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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.

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Investment Fund
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Death Benefit
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Maturity Benefit
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Key Features

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This is a simple Unit Linked Insurance Plan
Flexbility

The Premium amount, Premium Paying Term and the Savings Date is selected by the Policyholder

Death Benefit

The higher of Fund Value or Sum Assured is paid as Death Benefit

Maturity Benefit

The Fund Value is paid as Maturity Benefit on the Savings Date when the policy matures

Increase Sum Assured

There is an Option to increase Sum Assured under this plan

Premium Flexibility

There is a flexibility to pay premiums for only 5, 10, 15 or 20 years of the policy term.

Guaranteed Additions

There are Guaranteed Additions are received on maturity-

    • 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.
Rider Benefit
There are 5 riders available in this policy
  1. BSLI Accidental Death and Disability Rider
  2. BSLI Critical Illness Rider
  3. BSLI Surgical Care Rider
  4. BSLI Hospital Care Rider
  5. BSLI Waiver of Premium Rider
Investment Fund
The plan has 10 investment fund options:
  1. Income Advantage Fund
  2. Assure Fund
  3. Protector Fund
  4. Builder Fund
  5. Enhancer Fund
  6. Creator Fund
  7. Magnifier Fund
  8. Maximiser Fund
  9. Multiplier Fund
  10. Super 20 Fund

Benefits

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Death Benefit
In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.
Maturity Benefit
On maturity, the Fund Value is paid to the policyholder on the Savings Date.
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

How it works

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In this plan, premium needs to be paid as selected, either for 5 years or till the end of the Policy Term.
The Premium Amount, the Premium Paying Term and the Savings Date are chosen and the Basic Sum Assured is calculated automatically. The policy matures on the Savings Date. The insurance coverage can be increased by opting for Enhanced Sum Assured at inception for which an additional premium would be payable.
If the Life Insured dies before the Savings Date, the higher of the Fund Value or the Sum Assured along with Enhanced Sum Assured, if opted for, are paid to the nominee and the policy terminates.
However, if the Life Insured survives till the policy tenure is over, the Fund Value would be paid as Maturity Benefit on the Savings Date.
This plan also has Guaranteed Additions, 10 investment fund options and 5 additional riders available.

Eligibility

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Minimum
Maximum
Sum Assured (in Rs.)
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)
10
30
Premium Payment Term (in years)
5
Equal to Policy Term
Entry Age of Policyholder (in years)
1
65
Age at Maturity (in years)
18
75
Premium (in Rs.)
25,000 if paid annually
30,000 for all other modes
NA
Payment modes
Annual, Semi-Annual, Quarterly and Monthly

FAQs

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angle down iconIs top-up allowed?
Unlimited Top Up is allowed except in the last 5 years of the policy. Minimum Top Up premium is Rs 5,000. Each top up premium has a lock in of 5 years. Each Top Up premium is accompanied by Sum Assured according to the multiplier:
Less than 45 years- SA is 1.25 to 5 times
Greater than or equal to 45 years- SA is 1.10 to 5 times
angle down iconIs switching allowed?

Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000 or the Fund Value, whichever is lower.

angle down iconIs Partial Withdrawal allowed?
You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 25,000 should be maintained after Partial Withdrawal.
angle down iconWhat happens if you stop paying the premium before 5 years?

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.

angle down iconWhat happens if you stop paying the premium after 5 years?

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.

angle down iconWhat happens if you want to surrender the policy?
If the policy holder wants to surrender the policy before completing 5 years, then 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 policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
angle down iconWhat happens if you want a loan against your policy?

The minimum loan amount is Rs. 5,000 and the maximum loan amount is 40% of the fund value