Birla Sun Life Insurance offers this endowment plan to those who want secured savings and at the same time need to provide their family with comprehensive financial protection. The policy provides for accrued bonuses from the first policy year helping you make the most of your investment in this plan. The Vision Endowment Plan has flexible options when it comes to sums assured, premium payment terms and premium frequencies. The plan has provisions for death benefits, maturity benefits, surrender benefits and reduced-paid up benefits. Customers are assured of returns on their policy whether they pass on during the policy term or survive till the end of the policy term. Rider protection also enhances the benefits of this policy by waiving future premium payments in case the policyholder is unable to make further payments due to a disability, illness or financial difficulties.
For any insurance plan, the insurance provider sets certain eligibility requirements that the customer must fulfill in order to be able to avail the plan. In order to avail this plan, customers must meet certain criteria set out by Birla Sun Life Insurance.
|Minimum entry age||1 year|
|Maximum entry age||55 years|
There a flexible options available with the Vision Endowment Plan from Birla Sun Life Insurance. Customers can choose to pay premiums monthly, bi-annually or annually according to their convenience. The plan also provides for different premium payment terms so that the customer can choose to pay only for a certain term but get coverage for 20 years.
|Minimum sum assured||Rs.1 lakh|
|Policy term||20 years|
|Premium payment terms||7 years or 10 years|
|Premium payment frequency||Monthly, semi-annually or annually|
*Premiums vary based on age, location, plan term and other factors
Availing this plan comes with a number of benefits that the customer or their beneficiaries can enjoy. Given below are some of the important benefits associated with the Vision Endowment Plan.
|Death benefit||Upon the death of the life insured, provided the policy is in force, the nominee will be paid the Sum Assured on Death. Any accrued bonuses and terminal bonus will also be payable. If the life insured dies due to an accident, an additional sum assured will be paid, subject to a maximum of Rs.1 crore. The Sum Assured on Death is equal to the maximum sum assured OR maturity sum assured OR 10 times the annual premium OR 105% of total premiums paid (not including taxes and rider premiums).|
|Maturity benefit||If the life insured survives till the end of the policy term, then they will be entitled to receive the following: Maturity Sum Assured + accrued bonuses + terminal bonus, if any. The Maturity Sum Assured is equal to the total of all premiums paid (not including taxes and rider premiums).|
|Bonus||The plan is eligible to accrue bonuses from the first policy year. The bonus is payable upon death or maturity.|
|Reduced paid-up benefits||If you are unable to pay premiums, you can convert your policy and receive reduced paid-up benefits.|
|Tax benefits||Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.|
Riders / Add-On Plans – H3> Additional coverage under the BSLI Vision Endowment Plan
Rider plans can be attached to the base policy in order to get additional benefits. Riders will cost a small additional premium. Riders can be availed at the time of inception of the policy or upon the policy anniversary. With the base Vision Endowment plan, you can increase you cover by taking the following rider:
BSLI Waiver of Premium rider - This rider can be availed by paying an additional premium. If the life insured is unable to pay future premiums due to financial difficulties, the premiums will be waived by Birla Sun Life. This rider will come into play if the policyholder is disabled due to an accident or illness, or is diagnosed with a critical illness. If the proposer of the plan is not the life insured and the proposer dies, then future premiums will be waived. Premiums will be waived till the end of the policy, termination of the policy, or till the proposer attains the age of 70, whichever is earlier.
Exclusions - What the BSLI Vision Endowment Plan doesn’t cover
If the life insured commits suicide within one year from the date of issue of the policy or reinstatement of the policy, whether sane or insane, then Birla Sun Life will refund the premiums paid till date or the surrender value, whichever is higher.
Apart from this, Birla Sun Life will not pay the additional Accidental Death Benefit under the following circumstances:
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
It is important to read your policy document to be completely informed about your plan. Some of the key features of this plan have been mentioned below.
|Premium Rebates||Annual - 5% Semi-Annual - 2%|
|Free-look Period||15 days (30 days for distance marketing)|
|Grace Period||30 days (15 days for monthly mode)|
|Reduced Paid-up Policy||If you have paid premiums for at least 3 full years (2 years for 7-year policy term), the policy will be converted to a Reduced Paid-Up policy.|
|Termination||If you have not paid premiums for at least 3 full years (2 years for 7-year policy term), then all benefits will lapse after the grace period ends. The policy will be terminated.|
|Reinstatement||From the due date of the first unpaid premium, you can reinstate your policy within 2 years. You need to pay all outstanding premiums plus interest.|
|Surrender Value||The policy will acquire a surrender value, if you have paid premiums for at least 3 full years (2 years for 7-year policy term). The higher of the following will be paid:
|Nomination||Available under Section 39 of the Insurance Act, 1938|
|Assignment||Available under Section 38 of the Insurance Act, 1938|
|Service tax||Service tax, cess and other levies will be charged as per the prevailing tax laws at rates specified by the government from time to time.|
Tax benefits – How you can save with the BSLI Vision Endowment Plan
As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.
Other benefits – How you can save with the BSLI Vision Endowment Plan
When you choose Birla Sun Life as your insurance provider, you can stand to benefit from the following:
Why you should buy the BSLI Vision Endowment Plan from Birla Sun Life Insurance
Through a joint venture between Aditya Birla and Sun Life Financial Inc., Birla Sun Life offers a host of insurance products and services. The company deals with a complete range of protection solutions that include health and wellness, retirement, savings, investment, protection, and children’s future. The Birla Sun Life Insurance Vision Endowment Plan is designed to cater to those who want to save along with their insurance protection. This plan gives you peace of mind knowing that your family is protected in the event of your unfortunate demise. At the same time, you can enjoy secured savings and reap profits from the premiums you pay.