ABSLI Protector Plus Plan is a traditional term insurance policy designed by Aditya Birla Sun Life Insurance to provide financial cover at highly budgeted cost. Being a traditional plan, it makes sure that the risk factor is well taken care of, thus, making it perfect for folks who don’t wish to invest in high-on-risk financial products. Let’s discuss this plan in detail to get a comprehensive understanding of the same.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Policy Term | 5 years | 30 years
(Max. Maturity age to be of 70 years) |
| Premium | Rs. 3,024 | NA |
| Premium Payment Term | Regular Pay | |
| Premium Payment Mode | Yearly, Half-Yearly, Quarterly & Monthly | |
| Sum Assured | Rs. 30, 00, 000 | NA |
Features of ABSLI Protector Plus Plan
- A policyholder gets complete monetary cover at highly affordable premium,starting from as low as Rs. 3,024.
- ABSLI Protector Plus Plan has a distinctive feature of two plans to choose from – a) level sum assured and b) increasing sum assured. In the first case, the sum assured remains constant. In the second case, one can choose the rate of increase as either 5% p.a. or 10% p.a. right at the start of the policy term.
- For non-smokers, there is rebate in premiums provided by Aditya Birla Sun Life Insurance.
- Every policyholder shall have the optionto cancel this ABSLI Protector Plus Plan within 15 days of the receipt of the policy document. However, this period is 30 days if the policyholder has chosen Distance Marketing modes while purchasing the policy. The policyholder must send a written notice for cancellation to the company along with stating the reasons for the same and the original documents. The company then deducts certain charges and refunds the premium paid by the policyholder
- If the policyholder is not able to pay the premium amount by the due date,they aregiven an additional time period of 30 days to clear the outstanding premium amount. Terms & conditions do apply, therefore it is advised to check the policy brochure for further details.
- The plan does not offer loan option, surrender value, or paid-up value to the policyholder.
Claim Process for ABSLI Protector Plus Plan
For a smooth claim settlement process, ABSLI has come up with a systematic procedure. To settle a claim, the company usually takes 3-4 business days. To make claims under the plan, first you need to inform the insurance company. This can be done online, through email, by calling at their toll-free number or by visiting the nearest branch office.
Next, the company asks for all the documents and then assesses them as per the requirement. In the next step, they either accept or reject the claim on the basis of the terms and policies.
Riders with ABSLI Protector Plus Plan
A policyholder is given options with additional benefits or riders that can be attached to this policy for extra protection at a very nominal amount. Some of the riders that can be linked with this policy are:
- ABSLI Accident Death and Disability Rider: In case of death because of an accident, your nominee will get the Rider Sum Assured, with maximum limit of Rs. 50,00,000.
- ABSLI Critical Illness Rider: In case you are diagnosed with any of the four illnesses – Heart Attack, Cancer, Major Organ Transplant and Stroke, you will get up to 100% of the Rider Sum Assured.
- ABSLI Surgical Care Rider: On being hospitalised for a surgery, you will get a lump sum amount to manage the expenses.
- ABSLI Hospital Care Rider: In case you are hospitalised, you will get Daily Cash Benefit to manage the expenses. On being treated in an Intensive Care Unit, you will get an Enhanced Daily Cash Benefit.
- ABSLI Waiver of Premium Rider: When the life insured is not in a condition to pay the premiums due to some problem like a disability, critical illness or an untimely demise, ABSLI will pay the future premiums of the base plan and the attached riders. Other benefits will continue.
Advantages of ABSLI Protector Plus Plan
Death Benefit: The nominee is paid the sum assured amount on the unfortunate death of the policyholder. Once the death benefit is paid to the nominee, the policy is terminated by the company. The benefit is higher of these three
- Annualised Premium * 10 times
- A total of 105% of all the premium amounts paid by the policyholder till death
- The total sum assured in the policy account as on the date of death
Sum Assured: The policyholders are provided with the freedom to choose the amount they want to keep as Sum Assured under this plan. However, the company provides 2 options- Level Sum Assured and Increasing Sum Assured.
