes with guaranteed protection and two options for premium payments, namely, single pay and limited pay.
Birla Sun Life Child Future Plans
This plan assists you by funding your child with their foreign education or setting up a new small business for them or meeting wedding expenses. Returns on investments are guaranteed along with high life cover and management of your funds to maximize earnings as required when required.
There is only one scheme under this plan and that is the ABSLI Vision Star Plan, which is designed according to the changing dreams, goals, and aspirations of the child. So, in this plan, you have the flexibility of benefits or payouts as per the child’s requirement. In case of death of the person, a minimum, insured sum of Rs. 1,00,000 is paid out to the child, in case he or she is eligible.
Birla Sun Life Health Insurance Plans
The Aditya Birla Health Solutions are designed specifically to aid the insurer and the insurer’s family with quality treatment by covering things such as hospitalization, major illnesses and injuries through accidents with the help of an adequate sum.
The schemes that come under this plan include:
- ABSLI Hospital Plus Plan
This plan is designed to offer an adequate amount in cash, in case of hospitalization. You can also reduce additional expenses, as the plan has flexibility of four benefit options to choose from to befit your requirements. This policy also aids the insurer to save taxes as per Section 80D of the Income Tax Act, 1961.
- ABSLI Cancer Shield Plan
This plan is equipped to provide cover at all stages of cancer, be it the early stages or the later, major stage. If cancer happens to be at a major stage, then this plan provides the option of monthly income up to five policy years. The minimum sum insured is Rs. 10,00,000 while the maximum sum is Rs. 50,00,000.
- ABSLI CritiShield Plan
In case of certain diseases which involve the heart or the kidneys, and which account for more expenses than just regular hospital bills, the Aditya Birla Sun Life Insurance’s CritiShield plan helps protect your savings against them, covering all cardiac and renal conditions for five premium years, upon diagnosis of early stages of conditions.
Birla Sun Life Wealth Plans
The Aditya Birla Wealth Plans cover a sizable part of the insurance, to help you save up for the future on a regular basis.
Some of the schemes coming under this plan are:
- ABSLI Wealth Max Plan
It is a single premium unit linked insurance plan, which can be topped up with additional savings and flexibility of partial withdrawals when you find yourself running low on cash. The basic sum assured comes in three, which include, 1.25, five or 10 times the basic premium, ranging between a minimum of Rs. 1,00,000 for a policy term of five to ten years and a minimum of Rs. 2,00,000 for a policy term of 15 to 20 years.
- ABSLI Wealth Secure Plan
The Aditya Birla Sun Life Insurance Wealth Secure Plan is a Wealth Plan combining the benefits of both savings and whole life coverage. By paying the premium for a limited term, you can avail the coverage for the whole of your life. The basic premium ranges anything from Rs. 20000 to Rs. 30000, going all the way up to Rs. 60,000, and depends on the time of payment, which can be annual, semi-annual or monthly or quarterly.
- ABSLI Wealth Assure Plan
This is a protection and savings plan which ensures that your wealth grows steadily over time. It is an investment as well as an insurance plan, allowing you to withdraw amounts partially, as and when required. In addition, it also helps you to top-up the plan, in case you have any extra savings left. The minimum basic premium is Rs. 1,00,000 if paid on an annual basis and Rs. 1,80,000, when paid on a per month basis.
- ABSLI Fortune Elite Plan
As far as this plan is concerned, you have three options to invest, namely, Systematic Transfer Option, Return Optimiser Option, and the Self-Managed Option.
- ABSLI Wealth Aspire Plan
The main aim of this plan is to help you accumulate as much wealth as you can by providing flexibility for plan options choices, policy terms, premium paying terms and not to mention, four investment options. It also comes with the additional flexibility of partial withdrawals and top-ups, in case you have additional savings you can spend.
The Aditya Birla Sun Life Insurance Company Limited offers a complete range of plans and solutions to protect your family’s future. It has a wide variety of insurance plans, offering a wide range of solutions from your child’s education to wealth protection solutions to health and wellness solutions to retirement solutions and not to mention savings protection solutions to help you stay financially afloat in the future. It also comes with the additional benefit of small and disciplined savings now and then, which definitely will help you in going a long way in your life. The Aditya Birla Sun Life Insurance Company was the first to introduce of the free-look period, which allows the policyholder to keep and try the policy for ten days, before deciding whether to purchase it or not. And this was even before the Insurance Regulatory and Development Authority made it mandatory.