BSLI Guaranteed Future Plan

Birla Sun Life Insurance Guaranteed Future Plan is an insurance scheme that ensures that you make guaranteed savings throughout your life for all future events like child's marriage, education etc. Not just this, the plan also offers insurance protection against your sudden, unfortunate demise. This plan will help you save for all the important milestones of your life while keeping your family covered against any unfortunate crisis.

Birla Sun Life Insurance is a joint venture between Aditya Birla group of India and Sun Life Financial which is a leading insurance giant from Canada.

Eligibility Criteria for BSLI Guaranteed Future Plan:

Age at entry

18 to 50 years of age

Nationality

Indian

Key Features of BSLI Guaranteed Future Plan

Plan type

Participating unit-linked endowment plan.

Plan basis

Individual

Premium paying terms

Regular Pay

Policy term

8 to 20 years subject to maximum age on maturity which is 70 years

Premium payment Mode

Monthly, quarterly, half-yearly and yearly



Grace period

30 days from the expected date of payment of premium

Free Look Period

15 days from the date of availing the policy

Policy revival

Birla Sun Life Guaranteed Future Plan can be revived with full benefits, within 2 years from the date of the first unpaid premium.

Nomination

Nomination facility is available under section 39 of the Insurance Act, 1938

Sum Assured

10 times the Annual Premium

Policy coverage

Death benefits and maturity benefits.

Death Benefits: In case of death of policyholder, two options A and B are there which the policyholder needs to choose at the time of availing the policy.

Option A: Guaranteed death benefit plus no premium payment required to be paid in future plus guaranteed maturity benefit at the time of maturity

Option B: Guaranteed death benefit plus no premium payment required to be paid in future plus guaranteed maturity benefit at the time of maturity plus guaranteed income till policy anniversary before the end of policy term

Guaranteed Maturity Benefits: Guaranteed maturity benefit is the sum assured paid out in case the policyholder survives the policy period. This maturity benefit depends upon the chosen death benefit option, premium paying frequency, amount of premium and the gender of the policyholder. The guaranteed maturity benefit is paid on the date of maturity of policy.

Premium alteration

Alteration in frequency of premium payment is allowed for policyholders

Add-on Covers available

Add-on covers are available with the BSLI Guaranteed Future Plan in order to enhance protection and coverage and include cases such as accidental death and disability

Benefits/Advantages of BSLI Guaranteed Future Plan

  • Tax benefits: Policyholders get to avail tax benefits under section 80C of the Income Tax Act for all premiums paid for this insurance policy.
  • Policy loan: Loans cannot be availed against the BSLI Guaranteed Future Plan
  • Reduced Paid-up benefit: After the policy reaches surrender value (after 3 full years of continuous premium payment), if the subsequent premiums are not paid by the policyholder within the grace period then the policy gets converted to a reduced paid-up policy by default along with a reduced paid-up sum assured on maturity.

How Does the BSLI Guaranteed Future Plan Work

BSLI Guaranteed Future Plan offers maturity as well as death benefits. As mentioned in the table above, death maturity clause has two offerings out of which one has to be chosen at the time of availing the policy. Depending upon option A and B, here is a table that sums up the maturity benefit rolled out as a percentage of total premiums payable.

Below is depicted a sample table for a working male aged 35 years with a policy term of 15 years and all possible premium frequencies.

Premium Band Band 1 Band 2 Band 3

                       
 

Annual

Half-yearly

Quarterly

Annual

Half-yearly

Quarterly

Annual

Half-yearly

Quarterly

 

Option A

121.95%

120.18%

118.40%

130.40%

128.50%

126.60%

134.62%

132.66%

130.70%

 

Option B

116.91%

115.20%

113.50%

126.59%

124.74%

122.90%

131.33%

129.44%

127.50%

 

The above depicted table is purely indicative. Actual returns and sum assured will vary depending upon the premium amount, the policy term and the premium payment term chosen by the policyholder.

Riders/Add-on Covers Available for BSLI Guaranteed Future Plan

Following are the riders that can be availed with the BSLI Guaranteed Future Plan in order to enhance protection and maximize gain.

  • BSLI Accidental Death and Disability Rider
  • BSLI Critical Illness Rider
  • BSLI Surgical Care Rider
  • BSLI Hospital Care Rider

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

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