BSLI Bima Dhan Sanchay Plan

• For this savings cum life insurance plan the minimum sum assured is Rs. 5, 000 and a maximum limit of Rs. 50, 000
• The premiums can be paid through various ways of payment as we have today, including cash, credit card, salary deduction, ECS, Demand Draft, direct debit, etc.
• These payments can be paid in yearly, half yearly, quarterly or monthly modes. Monthly mode should only be paid only through ECS/Demand Draft.
• The maximum maturity age of this policy is 65 years.
• There is an additional rider available with this plan, this rider is an Accidental Death Rider with an addition sum assured of Rs. 10,000 minimum. This rider sum assured should not exceed the sum assured of the BSLI Bima Dhan Sanchay.
• With this policy, the policyholder will get a grace period of 180 days, for you to make payments towards the premiums. The coverage of this policy will remain the same even when the premium amount is still due. If during the grace period there’s a claim the sum assured will be reduced by the number of unpaid premiums and then will be paid out.
• There is a free-look period as well for this policy, you can opt out of this policy within 30 day of its receipt
• If your policy has lapsed you can revive the same under these conditions:
  • All due premiums have to be paid with an additional interest rate of 1 % per month from the last payment due date.
  • A health declaration will need to be submitted at the time of revival.
• Paid Up value, with this policy you can pay up the policy in full in the first 2 years of the commencement of the policy, and the policy will continue as is.

Modal Factors Affecting BSLI Bima Dhan Sanchay

Key Advantages of The BSLI Bima Dhan Sanchay

• Death Benefit - In the event of the unfortunate death of the policyholder, the sum assured will be paid to the nominee of the policy.
• Maturity Benefit - The BSLI Bima Dhan Sanchay offers you a refund of premiums paid at the time of maturity of the policy.
• Tax Benefit - As per the Income Tax Act of 1961, with this policy the policyholder will get a tax benefit under sections 80C and 10(10D). This benefit will be as per the prevailing current tax legislation.
• Surrender Benefit - If the premiums for the policy are paid in full in the first 2 years of the policy it can be surrendered anytime within the first 3 years of the policy commencement. In these cases the premiums paid multiplied by the partial refund will be paid to the policyholder. An example illustration is given below:

Riders 

With this plan, you can opt to add a rider, called Accidental Death Rider. This rider will have an addition sum assured of minimum Rs. 10,000. This rider sum assured should not exceed the sum assured of the BSLI Bima Dhan Sanchay. If the death of the policyholder is by way of an accident then this rider will be paid out.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017