ABSLI DigiShield Plan

All You Need To Know

Death Benefit

In case of unfortunate demise of the Life Insured during the Policy Term, Death Benefit will be paid to the Nominee(s)/legal heir(s) as per the Plan Option chosen by Policyholder.
For Plan Option 1, or 2 or 3 or 4 or 5 or 8 or 9 or 10: Death Benefit will be the Sum Assured on Death payable in lump sum.
For Plan Option 6: Death Benefit will be payable in monthly instalments as 1.25% of Sum Assured during the Income Benefit Term. If Policyholder has chosen Increasing Monthly Income the monthly instalments will increase by 5% simple each year throughout the Income Benefit Term
For Plan Option 7: Death Benefit will be payable as Sum Assured in lump sum paid immediately plus Level monthly income paid over 10 years as 0.5% x Sum Assured, commencing from the first Policy month on or after the date of death.
In case Terminal Illness claim and/or Accelerated Critical Illness (ACI) Benefit claim has been paid, the Death Benefit shall be reduced proportionately to the extent of reduction in Sum Assured on account of Terminal Illness and/or Accelerated Critical Illness (ACI) Benefit already paid.

Where,

Sum Assured on Death for a Regular Pay and Limited Pay Policy will be the highest of - 11 times of the Annualized Premium; or

105% of Total Premiums paid as on the date of death; or

The Effective Sum Assured as on the date of death

Sum Assured on Death for Single Pay Policy will be the highest of - 125% of Single Premium; or

The Effective Sum Assured as on the date of death

Survival Benefit

This Plan does not offer any survival benefit except if the Plan Option 9 is opted. If Plan Option 9 is chosen, in the event the Life Insured survives till the Policy anniversary falling after the Life Insured attains an age of 60 years, Survival Benefit of 0.12% of Sum Assured per month is paid commencing with the first Policy Month Anniversary after the event and continuing for each Policy Month Anniversary till the end of the Policy Term or death of the Life Insured whichever is earlier.

Maturity Benefit

This Plan does not offer any maturity benefit except if the Plan Option 10 is opted. If Plan Option 10 has been chosen, the Total Premiums Paid less loadings for modal premiums, if any will be payable at the end of the Policy Term.

Terminal illness benefit

In case you are diagnosed with a Terminal Illness during the Policy Term, up to an age of 80 years, provided the Policy is in-force, 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2 crores, will be paid immediately as a lump sum and future due premiums shall be waived off.
On subsequent death of the Life Insured during the Policy Term, the Sum Assured on Death shall be reduced by the amount of Terminal Illness Benefit already paid.

Accelerated Critical Illness (ACI) Benefit

Accelerated Critical Illness (ACI) Sum Assured will be paid on the first diagnosis of any of the specified critical illnesses during the ACI Benefit Cover Period, provided the Policy is in-force and meets the required ACI terms and conditions.
Please refer to product brochure on our website for applicable exclusions on Accelerated Critical Illness Benefit. Enhanced Life Stage Protection
As your protection need varies at different life stages owing to occurrence of joyous events such as marriage & birth of children. If you have opted for this benefit at Policy inception, you may opt to increase your life cover (Sum Assured) on occurrence of each listed events without undergoing for any fresh medical examination.

Rider Options

You can enhance your insurance coverage during the Policy Term by adding following riders for a nominal extra cost.

ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
ABSLI Critical Illness Rider (UIN: 109B019V03)
ABSLI Surgical Care Rider (UIN: 109B015V03)
ABSLI Hospital Care Rider (UIN: 109B016V03)
ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V02)
ABSLI Waiver of Premium (UIN: 109B017V03)

Riders are not available for Joint Life Protection Option and for Plan Option 3 and 5.

You can only opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus. There are exclusions attached to the rider, please read rider brochures before concluding sale. Please consult your financial advisor or visit our website for further details.

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FAQs

What are the significant features of the ABSLI DigShield Plan?
ABSLI Digi Shield plan is the term plan-best financial support for the family especially when the policyholder dies.

10 Plan Options to suit varied protection need.

Flexibility to choose term cover as per the need. Coverage up to 100 years is available.

Ensure financial stability for the dependents in the absence of life insured with multiple payout options - lump-sum, monthly income or a combination of both.

