BSLI Vision LifeIncome Plan

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

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

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