Compare Birla Sun Life Insurance Term Plans

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Birla Sun Life Insurance Company

Birla Sun Life Insurance Company Limited (Birla Sun Life Insurance / BSLI) is a joint venture between the renowned business house of India, the Aditya Birla Group, and Canada’s esteemed international financial services organization, the Sun Life Financial Inc. BSLI offers a diversified product bouquet consisting of a wide range of solutions spanning wealth creation, life coverage, children’s future, retirement planning, health & wellness, and much more. With over 550 offices located across the length & breadth of the country, this insurer has a customer base of 2 and a half million, an advisory network of 1,05,000, and over 100 business & distribution partnerships.

Birla Sun Life Insurance Term Plans

When you’re on the lookout to lay a foundation for financial security of your family, Birla Sun Life Insurance Term Plans stand by your side to help you address the potential financial impact of an unforeseen exigency. The company offers 3 products in this segment, each of which come with premiums that are affordable and features that provide peace of mind. From the increasing sum assured options, in-built benefits for disability & waiver of premiums, to a variety of Riders for enhanced protection, these plans have been designed with the specific financial requirements of a bread-earner of a family.

Term Plans:

Term Plans are considered as the purest forms of insurance, since their objective is to provide pure protection against life’s uncertainties. The concept is simple – You pay a premium every year for a specific period of time, and if any untoward incident occurs during the term of the policy, you are paid a lump sum benefit as chosen by you at policy inception. These Term Plans give you the confidence to meet life’s challenges head on, knowing that your family’s financial needs will be catered to, in your absence.

 

Common Features of Birla Sun Life Insurance Term Plans
Affordable premiums
A comprehensive suite of Riders to choose from
Various premium payment modes
Income Tax Benefits

List of Different Term Plans Offered By Birla Sun Life Insurance Company, With Features, Benefits And Eligibility

1. BSLI Protector Plus Plan

Features:

  • A Traditional Term Insurance Plan
  • Wholesome coverage at affordable premiums
  • Provision of availing an increasing Sum Assured to combat rising inflation and support the changes that occur as life progresses
  • Enhanced protection with inbuilt Total and Permanent Disability cover
  • Option to receive Death Benefit as Annual Income
  • Increase your protection by opting for Riders available at an additional nominal cost
  • Choose between 2 types of sum assured options, depending upon your financial goals and requirements:
  • Option I - Level Sum Assured: Under this option, the sum assured chosen by you at policy inception, remains constant throughout the entire policy term.  
    Option II - Increasing Sum Assured: On selecting this option, you are given an opportunity to increase your sum assured on every policy anniversary by 5% simple p.a. or 10% simple p.a. of the initial sum assured, without any corresponding increase in your premium amount

  • Opt to pay your premiums yearly, half-yearly, quarterly or monthly
  • If you’re a non-tobacco user, then you’re up for a discount in premium
  • Reduced premium rates for women policyholders
  • Enjoy income tax benefits on premium payments & benefits received

Benefits:

  • Total & Permanent Disability Benefit: In case the life insured encounters a Total and Permanent Disability during the policy term, then he/she will be entitled to receive 50% of the sum assured at inception, subject to a maximum of Rs 50,00,000.
  • Death Benefit: In the unfortunate event of the demise of the life insured, prior to policy maturity, the nominee is liable to receive the ‘Sum Assured on Death’ as the Death Benefit. Here, the ‘Sum Assured on Death’ is calculated as the higher of:
    1. 10 times of the annualized premium, or
    2. 105% of all the premiums paid as on the date of death, or
    3. Sum Assured at date of death

    The nominee may avail the proceeds in any one of the following ways:

    1. Lump sum payment in one go, or
    2. Staggered payment, whereby, 20% of ‘Sum Assured on Death’ is received at the time of claim settlement, with the balance being received as an Annual income, expressed as a fixed percentage of the Sum Assured on Death, on each death anniversary of the life insured over the chosen payout term. The fixed percentage of Sum Assured on Death for different payout terms are as follows:

Payout Term

% of Sum Assured on Death

10

11%

15

8.37%

20

7.12%

Alternatively, the nominee can also exercise the option of withdrawing a lump sum instead of the staggered payout. In this case, the nominee will be eligible to receive a discounted value of the outstanding annual income, subject to a minimum of the Sum Assured on Death receivable less annual income payouts already received.

