Birla Sun Life Insurance Protector Plus Plan Review
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 of BSLI Protector Plus Plan
- Financial protection to the beneficiary at an affordable premium
- Freedom to choose increasing Sum Assured
- 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
- Premium reduction for females
- Choice of 5 Rider options for extra protection
- Income tax benefit
Benefits you get from BSLI Protector Plus Plan
Death Benefit - In case of Death of the Life Insured the Sum Assured is paid to the nominee and the policy ends
Maturity Benefit – If the policyholder (life insured) survives till the end of the policy (maturity), then no benefit is payable and the policy ends
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in BSLI Protector Plus Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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50,00,000
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No Limit
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Policy Term (in years)
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5
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30
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Premium Payment Term (in years)
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Equal to policy term
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Equal to policy term
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Entry Age of Policyholder (in years)
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18
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65
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Age at Maturity (in years)
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-
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75
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Payment modes
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Annual, Half-yearly, Quarterly & Monthly
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Sample illustration of premium amount in BSLI Protector Plus Plan
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
Additional Features and Benefits of BSLI Protector Plus Plan
Sum Assured Options – 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
Riders – There are 5 rider options available at an extra amount
- Critical Illness Rider
- Accidental Death and Disability Rider
- Surgical Care Rider
- Waiver of Premium Rider
- Hospital Care Rider
- 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
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends
You want to surrender the policy – There are no surrender benefits under this term plan
You want a loan against your policy – Loan facility is not available under this policy
Alternate Term Plans from different insurance companies
Bajaj Allianz New Risk Care II
Reliance Simple Term Plan
IndiaFirst Simple Life Plan
Other Term Plans from Birla Sun Life Insurance
BSLI Premium Return Term Plan
BSLI Protector Plan
