Birla Sun Life Insurance- Future Guard Plan

Birla Sun Life Insurance- Future Guard Plan Review

BSLI Future Guard Plan is a traditional Term insurance plan along with the Return of Premium option. Thus, the plan provides protection in case of death and also returns the premiums paid if the plan matures.

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Highlights of the Birla Sun Life Insurance- Future Guard Plan

• This is a traditional Term Assurance plan which provides affordable protection.
• Other than the guaranteed death benefit, the plan also returns the premiums paid on maturity. 
• The plan comes in two variants.
• Females are charged a lower rate of premium compared to males.

Working of the Birla Sun Life Insurance- Future Guard Plan

• The policyholder chooses the Sum Assured, the plan variant and the plan tenure. Based on these parameters, age and gender the amount of premium payable is determined. 
• Premiums are payable for the entire tenure of the plan. 
• In case of death, the death benefit available under the plan is paid.
• When the plan matures, the premiums paid are returned depending on the plan type and plan tenure.

COMPARE THIS PLAN WITH OTHER TERM PLANS

Amount you wish to be covered for? 10 Lakhs 15 Lakhs 20 Lakhs 25 Lakhs 30 Lakhs 35 Lakhs 50 Lakhs 75 Lakhs 1 Crore 1.5 Crore 2 Crore 2.5 Crore 3 Crore 4 Crore 5 Crore 10 Crore 15 Crore 20 Crore 25 Crore

Duration of Policy? 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years 41 Years 42 Years 43 Years 44 Years 45 Years 46 Years 47 Years 48 Years 49 Years 50 Years 51 Years 52 Years 53 Years 54 Years 55 Years 56 Years 57 Years 58 Years 59 Years 60 Years

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Benefits and Features of Birla Sun Life Insurance- Future Guard Plan

• Maturity Benefit – When the plan attains maturity the maturity benefit paid would be a percentage of the total premiums paid under the plan. The percentage depends on the type of plan opted and the plan tenure. The percentage of premiums paid as maturity benefit is as follows:

Plan Type	Term-10 years	Term-15 years	Term-20 years	Term-25 years	Term-30 years
A	100%	100%	100%	100%	100%
B	110%	120%	130%	140%	150%

 

• Death Benefit – If the life insured dies during the tenure of the plan the Sum Assured on Death is paid. The Sum Assured on death would be the highest of the following:
  • Sum Assured
  • Maturity Sum Assured 
  • 10 times the annual premium
  • 105% of total premiums paid till death
• Bonus – This is a non-participating plan and as such, bonuses are not declared. 
• Loan –Loans are not available under the plan.
• Tax benefit – Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.

 

Eligibility Criteria of Birla Sun Life Insurance- Future Guard Plan

The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
 

	Minimum	Maximum
Entry age (Last Birthday)	18 years	65 years
Maturity Age (Last Birthday)	NA	75 years
Plan tenure	10, 15, 20, 25 or 30 years
Premium payable	Depends on Sum Assured, age and plan tenure
Premium Paying Term	Equal to plan term
Sum Assured	Rs.5 lakhs	No limit
Premium payment mode	Monthly, quarterly, half-yearly and annually

Additional Benefits of Birla Sun Life Insurance- Future Guard Plan

• Riders – Five additional riders are available which can be attached to the plan for a comprehensive coverage. The riders are:
  • BSLI Accidental Death and Disability Rider
  • BSLI Critical Illness Rider
  • BSLI Surgical Care Rider
  • BSLI Hospital Care Rider
  • BSLI Waiver of Premium Rider
• Grace Period – A grace period of 30 days is allowed for payment of premium after the due date for all modes of premium payment. The life cover under the policy would continue during the grace period.
• Free Look Period – A cooling off period or a free look period of 15 days (30 days for distance marketing channels) is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid.

Plan Details

Let's Understand The Plan With An Example:

Premium Illustration

The following chart shows the amount of premium payable by a 30 year male for the two plan variants. Different combinations of terms and Sum Assured are considered for calculation purposes.



The tabulated rates of premiums are as follows:
 

Sum Assured	Term – 15 years		Term – 20 years		Term – 25 years
Rs.5 lakhs	6,765	12,055	5,885	9,600	5,325	7,760
Rs.8 lakhs	10,824	19,288	9,416	15,360	8,520	12,416

Exclusions in Birla Sun Life Insurance- Future Guard Plan

• If the policyholder commits suicide within a year of policy issuance or revival, higher of 80% of the premiums paid or the Surrender Value acquired would be paid.

Non-Payment of premium in Birla Sun Life Insurance- Future Guard Plan

Premiums have to be paid for 3 years failing which the policy lapses and no benefits are payable. If the premiums have been paid for the minimum specified duration and thereafter the premiums are discontinued, the policy can be surrendered, made paid-up or revived. If at least 2 full years’ premiums have been paid, the maturity or death benefit under the plan would be limited to 10% of all premiums paid.

Making the policy Paid-up

One can make the policy paid-up only if 3 years’ premiums have been paid. On making the policy paid-up, the death and the maturity benefit would be reduced. The benefits payable would be as follows:
Death benefit – Sum Assured on death* (total premiums paid/total premiums payable)
Maturity Benefit – Maturity Sum Assured * (total premiums paid/total premiums payable)

Surrendering the policy

The plan acquires a Surrender Value only if 3 years’ premiums have been paid. On surrendering the plan, higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV) would be paid to the policyholder. 

• GSV = GSV Factor * total premiums paid till the date of surrender 
• The Special Surrender Value would be determined by the company at periodic intervals.

Revival 

Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest charged by the insurer to revive his policy.