Aditya Birla Sun Life Insurance DigiShield ABSLI DigiShield Plan Benefits, Features, Details, Review

One of the best term insurance plans on the market is the Aditya Birla DigiShield Plan, which offers a variety of benefits and customization options, including increased cover, limited payment options, and claim payout. Additionally, this product is less expensive than other plans for term insurance on the market. The insurer, on the other hand, has a poor track record when it comes to both purchase and claim service experience.

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Key product features of Aditya Birla Sun Life DigiShield Plan

Life cover Benefit:

If you pass away during the policy’s term, the ABSLI Digishield term plan will pay your family a guaranteed sum. This policy has no maturity benefit, which means that if you survive the policy’s term, you won’t get anything back. Under Section, you can claim tax benefits. This term insurance policy complies with Section 80C of the Income Tax Act.

Entry age for the policy:

This plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old.

Increasing cover:

You can customize the Aditya Birla Sun Life DigiShield Plan to gradually increase your guaranteed amount. You will no longer have to go through the entire process of purchasing a new term plan with this feature. In this arrangement, you can develop your total guaranteed by 5% or 10% every year, for the rest of the approach term. The coverage, on the other hand, will not begin to increase until the second year after purchasing the term insurance policy.

Cover Duration: 

You can buy the policy for a duration of up to the age of 85 years which means you can enjoy the benefits of the plan even beyond retirement.

Limited Pay options:

The Aditya Birla Sun Life Digi Shield Plan might be a good choice for you if you prefer to complete your tasks quickly. You can pay off your premiums quickly but in large installments with this plan. Under this feature, you can pay off your premiums within 5, 7, 10, 12, or 15 years till the age of 60 years.

Claim Payout options:

This is one of the most important customization options because it lets you choose how your family will get the claim settlement money if you die during the policy’s term. This level of customization is not included in every term insurance plan Always consider the financial capabilities of your family when selecting a claim payout option, and act accordingly. You can choose from a variety of common claim payout options, including –

One-time lump sum:

In this option, your nominee will be paid the entire claim in one large installment.

Monthly income:

Your nominee will receive the claim amount in monthly installments under this option. This sum can be used to meet their daily requirements.

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What are the Riders available with Aditya Birla Sun Life Digi Shield Plan?

You can further personalize this product to suit specific circumstances by utilizing the additional benefits or riders included in it.

Rider for critical illness: This rider provides you with an additional lump sum amount, in case you are diagnosed with a disease that is mentioned in your policy. However, the fact that the Aditya Birla Sun Life Insurance plan provides you with an accelerated critical illness rider is one of its drawbacks. This means that the critical illness benefit will provide you with a predetermined sum of money if you are diagnosed with a serious illness during the policy term. However, this amount will be reduced from your family’s claim when you pass away.

Rider for accidental death benefit: If you die as a result of an accident, your family will receive an additional sum of money with this Rider. Additionally, if you are unable to obtain the desired family term insurance coverage, you may want to consider purchasing this rider in addition to your policy.

Exemption from premium riders: You must always consider purchasing this rider. It includes a provision allowing you to continue taking advantage of the insurance coverage even if you become disabled or critically ill as a result of a disease covered by the policy.

Why should you choose Aditya Birla Life Insurance?

An overview of how this insurance company handles claims is provided below.

• Settlement of claims quickly: With 99.81% of claims settled in less than 30 days, Aditya Birla Life Insurance ranks high in terms of the quality of their claims experience. This suggests that once all of the documents are submitted, your family won’t have to wait long for the claim amount.
• Tracking claims online: In addition, your family will be able to track their claims online and utilize the company’s toll-free services.
• Guarantee settlement proportion: The Aditya Birla Sun Life Digi shield Plan has a claim settlement ratio of 97.54% and a claim amount settlement ratio of 92.41%.

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What are the drawbacks of Aditya Birla Sun Life Digi shield Plan?

• Claim complaints: Aditya Birla Life Insurance has a higher number of claim complaints than other term insurance products, according to our research. This suggests that the claims procedure may present some challenges for your family.
• The claim form’s length: This company’s claim form is longer and contains more questions than those of other insurers. This suggests that completing the application might be challenging for your family.
• Claims personal relationship manager: A personal relationship manager is provided by many insurers to assist your nominee throughout the claim settlement process. Aditya Birla Life Insurance, on the other hand, does not offer a personal relationship manager. Therefore, if you intend to purchase this plan, ensure that you do so through the assistance of a financial advisor who will guide your nominee through the claims process.
• Pickup at home for claims: Aditya Birla Life Insurance does not offer this kind of service, unlike many other insurers, which offer the convenience of picking up all of the necessary documents related to claims from your home. Therefore, in order to personally submit the claims documents, your nominee or family member will need to visit the branch.

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