Birla Sun Life Guaranteed Bachat Plan
BSLI Guaranteed Bachat 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
This Plan provides Survival Benefit every year from the 3rd Policy Year onwards which can be withdrawn anytime or can be used to offset future premiums.
There is an additional 15% of the base Survival benefit that is paid for Annual Premium of Rs 6000 or more.
The Survival Benefit depends on The Government of India Securities rate (GSec rate) which is declared each year.
Any accumulated survival benefits will be payable on maturity, surrender or death.
Guaranteed Maturity Benefit is provided at the policy maturity, over and above the Survival Benefits. The Guaranteed Maturity Benefit is based on the Age at Entry, Policy Term and the amount of annual premium paid.
The Life Cover increases every year by an amount equal to the base Annual Premium.
There is an option of preponement of the date of Maturity of the policy after 10 policy years.
There are no Policy Preponement charges after 20 policy years.
In case of Policy Preponement, the policyholder would receive Guaranteed Maturity Benefit - Early Maturity Adjustment + Accumulated Survival Benefits
Benefits
In case of death of the Life Insured, the nominee Base Sum Assured + all base premiums paid till date - first year’s premium +all accumulated survival benefits.
Annual Premium Band
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Annual Premium Range
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Survival Benefit
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Band 1
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Rs 3,600 to Rs 4,800
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Base Survival Benefit
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Band 2
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Rs 6,000 to Rs 8,400
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15% more than Base Survival Benefit
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When the Policy matures, Guaranteed Maturity Benefit + accumulated Survival Benefit are paid as Maturity 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.
How it works
Policy Term = 25 years
Eligibility
Minimum
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Maximum
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Sum Assured (in Rs.)
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||
Annual Premium (in Rs.) in Multiples of Rs 1200
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3600
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8400
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Policy Term (in years)
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10
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[70 – Age at Entry] subject to a maximum of 40 years
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Premium Payment Term (in years)
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||
Entry Age of Life Insured (in years)
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30 Days
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60
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Age at Maturity (in years)
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18
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70
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Payment modes
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Annual, Semi-Annual, Quarterly and Monthly
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FAQs
Loan is allowed after the policy acquires a Surrender Value. The minimum policy loan is Rs. 5,000 and the maximum is 90% of the surrender benefit.