BSLI High Net Worth Term Plan
Birla Sun Life High Net Worth Term Plan is a pure term plan for high coverage. Thus if someone wishes to buy a vanilla term plan for a very high sum assured, then this plan is a very good option. In this plan also, like any other pure term plans, the sum assured is paid to the nominee if the life insured dies and nothing is payable on maturity.
Key Features
There are 4 riders available in this policy
· Accidental Death and Dismemberment rider
· Critical Illness rider
· Critical Illness Women rider
· Waiver of Premium rider
Benefits
In case of death of the policy holder, the nominee gets the entire sum assured under the plan that has been opted for.
No Maturity benefits available in this policy.
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
The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
| Minimum | Maximum | |
| Entry Age of Policyholder (in years) | 18 | 65 |
| Age at Maturity | NA | 75 |
| Single premium | NA | |
| Premium payable | Rs.18,000 | No Limit |
| Premium Paying Term (PPT) | Equal to policy term | |
| Sum Assured | 50,00,000 | No limit |
| Premium payment mode | Annual, Semi-Annual, Quarterly and Monthly(ECS only) | |
Sample illustration of premium amount in BSLI High Net Worth Term Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
FAQs
What 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. It can however be re-instated within 2 years from the first unpaid premium.
What happens if you want to surrender the policy?There are no surrender benefits under this High Net Worth Term Plan.
What happens if you want a loan against your policy ?Loan facility is not available under this policy.
