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Birla Sun Life Insurance- Protect @ Ease Term Plan

BSLI Protect@ Ease Plan is a traditional Term insurance plan which is meant for fulfilling the protection needs of individuals easily.

Highlights of the Birla Sun Life Insurance- Protect @ Ease Plan  

  • This is a pure Term Assurance plan which is available online.
  • The plan comes in two variants of level term insurance and increasing term insurance. 
  • Individuals with healthy lifestyles, non-smokers and preferred non-smokers, are rewarded with lower rates of premiums.
  • The death benefit can be taken in annual incomes instead of one lump sum.
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Benefits

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Maturity Benefit 

This is a pure term insurance plan where no maturity benefit is paid if the policyholder survives till maturity.

Death Benefit

If the life insured dies during the tenure of the plan the Sum Assured on Death is paid. The Sum Assured on death would depend on the plan option selected. The two options and their respective benefits are as follows:

    • Plan Option I – a level Sum Assured which once selected at plan inception remains constant throughout.
    • Plan Option II – Increasing Term Assurance where the Sum Assured selected under the plan would increase every year by 5% or 10% as chosen by the policyholder. In case of death, the Sum Assured level attained in the year of death would be paid to the nominee.

Furthermore, the Sum Assured on death would be determined as highest of the following:

For Regular Premium Plans:

  • 10 times the annual premium
  • 105% of all premiums paid till death
  • Sum Assured on the date of death as per the plan option above.

For Single Premium Plans:

  • 125% of the single premium paid
  • Sum Assured on the date of death as per the plan option above.

The death benefit can be taken as annual incomes instead of a lump sum. This is called staggered payments wherein 20% of the death benefit is paid in lump sum on death and thereafter, the remaining is paid as annual incomes over a chosen payout period. The policyholder can choose a payout period of 10, 15 or 20 years and the rate of the payouts is given below:

Payout Term % of Sum Assured on death payable
10 years 11%
15 years 8.37%
20 years 7.12%

If the policyholder chooses to receive the remaining payouts in lump sum, the benefit would be paid after discounting it @6.25% per annum.

 

Bonus 

This is a non-participating plan and as such, bonuses are not declared.

 

Loan 

Loans are not available under the plan.

How it works

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  • The policyholder chooses the Sum Assured, the plan type, premium paying term and the plan tenure. Based on these parameters, age and gender the amount of premium payable is determined.
  • Premiums are payable for the entire tenure of the plan or in one lump sum under the Single Pay option of premium payment.
  • The plan can be easily bought online on the website of the company.
  • If the insured dies during the specified tenure of the plan, the death benefit, depending on the plan option selected would be paid.

Tax Benefit

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Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.