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Two term insurance plan variants ‘BSLI Protector Plan’ and ‘BSLI Protector Plus Plan’ are the latest offerings by Birla Sun Life Insurance Company. These term plans are very unique as they allow the customer to increase the sum assured on every policy anniversary.
‘BSLI Protector Plan’ and ‘BSLI Protector Plus Plan’ can be purchased by any individual between 18 years to 65 years of age. The maximum age allowed on maturity is restricted at 75 years. The premium rate for females is lower than the premium rate for males. Policy term that one can opt for is 5 years to 30 years and the premiums can be paid either monthly, quarterly, half-yearly or annually.
Depending on different insurance needs, at inception, a customer can choose for a level sum assured or increasing sum assured. The level sum assured option works just like any other term plan wherein the sum assured remains constant throughout the policy term. In the Increasing sum assured option, the sum assured amount keeps on increasing by 5% or 10% every year.
There are 5 rider options that allow the policyholder to further customize the plan - Accidental death and disability rider, Critical illness rider, Surgical care rider, Hospital care rider and Waiver of premium rider.
In BSLI Protector Plan, the minimum sum assured starts at Rs 5,00,000, while the maximum sum assured is restricted to Rs 49,99,999. Read our expert review of BSLI Protector Plan.
BSLI Protector Plus Plan is for customers who want to provide greater financial security to their loved ones. The sum assured in this variant starts at Rs 50,00,000, and there is no limit on the maximum sum assured. Read our expert review of BSLI Protector Plus Plan.
Commenting on the launch of the new term plans, Mayank Bathwal, CFO & Head – Institutional sales of Birla Sun Life Insurance Company, said, "Keeping the customer needs in mind for a term plan that can grow with growing responsibilities, BSLI has introduced Protector Plans that aim to ensure a family's financial security as per their evolving life cycle needs at affordable cost."
Birla Sun Life Insurance Company was established in 2000, and is jointly promoted by Aditya Birla Group and Sun Life Financial Inc of Canada.