Since a vast majority of India’s populations still lives in rural areas, they may be more susceptible to risks associated with life and health. To ensure their continued wellbeing, Birla Sun Life introduced rural insurance plans in 2001. These plans offer a mix of endowment and micro insurance products which allow the policyholders money to grow over time, thus allowing them to be able to plan for big expense. The plans offered by Birla Sun Life are explained below.
The Bima Dhan Sanchay policy a lot of benefits like return of premiums, good sum assured and choices in tenures for the policy.Eligibility
The entry age for this policy is between 18 and 60 years of age.Features
- The policy can be taken for 3 different tenures of 5, 10 and 15 years.
- The sum assured ranges from Rs. 5,000 to Rs. 50,000.
- The maximum maturity age for this policy is 75 years of age.
- The premiums can be paid monthly, quarterly, half-yearly or annually.
- In case of delay of payment of premiums, the grace period offered is 180 days.
- The death benefit of this policy is the sum assured which is paid to the beneficiary.
- Upon maturity the policy offers a return of premium.
- The free look period for this policy is 30 days within which you can return the policy if the terms or the policy are not satisfactory.
- Even if the policy lapses, it can be reinstated by paying the due premiums or submitting a declaration of health.
- The policy can also be taken with an additional accidental death rider if the sum assured of the policy is above Rs. 10,000.
- The policy offers tax benefits under sections 80C and 10(10D) of the IT Act.
This is a policy that has been introduced to help policyholders deal with financial demands like educating kids, paying back loans or paying for marriages.Eligibility
To be eligible for entry into this plan you need to be between the ages of 18 years and 60 years.Features
- The policy comes with a regular premium paying term.
- It offers the option to nominate someone to receive the benefits of the policy in case of the policyholder’s unfortunate demise.
- The sun assured can range from Rs. 5,000 and Rs. 50,000
- The maximum maturity age for this policy is 65 years of age.
- The premiums can be paid annually, half-yearly, quarterly or monthly.
- The policy comes with no maturity or surrender benefits.
- The death benefit of this policy is the payment of the sum assured.
- The policy offers 3 benefit periods of 5, 10 and 15 years.
- The policy does not require you to undergo medical tests prior to taking the policy.
- To pay premiums you have a choice to make payments via credit cards, ECS, salary deductions, Demand Drafts etc.
- The policy can also be taken with the accidental death rider which enhances the cover.
- The free look period for the policy is 30 days and the grace period for payment of premiums is 180 days.
The Bima Kavach Yojana is a plan that allows for premium payment option of once every 3 years and offers death, maturity and surrender benefits.Eligibility
To participate in this plan you need to be between the ages of 18 and 50 years and residing in a rural area.Features
- The premium for this policy can be paid one every 3 years.
- The policy is only available to those living in areas that are defined by the IRDA as villages or rural areas.
- The tenure of the policy is 3 years.
- The premium payable can range from Rs. 50 to Rs. 200.
- The death benefit offered under this policy is an amount equal to 100 times the premium paid.
- Upon maturity the policyholder will get the premiums paid plus 10% extra as maturity benefits.
- If the policy is surrendered then the policyholder will get the premium back along with an extra 4% or 8% depending on when it is surrendered.
- The policy can be surrendered at any time.
- No medical check-ups are required to take this policy.
The Grameen Jeevan Raksha plan offers customers a single premium non-linked, non-participating insurance policy that has been designed specifically for the rural areas.Eligibility
To be able to take this policy you need to be between the ages of 18 years and 50 years of age.Features
- The minimum premium for this policy is Rs, 200 and the maximum is Rs. 2,500.
- The sum assured is 20 times the single premium paid.
- The tenure of the policy is 5 years.
- The policy also allows you to nominate someone to receive the death benefits.
- This policy does not come with maturity benefits.
- The death benefit under this policy is the sum assured.
- If the policyholder is not the life insured then the death benefits will be paid to the policyholder.
- Premiums paid and death benefits received under this policy are eligible for tax benefits under sections 80C and 10(10D).
- The free look period for this policy is a minimum of 15 days and a maximum of 30 days.
- The policy can be surrendered anytime between the 2nd and 4th year of the policy.
- The surrender benefits are the return of the premium paid multiplied by a certain percentage depending on when the policy is surrendered.
Other Birla Sun Life Insurance Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017