BSLI Income Assured Plan

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

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