BSLI Premium Back Term Plan

Birla Sun Life Premium Back Term Plan is a variant of term plan where the nominee would get the sum assured on death of the life insured along with the premiums paid till date and on maturity, the policyholder would get back the entire premium paid according to the option selected.

• It is a term plan where Death Benefit is paid to nominee if the life insured dies within the policy term and Maturity Benefit is paid if the life insured survives the entire term
• There are 3 riders available for additional protection
• There are 2 options of Maturity benefit of 100% or 125% of premiums paid would be returned on death or maturity

Death Benefit – In case of death of the policy holder, the nominee gets according to the plan option selected

·         the sum assured + 100% of the premiums paid till date, under the plan or

·         the sum assured + 125% of the premiums paid till date, under the plan
 

Maturity Benefit – There are 2 options of Maturity Benefit:

·         100% of premiums paid would be returned on maturity of the policy  or

·         125% of premiums paid would be returned on maturity of the policy.

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

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 20 years and Maturity Benefit Option=125% of Premium paid

Riders – There are 3 riders available in this policy

·         Accidental Death and Dismemberment rider

·         Critical Illness rider

·         Waiver of Premium rider

• 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.
• You want to surrender the policy – There is surrender options available under this plan, but it varies from various policy terms and the year in which it has been surrendered.
• You want a loan against your policy – Loan facility is not available under this policy.