- Level Sum Assured is the fixed amount as the protection cover shall be keptconstant for the entire policy term.
- Increasing Sum Assuredis, as the name suggests, the mode in which the sum assured shall keep on increasing. An individual can increase the sum assured limit by 5% or 10% simple per annum at the inception of the policy. At the end of every policy year, the sum assured under this policy will also increase as per the above percentage limit without any increment in the premium amount paid by the policyholder.
Premium Reduction for Non-smokers: BSLI Protector Plus Plan offers benefit in terms of premium reduction if the policyholder leads a healthy lifestyle and is a non-smoker. The below table illustrates the sample premium amount against the Policy Term and differentiation between smokers and non-smokers for a Male aged 35 years who is looking for a sum assured amount of Rs. Rs 10 lakh:
| Policy Term | 10 years | 20 years | 30 years | 10 years | 20 years | 30 years | 10 years | 20 years | 30 years |
| Sum Assured Option | Smoker | Non-Smoker | Preferred Non-Smoker | ||||||
| Level | 14,590 | 20,070 | 27,530 | 11,390 | 14,890 | 20,080 | 10,630 | 13,670 | 18,260 |
| Increasing @ 5% | 16,470 | 27,620 | 45,090 | 12,540 | 19,600 | 31,430 | 11,720 | 17,790 | 28,160 |
| Increasing @ 10% | 18,590 | 35,370 | 62,780 | 13,900 | 24,620 | 42,880 | 12,810 | 22,150 | 38,270 |
* The above premium amounts exclude service tax or education cess and the source of the above table is Aditya Birla Capital website- Protector Plus Plan
Premium Reduction for Women: BSLI Protector Plus Plan also offers benefit to women by reducing the premium amount automatically. The below table illustrates the sample premium amount against the Policy Term for a female aged 35 years for a sum assured amount of Rs. 10 lakh:
| Policy Term | 10 years | 20 years | 30 years | 10 years | 20 years | 30 years | 10 years | 20 years | 30 years |
| Sum Assured Option | Smoker | Non-Smoker | Preferred Non-Smoker | ||||||
| Level | 12,710 | 16,200 | 21,810 | 10,060 | 12,310 | 16,040 | 9,430 | 11,380 | 14,650 |
| Increasing @ 5% | 14,160 | 21,740 | 35,270 | 11,020 | 15,700 | 24,680 | 10,290 | 14,350 | 22,210 |
| Increasing @ 10% | 15,710 | 27,550 | 48,760 | 12,080 | 19,470 | 33,490 | 11,220 | 17,590 | 29,900 |
* The above premium amounts exclude service tax or education cess and the source of the above table is Aditya Birla Capital website- Protector Plus Plan
Total and Permanent Disability Benefit: If the policyholder meets any unfortunate event in life during his/her policy term and becomes total and permanently disabled, then the policyholder shall be paid 50% of the sum assured (at the start of the policy) capped at Rs. 50 lakh. However, the death benefit under such a situation remains unchanged.
Tax Benefits: Benefits under income tax laws are applicable in ABSLI Protector Plus Plan subject to fulfillment of conditions for respective sections like 80C and 10(10D) of the Income Tax Act, 1961.
FAQs
Q1. What are the options provided to the nominee for taking death benefits?
The nominee can take the death benefits in the form of lump sum money and the staggered payouts.
Q2. What are the different tasks that define the Total and Permanent Disability under this policy?
If the policyholder is not physically able to conduct 3 of the 6 tasks listed in the policy document, he/she is defined as Total and Permanent Disable. The tasks like bathing, dressing, getting in and out of bed, maintaining personal hygiene, feeding oneself, and getting between rooms are covered in this policy.
Q3. Is there a reinstatement benefit provided under this policy?
Yes, this policy can be reinstated upon meeting the conditions mentioned by the company in the policy document.
Q4. If the nominee chooses to take staggered payouts for the death benefit, what is the percentage of sum assured a nominee will get if he/she chooses a payout term of 20 years?
The nominee is paid 7.12% of the sum assured in this case.