Birla Sun Life Insurance-Vision Endowment Plus Plan

• The policyholder chooses the Sum Assured, the plan tenure, premium paying term and frequency. Based on the policyholder’s age and the above criteria, the premium would be determined.
• The Sum Assured is divided into four bands which are as follows:

• Bonuses are added every year if the policy is in-force.
• On death during the period, the death benefit is paid.
• On maturity, the maturity benefit is paid.

Plan Details

Let's Understand The Plan With An Example:
Ketan is 35 years old. He wants to secure his family's financial future with an investment solution that also offers returns on his investment. He chooses to secure his life for a 20 year term with the BSLI Vision Endowment Plus Plan. He chooses a sum assured of Rs.2,50,000 and premium paying term for 10 years. For this plan, he has a choice of selecting Death Benefit options best suited for his family. Based on his life stage & death benefit option A, his premium per year is set at Rs. 17,509. He can expect Rs. 4,05,085 as the total Maturity Benefit at the end of a 20 year term at 8% p.a and Rs. 222,585 at 4% p.a. He can also expect Guaranteed Maturity Benefit of Rs. 1,75,085 at the end of the policy term. In case of Ketan's untimely demise, the total Death Benefit his family can expect will be Rs. 4,80,000 at 8% pa. And Rs. 297500 at 4% p.a.

If he chooses the Death Benefit Option B, the premium he has to pay is Rs. 18,131. The total Maturity Benefit is Rs. 411,308 at the end of a 20 year term at 8% p.a. and Rs. 228,808 at 4% pa He can also expect Guaranteed Maturity Benefit of Rs. 1,81,308 (Option B) at the end of the policy term. The total Death Benefit his family can expect will be Rs. 6,05,000 for Option B at 8% p.a. and Rs. 422,500 at 4% pa.

Note: The rates mentioned above are bound to change in the future. For more details on Death Benefit options, please refer to the product brochure.
Please contact the company for final rates applicable to you at the time of purchase.

How The Plan Works

Step 1    Choose your sum assured
Step 2    Choose your premium paying term
Step 3    Choose your premium frequency
Step 4    Choose the Death Benefit Option

Your premium will depend on the amount of the Sum Assured you select.

Non-Payment of premium in Birla Sun Life Insurance-Vision Endowment Plus Plan

Premiums have to be paid for at least 2 years for a premium paying term of 7 years or 3 years for other terms. After this compulsory period, the policyholder can surrender the policy or make it paid-up.

Making the policy Paid-up

If at least2 or 3 full years’ premium has been paid, the policy would become a paid-up policy if future premiums are not paid. The benefits under the plan would be reduced and would be called Paid-up benefits. Bonuses would not be declared under the policy but the vested bonuses would not be reduced. However, bonuses accruing in the year in which premiums are discontinued would be reduced and the following benefits would be paid as and when they occur:

• Death Benefit –Reduced Sum Assured on death + accrued bonus
  Reduced Sum Assured on death = (number of premiums paid/ number of premiums payable) * Sum Assured on Death
• Maturity benefit – Reduced Maturity Sum Assured + accrued bonuses.
  Reduced Maturity Sum Assured = Maturity Sum Assured *(number of premiums paid/total number of premiums payable)

Surrendering the policy

Surrender is allowed only after the policy becomes paid-up, i.e. after2 or 3 full years’ premiums have been paid. On surrendering the policy, higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV) would be paid.

• GSV = {(Basic Premium paid excluding taxes * GSV Factor)+ (Vested bonuses * GSV factor of bonus)}
• The SSV factors would be declared by the company based on its performance

Revival 

Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest charged by the insurer to revive his policy.