BSLI Vision Star Plan
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
BSLI Vision Star Plan is a participating insurance plan that offers regular assured payouts to the policyholder for financing his/her child's education along with a comprehensive cover that secures the child’s future in the policyholder's absence. The plan is designed to provide assured payouts to fulfill important milestones in the child's education. In case of the policyholder’s unfortunate demise during the policy term, the family is not required to pay the premiums to continue receiving the benefits as per the policy plan. At the inception of the policy, the policyholder can choose the sum assured based on his/her financial goals that also determines the insurance cover.
The plan enables the policyholder to increase the savings through accrued bonuses that start accumulating from the first policy year itself. The bonuses will continue to accrue till the end of the policy term.
Eligibility -Who is the BSLI Vision Star Plan for?
Birla Sun Life Insurance Company offers the BSLI Vision Star Plan based on the following eligibility criteria:
| Parameters | Eligibility |
| Minimum age at entry | 18 years |
| Maximum maturity age | 65 years |
| Policy term | Based on the assured payout option, the minimum of -
|
| Premium payment term | 5-12 years |
| Premium frequency | Yearly, half-yearly, quarterly, and monthly |
| Premium amount | Calculated based on the sum assured, premium payment term, policy term, and plan option chosen by the policyholder at the inception of the policy. |
| Minimum sum assured | Rs.1,00,000 |
Sum Assured and Premium Range- What You Get and What It Costs
- Sum Assured – At the inception of the policy, the policyholder is provided with the flexibility to choose the sum assured that also represents the life cover provided during the policy term. The sum assured is chosen by the policyholder based on his/her financial goals, policy term, etc.
- Premium – The premium is decided based on the sum assured amount, premium paying term, policy term, and plan option chosen. The policyholder is also required to choose a policy term of 5-12 years. The premiums under BSLI Vision Star Plan can be paid on a yearly, half-yearly, quarterly, and monthly basis.
- Assured Payout Option - The plan offers the flexibility to choose between the available payout options to suit the policyholder's requirements. The policyholder can either choose to receive four biannual payouts or five annual payouts.
Plan Coverage- What the BSLI Vision Star Plan covers
The participating insurance plan increases the policyholder's savings while providing an insurance cover for the financial safety of the family. BSLI Vision Star Plan is designed to offer assured payouts at chosen intervals to fulfill the child's education milestones. Based on the policyholder’s requirements, he/she can choose one out of the two assured payout options. The plan provides financial protection to the policyholder's family through an insurance cover that is chosen by the policyholder itself.
The BSLI Vision Star Plan provides the following benefits:
| Death Benefits | In the event of policyholder's death during the policy term, the future premiums will be waived off and the death benefits will be provided to the nominee/beneficiary. The child will continue to receive assured payouts for important milestones as agreed at the commencement of the policy. The death benefit includes sum assured amount, accrued bonus and terminal bonus, if any. Additionally, after the policyholder's demise, no further premium will need to be paid to receive the benefits mentioned under this plan. |
| Maturity Benefits | If the policyholder survives till the end of the policy, he/she will be entitled to the accrued bonuses till date along with the terminal bonus (if any). Upon payment of the maturity benefit, the policy will be terminated and no further benefit will be payable. |
| Policy Loan | Once the policy acquires the surrender value, the policyholder can take advantage of the policy loan option. The policy loan offers a minimum of Rs.5,000 and a maximum of 85% of the surrender value as the policy loan amount. |
| Nomination | The nomination details furnished at the inception of the policy can be changed during the policy term by the policyholder. The policyholder will be required to get in touch with Birla Sun Life Insurance Company in order to amend the nominee details. |
Riders/Add-On Plans – Additional coverage under the BSLI Vision Star Plan
There is no add-on/rider available under this policy.
Exclusions - What the BSLI Vision Star Plan doesn’t cover
BSLI Vision Star Plan comes with suicide exclusion - if the policyholder commits suicide within the 12 months from the inception of the policy or policy revival date, whether sane or insane, a refund will be initiated for all the premiums paid till date or the surrender value, after deductions of charges, if any.
