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Birla Sun Life Platinum Advantage 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This plan has been withdrawn by the insurance company and is no longer available for sale.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 Platinum Advantage Plan
 
BSLI Platinum Advantage Plan is a Unit Linked Insurance Plan (ULIP). It is a Non-Traditional Plan without Bonus Facility.
 
How it works – In this plan, premium needs to be paid for the first 5 years of the policy but the policy continues till the end of the Policy Tenure of 10 years. The Sum Assured is automatically calculated. The insurance coverage can be increased by opting for Enhanced Sum Assured at inception for which an additional premium would be payable. 
 
There are 10 funds for Investment Purpose under Self Managed Option and there is a Highest Guaranteed NAV under Guaranteed Option where the money is invested in the Platinum Advantage Fund. In case of Guaranteed Option, (the difference between the Guaranteed Unit price and the Platinum Fund Advantage NAV) X (number of units) is also paid in addition to the Fund Value.
 
Thus, at the end of the Policy tenure, the Fund Value is paid as the Maturity Benefit and the policy terminates.
 
However, if the Life Insured dies within the Policy Tenure, the higher of the Fund Value and the Basic Sum Assured along with Enhanced Sum Assured, if opted for, are paid to the nominee and the policy terminates.
 
This plan also has 5 additional riders available.
 
 
Key Features of Birla Sun Life Platinum Advantage Insurance Plan
 
  • This is a Unit Linked Insurance Plan without Bonus facility
  • Premium is paid for only 5 years while policy is for 10 years
  • There is an Option to increase Sum Assured under this plan with Enhanced Sum Assured
  • The higher of Fund Value or Sum Assured + Enhanced Sum Assured is paid as Death Benefit
  • The Fund Value is paid as Maturity Benefit when the policy matures
  • There are 2 investment strategies- Self Managed Option and Guaranteed Option
  • Under Guaranteed Option, the highest NAV of the last 7 years and 3 months since start is guaranteed
  • In case of Guaranteed Option, (the difference between the Guaranteed Unit price and the Platinum Fund Advantage NAV) X (number of units) is also paid in addition to the Fund Value
  • There are 10 investment fund options and 5 additional riders that can be added

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Benefits you get from BSLI Platinum Advantage Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, (the higher of the Basic Sum Assured and the Fund Value) + (Enhance Sum Assured, if any) are paid as Death Benefit and the policy is terminated.
 
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.
 
In case of Guaranteed Option, (the difference between the Guaranteed Unit price and the Platinum Fund Advantage NAV) X (number of units) is also paid in addition to the Fund Value.
 
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 Proceeds are Tax Free under section 10(10)D subject to fulfilment of all requirements.
 
 
Eligibility conditions & other restrictions in BSLI Platinum Advantage Plan
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
10 X AP for entry ages < 45 yrs and
7 X AP for entry ages >= 45 yrs
Enhanced Sum Assured (in Rs.)
50,000 Not exceeding Basic Sum Assured
No Limit, depends on underwriting
Policy Term (in years)
10
Premium Payment Term (in years)
5
Entry Age of Life Insured (in years)
8
70
Age at Maturity (in years)
-
80
Premium (in Rs.)
25,000 p.a.
No Limit
Payment modes
Annual, Semi-Annual, Quarterly and Monthly
 
 
Additional Features and Benefits of BSLI Platinum Advantage Plan
 
Riders – There are 5 riders available in this policy
  1. BSLI Accidental Death and Disability Rider
  2. BSLI Critical Illness Rider
  3. BSLI Surgical Care Rider
  4. BSLI Hospital Care Rider
  5. BSLI Waiver of Premium Rider
 
Investment Fund Options - There are 2 Investment Options in this plan:
  • Self Managed Option: The plan has 10 investment fund options:
    • Income Advantage Fund
    • Assure Fund
    • Protector Fund
    • Builder Fund
    • Enhancer Fund
    • Creator Fund
    • Magnifier Fund
    • Maximiser Fund
    • Multiplier Fund
    • Super 20 Fund
  • Guaranteed Option: In this option, the funds are allocated to Platinum Advantage Fund where there is a Guaranteed NAV at the highest daily NAV recorded in 7 years and 3 months.
 
Top-up - Unlimited Top Up is allowed except in the last 5 years of the policy. Top-up premiums are not allowed during the first 3 policy years if you choose the Guaranteed Option. Minimum Top Up premium is Rs 5,000. Each top up premium has a lock in of 5 years.
 
Each Top Up premium is accompanied by Sum Assured according to the multiplier:
  • Less than 45 years- The Sum Assured rises by 125%
  • Greater than or equal to 45 years- The Sum Assured rises by 110%
 
Switching - Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000.
 
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 25,000 should be maintained after Partial Withdrawal.
 
 
Charges in BSLI Platinum Advantage Plan
 
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
Policy Year
Premium Allocation Charge
1st Policy Year
7.5%
2nd Policy Year
6.5%
3rd Policy Year onwards
5%
Top Up Premium
2%
 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
Policy Year
Policy Administration Charge
Year 1 to Year 5
Rs 20 per month
Year 6 onwards
Rs 25 per month inflating at 5% p.a.
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
Type
Charge
Income Advantage Fund
1.00%
Assure Fund
1.00%
Protector Fund
1.00%
Builder Fund
1.00%
Enhancer Fund
1.25%
Creator Fund
1.25%
Magnifier Fund
1.35%
Maximiser Fund
1.35%
Multiplier Fund
1.35%
Super 20 Fund
1.35%
Platinum Advantage Fund
1.50% of which 0.30% is to provide for the investment guarantee
 
 
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.
Year of Discontinuation
Annual Premium > Rs 25,000 p.a.
1st
Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2nd
Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3rd
Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4th
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5th onwards
NIL
 
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 
 
What happens if?
 
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the Fund Value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this 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 policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
 
You want to surrender the policy – The policy can only be surrendered after 5 policy years. On surrender, the insurance cover will cease and your Fund Value shall be paid immediately and the policy would be terminated.
 
You want a loan against your policy - The minimum loan amount is Rs. 5,000 and the maximum loan amount is 40% of the Fund Value



 
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