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  • BSLI Protect@Ease Plan

    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:

    • Level Term Assurance
    • Increasing Term Assurance

    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.

    Eligibility -Who is the BSLI Protect@Ease Plan for?

    Plan Type Individual, traditional online term insurance plan
    Minimum age at entry 18 years
    Maximum age at entry 65 years

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

    The minimum and maximum Sum Assured by BSLI Protect@Ease Plan are:

    Particulars Details
    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:

    • 1.000 in case of annual instalments.
    • 0.090 in case of monthly instalments.

    Premium will be reduced for non-smokers, women or preferred non-smokers.

    Particulars Details
    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

    Plan coverage - What the BSLI Protect@Ease Plan covers:

    BSLI Protect@Ease Plan provides the following 2 plan options to customers:

    • Level Term Assurance – Here, the Sum Assured stays constant throughout the policy term.
    • Increasing Term Assurance – Here, as the responsibilities in life and income increases, a policyholder’s Sum Assured also increases. If this option is selected, then policyholders can choose to increase the Sum Assured by 5% or 10% at the start of the policy. Then, every year, the Sum Assured will increase by the selected percentage of the original Sum Assured. The premium amount will not increase.

    BSLI Protect@Ease Plan offers the following benefits:

    Particulars Details
    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:
    • 105% of all premiums paid on date of death.
    • 10 times of the annualised premium for all the ages.
    • Absolute amount assured payable on death.
    • Minimum Guaranteed Sum Assured (GSV) on maturity.
    Sum Assured on death for Single Premium is the highest of the following:
    • Minimum GSV on maturity.
    • 125% of the single premium for all the ages.
    • Absolute amount assured payable on death.
    The minimum GSV is nil. The absolute amount assured payable on death is the Effective Sum Assured on death date. In case of Level Term Assurance, the Effective Sum Assured is the Sum Assured at the start of the policy. Here, the Effective Sum Assured will include changes in the Sum Assured which is made because of usage of the Enhanced Life Stage Protection option. In case of Increasing Team Assurance, the Effective Sum Assured is the Sum Assured at the start of the policy, which increases every year by the percentage selected by the policyholder. Nominees can take the benefit in one of the following ways:
    • Lump sum payment
    • Part payments with fixed annual income. Here, the death benefit will be paid in the following manner:
      • 1-time payout of 20% of the benefit will be paid during claim settlement plus;
      • Remaining benefit will be paid as annual income, which will be a fixed percentage of the benefit. It will be paid on the death anniversary of the insured for the selected payout term. If payout term is 10 years, then 11% of the death benefit will be paid and if payout term is 15 years, then 8.37% of the benefit will be paid;
    • Part payments with an increasing annual income at 5% p.a. Here, the benefit will be paid in the following manner:
      • 1-time payout of 20% of the benefit will be paid during claim settlement plus;
      • Remaining benefit will be paid as annual income, which will be a fixed percentage of the benefit during claim settlement and will increase at 5% p.a. on the insured’s death anniversary every year for the selected payout term. If payout term is 10 years, then 9.16% of the death benefit will be paid and if payout term is 15 years, then 6.47% of the benefit will be paid.
    If a nominee decides to get the lump sum amount after selecting one of the part payment option, then he/she will get a discounted value of the outstanding annual income as lump sum, provided the terms and conditions of the policy is met. The discounted value will be computed using 6.25% p.a. as the interest rate. If the insured is suffering from Terminal Illness, then 50% of the Sum Assured on death will be paid to him/her immediately (Maximum – Rs.2.5 crore). In case of death after this payment is made, the nominee will receive the Sum Assured on Death minus the Terminal Illness Benefit. This benefit will be paid on the first diagnosis only. Once the death benefit is paid, the policy will cease.
    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.
    Life Event Enhanced Life Stage Protection (percentage of Sum Assured at the start of the policy)
    1st marriage 50% (maximum Rs.5,000,000)
    Birth of the 1st child 25% (maximum Rs.2,500,000)
    Birth of the 2nd child 25% (maximum Rs.2,500,000)
    Policyholders have an option to reduce the Sum Assured in the future to the extent it was increased under this option. The decrease will come in effect from the policy anniversary that occurs immediately after the notification date. The premium will also reduce.
    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.

