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BSLI Vision Regular Returns Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

The BSLI Vision Regular Returns Plan is a traditional participating endowment plan that aims to help customers plan their future better to realise their dreams and achieve financial goals through an affordable life insurance and savings plan. The BSLI plan pays survival benefits from 5th year onwards and offers a great combination of savings, financial protection and liquidity to policyholders and their families.

Eligibility Conditions of BSLI Vision Regular Returns Plan

Entry Age

  • Minimum – 13 years
  • Maximum – 45 Years

Maturity Age

Maximum – 65 years

Sum Assured

  • Minimum – Rs.2 lakhs

Key Features of BSLI Vision Regular Returns Plan

Type

Traditional Participating Endowment Plan

Coverage

Death Benefit – In the unfortunate event of death during the policy term, the beneficiary will receive Sum Assured plus accrued bonuses till date.

Survival Benefit – From 5th policy anniversary onwards, a Guaranteed Survival benefit will be paid out as (for every 1000 of Sum Assured):

  • Year 1-4 – Nil

  • Year 5 – 15.6250
  • Year 6 – 18.9584
  • Year 7 – 22.5298
  • Year 8 – 26.3760
  • Year 9 – 30.5436
  • Year 10 – 35.0881
  • Year 11 – 40.0881
  • Year 12 – 45.6436
  • Year 13 – 51.8936
  • Year 14 – 59.0365
  • Year 15 – 67.3698
  • Year 16 – 77.3698
  • Year 17 – 89.8698
  • Year 18 – 106.5365
  • Year 19 – 131.5365
  • Year 20 – 181.5365

Maturity Benefit – Accrued bonuses minus non-guaranteed survival benefits already paid

Reduced Paid-Up Benefits – Plan continues on a Reduced Paid-Up basis if premiums have been paid for at least 3 full year. This includes Survival Benefit equal to guaranteed and non-guaranteed yearly benefits, reduced death benefits till the event of maturity or death.

Basis

Individual

Policy term

20 years

Premium paying term

Same as policy term

Premium payment frequency

Annual – for all ages

Half yearly, quarterly and monthly – applicants not more than 40 years of age

Payout period

5th policy anniversary to maturity (yearly Guaranteed Survival Benefit)

Renewability

Relapsed policies may be reinstated to full coverage within 2 years from due date of first unpaid premium by paying all outstanding premiums as well as interests declared by the insurer from time to time.

Loans

Available after payment of premiums for 3 full years. Minimum loan amount is Rs.5,000 and maximum is 85% of policy surrender value (value after 3 full years of premium payment)

Grace period

  • 30 days (15 days for monthly plan)
  • If premiums not paid for 3 full years, all benefits will cease immediately
  • If premiums paid for 3 full years, policy continues on Reduced Paid-Up basis

Free Look Period

15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.



Advantages of BSLI Vision Regular Returns Plan

Tax Benefits

Tax benefits are available under Section 80C, Section 80D and Section 10 (10D) of the Income Tax Act, 1961. You should consult your tax advisor for more details.

Assured income

Guaranteed Survival benefits from 5th policy anniversary onwards

Non-guaranteed benefits

Non-Guaranteed Survival Benefits of up to 6.5% of accrued interests per year

Premium rebate

Yearly and half yearly premium carry rebates of 1.5% and 3% respectively.

Sum Assured Rebate

  • 1.50% if Sum Assured from Rs.4 lakhs to less than Rs.6 lakhs
  • 2.10% if Sum Assured from Rs.6 lakhs to less than Rs.8 lakhs
  • 2.50% if Sum Assured from Rs.8 lakhs onward

Riders

Ability to add riders as per individual preferences

How Does The Plan Work?

Let’s say you are a 35 year old male opting for a policy term of 20 years with yearly premium payment and Sum Assured of Rs.2.5 lakhs. Your annual premium amount is Rs.16,442.

Policy year end

Premiums paid (Rs)

Guaranteed benefit (Rs)

 

Total death benefit (Rs)

 

Total survival benefit (Rs)

 
   

Death

Survival

4% p.a.

8% p.a.

4% p.a.

8% p.a.

1

16,442

2.5 lakhs

0

2,54,125

2,57,250

0

0

2

32,884

2.5 lakhs

0

2,58,318

2,64,710

0

0

3

49,326

2.5 lakhs

0

2,62,580

2,72,387

0

0

4

65,768

2.5 lakhs

0

2,66,913

2,80,286

0

0

5

82,210

2.5 lakhs

3,906

2,71,317

2,88,414

5,239

6,307

6

98,652

2.5 lakhs

4,740

2,75,794

2,96,778

6,352

7,663

7

1,15,094

2.5 lakhs

5,632

2,80,344

3,05,385

7,529

9,094

8

1,31,536

2.5 lakhs

6,594

2,84,970

3,14,241

8,780

10,609

9

1,47,978

2.5 lakhs

7,636

2,89,672

3,23,354

10,115

12,220

10

1,64,420

2.5 lakhs

8,772

2,94,452

3,32,731

11,550

13,943

15

2,46,630

2.5 lakhs

16,842

3,19,559

3,83,858

21,190

25,209

20

3,28,840

2.5 lakhs

45,384

3,46,807

4,42,841

90,619

1,39,784

Riders

  • BSLI Accidental Death and Disability Rider: This rider provides additional cover in the unfortunate case of accidental death or disability of policyholder during policy term up to Rs.50 lakhs for untimely demise due to accident and fixed percentage of Sum Assured as per type of injury resulting in disability.
  • BSLI Critical Illness Rider: This rider offers cover for specific critical illnesses including heart attack, stroke, major organ transplant and cancer.
  • BSLI Surgical Care Rider: A lumpsum amount is provided in case the policyholder is hospitalized for the purpose of undergoing surgery.
  • BSLI Hospital Care Rider: Daily cash benefit will be provided if the policyholder is hospitalized for treatment. Enhanced daily cash benefit will be provided in case the policyholder is admitted to Intensive Care Unit. Lumpsum is paid if hospitalization extends for more than 7 days.
  • BSLI Waiver of Premium Rider: If policyholder is incapable of paying future premiums due to critical illness, disability or untimely demise, the insurer will pay the premium for the remaining policy term.

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

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