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BSLI Vision LifeIncome Plan

BSLI Vision LifeIncome Plan is a traditional whole life insurance plan that is designed to provide you with an additional source of income. It is a plan that is participating in nature. You will receive great returns with this plan. With this plan, you will be able to meet your numerous responsibilities and also maintain an additional source of funds for your other requirements.

Eligibility – Who is the BSLI Vision LifeIncome Plan for?

The BSLI Vision LifeIncome Plan is perfect for anyone who wants to save his or money meticulously and also wants to have an extra set of funds for multiple purposes. This plan will provide you with survival benefits on an annual basis. Let us take a look at the eligibility criteria that needs to be met for this plan:

Minimum entry age 1 year as on last birthday
Maximum entry age 60 years as on last birthday
Minimum attained age at the end of the premium paying term 18 years or above
Maximum attained age at the end of the premium paying term 75 years or below
Policy period Whole life until the age of 100

Sum Assured and Premium Range – What you get and what it costs

One of the key characteristics of the BSLI Vision LifeIncome Plan is that it will give you 5% of the sum assured along with a bonus after each premium paying term. The sum assured offered by this plan is extensive. Let us take a look at the sum assured and premium range for this plan:

Minimum sum assured Band 1: Rs.200,000 Band 2: Rs.400,000 Band 3: Rs.800,000 and above
Maximum sum assured Band 1: Rs.399,999 Band 2: Rs.799,999 Band 3: Information not provided
Premium paying term 15 to 40 years
Minimum premium Rs.18,000
Premium frequency Once a year, once in 6 months, once in 4 months, and once a month

Premiums vary based on age, location, plan term and other factors.

Plan coverage – What the BSLI Vision LifeIncome Plan covers

This plan provides you with good income as well as extensive life cover. Your beloved family members will be financially independent even in your absence. It offers survival benefits every year until your policy matures. Let us check out the following table to understand what this plan covers:

Type of benefit Features of the benefit
Death benefit When a policyholder dies during the premium paying term, the nominee will be given a death benefit. This benefit will comprise sum assured, terminal bonus, and accumulated bonuses as on the date of death.
Survival benefits This plan offers superb survival benefits where if you live until your premium paying term ends, you will get accumulated bonuses until that date. If you survive until each policy year ends, you will receive bonus from the present policy year as well as an income benefit of 5.0% of your sum assured.
Maturity benefit If you live until the policy paying term ends, your policy will mature and you will receive a maturity benefit. It includes terminal bonus and sum assured.
Reduced paid-up benefit If you have paid your premiums for a minimum of 3 years and you suddenly miss paying your premiums on time, your policy will not be marked invalid. It will be retained on a reduced paid-up basis. You will get 105% of full premium paid until date or sum assured, whichever is higher.

Riders / Add-On Plans – Additional coverage under the BSLI Vision LifeIncome Plan

When you take the BSLI Vision LifeIncome Plan, you will receive additional protection with the rider plans. You will be required to pay an additional cost to get protection from these riders. The riders offered with this plan include:

  • BSLI Critical Illness Rider
  • BSLI Hospital Care Rider
  • BSLI Accidental Death and Disability Rider
  • BSLI Surgical Care Rider
  • BSLI Accidental Death Benefit Rider Plus
  • BSLI Waiver of Premium Rider

Exclusions – What the BSLI Vision LifeIncome Plan doesn’t cover

This plan comes with a certain exclusion regarding death by suicide. If the policyholder commits suicide, whether sane or insane, the company will give the nominee a benefit which will be the surrender value or the premiums paid until the date of the suicide, whichever is higher.

Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

The BSLI Vision LifeIncome Plan comes with a host of excellent features. Let us take a look at these salient features:

Assignment This feature allows a policyholder to assign according to the Section 38 of the Insurance Act, 1938.
Grace period In case you forget or unable to pay your premiums before the due date, you can pay them within a grace period. Under this plan, you will get a grace period of 30 days.
Nomination You can nominate another individual to collect your policy benefits when you are not around. This facility is made available as per the Section 39 of the Insurance Act, 1938.
Free look period This plan allows you to assess the features and terms of the policy. In case you are not happy with any of them, you can return your plan within the free look period which is given for 15 days.
Policy loan This plan enables you to procure a policy loan once the policy has obtained a surrender value.
Surrender value You will be allowed to cancel or surrender your policy. If you have paid your premiums at least for 3 years, it would have obtained a surrender value. This surrender value will be given to you as per the regulations.
Premium rebate If you have higher sum assured, you will receive great premium rebates.

Tax Benefits – How you can save with the BSLI Vision LifeIncome Plan

When you take the BSLI Vision LifeIncome Plan, you will get tax benefits as per the Income Tax Act, 1961 under certain sections and they include Section 80C, 80D and Section 10(10D).

Other benefits – How you can save with the BSLI Vision LifeIncome Plan

These are the other benefits of this plan:

  • You can pay your premiums online by visiting the website.
  • You can view your premium paid certificate which is available on the website.
  • You can use the feature called ‘Ask Disha’ which is the personal online insurance assistant on the website.
  • You can register or update your email ID conveniently simply by clicking an option on the website.

Why should you buy the Vision LifeIncome Plan from Birla Sun Life Insurance?

Birla Sun Life Insurance is a well-established private life insurer in India. The company offers prompt and cutting-edge insurance solutions for all individuals. You can rely on the organisation to provide you with tailor-made insurance plans according to your specific needs. When you buy the Vision LifeIncome Plan from Birla Sun Life Insurance, you can be assured that you will meet your myriad expenses adequately and also save plentiful funds for your future needs. Your family will be able to have a great lifestyle even if something unfortunate happens to you.