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Aditya Birla Sun Life DigiShield Plan

Introduction to Aditya Birla Sun Life DigiShield Plan

Aditya Birla Sun Life DigiShield Plan is a term insurance plan offered by Aditya Birla Life Insurance Company, which is also known as Aditya Birla Sun Life Insurance. With this plan, your family will be paid a sum of money (the cover amount you’ll choose) as a death benefit, in case you pass away during the policy term. They could use this amount to keep up their current lifestyle, meet their financial needs, and achieve their dreams, without hassle. In fact, a term insurance plan is the cheapest way to ensure that your family’s financial future is protected from the risk of your death.

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INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: Aditya Birla Sun Life DigiShield Plan

This product allows you to customize your plan with all the top benefits, customization benefits, payment options such as increasing covers, limited payment options, claim payout, and critical illness riders. It is slightly cheaper compared to other products in the market. Further, the critical illness rider is an accelerated one (paid as an advance from the base cover). Also, the insurer has a poor track record with respect to both purchase and claims service experience.

Pros & Cons: Aditya Birla Sun Life DigiShield Plan

  • arrow Slightly cheaper than other products in the market
  • arrow Offers the option to automatically increase your claim amount, with time
  • arrow Several options to customize claim payouts
  • arrow Several Limited Pay options available, to speed up payments
  • arrow The Critical Illness rider is not an additional cover, it pays out from the life cover amount
  • arrow Received higher number of complaints on purchase process compared to other insurers
  • arrow Received higher number of complaints on claim settlement compared to other insurers
  • arrow Our study observed their responses on Twitter to be relatively slower than other insurers

About Aditya Birla Sun Life Insurance Co. Ltd.

Aditya Birla Sun Life Insurance Co. Ltd. logo

Aditya Birla Life Insurance, as known as Aditya Birla Sun Life Insurance is a Life Insurance company in India. It offers Term Life Insurance, Traditional Savings and Unit Linked Insurance Plans. Founded in 2000, it is a joint venture between Aditya Birla Group and Sun Life Financial Inc. The company is headquartered in Mumbai,and has over 370 branches across the country. The CEO & MD of the company is Mr. Kamlesh Rao.

Founded in
2000
JV Partners
Aditya Birla Group and Sun Life Financial
Turnover (GWP)
9,775.2 Crores
Number of Policies
257,829
Number of Claims
231,597

Detailed Product Specs & Rating: Aditya Birla Sun Life DigiShield Plan

Claims Experience 4.6/5 star green
Customer Service 3.6/5 star green
Product Benefits 5/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
99.81%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.11%
How complex is the Claim Form?
The longer, the more hassles during claims
Moderately Long
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
97.54%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
92.41%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
180%
Personal relationship manager for claims
Not Available
Can you track claims online?
Available
Dedicated toll-free for claims service
Available
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Not Available

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Beshak Rating
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What’s the Review of Aditya Birla Sun Life DigiShield Plan by Aditya Birla Life Insurance?
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Aditya Birla Sun Life DigiShield Plan is a term insurance plan offered by Aditya Birla Life Insurance Company.

Aditya Birla Sun Life DigiShield Plan comes with various benefits and customisation options including increasing cover, limited payment options and claim payout, making it one of the top term insurance plans in the market. However, on the downside, this product is slightly more expensive compared to other term insurance plans in the market. Also, the insurer holds a poor track record in both purchase and claim service experience. 

Here is a quick review of the top features and benefits of the Aditya Birla Sun Life DigiShield Plan. 

