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  • BSLI Vision LifeSecure Plan

    Birla Sun Life Insurance

    The Birla Sun Life Insurance Vision LifeSecure Plan helps you prepare for the uncertainties in life by investing in this plan which will secure the financial future of your family. Now that you’re financially secure and providing for your family, it’s time to think about investing in an insurance plan that will take care of everything when you’re no longer able to provide for them. This plan aims at providing long term financial security to your dependants, to help them continue with the same standard of living as they had when you were alive.

    Eligibility Conditions of BSLI Vision LifeSecure Plan

    Particulars

    Minimum

    Maximum

    Entry Age

    1 year

    60 years

    Sum assured

    Band 1: Rs.2,00,000 – Rs.3,99,999

    Band 2: Rs.4,00,000 – Rs.5,99,999

    Band 3: Rs.6,00,000 – Rs.7,99,999

    Band 4: Rs.8,00,000 +

     

    Policy Term

    15 years

    35 years

    Premium frequency

    Annual, semi-annual, quarterly or monthly

    Annual mode is allowed through ECS only.

     

    Premium paying term

    Regular Pay.

     

    Key Features of BSLI Vision LifeSecure Plan

    Type

    A traditional participating whole life insurance plan.

    Basis

    Single

    Coverage

    • Maturity Benefit – If the life insured survives till the end of the policy term, BSLI will pay you:
      • The Sum Assured, and
      • Accrued regular bonuses, and
      • Terminal bonus (if any).

    The policy also continues after the Maturity Benefit has been paid.

    • Death Benefit – In the unfortunate event of the death of the life insured, BSLI will pay you:
      • The Guaranteed Death Benefit, and
      • Accrued regular bonuses (as on the date of death), and
      • Terminal bonus (if any).

    If the life insured survives till the end of the policy term, the life insurance cover will continue until the life insured attains the age of 100 years. In the case of death during this period, or survival to the age of 100 years, the Guaranteed Death Benefit will be payable.

    The Guaranteed Death Benefit is the higher of either the Sum Assured or 10 times the annual payable premium. This is subject to a minimum of 105% of the total premiums paid (excluding service tax, cess, rider premiums, and underwriting extras)

    If the life insured is different from the policyholder, all death benefits will be paid to the policyholder. The policy stands terminated once the death benefit is paid.

    • Reduced Paid-up Benefits – If premium payments are discontinued after 3 years of regularly paid up premiums, the policy will continue on a reduced paid-up basis instead of lapsing. Under this reduced paid-up basis, the Sum Assured will be reduced in proportion of the premiums actually paid to the premiums totally payable during the policy term. All bonuses accrued till the due date of your first unpaid premium will not be reduced, but all payable bonuses for the year in which premiums were discontinued will be reduced in proportion to the unpaid premiums in that policy year. No further bonuses will accrue and all accrued bonuses will be paid on death or survival to the end of the policy term, whichever comes first.

    Premium paying term

    Regular pay.

    Premium paying frequency

    Annual, semi-annual, quarterly or monthly.

    Bonuses

    • Regular bonus: Paid at end of each financial year on the policy anniversary, death or surrender. If the plan is surrendered, the surrender value of bonuses is paid. The rates will depend on the economic factors. Future bonuses are not always guaranteed as they depend on the performance and future profits of the participating business.
    • Terminal bonus: This is paid on death, surrender or maturity based on economic conditions.

    Surrender Value

    Policy acquires a surrender value after all premiums are paid for first three full policy years. The Guaranteed Surrender Value is a percentage of all paid premiums (excluding premiums paid towards riders, underwriting expenses and services tax) + the surrender value of accrued regular bonuses – maturity benefits already paid. This Guaranteed Surrender Value will also vary depending on the policy term and the year in which the policy has been surrendered.

    This policy is also eligible for a Special Surrender Value, and the surrender value pad will be the higher of either the Special Surrender Value or the Guaranteed Surrender Value.

    The policy is terminated after the surrender value is paid.

    Loan

    Loans can be taken against your policy once it acquires surrender value and if the life insured is alive. The minimum loan amount is Rs.5,000 and the maximum is 85% of your surrender value. Interest will be charged at a rate declared by BSLI from time to time, depending on prevalent market conditions. Outstanding loan balance, if any, will be deductible from the policy proceeds due, and will be deducted before any benefit is paid.

    Riders

    • BSLI Accidental Death and Disability Rider.
    • BSLI Critical Illness Rider.
    • BSLI Surgical Care Rider.
    • BSLI Hospital Care Rider.
    • BSLI Waiver of Premium Rider.

