BSLI Platinum Advantage Plan is a traditional term insurance plan offered by Birla Sun Life Insurance Company Limited as a part of its insurance solutions to the middle class section of the society from urban and semi-urban 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 Self-Managed and Guaranteed investment options.
- You are allowed to top-up your premium amount any time for Self-Managed and after 3 years for Guaranteed investment option.
Listed below are the eligibility factors you must meet to purchase BSLI Platinum Advantage Plan:
|Minimum entry age
|Maximum entry age
Sum Assured and Premium Range
The premium, Policy Term and Sum Assured for BSLI Platinum Advantage 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
Under BSLI Platinum Advantage 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
Charges: Listed below are the various charges applicable under BSLI Wealth Aspire Plan:
Policy Administration Charge: 0.6% of the basic premium p.a. is charges at the start if every policy month, subject to a maximum of Rs.6,000 p.a.
Premium Allocation Charge: A charge is levied on Basic and Top-up premium as per the below table:
|Policy year or Basic Premium p.a.
||Rs.40,000 to Rs.2,49,999
||Above Rs.2.5 lakhs
|1 to 2 years
Fund Management Charge: A charge of 1% p.a. is levied for Liquid Plus, Assure, and Income Advantage. 1.25% p.a. for Enhancer and 1.35% p.a. for Magnifier, Super 20, and Maximiser.
Mortality Charge: This charge is levied at the start of every month for providing risk cover.
Miscellaneous Charges: The company charges Rs.50 per request for premium redirection, change in investment option or fund switch partial withdrawal.
Under the BSLI Platinum Advantage 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
Listed below are the key features of BSLI Platinum Advantage 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.
Under BSLI Platinum Advantage 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.
There are several other benefits of purchasing Platinum Advantage Plan 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 Platinum Advantage Plan from Birla Sun Life Insurance Company Limited?
The following are the reasons why you should buy BSLI Platinum Advantage Plan Plan from Birla Sun Life Insurance Company Limited:
- As of 2016, Birla Sun Life Insurance ranks 4th in the country among the private life insurance companies with a market share of 7.6%.
- BSLI serves its customers from 409 branches with more than 55,000 agents and 3 bancassurance partners.
- BSLI has a wide range of insurance plans from child insurance to health, from wealth protection to retirement plans.
- Birla Sun Life Insurance was also the runner up for Best Life Insurer Award at the Outlook Money Awards held in 2004.
- Birla Sun Life Insurance won a silver medal and letter of appreciation from APPIES (Asia Pacific Advertising & Marketing Congress for Wealth with Protection Solutions) 2010 campaign.
- In 2011, the company won Best Insurance Integrated ad campaign from IAC Awards.
- Birla Sun Life Insurance was one of the top 5 nominees in the 8th Asia Insurance Industry Awards in 2004.