BSLI Vision Endowment Plus Plan

Overview

This BSLI Vision Endowment Plus Plan is a savings plan that can endow the policyholder with the financial freedom that they may wish for their family. It doesn't just offer a sum assured but also the chance to earn bonuses on the investments. Not only does this Birla Sun Life Insurance plan offer death benefits but also maturity benefits for which there are more than one option. Since this plan offers maturity benefits with additions, it can be used to provide insurance cover and plan for future expenses as well. The policy can also be coupled with various riders that help enhance the protection provided under the policy.

Eligibility Conditions of BSLI Vision Endowment Plus Plan

Key Features of BSLI Vision Endowment Plus Plan

Benefits/Advantages of BSLI Vision Endowment Plus Plan

Apart from the obvious benefits payable at the time of death or maturity, there are some other advantages to this policy as well.

• Premiums paid towards this policy and benefits received from it will qualify for tax benefits under sections 80C and 10(10D).
• Once the policy has achieved a surrender value, policyholders can take a loan of up to 85% of the surrender value of the policy.
• If the policy is surrendered after having paid regular premiums for at least 2 to 3 years, it will achieve a surrender value which will be the sum of a percentage of the premiums paid till date and any accrued bonuses.

• If the premiums are paid for a minimum of 2 to 3 years and stopped thereafter, instead of lapsing, the policy will provide a reduced paid up benefit in which the value of the policy will be reduced to adjust it according to the premiums that have been paid.

• When the premiums are paid annually, the company offers a rebate of 5% on the premium due. This rebate is also available on haly-yearly payments in which case the rebate will be 2%.
• When it comes to the sum assured, it is divided into various bands and, depending on which band your sum assured falls in, there is a rebate offered. The rebate chart is shown below.

How The Plan Works?

This is an endowment plan, which means that it provides returns at the time of maturity. How it works is that based on the sum assured and certain other factors, a premium is paid for the policy. Once the premium has been paid for 2 to 3 years, the policy becomes eligible for a surrender value. In case the payment of premiums are stopped after this point than the value of the policy is reduced to match the premiums paid and it becomes a reduced paid up policy.

Premium Payment

The premium, in the case of this policy will remain fixed for the duration of the premium paying term. It also can either be paid for the duration of the policy term, regular pay, or for a limited period, limited pay.

Riders

• BSLI Accidental Death and Disability Rider

  The accidental death and disability rider will pay a sum assured in case the policyholder passes away in an accident or is left disabled by one. In case of the second scenario, the amount paid will depend on the disability.

• BSLI Critical Illness Rider

  With the Critical Illness Rider if the policyholder survives for 30 days from the date of the confirmed diagnosis of 4 critical illnesses, then the entire sum of the rider will be paid.

• BSLI Surgical Care Rider

  The benefit amount under this rider can range from Rs. 3,000 to Rs. 30,000 and the sum assured paid in case there is a need for hospitalisation of over 24 hours for a surgery. The sum assured under this rider can be as much as 50 time the sum assured.

• BSLI Hospital Care Rider

  Under this rider, if the policyholder is hospitalised for over 24 hours then a daily cash of Rs. 600 to Rs. 6,000 will be paid to them. In case the hospitalisation is in the ICU then the daily cash will include an additional 100% of the daily cash limit each day.

• BSLI Waiver of Premium Rider

  Under this rider, if the policyholder suffers from financial problems and is unable to pay premiums in the future, then the future premiums will be waived off.

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