• BSLI Vision LifeIncome Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    A traditional participating whole life plan which focuses on turning savings into a corpus for a healthy financial scenario post retirement. The plan provides a life cover that ensures any exigencies are dealt with aptly. This plan comes with limited premium payment terms and is meant for people who wish to have an additional income for life post the premium payment term.

    Eligibility Conditions for Birla Sun Life Vision LifeIncome Plan

    The eligibility conditions for availing this policy can be depicted in the table mentioned below -

    Parameter

    Minimum

    Maximum

    Entry Age

    1 year

    60 years

    Maturity Age

    Whole life

    100 years

    Key Features of Birla Sun Life Vision LifeIncome

    This plan is meant for wealth protection and achieving an income post retirement and its salient features can be mentioned as follows -

    Parameters

    Details

    Plan Type

    Traditional participating whole life plan

    Basis

    Individual policy

    Policy Term

    Whole life to 100 years of age

    Policy Validity

    Whole life (subject to 100 years and premium payment)

    Basic Sum Assured

    The minimum sum assured amount would be INR 2,00,000 and there is no maximum cap on the same

    Discount on Premium based on Sum Assured

    Discount on Sum assured amount is categorised into bands -

    Rs. 2,00,000-3,99,999 (Band 1) - N/A

    Rs. 4,00,000-7,99,999 (Band 2) - Rs. 2.50 per 1000 of sum assured

    Rs. 8,00,000+ (Band 3) - Rs. 3.50 per 1000 of sum assured

    Coverage

    Maturity Benefit = Sum Assured + Terminal Bonus (if any)

     

    Death Benefit is divided into two categories -

    1. If the insured’s death happens during premium payment term Death Benefit = Sum Assured + Accrued bonuses till the date of death + Terminal Bonus (if any)
    2. If the insured’s death happens post the premium payment term Death Benefit = Sum Assured + Current policy year bonus less paid bonuses + Terminal Bonus (if any)
     

    Survival Benefit - In the case of survival of the life insured till the end of the premium payment term, accrued bonuses will be payable. Upon the survival of the insured post the payment term, every policy year will ensure payment of the bonus for the year as well as income benefit at 5% per annum of the sum assured.

     

    Surrender Benefit = Guaranteed Surrender Value or Special Surrender Value (subject to payment of premiums of 3 years)

    Policy Loan

    Loans are available on this policy and are to be a minimum of Rs. 5000 and maximum of 85% of the surrender value of the policy

    Riders

    1. Accidental Death and Disability Rider
    2. Critical Illness Rider
    3. Surgical Care Rider
    4. Hospital Care Rider
    5. Waiver of Premium Rider

    Bonus

    Reversionary bonus, Terminal bonus

    Free look Period

    30 days in case of online purchase. 15 days otherwise

    Grace Period

    15 days for monthly payment, 30 days for all other premium payment frequencies

    Nomination and Assignment

    Nomination and assignment facilities are available

    Reinstatement or revival

    Policy, if not surrendered, can be revived within two years from the date of last unpaid premium

    Benefits and Advantages of Vision LifeIncome Policy

    This plan from Birla Sun Life is aimed towards making a limited investment through premiums work as an added income source during retirement ages. Life insurance provided by this policy throughout the policy term is an added benefit. The advantages of this plan can be outlined as the following -

    1. Life cover is present throughout the policy term for the whole life (subject to 100 years of age)
    2. Whole life policy tenure continually adds to income post the premium payment term
    3. Limited premium payment options help in case of financial constraints
    4. Applicable tax benefits can be availed as per Sections 80C, 80D and 10(10D) of the Income Tax Act

    The key benefits under this birla sun life policy can be explained as below -

    1. Maturity Benefit - After the policy tenure is over or it reaches the maturity age, this amount can be paid to the policyholder or nominee. The maturity benefit includes the sum assured and the terminal bonus (if any)
    2. Death Benefit - In case of the death of the insured life, a Death Benefit will be payable to the nominee. This amount is variable under these two options -
      1. If the life insured passes away during the premium payment term, the nominee will be paid an amount equal to the the sum assured, accrued bonuses till the date of demise and terminal bonus (if any) pooled together
      2. If the life insured passes away post the premium payment term, the nominee will be paid an amount equal to the the sum assured, bonus of the coinciding policy year and terminal bonus (if any) pooled together
    3. Survival Benefit - If the insured survives through the end of the payment term, accrued bonuses will be payable and upon his/her survival beyond the payment term, every subsequent year, 5% per annum of the sum assured will be payable as an income benefit along with the per year bonus
    4. Policy Loan - Once the policy has attained a surrender value, post premium payment of 3 years), a loan of up to 85% of the surrender value can be availed

