BSLI Income Assured Plan is a non-participating traditional insurance plan that ensures saving for the policyholder and their loved ones. The plan provides for monthly income for the policyholder while providing financial security to their family in event of their unfortunate demise.
The policy allows the policyholder to choose from different policy terms and premium payment terms. It also allows the flexibility of choosing the frequency at which to pay the premiums. BSLI Income Assured Plan comes with a number of riders to ensure that all customers are adequately covered as per their individual requirements.
Eligibility -Who is the BSLI Income Assured Plan for?
Listed below are the eligibility factors you must meet to purchase BSLI Income Assured Plan:
|Minimum Entry Age
|Maximum Entry Age
|Minimum Maturity Age
|Maximum Maturity Age
|Policy Terms Available
||15 years, 17 years, 22 years, 20 years, or 25 years.
Sum Assured and Premium Range - What you get and what it costs?
Premium Range: The premium range depends on the Sum Assured, the Policy Term and the Premium Payment Term of this policy. The Policy Term for BSLI Income Assured Plan are as follows:
|Premium Payment Term (PPT)
- For 15 year policy term: 5 years PPT.
- For 17 and 22 year policy term: 7 years PPT.
- For 20 and 25 years policy term: 10 years PPT.
||Attained age at the end of premium-paying term must be 18 years or more.
||Attained age at the end of the premium-paying term must be 65 years or less.
|Premium Payment Frequency
||Monthly, quarterly, semi-annual or annual.
Sum Assured: The minimum amount of Sum Assured for this policy is Rs.1 lakh. For easier classification, the Sum Assured amount is divided into 3 bands:
- Band 1: Rs.1 lakh to Rs.1,99,999.
- Band 2: Rs.2 lakhs to Rs.3,99,999.
- Band 3: Rs.4 lakhs and above.
Plan Coverage - What the BSLI Income Assured Plan covers?
Assured Income Benefit: If the policyholder survives till the end of Premium Payment Term, he/she will get an assured income of amount depending on the option they choose:
- Option A: Monthly payable assured income equal to 8% p.a. of the Sum Assured till the maturity date of the policy.
Option B: The assured income can be accumulated and receives as a lump sum at the end of the term of the policy. In this case the assured income will increase as follows:
- 130% for 15, 17 and 20 years of policy terms.
- 150% for 22 and 25 years of policy terms.
Guaranteed Additions: Policyholders get guaranteed additions added to their policy at the start of each quarter beginning from the completion of PPT, till the date of policy maturity. These Guaranteed Additions will be accrued at 25% of the annual rate. The annual Guaranteed Additions as a Sum Assured percentage for different premium paying terms are as follows:
|Premium Paying Term (in years)
Death Benefit: In case of the unfortunate demise of the policyholder within the term of the policy, the nominee will get a death benefit equal to the Sum Assured on Death plus Guaranteed Additions accrued till the date of demise. Additionally, the policyholder will also receive an increased accumulated Assured Income, if applicable. The Sum Assured on Death is the highest of the following:
- Sum Assured as an absolute amount paid on death.
- 10 times of annual premium (excluding taxes, rider premiums and underwritings, as applicable).
- 105% of total paid up premiums till the date of demise of the policyholder (excluding taxes, rider premiums and underwritings, as applicable).
- The Maturity Sum Assured which is the actual Sum Assured under the BSLI Income Assured Plan.
Maturity Benefit: In case the policyholder survives till the end of policy term, he/she receives the Maturity Sum Assured plus any Guaranteed Additions accumulated till then, plus an increased accumulated Assured Income, if applicable.
Riders/Add-On Plans – Additional coverage under the BSLI Income Assured Plan
Following are the riders that provide additional protection along with the base BSLI Income Assured Plan, if opted for at the time of commencement of the policy:
- BSLI Accidental Death and Disability Rider
- BSLI Accidental Death Benefit Rider Plus
- BSLI Waiver of Premium
- BSLI Critical Illness Rider
- BSLI Hospital Care Rider
- BSLI Surgical Care Rider
Exclusions - What the BSLI Income Assured Plan doesn’t cover?
BSLI Income Assured Plan doesn't provide death cover if the policyholder commits suicide, whether deemed insane or sane at the time of the incident. However, If the life assured commits suicide within 1 year from policy commencement or revival date, the Surrender Value or the premiums paid till date minus applicable taxes will be paid to the nominee.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
- Premium Rebate: Policyholders opting for annual premium paying frequency, rather than monthly, quarterly and half-yearly receive a rebate of 3% on the premium payable.
Sum Assured Rebate: Policyholders opting for a higher Sum Assured under this policy are also eligible for premium rebates per Rs.1,000 of Sum Assured, as per the following rates:
- Band 1: 0%.
- Band 2: 8%.
- Band 3: 12.5%.
- Surrendering Policy: Policyholders can surrender their policy after completing a minimum of 2 years of premium payment term for 5 and 7 year PPT or 3 years for 10 year PPT. On surrendering, they get a Guaranteed Surrender Value equal to a percentage of paid premiums and Guaranteed Additions, minus Assured Income already paid. Policyholders also get a Special Surrender Value which is the higher of the Guaranteed Surrender Value or Special Surrender Value.
- Policy Loan: Policyholders can get loans against their policy subject to a minimum of Rs.5,000 and a maximum of 85% of Surrender Value. And interest rate will be charged on the loan amount.
- Free-Look Period: Policyholders can choose to return their policies within 15 days (or 30 days under IRDAI guidelines for Distance Marketing of Insurance Products) from the date of policy commencement. Birla Sun Life Insurance will return all the premiums on return of policy documents with reasons, minus any expenses incurred for issuing the policy and the premium for the period already covered.
Grace period: The policy allows policyholders a grace period of 30 days from the due date to pay off pending premium amounts. If the policyholder cannot pay the premiums within the grace period, then the following will be applicable:
- If premium has not been paid for 2 years full (3 years for 10 year PPT): The policy will be terminated.
- If premium has been paid for 2 years full (3 years for 10 year PPT): The policy can be continued on Reduced Paid-up basis.
Tax Benefits – How you can save with the BSLI Income Assured Plan?
Under BSLI Income Assured 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 Income Assured Plan?
There are several other benefits of purchasing BSLI Income Assured Plan from Birla Sun Life Insurance Company Limited such as:
Online application: You can buy insurance plans online through the company website.
Premium calculator: You can calculate premium 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.
Customer service: For any insurance related queries, call toll-free number at 1-800-270-7000 or mail to firstname.lastname@example.org.
Why you should buy the BSLI Income Assured Plan from Birla Sun Life Insurance?
The following are the reasons why you should buy BSLI Income Assured Plan from Birla Sun Life Insurance Company Limited:
- Birla Sun Life Insurance boasts of 409 branches and 55,000 plus agents who serve their customers. They have also partnered with 3 bancassurance partners.
- Birla Sun Life Insurance ranks 4th in India as of 2016, among private life insurance companies with a 7.6% market share.
- In FY15-16, the company reported a gross premium income of Rs.5,580 crores, assets under management of Rs.30,811 crores, and a net profit of Rs.140 crores.
- From children's plans and health plans to wealth protection plans and retirement plans, BSLI offers a wide range of insurance plans.
- The company was the runner up for Best Life Insurer Award by Outlook Money Awards 2004.
- Birla Sun Life Insurance was one of the top 5 nominees in the 8th Asia Insurance Industry Awards in 2004.
- It won a silver medal and a letter of appreciation from APPIES 2010 - Asia Pacific Advertising & Marketing Congress for Wealth with Protection Solutions campaign.