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Birla Sun Life Insurance-Hospital Plus Plan

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Birla Sun Life Insurance-Hospital Plus Review

BSLI Hospital Plus Plan is a health insurance plan offered by the company which protects the policyholder’s finances against the huge hospital bills. It is a fixed benefit plan which pays a fixed amount of benefit in case of any hospitalization.


Highlights of Birla Sun Life Insurance-Hospital Plus Plan

  • This is a traditional health insurance plan which pays benefits up on hospitalization.
  • The benefit paid is fixed beforehand irrespective of the actual amount of costs incurred.
  • The plan provides an option of 4 benefit covers to choose from.
  • The plan can be taken as an individual plan for self or as a Family cover for the family. Family includes self, spouse, dependent children, dependent parents and dependent parents-in-law.
  • The plan has an inbuilt accidental benefit clause which pays an additional benefit on accidental hospitalization.


Working of the Birla Sun Life Insurance-Hospital Plus Plan

  • The policyholder chooses the plan benefit option and the members to be covered (a maximum of 4 adults can be covered under the family plan option).
  • Premiums would be decided based on the benefit option selected and the number of members covered. Premiums are to be paid for the entire 5 years of the policy tenure at a uniform rate.
  • The premium rates for the secondary life assured in case of a family cover would be calculated by giving a 10% discount in the premium rates of the principal life assured for plan option A and B and 5% for plan option C and D.
  • Upon hospitalization, the specified benefits would be paid.


Benefits and Features of Birla Sun Life Insurance-Hospital Plus Plan

  • Maturity Benefit – There is no maturity benefit payable under the plan.
  • Death Benefit – The plan has no death benefit payable. If the principal life assured dies, the next oldest member would be made the primary life assured and the plan would continue. If any other member dies during the specified tenure, the coverage for that member would be excluded and the premium would be duly reduced while the plan would continue till the tenure is completed. On plan renewal after 5 years, the plan would be revised consisting of the remaining members with a new premium rate.
  • Hospitalization benefits – The plan pays out hospitalization benefits when the insured member is hospitalized. Three different types of benefits are payable under the plan which are as follows:
    • Daily Hospitalization Cash Benefit (DHCB) – If any member insured under the plan is hospitalized for a period of more than 48 hours, the DHCB is paid based upon the plan benefit option selected. If the insured member is admitted to the ICU where the DHCB benefit is being paid, an additional amount is paid for ICU admission. This additional benefit would be equal to the DHCB benefit payable under the plan.
    • Accidental Hospitalization Benefit (AHB) – If the insured member is hospitalized following an accident, an additional AHB is payable apart from the DHCB benefit paid.
    • Recuperative Benefit (RB) – If the insured member is hospitalized for a continuous period of 10 days where the DHCB is already being paid, an additional RB is also paid. This benefit would be a lump sum benefit paid once in each policy year and would be equal to the one day DHCB paid under the plan.
      The plan benefit options and the amount of benefit payable under each category depending on such options are mentioned in the table below:
Benefits payable Benefit option A Benefit Option B Benefit Option C Benefit Option D
Sum Assured Rs.75,000 Rs.225,000 Rs.375,000 Rs.562,500
Daily Hospitalization Cash Benefit (DHCB) Rs.1000 per day Rs.3000 per day Rs.5000 per day Rs.7500 per day
Additional ICU benefit Rs.1000 per day Rs.3000 per day Rs.5000 per day Rs.7500 per day
Accidental Hospitalization Benefit (AHB) Rs.1000 per day Rs.3000 per day Rs.5000 per day Rs.7500 per day
Recuperative Benefit (RB) Rs.1000 Rs.3000 Rs.5000 Rs.7500

There is a limit in the payment of these benefits. The limits are expressed as those payable in a policy year and also as those payable during the plan tenure of 5 years. The maximum limit of such benefits in both these terms is mentioned in the table below:
Benefits payable Benefit option A Benefit Option B Benefit Option C Benefit Option D
Annual limit per life Term limit per life Annual limit per life Term limit per life Annual limit per life Term limit per life Annual limit per life Term limit per life
DHCB + Additional ICU benefit Rs.64,000 Rs.3 lakhs Rs.1.92 lakhs Rs.9 lakhs Rs.3.2 lakhs Rs.15 lakhs Rs.4.8 lakhs Rs.22.5 lakhs
AHB Rs.10,000 Rs.30,000 Rs.30,000 Rs.90,000 Rs.50,000 Rs.1.5 lakhs Rs.75,000 Rs.2.25 lakhs
RB Rs.1000 Rs.5000 Rs.3000 Rs.15,000 Rs.5000 Rs.25,000 Rs.7500 Rs.37,500
 
  • 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 80Dof the Income Tax Act up to specified limits.


Eligibility Criteria of Birla Sun Life Insurance-Hospital Plus Plan

The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
  Minimum Maximum
Entry age of an adult (Last Birthday) 18 years 65 years
Entry age of the child (Last Birthday) 3 months 17 years
Renewal Age (Last Birthday) NA Adult – 95 years
Dependent child - 17 years
Plan tenure 5 years
Premium payable for one adult Benefit option A – Rs.1225
Benefit Option B – Rs.2874
Benefit option C – Rs.4523
Benefit option D – Rs.6585
Benefit option A – Rs.4699
Benefit Option B – Rs.13,298
Benefit option C – Rs.21,896
Benefit option D – Rs.13,725
Premium Paying Term Equal to plan term
Sum Assured Benefit option A – Rs.75,000
Benefit Option B – Rs.225,000
Benefit option C – Rs.325,000
Benefit option D – Rs.562,500
Premium payment mode Monthly and annually



Additional Benefits of Birla Sun Life Insurance-Hospital Plus Plan

  • Riders – Riders are not available with the plan.
  • 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


Premium Illustration

The following chart shows the sample premium rates of the different benefit options for two age bands:



The tabulated rates of premiums are as follows:
Plan Option Age 31-35 years Age - 36-40 years
Benefit Option A 1,424 1,542
Benefit Option B 3,472 3,827
Benefit Option C 5,520 6,111
Benefit Option D 8,080 8,966



Exclusions in Birla Sun Life Insurance-Hospital Plus Plan

  • New lives would not be included under the plan cover midterm. Such inclusions would be done on the next policy anniversary.
  • A waiting period of 90 days would be applicable for availing the plan benefits. Hospitalization within this 90 day waiting period would not attract benefits. However, the waiting period would not be applicable for hospitalization due to accidents.
  • Benefits for pre-existing illnesses are payable only after a continuous coverage of 48 months.
  • Hospitalization and treatments which are medically not necessary are not provided for.
  • Other treatments which are excluded include weight reduction or improvement treatments, dental or cosmetic surgeries, infertility treatments, pregnancy and related treatments, general diagnosis or X-ray hospitalizations, experimental treatments, etc.


Non-Payment of premium in Birla Sun Life Insurance-Hospital Plus Plan

Premiums have to be paid for the specified tenure failing which the plan would lapse and no benefits would be payable. The plan does not acquire any Surrender Value or Paid-up Value.
 
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