Aditya Birla Sun Life Insurance Company (ABSLI) has introduced a new term insurance policy called the Super Term Plan, which offers a comprehensive solution for customers seeking life cover, income protection, and health support. The plan provides three flexible coverage options: Level Cover, Increasing Cover, and Level Cover with Return of Premium.
The Level Cover option pays a fixed sum assured on the policyholder’s death, which can be received as a lump sum, monthly income, or a combination of both. The Increasing Cover option increases the sum assured by 5% annually, offering growing protection over time. The Level Cover with Return of Premium option pays a fixed death benefit and returns 100% of the premiums paid if the policyholder survives the term.
The Super Term Plan also includes built-in health management services, allowing policyholders to monitor and manage their health throughout the policy term. A key feature of the plan is Enhanced Life Stage Protection, which enables policyholders to increase their sum assured on major life events such as marriage, childbirth, or taking a home loan. This option must be selected at the start of the policy.
The plan offers fast claim processing through an Instant Payment on Claim Intimation facility, where a specified amount is paid within one working day of claim registration. Policyholders can choose from three pay-out modes for death benefits: lump sum, equal monthly income, or income plus lump sum. Additionally, nominees can receive monthly income for five years under the Staggered Death Benefit option and can convert the monthly pay-outs into a lump sum under the Commutation of Income Benefit.
ABSLI has developed the Super Term Plan to address the evolving needs of customers seeking a comprehensive solution for life cover, income continuity, and well-being. With this plan, ABSLI aims to provide financial security tailored to customer needs. As of March 31, 2025, ABSLI managed assets worth ₹99,496 crore and had over 20 lakh active customers. The company is the life insurance arm of Aditya Birla Capital Ltd and a joint venture with Sun Life Financial Inc., Canada.