Eligibility:

Entry Age Minimum: 18 years | Maximum: 65 years
Policy Term Minimum: 5 years | Maximum: 30 years
Maturity Age 70 years
Premium Paying Term Regular Pay
Premium Mode Annual | Semi-annual | Quarterly | Monthly
Sum Assured Minimum: Rs. 30,00,000 | Maximum: No limit
Minimum Premium Rs. 3,024

Riders:

BSLI Accidental Death and Disability Rider (UIN: 109B018V03): This Rider entitles the life insured to receive an additional lump sum benefit in case of accidental death and a percentage of Rider Sum Assured in the event of accidental disability. 

BSLI Critical Illness Rider (UIN: 109B019V03): Under this Rider, in case the life insured is diagnosed with any of the 4 listed critical illnesses and he/she survives 30 days from the date of diagnosis, then 100% of the Rider Sum assured is paid to meet the medical expenses.

BSLI Surgical Care Rider (UIN: 109B015V03): Under this Rider, if the life insured undergoes any surgery and is hospitalized for a minimum period of 24 years, then he/she is liable to receive a lump sum benefit to cover the expenses incurred.

BSLI Hospital Care Rider (UIN: 109B016V03): On choosing this rider, the insured is entitled to receive a daily cash benefit in the event of hospitalization for a minimum period of 24 hours.

BSLI Waiver of Premium Rider (UIN: 109B017V02): In the event of death of the proposer or any other eventuality, wherein, the proposer becomes completely disabled due to an illness or accident, or is diagnosed with any of the specified critical illnesses, then all the future premiums of the base plan along with the attached riders are waived off for the remaining policy term or till the proposer attains the age of 70, whichever is earlier.

BSLI Accidental Death Benefit Rider Plus (UIN: 109B023V01): In the unfortunate event of death of the life insured due to an Accident, within 180 days of occurrence of the accident, the nominee is provided with 100% of the rider sum assured.

BSLI Future Guard Plan

Features:

  • A traditional, non-participating, term insurance plan
  • Avail complete financial protection without impacting your current financial status
  • A wide range of policy terms to choose from - 10, 15, 20, 25 or 30 years
  • Assurance of receiving Return of Premiums at policy maturity
  • Take your pick from the following two plan options, depending on what you wish to receive at policy maturity:
    1. Plan A : 100% return of your premiums paid
    2. Plan B : 110% to 150% return of your premiums paid depending on your policy term
  • Three Bands of Sum Assured
    1. Band 1 : 500,000 to 999,999
    2. Band 2 : 1,000,000 to 2,499,999
    3. Band 3 : 2,500,000 +
  • Increase your protection by opting for Riders available at an extra marginal cost
  • Make your choice between yearly, half-yearly, quarterly, or monthly modes of premium payment
  • Enjoy Tax benefits as per prevailing norms under the Income Tax Act, 1961

Benefits:

  • Death Benefit: In case of the unfortunate demise of the life insured during the policy term, the nominee is entitled to receive the ‘sum assured on death.’ Here, the ‘Sum Assured on Death’ is the maximum of the following:
    1. Sum Assured, or
    2. Maturity Sum Assured, or
    3. 10 times the annual premium payable, or
    4. 105% of total premiums paid to date, excluding service tax, any applicable rider premiums and underwriting extras, if any
  • Maturity Benefit: If the life insured outlives the policy term, then he/she becomes eligible to receive the Maturity Sum Assured, which depends upon the type of plan and the policy term chosen. It is computed as the sum of the premiums paid (excluding service tax, rider premium and underwriting extras, if any) multiplied by the applicable percentage from the table below:
  • Plan Type % of Premiums Paid as per policy term
      10 15 20 25 30
    Plan A 100% 100% 100% 100% 100%
    Plan B 110% 120% 130% 140% 150%
  • Surrender Benefit: After completion of three full policy years, you can surrender your policy, in lieu of which, you are entitled to receive the Surrender Value. The amount of this surrender value is calculated as the higher of:
    1. Guaranteed Surrender Value, which is expressed as a percentage of premiums paid (excluding any premiums paid towards rider/s benefit, underwriting extra and service tax), or
    2. Special Surrender Value