    5. Surrender Benefit - In case 3 years’ premiums have been paid in full, the policy would acquire a Guaranteed Surrender Value and the same will be paid to the policyholder. If a Special Surrender Value decided by the insurer is higher than the GSV, the policyholder may be entitled to the same
    6. Tax Benefit - The contributions made towards the premiums of this policy and the received benefits can be tax deductible as per Sections 80C, 80D and 10(10D). These benefits are dependent on the prevailing tax laws

    Birla Sun Life Vision LifeIncome Policy in Action

    Shanti, aged 35 years, decides to go for a Vision LifeIncome Policy. Through a limited premium payment term she needs to pay a premium of INR 20,954 for a period of 15 years regularly for a Sum Assured of INR 2,50,000.

    At maturity, Shanti would be entitled to receive INR 3,42,532 (guaranteed Survival Benefit including accrued bonuses), provided she has paid all premiums and not availed any loan on the policy. The Total Survival Benefit could be higher than the same, including other bonuses.

    In case Shanti passes away in post the premium payment term of the policy, her nominee would be liable to receive INR 3,30,032 (guaranteed Death Benefit) provided no loans have been availed on the policy earlier and all the premiums have been duly paid. Again, the total death benefit might be higher taking into consideration the rates that are announced by the Life Insurance Council.

    In this case, the policy ends 65 years from the date of inception, providing a life cover for Shanti till she turns a 100 years old.

    Premium Payment for Birla Sun Life Vision LifeIncome Plan

    The details of premium payment for this plan can be summarised in the table below -

    Premium Parameter

    Details

     

    Premiums

    Annual and semi-annual payments have rebates of 3% and 1.5% respectively

     

    Yearly

    INR 18000 minimum

     
     

    No maximum limit for premiums

     

    Premium Paying Term (PPT)

    15 years to 40 years subject to the conditions -

    1. Minimum - Age of insured at end of PPT is 18 years or more

    2. Maximum - Age of insured at end of PPT is 75 years or more

     

    Premium Paying Frequency

    Premiums can be paid in monthly, quarterly, half-yearly and yearly frequencies

     

    Premium Paying Modes

    ECS, debit cards, credit cards, cheques and other acceptable modes

     

    Riders Under Birla Sun Life Vision LifeIncome

    A set of five riders are available under this policy and can be opted for to make the risk cover of the main policy more comprehensive -

    1. Accidental Death and Disability Rider - If the insured dies due to an accident, the nominee receives an additional rider sum assured (up to Rs. 50,00,000) or in case of disability, the insured will receive a percentage of the rider sum assured depending upon the type of injury
    2. Critical Illness Rider - If in case any four major illnesses (specified by the insurer) are diagnosed, up to 100% of the rider sum can be availed
    3. Surgical Care Rider - Pays a lump sum amount to cover expenses if the insured is to undergo a surgery
    4. Hospital Care Rider - Provides a cash benefit in case of hospitalisation, to take care of expenses
    5. Waiver of Premium Rider - Waives off all future premiums in case of the death or disability of the insured/policyholder and allows the continuation of policy benefits

