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Birla Sun Life Insurance-Easy Protect Plan

BSLI Easy Protect Plan is a traditional Term insurance plan which provides a complete life protection solution at affordable rates of premiums.

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Key Features

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This is a pure Term Assurance plan where protection is provided at low premiums.
The plan comes in two variants of level term insurance and increasing term insurance.
Individuals with healthy lifestyles, non-smokers and preferred non-smokers, are rewarded with lower rates of premiums.
Females are also charged a lower rate of premium.
Maturity Benefit

This is a pure term insurance plan where no maturity benefit is paid if the policyholder survives till maturity.

Death Benefit

If the life insured dies during the tenure of the plan the Sum Assured on Death is paid. The Sum Assured on death would depend on the plan option selected. The two options and their respective benefits are as follows:
Plan Option I – a level Sum Assured which once selected at plan inception remains constant throughout.
Plan Option II – Increasing Term Assurance where the Sum Assured selected under the plan would increase every year by 5% or 10% as chosen by the policyholder. In case of death, the Sum Assured level attained in the year of death would be paid to the nominee.

Bonus

This is a non-participating plan and as such, bonuses are not declared.

Loan

Loans are not available under the plan.

Tax benefit

Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.

Benefits

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Riders

Riders are not available with the plan.

Grace Period

A grace period of 30 days is allowed for payment of premium after the due date for all modes of premium payment. The life cover under the policy would continue during the grace period.

Free Look Period

A cooling off period or a free look period of 15 days (30 days for distance marketing channels) is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid

How it works

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  • The policyholder chooses the Sum Assured, the plan type, premium paying term and the plan tenure. Based on these parameters, age and gender the amount of premium payable is determined.
  • Premiums are payable for the entire tenure of the plan or in one lump sum under the Single Pay option of premium payment.
  • If the insured dies during the specified tenure of the plan, the death benefit, depending on the plan option selected would be paid.

Eligibility

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  Minimum Maximum
Entry age (Last Birthday) 18 years 55 years
Maturity Age (Last Birthday) NA 80 years
Plan tenure 5 years 30 years
Premium payable Depends on Sum Assured, age, premium paying term andplan tenure
Premium Paying Term Equal to plan term or Single Pay
Sum Assured Rs.50 lakhs No limit
Premium payment mode Monthly and annually or Single Pay

Premium Illustration

The following chart shows the amount of premium payable by a 35 year old male for different plan variants. Different combinations of terms and individual’s lifestyle preferences are considered for calculation purposes while the Sum Assured (SA) is considered to be Rs.1 crore.

The tabulated rates of premiums are as follows:

Plan Option Smoker Non-Smoker Preferred Non-Smoker
Term – 20 years Term – 30 years Term – 20 years Term – 30 years Term – 20 years Term – 30 years
Level Term 13,850 19,450 9,950 13,650 8,850 12,000
SA increasing by 5% 20,150 34,100 14,100 23,450 12,400 20,450
SA increasing by 10% 26,500 48,750 18,250 33,300 16,000 28,950

 

Surrender Value

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Revival

Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest charged by the insurer to revive his policy.

Exclusions

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If the policyholder commits suicide within a year of policy issuance or revival, the premiums paid would be refunded and no death benefit would be paid.

FAQs

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angle down iconWhat will happen if Non-Payment of premium ?

Premiums have to be paid for the specified tenure failing which the plan would lapse and no benefits would be payable. The plan does not acquire any Surrender Value or Paid-up Value. Single Premium plans, however, do have the provision of surrender as they do not require regular payment of premiums.