Birla Sun Life Insurance offers this insurance plan to those who want to save small amounts now to reap the benefits later. This traditional participating whole life insurance plan is designed to help you prepare to achieve your goals in life. Your savings will also grow through regular bonuses offered from the first policy year. At the same time, you will receive comprehensive financial protection for you and your family. You can be protected till the age of 100.
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 (last birthday)|
|Maximum entry age||60 years (last birthday)|
|Minimum age at the end of policy term||18 years or more|
|Maximum age at the end of policy term||75 years or less|
There a flexible options available with the Vision LifeSecure Plan from Birla Sun Life Insurance. Customers can choose to pay premiums monthly, quarterly, bi-annually or annually according to their convenience. The plan provides for a minimum sum assured of Rs.2 lakh. Customers can also choose to be protected for 15 to 35 years according to their needs. Paying premiums are also made easy with a number of modes available. Given below are the details of the sums assured and premium details:
|Minimum sum assured||Rs.2 lakh|
|Minimum premium||Rs.12,000 p.a.|
|Policy term||15 years to 35 years|
|Premium payment terms||Regular pay|
|Premium payment frequency||Monthly, quarterly, 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. The Vision LifeSecure Plan provides death benefits, maturity benefits, surrender benefits along with bonuses that add value to the policy. Birla Sun Life also offers bonuses at the end of each policy year that will enhance the value of the benefits. Given below are some of the important benefits associated with the Vision LifeSecure Plan.
|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 guaranteed additions + accrued bonuses + terminal bonus, if any.|
|Death benefit||Upon the death of the life insured, provided the policy is in force, the nominee will be paid the Guaranteed Death Benefit. Any accrued bonuses, accrued guaranteed additions, and terminal bonus will also be payable. (This is subject to a minimum of 105% of total premiums paid till date of date, excluding tax and rider premiums). If the life insured is different from the policyholder, the benefits will be paid to the policyholder. The Guaranteed Death Benefit is equal to the maximum sum assured OR 10 times the annual premium OR 105% of total premiums paid (not including taxes and rider premiums), whichever is higher.|
|Terminal bonus||The insurer might may a terminal bonus at the time of death, maturity or surrender.|
|Simple reversionary bonus||The plan is eligible to accrue simple reversionary bonuses if declared at the end of every financial policy. The bonus will be attached to the policy every policy anniversary. The bonus is payable upon death, surrender, or maturity.|
|Reduced paid-up benefits||If you are unable to pay premiums, you can convert your policy and receive reduced paid-up benefits. This option is available if you have paid premiums for at least three full years.|
|Loan facility||Available once the policy has acquired a surrender value and the life insured is alive. The minimum amount that can be availed is Rs.5,000. The maximum loan amount is capped at 85% of the surrender value.|
|Tax benefits||Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.|
With this plan, you can avail the following riders at an additional premium and enhance your protection:
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.
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.
|Free-look Period||15 days (30 days for distance marketing)|
|Grace Period||30 days (15 days for monthly mode)|
|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:
|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.|
|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.|
|Nomination||Available under Section 39 of the Insurance Act, 1938|
|Assignment||Available under Section 38 of the Insurance Act, 1938|
|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.|
|Premium Rebates||Annual - 3% Semi annual - 1.5% ECS mode - 3%|
|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 laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits. 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.
When you choose Birla Sun Life as your insurance provider, you can stand to benefit from the following:
Birla Sun Life Insurance was born out of a joint venture between Aditya Birla and Sun Life Financial Inc. The insurer provides a host of insurance products and services. The insurer has maintained a claims settlement ratio of 95% in 2014-15 and 88% in 2015-16, as per the information published by the IRDA. 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 LifeSecure Plan is designed to cater to those who want to save along with their insurance protection. With this plan, customers can make the best of both worlds. This plan gives you peace of mind knowing that your family is protected in the event of your unfortunate demise. You can also enjoy secured savings and reap profits from the premiums you pay through bonuses.
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