BSLI Vision MoneyBack Plus Plan
Birla Sun Life Insurance (BSLI) offers Vision MoneyBack Plus Plan, a traditional participating plan, which provides lump sum payouts to the insured at regular intervals, thereby, ensuring financial security. BSLI Vision MoneyBack Plus Plan offers guaranteed liquidity (payouts as a percentage of sum assured) and financial protection to your family.
Life is unpredictable. There is only so much you can do to make sure you are prepared for any eventuality. Nevertheless, the first step towards ensuring that you do not compromise on your desires is planning for a financially secure life. You need money at every stage of life. You would, therefore, do well to invest wisely so your dreams are not left unfulfilled.
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, an Indian conglomerate and Sun Life Financial Inc, an international financial service organisation from Canada.
Eligibility Conditions of BSLI Vision MoneyBack Plus Plan
Entry Age | 13 – 45 years | ||||||||
Policy Term | 20, 24, 25 years | ||||||||
Minimum Sum Assured | Rs.1,00,000
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Key Features of BSLI Vision MoneyBack Plus Plan
Type | Traditional participating life insurance plan |
Basis | Individual |
Coverage |
In the event of the death of the life insured during the policy term, the death benefit payable to the nominee is the Sum Assured on Death in addition to the accrued regular bonuses and terminal bonus, if any. Sum Assured on Death is the maximum cover opted by the customer at the time of inception irrespective of any survival benefits paid or 10 times the annual premium. The death benefit is subject to a minimum of 105% of total premiums paid and applicable rider premiums and underwriting extras. The policy is terminated after the death benefit is paid.
On every 4th or 5th policy anniversary, the policyholder will receive a survival benefit as a percentage of the Sum Assured. The survival benefits will continue as long as the life insured is alive within the policy term. The payouts are a specified percentage of sum assured.
If the life insured survives till the end of the policy term, he or she will be paid accrued bonuses in addition to terminal bonus. The policy will be terminated after the maturity benefit is paid. |
Premium range | BSLI offers a premium rebate of 5.0% and 2.0% for annual and semi-annual payments respectively |
Premium paying term | 10 years for a 20-year policy term 12 years for 24 and 25 year policy terms |
Premium paying frequency | Annual, Semi-annual, Quarterly and Monthly |
Bonuses | Regular Simple reversionary bonuses are declared regularly at the end of each year and added on the policy anniversary. Bonuses in addition to interim bonuses, are payable as applicable on maturity, surrender or death. The Surrender Value of the attached bonuses will be payable. The regular bonus rate may change on a yearly basis and depends on the current economic conditions. Future bonuses are not guaranteed and will depend on the profits earned by the organisation. Terminal Terminal bonus may be paid on maturity, surrender or death, if earlier, on the basis of the prevailing economic conditions. |
Surrender Value | A policy will acquire a Surrender Value after all premiums for three years are paid. The Guaranteed Surrender Value is a percentage of premiums paid (except premiums paid towards rider benefit, service tax and underwriting) in addition to the Surrender Value of accrued regular bonuses minus any survival benefit already paid. The Guaranteed Surrender Value will depend on the premium-paying term in addition to the year the policy is surrendered. |
Loan | Customers may avail of a loan against a policy after it acquires a Surrender Value. The minimum loan amount which can be availed is Rs.5,000 while the maximum is 85% of the Surrender Value. |
Freelook period | Customers can return the policy within 15 days (30 days if the policy is issued under IRDA guidelines on distance marketing) from the policy receipt. The premium paid will be refunded. |
Grace period | If customers can’t pay their premiums by the due date, they will be given a grace period of 30 days. If premiums have not been paid for three years, the benefits will cease with immediate effect. If premiums have been paid for at least three years, the policy will continue on a reduced paid-up basis. |
Reinstatement | Customers can reinstate the policy within two years from the date of the first unpaid premium by paying outstanding premiums in addition to interest. All benefits under the policy will be restored to their full value following reinstatement. |
Advantages of BSLI Vision MoneyBack Plus Plan
Tax benefit for premium | This plan offers tax benefits under section 80C and section 10 (10D) of the IT Act, 1961 | ||||||||||
Reduced Paid-up Benefits | If customers discontinue the payment of premiums after three years, their policy will not lapse but instead continue on a reduced paid-up basis wherein the Sum Assured and Sum Assured on Death will be reduced in proportion to the premiums paid to the total premiums payable during the policy term. The accrued bonuses up to the first unpaid premium will, however, not be reduced. Any bonus for the policy year of premium discontinuance will be reduced in proportion to the unpaid premiums and there will be no further accrual of bonuses. In the event of the death of the life insured, the nominee will receive the reduced Sum Assured on death plus accrued regular bonuses. | ||||||||||
Premium Rebate | The premium rebate offered by BSLI for higher sum assured is listed below
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Premium Payment
Survival Benefit Year | 10/20 | 12/24 |
4 | 10% | 10% |
8 | 15% | 15% |
12 | 20% | 20% |
16 | 25% | 25% |
20 | 30% | 30% |
24 | - | 35% |
Survival Benefit Year | 10/20 | 12/24 |
5 | 15% | 15% |
10 | 20% | 20% |
15 | 25% | 25% |
20 | 40% | 30% |
25 | 45% |
Riders
Policyholders can enhance their insurance coverage during the policy term by opting for any of the following riders for a nominal extra cost
BSLI Accidental Death and Disability Rider |
BSLI Critical Illness Rider |
BSLI Surgical Care Rider |
BSLI Hospital Care Rider |
BSLI Waiver of Premium Rider |
How The Plan Works
Sreenivas Rao, a 35-year-old advertising executive opts for BSLI Vision MoneyBack Plus Plan. He chooses a policy term of 20 years, sum assured of Rs. 2,50,000.
Sum Assured - Rs.2.50,000 Policy Term- 20 years Premium- Rs.26,225 Premium Payment Term- Yearly Premium Frequency - Yearly Survival Benefits - Five years Interest Rate*- 8% | |
Policy Year | Guaranteed survival benefit |
5 | 37,500 |
10 | 50,000 |
15 | 62,500 |
20 | 1,00,000 |
Rao can expect a maturity benefit of Rs. 2,25,000 at the end of his policy term. If Rao dies, his family will get the guaranteed death benefit of Rs.2,25,000 plus accrued regular bonus.
*Rates are subject to change. Please contact the company to get the rates applicable at the time of policy purchase.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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