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Birla Sun Life Insurance Bachat Money Back Plan

BSLI Bachat Money Back Plan is a Traditional Non-Participating Money Back Plan. It means that the returns are guaranteed and there is no Bonus declared in this plan.

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Rider Benefit
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Loyalty Additions
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Sum Assured
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Key Features

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Traditional Plan

This is a Traditional Plan without Bonus facility but with Loyalty Additions

Sum Assured

A monthly premium from Rs 400 to Rs 5000 needs to be chosen and Sum Assured= 180 times the monthly premium chosen.

Bachat Addition
There is a monthly reward of Bachat Addition Rate depending on the Monthly Basic Premium amount.

 

Band
I
II
III
Monthly Basic Premium
400 – 599
600 – 899
900 +
Bachat Addition Rate
5%
5.25%
5.5%
 
The Bachat Addition is calculated as Sum of all Monthly Premiums paid till date X Bachat Addition Rate
Rider Benefit
 There are 1 rider available in this policy:
  1. Accidental Death Benefit rider
Loyalty Additions

This policy provides for Loyalty Additions after completion of 15 policy years, which increases every year.

Benefits

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Death Benefit

 In case of death of the Life Insured, the nominee gets the + accrued Bachat Additions + Loyalty Additions – Survival Benefits already paid as Death Benefit and the policy would terminate.

Maturity Benefit

At the end of the Policy Tenure of 20 years, (Total of all Monthly Basic Premiums paid) + (All Bachat Additions earned) + (Loyalty Addition) – (Survival Benefits already paid) is paid as Maturity Benefit and the policy is terminated.

Income Tax Benefit

Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

How it works

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In this plan premiums need to be paid for the entire Policy Term of 20 years. The Sum Assured is automatically calculated upto 180 times the Monthly Premium.
In this plan, there is Survival Benefit paid at the end of the 5th, 10th, 15th and 20th Policy Years which is equal to 20% of the Monthly Base Premium.
When the Policy matures after 20 Policy Years, the (basic Monthly Premiums paid during the Policy Term) + (Bachat Addition) + (Loyalty Additions) – (Survival Benefits already paid) are paid to the Life Insured as Maturity Benefit.
The Bachat Additions and the Loyalty Additions are calculated according to the Bands allocated based on the Basic Monthly Premium amount.
However, if the Life Insured dies within the policy tenure, the nominee would receive the higher of (Sum Assured or the total of Monthly Premiums paid till date) + (accrued Bachat Additions) + (Loyalty Additions) – (Survival Benefits already paid), as Death Benefit.
This plan also has Accidental Death Benefit Rider as an additional benefit.
Sample illustration of Surrender Benefit in BSLI Bachat Money Back Plan:
The below illustration is for a healthy Male (non-tobacco user) opting for a
Monthly Premium = Rs. 500
Annual Premium = Rs 6,000
Policy Term = 20 years

Bachat Addition Rate = 5%
Birla Sun Life Bachat Money Back Sample Surrender Benefits

Eligibility

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Minimum
Maximum
Sum Assured (in Rs.)
180 X Monthly Premium for ages 13 – 40
120 X Monthly Premium for ages 41 – 50
60 X Monthly Premium for ages 51 – 60
Monthly Base Premium (in Rs.)
400
5000
Policy Term (in years)
20 years
Premium Payment Term (in years)
20 years
Entry Age of Life Insured (in years)
13
60
Age at Maturity (in years)
-
80
Payment modes
Annual, Semi-Annual, Quarterly and Monthly

FAQs

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angle down iconWhat happens if you stop paying the premium?

If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can however be revived within 2 years from the date of first unpaid premium.

angle down iconWhat happens if you want to surrender the policy?

Surrender Benefit is allowed under this plan but after 3 policy years. There are no charges after 10 policy years.
Surrender Benefit = (Total Monthly Premiums paid – 1st year’s premium) x Surrender Factor (depending upon year of surrender) + Bachat Additions earned (After the 10th policy year) + Loyalty Addition (After the 15th policy year)

angle down iconWhat happens if you want a loan against your policy?

Loan facility is available under this policy after the 3rd policy year. The minimum loan amount is Rs. 5,000 and the maximum loan amount is 90% of the Surrender Benefit.