Overview of Salaried Term Plan
The Aditya Birla Sun Life Insurance (ABSLI) Salaried Term Plan is a thoughtfully designed protection plan tailored specifically for salaried individuals. It offers a high degree of customisation with four death benefit options—ranging from traditional lump-sum payout to fixed or increasing monthly income. The plan also provides optional riders for critical illness, surgical care, hospitalisation, and waiver of premium, along with inbuilt terminal illness benefits. Its flexible premium payment modes and tenure options make it suitable for various income brackets and life stages.
Experts' Review of Salaried Term Plan
Written by Monish Vora
Chief Editor
Aditya Birla Sun Life Insurance’s Salaried Term Plan is designed for salaried professionals who value predictable, structured financial protection. Its standout feature is the choice of four plan variants, including rare fixed or increasing monthly income options, ideal for families preferring steady posthumous income over a lump sum.
The plan includes strong inbuilt and optional riders such as Terminal Illness Benefit, Accelerated Critical Illness (covering 42 illnesses, with payouts deducted from the base sum assured), and Accidental Death and Disability. Affordable premiums and attractive first-year discounts of up to 9% add to its appeal.
However, coverage is limited to age 75, whereas many competitors extend it to 85, restricting flexibility for those seeking longer protection. The Return of Premium Variant is notably more expensive, and benefit options are locked in for the policy term.
As with most ABSLI offerings, this comes from a decent mid-tier insurer: reliable, with no major shortcomings, but without the standout service or digital experience seen in leaders like HDFC Life, ICICI Prudential, or Axis Max Life.
Pros
While not groundbreaking, the features provided meet the basic requirements.
Premiums are relatively well priced.
Aditya Birla Sun Life has decent track record with good claim and service metrics
Offers four variants providing lump sum or income benefits, including return of premium options.
Cons
The is missing benefits like option to increase cover at a later stage and special exit.
Aditya Birla Sun Life
Key Insights
Founded
2000
Aditya Birla Sun Life was established 26 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
98.45% CSR, calculated as a 3-year average
Aditya Birla Sun Life settles 98.45% of all claims it receives demonstrating strong credibility.
Complaints
2.3 complaints per 10,000 claims registered
Aditya Birla Sun Life maintains a low volume of complaints, reflecting strong customer satisfaction and effective service.
Amount Settled
94.34% of total claim amount settled
Aditya Birla Sun Life shows a reasonable claim payout record, with around 94.34% of the total claim amount settled, indicating moderate settlement efficiency.
The aforementioned ratios have been averaged over three years (FY23-FY25)
Features of Salaried Term Plan
Surgical Care
Standout
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
Hospital Care
Standout
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
Critical Illness
If you're ever diagnosed with a critical illness, you would want your insurance policy to pay a fixed sum that can help you deal with any monetary obligations and financially support your needs during treatment. Salaried Term Plan extends critical illness benefit without too many restrictions and pays up to 50 lakhs so long as you are diagnosed with one of the 42 illnesses listed in the policy brochure.
Customisable
In case of diagnosis of any of the mentioned critical illness, lump sum rider benefit is paid to the policyholder.
Terminal Illness
Certain policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So you can still get the money when alive and use it any way you wish. Salaried Term Plan gives you the option to receive the entire or a percentage of sum assured upon diagnosis of a terminal illness.
Accidental Death Benefit
Some policies offer you the option of adding extra protection for accidental deaths. And while we recommend customers choose a comprehensive cover without worrying about the specifics of death, Salaried Term Plan offers accidental death benefit nonetheless.
Customisable
This Rider pays out benefit in case of accidental total and permanent disability or death due to an accident.
Customisable
Provides an additional payout in case of death due to an accident during the policy term.
Add-ons of Salaried Term Plan
Accidental death and disability rider
This Rider pays out benefit in case of accidental total and permanent disability or death due to an accident.
Critical Illness
In case of diagnosis of any of the mentioned critical illness, lump sum rider benefit is paid to the policyholder.
Waiver of Premium
Waives all future premiums in case of accidental total permanent disability, while keeping the policy benefits active
Accidental Death Benefit
Provides an additional payout in case of death due to an accident during the policy term.
Surgical Care
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
Hospital Care
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
Waiver of Premium
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. Salaried Term Plan extends the waiver-of-premium option in both cases.
Exclusions in Salaried Term Plan
Conditions or treatments that the policy clearly says it will not cover.
Suicides are not covered in the first year.
Death due to intoxication.
If the nominee is involved in the death of the policyholder, that would not be covered.
The policyholder dies with respect to his involvement in criminal activity.
Death by suicide within the first policy year is not covered.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
Variants of Salaried Term Plan
Life Cover
Under this option, if the Life Insured passes away during the policy term, the chosen Sum Assured on Death is paid as a lump sum, provided all premiums are paid.
Life Cover with Return of Premium
In case of death during the policy term, the chosen death benefit (lump sum, monthly income, or both) equal to the Sum Assured is paid. On survival till the end of the term, 100% of total premiums paid are returned to the policyholder.
Fixed Income Cover
On death during the policy term, a monthly income of 1.25% of the Sum Assured is paid to the nominee.This continues for 10, 15, or 20 years, as chosen at policy inception.
Increasing Income Cover
On death during the policy term, a monthly income of 1.25% of the Sum Assured is paid for 10, 15, or 20 years. This income increases annually at 5% or 10% (simple interest), based on the chosen increase rate.
What's missing in Salaried Term Plan
No Zero Cost Option
No Top-Up Option
No option to increase your cover with inflation
No option to decrease your cover over time
No Special Exit Value
No Cover Continuance Benefit
No option to increase cover at life milestones
No Insta Payout Benefit
Reviews for Salaried Term Plan
P
Pallavi Shah
Took Salaried non smoker discount mila thoda paisa bacha and terminal illness cover se family ko peace mila Overall happy For me In short so
V
Vikas Yadav
Opted for this plan riders ka combo acha hai CI disability bhi and non smoker discount mila thoda paisa bacha Feels reliable Works well value
S
Smita Sood
Signed up for this plan riders ka combo acha hai CI disability bhi and income payout option se ghar ka cashflow set Satisfied so far ok till
S
Sreeja Bhardwaj
Signed up for Salaried terminal illness cover adds real peace of mind but coverage age limit feels slightly low Not bad overall Honestly quite
U
Upasana Joshi
Went with Salaried online process was quick and paperless and terminal illness cover adds real peace of mind Worth it In short No stress felt
Frequently Asked Questions
What is the Aditya Birla Sun Life Salaried Term Plan?
What are the key benefits of the Salaried Term Plan from Aditya Birla Sun Life?
Which riders can be added to the Aditya Birla Sun Life Salaried Term Plan?
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