BSLI Dream Endowment Plan

 

 

  

Policy opening date – 28^th August 2010

 

This is a unit-linked insurance policy (ULIP) where the premium amount is invested in the markets (debt, equity and cash market instruments). The value of investments may go up or down, hence the risk in ULIPS is borne by the policy holder and not by the insurance company.

 

 

• The policy adds a certain guaranteed amount to your investments from the 10^th policy year
• Option to choose a specific Guaranteed Savings date when the Fund Value would be paid out to the Life Insured
• Option to increase Sum Assured by opting for Enhanced Sum Assured

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Death Benefit – In case of death of the policy holder, the nominee gets Basic Sum Assured + Fund Value + Enhanced Sum Assured (if opted). Death benefit shall never be less than 105% of total basic premiums paid to date minus any previous partial withdrawals.

 

Maturity Benefit - If the policy holder survives the policy term, then he/she gets the higher of Fund Value + Guaranteed Savings Fund at maturity.

 

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 amounts you receive from this plan are exempt from tax under section 10(10D)

 

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	The higher of 10 or the number of  years to maturity divided by 2, for entry ages below 45 and The higher of 7 or the number of years to maturity divided by 4, for entry ages 45 and above	No limit
Policy Term (in years)	10 years	30 years
Premium Payment Term (in years)	5 years	Same as Policy term
Lock-in period	5 years
Entry Age of Policyholder	1 year	65 years
Age at Maturity	18 years	75 years
Regular premium	Annual- Rs 12000 Half-Yearly- Rs 15000 Quarterly- Rs 20000 Monthly- Rs 24000	No limit
Single premium	Not Allowed	Not Allowed
Payment modes	Yearly, Half-Yearly, Quarterly and Monthly (ECS)
Top-up premium	Not Allowed	Not Allowed

 

 

 

Riders – Some additional benefits can be taken in the form of riders by paying extra premium

 

 

Type of Rider	Available with Policy
Accidental death benefit	Yes
Permanent disability benefit	Yes
Waiver of premium benefit	Yes
Critical illness (or dread diseases) benefit	Yes
Increased death benefit / Term rider	Yes (called as Enhanced Sum Assured)
Hospital cash benefit	Yes
Surgical Care benefit	Yes

 

Investment Fund Options– Under this plan the policy holder gets the following fund options:

Fund Enhancer

 

Top-up - There is no top-up facility under this policy.

 

Switching - Since this policy has only one choice of investment fund, there is no switching facility.

 

Partial Withdrawal - The policy holder is allowed to make partial withdrawals in this policy after completing 5 policy years or when the Life Insured is 18 years of age, whichever is later. The minimum amount of partial withdrawal should be Rs. 5000. There is no maximum limit, but a minimum Fund Value of Rs. 25,000 needs to be maintained.

 

 

 

Policy Year	Premium Allocation Charge
1st Year	7.50%
2nd Year	6.50%
3rd Year onwards	5%

 

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

 

Type	Charge
Enhancer Fund	1.25% p.a.

 

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

Service Tax would be applicable on the charges depending on the applicable rates.

 

 

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will be discontinued and the accumulated fund value till that time minus discontinuance charge will be transferred to the Discontinued Policy Fund. The proceeds from this Discontinued Policy Fund 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 policyholder stops paying the premium after 5 years, then the insurance cover will be discontinued and the fund value shall be paid immediately and the policy would stand terminated.

 

You want to surrender the policy – The policy can be surrendered from the 6th (sixth) policy year. The surrender value will be equal to the fund value.

 

You want a loan against your policy – There is a loan facility under this policy. The minimum loan amount is Rs. 5,000 and the maximum loan amount is 40% of the fund value net of any discontinuance charge.

 

 

 

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