We live in a time of uncertainty, where we have no way of knowing what the future has in store for us. In times like these, it is a little reassuring to know that your hard earned money is safe by investing in the BSLI Vision Endowment Plus Plan. By investing in this plan, you not only keep your money secured from the rise and fall in market rates, but you also ensure that you receive higher returns than what you had initially invested. The BSLI Vision Endowment Plus Plan offers financial security to you and your family. Some of the key features of this plan are:
Individuals will have to meet the following eligibility criteria to avail benefits that the BSLI Vision Endowment Plus Plan has to offer:
|Minimum Entry Age||30 days|
|Maximum Entry Age||60 years as of last birthday|
|Maximum Maturity Age||70 years|
The sum that is assured is based entirely on the premiums that you pay to avail the benefits of the policy. The minimum sum assured for BSLI Vision Endowment Plus Plan is Rs.1 lakh.
Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that the plan has to offer. The premiums that a policyholder will have to pay towards a BSLI Vision Endowment Plus Plan are listed below:
|Minimum Premiums to be paid||Rs.7,000 p.a.|
|Minimum Policy Term||10 years|
|Maximum Policy Term||40 years|
|Premium Payment Terms||
|Modes of Premium Payment||
*Premiums paid vary based on age, location, plan term and other factors
The premiums that you will have to pay depends on the Sum Assured that have been banded and these are listed below:
|Band 1||Rs.1,00,000 to Rs.1,99,999|
|Band 2||Rs.2,00,000 to Rs.3,99,999|
|Band 3||Rs.4,00,000 to Rs.7,99,999|
|Band 4||Rs.8 lakhs and above|
Premiums for BSLI Vision Endowment Plus Plan can be paid by using any of the following channels:
The Vision Endowment Plus Plan offered by Birla Sun Life Insurance offers a number of different benefits and these are listed in the table below:
|Maturity Benefits||If the policyholder survives until the policy term is completed, the life assured will be entitled to receive the maturity sum assured along with the Terminal Bonus and any Accrued Bonuses.|
|Death Benefit||If the life assured meets with his/her demise during the term of the policy, the nominee of the life assured will be entitled to receive the sum assured in case of the death of the policyholder, any accrued regular bonuses, and any terminal bonus if applicable. Minimum sum assured will be equal to 105% of the total premiums that were paid.
There are two options that are available with relation to the sum assured:
|Regular Bonus||Reversionary Bonuses are provided to policyholder by BSLI at the end of each financial year.|
|Terminal Bonus||Based on prevailing economic conditions and actual experience, BSLI shall pay an extra terminal bonus to the policyholder at the time of maturity, death or surrender.|
You can enhance the benefits that you would receive from a BSLI Vision Endowment Plus Plan by adding any of the following riders that are listed below:
The higher value between the premiums paid till the death of the policyholder either directly or indirectly by suicide or the Surrender Value shall be paid to the nominee of the life assured. This rule stands if the policyholder is medically deemed sane or insane. This also applies if the death of the life assured by suicide takes place within a year from the inception of the plan.
|Free Look Period||In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day period (30 days in the case of Distance Marketing) is provided where the insured can return the policy back to the insurer. The company will return the Fund Value after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses, etc.|
|Grace Period||A 30 day grace period is provided for payment of premiums. The policy shall remain active during the grace period. If the policyholder fails to pay his/her premiums for the policy within the grace period, the following shall apply:
|Surrender Policy||A policy shall acquire a surrender value once the policyholder has paid all premiums for at least 3 consecutive years of the policy term. This Guaranteed Surrender Value is a percentage of all the premiums that have been paid.|
|Nomination||Nomination is allowed as per the existing tax laws under Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.|
|Reduced Paid-up Benefits||If you do not pay your premiums after you have made premium payments for more than 3 consecutive policy terms, the policy shall not lapse. Instead, the sum assured at the time of maturity or death will be reduced in proportion to the premiums that were paid in total.|
A policyholder can enjoy tax benefits on any premium that is paid towards a BSLI Vision Endowment Plus Plan under the prevailing tax laws under Section 80C and 10(10D) of the Income Tax Act, 1961. Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.
Birla Sun Life Insurance Company Limited is a joint venture between Sun Life Insurance and Aditya Birla Nuvo Limited. Birla Sun Life Insurance Company Limited (BSLI) is placed 4th on the list of India’s top ranked insurance agencies and has recorded Rs.5,580 crore in gross premium income in FY 2015-16. BSLI Vision Endowment Plus Plan comes with a number of benefits that any individual can avail. The company also offers a number of protection, children’s welfare, health and wellness, and wealth with protection solutions for potential policyholders to purchase. BSLI Vision Endowment Plus Plan is an ideal plan to purchase if you are looking at investment options to save your wealth for future requirements.
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