Other Key Features – Free Look Period, Surrender Values, Grace Period, etc.
| Free Look Period | If the customer is not agreeing to the any of the terms and conditions of the policy or wishes to cancel the policy for reason, he/she may do so by contacting Birla Sun Life Insurance Company. A free look period of 30 days (15 days for policies bought from distance market channels) is provided to the customer to return/cancel the policy. In order to cancel the policy, the policyholder will need to submit the original policy document along with a statement of objection that mentions the reason for policy cancellation. Once the policy is returned/canceled, the customer will receive a refund of premium paid till date after the deduction of proportionate risk premium for the cover period. The charges incurred in medical examination and stamp duty, if any will be deducted from the refund amount. |
| Surrender Benefit | The policy will acquire a surrender value after all due premiums are paid for a certain duration (three years for policies where the premium payment term is above 10 years and two years for policies where the premium payment term is less than 10 years. The policyholder can choose to terminate the policy for a surrender value before the policy maturity. If the policyholder decides to surrender the policy, he/she will be provided with the surrender benefits. Once the surrender value is paid to the policyholder/nominee. |
| Grace Period | If the policyholder is not able to pay the premium before the due date, a grace period of 30 days is provided to make the payment. During the grace period, all coverage are active and applicable, however, if the policyholder fails to pay the premium within the grace period, the eventualities will be calculated based on the premium payment history. In case the premiums are not paid for three complete years (two years for premium payment term less than 10 years), the cover and benefits provided by the policy will cease with immediate effect. In case the premiums are paid for three complete years (two years for premium payment term less than 10 years), the policy will be moved to reduced paid-up basis. |
| Flexibility | The BSLI Vision Star is a flexible plan that allows the policyholder to choose the amount of the sum assured, premium paying term, policy term, and plan option based on his/her requirements. The contribution/premium amount is determined based on the selections made by the policyholder. |
Tax benefits – How you can save with the BSLI Vision Star Plan
BSLI Vision Star Plan provides tax benefits to the policyholder based on the Income Tax Act, 1961. The investments made and benefits earned through this plan are eligible for tax deductions and exemption under the 80 C and 10 (10D) based on the current tax laws. The tax rules and regulations are subject to change, customers are advised to consult with a qualified tax advisor before making any purchase decisions.
Other benefits – How you can save with the BSLI Vision Star Plan
BSLI Vision Star Plan helps the policyholder with various types of benefits and insurance cover. Under this plan, the investments made and benefits earned are eligible for tax benefits while enabling the policyholder to earn more through benefits, bonus, etc. The policyholder chooses the sum assured, premium payment term, policy term, and plan option in order to meet his/her requirements and financial goals. This dual benefit plan eliminates the need to buy a separate insurance policy for the life cover.
Why you should buy the BSLI Vision Star Plan from Birla Sun Life Insurance Company?
Also known as Birla Sun Life Insurance Company Limited (BSLI), the company is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. The company has contributed significantly to the growth of Indian life insurance industry. Awarded as one of the best life insurer and best employer, the company's product portfolio is known for quality offerings that comprise of protection solutions, children's future solutions, health and wellness solutions, wealth with protection solutions, and retirement solutions. The company also boasts about the extensive distribution network that has a presence over 500 cities. With over 550 branches and over 1,00,000 advisors, Birla Sun Life Insurance Company has partnered up with 100 entities, corporate agents, brokers, and banks to ensure smooth and effective customer services.
In addition to life cover and sum assured amount, BSLI Vision Star Plan also provided a host of other benefits to the policyholder. With an assurance of a life cover that protects the policyholder's family from financial eventualities in his/her absence, the sum assured can be chosen by the policyholder to meet his/her financial needs. Moreover, the plan allows the policyholder to improve the savings through the benefit of accrued bonuses that starts from the first policy year itself and lasts until the end of the policy.
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