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Birla Sun Life Platinum Advantage Plan

BSLI Platinum Advantage Plan is a Unit Linked Insurance Plan (ULIP). It is a Non-Traditional Plan without Bonus Facility.

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Investment Strategies
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Death Benefit
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Maturity Benefit

Compare this plan with other Investment Plans

Birla Sun Life Platinum Advantage Plan - Key Features

Unit Linked Insurance Plan
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This is a Unit Linked Insurance Plan without Bonus facility

Less Paying Tenure
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Premium is paid for only 5 years while policy is for 10 years

Sum Assured
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There is an Option to increase Sum Assured under this plan with Enhanced Sum Assured

Death Benefit
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The higher of Fund Value or Sum Assured + Enhanced Sum Assured is paid as Death Benefit

Maturity Benefit
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The Fund Value is paid as Maturity Benefit when the policy matures

Investment Strategies
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There are 2 Investment Options in this plan:
  • Self Managed Option: The plan has 10 investment fund options:
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Guaranteed Option
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Under Guaranteed Option, the highest NAV of the last 7 years and 3 months since start is guaranteed.

In case of Guaranteed Option, (the diff...

Rider Benefit
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There are 5 riders available in this policy
  1. BSLI Accidental Death and Disability Rider
  2. BSLI Critical Ill...

Birla Sun Life Platinum Advantage Plan - Benefits

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 ...

Maturity Benefit

On maturity, the Fund Value is paid to the policyholder.
In case of Guaranteed Option, (the difference between the Guarant...

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 Procee...

How BSLI Platinum Advantage Plan 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.

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

Birla Sun Life Platinum Advantage Plan - FAQs

angle right iconIs Top-up allowed?
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%
angle right iconIs Partial Withdrawal Available?

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.

angle right iconIs switching allowed?

Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000.

angle right iconWhat 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.

angle right iconWhat happens if 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.

angle right iconWhat happens if 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.

angle right iconWhat happens if 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