Unique benefit – Receive Survival Income in a Term Plan – *Guaranteed Monthly payouts post attaining Age 60 years for a stress-free retired life.

Get all your premium back with Return of Premium (ROP) option in case you outlive the policy term.

Acceleration of base sum assured in the event of diagnosis of any Terminal Illness.

Acceleration of Critical Illness sum assured through Accelerated Critical Illness Benefit option (ACI) where a lump sum payout will be made to the life insured on diagnosis of any one of the covered 42 critical illness.

Include your loved one’s in the policy with Joint Life Protection option.

Additional protection through multiple Riders

*Provided all due premiums are paid and the policy is in force
What is the classification for lives to be assured under this plan?
Depending upon the smoking status of the life insured, he/she will be classified as Non-Smoker or Smoker. The proposed life insured will be classified as Non-Smoker, if he/she has not consumed tobacco products in the last 12 months. This includes any nicotine products like cigarette, cigars, chewable tobacco or any other classified stimulants.
Can I change the plan option anytime during the term?
No, Plan Option once chosen at inception; cannot be changed anytime during the Policy Term.
What is Retirement Age?
Retirement Age is applicable under Plan Option 3 Sum Assured Reduction Option and Plan Option 5 Whole Life Option (Sum Assured Reduction Cover). Policyholder has the option to select 60 years, 65 years, 70 years or 75 years as Retirement Age at inception, at which the Sum Assured reduces by the chosen Sum Assured Reduction Rate. The Retirement Age should be at least 10 years more than the age of the Life Insured at inception of the policy and less than the maturity age.
What is the Income Benefit Period?
Income Benefit Period is applicable under Plan Option 6 Income Benefit, during which the monthly instalments are paid to the Nominee after the death of the Life Insured. Policyholder has the option to select 10 years, 15 years or 20 years as Income Benefit Period at inception.
What is the Terminal Illness Benefit?
This is inbuilt benefit available under all Plan Options. In case life insured is diagnosed with a Terminal Illness up to an age of 80 years, while the policy is in force, 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2 crores will be paid immediately as a lump-sum and future due premiums shall be waived off. On subsequent death of the Life Insured during the Policy Term, the Sum Assured on Death shall be reduced by the amount of Terminal Illness Benefit already paid. Terminal Illness Benefit shall only be payable on the first diagnosis of any Terminal Illness of the Life Insured during the policy term.
What is Accelerated Critical Illness Benefit?
Accelerated Critical Illness (ACI) Benefit is an optional benefit, where Policyholder can avail protection against 42 listed critical illness during the ACI Cover Period, on payment of additional premium. On diagnosis of any of the specified critical illnesses, Accelerated Critical Illness (ACI) Sum Assured will be payable to Policyholder, provided the Policy is in-force and meets the required ACI terms and conditions. The ACI Benefit is accelerated and not an additional benefit i.e. Policy will continue with death cover till maturity after the ACI benefit is paid, provided the Policy is in-force and all premiums are paid in full.
What is Joint Life Protection?
Joint Life Protection is an optional benefit under which two lives can be covered on joint life basis as Primary Life Insured and Secondary Life Insured under the same policy. The sum assured applicable for the secondary life insured shall be equal to 50% of applicable sum assured for primary life insured. Currently spouse can be covered under Joint Life Option as Secondary Life Insured.
What is Enhanced Life Stage Protection?
Enhanced Life Stage Protection is an optional benefit which allows Policyholder to increase the Sum Assured on occurrence of events like marriage or birth of children or on availing home loan, without undergoing any fresh medical examination. Policyholder have to opt for this option at inception so it can be exercised by giving a written request to the Company within one year of the occurrence of specified events.
Can Nominees avail of the lump-sum death benefit in instalment or discounted value of future instalment in a lump sum?
No, since this plan offers choice of avail death benefit in lump sum or income or lump plus income thus Policyholder makes an informed choice while selecting the option to ensure the death benefit is paid to the nominee as required by them, hence there is no option for the Nominee to avail instalment of lump sum death benefit or discounted value of future instalment in lump sum.
What is the maturity benefit under the term plan?
For Plan Options 1, 2, 3, 4, 5, 6, 7, 8 and 9: There is no Maturity Benefit payable
For Plan Option 10: On survival of Life Insured till end of Policy Term, Maturity Benefit is payable as Total Premiums Paid less loadings for modal premiums, if any.
What is the survival benefit under the term plan?
For Plan Options 1, 2, 3, 4, 5, 6, 7, 8, and 10: There is no Survival Benefit payable
For Plan Option 9: In the event the Life Insured survives till the Policy anniversary falling after the Life Insured attains an age of 60 years, Survival Benefit of 0.12% of Sum Assured per month is paid commencing with the first Policy Month Anniversary after the event and continuing for each Policy Month Anniversary till the end of the Policy Term or death of the Life Insured whichever is earlier.
What happens if I do not pay my premium on time?
If you are unable to pay your policy premium by the due date, you will be given 30-day grace period, to pay your due premiums, during which your coverage will continue. however, in case of occurrence of death or Terminal Illness or critical illness during the grace period, the Company shall be entitled to deduct the unpaid Premium from the Benefits payable under the Policy.
How can I revive my policy?
You can revive your Policy within a revival period of five years from the due date of first unpaid premium, subject to following conditions:

