BSLI Income Assured Plan
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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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