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Aditya Birla Sun Life Super Term Plan

ILM Ratings

ILM Ratings

Claims Experience:

Customer Service:

Product Benefits:

Introduction to Aditya Birla Sun Life Super Term Plan

ABSLI Super Term Plan is a term insurance plan offered by Aditya Birla Sun Life Insurance Company. A term insurance plan is the most cheap and efficient way to secure the future of your dear ones and protect them against the risk of your death. The plan offers multiple Limited Pay options to complete premiums faster, the ability to automatically increase your cover over time, flexible claim payout choices and an early exit option with premium refund. The plan offers riders for additional accidental death benefit, along with premium waiver rider on diagnosis of listed illnesses or in case of accidental disability.  You can also select between a comprehensive critical illness rider (which pays an additional benefit) or an accelerated critical illness rider (which pays in advance from the base cover).

Claims Experience:

Customer Service:

Product Benefits:

Quick Overview:

What's Good?

• Multiple Limited Pay options to speed up payments
• Option to automatically increase claim amount, with time
• Several options to customize claim payouts
• Option to exit the plan while active and get premium refund
• Critical illness rider's payout is in addition to the life cover amount
• Additional payout option for accidental death
• Premium waiver option available if listed illness is diagnosed
• Premium waiver option available in case of accidental disability

What's Not Good?

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Insurer Track Record

About Aditya Birla Sun Life Insurance Co. Ltd.

JV Partners

Turnover (GWP)

Number of Policies

Number of Claims

Detailed Product Overview

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Did you know

The ABSLI Super Term Plan, offered by Aditya Birla Sun Life Insurance Company, is a term insurance policy designed to provide affordable and effective financial protection for your loved ones. As with any term plan, if the life insured passes away during the policy term, the family receives a death benefit. This payout is meant to ensure financial stability, helping them sustain their lifestyle and continue working toward important goals without the added stress of money.

This plan comes with several valuable features. It offers multiple Limited Pay options that allow you to finish paying premiums more quickly, along with the benefit of automatically increasing your cover over time. It also provides flexibility in claim payout choices and includes an early exit option with a refund of premiums. There are also multiple riders available with this plan to enhance the coverage.

In terms of cost, the ABSLI Super Term Plan is relatively cheaper compared to many similar products. Moreover, according to our research, the insurer has received fewer complaints about claim settlement and policy purchase than many other insurers, which adds to its reliability.

Here’s the term plan review -

Key Product Features of Aditya Birla Sun Life Super Term Plan

The Aditya Birla Sun Life Super Term Plan's notable features are as follows:

• Life Cover Benefit: If you pass away during the policy term, your family will receive the sum assured as a death benefit.
• Early Exit Option: The plan allows you to exit the policy within a specified period, even while it is still active. In such cases, the Aditya Birla Sun Life Super Term Plan provides a refund of the premiums paid.
• Increasing Coverage: This plan offers the option to increase your coverage over time. From the second year onwards, the cover can grow up to 2 times the base amount, increasing by  5% each year.
• Coverage Duration: The plan provides protection until the age of 85, which is longer than most policies that typically cover only up to 60 or 65 years, extending security well into retirement.
• Limited Pay Options: Premium payments can be completed earlier through Limited Pay choices. You can complete the payments in 5, 7, 10, 12, 15, or 20 years, or you may choose to pay up until age 60. The premiums may be paid monthly, quarterly, half-yearly, or annually.
• Claim Payout Options: In case of a claim, the nominee can receive the death benefit as a one-time payment, in installments, or as a combination of both.

What are the Riders Available with Aditya Birla Sun Life Super Term Plan?

You can tailor your coverage to meet your unique needs with riders at extra cost:

• Critical Illness Rider: In case the insured suffers from one of the critical illnesses mentioned in the policy during the term, this rider pays the fixed amount. In the Aditya Birla Sun Life Super Term Plan, the Critical Illness rider is a part of the base cover. This means it works as an accelerated benefit; if a payout is made for a covered illness, it reduces the life cover. It provides coverage against 42 mentioned illnesses, covers until the age of 85, and pays a maximum sum assured of Rs. 25 lakhs.
• Accidental Death Benefit Rider: This rider gives an additional payment above the base term insurance death benefit if the insured passes away because of an accident during the policy duration. Offered under the Super Term Plan, it adds to total coverage, with protection until age 80 and a choice to cover as much as Rs. 50 lakhs.
• Waiver of Premium Rider: This rider waives future premium payments if the insured is diagnosed with a listed critical illness or suffers from an accidental disability. Coverage under this rider is available up to the age of 70.

There is a different purpose for each rider. Consider your own needs and financial objectives prior to deciding whether or not to purchase each of the available riders.

Why should you choose Aditya Birla Sun Life Insurance Company?

An outline of Aditya Birla Sun Life Insurance Company's claims experience is as follows:

• Speed of Claim Settlement: Aditya Birla Sun Life Insurance processes claims quickly, with 99.98% of claims settled within 30 days after receiving all necessary documents. This ensures timely financial support for the family.
• Online Claim Tracking: Aditya Birla Sun Life Insurance provides an online claim tracking facility, making the process more transparent and convenient for claimants to monitor.
• Claims Settlement Ratio: The Claim Settlement Ratio (CSR) indicates the percentage of claims settled out of the total received in a financial year. Aditya Birla Sun Life Insurance has a CSR of 98.65%, reflecting its reliability in honoring claims.
• Claim Complaints: The insurer records a very low claim complaint rate of just 0.02%. Based on our research, this is lower than many other insurers.

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

Aditya Birla Sun Life Insurance Company's possible drawbacks are listed below:

• Death Claim Form: The insurance company's death claim form is very long. This could make the claim process less convenient for nominee(s) and more time-consuming.
• No Claims Pickup from Home: The insurance company does not offer home pickup of claim papers. It can be inconvenient for certain families since nominee(s) need to physically visit a branch and provide the necessary documents.
• Lack of Personal Relationship Manager: Aditya Birla Sun Life Insurance Company, unlike a few other insurers, does not provide a personal relationship manager to help your nominee with claim settlement. This can lead to less customized service.

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

Let's now see the Aditya Birla Sun Life Insurance Company's Customer Service Quality:

• Toll-Free Support: The company's response rate through toll-free helpline is average. For those looking for immediate support, it can be a drawback for their overall customer service experience.
• X (Twitter) Response: The company's response time with the X (Twitter) handle is quick, with potential for greater responsiveness and social media interaction.
• Percentage of Complaints Received for After-Sales Service: According to our research, 0.37% of the customers are not satisfied with the after-sales service.

About the Insurer - Aditya Birla Sun Life Insurance Company

Aditya Birla Sun Life Insurance was founded in 2000. It functions as a joint venture between Sun Life Financial Inc., an international financial services company in Canada, and the Aditya Birla Group. Mr Kamlesh Rao is the company's CEO and Managing Director, and it has its headquarters in Mumbai.

Final review on Aditya Birla Sun Life Super Term Plan

After evaluating more than 100 parameters, including product benefits, customer service, and claims experience, our in-house research team has assigned the Aditya Birla Sun Life Super Term Plan an overall MyInsureBuddy⭐Rating of 4.6/5.

• Introduction
• Quick Overview
• Detailed Overview

Industry Experts with up to 20 years of experience help you from purchase to claims.