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

    BSLI Vision LifeIncome Plan Reviews

  • Page 1 of 16 1 2 3 4 5
    • Birla Sun Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Life insurance policy with the Birla Sunlife, I never faced any issues with their services. The premium is auto debited from my account via ECS and overall it is a good policy to have. I'll have to wait and see whether they adhere to their promises in future.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • Birla Sun Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've two life insurance polcies with the Birla Sun Life. I make a payment of 10200 per month, the premium gets auto debited from the account via ECS which is more convenient for me. Their customer support is also good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • Birla Sun Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a life insurance policy with Birla Sun life from last 3 years and it is a long term plus money back policy. The tenure of this life insurance policy is 30 years and the money back gets accumulated in the account. I pay my premium once in a year and i am convenient with the payment options. I am also happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 13, 2018
    • Birla Sun Life Insurance
      "good policy"
      0.5 5.0/5 "Blown Away!"
      I had applied and got a Life insurance policy from Aditya Birla Group companies "BIRLA SUN LIFE INSURANCE". I can prefer on line payments type to renew my life insurance policy with in due time. The customer service is good and well responsive. The premium amount is affordable by comparing to other premiums.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 28, 2018
    • Birla Sun Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having a life insurance policy with Birla Sun life from last 13 years and it is a long term policy. The tenure of this life insurance policy is 30 years. I pay my premium on annual basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , panipat
      Reviewed on Feb 12, 2018
    • Birla Sun Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I am having a life insurance policy with Birla Sun Life insurance from last 5-7 years and it is a good insurance policy to use. This is a long term policy and the tenure of this policy is 15 years. My premium amount gets auto deducted every month through ECS. The coverage is good and the benefits of this policy is up to the mark.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Feb 01, 2018
    • Birla Sun Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken 3 policies with Birla. I am using this service for 3 years. They offering good benefits and it was more stable. The online services are good and convenient. Those 3 policies are money back and the tenure period is 21 years. I pay the premium through net banking which was easy.
      Was this review helpful? 0
      , thane
      Reviewed on Jan 25, 2018
    • Birla Sun Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with Aditya Birla from last 5 years and it is a very good policy to use. The validity of this life insurance policy is lifetime. I pay a premium of Rs 12000 on annual basis and i am convenient with the payment options. The coverage and benefits are also good in this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • Birla Sun Life Insurance
      "Average policy to use"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance policy with Birla sun life from last 4 years and it is a long term policy. The tenure of this life insurance policy is 21 years and i pay my premium once in 3 months through online and the payment options are convenient for me. I have a coverage amount of Rs 6.5 lakhs and the returns are not good in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 12, 2017
    • Birla Sun Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      The Birla Sun life has offered me the Life insurance policy and their customer support is not up to the mark. The customer support will not even give any response and they are very rude to the customers and I got the endowment plan with the Birla sun life around 4months ago, I pay the premium of Rs,7500 every 3 months once.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 11, 2017
    • Birla Sun Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Birla sun life insurance company. I would like to say that the customer service is good one for me and the plan benefits are really fine . I am happy with the Birla sun life insurance company.......
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2017
    • Birla Sun Life Insurance
      "Good return"
      0.5 4.0/5 "Great!"
      I have taken a Child Plan with Aditya Birla. The maturity period of the Insurance is 15 years. I have been making the payment Half Yearly basis. Their Customer service is handled by a third party vendor, who are doing absolutely good job. The overall experience with them has been good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 01, 2017
    • Birla Sun Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My life Insurance was with BIRLA . The tenure period was 14 years and premium paid on yearly basis. They are providing door step service for collecting cheques and Its a tax benefit. MY Overall experience was excellent and I would like to recommend to others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 15, 2017
    • Birla Sun Life Insurance
      "Best policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with Aditya birla and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium on annual basis through credit card and i am also convenient with the payment options which they are providing. Their online system is also good, i am also fine with the coverage and benefits in this policy.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Nov 11, 2017
    • Birla Sun Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I am using the Life Insurance policy with Birla sun life and it is a pension plan policy. This policy has the term of 58 years. I pay the premium of Rs,1000 every month. I pay the premium through my savings account, It is getting auto deducted from my savings account. The plan benefits and the policy coverage is good with this policy.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 10, 2017
    • Birla Sun Life Insurance
      "Firm believer in Life insurance"
      0.5 3.0/5 "Satisfactory"
      I am firm believer of the Life Insurance, accordingly I have couple of them maintained. This is one of the Insurance that I am so confident about. I pay around Rs.17000 as the yearly installment and would be paying for about 10 years. The overall experience with them has great. They provide you with good amount details required for somebody to know.
      Was this review helpful? 0
      , motihari
      Reviewed on Nov 07, 2017
    • Birla Sun Life Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Aditya Birla life insurance company and I been with them from the last ten years of time. Initially the services were really good but now its not really up to the mark with them.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Nov 04, 2017
    • Birla Sun Life Insurance
      "Good Policy to hold"
      0.5 4.5/5 "Excellent!"
      I have a Life Insurance policy with BIRLA SUN LIFE INSURANCE. This life insurance is paid by my company which is also BIRLA SUN LIFE INSURANCE. It covers only me and this will be given to my nominee and the total life coverage amount is 50 lakhs rupees.
      Was this review helpful? 0
      , guntur
      Reviewed on Oct 31, 2017
    • Birla Sun Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I got Birla sun life insurance policy on 2013. The customer support is good with Birla sun life. This policy has the tenure of 10 years. The plan benefits and the coverage are good with this policy. I pay the premium of Rs,30,000 every year towards this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 30, 2017
    • Birla Sun Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I am holding Birla Sun life insurance policy from last 12 years and it is a long term policy. The tenure of this policy is 20 years. I pay my premium on annual basis through online and i am convinient with the payment options which they are providing. I also get good benefits in this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 27, 2017
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