Birla Sun Life Classic Endowment Plan
BSLI Classic Endowment Plan is a unit linked insurance plan (ULIP). It is a Non-Traditional Plan without Bonus Facility.
Key Features
The Premium amount, Premium Paying Term and the Savings Date is selected by the Policyholder
The higher of Fund Value or Sum Assured is paid as Death Benefit
The Fund Value is paid as Maturity Benefit on the Savings Date when the policy matures
There is an Option to increase Sum Assured under this plan
There is a flexibility to pay premiums for only 5, 10, 15 or 20 years of the policy term.
There are Guaranteed Additions are received on maturity-
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- On the 10th policy anniversary and on every 5 policy anniversary thereafter, a Guaranteed Addition of 2.50% of the Basic Premiums paid in the last 60 months.
- In addition to that on the 11th policy anniversary and every policy anniversary thereafter, a Guaranteed Addition of 0.25% of the average Fund Value in the last 12 months is paid.
- BSLI Accidental Death and Disability Rider
- BSLI Critical Illness Rider
- BSLI Surgical Care Rider
- BSLI Hospital Care Rider
- BSLI Waiver of Premium Rider
- Income Advantage Fund
- Assure Fund
- Protector Fund
- Builder Fund
- Enhancer Fund
- Creator Fund
- Magnifier Fund
- Maximiser Fund
- Multiplier Fund
- Super 20 Fund
Benefits
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
How it works
Eligibility
Minimum
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Maximum
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Sum Assured (in Rs.)
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For age < 45 years, SA = Higher of (10 X AP) or (0.5 X T X AP)
For age >= 45 years, SA = Higher of (7 X AP) or (0.25 X T X AP)
|
|
Policy Term (in years)
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10
|
30
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Premium Payment Term (in years)
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5
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Equal to Policy Term
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Entry Age of Policyholder (in years)
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1
|
65
|
Age at Maturity (in years)
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18
|
75
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Premium (in Rs.)
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25,000 if paid annually
30,000 for all other modes
|
NA
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Payment modes
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Annual, Semi-Annual, Quarterly and Monthly
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FAQs
Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000 or the Fund Value, whichever is lower.
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.
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.
The minimum loan amount is Rs. 5,000 and the maximum loan amount is 40% of the fund value