Birla Sun Life Rainbow Plan
The Rainbow Plan from Birla Sun Life Insurance is a Traditional Non-Participating Endowment Plan, which means that the returns are guaranteed and there is no Bonus declared in this plan.
Key Features
This is a non-participating Endowment Plan without Bonus facility
The policy continues for 5 to 10 years as selected
This plan pays a Guaranteed Monthly Addition at the end of every month
There is Guaranteed Final Addition in this plan
The Sum Assured is automatically calculated as 5 times the Single Premium amount.
Benefits
In case of death of the Life Insured within the Policy Tenure, then the Sum Assured would be paid to the nominee as Death Benefit and the policy would be terminated.
At the end of the Policy tenure, the Life Insured would receive (Maturity Sum Assured + Guaranteed Monthly Additions + Guaranteed Final Addition) would be paid as Maturity 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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of all terms and conditions.
How it works
The below illustration is for a healthy Male and Female (non-tobacco user) opting for a Single Premium = Rs 1 lac with Policy Term of 10 years
Eligibility
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
5 X Single Premium
|
|
Policy Term (in years)
|
5
|
10
|
Premium Payment Term (in years)
|
Single
|
|
Entry Age of Life Insured (in years)
|
8
|
60
|
Age at Maturity (in years)
|
18
|
70
|
Single Premium (in Rs.)
|
50,000
|
No Limit
|
Payment modes
|
Only Single
|
FAQs
Being a Single Premium Plan, there is no requirement of further premium payment.
Loan facility is available under this policy after the 1st policy year. The minimum loan amount is Rs. 5,000 and the maximum loan amount is 90% of the Surrender Benefit.