Mr. Jayant Dua, Managing Director and Chief Executive Officer of Birla Sun Life Insurance Company, announced the launch of Vision LifeSecure Plan, which is a combination of savings and complete financial protection plan. This plan offers a combination of periodical bonuses throughout the policy term and a life insurance benefit until a person attains the age of 100 years.
He further added that, this plan is developed keeping in mind the fact that overall life expectancy across age group has gone up and the average prolonged existence per person is improving.
This plan offers, in addition to rebate u/s 80C of the income tax act, 1961, maturity and death benefits, including regular accrued bonuses and terminal bonus, if any. It also provides the option to choose the sum assured and the policy term at the time of purchasing of the plan itself.
This plan will give protection till an insured attains the age of 100 years. Guaranteed death benefit is payable upon death of the insured or maturity of the policy whichever is earlier.
In addition to the above, this plan also offers a simple revisionary bonus at the end of each financial year during the policy term, which will be added to the policy holder’s account at the end of the each policy year. The company may also pay a terminal benefit on maturity or death (whichever is earlier) based on past experience and prevailing economic conditions.
Maturity benefit is paid to insured in case he survives the policy tenure or his nominee in case he dies during the tenure of the policy.
Birla Sun Life Insurance Company Limited is a joint venture between the Aditya Birla Group and Canada based Financial service Organization - Sun Life Financial Inc. Aditya Birla Group holds 74% stake in the company whereas remaining 26% is held by the later.