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.
Entry age | 30 days to 60 years of age |
Maximum maturity age | 70 years |
Type | This is a traditional participating endowment plan | ||||
Sum assured | The minimum sum assured is Rs. 1 lakh | ||||
Coverage | Death Benefits: The basic death benefit paid will be:
Maturity Benefits When the policy matures the policyholder will get the maturity sum assured along with the accrued bonuses and any applicable terminal bonuses. | ||||
Basis | Individual | ||||
Premiums | The minimum premium payable is Rs. 7,000 per annum. | ||||
Premium paying term | The premium paying term can be:
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Premium paying modes | The premiums can be paid yearly, half-yearly, quarterly or monthly | ||||
Policy term | 10 years to 40 years | ||||
Policy validity | The policy validity is equal to the policy term. | ||||
Renewability | Not Applicable | ||||
Bonuses | This policy offers an accrued regular bonus and a terminal bonus based on economic conditions. | ||||
Other features |
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Add-on covers / Riders |
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Apart from the obvious benefits payable at the time of death or maturity, there are some other advantages to this policy as well.
Band | Premium rebate per Rs. 1,000 of sum assured |
Band 1 | Rs. 0 |
Band 2 | Re. 1 |
Band 3 | Rs. 5 |
Band 4 | Rs. 7 |
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.
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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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