Key product features of Aditya Birla Sun Life DigiShield Plan

  • Life cover Benefit: This term insurance plan pays an assured sum of money to your family, in case your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy. 
  • 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. 
  • Increase your sum assured automatically: After you buy an appropriate cover that fits your family’s current financial needs, you can also choose the increasing cover option to ensure that your family is covered sufficiently always. You can choose to grow your sum assured by 5% or 10% every year, until the end of the policy term. Your cover will start increasing from the second year of buying the 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: Limited Pay allows you to finish paying off your premiums in faster and shorter installments. You can buy this policy with the limited pay feature for a period of 5, 7, 10, 12, 15, 20 years until you reach the age of 60 years. This option is suitable if you want to get the burden of premiums off your chest while you still have a dependable income. 
  • Claim Payout options: When it comes to the claim payout options, Aditya Birla Sun Life DigiShield Plan offers you various choices out of which you can select the one that suits your family the best. The options include- 
    • One-time lump sum: In this option, your nominee will be paid the entire claim in one large installment. 
    • Monthly income: Under this option, your nominee will receive the claim amount in monthly installments. They can use this amount to fulfill their day-to-day needs. 
    • Lump-Sum with monthly income: This is a combination of the above two options. Your family will receive a part of the claim as a lump sum and the remaining amount will be paid in monthly installments.

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

This product includes additional benefits or riders using which you can customize the product further for specific circumstances.

  • Critical illness rider: 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 Aditya Birla Sun Life DigiShield Plan provides you with an accelerated critical illness rider. Meaning, if you're diagnosed with a serious disease during the policy term, you will be paid a fixed amount of money as the critical illness benefit. Although, when you pass away - this amount will be reduced from your family's claim. 
  • Accidental death benefit rider: With this Rider, your family will receive an additional amount of money, if you die due to an accident. Also, if you are not eligible to buy the desirable term insurance cover for your family, you can consider buying this rider along with your term insurance cover. 
  • Waiver of premium riders: This is a rider that you must always consider buying. It provides a feature that if you get disabled or critically ill due to a disease listed in the policy, you won’t have to pay any of your future premiums for the rest of the term, but can still enjoy the insurance cover.

 Not every family requires every rider. Make sure you select the right riders that fit your needs well.

Why should you choose Aditya Birla Life Insurance? 

Here is an overview of the claims experience you’ll receive with this insurance company. 

  • Speed of claim settlement: Aditya Birla  Life Insurance ranks high in terms of the quality of their claims experience with 99.81% of their claims being settled in less than 30 days. This indicates that your family will not have to wait too long for the claim amount after all documents are submitted. 
  • Online tracking of claims: Further, your family will have the benefit to track their claims online and can also use the toll-free services provided by the company. 
  • Claim settlement ratio: The claim settlement ratio for Aditya Birla Sun Life Digishield Plan is 97.54%, and the claim amount settlement ratio is 92.41%. 

What are the drawbacks of Aditya Birla Sun Life Digishield Plan?

  • Claim complaints: According to our research, we found that Aditya Birla Life Insurance has a higher number of claim complaints compared to other term insurance products. This indicates that your family might face some difficulties during the claims process. 
  • Length of the claim form: Compared to other insurers, the claim form of this company is relatively long with several questions to answer. This indicates that your family might face some issues while filling the form up. 
  • Personal relationship manager for claims: Many insurers provide you with a personal relationship manager to help your nominee throughout the claim settlement process. However, Aditya Birla Life Insurance does not provide a personal relationship manager. So, if you’re planning to buy this plan,make sure you buy it through a financial advisor who will handhold your nominee through the claims process.
  • Home- pickup for claims: Many insurers provide the service of picking up all the required documents related to claims from your home, but Aditya Birla Life Insurance does not provide such a service. Therefore, your nominee/ family member will have to visit the branch to submit the claims documents personally. 

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

  • Toll-free: When it comes to customer service, our research found their response over the toll-free to be average. 
  • Twitter response: Also, Aditya Birla Life Insurance has a track record of responding slowly to queries and complaints on the social media platform. 

About the Insurer - Aditya Birla Life Insurance

Aditya Birla Life Insurance, as known as Aditya Birla Sun Life Insurance is a Life Insurance company in India. It offers Term Life Insurance, Traditional Savings, and Unit Linked Insurance Plans. Founded in 2001, it is a joint venture between Aditya Birla Group and Sun Life Financial Inc. The company is headquartered in Mumbai and has over 370 branches across the country. The CEO & MD of the company is Mr. Kamlesh Rao. 

Final remark on Aditya Birla SunLife DigiShield Plan

The Aditya Birla SunLife DigiShield Plan gets an overall Beshak⭐Rating of 4.3 /5 based on the 100+ parameters analyzed by our in-house research team. It is amongst the top products in our charts making it a good product to consider for your family’s financial security.

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