BSLI Classic Endowment Plan

BSLI Classic Child Plan from Birla Sun Life Insurance is a unit linked non-participating child plan, where the parent is the primary life insured and the child is the secondary life insured till the Savings Date, when the child becomes the primary life insured. This is a Double Benefit plan, where both the Sum Assured and the Fund Value is paid on death of the primary life insured.

The Premium Amount and the Savings Date, subject to child’s age between 18 to 27 years, are chosen and the Basic Sum Assured is calculated automatically. Thus, on the Savings Date, the child becomes the primary life insured and no further premium is paid. However the policy continues for another 20 years till the end of the policy tenure. If the parent dies before the Savings Date, the Sum Assured is paid to take care of the immediate expenses and the future premiums are paid by the insurer and the policy continues. On Savings Date, the child becomes the primary life insured and the Fund Value is paid out on the policy maturity.

Our Advice – This policy from Birla Sun Life Insurance offers returns and additions such that the child does not face any financial crunch when the money is required even if the parent or the grandparent, whoever has taken the policy for the benefit of the child, is not alive. Hence it is a guarantee that you can provide for your child by insuring your life for her bright future and career and most importantly your dreams as both you and your child is covered under the same plan.

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Investment Fund Options
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Guaranteed Additions
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Enhanced Sum Assured

Compare this plan with other Investment Plans

BSLI Classic Endowment Plan - Key Features

A parent or a grandparent till 65 years of age can apply for this plan.
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Joint Life Insurance Policy
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This is a Joint Life Insurance Policy wherein the parent is the primary life insured and the child is the secondary life insured. ...

Enhanced Sum Assured
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The life coverage can be increased by opting for Enhanced Sum Assured.

Guaranteed Additions
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There are Guaranteed Additions of 2.5% of the Basic Premiums paid in the last 60 months on 10th policy anniversary and on every 5 ...

Rider Benefit
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There are 4 additional riders available in this policy:

  1. BSLI Accidental Death and Disability Rider
  2. BSLI Critical Illness Ride...

Investment Fund Options
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Investment Fund Options - There are 10 Investment Fund that are available:

  1. Income A...

BSLI Classic Endowment Plan - Benefits

Death Benefit

Before the Savings Date- When the primary life insured is the parent

If the Parent dies- then Basic Sum As...

Maturity Benefit

The Fund Value is paid.

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

Eligibility conditions and other restrictions in BSLI Classic Child Plan

  Minimum Maximum
Basic Sum Assured The higher of 10 or the number of years to maturity divided by 2, for entry ages below 45


The higher of 7 or the number of years to maturity divided by 4, for entry ages 45

Policy Term Savings Date + 20 years
Premium Payment Term Till Savings Date
Entry Age of Parent/Grandparent 18 years 65 years
Entry Age of Child 30 days 17 years
Age at Maturity on Savings Date - 75 years
Single premium NA NA
Payment modes Annual, Semi-Annual, Quarterly and Monthly

BSLI Classic Endowment Plan - FAQs

angle right iconIs top up allowed?

The minimum Top Up Amount is Rs 5000 and can be paid anytime during the policy term, except in the last 5 years. The Sum Assured increases automatically.

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Minimum Switch Amount = Rs 5000.

angle right iconIs partial withdrawal allowed?

Unlimited partial withdrawals are allowed any time after completion of 5 Policy Years or the child is at least 18 years of age, whichever is later. The minimum amount of partial withdrawal is Rs. 5,000. There is no maximum limit, but a minimum Fund Value of Rs. 25,000 needs to be kept in the Fund Value.

angle right iconWhat happens if you stop paying the premium before 5 years?

If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

angle right iconWhat happens if you stop paying the premium after 5 years?

If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

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

he policy can be surrendered anytime after 5 policy years and the Fund Value will be paid out.

Prior to Savings Date, in situations where the primary life insured (grand /parent) is dead, the secondary life insured (child) can surrender the policy anytime after attaining age 18

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

There is loan available under this plan. The minimum loan amount is Rs. 5,000 and the maximum loan amount is 40% of the fund value.