Eligibility:

Entry Age Minimum:18 yrs | Maximum: 65 years
Maximum Maturity Age 75 years
Policy Term 10,15,20,25,30 years
Premium Paying Term Regular Pay
Premium Mode Annual | Semi-annual | Quarterly | Monthly
Sum Assured Minimum: Rs. 500,000 | Maximum: No Limit

Riders:


BSLI Accidental Death and Disability Rider (UIN: 109B018V03)
BSLI Critical Illness Rider (UIN: 109B019V03)
BSLI Surgical Care Rider (UIN: 109B015V03)
BSLI Hospital Care Rider (UIN: 109B016V03)
BSLI Waiver of Premium Rider (UIN: 109B017V02)
BSLI Accidental Death Benefit Rider Plus (UIN: 109B023V01)

3. BSLI Protect @ Ease Plan

Features:

  • A Traditional Online Term insurance plan
  • Low-cost premiums
  • Select the premium paying term as per your convenience & financial commitments – Regular pay, Single Pay, or Limited Pay  -  5 or 7 years 
  • Choose the best-suited plan option:

Option I - Level Term Assurance: Where your sum insured chosen at policy inception remains the same till the end of the policy term.

Option II - Increasing Term Assurance: Where you can exercise your option to increase your sum assured every year by 5% or 10% of the original sum assured, without any corresponding increase in your premium amount.

  • Provision for increasing your coverage at important events & milestones of your life and supporting the needs of a growing family
  • Option to cover your spouse under the same policy
  • Inbuilt Terminal Illness Benefit
  • Availability of multiple options to receive the death benefit so that your family’s precise needs can be taken care of
  • Enjoy discounts in premium if you’re a non-smoker or preferred non-smoker
  • Special premium rates for women life insured
  • Simple & hassle-free purchase process
  • Opt for Riders by paying a marginal cost and increase your protection against eventualities
  • Enjoy income tax benefits on premium payments & benefits received

Benefits:

  • Terminal Illness Benefit: If the life insured is diagnosed with a Terminal Illness, then he/she is entitled to receive 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2.5 crores. In case of subsequent death of the Life Insured during the policy term, the Sum Assured on Death is reduced by the amount of Terminal Illness Benefit already received.
  • Joint Life Protection: This option entitles you to cover yourself and your spouse under the same policy, wherein you are the primary life insured and your spouse is the secondary life insured. This option can be exercised only when you opt for a sum assured greater than or equal to Rs 6,000,000. Further, the sum assured for your spouse shall be equal to 50% of your sum assured. The benefits received under this option will vary from situation to situation.
  • Situation

    Benefit

     

    • Death of the primary life insured prior to the secondary life insured
    • Death of secondary life insured, before the policy maturity date
    • Sum assured on death for primary life insured will be paid to the nominee
    • The life cover for secondary life insured continues
    • Future premiums waived off

     

    • Sum assured on death for secondary life insured will be paid to the nominee and the policy will be terminated

     

    • Death of the secondary life insured prior to the primary life insured
    • Death of primary life insured, before the policy maturity date
    • Sum assured on death for secondary life insured will be paid
    • Future premiums will be reduced from the next policy anniversary and will constitute of premiums only for the coverage of primary life insured

     

