Birla Sun Life Insurance Company, which is a joint venture between Aditya Birla Group and Sun Life Financial Inc - Canada, announced the launch of a participating traditional plan called BSLI Savings Plan. This plan comes with guaranteed additions for the 1st 5 years of the policy term.
Mr. Jayant Dua, Managing Director and CEO of the company, on this plan, said that this plan is prepared to meet the changing needs of the customers. It also provides the flexibility of choosing the policy term and premium paying terms with guaranteed additions.
The salient features of this plan are as under:
- Savings cum insurance option providing secured growth to savings and insurance coverage in case of death.
- This plan provides 3 way solutions viz: Guaranteed addition, bonus accumulation and life insurance benefit.
- At the time of taking of the plan, customer need to predetermine the sum assured, premium term and premium paying period.
- Minimum sum assured is Rs. 30,000.
- Reduced paid up benefit and auto cover continuation benefit available under this plan.
- Deduction under section 80C of the Income Tax Act, 1961 available.
Further, the main attraction of this plan is that customers who have paid premium for 3 years but are not able to subsequent premium amounts, full death benefit will be available for two consecutive years from the date of 1st unpaid premium amount (auto cover continuation period). However, under this case, the policy comes under reduced paid up status.