    Free look period

    The policyholder can return the policy within 15 days (or 30 days if the policy is issued under the Distance Marketing guidelines of IRDA). The premium will be refunded to you after you submit a written notice of cancellation with the original policy documents. Proportionate risk premium and medical expenses and stamp duty charges will be deducted.

    Grace period

    You get a grace period of 30 days (and 15 days in case of monthly payment mode). If the premium is not paid within the grace period, then the benefits will cease if you have not made all the payments for the first 3 years. If you have made all the payments for the first 3 years, then your policy will continue on a reduced paid-up basis.

    Reinstatement

    The policy can be fully reinstated for full coverage and benefits within two years of the due date of the first unpaid premium if you pay all your outstanding premiums plus interest, as declared by BSLI. You also have to provide evidence of insurability.

    Tax benefits

    You can avail tax benefits under section 80C and Section 10(10D) of the Income Tax Act, 1961. As always, it’s advisable to consult your tax advisor for the tax implications of your insurance policy.

    Exclusions

    Premiums paid till date or surrender value is paid if the life insured dies by committing suicide, if he is medically sane or insane, within 1 year of taking the policy.

    Nomination

    You can nominate one person who can avail the death benefit in the event of your death. The nomination has to be in accordance with Section 39 of the Insurance Act, 1938. You can also assign your policy in accordance with Section 38 of the Insurance Act, 1938.

    Advantages of BSLI Vision LifeSecure Plan

    The advantages of the BSLI Savings Plan are:

    • You can save money on a regular basis.
    • You can choose the sum assured based on the protection and savings that is convenient to you.
    • You also get to choose the policy term and premium paying term.
    • For the first 5 years of the policy, you get guaranteed additions.
    • You get bonuses from the first policy year.
    • Plan coverage continues after the maturity benefit is paid out, till the life insured reaches 100 years of age.

    How The Plan Works

    The premium rate applicable for your policy depends on the plan you choose and your personal eligibility. There are 4 payment frequency options available to you when it comes to paying your premiums – annual, semi-annual, every quarter or every month. There are rebates available on your premium as under:

    • Annual: 3.0%
    • Semi-annual: 1.5%
    • ECS payments for all frequency options: 3.0%

    There is also a Sum Assured rebate available for different Sum Assured Bands as under:

    • Band 1: no rebate.
    • Band 2: 2.00 (per 1,000 Sum Assured)
    • Band 3: 3.00 (per 1,000 Sum Assured)
    • Band 4: 3.75 (per 1,000 Sum Assured)

    To get a clearer picture of the how the policy works, consider the below example:

    Mr. Babu is a 35 year old software professional who has opted for a 25 year policy paying term for a Sum Assured of Rs.5,00,000. He pays his premiums annually, and his annual premium is Rs.25,094.

    Policy Year

    Premiums paid up to date

    Estimated Bonus

     

    Total Death Benefit

     
       

    At 4% p.a.

    At 8% p.a.

    At 4% p.a.

    At 8% p.a.

    1

    25,094

    3,500

    23,000

    5,03,500

    5,23,000

    2

    50,188

    7,000

    46,000

    5,07,000

    5,46,000

    3

    75,282

    10,500

    69,000

    5,10,500

    5,69,000

    4

    1,00,376

    14,000

    92,000

    5,14,000

    5,92,000

    5

    1,25,470

    17,500

    1,15,000

    5,17,500

    6,15,000

    6

    1,50,563

    21,000

    1,45,500

    5,21,000

    6,45,500

    7

    1,75,657

    24,500

    1,76,000

    5,24,500

    6,76,000

    8

    2,00,751

    28,000

    2,06,500

    5,28,000

    7,06,500

    9

    2,25,845

    31,500

    2,37,000

    5,31,500

    7,37,000

    10

    2,50,939

    35,000

    2,67,500

    5,35,000

    7,67,500

    15

    3,76,409

    52,500

    4,20,000

    5,52,500

    9,20,000

    20

    5,01,878

    70,000

    5,72,500

    5,70,000

    10,72,500

    25

    6,27,348

    87,500

    7,25,000

    5,87,500

    12,25,000

    26 to 64

    6,27,348

    0

    0

    6,58,715

    6,58,715

    65

    6,27,348

    0

    0

    6,58,715

    6,58,715

    Mr. Babu will receive a Guaranteed Death Benefit of Rs.5,00,000 till the 65th premium paying year, and a maturity benefit of Rs.5,00,000 in the 25th year. He will also be wligible for a total Maturity Benefit of Rs.5,87,500 at the end of the 25th Premium Paying Year at 4% and Rs.12,25,000 at 8%.

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