Aditya Birla Sun Life Insurance Company (ABSLI) has introduced the Super Term Plan, a comprehensive term insurance policy that combines life cover, income protection, and health support into a single product. This innovative insurance plan is designed to provide tailored financial security to customers through three flexible coverage options: Level Cover, Increasing Cover, and Level Cover with Return of Premium.
The Level Cover option provides a fixed sum assured payout upon the policyholder’s death, which can be received as a lump sum, monthly income, or a combination of both. The Increasing Cover variant offers growing protection as the sum assured increases by 5% annually through simple interest. The Level Cover with Return of Premium option not only provides a fixed death benefit but also returns 100% of the premiums paid if the policyholder survives the term.
A key feature of the Super Term Plan is its built-in health management services, allowing policyholders to monitor and manage their health throughout the policy term. The plan also includes Enhanced Life Stage Protection, enabling policyholders to increase their sum assured during significant life events such as marriage, childbirth, or taking a home loan, provided this option is selected at the policy’s inception.
The insurance plan offers several payout options for death benefits, including lump sum, equal monthly income, and a combination of income plus lump sum. Additionally, the Staggered Death Benefit option allows nominees to receive monthly income for five years, with the flexibility to convert these monthly payouts into a lump sum under the Commutation of Income Benefit.
ABSLI has also implemented fast claim processing through their Instant Payment on Claim Intimation facility, where a specified amount is paid within one working day of claim registration. This feature, along with the various payout options and health management services, positions the Super Term Plan as a comprehensive solution for customers seeking integrated financial protection.
The development of this product reflects ABSLI’s response to evolving customer needs for comprehensive life cover, income continuity, and well-being. As a joint venture between Aditya Birla Capital Ltd and Sun Life Financial Inc., Canada, ABSLI has demonstrated its commitment to providing innovative insurance solutions. As of March 31, 2025, ABSLI managed assets worth ₹99,496 crore and served over 20 lakh active customers.
