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Birla Sun Life Classic Life Plan

BSLI Classic Life Plan is a Unit Linked Insurance Plan (ULIP). It is a Non-Traditional Plan without Bonus Facility.

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Death Benefit
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Income Tax Benefit
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Riders

Compare this plan with other Investment Plans

Birla Sun Life Classic Life Plan - Key Features

This is a simple Unit Linked Insurance Plan
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The Premium amount, Premium Paying Term and the Savings Date is selected by the Policyholder
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The higher of Fund Value or Sum Assured is paid as Death Benefit
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The Fund Value is paid as Maturity Benefit on the Savings Date when the policy matures
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There is an Option to increase Sum Assured under this plan
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There is a flexibility to pay premiums for only 5, 10, 15 or 20 years of the policy term.
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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...

There are 10 investment fund options and 5 additional riders that can be added.
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Birla Sun Life Classic Life Plan - Benefits

Death Benefit

In case of death of the Life Insured before the Savings Date, the nominee would get Sum Assured or Fund Value, whichever is higher + Enhanced Sum A...

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. The Maturity Procee...

Riders

There are 5 riders available in this policy
  1. BSLI Accidental Death and Disability Rider
  2. BSLI Critical Ill...

Investment Fund Options

The plan has 10 investment fund options:
  1. Income Advantage Fund
  2. Assure Fund
  3. Protector Fund
    4. ...

Top-up

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 ...

Switching

Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000.

Partial Withdrawal

 You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, w...

How it works

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 conditions and other restrictions in BSLI Classic Life Plan

  Minimum Maximum
Sum Assured (in Rs.)
The higher of 10 or (70 –Age at Entry)/2, for entry ages < 45 yrs
or
The higher of 7 or (70 –Age at Entry)/4, for entry ages >= 45 yrs
Policy Term (in years)
Till age 70
Premium Payment Term (in years)
5/10/15/20
Till Savings Date
Entry Age of Life Insured (in years)
18
60
Savings Date or Age at Maturity (in years)
Till age 55, 60 or 65 depending on age at entry
Till age 70
Premium (in Rs.)
25,000 p.a.
No Limit
Payment modes
Annual, Semi-Annual, Quarterly and Monthly
     

Birla Sun Life Classic Life Plan - FAQs

angle right iconWhat happens if policyholder 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 right iconWhat happens if policyholder 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 right iconWhat happens if policyholder 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 right iconWhat happens if policyholder 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