Birla Sun Life Insurance-Vision Regular Return Plan

This is a traditional Endowment plan which also provides survival benefits after the first 5 years.

Simple reversionary bonuses are also added from the first plan year till the end of the tenure if premiums are duly paid.

Riders are available for enhancing coverage.

Premium discounts are given for higher Sum Assured levels and premium paying frequencies.

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

When the plan matures and the premiums have been duly paid, the following benefits would be paid:
Accrued Bonuses – the non-guaranteed Survival Benefits already paid.

If the insured dies during plan term and the policy is in force, the death benefit payable would be:
Sum Assured on Death + accrued reversionary bonuses which also includes any interim bonus or terminal bonus declared under the plan
The death benefit payable should not be lower than 105% of the premiums paid till death
The Sum Assured on death would be higher of the following:

• 10 times the annual premium
• Sum Assured chosen on plan commencement

•  Money back payouts, called Guaranteed Survival Benefits, are paid every year starting from the end of the first five policy years. The rate of the payouts would be expressed per thousand Sum Assured. In addition to these Guaranteed Survival Benefits, 6.25% of the accrued bonuses are also paid which are called the non-guaranteed Survival Benefits.
  The rate of the Guaranteed Survival Benefit payable in the different plan years is as follows:

Compounded reversionary bonuses are declared under the plan and are paid every year for which the policy is in-force. An interim bonus and a terminal bonus may also be paid on death, surrender, survival or maturity of the plan.

Loan can be taken on the policy after the policy has acquired a Surrender Value. The maximum amount of loan available is 85% of the acquired Surrender Value while the minimum amount is Rs.5000.

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 and the Survival benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.

Five additional riders can be added to the base plan for a comprehensive coverage option. The available riders are as follows:

• BSLI Accidental Death and Disability Rider
• BSLI Critical Illness Rider
• BSLI Surgical Care Rider
• BSLI Hospital Care Rider
• BSLI Waiver of Premium Rider

Discount in premiums are allowed if the premiums are paid in the annual or half-yearly mode. The discount would be 3% for the annual mode and 1.50% for half-yearly mode of premium payment.

• Discounts are also given in premiums for choosing Sum Assured levels of Rs.2 lakhs and above. The Sum Assured levels are categorized in 4 bands and bands 2, 3 and 4 qualify for the rebate. The applicable rebates are as follows:

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.