India's 1st IRDAI Approved Insurance Web Aggregator

Birla Sun Life Rainbow Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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.
 
How it works – In this plan, premium needs to be paid in a lumpsum as Single Premium but the policy continues for a period of 5 to 10 years as selected. The Sum Assured is automatically calculated as 5 times the Single Premium amount.
 
In this Plan, the Life Insured receives the Maturity Sum Assured + Guaranteed Monthly Additions + Guaranteed Final Addition as Maturity Benefit at the end of the policy tenure.
 
However, if the Life Insured dies within the policy tenure, then the nominee receives the basic Sum Assured as Death Benefit and the policy terminates.
 
 
Key Features of Birla Sun Life Rainbow Insurance Plan
 
  • This is a non-participating Endowment Plan without Bonus facility
  • This is a Single Premium Plan
  • 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.
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 
Benefits you get from Birla Sun Life Rainbow Policy
 
Death Benefit – 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.
 
Maturity Benefit – 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.
 
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of all terms and conditions.
 
 
Eligibility conditions & other restrictions in Birla Sun Life Rainbow Insurance Policy
 

 

 
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
 
 
Sample illustration of Matured Sum Assured in BSLI Rainbow Plan
 

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

Birla Sun Life Insurance Rainbow Plan Benefits

 

 

Additional Features and Benefits of BSLI Rainbow Plan
 
Riders – There are no additional riders available in this policy:
 
 
What happens if?
 
You stop paying the premium – Being a Single Premium Plan, there is no requirement of further premium payment.
 
You want to surrender the policy – Surrender Benefit is allowed under this plan but after 1 policy year.
Surrender Benefit = 90% of Single Premium Paid  + accrued Guaranteed Monthly Additions
 
You want a loan against your policy – 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.




 
Compare Endowment Plans

Leave a Comment

Endowment Plan Calculator
Important: Insurance is the subject matter of solicitation | © 2009-2021 MyInsuranceClub.com