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Birla Sun Life Saral Health Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Birla Sun Life Saral Health Plan
 
BSLI Saral Health Plan is a Non-Participating Unit Linked Health Insurance Plan from Birla Sun Life. Thus, this plan provides the benefit of a Health Plan which caters to hospitalization benefit along with fixed surgical benefits as well along with Life Coverage and Market Linked Investment Opportunity.
This is a Non-Traditional Plan without Bonus facility.
 
How it works – In this plan, premium needs to be paid for 10 years for 10 years Policy Term and 10 years and 20 years for 20 years Policy Tenure. A minimum amount of premium needs to be paid which can be increased for enhanced benefits.
 
The premium, after deduction of charges, is invested in 2 funds depending on the entry age under LifeCycle Investment Option.
 
Under the regular benefits, this plan pays for a fixed Hospitalization Benefit of Rs. 2,000 if there has been no surgical procedure during your hospitalization, Rs. 4,000 if there has been any surgery during your hospitalization and Rs. 8,000 if surgery directly involved with the brain, heart (including coronary arteries), liver or lung. In case the Life Insured has been diagnosed with a Critical Illness, then a lump sum benefit of Rs 20,000 is paid towards Critical Illness Benefit.
 
However, regular benefits of medical expenses are provided by withdrawing upto 100% of the Fund value by submitting bills under Health Reimbursement Benefit and even Terminal Illness Benefit. After the Policy Tenure is over, the Health and Hospitalization Benefit stops but the Fund Value continues indefinitely till 100% of the Fund Value has been withdrawn under Health Reimbursement Benefit.
 
In the unfortunate event of the Life Insured’s demise, the nominee will receive the Fund Value.
 
 
Key Features of Birla Sun Life Saral Health Insurance Plan
 
  • This is a Non Participating Unit Linked Insurance Plan
  • This plan provides coverage for hospitalisation expenses for both surgical and non-surgical events
  • There is an additional feature of Critical Illness where a Lump Sum Amount is paid in addition to the hospitalisation cash benefits, on diagnosis of a Critical Illness
  • This policy provides for Routine Health Check Up facility as well
  • Under this plan, there is extended coverage of dental care, pathology expenses and other similar costs in the long run
  • Health Reimbursement Benefit can be enhanced by paying additional premium after 5 policy years by simply providing bills and proof of hospitalization expenses
  • There is a provision of enhancing health benefits by paying additional premium
  • This Plan provides Minimum Guaranteed Addition and for Additional Premium paid
  • There is no requirement of any medical in this plan
  • This is a whole life plan, where the Health Benefit stops after the Policy Tenure, but the Fund Value continues till 100% of the Fund Value has been paid out as Health Reimbursement Benefit
  • The remaining Fund Value is paid to the nominee on death of the Life Insured
 
 
Benefits you get from Birla Sun Life Saral Health Insurance Policy
 
Death Benefit – On death of the Life insured, the remaining Fund Value is paid to the nominee and the policy terminates.
 
Maturity Benefit – Being a Whole Life Plan, there is no Maturity Benefit under this plan. However, after the Policy Tenure is over, the Health Benefit stops but the Fund Value continues till 100% of the same has been paid out as Health Reimbursement Benefit
 
 
Medical Benefit—
  • Hospitalization Benefit— is paid up to:
    • Rs. 2,000 if there has been no surgical procedure during your hospitalization; or
    • Rs. 4,000 if there has been any surgery during your hospitalization; or
    • Rs. 8,000 if surgery directly involved with the brain, heart (including coronary arteries), liver or lung
  • Critical Illness Benefit— In case of diagnosis of any of the 4 critical illnesses Heart Attack, Cancer, Stroke and Major Organ Transplant, a lump sum amount of Rs 20,000 is paid for Recovery Purpose
  • Health Reimbursement Benefit— This benefit can be claimed after 5 Policy Years to an extent of 100% of the Fund Value for the following:
    • General practitioners fees, medicines and drugs,
    • Pathology and diagnostics expenses
    • Dental treatment
    • Ayurvedic and Homeopathic treatment
    • Any health related expense not covered under medical insurance

For claiming this Benefit, bills or proof of expense needs to be produced and the Health Reimbursement Benefit would be provided by reducing the Fund Value by the same amount.

  • Terminal Illness Benefit— If the Life Insured is diagnosed with a terminal illness, 100% of the Fund Value can be withdrawn.
 
  • Income Tax Benefit – Health Insurance Premiums paid up to Rs. 15,000 for normal residents and Rs 20,000 for Senior Citizen are allowed as a deduction from the taxable income each year under section 80D
 
 
Eligibility conditions & other restrictions in Birla Sun Life Saral Health Policy
 

 

 
Minimum
Maximum
Health Insurance Benefit (in Rs.)
10,00,000
Policy Term (in years)
10
20
Policy Term (in years)
10 pay for PT=10
10 pay and 20 pay for PT= 20
Entry Age of Life Insured (in years)
18
50
Age at Maturity  (in years)
-
70
Payment modes
Yearly, Half-Yearly. Quarterly and Monthly
 
 
Sample illustration of Minimum Premium Amount in Birla Sun Life Saral Health Plan
 

The below illustration is for a healthy Male (non-tobacco user) opting for Fixed Benefit = Rs. 3,000 for a Policy Term of 20 years and Premium Paying Term of 20 years

Birla Sun Life Saral Health Plan Sample Premiums

 

Additional Features and Benefits of Birla Sun Life Saral Health Plan
 
Riders – There are NO additional riders available with this plan
 
Investment Fund Options
The plan has 1 Investment Strategy of LifeCycleOption which invests in:
  • Income Advantage Fund
  • Maximiser Fund
 
Top-up - Top Up premiums are not allowed under this plan
 
Switching - There is no switching option as investment is based on age under LifeCycle Option.
 
Health Reimbursement Benefit - The first 4 Reimbursement Claim in a policy year is free of charge and 100% of the Fund Value can be claimed after 5 Policy Years.
 
 
What happens if?
 
You stop paying the premium– If the premiums are stopped before completion of 3 policy years, then the policy lapses. It can however be revived with 2 policy years.
After completion of 3 policy years, the Fund Value, net of charges is paid out.
 
You want to surrender the policy – There are no surrender benefits under this term plan.
 
You want a loan against your policy – Loan facility is not available under this policy.




 
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