Birla Sun Life Insurance-Protector Plus Plan

Birla Sun Life Insurance-Protector Plus Plan Review

This term insurance plan provides financial security to your loved ones with options to choose the same assured for the entire term or increasing Sum Assured by 5% or 10% every year. You can select minimum Sum Assured of Rs 50 Lakhs. For people who want a higher protection, there is no limit on the maximum Sum Assured. The premium rates are different for males (smoker and non-smoker) and or females (smoker and non-smoker).

Key Features of Birla Sun Life Insurance-Protector Plus Plan

• Financial protection to the beneficiary at an affordable premium
• Freedom to choose increasing Sum Assured
• On choosing Increasing Sum Assured of 5% or 10%, the Sum Assured increases by the same percentage without any increase in the premium amount
• Payments can be made monthly, quarterly, half-yearly or annually
• Premium reduction for females
• Choice of 5 Rider options for extra protection
• Income tax benefit

Benefits you get from Birla Sun Life Insurance-Protector Plus Plan

• Death Benefit - In case of Death of the Life Insured the Sum Assured is paid to the nominee and the policy ends
• Maturity Benefit – If the policyholder (life insured) survives till the end of the policy (maturity), then no benefit is payable and the policy ends
• Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C

 Eligibility conditions and other restrictions in Birla Sun Life Insurance-Protector Plus Plan

Sample illustration of premium amount in Birla Sun Life Insurance-Protector Plus Plan

The below illustration is for a healthy Male (non-smoker), Age = 35 years opting for a Sum Assured = Rs 1 Crore and Policy Term = 20 years

Additional Features and Benefits of Birla Sun Life Insurance-Protector Plus Plan

Sum Assured Options – 3 options to suit varying customer needs

§  Level Term – Sum Assured remains constant for the entire policy term

§  Increasing Sum Assured @ 5% – Sum Assured gets increased by 5% on every policy anniversary

§  Increasing Sum Assured @ 10% – Sum Assured gets increased by 10% on every policy anniversary

Riders – There are 5 rider options available at an extra amount

• Critical Illness Rider
• Accidental Death and Disability Rider
• Surgical Care Rider
• Waiver of Premium Rider
• Hospital Care Rider 

Plan Details

Step 1: Choose your sum assured and plan option (Level term/Increasing term)
Step 2: Choose your Policy Term and Premium Paying Term

Let's Understand The Plan With An Example:
Atul, a 35 year old professional, chooses BSLI Protector Plus Plan with the Sum Assured of Rs. 10,000,000. The below table explains the premiums as per the selected Sum Assured options.

Premiums shown above are prior to service tax and education cess as applicable.

Tax Benefits

• Under section 80C of the Income Tax Act, premiums paid up to Rs. 1,00,000  are allowed for deduction
• Under section 80D of the Income Tax Act, premiums paid for riders up to Rs. 15,000 (in case of Senior Citizens up to Rs. 20,000) are allowed for deduction
• Under section 10 (10D) of the Income Tax Act, the benefits received from this plan are exempt from tax

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
• You want to surrender the policy – There are no surrender benefits under this term plan
• You want a loan against your policy – Loan facility is not available under this policy