Mumbai:
With vaccination against covid-19 pandemic picking up and fatalities due to the second wave falling in the country, Aditya Birla Sun Life Insurance (ABSLI) announceds reduction in the premium rates in ABSLI DigiShield Plan, a term insurance,by up to 15%.
Commenting on the premium price reduction of ABSLI DigiShield Plan, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, "The pandemic lasted longer than expected with people experiencing strains on their personal finances. We have been meticulously observing the pandemic experience before making any price revisions in our products. With a rise in demand for term plans, we have consciously announced reduction in premium for ABSLI DigiShield Plan, a hyper-personalized term plan offering, to suit our customer's ever evolving monetary needs. We urge customers to take benefit of this reduced premium pricing of this holistic term plan, providing financial protection for self and loved ones."
This plan caters to the unique protection needs of customers and can be personalized to suit specific protection needs.
Unlike traditional term plans, ABSLI DigiShield plan allows a customer to enjoy a guaranteed recurring income starting from age 60 years through the Survival Benefit Option.
Further, it provides a unique flexibility to reduce the sum assured at a pre-defined retirement age, allowing customers to align their cover as per their outstanding liabilities and the life stage.
As of June 2021, total AUM of ABSLI stood at Rs. 543,656 million. ABSLI recorded a gross premium income of Rs. 17,628 million in Q1 FY 2021-22 and registering a y-o-y growth of 4% in gross premium with individual business FYP at Rs. 3,691 million.