Aditya Birla Sun Life Savings Plan is a savings-cum-insurance plan that aims to provide secured growth to your savings and comprehensive financial protection to your loved ones from the risk of an unfortunate death.
Eligibility Criteria | |
Age at Entry (Min) | 18 years |
Age at Entry (Max) | 50 years |
Policy Term | 10, 15, 20 years |
Premium Paying Term | For policy term 10 years: Regular pay |
For policy term 15 years: 10 years - Regular pay | |
For policy term 20 years: 10 years, 15 years - Regular pay | |
Min Sum Assured | Rs. 30,000/- |
Max Sum Assured | Rs. 10,00,000/- |
Premium Frequency | Annual, Semi-Annual, Quarterly or Monthly (all modes except Annual allowed through ECS only) |
Feature | Description | |||||
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Guaranteed Additions | Guaranteed Additions of 40 per thousand Sum Assured will be added to your policy at the end of each policy year during the first 5 years; provided all due premiums have been paid. | |||||
Auto Cover Continuation | In case premiums for three policy years have been paid in full and you miss paying any subsequent premium, full death benefit shall continue for a period of two successive years (auto cover continuation period) from the due date of the first unpaid premium even though the policy is in Reduced Paid-up status. | |||||
Surrender | Your policy will acquire a surrender value after all due premiums for at least 3 full policy years are paid. The Guaranteed Surrender Value is a percentage of premiums paid (excluding any premiums paid towards rider/s benefit, underwriting extras and service tax) plus the surrender value of accrued guaranteed additions and accrued regular bonuses. | |||||
Reduced paid-up | If atleast 3 years premiums have been paid, then the policy gets converted to a Reduce Paid-Up Value and continues with a reduced coverage. The policy can however be revived within 3 years from the date the policy lapses. | |||||
Bonus Types | Reversionary Bonus | Reversionary Bonus is declared by the company at the financial years and those will be accrued in the policy on its anniversary along with interim bonuses. It will be declared year on year on the prevailing economic conditions. | ||||
Terminal Bonus | The company declares Terminal Bonus as per their discretion on the death, maturity, based on the actual experience and the prevailing economic conditions. | |||||
Grace Period & Revival |
If you are unable to pay your premium by the due date, you will be given a grace period of 30 days (15 days for monthly mode). During this grace period, all coverage under your policy will continue. You can reinstate your policy for its full coverage within 2yrs from the due date of the first unpaid premium by paying all outstanding premiums together with interest. |
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Policy Loan | You may take a loan against your policy once it has acquired a Surrender Value. The minimum loan amount is Rs. 5,000 and the maximum is 90% of your Surrender Value. |
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.
This plan offers tax benefits under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein.
Know Claim Process Of BSLI Savings 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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