Aditya Birla Sun Life DigiShield Plan is a term insurance plan offered by Aditya Birla Life Insurance Company.
Aditya Birla 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. This product is also cheaper compared to other term insurance plans available in the market. However, on the downside, the insurer holds a poor track record in both purchase and claim service experience.
Learn about the top features and benefits of the product in this Aditya Birla DigiShield Plan review.
Key product features of Aditya Birla Sun Life DigiShield Plan
- Life cover Benefit: The ABSLI Digishield term 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.
- Increasing cover: The Aditya Birla SunLife DigiShield Plan offers you the customization option of systematically growing your sum assured. With this feature, you will no longer have to undergo the entire process of buying a new term plan. In this plan, you can grow your sum assured by 5% or 10% each year, until the end of the policy term. However, the cover will only start increasing from the second year of buying 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: If you are someone who prefers to complete their responsibilities before time, then the Aditya Birla SunLife DigiShield Plan could be a good option for you. The plan allows you to pay off your premiums quickly but in large installments. 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 that allows you to choose how your family will receive the claim settlement amount in case you pass away during the period of your policy duration. You won’t find this customization in every term insurance plan. However, the Aditya Birla SunLife DigiShield Plan offers you this feature. Before you choose a certain claim payout option, always keep in mind your family’s financial aptitude and take the right decision accordingly. Some of the common claim payout options that you can find are -
- 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, one of the disadvantages of the Aditya Birla Sun Life Insurance plan is that it 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 Sun Life DigiShield Plan
The Aditya Birla Sun Life 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.