Protect@Ease Plan is a traditional online term insurance plan offered by Birla Sun Life Insurance (BSLI). It helps individuals in protecting their families from unforeseen events. The plan provides the following 2 options to policyholders:
Apart from this, policyholders have the option to cover their husband/wife under this policy. BSLI Protect@Ease Plan has an inbuilt Terminal illness Benefit and it provides Enhanced Life Stage Protection. Policyholders can receive death benefit through various ways and opt to add riders to their plan.
Policyholders can also avail tax benefits under the Income Tax Laws of India.
|Plan Type||Individual, traditional online term insurance plan|
|Minimum age at entry||18 years|
|Maximum age at entry||65 years|
The minimum and maximum Sum Assured by BSLI Protect@Ease Plan are:
|Minimum Sum Assured||Rs.30 lakh|
|Maximum Sum Assured||No Limit|
Premium of this policy is decided based on various factors such as age, policy term, options selected, etc. Annual premium will be multiplied by the following:
Premium will be reduced for non-smokers, women or preferred non-smokers.
|Policy Term||5 years to 40 years (Maximum Age – 80 years at end of the policy term)|
|Premium Mode||Annually Monthly|
|Premium Paying Term||Single Pay Limited Pay – 5 years/7 years Regular Pay|
BSLI Protect@Ease Plan provides the following 2 plan options to customers:
|Death Benefit||If the life insured dies during the policy term, then the company will pay the death benefit to his/her nominee.
Death benefit = Sum Assured on death – any Terminal Illness Benefit paid earlier.
Sum Assured on death for Limited Pay/Regular Pay is the highest of the following:
|Joint Life Protection||This option allows policyholders to protect 2 lives i.e. themselves and their spouse. The Sum Assured for the 2nd life is equal to 50% of the Sum Assured that is applicable to the 1st life. This option is available only for policies where the primary life insured has a Sum Assured of Rs.6,000,000 and above. Policyholders can select this option at the start of the plan, post which it will not change. No riders can be added under this option. If the primary insured dies before the secondary insured, then the company will pay the Sum Assured on death for the primary insured. The life cover for the 2nd life will continue and future premiums (if any) will be waived off. Then, in case of the death of secondary insured before maturity, the Sum Assured will be paid to the nominee. The policy will stop once the benefit has been paid. If the secondary insured dies before the primary insured, then the company will pay the Sum Assured for the secondary life insured. From the next anniversary of the policy, then future premium will reduce to the premium that the primary insured would have had to pay in case he/she did not select this option. Then, in case of death of the primary insured before maturity, the Sum Assured will be paid to the nominee and the policy will cease. If both the insured die simultaneously, then the sum assured for both will be paid to the nominee and the policy will terminate.|
|Enhanced Life Stage Protection||This option allows policyholders to increase the protection in case of certain life events without having to go through another medical check-up. This option is only available under Level Term Assurance, regular pay and standard life at the start of the policy. The age of the policyholder should be a maximum of 50 years. This option is not available if Joint Life Protection is selected. The future premiums will increase in proportion of the increase in Sum Assured to Sum Assured at the start of the policy. It will reflect in the policy from the next policy anniversary.
|Reduced Paid-up||Available for Limited Pay policies. If policyholders stop the payment of their premiums after paying it for a minimum of 3 policy years, then their policy will not lapse, instead it will convert into Reduced Paid-up. Under this, the Sum Assured on death will be decrease in proportion to the premiums that have been paid to the premiums that are payable during the premium paying term. In case of Increasing Term Assurance, the escalation will apply. The Reduced Paid-up Sum Assured and Reduced Paid-up Sum Assured on death will increase every policy year by the Sum Assured at the start of the policy multiplied by the Sum Assured escalation rate multiplied by the proportion to instalments actually paid to the total premium instalment payable during the term.|
Policyholders can choose to add the following riders to their BSLI Protect@ Ease Plan:
|BSLI Critical Illness Rider|
|BSLI Surgical Care Rider|
|BSLI Accidental Death and Disability Rider|
|BSLI Hospital Care Rider|
|BSLI Accidental Death Benefit Rider Plus|
|BSLI Waiver of Premium|
Suicide Exclusion – If the insured dies by suicide within a year of the start/revival date, then the company will refund the paid premiums or surrender value (if higher). In case of Joint Life Protection, the exclusion applies in case of death of any of the 2 lives. If one life dies, the cover for the second life will continue, provided the reduced premiums (if any) are paid.
Terminal Illness Benefit Exclusion – The insured will not get any Terminal Illness Benefit if the illness is caused indirectly or directly due to intentional suicide attempt/self-injury, which aggravated, occasioned or accelerated.
BSLI Protect@Ease Plan has many features. Some of them are:
|Nomination||Allowed under Section 39 of Insurance Act, 1938.|
|Assignment||Allowed under Section 38 of Insurance Act, 1938.|
|Grace Period||30 days|
|Revival||Within 2 years of the 1st unpaid premium due date.|
|Free Look Period||15 days. 30 days in case the plan is bought using Distance Marketing Channel.|
Tax benefits – How you can save with the BSLI Protect@Ease Plan:
BSLI Protect@Ease Plan owners can claim tax benefits under the following Sections:
Other benefits – How you can save with the BSLI Protect@Ease Plan:
BSLI Protect@Ease Plan has many benefits other than the ones mentioned above. Some of them are:
|Online Application||Policyholders can apply for BSLI Protect@Ease Plan online on the website of the company.|
|Online Premium Payment||Policyholders can pay the premium online on the website of the company.|
|Calculate Premium Online||Policyholders can easily calculate their premium online for free on the website of the company.|
|Track Application||Policyholders can track their application status easily on the company’s website.|
Why you should buy the BSLI Protect@Ease Plan from Birla Sun Life Insurance Company:
Birla Sun Life Insurance Company is a joint venture between the Sun Life Financial Inc. of Canada and Aditya Birla Group. It is a trusted name in the insurance sector in India. It is a leading company with 409 branches spread across the country, which makes it easily accessible. The company is well-known for its customer service, which customers can contact 24x7 for any claim or policy related queries. BSLI Protect@Ease Plan is one of the most popular online term insurance plans offered by the company. Apart from this, the company is also known for using the latest technology to provide the best services to its customers.