INSURANCE
Aditya Birla Sun Life Insurance launches 'Life Shied' plan
Mar-15-2018

Aditya Birla Sun Life Insurance has launched a non-linked no-participating term insurance plan named ‘Life Shied’ plan, a tailor made product keeping in mind the trends of illness in India. Such plans have lower premiums and the policy is designed to handle financial uncertainties at multiple stages of life.

The plan is open for people aged between 18 and 65 years and the maximum maturity age is 80 years. Two out of eight variants have a term of 20 years and six have a policy term of 10 years. The maximum term is 50 years. The minimum cover offered is Rs 25 lakh and for this amount the premium is Rs 3,000 per annum for a 35-year person.

The same policy, at an additional premium, will cover the spouse of the policy holder under Joint Life Protection. The policy will also offer premium return option, terminal-illness benefit and other cover enhancement riders. The future premiums will be waived off in case the insured are diagnosed with critical illness, total or permanent disability. The cover can be increased with increasing liabilities (like expenses of a new born) or decreased with decreasing liabilities (like home loans).

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