BSLI Vision Life Plan offers whole Life cover up to age 100 plus. A Guaranteed Survival Benefit payable at the end of the term selected by the insured. Both the life cover and survival benefit will grow with Monthly Additions accrued at the end of each policy month as long as the due premiums are paid.
Eligibility Criteria | |
Entry Age (age on last birthday) | 1 to 65 years |
Policy Term | Whole Life to Age 100 |
Minimum Sum Assured | Rs. 100,000/- |
GSB Term | 5 to 35 years |
Minimum GSB Term | Attained Age at GSB Term is 18 or more |
Maximum GSB Term | Attained Age at GSB Term is 75 or less |
Premium Paying Term | Regular Pay during the GSB Term |
Feature | Description | |||||
---|---|---|---|---|---|---|
Reduced Paid-Up Benefits | Under Reduced Paid-Up, all your Guaranteed Benefits shall be reduced in proportion to the premiums actually paid to the total premiums payable during the GSB Term. | |||||
Under Reduced Paid-Up, your accrued Monthly Additions to the date of premium discontinuance will not be reduced but there will be no further accrual. The accrued Monthly Additions to the date of premium discontinuance shall be paid at the end of the GSB Term or upon death of the life insured if sooner. | ||||||
Monthly Additions | During the GSB Term and while due premiums have been paid in full, your guaranteed benefits will grow with Monthly Additions accrued at the end of each policy month. | |||||
The currently declared Monthly Addition Rates are as follows (annual rate per 1000 of Sum Assured): | ||||||
GSB Term | Currently Declared | |||||
5 to 10 Years | 39 | |||||
11 to 15 Years | 39 | |||||
16 to 20 Years | 41.4 | |||||
21+ Years | 45 | |||||
Enhancement to Monthly Additions | For GSB Terms beyond 21 years and if Monthly Additions have accrued for more than 21 policy years, the accrued Monthly Additions payable as a Death Benefit or a Survival Benefit shall be enhanced by the following percentage: | |||||
Sum Assured Band | For Each Policy Year Exceeding 21 | |||||
Band 1 | 2.50% | |||||
Band 2 | 5.00% | |||||
Band 3 | 6.25% | |||||
Band 4 | 6.75% | |||||
Sum Assured Rebate | Sum Assured Band | Premium rebate per 1000 SA | ||||
Band 1 | Nil | |||||
Band 2 | 1 | |||||
Band 3 | 1.5 | |||||
Band 4 | 1.75 | |||||
Surrendering | Your policy will acquire a surrender value after the completion of three policy years with all due premiums paid for at least 3 years | |||||
The Guaranteed Surrender Value is 30% of premiums paid excluding the first year's premium. | ||||||
Your policy will be eligible for a Special Surrender Value once it has completed 5 policy years. | ||||||
Grace Period & Reinstatement | If you are unable to pay your premium by the due date, you will be given a grace period of 30 days and during this grace period, all coverage under your policy will continue. If you do not pay your premium within the grace period, the following will be applicable: | |||||
a) In case you have not paid premiums for three full years, then all benefits under your policy will cease immediately and your policy shall be terminated without value | ||||||
b) In case you have paid premiums for at least three full years, then your policy will be continued on a Reduced Paid-Up basis. |
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefit under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.
Know Claim process of BSLI Vision Life Plan
Aditya Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada.
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