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  • BSLI Income Assured Plan

    Birla Sun Life Insurance

    Overview

    There is a dreamer in all of us, a dreamer who hopes to fulfil the needs of everyone he loves. Fulfilling these needs might be hard, but they aren't impossible, all they need is right planning. Birla Sun Life Insurance Income Assured Plan is a protection plan which helps you plan for your dreams, helping you meet your financial obligations. This plan offers a healthy mix of monthly income and financial security, protecting both you and your family from any unforeseen incident.

    Eligibility Criteria of BSLI Income Assured Plan

    Entry Age

    Minimum – 8 years

    Maximum – 60 years

    Maturity Age

    Maximum – 75 years

    Minimum Sum Assured

    Rs 1,00,000/-

    Key Features of BSLI Income Assured Plan

    Type

    Traditional non-participating savings protection plan

    Coverage

    Death Benefit – In the event of death of life insured during policy term, the nominee receives the Sum assured plus the guaranteed additions accrued till date of demise.

    Maturity Benefit – On maturity, a life insured will be given the sum assured and the guaranteed additions accrued till date of maturity.

    Basis

    Individual

    Premium paying term (PPT)

    5 years for 15 year policy term

    7 years for 17/22 year policy term

    10 years for 20/25 year policy term

    Premium paying modes

    Monthly, quarterly, half-yearly and yearly

    Minimum PPT

    Policyholder should have attained a minimum age of 18 years at end of PPT

    Maximum PPT

    Policyholder should be less than 65 years at end of PPT

    Renewability

    Lapsed policies can be renewed within 2 years of first unpaid premium by clearing all outstanding dues

    Grace period

    Yearly, half yearly and quarterly payment mode – 30 days

    Monthly payment mode – 15 days

    Loans

    Minimum – Rs 5,000/-

    Maximum - Loans upto 85% of surrender value can be obtained under this policy.

    Free Look Period

    A 15 day Free Look period is provided (30 days in case of policies sold through distance marketing) wherein a policyholder can return a policy if he/she does not agree with any terms and conditions of this plan.

    Advantages of BSLI Income Assured Plan

    Tax Benefits

    Policyholders get tax benefits for premiums under Section 80C of IT Act and benefits under Section 10 (10D) for any settlement.

    Assured Income

    Policyholders get assured income on maturity (monthly payment or lump sum option).

    Customization

    Policyholders can choose to customise their policies with additional riders which offer enhanced benefits.

    How The Plan Works

    Individuals who opt for this plan are required to pay an annual premium for the duration of their policy term. These premiums determine the death benefit and guaranteed income benefit, with both these amounts varying according to the premium amount. Individuals can opt for either a lump sum payment at maturity or a monthly payment mode, depending on their needs.

    For example, Mr. Anil is a 35 year old businessman who opts for a cover of Rs 5,00,000 under this plan. The policy term is 20 years with a 10 year premium paying term. He opts for a yearly payment mode and pays Rs 72,440 towards his premium. The table below will highlight the benefits he is entitled for.

    Policy year end

    Premium paid

    Cumulative Guaranteed Addition (Rs)

    Guaranteed death benefit (Rs)

    Guaranteed assured income benefit (Rs)

    Guaranteed maturity benefit (Rs)

    Year 1 to 10

    Rs 7,24,400

     

    724396

       

    11

     

    50000

    810616

    40000

     

    12

     

    100000

    860616

    40000

     

    13

     

    150000

    910616

    40000

     

    14

     

    200000

    960616

    40000

     

    15

     

    250000

    1010616

    40000

     

    16

     

    300000

    1060616

    40000

     

    17

     

    350000

    1110616

    40000

     

    18

     

    400000

    1160616

    40000

     

    19

     

    450000

    1210616

    40000

     

    20

     

    500000

    1260616

    40000

    1000000

    Premium Payments

    Premiums need to be paid depending on the term of a policy, with different policy terms having different premium payment durations. One needs to pay 5 annual premiums for a 15 year policy term, 7 annual premiums for a 17 or 22 year policy term and 10 annual premiums for a 20 or 25 year policy term.

    Riders

    Policyholders can opt for the BSLI Waiver of Premium rider by paying an additional premium.

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