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  • Birla Sun Life Vision Star Plan

    Birla Sun Life Insurance

    A traditional participating insurance plan which focuses on providing for a secure future planning for kids by parents and/or guardians. The plan provides a life cover that ensures any exigencies are dealt with aptly for the family or kids. This plan comes with limited premium payment terms and is meant for people who wish to plan a financially secure future for their kids.

    Eligibility Conditions for Birla Sun Life Vision Star Plan

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

    Parameter

    Minimum

    Maximum

    Entry Age

    18 years

    55 years

    Maturity Age

    N/A

    75 years

    Key Features of Birla Sun Life Vision Star

    This plan is meant for protection of the future of family and kids through assured payouts at predefined points of time post 5 years of the policy and its salient features can be mentioned as follows -

    Parameters

    Details

    Plan Type

    Traditional participating insurance plan

    Basis

    Individual policy

    Policy Term

    Option 1 - 16 years - 23 years

    Option 2 - 14 years - 21 years

    Policy Validity

    For the selected policy term provided the premiums have been duly paid

    Basic Sum Assured

    The minimum sum assured amount would be INR 1,00,000 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. 1,00,000-1,99,999 (Band 1) - N/A

    Rs. 2,00,000-3,99,999 (Band 2) - Re. 1 per 1000 of sum assured

    Rs. 4,00,000-7,99,999 (Band 3) - Rs. 5 per 1000 of sum assured

    Rs. 8,00,000+ (Band 4) - Rs. 7 per 1000 of sum assured

    Coverage

    Maturity Benefit = Accrued Bonuses + Terminal Bonus (if any)

     

    Death Benefit = Sum Assured on Death (Maximum of Sum Assured and 10 times annualised premium) + Assured Payouts + Bonuses (death benefit subject to a minimum of 105% of premiums paid)

     

    Assured Payout Benefit - Based on predefined payout frequency, portions of the sum assured will be paid on an annual or biannual basis

     

    Surrender Benefit = Guaranteed Surrender Value or Special Surrender Value (subject to payment of premiums of 2 years or 3 years, as the case may be)

    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

    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 Star Policy

    This plan from Birla Sun Life is drafted to help secure plans for a child’s future, like higher education and support during wedding and beginning a new familial life. 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
    2. Assured payouts from the sum assured provide for a fund backup for any necessary plans
    3. Long policy tenure ensures a greater addition to accrued bonuses
    4. Limited premium payment options help in case of financial constraints
    5. Applicable tax benefits can be availed as per Sections 80C and 10(10D) of the Income Tax Act

    The key benefits under this 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 accrued bonuses till date and the terminal bonus (if any)
    2. Death Benefit - In case of the death of the insured life during the policy term, a Death Benefit will be payable to the nominee. This amount is equal to the sum assured on death. In addition, the assured payouts continue as per their defined terms, pending premiums are waived off and the accrued bonuses as well as terminal bonus (if any) will be paid at the end of the policy tenure
    3. Assured Payout Benefit - Post the fifth year after the premium paying term ends, assured payouts at a percentage of the sum assured will be paid annually or biannually as defined during policy inception. The percentages of payouts will differ with each subsequent amount payable
    4. Policy Loan - Once the policy has attained a surrender value, post premium payment of 2 years or 3 years), a loan of up to 85% of the surrender value can be availed
    5. Surrender Benefit - In case 2 years’ or 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 and 10(10D). These benefits are dependent on the prevailing tax laws

    Birla Sun Life Vision Star Policy in Action

    Sunil, aged 40 years, decides to go for a Vision Star Policy. Through a limited premium payment term he needs to pay a premium of INR 22,392 for a period of 10 years regularly for a Sum Assured of INR 2,50,000.

    Opting for a biannual payout, Sunil would be receiving INR 50,000 in the 15th year (5 years post the premium payment term), with the same amount again in the 17th year and in the 19th and 20th year, he would be receiving a payment of INR 75,000 each. The accrued bonuses and terminal bonus (if any) would be payable in the 21st year and could be anywhere from INR 40,000 to INR 2,40,000 depending on the prevailing rates.

    In case Sunil passes away at any time during the term of the policy, his nominee would be liable to receive INR 2,50,000 (guaranteed Death Benefit) provided no loans have been availed on the policy earlier and all the premiums till the date of his demise have been duly paid. The assured payouts still continue and accrued bonuses are paid at maturity of the policy.

    The policy tenure here is 21 years.

    Premium Payment for Birla Sun Life Vision Star 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

    Minimum as decreed by the insurer

     
     

    No maximum limit for premiums

     

    Premium Paying Term (PPT)

    5 years to 12 years subject to the conditions

     

    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

     
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