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Birla Sun Life Dream Life Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
Birla Sun Life Dream Life Plan
The Dream Life Plan from Birla Sun Life Insurance is a Unit Linked Non-Participating Endowment Plan. Thus it is a Non-Traditional Plan without Bonus Facility.
How it works – In this plan, the Premium Amount and the Savings Date are chosen and the Basic Sum Assured and the Guaranteed Savings Amount is calculated automatically. The premium can be paid for a period of 5, 10, 15 or 20 years as chosen while the policy continues till Whole Life. There is a Life Coverage of the Basic Sum Assured throughout the policy term. The Life Coverage can also be increased by choosing an Enhanced Sum Assured.
Thus, on the chosen Guaranteed Savings Date, higher of the Fund Value and the Guaranteed Savings Fund is paid as Maturity Benefit. The entire amount is invested in the only Fund in this plan, Enhancer Fund.
However, if the Life Insured dies before the Guaranteed Savings Date, the Sum Assured + the Fund Value + Enhanced Sum Assured, if any is paid as Death Benefit to the nominee and policy terminates.
This Plan has 5 additional riders and 1 Investment Fund available in this plan. This plan also has Guaranteed Additions.
Key Features of Birla Sun Life Dream Life Plan
This is a Unit Linked Insurance Plan without Bonus facility
This plan has Limited Payment option of 5, 10, 15 and 20 years
There is a Life Coverage of the Basic Sum Assured throughout the policy term.
The Life Coverage can also be increased by choosing an Enhanced Sum Assured.
The life coverage can be increased by opting for Enhanced Sum Assured.
There are Guaranteed Additions of 2.5% of the Basic Premiums paid in the last 60 months on 10th policy anniversary and on every 5 policy anniversary thereafter + 0.25% of the average Fund Value in the last 12 months is added every anniversary from 11th policy anniversary
There is a Minimum Guaranteed Amount which is payable as maturity Fund Value called Guaranteed Savings Value.
There are 5 additional riders available but only 1 investment fund that is available.
COMPARE THIS PLAN WITH OTHER ULIP PLANS
Benefits you get from Birla Sun Life Dream Life Plan
Death Benefit – If the Life Insured dies within the Policy Tenure, the Basic Sum Assured + Fund Value + Enhanced Sum Assured, if any would be paid as the Death Benefit and the policy would be terminated.
Maturity Benefit – The higher of the Fund Value or the Guaranteed Savings Fund is paid as Maturity Benefit. Guaranteed Savings Fund is the accumulation at 3% p.a. of all Premiums paid.
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
Eligibility conditions and other restrictions in Birla Sun Life Dream Life Plan
Minimum
Maximum
Basic Sum Assured (in Rs.)
The higher of 10 or the number of years to attain 70 years divided by 2, for entry ages below 45
The higher of 7 or the number of years to attain 70 years divided by 4, for entry ages 45 and above
Policy Term (in years)
Whole Life
Premium Payment Term (in years)
5, 10, 15
20
Entry Age of Life Insured (in years)
18
60
Guaranteed Savings Date (in years)
55 for Age at Entry=18-45
60 for Age at Entry=18-50
65 for Age at Entry=18-55
70 for Age at Entry=18-60
Age at Maturity on Guaranteed Savings Date (in years)
-
70
Annual Premium (in Rs.)
12,000 p.a.
No Limit
Payment modes
Annual, Semi-Annual, Quarterly and Monthly
Additional Features and Benefits of Birla Sun Life Dream Life Plan
Riders – There are 5 additional riders available in this policy:
BSLI Accidental Death and Disability Rider
BSLI Critical Illness Rider
BSLI Surgical Care Rider
BSLI Hospital Care Rider
BSLI Waiver of Premium Rider
Investment Fund Options - There is only 1 Investment Fund that is available: Enhancer Fund
Top-up - Not Allowed.
Switching - Not applicable as there is only 1 Fund that is available.
Partial Withdrawal - Unlimited partial withdrawals are allowed any time after completion of 5 Policy Years. The minimum amount of partial withdrawal is Rs. 5,000. There is no maximum limit, but a minimum Fund Value of Rs. 25,000 needs to be kept in the Fund Value.
Charges in BSLI Dream Life Plan
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
Policy Year
Premium Allocation Charge
1st Year
7.50%
2nd Year
6.50%
3rd Year onwards
5%
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
Policy Year
Policy Administration Charge
Year 1 to Year 5
Rs 20 p.m.
Year 6 onwards
Rs 25 p.m. inflating at 5% p.a. subject to a maximum of Rs 6000
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
Type
Charge
Enhancer Fund
1.25% p.a.
Investment Guarantee Charge – 2% of the Basic Premium is charged as Investment Guarantee Charge.
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.
Year of Discontinuation
Annual Premium <= Rs 25,000 p.a.
Annual Premium > Rs 25,000 p.a.
1st
Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000
Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2nd
Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3rd
Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500
Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4th
Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5th onwards
NIL
NIL
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.
What 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.
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.
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.
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
