Life is uncertain, but when you plan to secure the uncertainties, it allows you to live life to the fullest knowing that you are one step ahead. BSLI Vision Endowment Plan offers you a secure savings plan that provides you and your family the financial protection that you need.
The Eligibility Conditions for The BSLI Vision Endowment Plan
The Key Features of The BSLI Vision Endowment Plan:
This is a long term savings plan endowment plan, that helps your savings grow from the 1st year of the policy.
The minimum sum assured is Rs. 1, 00, 000 and it’s banded as mentioned below:
- Band 1 = 1, 00, 000 - 1, 99, 000
- Band 2 = 2, 00, 000 - 2, 99, 000
- Band 3 = 4, 00, 000 - 7, 99, 000
- Band 4 = 8, 00, 000 and above
- The benefits you can get with this policy is a Death Benefit, Maturity Benefit and Reduce Paid-Up Benefits.
- You can have the flexibility to choose the sum assured, premium paying term and frequency as well.
- This is an individual policy that gives your secured savings for your family’s financial protection even in your absence.
- Free-look period is provided under this policy, for 15 days if you do not agree to the terms and conditions of the policy. In case of distance marketing the time provided is 30 days.
- There is also a grace period provided to the policyholder to make premium payments, if the policy has a paying frequency of yearly or half-yearly the grace period is 30 days and if in a monthly mode a grace period of 15 days is given.
- There are 2 types of bonuses available under this plan:
- Accrued Bonus - The policy participates in the company’s business and any profits earned will get added to the policy. Once the bonuses are added they are payable at the time of death, maturity or surrender.
- Terminal Bonus - This bonus is at the sole discretion of the company at the time of death or maturity.
- The premium paying details are mentioned below:
Minimum Rs. 10, 000
Premium Paying Term
7 or 10 years
Yearly, Half-Yearly or Monthly
The Key Advantages of Taking up The Vision Endowment Plan:
- Death Benefit - If an unfortunate event the policyholder dies during the term of the policy the death benefit shall be payable to the nominee as mentioned in the policy.
The sum assured + accrued bonuses at the time of death + any terminal bonus if applicable.
The sum assured is a maximum of 10 times the annual premium or 105% of all premiums paid excluding taxes and cess.
- Maturity Benefit - In the event the policyholder survives the policy term the maturity benefit will be paid out to him/her at the end of the policy term
The maturity sum assured + accrued bonuses at the time of death + any terminal bonus if applicable. The policy will be terminated after the payout of the maturity benefit is completed.
- Reduced Paid-Up Benefit - In the case of discontinuance of payment of premiums your policy lapses, but with the Vision Endowment Plan your policy will not lapse it will continue on a reduced paid-up basis. The means the sum assured on death or maturity will be adjusted to make up the premiums yet to be paid in the policy paying term chosen.
- The policy will be available for tax benefits under the sections 80C and 10(10D) of the Income Tax Act 1961.
- The policy also offers a surrender value, if the paying term of the policy is 10 years then the surrender value will be acquired at 3 years of the policy with paying the premiums in full. In case of a 7 year paying term, the policy will acquire a surrender value at 2 years provided again the premiums are paid in full.
How does The Vision Endowment Plan Work?
Mr. Naresh aged 35 years and chooses the BSLI Vision Endowment Plan to secure the future of his family and takes a policy for a term of 20 years. The sum assured amount he’s chosen is Rs. 2, 50, 000. The premium paying term he’s chosen is 10 years with a yearly paying option. The premium amount is a set amount of Rs. 16, 017. In the unfortunate event wherein Mr. Naresh is no more, the guaranteed benefit will be paid to his nominee. The nominee will receive the sum assured of Rs. 2, 50, 000 + additional bonuses accumulated till the time of his death. If his death comes by way of an accident then the sum assured doubles to an amount of Rs. 5, 00, 000. If Mr. Naresh survives the term of his policy then as a maturity benefit he will receive an amount of Rs. 3, 75,170 which is calculated at 8% per annum rate of interest. (This rate is subject to change).
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017