    • Sum assured on death for primary life insured will be paid to the nominee and the policy will be terminated.
    • Death of both the lives simultaneously
    • sum assured on death in respect of the primary life insured as well as sum assured in respect of secondary life insured will be paid and the policy will be terminated
  • Enhanced Lifestage Protection: This feature is available only if the Level Term Assurance Option is chosen, along with a Regular Pay premium mode, provided the attained age of life insured is less than or equal to 50 years while exercising this option. In this case, the sum assured is increased, whenever the policyholder faces a key event in his/her life. There is also a corresponding change in the future premiums. Again, if the policyholder desires, he/she can opt for a subsequent decrease in sum assured and corresponding premiums. The details of Enhanced Lifestage Protection are mentioned below:
  • Event

    Enhanced Protection

    First Marriage

    50% subject to a maximum of Rs. 5,000,000

    Birth of First Child

    25% subject to a maximum of Rs. 2,500,000

    Birth of Second Child

    25% subject to a maximum of Rs. 2,500,000

  • Death Benefit: If the life insured passes away during the policy term, the nominee is entitled to receive the Death Benefit, which is equivalent to the Sum Assured on death less any previously paid Terminal Illness Benefit. Here Sum Assured on Death is calculated as:
  • For Regular & Limited Pay, the highest of

    1. 10 times of the annualized premium for all ages; or
    2. 105% of all the premiums paid as on the date of death; or
    3. Minimum guaranteed sum assured on maturity; or
    4. Absolute amount assured to be paid on death

    For Single Pay, the highest of:

    1. 125% of single premium for all ages; or
    2. Minimum guaranteed sum assured on maturity; or
    3. Absolute amount assured / Effective Sum Assured to be paid on death

    Under this plan, the minimum guaranteed sum assured on maturity is nil. The absolute amount assured or the Effective Sum Assured as on the date of death is dependent on the plan option chosen and whether the Enhanced Life Stage Protection has been availed or not.
    The nominee can withdraw the Death Benefit proceeds by choosing one of the following options

    1. Lump sum payment in one go,
    2. OR

    3. Staggered payment, wherein, 20% of Death Benefit is received immediately at the time of claim settlement, with the balance being received as a fixed Annual income, expressed as a fixed percentage of Death Benefit, on each death anniversary of the life insured over the chosen payout term. The fixed percentage of Death Benefit for different payout terms are as follows:
    4. Pay-Out Term

      % of Death Benefit

      10

      11%

      15

      8.37%

      OR

    5. Staggered payment with increasing annual income @ 5% p.a, wherein 20% of Death Benefit is received at the time of claim settlement with the balance proceeds being received as an annual income. This annual income is expressed as a fixed percentage of Death Benefit at the time of claim settlement and then increases at the rate of 5% per annum simple on each death anniversary of the life insured for the chosen payout term. The fixed percentage of Death Benefit for different payout terms are as follows:

    Pay-Out Term

    % of Death Benefit

    10

    9.16%

    15

    6.47%

    Alternatively, the nominee can also opt for a lump sum amount instead of these staggered payouts. In such cases, a discounted value of the outstanding annual income is received by the nominee, subject to a minimum of the Death Benefit payable less annual income already paid.

Eligibility:

Entry Age Minimum: 18 years | Maximum: 65 years
Maximum Maturity Age 80 years
Policy Term Minimum: 5 years | Maximum: 40 years
Premium Paying Term Single Pay | Limited Pay: 5 or 7 years | Regular Pay
Premium Mode Annual | Monthly
Sum Assured Minimum: Rs. 30,00,000 | Maximum: No Limit

Riders:
BSLI Accidental Death and Disability Rider (UIN: 109B018V03)
BSLI Critical Illness Rider (UIN: 109B019V03)
BSLI Surgical Care Rider (UIN: 109B015V03)
BSLI Hospital Care Rider (UIN: 109B016V03)
BSLI Waiver of Premium (UIN: 109B017V02)
BSLI Accidental Death Benefit Rider Plus (UIN:109B023V01)

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