BSLI Future Guard Plan is a traditional non-participating life insurance plan offered by Birla Sun Life Insurance Company Limited. Under this plan, you can get the following benefits:
- Financial protection for your family even in your absence at an affordable cost.
- Tax deduction on premiums paid under Section 80C of the Income Tax Act, 1961.
- Get back the premiums paid upon reaching policy maturity date.
- Get enhanced protection with optional riders.
Eligibility - Who is the BSLI Future Guard Plan for?
Listed below are the eligibility factors you must meet to purchase BSLI Future Guard Plan:
||18 to 65 years
||Maximum 75 years
Sum Assured and Premium Range - What you get and what it costs?
The premium, Policy Term and Sum Assured for BSLI Future Guard Plan are as follows:
||10, 15, 20, 25, 30 years
|Premium Payment Term (PPT)
||Minimum Rs.5 lakhs to maximum no limit
|Premium Payment Mode
||Monthly, quarterly, semi-annual or annual
The insurance premium will be determined depending upon your age, gender, the chosen plan type, policy term, and sum assured.
Plan coverage - What the BSLI Future Guard Plan covers?
This is how the plan works, you have to choose the type of plan you prefer:
- Plan A: 100% return of your premiums paid, or
- Plan B: 110-150% return of your premiums paid depending on your policy term.
Under the BSLI Future Guard Plan, you can get the following benefits:
Flexibility: You can choose a policy term of 10, 15, 20, 25 or 30 years. Similarly, you can choose a Sum Assured band:
- Band 1: Rs.5 lakhs to 999,999
- Band 2: Rs.10 lakhs to 2,499,999
- Band 3: Rs.2.5 lakhs and above
Death Benefit: In the unfortunate event of the demise of the life insured, the policyholder or the nominee will be paid the death benefit which is higher of 10 times the annual premium or 105% of total premiums paid to date excluding Service Tax and rider premiums.
Maturity benefit: Upon reaching policy maturity, you will be paid a % of the total premiums paid as per the below table:
||% of premium paid for Plan A
||% of premium paid for Plan B
Surrender benefit: After paying premiums for minimum 3 full policy years, your policy will acquire a Surrender Value. The Guaranteed Surrender Value is a % of premiums paid excluding Service Tax and rider premiums. Surrender Benefit will be higher of Guaranteed Surrender Value or Special Surrender Value. The policy will cease once the Surrender Value is paid.
Reduced Paid-Up Benefits: After paying premiums for 3 full policy years, if you fail to pay the premium within the grace period, your policy will attain Reduced Paid-Up status. The sum assured, sum assured on death, and maturity sum assured will be reduced in proportion to the premiums paid to the total premiums payable during the PPT. The Reduced Sum Assured on Death will be paid upon the demise of the life insured. Upon reaching policy maturity, the Reduced Maturity Sum Assured will be paid.
For enhanced protection, you can add the following riders at a nominal additional cost to the BSLI Future Guard Plan:
- BSLI Accidental Death and Disability Rider
- BSLI Critical Illness Rider
- BSLI Surgical Care Rider
- BSLI Hospital Care Rider
- BSLI Waiver of Premium Rider
- BSLI Accidental Death Benefit Rider Plus
Exclusions - What the BSLI Future Guard Plan doesn’t cover?
BSLI Future Guard Plan doesn't cover death by suicide. Higher of the premiums paid to date or Surrender Value will be payable to the nominee or policyholder, in the case of death by suicide by the life insured within 1 year from the policy inception or reinstatement date.
Other key features – Freelook Period, Surrender Values, Grace Period etc.
Listed below are the key features of BSLI Future Guard Plan:
Grace period: You will be given 30 days grace period to pay your premium during which the policy benefits and cover will be active. If you fail to pay the premium within the grace period, then your policy will lapse (if premiums are not paid for 3 full policy years) or attain reduced paid-up status (if premiums are paid for minimum 3 full policy years).
Revival: You can revive the policy within 2 years from the date of first unpaid premium. Pay all due premiums and provide proof of insurability to revive the policy. If the policy lapses after 2 full policy years’ premiums have been paid, then you 10% of the premiums paid as lump sum benefit upon the demise of the life insured or early termination of the policy.
Free-look period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. The premium paid will be refunded with few charges deducted. For policies purchased through distance marketing, the free-look period is 30 days.
Tax Benefits – How you can save with the BSLI Future Guard Plan?
Under BSLI Future Guard Plan, you can get tax deductions on the following:
- On premiums paid under Section 80C of the Income Tax Act, 1961.
- On maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.
- On premiums paid towards critical illness rider under Section 80D of the Income Tax Act, 1961.
Other benefits – How you can save with the BSLI Future Guard Plan?
There are several other benefits of purchasing insurance plans from Birla Sun Life Insurance Company Limited such as:
Online application: You can buy insurance plans online through the company website.
Premium calculator: You can accurately calculate the insurance premium using the online premium calculator, available on the company website.
Application status: You can also track your application status by entering your application number and personal details on the company website.
Insurance advisor: You can get a personal insurance assistant to guide you in choosing the right insurance plan that best suits your needs. Just fill up a form on the company website and an insurance advisor will call or meet you at your convenience.
Grievance redressal: BSLI has a dedicated grievance redressal cell to resolve your grievances at the earliest. Grievances will be acknowledged in 3 working days and resolved within 15 days.
Online premium payment: With BSLI's Pay Online facility, you can make premium payments online using your bank account or credit card.
Claim process: You can initiate your claim online through the company website. Visit the nearest BSLI branch, call 1-800-270-7000 or send an email to BSLI.Claims@birlasunlife.com for assistance with your claim process.
Policy alerts: Register to get policy updates and alerts via email notifications.
Customer service: For any insurance related queries, call toll-free number at 1-800-270-7000 or mail to firstname.lastname@example.org.
Why should you buy BSLI Future Guard Plan from Birla Sun Life Insurance Company Limited?
With BSLI Future Guard Plan, you can provide financial protection to your family even in your absence at an affordable cost. You can also get back the premiums you paid upon reaching policy maturity. Birla Sun Life Insurance Company Limited is a joint venture between Aditya Birla Group and Sun Life Financial Inc. The company has contributed to the growth and development of the life insurance market in India. As of 2016, Birla Sun Life Insurance ranks 4th in the country among the private life insurance companies with a market share of 7.6%.
In FY15-16, the company reported a gross premium income of Rs.5,580 crores, assets under management of Rs.30,811 crores, and a net profit of Rs.140 crores. BSLI serves its customers from 409 branches with more than 55,000 agents and 3 bancassurance partners. From child plans and health plans to wealth protection plans and retirement plans, BSLI offers a wide range of insurance plans. Birla Sun Life Insurance was one of the top 5 nominees in the 8th Asia Insurance Industry Awards in 2004. The company was the runner up for Best Life Insurer Award by Outlook Money Awards 2004.