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.
Step 1 – the policyholder chooses the Sum Assured and the plan option. There are two plan options which are as follows:
Step 2 – the policyholder can also choose from any of the below-mentioned optional benefits
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
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.
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.
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.
|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.
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.
The plan offers six types of riders which are as follows:
The Sum Assured opted by the policyholder should be Rs.60 lakhs only then can the Joint Life Protection Benefit be taken.
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.
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.
No, since this is a term plan, loans are not available.