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BSLI Guaranteed Future Plan

The Guaranteed Future Plan by BSLI is a traditional non-participating life insurance plan which has been crafted especially to allow you accumulate savings for the important milestones in your life. With this plan, you can ensure that you are never out of funds when it comes to significant life requirements like your child’s education, their marriage, your parent’s anniversary, or for long-awaited family vacations. This plan offers guaranteed benefits on survival and also provides financial security to your loved ones in case you may no longer be around to provide for them. Under this plan, you have the flexibility to choose the premium you wish to contribute towards your cover, the policy term and also the freedom to choose the Death Benefit option. The plan provides Guaranteed Death Benefit and a Guaranteed Maturity Benefit. In addition to this, the plan also provides tax benefits under provision of Section 80C and 10 (10D) of the Income Tax Act. This plan is also available with add-on riders which can be taken to enhance cover protection.

Eligibility - Who Is The BSLI Guaranteed Future Plan For?

Following is the eligibility criteria for this plan.

Minimum entry age 18 years
Maximum entry age 50 years
Maximum maturity age 70 years
Policy term 8 to 20 years; provided maximum maturity age is 70 years.

Sum Assured & Premium Range - What You Get & What It Costs

  • Sum Assured - The sum assured provided under this plan will be 10 times of the Annualized Premium.
  • Premium Range – The benefits provided under the policy will be based on the amount of premiums and premium payment frequency that you opt for. The premiums are categorized in different bands which are Band 1 – Rs.10,000 to Rs.17,999; Band 2 – Rs.18,000 to Rs.29,999 and Band 3 – Rs.30,000 and above.
  • Premium Payment Mode and Term – Premiums for this plan can be paid on an annual, semi-annual, quarterly or monthly basis. The premium payment term is regular pay.

Plan Coverage - What The BSLI Guaranteed Future Plan Covers

Death Benefit

In case the life assured passes away during the policy term, then the Death Benefit sum assured is payable. There are 2 options which you can choose from under the Death Benefit.

  1. Option A – Under this option, if the life assured passes away before the end of the policy term, the insurer will pay the guaranteed Death Benefit to the nominee. In addition to this, there are no premiums payable till the maturity of the policy and at the end of the policy term, the nominee will stand to receive an amount which is equivalent to the Guaranteed Maturity Benefit.
  2. Option B – Under this option, if the life assured passes away before the end of the policy term, the insurer shall pay the Guaranteed Death Benefit to the nominee. In addition to this, there are no further premiums to be paid till the end of the policy term. A Guaranteed Income will be paid to the nominee till the policy anniversary falling before the expiry of the policy term or for a minimum duration of 3 policy years, whichever is greater. In addition to all this, an amount equivalent to the Guaranteed Maturity Benefit will also be payable.

Guaranteed Maturity Benefit

In the event that the life insure survives till the end of the policy term, they will be entitled to receive the Guaranteed Maturity Benefit which is essentially the maturity sum assured. The maturity sum assured amount will be determined with the Death Benefit option chosen, premium payment frequency, premium amount chosen, and the gender of the insured policyholder. This benefit is payable at the end of the policy maturity period. If the policy premiums payment is on an annual or semi-annual mode, then the Guaranteed Maturity Benefit shall be hiked by 3% and 1.5% respectively. The Guaranteed Maturity Benefit can be provided over a period of 5 years in regular, equal instalments, starting from the date the policy matures.

Riders/Add-On Plans - Additional Coverage Under The BSLI Guaranteed Future Plan

If you are looking for additional protection over your base plan, you can choose from a range of add-on riders that are available at a nominal cost with this plan. These riders are:

  1. BSLI Accidental Death and Disability Rider
  2. BSLI Critical Illness Rider
  3. BSLI Surgical Care Rider
  4. BSLI Hospital Care Rider
  5. BSLI Accidental Death Benefit Rider Plus

Exclusions - What The BSLI Guaranteed Future Plan Doesn’t Cover

In case the life insured commits suicide in a sane or insane state, within a year from the policy inception date or policy reinstatement date, the insurer will pay the amount of premium paid till the date of intimation of life assured’s death or the policy’s surrender value, whichever amount is greater.

