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Birla Sun Life Insurance-Vision LifeSecure Plan
Birla Sun Life Insurance-Vision LifeSecure Plan
BSLI Vision LifeSecurePlan is a traditional, participating Whole of Life Insurance Plan which covers the insured up to 100 years of age. Thus, the plan provides a complete protection solution for the lifetime of the insured.
Highlights of the Birla Sun Life Insurance-Vision LifeSecure Plan
This is a traditional Whole of Life plan which participates in the profits of the company. Simple reversionary bonuses are declared under the plan.
Though the plan has a finite term, the coverage extends even beyond maturity till the insured reaches 100 years of age.
Various discounts available under the plan reduce the premium payable.
Riders are also available for a more comprehensive insurance solution.
Working of the Birla Sun Life Insurance-Vision LifeSecure Plan
The policyholder chooses the Sum Assured and the plan tenure. Based on the age of the insured, the Sum Assured, plan tenure and the Premium Paying frequency, the premium would be calculated.
The Sum Assured comes in 4 bands which are categorized as follows:
Sum Assured Bands
Sum Assured Range
Rs.2 lakhs to Rs.399,999
Rs.4 lakhs to Rs.599,999
Rs.6 lakhs to Rs.799,999
Rs.8 lakhs and above
At the end of the tenure, the maturity benefit is paid but the cover continues.
If the insured dies during the plan term or after maturity but before reaching 100 years of age, the death benefit is paid.
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits and Features of Birla Sun Life Insurance-Vision LifeSecure Plan
Maturity Benefit – If the insured survives till the end of the chosen tenure, the following benefit is paid:
Sum Assured + vested bonuses + Terminal Bonus, if any
The cover under the plan continues even after the payment of maturity benefit. The cover ceases either when the insured dies before reaching 100 years of age or when he attains 100 years of age.
Death Benefit – The insured might die either during the plan tenure or after the plan maturity before reaching 100 years of age. The death benefit payable depends on when the insured dies. If the insured dies during the plan tenure, the benefit payable would be as follows:
Guaranteed Death Benefit + vested bonuses + terminal bonus, if any
If the insured dies after plan maturity but before reaching 100 years of age, the Guaranteed Death Benefit would be payable. Even if the insured attains 100 years, the Guaranteed Death Benefit would be paid.
The Guaranteed Death Benefit, subject to a minimum of 105% of all premiums paid till death, is higher of the following:
10 times the annual premium
Loan –Loans are allowed under the plan only if the plan has acquired a Surrender Value. The maximum amount of loan available is 85% of the acquired Surrender Value while the minimum amount is Rs.5000.
Bonus –Simple reversionary bonuses are declared under the plan. Interim bonus might also be declares. A Terminal Bonus might also be paid on death or maturity of the plan.
Tax benefit – Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.
Eligibility Criteria of Birla Sun Life Insurance-Vision LifeSecure Plan
The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
Entry age (Last Birthday)
Maturity Age (Last Birthday)
Premium Paying Term (PPT)
Equal to plan tenure
Premium payment mode
Monthly, quarterly, half-yearly and annually
Additional Benefits of Birla Sun Life Insurance-Vision LifeSecure Plan
Riders – Five additional riders are available under the plan which can be added to the base policy for a comprehensive coverage option. The riders include:
BSLI Accidental Death and Disability Rider
BSLI Critical Illness Rider
BSLI Surgical Care Rider
BSLI Hospital Care Rider
BSLI Waiver of Premium Rider
Sum Assured Rebates – If a higher amount of Sum Assured is chosen, the company provides premium rebates. The discount is expressed per Rs.1000 of Sum Assured and is applicable on Sum Assured Bands 2, 3 and 4, i.e. for Sum Assured levels of Rs.4 lakhs and above. The rate of rebate is Rs.2 for Band 2, Rs.3 for Band 3 and Rs.3.75for Band 4.
Modal Rebates – The premium paying frequency also attracts premium discounts. If the premium is paid annually, a discount of 3% is allowed and if the frequency is half-yearly, the discount allowed is 1.5%. Moreover, if the ECS mode of premium payment is selected, a discount of 3% would be allowed irrespective of any premium frequency selected.
Grace Period – A grace period of 30 days is allowed for payment of premium after the due date for annual, half-yearly or quarterly modes of premium payment. For monthly modes, the grace period allowed is 15 days. The life cover under the policy would continue during the grace period.
Free Look Period – A cooling off period or a free look period of 15 days (30 days for distance marketing channels) is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid
Let's Understand The Plan With An Example:
Prakash is 30 years old. He wants to ensure that he and his family do not have to sacrifice the lifestyle that they are enjoying today. Therefore, if he starts saving in a disciplined manner today. He chooses to secure his life for a 30 year term with BSLI Vision LifeSecure Plan. Based on his life stage, his premium per year is set at Rs. 30,131.
If Prakash survives till the end of the policy term, he can expect a guaranteed maturity amount of Rs. 814,657 plus accrued bonus amount of Rs. 1,503,042 (at the rate 8% p.a.) and Rs. 171, 078(at the rate 4% p.a.) at the end of 30 years. The policy continues even after the Maturity Benefit is paid.
In the unfortunate event of his death during the policy term, his family can expect the Guaranteed Death Benefit of Rs. 814,657 along with the accrued regular bonuses as on date of death and the terminal bonus (If any).
Note :The rates mentioned above are bound to change in future. Please contact the company for final rates applicable to you at the time of purchase.
Growth in your savings – Enhance your savings by regular bonuses throughout the policy term starting from the first policy year
Safety to your loved ones – Comprehensive financial protection to you and your family up to age 100
Entry Age (Age on last birthday)
1 – 60 years
15 to 35 years
Attained age at the end of the policy term is 18 years or more.
Attained age at the end of the policy term is 75 years or less.
Premium Paying Term
Minimum Sum Assured
Rs. 12,000 p.a.
Annual, semi- annual, quarterly and monthly.
Exclusions in Birla Sun Life Insurance-Vision LifeSecure Plan
If suicide is committed within a year of policy issuance or revival, higher of the premiums paid till death or the Surrender Value acquired would be paid provided the policy is in force
Non-Payment of premium in Birla Sun Life Insurance-Vision LifeSecure Plan
Premiums have to be paid for at least 3 years after which the policy can either be surrendered or made paid-up.
Making the policy Paid-up
If at least 3 full years’ premium has been paid, the policy could be converted to a paid-up policy if future premiums are not paid. The Sum Assured would be reduced and would be the Paid-up Value. The benefits payable under the plan would be calculated using the reduced Sum Assured. Bonuses accrued under the plan would not be reduced but the bonus for the year in which the premium is discontinued would be reduced. Future bonuses are not declared under a paid-up policy. The reduced Sum Assured would be calculated as follows:
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. after 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.
The SSV factors would be declared by the company based on its performance
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.
If a loan is availed under a policy, the loan and the interest therein should not exceed the Surrender Value in the policy. If the policy is in-force, this does not happen. If the policy is made paid-up, the policyholder would be notified and the policy would be foreclosed.