    Riders / Add-On Plans – Additional coverage under the BSLI Protect@Ease Plan:

    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

    Exclusions - What the BSLI Protect@Ease Plan doesn’t cover:

    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.

    Other Key Features – Free Look Period, Surrender Values, Grace Period etc:

    BSLI Protect@Ease Plan has many features. Some of them are:

    Particulars Details
    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:

    • Section 80C of the Income Tax Act, 1961.
    • Section 10(10D) of the Income Tax Act, 1961.

    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:

    Particulars Details
    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.

    BSLI Protect@Ease Plan Reviews

    • Birla Sun Life Insurance
      "Best company among all the insurance company"
      0.5 5.0/5 "Blown Away!"
      I will make the payment through online as well as cheque also. I have bought the endowment plan with Birla sun life in the year of 2007-08. The policy got lapsed due to non payment. The plan called Gold plus which is very nice. Nowdays, the same plan is not available. I have withdrawn my money before maturity of the policy.
      Was this review helpful? 0
      , kanpur
      Reviewed on Aug 16, 2018
    • Birla Sun Life Insurance
      "AVERAGE"
      0.5 1.0/5 "Really Bad"
      From BIRLA SUN LIFE INSURANCE i have been using my life insurance from the last few years. The documentation process is very good and it is easier. The tenuity period of my insurance is approximately 20 years and it is a long term policy. The service is very good.
      Was this review helpful? 1
      , patna
      Reviewed on Jul 14, 2018
    • Birla Sun Life Insurance
      "BEST"
      0.5 4.0/5 "Great!"
      Frankly telling about my overall experience is that it is a best service provided by the BIRLA. The documentation what i have done is easy and very good. The follow ups are very good like they will call for the renewal of the policy, and also they respond quickly. I pay yearly once through on line for my policy.
      Was this review helpful? 0
      , salem
      Reviewed on May 15, 2018
    • Birla Sun Life Insurance
      "Need scope of improvement service"
      0.5 2.5/5 "Just OK"
      Yearly I make the premium around Rs. 18,000 for the term of 15 years. After the maturity period I get the premium + three times of amount with life cover, accidental cover. But Birla Sun Life, service is average, there is no office in my location. Even I am not getting any reminder on premium.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 05, 2018
    • Birla Sun Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I make life insurance payment around Rs. 8500 through online for Birla Sunlife. It has total tenure of 30 years, I won't get any maturity benefits because its a term plan. After me, my nominees will get Rs. 50 lakhs lump sum amount, its a good protection for my family.
      Was this review helpful? 0
      , bathinda
      Reviewed on Mar 05, 2018
    • Birla Sun Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I have life insurance for the tenure period of 20 years, after the maturity period I get good assured. I make the premium around 5000 to 6000 yearly basis. The policy has tax benefits, financial security against unforeseen events , I make auto debit payment on yearly basis.
      Was this review helpful? 0
      , solapur
      Reviewed on Mar 02, 2018
    • Birla Sun Life Insurance
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I also hold a life insurance with Birla Sun life and the customer services are good. They follow up and there are reminders also done for the premium payments. The sum assured and the benefits are satisfactory. I prefer the services as I get good support.
      Was this review helpful? 0
      , patna
      Reviewed on Jan 19, 2018
    • Birla Sun Life Insurance
      "Good and beneficial"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from Birla Sun Life. The customer services are good. They send me alert messages about the premiums and also the other details for about the policy. The sum assured is for one crore. The tenure is till the age of 80. The only drawback is the premium but it is very much costly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 13, 2018
    • Birla Sun Life Insurance
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken my life insurance from Birla Sun life. The process was good and the policy is a normal plan. The tenure is for 20 years. After the maturity term I would get the benefits. The premium is paid on a annual basis. There are facilities online to make my payments.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 11, 2018
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