Other Key Features – Free Look Period, Surrender Values, Grace Period, Etc.

Policy Surrender The policy will acquire a surrender value after all outstanding premiums have been paid for the minimum duration of 3 full years (2 full years if policy term is below 10 years).
Policy Loan Loan facility is not allowed under this policy.
Free Look Period In case you are dissatisfied with the terms and coverage provided by the policy, they can return it any time within the Free Look Period. Policyholders will be permitted a Free Look Period of 15 days (30 days if policy has been received via Distance marketing channels), starting from the date of policy receipt. For cancellation, a written request must be submitted along with the original policy document. After the cancellation request has been received and accepted, the insurer will refund the fund value along with any charges that have been levied towards the policy to date, after deducting proportionate risk premium and expenses like stamp duty and medical charges.
Grace Period A grace period of 30 days will be provided for making outstanding premium payments. Policy will continue to offer coverage during the grace period.
Policy Lapse The policy will lapse and all benefits will cease if premiums have not been paid for 3 complete policy terms (2 policy terms for policies with 10 year tenure).
Reinstatement The policy can be reinstated within a duration of 2 years from the date of the first outstanding premium. For reinstatement, all outstanding premiums till date must be paid, along with interest as is applicable at the time. You are also required to provide proof of good insurability that is approved by the insurer. After the submission of this, the policy will be revived will full benefits restored.
Nomination Nomination is allowed for this plan as per rules of Section 39 of the Insurance Act, 1938.
Assignment Assignment of the policy is allowed under Section 38 of the Insurance Act, 1938.

Tax Benefits – How You Can Save With The BSLI Guaranteed Future Plan

Under this plan, you are entitled to tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

Other Benefits – How You Can Save With The BSLI Guaranteed Future Plan

  • Multiple Premium Payment Options – Customers have the option to make premium payment for their policies via multiple options which include via credit or debit cards, net banking, NEFT, direct debit, at Axis Bank branches or ICICI Bank branches, CAMS service centres, BSLI branches, Common Service Centres, via ECS, or Bill Desk.
  • Manage Your Policy – Customers can easily manage their insurance policy online via the BSLI website with the help of multiple options. Customers can carry out functions like change premium payment mode, make premium payments, subscribe to policy e-statements and update their contact details.
  • Online Tools – Customers can easily calculate the premiums that are charged towards different insurance policies with the help of a special tool called the premium calculator which is available on the BSLI website. Along with the premium calculator, there are some other calculators also available on the website like the term insurance calculator, health calculator, tax calculator, children future planner, human life value calculator and wealth calculator.
  • Purchase Policies Online – Now, you no longer need to wait in line to purchase a policy. Via the BSLI website, you can now view various types of insurance policies at a glance and also purchase a policy of your preference without having to go through the time-consuming process of doing it offline.
  • Track Application – You can now track your insurance application online with the help of the ‘Track Application’ feature on the BSLI website. To track your application, you need to provide the insured person’s date of birth, the policy or application number and the insured’s mobile number.
  • Forms & Downloads – To allow customers to save time and effort, the BSLI website enables customers to download various forms and declarations which are necessary of the application process.

Why You Should Buy The Guaranteed Future Plan From Birla Sun Life Insurance

The Birla Sun Life Insurance Company Limited (BSLI) was founded as the result of a partnership between the Aditya Birla Group of India and the Canada-based Sun Life Financial Inc., a leading international financial services company. BSLI has been one of the market leaders in the insurance segment for over a decade, as a result of which, has not only acquired industry experience but has gained valuable insights into customer needs and requirements. As one of the top insurance provider in the country, Birla Sun Life currently addresses the needs of more than 2 million customers, offering well-appointed and simple to understand insurance plans across various categories like children’s future plans, protection plans, health plans, wealth & protection plans, savings & investment plans and retirement plans.

*Premiums Vary Based On Age, Location, Plan Term And Other Factors