Birla Sun Life Insurance Bachat Endowment Plan
BSLI Bachat Endowment Plan is a Traditional Non-Participating Endowment plan. It means that the returns are guaranteed and there is no Bonus declared in this plan.
Key Features
This is a Traditional Plan without Bonus facility but with Loyalty Additions
A monthly premium from Rs 400 to Rs 5000 needs to be chosen and Sum Assured= 180 times the monthly premium chosen.
Band
|
I
|
II
|
III
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Monthly Basic Premium
|
400 – 599
|
600 – 899
|
900 +
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Bachat Addition Rate
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5%
|
5.25%
|
5.5%
|
This policy provides for Loyalty Additions after completion of 15 policy years, which increases every year.
Benefits
All Monthly Basic Premiums paid + All Bachat Additions earned + Loyalty Addition.
Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
How it works
Bachat Addition Rate = 5%
Eligibility
Minimum
|
Maximum
|
||
Sum Assured (in Rs.)
|
180 X Monthly Premium for ages 0 – 40
120 X Monthly Premium for ages 41 – 50
60 X Monthly Premium for ages 51 – 60
|
||
Monthly Base Premium (in Rs.)
|
400
|
5000
|
|
Policy Term (in years)
|
20 years
|
||
Premium Payment Term (in years)
|
20 years
|
||
Entry Age of Life Insured (in years)
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30 Days
|
60
|
|
Age at Maturity (in years)
|
-
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80
|
|
Payment modes
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Annual, Semi-Annual, Quarterly and Monthly
|
FAQs
If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can however be revived within 2 years from the date of first unpaid premium.
Surrender Benefit is allowed under this plan but after 3 policy years. There are no charges after 10 policy years.
Surrender Benefit = (Total Monthly Premiums paid – 1st year’s premium) x Surrender Factor (depending upon year of surrender) + Bachat Additions earned (After the 10th policy year) + Loyalty Addition (After the 15th policy year)
Loan facility is available under this policy after the 3rd policy year. The minimum loan amount is Rs. 5,000 and the maximum loan amount is 90% of the Surrender Benefit.