Paying all outstanding premiums together with interest and/or late fees as declared by us from time to time;

Providing evidence of Life Insured’s insurability satisfactory to us

Revival of the Policy shall take effect only after revival of the Policy is approved by Us basis the Board approved underwriting Policy and communicated to you in writing.

Once the Policy has been revived, on the effective date of revival, all benefits will be restored to their full value.

The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1st of each calendar year and is determined as (x+1%)/12 rounded to the next 0.5%, where x is the base rate of the State Bank of India. The current applicable interest rate, as declared on June 1st, 2021, is 1% per month compounded annually.

Any change in basis of determination of interest rate for revival can be done only after prior approval of the Authority. If a lapsed Policy is not revived within five years, the Policy shall be terminated, and no value is payable to you.
When will the policy terminate?
The policy will be terminated at the earliest of:

The date of settlement of the Death Benefit or the date of settlement of death benefit on last surviving life in case of Joint Life Protection option; or

The date of payment of the surrender value, if any; or

If the Policy has not acquired a surrender value, the date on which the revival period ends

The date of maturity of the Policy; or

The date on which the sum assured on death has completely been paid out through ACI Benefit and/ or Terminal Illness claim.

The date on which we receive a free look cancellation request.
What is the free-look period under this plan?
Policyholder will have the right to return the Policy to us within 15 days (30 days in case of electronic Policy or the Policy issued under the provisions of IRDAI Guidelines on Distance Marketing of Insurance products) from the date of receipt of the Policy. We will refund the premium paid once we receive your written notice of cancellation (along with reasons thereof) together with the original Policy documents. We will deduct proportionate risk premium for the period of cover and expenses incurred by us on medical examination, if any and stamp duty charges while issuing your Policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.

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Disclaimer

HDFC Bank Limited (IRDAI Registration No: CA0010) is the Corporate Agent of Aditya Birla Sun Life Insurance Company Limited and does not underwrite the risk or act as an insurer.

Registered Address: HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Aditya Birla Sun Life Insurance Company Limited and the Insured and not between HDFC Bank and the Insured.

This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 9 (Level Cover with Survival Benefit) and Plan Option 10 (Return of Premium [ROP]) this product shall be a non-linked non-participating individual life savings insurance plan. All terms & conditions are guaranteed throughout the Policy Term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. This brochure contains only the salient features of the plan. For further details please refer to the Policy contract. This product shall also be available for sales through online channel. Tax benefits are subject to changes in the tax laws. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding the sales.

Aditya Birla Sun Life Insurance Company Limited. Registered Office: One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. 1-800-270-7000 www.adityabirlasunlifeinsurance.com IRDAI Reg No.109 CIN: U99999MH2000PLC128110 UIN:109N108V08. ADV/3/21-22/2396

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

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ABSLI DigiShield Plan

All You Need To Know

Benefits

Death Benefit

Survival Benefit

Maturity Benefit

Terminal illness benefit

Accelerated Critical Illness (ACI) Benefit

Rider Options

Eligibility

FAQs

Disclaimer

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