Birla Sun Life Platinum Advantage Plan
BSLI Platinum Advantage Plan is a Unit Linked Insurance Plan (ULIP). It is a Non-Traditional Plan without Bonus Facility.
Key Features
This is a Unit Linked Insurance Plan without Bonus facility
Premium is paid for only 5 years while policy is for 10 years
There is an Option to increase Sum Assured under this plan with Enhanced Sum Assured
The higher of Fund Value or Sum Assured + Enhanced Sum Assured is paid as Death Benefit
The Fund Value is paid as Maturity Benefit when the policy matures
- Self Managed Option: The plan has 10 investment fund options:
- Income Advantage Fund
- Assure Fund
- Protector Fund
- Builder Fund
- Enhancer Fund
- Creator Fund
- Magnifier Fund
- Maximiser Fund
- Multiplier Fund
- Super 20 Fund
- Guaranteed Option: In this option, the funds are allocated to Platinum Advantage Fund where there is a Guaranteed NAV at the highest daily NAV recorded in 7 years and 3 months.
Under Guaranteed Option, the highest NAV of the last 7 years and 3 months since start is guaranteed.
In case of Guaranteed Option, (the difference between the Guaranteed Unit price and the Platinum Fund Advantage NAV) X (number of units) is also paid in addition to the Fund Value
- BSLI Accidental Death and Disability Rider
- BSLI Critical Illness Rider
- BSLI Surgical Care Rider
- BSLI Hospital Care Rider
- BSLI Waiver of Premium Rider
Benefits
In case of death of the Life Insured within the Policy Tenure, (the higher of the Basic Sum Assured and the Fund Value) + (Enhance Sum Assured, if any) are paid as Death Benefit and the policy is terminated.
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.
How it works
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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10 X AP for entry ages < 45 yrs and
7 X AP for entry ages >= 45 yrs
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Enhanced Sum Assured (in Rs.)
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50,000 Not exceeding Basic Sum Assured
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No Limit, depends on underwriting
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Policy Term (in years)
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10
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Premium Payment Term (in years)
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5
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Entry Age of Life Insured (in years)
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8
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70
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Age at Maturity (in years)
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-
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80
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Premium (in Rs.)
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25,000 p.a.
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No Limit
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Payment modes
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Annual, Semi-Annual, Quarterly and Monthly
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FAQs
Is Top-up allowed?- Less than 45 years- The Sum Assured rises by 125%
- Greater than or equal to 45 years- The Sum Assured rises by 110%
Is Partial Withdrawal Available?You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 25,000 should be maintained after Partial Withdrawal.
Is switching allowed?Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000.
What happens if you stop paying the premium before 5 years?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.
What happens if you stop paying the premium after 5 years?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.
What happens if you want to surrender the policy?The policy can only be surrendered after 5 policy years. On surrender, the insurance cover will cease and your Fund Value shall be paid immediately and the policy would be terminated.
What happens if you want a loan against your policy?The minimum loan amount is Rs. 5,000 and the maximum loan amount is 40% of the Fund Value
