Birla Sun Life Insurance Vision Plan
The Birla Sun Life Vision Plan is a Traditional non-participating Whole Life 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 till the end of the Guaranteed Survival Benefit Term. This policy accrues Monthly Additions at the end of each policy month for as long as the premiums are paid.
If the Life Insured dies within the GSB Term, the Sum Assured + accrued Monthly additions are paid to the nominee and the policy terminates. On survival till the end of the GSB Term, Guaranteed Survival Benefit is paid to the Life Insured but the policy continues till he is 100 years of age or earlier death. However, if the Life Insured dies before attaining 100 years of age but after the GSB Term, then an additional Sum Assured is paid to the nominee and the policy terminates.
If the Life Insured survives till 100 years of age then the Sum Assured is paid to him as Maturity Benefit. This plan has 5 additional riders available.
Key Features of Birla Sun Life Vision Insurance Plan
- This is a Whole Life Plan with Limited Payment Option
- Guaranteed Survival Benefit is paid on survival till the end of the Tenure chosen but the policy continues beyond till the Life Insured is 100 years of age
- Premium needs to be paid till the end of the GSB Term
- This plan has Monthly additions that accrue as long as the premium is paid
- If the Monthly Additions accrue for a period of 21 years there is an Enhancement of Monthly Additions
- There are 5 additional riders available with this plan
- This policy provides high Sum Assured rebate
Benefits you get from Birla Sun Life Vision Insurance Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, i.e. before the Life Insured is 100 years old, then Death Benefit is paid to the nominee and the policy would be terminated.
- Within the GSB Term, the Sum Assured + accrued Monthly Additions till date of death + + enhanced Monthly Additions for tenure of more than 21 years, would be paid as Death Benefit
- After the GSB Term, the Sum Assured would be paid as Death Benefit
Survival Benefit— At the end of the Guaranteed Survival Benefit (GSB) Term, the Sum Assured + accrued Monthly Additions + enhanced Monthly Additions for tenure of more than 21 years would be paid as the Survival Benefit and the policy continues.
Maturity Benefit – At the end of the Policy tenure, i.e. if the Life Insured survives till 100 years of age, then the Sum Assured would be paid as Maturity Benefit and the policy would terminate.
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 terms and conditions.
Eligibility conditions & other restrictions in Birla Sun Life Vision Policy
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Minimum
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Maximum
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Sum Assured (in Rs.)
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1,00,000
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No Limit
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Policy Term (in years)
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100 – Age at Entry
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Premium Payment Term or GSB (in years)
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5
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35
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Age at GSB Term (in years)
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Attained Age at
GSB Term is 18 or more
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Attained Age at
GSB Term is 75 or less
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Entry Age of Policyholder (in years)
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1
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65
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Entry Age of Child (in years)
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Whole Life
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100
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Age at Maturity
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-
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70 years
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Payment modes
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Annual, Semi-Annual, Quarterly and Monthly
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Sample illustration of Guaranteed Survival Benefit in Birla Sun Life Vision Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 5,00,000
Additional Features and Benefits of Birla Sun Life Vision Plan
Riders – There are 5 additional riders available in this policy:
- BSLI Accidental Death Benefit Rider
- BSLI Critical Illness Rider
- BSLI Surgical Care Rider
- BSLI Hospital Care Rider
- BSLI Waiver of Premium Rider
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can be reinstated within 2 policy years from the date of the first unpaid premium due date.
If at least 3 years’ premiums have been paid, then the policy will not lapse but continue on a Reduced
Paid-Up basis.
You want to surrender the policy – Surrender Benefit is allowed under this plan but after 3 policy years.
Surrender Benefit = 30% of Premiums Paid – 1st year’s premium
After 5 Policy Years, the policy is eligible for a Special Surrender Value as well.
You want a loan against your policy – Loan facility is available under this policy after the 3rd policy year. The minimum loan amount is Rs. 5,000 and the maximum loan amount is 90% of the Surrender Benefit.
