Birla Sun Life Classic Life Plan
BSLI Classic Life Plan is a Unit Linked Insurance Plan (ULIP). It is a Non-Traditional Plan without Bonus Facility.
Key Features
- On the 10th policy anniversary and on every 5 policy anniversary thereafter, a Guaranteed Addition of 2.50% of the Basic Premiums paid in the last 60 months.
- In addition to that on the 11th policy anniversary and every policy anniversary thereafter, a Guaranteed Addition of 0.25% of the average Fund Value in the last 12 months is paid.
Benefits
In case of death of the Life Insured before the Savings Date, the nominee would get Sum Assured or Fund Value, whichever is higher + Enhanced Sum Assured, if any as Death Benefit and the policy would terminate.
On maturity, the Fund Value is paid to the policyholder on the Savings Date.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Proceeds are Tax Free under section 10(10)D subject to fulfilment of all requirements.
- BSLI Accidental Death and Disability Rider
- BSLI Critical Illness Rider
- BSLI Surgical Care Rider
- BSLI Hospital Care Rider
- BSLI Waiver of Premium Rider
- Income Advantage Fund
- Assure Fund
- Protector Fund
- Builder Fund
- Enhancer Fund
- Creator Fund
- Magnifier Fund
- Maximiser Fund
- Multiplier Fund
- Super 20 Fund
Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000.
How it works
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.)
|
The higher of 10 or (70 –Age at Entry)/2, for entry ages < 45 yrs
or
The higher of 7 or (70 –Age at Entry)/4, for entry ages >= 45 yrs
|
|
Policy Term (in years)
|
Till age 70
|
|
Premium Payment Term (in years)
|
5/10/15/20
|
Till Savings Date
|
Entry Age of Life Insured (in years)
|
18
|
60
|
Savings Date or Age at Maturity (in years)
|
Till age 55, 60 or 65 depending on age at entry
|
Till age 70
|
Premium (in Rs.)
|
25,000 p.a.
|
No Limit
|
Payment modes
|
Annual, Semi-Annual, Quarterly and Monthly
|
|
FAQs
If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
The minimum loan amount is Rs. 5,000 and the maximum loan amount is 40% of the fund value