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Birla Sun Life Guaranteed Bachat Plan
This plan has been withdrawn by the insurance company and is no longer available for sale.
Birla Sun Life Guaranteed Bachat Plan
BSLI Guaranteed Bachat Plan is a Traditional Non-Participating Endowment plan. It means that the returns are guaranteed and there is no Bonus declared in this plan.
How it works – In this plan premiums need to be paid for the entire Policy Term. The Sum Assured is automatically calculated upto 5 times the Annual Premium. The Sum Assured increases every year by an amount equal to the base premium.
This plan offers Survival Benefit from the 3rd Policy Year onwards, which is calculated according to the GSec Rate. The Survival Benefit is calculated at the end of year and is credited towards the Accumulated Survival Benefit Account and is payable on Maturity, Surrender or earlier Death.
The Accumulated Survival Benefit Account can also be withdrawn and utilized to offset future premiums.
When the Policy Matures, Guaranteed Maturity Benefit + accumulated Survival Benefit are paid and the policy is terminated. The Guaranteed Maturity Benefit is calculated according to your age at entry of the Life Insured and the Policy Term
However, if the Life Insured dies within the policy tenure, the nominee would receive (the base Sum Assured + all Base Premiums paid till date except First Years’ Premium + accumulated Survival Benefit) as Death Benefit.
Key Features of BSLI Guaranteed Bachat Plan
This is a Traditional Plan without Bonus facility but with Loyalty Additions
This Plan provides Survival Benefit every year from the 3rd Policy Year onwards which can be withdrawn anytime or can be used to offset future premiums.
Guaranteed Maturity Benefit is provided at the policy maturity, over and above the Survival Benefits. The Guaranteed Maturity Benefit is based on the Age at Entry, Policy Term and the amount of annual premium paid.
The Life Cover increases every year by an amount equal to the base Annual Premium.
There is an additional 15% of the base Survival benefit that is paid for Annual Premium of Rs 6000 or more.
The Survival Benefit depends on The Government of India Securities rate (GSec rate) which is declared each year
Any accumulated survival benefits will be payable on maturity, surrender or death.
There is an option of preponement of the date of Maturity of the policy after 10 policy years.
There are no Policy Preponement charges after 20 policy years.
In case of Policy Preponement, the policyholder would receive Guaranteed Maturity Benefit - Early Maturity Adjustment + Accumulated Survival Benefits
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from BSLI Guaranteed Bachat Plan
Death Benefit – In case of death of the Life Insured, the nominee Base Sum Assured + all base premiums paid till date - first year’s premium +all accumulated survival benefits.
Survival Benefit— The Survival Benefit is linked to the Annual Base Premium
Annual Premium Band
Annual Premium Range
Rs 3,600 to Rs 4,800
Base Survival Benefit
Rs 6,000 to Rs 8,400
15% more than Base Survival Benefit
The Base Survival Benefit is calculated according to the GSec Rate declared every year. The The Survival Benefit will be calculated at the end of every policy year and credited to the policy's accumulated Survival Benefit and paid on Surrender, Maturity or earlier Death.
Maturity Benefit – When the Policy matures, Guaranteed Maturity Benefit + accumulated Survival Benefit are paid as Maturity Benefit.
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 BSLI Guaranteed Bachat Plan
Sum Assured (in Rs.)
Annual Premium (in Rs.) in Multiples of Rs 1200
Policy Term (in years)
[70 – Age at Entry] subject to a maximum of 40 years
Premium Payment Term (in years)
Entry Age of Life Insured (in years)
Age at Maturity (in years)
Annual, Semi-Annual, Quarterly and Monthly
Sample illustration of Maturity Benefit in BSLI Guaranteed Bachat Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a
Base Annual Premium = Rs 1,200
Policy Term = 25 years
Additional Features and Benefits of BSLI Guaranteed Bachat Plan
Riders – There are no additional riders available in this policy:
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. If the Policy has acquired Surrender Value then the policy continues on a reduced paid-up basis.
The policy can however be revived within 2 years from the date of first unpaid premium.
You want to surrender the policy – The policy acquires a Surrender Value after 3 Policy Years.
If the policy needs to be surrendered before completion of 10 policy years, a percentage of the Total Base Premiums Paid till date + accumulated Survival Benefits would be paid as Surrender Benefit.
You want a loan against your policy – Loan is allowed after the policy acquires a Surrender Value. The minimum policy loan is Rs. 5,000 and the maximum is 90% of the surrender benefit