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BSLI Vision MoneyBack Plus Plan

Birla Sun Life Insurance has more than 15 years of experience in the insurance sector and it is listed in the top 7 private life insurance establishments in the country. The company has a special category known as Savings with Protection Plans that enables individuals to save consistently while enjoying a good standard of living. Under this category, you can choose from 10 plans provided by the insurance company. These plans provide savings as well as protection. Birla Vision MoneyBack Plus Plan is a conventional participating plan that comes under this category and gives you systematic liquidity that suit your financial needs along with a good life cover against the case of an unfortunate event. You can choose your policy term, sum assured as well as the premium paying term. This plan offers you regular payouts at a predetermined percentage of the sum assured at the completion of every fourth or fifth policy throughout the term. It provides your family a comprehensive monetary protection depending on the sum assured chosen by you. You can enhance your coverage during the policy tenure by including amazing riders for additional cost. This plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. This plan provides you survival, death, and maturity benefits.

Eligibility-Who is the BSLI Vision MoneyBack Plus Plan for?

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.

Eligibility Criteria Details
Minimum entry age 13 years of age
Maximum entry age 45 years of age
Minimum premium Will depend on the amount of sum assured chosen by you

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

There are flexible options available with the BSLI Vision MoneyBack Plus Plan from Birla Sun Life Insurance. You can choose to pay premiums monthly, quarterly, bi-annually or annually according to your convenience.

The premium payable will depend on the sum assured chosen by you, intervals for the regular payouts, premium-paying term, and the policy term. The minimum sum assured is Rs.1 lakh. To make it simpler to understand, the sum assured is divided into a series of bands. Here follows:

Sum assured band Band 1 Band 2 Band 3 Band 4
Sum assured Rs.1 lakh to Rs.1,99,999 Rs.2 lakh to Rs.3,99,999 Rs.4 lakh to Rs.7,99,999 Rs.8 lakh and above

Policy Term: The policy term under this plan can vary from 20, 24 and 25 years.

Plan coverage - What the BSLI Vision MoneyBack Plus Plan covers

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 BSLI Vision MoneyBack Plus Plan:

Benefits Details
Death Benefits Upon the death of the life insured, provided the policy is in force, the nominee will be paid the maximum of the Sum Assured chosen by the policyholder. Any accrued bonuses and terminal bonus will also be payable. 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). In case the life insured and the policyholder are two different people then, the sum assured will be paid to the policyholder in case of the death of the life insured. The policy will be terminated with immediate effect once the company pays off the death benefit.
Survival Benefits You will receive a survival benefit as a part of the sum assured on every 4th or 5th anniversary of the policy, as chosen by you. These benefits will be paid throughout the policy term as long as you will live.
Maturity Benefits 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).

Riders / Add-On Plans – Additional coverage under the BSLI Vision MoneyBack Plus 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 BSLI Vision MoneyBack Plus Plan, you can increase you cover by taking the following riders:

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

Exclusions - What the BSLI Vision MoneyBack Plus 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:

  • Self-inflicted injuries, self-destruction, whether sane or insane.
  • Death under the influence of alcohol and non-prescribed drugs.
  • Service in the armed forces during war, declared or undeclared, or while restoring public order or serving under orders for warlike operations.
  • Transport via an aerial device, except on a commercial passenger airline. This includes entering, exiting, operating, and servicing of the device.
  • Death arising out of a breach of law with criminal intentions.
  • Death or disability caused due to an infection or disease.
  • Injuries sustained before the effective date of protection.
  • Nuclear contamination, accidents arising out of radioactive, hazardous, explosive nature.
  • Accidents due to professional sports or dangerous activities
  • War, invasion, terrorism, hostilities, etc.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Following are some of the additional key features available with the BSLI Vision MoneyBack Plus Plan:

Features Details
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:
  • Guaranteed Surrender Value - percentage of the premiums paid (not including rider premiums and taxes) + surrender value of accrued bonuses.
  • Special Surrender Value.
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:

You will get tax benefits on the premium under Section 80C and on the returns under Section 10(10D) of the Income Tax Act of 1961.

Other Benefits:

The following are some of the other benefits that you receive for opting for BSLI Vision MoneyBack Plus Plan:

  • You can request for a Life Advisor very conveniently by visiting the official website of Birla Sun Life Insurance. You will only have to provide your name, mobile number, and the name of the city you live in. A reliable life advisor from Birla Sun Life Insurance will contact you immediately to provide you with assistance.
  • All Birla Sun Life Insurance plans come with user-friendly online premium calculators. You only have to choose your product category and your product. You will then have to fill in all the relevant details in the form and then you will get to calculate the premiums that you need to pay.
  • You can pay your premiums through numerous convenient modes. You can choose any of them and complete your premium payment in no time. Some of the payment modes include NEFT, direct debit, ECS, payment through debit card and credit card, and many other methods.
  • Whenever you take a policy from Birla Sun Life Insurance, you can enroll for the SMS alert facility. With this facility, you will receive instant updates about your policy. You will get exact and accurate data about everything regarding your insurance plan.

Why you should buy the BSLI Vision MoneyBack Plus 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 savings with protection solutions that include health and wellness, retirement, savings, investment, protection, and children’s future. The Birla Sun Life Insurance Vision MoneyBack Plus 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.