Aditya Birla Sun Life Salaried Term Plan is a term insurance policy that is offered by Aditya Birla Sun Life Insurance Company. This plan stands out by offering multiple options for customizing how your family can receive the claim amount. However, it has a few limitations, such as fewer limited pay options and the absence of features like increasing cover. Additionally, the critical illness rider functions as an accelerated benefit, meaning the payout is deducted from the base cover.

As per our research, it is cheaper than other available plans in the market, and the insurer has fewer complaints related to the settlement of claims and purchase of the policy compared to other insurers.

Here’s the term plan review-

Key product features of Aditya Birla Sun Life Salaried Term Plan

Here are the key features of the Aditya Birla Sun Life Salaried Term Plan-

Life cover Benefit: In the case of you passing away during the policy term Aditya Birla Sun Life Salaried Term Plan provides an assured sum to your family as the death benefit. You qualify for tax benefits under Section 80C of the Income Tax Act with this term insurance plan.
Early Exit Option: This option allows you the choice of opting out of the plan while it is still active. You can do it during a specific time allowed by the insurance company and you are entitled to a refund of the entire premiums paid till then. However, Aditya Birla Sun Life Salaried Term Plan does not provide an early exit option.
Increasing Cover: In this option, the cover amount increases at regular intervals until the maximum limit. However, under Aditya Birla Sun Life Salaried Term Plan, this increasing cover option is not given to increase your cover.
Cover Duration: Aditya Birla Sun Life Salaried Term Plan provides coverage up to age 70 years which would mean you could be reaping the benefits of the plan even after retirement.
Limited Pay Options: Limited Pay enables you to pay off your premiums faster and in larger instalments. You can purchase this term insurance plan using the limited pay option for 5, 7, 10, 12, 15 or 20 years. It is suitable if you desire to have the burden of the premiums off your chest before you run out of a reliable income.
Claim Payout Options: Aditya Birla Sun Life Salaried Plan pays out one time in the form of a lump sum and also pays out in instalments. Under the one-time option, your nominee would receive the entire claim amount in one large instalment. Alternatively, you could opt for the instalment payment option wherein the death benefit will be paid out in instalments.

What are the Riders available with Aditya Birla Sun Life Salaried Term Plan?

This product includes additional benefits or riders using which you can further customise the product to specific circumstances.

Critical Illness Rider: Critical Illness Rider provides a lump sum payment if you're diagnosed with a specified illness during the policy term, as outlined in the policy.
Accidental Death Benefit Rider: An Accidental Death Benefit (ADB) rider provides an additional payout in case of the insured's death due to an accident during the policy term. This benefit is in addition to the base life insurance coverage.
Waiver of Premium Rider: In case of a disability or diagnosis of any critical illness that is covered under the policy, the rider will ensure that no future premiums are paid by you. It will keep your term insurance active throughout the entire policy term even though premiums are not paid.

Each rider has its own benefits and every family might not require all the riders. Make sure to select the ones that suit your family’s financial goals.

Why should you choose Aditya Birla Sun Life Insurance Company?

Let’s look at the claims experience you’ll receive with this insurance company-

Speed of Settlement of Claims: Aditya Birla Sun Life Insurance Company features a high-quality claim experience, settling 99.97% of claims within 30 days. This means that after all the necessary documents have been submitted, your family will not wait for too long before getting the claim amount.

Online Tracking of Claims: Furthermore, your family will have the advantage of tracking their claims online.

Claim Settlement Ratio: If you are planning to purchase the Aditya Birla Sun Life Salaried Term Plan, the claim settlement ratio of the insurer is 98.40%.

Claim Complaints: Our research has shown us that the Aditya Birla Sun Life Insurance company has a very low number of claim complaints compared to other insurance companies. This accounts for 0.01%. It means that while making a claim, the process will be smooth and hassle-free for your family.

What are the drawbacks of buying from Aditya Birla Sun Life Insurance Company?

Here are a few limitations that you might face while purchasing from Aditya Birla Sun Life Insurance Company-

Lengthy Death Claim Form: This company’s death claim form is noticeably longer than those of other insurers, requiring answers to numerous questions. This could make the process more time-consuming and potentially challenging for your family.
Personal Relationship Manager: Aditya Birla Sun Life Insurance does not offer a personal relationship manager to assist your nominee during the claim settlement process, which could mean less personalised support.
Home Pickup of Claims: Aditya Birla Sun Life Insurance does not provide a home pickup facility in case of claim-related documents, unlike any other insurance company. So the nominee has to personally come to the branch and present their respective paperwork.

How is the customer service quality of Aditya Birla Sun Life Insurance Company?

Toll-free: According to our research, their response over their toll-free number is slow in comparison to other insurers.
Twitter Response: Aditya Birla Sun Life Insurance provides quick responses over their Twitter handle.

About the Insurer - Aditya Birla Sun Life Insurance Company

Aditya Birla Sun Life Insurance, is a life insurance company in India. Established in 2000, it is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a global financial services organization in Canada. Its headquarters is in Mumbai, where it is headed by the CEO and Managing Director Mr Kamlesh Rao.

Final remark on Aditya Birla Sun Life Salaried Term Plan

After analysing over 100 parameters, including product benefits, customer service, and claims experience, our in-house research team has awarded the Aditya Birla Sun Life Salaried Term Plan an overall Beshak⭐Rating of 3.6/5.