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.

 

 

 

• A parent or a grandparent till 65 years of age can apply for this plan.
• This is a Joint Life Insurance Policy wherein the parent is the primary life insured and the child is the secondary life insured. On the Savings Date, the child becomes the primary life insured and the parent becomes the secondary life insured
• The life coverage can be increased by opting for Enhanced Sum Assured.
• 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 policy anniversary thereafter + 0.25% of the average Fund Value in the last 12 months is added every anniversary from 11^th policy anniversary
• There are 4 additional riders available and 10 investment funds that are available.

 

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Death Benefit –

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

If the Parent dies- then Basic Sum Assured + Enhanced Sum Assured, if any and all future Basic Premiums are paid and the policy continues

If the child dies- The policy would be terminated on the Savings Date and the Fund Value would be paid out.

After the Savings Date- When the primary life insured child, Basic Sum Assured is paid

Upon the Last Death of either the Primary or Secondary Life Insured, the Fund Value is paid and the policy is terminated.

 

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

 

 

 

 

	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

 

 

 

Riders – There are 4 additional riders available in this policy:

1. BSLI Accidental Death and Disability Rider
2. BSLI Critical Illness Rider
3. BSLI Surgical Care Rider
4. BSLI Hospital Care Rider

 

 

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

1. Income Advantage Fund
2. Assure Fund
3. Protector Fund
4. Builder Fund
5. Enhancer Fund
6. Creator Fund
7. Magnifier Fund
8. Maximiser Fund
9. Multiplier Fund
10. Super 20  Fund

 

 

Top-up - 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.

 

Switching - Minimum Switch Amount = Rs 5000.

 

Partial Withdrawal - 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.

 

                                             

 

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.

 

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.

 

You want to surrender the policy – The 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

 

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.