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  • BSLI Bima Suraksha Super Plan

    Birla Sun Life Insurance

    It is in human nature to worry about securing the future of your loved ones in your absence. It could be to ensure that your family is financially secure and can meet financial requirement like repaying a loan, daughter’s marriage and child’s education. With BSLI Bima Suraksha Super Plan, you get life insurance cover by paying regular premium. In the event of your death, the nominee will get the sum assured. There is minimum documentation required and it is simple and convenient.

    Eligibility Conditions of BSLI Bima Suraksha Super Plan

    Entry Age

    For 5 years:

    Minimum – 18 years

    Maximum – 60 years

    For 10 years:

    Minimum – 18 years

    Maximum – 55 years

    For 15 years:

    Minimum – 18 years

    Maximum – 50 years

    Maximum maturity age

    65 years

    Sum assured

    Minimum – Rs.5,000

    Maximum – Rs.50,000

    Modal Factors

    Mode

    Modal premium as % of annualised premium

    Semi-annually

    51%

    Quarterly

    25.8%

    Monthly

    8.70%

    Premium payment mode

    Cash, credit card, salary deduction, ECS, demand draft, direct debit, etc.

    Key Features of BSLI Bima Suraksha Super Plan

    Type

    A traditional participating life insurance plan.

    Basis

    Single

    Coverage

    • Death Benefit: In the event the life insured dies, the sum assured is paid to the nominee.
    • Maturity benefit: No benefit payable.

    Premium paying term

    5, 10 and 15 years

    Premium paying frequency

    Yearly, half-yearly, quarterly or monthly.

    Monthly mode payment can be done through ECS or demand draft only.

    Bonuses

    Not available.

    Surrender Benefit

    No surrender benefit payable.

    Loan

    Not available.

    Free look period

    You get 30 days from the receipt of the policy document to return the policy. You need to submit a written reason for objection. The premium will be provided to you if you give a written notice for cancellation along with the policy document.

    Grace period

    The policyholder will get 180 days of grace period from the premium due date to make the payment. If there is a claim before the expiry of the grace period, then the sum assured paid will be reduced for the unpaid premiums.

    Tax benefits

    You can avail tax benefits under section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Revival

    The lapsed policy can be revived if all the due payment are the unpaid premiums are paid with 1 percent interest per month. The policyholder can otherwise submit a fresh declaration of health at the time of reinstatement.

    Nomination

    You can nominate a person to avail the benefit of the policy at an event of your death. This nomination has to be done before the policy matures. You will not be charged if you wish to change the nomination.

    In the event, there is no living nominee to take claim for the benefit, then the life insured’s estate shall be deemed to be the nominee under Section 39 of the Insurance Act, 1938.

    Advantages of BSLI Bima Suraksha Super Plan

    • It is simple and convenient and there is no need for the insured to have medical test and the documentation is simple.
    • The benefit period of 5, 10 or 15 years can be chosen to avail benefits ranging from Rs.5,000 to Rs.50,000.
    • Premiums depend on the age, gender, sum assured and benefit period chosen.
    • You can also take the Accidental Death Rider. It provides a base sum assured that is equal to or greater than Rs.10,000 if the insured dies in an accident.

    How The Plan Works

    The product offers an assured benefit in case the insured dies. This benefit varies from Rs.5,000 to Rs.50,000 according to the premium. But, no benefit is offered at maturity. The insured can take an additional accidental death rider of a sum assured equal to or greater than Rs.10,000.

    Premium Payment

    The premium is paid based on the age, gender, sum assured and benefit period chosen. The premium is paid yearly, half-yearly, quarterly or monthly. But, monthly mode payment can be done through ECS or demand draft only. Other modes that you can pay the premium is through cash, credit card, salary deduction, ECS, demand draft, direct debit, etc.

    Riders

    Accidental Death Rider is available with this plan. The option of additional sum assured for a sum equal to or greater than Rs.10,000 is paid to the nominee if the insured dies in an accident. The sum assured under this rider will not exceed the sum assured under the base product.

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