Birla Sun Life Insurance-Protector Plus Plan
This term insurance plan provides financial security to your loved ones with options to choose the same assured for the entire term or increasing Sum Assured by 5% or 10% every year. You can select minimum Sum Assured of Rs 50 Lakhs. For people who want a higher protection, there is no limit on the maximum Sum Assured. The premium rates are different for males (smoker and non-smoker) and or females (smoker and non-smoker).
Key Features
Financial protection to the beneficiary at an affordable premium
On choosing Increasing Sum Assured of 5% or 10%, the Sum Assured increases by the same percentage without any increase in the premium amount
Payments can be made monthly, quarterly, half-yearly or annually
Choice of 5 Rider options for extra protection
Benefits
In case of Death of the Life Insured the Sum Assured is paid to the nominee and the policy ends
If the policyholder (life insured) survives till the end of the policy (maturity), then no benefit is payable and the policy ends
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C
3 options to suit varying customer needs
§ Level Term – Sum Assured remains constant for the entire policy term
§ Increasing Sum Assured @ 5% – Sum Assured gets increased by 5% on every policy anniversary
§ Increasing Sum Assured @ 10% – Sum Assured gets increased by 10% on every policy anniversary
There are 5 rider options available at an extra amount:
- Critical Illness Ride
- Accidental Death and Disability Rider
- Surgical Care Rider
- Waiver of Premium Rider
- Hospital Care Rider
How it works
The below illustration is for a healthy Male (non-smoker), Age = 35 years opting for a Sum Assured = Rs 1 Crore and Policy Term = 20 years
Step 1: Choose your sum assured and plan option (Level term/Increasing term)
Step 2: Choose your Policy Term and Premium Paying Term
Let's Understand The Plan With An Example:
Atul, a 35 year old professional, chooses BSLI Protector Plus Plan with the Sum Assured of Rs. 10,000,000. The below table explains the premiums as per the selected Sum Assured options.
Premiums shown above are prior to service tax and education cess as applicable.
Tax Benefit
- Under section 80C of the Income Tax Act, premiums paid up to Rs. 1,00,000 are allowed for deduction
- Under section 80D of the Income Tax Act, premiums paid for riders up to Rs. 15,000 (in case of Senior Citizens up to Rs. 20,000) are allowed for deduction
- Under section 10 (10D) of the Income Tax Act, the benefits received from this plan are exempt from tax
FAQs
If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends
There are no surrender benefits under this term plan
Loan facility is not available under this policy