BSLI Grameen Jeevan Raksha Plan is a traditional term insurance plan offered by Birla Sun Life Insurance Company Limited as a part of its Rural Solutions to the weaker section of the society from urban, semi-urban, and rural areas in India. It is a non-linked, non-participating plan made affordable for people who require life cover at an affordable cost. Under this term micro insurance plan, you can get the following benefits:
- You have the option to choose a premium payment of minimum Rs.250 to Rs.2,500 (in multiples of Rs.50).
- As this a Single Premium policy, you have to pay the premium only once.
Eligibility - Who is the BSLI Grameen Jeevan Raksha Plan for?
Listed below are the eligibility factors you must meet to purchase BSLI Grameen Jeevan Raksha Plan:
|Minimum entry age
|Maximum entry age
Sum Assured and Premium Range - What you get and what it costs?
The premium, Policy Term and Sum Assured for BSLI Grameen Jeevan Raksha Plan are as follows:
|Premium Payment Term (PPT)
||Minimum Rs.250 to maximum Rs.2,500 (in multiples of Rs.50)
||20 times the Single Premium
Plan coverage - What the BSLI Grameen Jeevan Raksha Plan covers?
Under BSLI Grameen Jeevan Raksha Plan, you can get the following benefits:
Death benefit: In the unfortunate event of the demise of the life insured, the nominee will be paid the Sum Assured as death benefit. The policy will cease once the death benefit is paid. If the policyholder and the life insured are 2 different persons, then the policyholder will be paid the death benefit in the case of demise of the life insured.
Surrender benefit: You will receive the surrender benefit as per the below table:
|Year of surrender
||% of Single Premium
Exclusions - What the BSLI Grameen Jeevan Raksha Plan doesn’t cover?
Under the BSLI Grameen Jeevan Raksha Plan, the nominee will be paid only the Single Premium refund in the case of death by suicide within 1 year from the date of policy issue.
Other key features – Freelook Period, Surrender Values, Grace Period etc.
Listed below are the key features of BSLI Grameen Jeevan Raksha Plan:
Free-look period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. You will be refunded the premium paid minus risk premium cover for that period and stamp duty charges. For policies purchased through distance marketing, the free-look period is 30 days.
Surrender: You can surrender the policy any time from the 2nd to 4th policy year.
Tax Benefits – How you can save with the BSLI Grameen Jeevan Raksha Plan?
Under BSLI Grameen Jeevan Raksha Plan, you can get tax deductions on the following:
- On premiums paid under Section 80C of the Income Tax Act, 1961.
- On maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.
Other benefits – How you can save with the BSLI Grameen Jeevan Raksha Plan?
There are several other benefits of purchasing insurance plans from Birla Sun Life Insurance Company Limited such as:
Customer service: For any insurance related queries, call toll-free number at 1-800-270-7000 or mail to firstname.lastname@example.org.
Online application: You can buy insurance plans online through the company website.
Premium calculator: You can calculate premiums using the online premium calculator on the company website.
Application status: You can also track your application status by entering your application number and personal details on the company website.
Insurance advisor: You can get a personal insurance assistant to guide you in choosing the right insurance plan that best suits your needs. Just fill up a form on the company website and an insurance advisor will call or meet you at your convenience.
Grievance redressal: BSLI has a dedicated grievance redressal cell to resolve your grievances at the earliest. Grievances will be acknowledged in 3 working days and resolved within 15 days.
Online premium payment: With BSLI's Pay Online facility, you can make premium payments online using your bank account or credit card.
Claim process: You can initiate your claim online through the company website. Visit the nearest BSLI branch, call 1-800-270-7000 or send an email to BSLI.Claims@birlasunlife.com for assistance with your claim process.
Policy alerts: Register to get policy updates and alerts via email notifications.
Why should you buy BSLI Grameen Jeevan Raksha Plan from Birla Sun Life Insurance Company Limited?
The following are the reasons why you should buy BSLI Grameen Jeevan Raksha Plan from Birla Sun Life Insurance Company Limited:
- As of 2016, Birla Sun Life Insurance ranks 4th in India among the private life insurance companies with a market share of 7.6%.
- In FY15-16, the company reported a gross premium income of Rs.5,580 crores, Rs.30,811 crores of assets under management, and a net profit of Rs.140 crores.
- BSLI serves its customers from 409 branches with more than 55,000 agents, and 3 bancassurance partners.
- In addition to traditional term insurance plans, BSLI offers a wide range of insurance plans including children's plans, health plans, wealth protection plans, and retirement plans.
- Birla Sun Life Insurance was one of the top 5 nominees in the 8th Asia Insurance Industry Awards in 2004.
- The company was the runner up for the Best Life Insurer Award by Outlook Money Awards in 2004.