BSLI Term Plan
Birla Sun Life Term Plan is a pure term insurance policy which offers high coverage at low and attractive premiums. This policy is not necessarily for high coverage but quite affordable even at lower coverage.
Key Features
There are 3 riders available in this policy
· Accidental Death and Dismemberment rider
· Critical Illness rider
· Waiver of Premium rider
Benefits
In case of death of the policy holder, the nominee gets the sum assured under the plan
Being a pure term plan, there are no maturity benefits under this plan.
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
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 2,50,000 for single premium and 2,00,000 for regular | No limit |
| Policy Term (in years) | 5 | 25 |
| Premium Payment Term (in years) | Single | Equal to policy term |
| Entry Age of Policyholder (in years) | 18 | 55 |
| Age at Maturity | NA | Not Specified |
| Single premium | Not Specified | Not Specified |
| Payment modes | Single, Annual, Semi-Annual, Quarterly and Monthly | |
Sample illustration of premium amount in BSLI 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.
What happens if you want to surrender the policy ?There are no surrender benefits under this term plan.
What happens if you want a loan against your policy ?Loan facility is not available under this policy.
