Aditya Birla Sun Life Insurance Company (ABSLI) has launched Super Term Plan, a new term insurance policy that offers life cover, income protection and health support in a single product.
The plan is designed to provide financial protection as per the customer's needs.
This plan offers three flexible coverage options, such as, Level cover - A fixed sum assured is paid on the policyholder’s death. The pay-out can be received as a lump sum, monthly income, or a combination of both. Increasing cover - The sum assured increases annually by 5% (simple interest), offering growing protection over time. Level cover with return of premium - The plan pays a fixed death benefit and returns 100% of the premiums paid if the policyholder survives the term.
The Super Term plan also includes built-in health management services, which allow policyholders to monitor and manage their health throughout the policy term.
A key feature is the enhanced life stage protection, which allows policyholders to increase their sum assured on major life events such as marriage, childbirth or home loan. This option has to be opted at the inception of the policy.
The plan offers fast claim processing through instant Payment on Claim Intimation facility. Under this, a specified amount will be paid within one working day of the claim being lodged.
Policyholders can choose from three pay-out modes for death benefits: lump sum, equal monthly income, income plus lump sum.
There is also a fixed death benefit option, which allows candidates to receive a monthly income for five years. Additionally, candidates can convert the monthly payments into a lump sum under the Commutation of Income Benefit.
According to insurer, the product has been developed to address the evolving needs of customers who seek a comprehensive solution for life cover, income continuity, and well-being.
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