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BSLI Money Back Plus Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Birla Sun Life Insurance Money Back Plus Plan
 
BSLI Money Back Plus 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 premium need to be paid for the entire Policy Term. The Sum Assured is automatically calculated upto 10 times the Base 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 10 year GSec (Government of India Security) 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 The Accumulated Survival Benefit Account can also be withdrawn and utilized to offset future premiums.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 as Maturity Benefit 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 + accumulated Survival Benefit) as Death Benefit and the policy terminates.
 
This plan also has an additional Accidental Death and Dismemberment Benefit rider.
 
 
Key Features of Birla Sun Life Money Back Plus Policy
 
  • This is a Traditional Plan without Bonus facility
  • The Life Coverage of the plan increases every year by an amount equal to the annual base premium
  • This plan offers a Guaranteed Survival Benefit at the end of every policy year from the 3rd Policy Year onwards
  • The Guaranteed Maturity Benefit is paid at the end of the policy tenure over and above the Survival Benefits already paid
  • There is an additional Guaranteed Survival Benefit for premiums more than Rs 18000 p.a.
  • The Guaranteed Maturity Benefit is calculated according to your age at entry of the Life Insured and the Policy Term
  • The policy maturity can be pre-poned but subject to charges
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 
Benefits you get from Birla Sun Life Money Back Plus Insurance Plan
 
Death Benefit – In case of death of the Life Insured, the nominee gets the Base Sum Assured of 10 times the Annual Base Premium + all Base Premiums paid till date + accumulated Survival Benefit as Death Benefit and the policy terminates.
 
Survival Benefit— The Guaranteed Survival Benefit is also calculated automatically.
 

 

Premium Amount
Survival Benefit due
Rs 9,600 – Rs 18,000
Base Survival Benefit
Rs 19,200 – Rs 37,200
Base Survival Benefit + 5% additional
Rs 38,400 onwards
Base Survival Benefit + 7% additional
 
Maturity Benefit – At the end of the Policy Tenure, the Guaranteed Maturity Benefit + accumulated Survival Benefit is 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. Under Section 10(10D), the Maturity Benefit is also exempt from tax, subject to mentioned exclusions
 
 
Eligibility conditions & other restrictions in Birla Sun Life Money Back Plus Insurance Policy
 

 

 
Minimum
Maximum
Base Sum Assured (in Rs.)
10 X Annual Base Premium
Premium (in Rs.)
9600 p.a.
No LImit
Policy Term (in years)
10
40
Premium Payment Term (in years)
20 years
Entry Age of Life Insured (in years)
30 days
60
Age at Maturity (in years)
-
80
Payment modes
Annual, Semi-Annual, Quarterly and Monthly
 
 
Sample illustration of Guaranteed Maturity Benefit in BSLI Money Back Plus Plan
 
The below illustration is for a healthy Male (non-tobacco user) opting for a
Base Annual Premium = Rs 1,200
Policy Term = 20 years

The Guaranteed Maturity Benefit is calculated according to your age at entry of the Life Insured and the Policy Term

Birla Sun Life Money Back Plus Insurance Plan Sample Benefits

 

 

 

 

Additional Features and Benefits of BSLI Money Back Plus Plan
 
Riders – There are 1 rider available in this policy:
  • Accidental Death and Dismemberment Rider
 
 
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. 10,000 and the maximum is 90% of the surrender benefit






 
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