Compare BSLI Protect @Ese Plan

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BSLI Protect @ Ease Plan

BSLI’s Protect @ Ease Plan is an online term insurance plan which provides various options for customization. The policyholder can choose from different benefits available under the plan for building a comprehensive cover. The premiums are low and can be paid once, for a limited tenure or for the entire plan duration.

Key features of the plan

  • The plan has two options. One has a level Sum Assured throughout the plan tenure while the other option promises increasing Sum Assured.
  • An inbuilt Terminal Illness benefit is available under the plan.
  • Two optional benefits are also available with the plan. One is the Joint Life Protection benefit wherein the spouse can also be covered under the plan jointly. The other is the Enhanced Life stage Protection benefit which lets you increase the Sum Assured at important milestones of your life.
  • Six riders are also available for an enhanced coverage.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured and the plan option. There are two plan options which are as follows:

  • Level Term Assurance where the Sum Assured remains same throughout the plan tenure
  • Increasing Term Assurance where the Sum Assured increases 5% or 10% every year.

Step 2 – the policyholder can also choose from any of the below-mentioned optional benefits

  • Enhanced Life stage Protection benefit through which the Sum Assured can be increased. This increment is allowed on marriage or at childbirth. The proportion of increase is as follows:

On marriage – 50% of the existing Sum Assured subject to a maximum of Rs.50 lakhs
On birth of 1st child – 25% of the existing Sum Assured subject to a maximum of Rs.25 lakhs
On birth of 2nd child - 25% of the existing Sum Assured subject to a maximum of Rs.25 lakhs

  • Joint Life Protection Benefit through which the policy also covers the spouse of the policyholder. The spouse is treated as the second life and in case of death of first life the Death Sum Assured is paid. Future premiums are waived and the plan continues till the remaining term or death of second life. When the second life dies, the death Sum Assured of the second life is paid again. If the second life dies earlier, the death Sum Assured of second life is paid. The policy continues and the first life pays a reduced premium till death or maturity.

Step 3- The policyholder also chooses the plan tenure, the premium paying tenure and the premium paying mode.

Step 4 – on death of the life insured, the Sum Assured on death is paid according to the plan option selected. The nominee can take the death benefit in lump sum or partly in lump sum and partly in annual instalments. These instalments can be uniform or increasing and are payable for 10 years or 15 years as chosen.

Example

Rajat, a non-smoking male aged 35 years, opts for Protect @ Ease Plan for a term of 40 years. The Sum Assured is chosen to be Rs.75 lakhs and premiums are paid for the entire plan duration.

Option 1 – Rajat opts for level term assurance option. The premium is Rs.13, 024 and Rs.75 lakhs would be paid if Rajat dies during the plan term.

Option 2 – Rajat chooses Increasing Term Assurance where the Sum Assured increases by 5% every year. The premium charged is Rs.24, 817. On death during any policy year, the Sum Assured applicable in that policy year (after increment) would be payable.

Option 3 – if Rajat chooses the Enhanced Life Stage Protection benefit, he can increase the Sum Assured by Rs.37.50 lakhs in case of marriage and by Rs.18.75 lakhs on the birth of two children each.

Option 4 – If Rajat chooses the Joint Life Protection Benefit, his spouse would be covered for Rs.37.5 lakhs. If Rajat dies, Rs.75 lakhs would be paid and the plan would continue. If the spouse dies, Rs.37.50 lakhs would be paid and the plan would continue with Rajat paying a reduced premium for his Sum Assured.

Option 5 – on maturity, no benefit is paid.

Plan benefits

  • Death benefit - if the insured dies during the plan tenure, Death Benefit is paid as per the plan option chosen by the policyholder. The Death Benefit is the Sum Assured on Death less any Terminal Illness Benefit paid earlier. The Sum Assured on Death would be highest of:
  • 10 times the annual premium for regular or limited pay plans or 125% of the single premium for single pay plans
  • 105% of all premiums paid for regular or limited pay policies
  • Basic Sum Assured under the plan
  • The nominee can take the death benefit in lump sum or as staggered payments. In case of staggered payments too, there are two options. The nominee can take uniform annual payouts or increasing annual payouts. 20% of the benefit is paid in lump sum and then the remainder is paid as annual incomes for 10 or 15 years as chosen by the policyholder.

  • Maturity Benefit – there is no maturity benefit payable under the plan

Eligibility

  Minimum Maximum
Age at entry (in completed years) 18 years 65 years
Age at maturity (in completed years) NA 80 years
Term of the plan 5 years 40 years
Premium paying options Single Pay, Limited Pay or Regular pay
Premium Paying term Single Pay – once
Limited pay – 5 or 7 years
Regular pay - Equal to the plan tenure
Sum Assured Rs.30 lakhs No limit

What is not covered by the plan?
If the life insured or the spouse (second life) dies due to suicide within one year of plan commencement or revival, higher of the surrender value or premiums paid are refunded.
For the terminal illness benefit, any terminal illness caused due to attempted suicide or self-inflicted injury would not be covered under the plan.

Premium Illustration
Below are the sample rates of premium (inclusive of taxes) payable by a male aged 35 years opting for a Sum Assured of Rs.1 crore. Different terms are taken and premiums are illustrated for different plan options and smoking habits of individuals.

BSLI-Protect-@-Ease-Plan

FAQs

  • Which riders are available with the plan?
  • The plan offers six types of riders which are as follows:

    • BSLI Accidental Death and Disability Rider
    • BSLI Critical Illness Rider
    • BSLI Surgical Care Rider
    • BSLI Hospital Care Rider
    • BSLI Waiver of Premium Rider
    • BSLI Accidental Death Benefit Rider Plus
    • What are the conditions of opting for Joint Life Protection Benefit?

    The Sum Assured opted by the policyholder should be Rs.60 lakhs only then can the Joint Life Protection Benefit be taken.

  • What will be the annual income if the nominee chooses level staggered payouts?
  • In case of uniform annual payouts of death benefit, the nominee can receive 11% of the death benefit as annual payouts if he chooses the payout term to be 10 years. If the payout term is chosen to be 15 years, the annual instalment would be 8.37% of the death benefit.

  • What will be the annual income if the nominee chooses increasing staggered payouts?
  • In case of increasing annual payouts increasing at 5%, the annual payouts would be 9.16% of the death benefit if the payout tenure is 10 years. If the tenure is 15 years the annual payout would be 6.47% of the death benefit.

  • Are loans available under the plan?
  • No, since this is a term plan, loans are not available.

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