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BSLI Vision Regular Returns Plan

Having a life insurance policy is absolutely essential in an uncertain time like the present as it guarantees the financial security of your family. Considering most of India is riddled with nuclear family across all corners, safeguarding their financial interests is of paramount important. This is where the Vision Regular Returns Plan by Birla Sun Life Insurance comes in. This policy allows you to get the double benefit of insurance and savings at the same time. This plan is a traditional, participating plan, which offers plenty of unique benefits to the end user.

Eligibility - Who the BSLI Vision Regular Returns Plan is for?

Individuals looking to purchase this policy will need to meet the criteria specified below:

Minimum Age at Entry 13 years
Maximum Age at Entry 45 years
Minimum Age at Maturity 33 years
Maximum Age at Maturity 65 years

Sum Assured and Premium Range - What you pay and what you get

Sum Assured: There are four different Sum Assured under this policy, which are grouped into 4 bands. They are as follows:

Band Band 1 Band 2 Band 3 Band 4
Sum Assured Rs.2 lakh to Rs.3,99,999 Rs.4 lakh to Rs.5,99,999 Rs.6 lakh to Rs.7,99,999 Rs.8 lakh and above

Premium Range: Here’s what the premium range looks like for the Vision Regular Returns Plan

Particulars Details
Premium Payment Term Same as policy term
Premium Payment Frequency Annually for all ages Monthly, Quarterly, and Half-yearly for person insured less than 40 years of age.

Plan Coverage - What the Birla Sun Life Vision Regular Returns Plan covers

The Birla Sun Life Vision Regular Returns Plan comes with a number of benefits for the policyholder. They are as follows:

Benefits Details
Death Benefit In case a person assured meets an untimely death, the nominees will be paid Sum Assured on death along with any accrued bonuses till the time of death. If the person insured and the policyholder are different individuals, the sum assured on death will be paid to the latter. Sum Assured on Death will be the maximum of either the Sum Assured or 10 times the annualised premium and 105% of the total premiums paid, whichever is the highest.
Guaranteed Survival Benefit After completion of five policy year, every passing year will accrue a guaranteed survival benefit. The amount will be calculated per Rs.1000 sum assured and will be added to the policy fund.
Maturity Benefit In the case of the person insured surviving the policy term, all the accrued bonuses along with the non-guaranteed survival benefits will be paid.

Exclusions - What the Birla Sun Life Insurance Vision Regular Returns Plan doesn’t cover

This policy comes with a suicide exclusion, wherein if a person insured commits suicide the following scenarios be taken into consideration and the payouts are provided:

  • If the person insured commits suicide within one year of purchasing the policy, the company is only liable to repay the premiums paid till date. Once the payment is made, the policy will no longer be valid.
  • If the person insured commits suicide within one year of reinstating the policy, the company is liable to pay the highest of either the surrender value or 80% of the total premiums paid.

Riders/Add-ons - Additional Coverage Under the Birla Life Insurance Vision Regular Returns Plan

The Birla Life Insurance Vision Regular Returns Plan comes with six different riders, which the policyholders can choose depending on their requirements. Here’s a list of all of them:

Rider Details
BSLI Accidental Death and Disability Rider This rider can be added onto the base policy at the beginning of the policy term. Upon choosing this plan, the person insured will receive a certain sum assured in case they succumb to an accident or becomes permanently and partially disabled.
BSLI Critical Illness Rider Availing this rider allows the individual to cover any medical expenses incurred due to the contraction of a critical illness. The maximum coverage offered will depend on the sum assured at the time of buying the policy.
BSLI Surgical Care Rider The Surgical Care Rider will cover any expenditures incurred due to undergoing a surgery, This policy again can be added onto the base policy by paying an additional premium.
BSLI Hospital Care Rider The Hospital Care Rider covers basic hospitalisation expenses provided that it is added onto the base plan. However, the policyholder needs to pay a certain premium to avail this plan.
BSLI Waiver of Premium Rider Having this rider allows the nominees of a person insured to waive off any premiums payable once he/she meets their death.
BSLI Accidental Death Benefit Rider This policy pays a sum assured if the person insured dies to injuries sustained in an accident. The death, however, must occur within 90 days of the accident.

Other Key Features - Free Look Period, Grace Period, etc.

Here are some of the other key features of the Vision Regular Returns Plan:

Feature Particulars
Free Look Period Policyholders will be offered a Free Look Period of 15 days within which they should return the policy if they don’t like the terms and conditions offered to them. Free Look period of 30 days is offered, in case the policy is sold through distance marketing means. Once the policy is submitted, the company reserves the right to deduct charges from the premium paid for the coverage offered.
Grace Period Policyholders will receive a Grace Period of 30 days, in case they are unable to pay the premiums on time. The period is set for 15 days in the case of monthly premium payment term. Also, if the premiums are paid for three consecutive years, any applicable benefits will be paid out. On the other hand, if the premiums aren’t paid for more than three years, then the policy will be turned into a reduced paid-up.
Policy Reinstatement Policyholders have the option to reinstate their policy, provided that they are willing to pay all the premiums along with interest for the period they hadn’t paid the premium.
Nomination Nomination will be provided to the policyholder as per Section 39 of the Insurance Act.
Assignment Assignment facility will be allowed to the policyholder as per Section 38 of the Insurance Act.
Policy Loan Policyholders can opt for a loan of up to 85% of the Sum Assured. The minimum loan amount they can avail is capped at Rs.5,000.

Tax Benefits - How you can save with the Birla Sun Life Insurance Vision Regular Returns Plan

Like other life insurance policies, Birla Sun Life Insurance Vision Regular Returns Plan also comes with a few tax benefits. All of them are listed below:

  • Deductions on premiums paid will be applicable based on Section 80C and 80CCC of the Income Tax Act.
  • Deductions on death benefit and survival benefit will be applicable based on Section 10 (10D) of the Income Tax Act.
  • The plan also offers tax benefits based on Section 80 D of the Income Tax Act provided that the policyholder opts for any one of the health related riders available along with this policy.

Other benefits - How you can save with the BSLI Vision Regular Returns Plan

There are plenty of non-plan benefits offered by the BSLI Vision Regular Returns Plan. They are:

  • Online option: This policy can be bought and serviced online. For instance, policyholders can pay premiums, check the premium paid certificate, check fund value, apply for claims and complete plenty of other policy-related procedures entirely on the internet.
  • Disha: The BSLI Vision Regular Returns Plan page comes with a online assistant, which helps people have any and all of their policy-related queries answered. Besides, this assistant also helps prospective policyholders get in touch with relevant product specialists, at the click of a button.

Why you should buy the Vision Regular Returns Plan from Birla Sun Life Insurance

There are several reasons why you should opt for the Vision Regular Returns Plan from BSLI. Here are some of them:

  • Fourth largest insurance provider: Birla Sun Life, a joint venture between Aditya Birla Financial Group and Sun Life, is ranked 4th in terms of annual premium equivalent. Also, the company has a market share of 7.6% - one of the largest for private insurers - and has receiver premiums worth Rs.5,580 crores as of March, 2016.
  • Extensive insurance network: At the time of writing this page, Birla Sun Life Insurance has 409 branches spread across India along with 3 bancassurance partners. Apart from this, the company has more than 55,000 direct agents and over 150 brokers and corporate agents.
  • Unique benefits: This plan is one of the few which offers regular income after the 5th policy year. Basically, the survival benefits offered through this plan becomes active after the fifth policy year and policyholders will keep receiving a small payout each consecutive year after that.
  • Multiple bonuses: This plan comes with a number of bonuses which will be added onto the policy fund on a timely basis.