Robinhood Insurance Broker Private Limited

Product Info

UIN

109N088V01

Status

Active

Launch Date

04/10/2013

Withdrawn Date

Product Overview

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.

Product Description

  • Flexibility to choose the Sum Assured based on your protection and current needs.
  • Flexibility to choose the policy term and the premium paying term.
  • Additional Sum Assured payable in case of an Accidental Death.
  • Boost your savings by bonuses starting from the first policy year.

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Unique Features

  • The plan provides Sum Assured plus Guaranteed Additions plus Accumulated Bonuses on the maturity.
  • Guaranteed Additions for the first 5 policy years.
  • A guaranteed addition of 4% of the sum assured is provided in the initial 5 years of the policy along with the non-guaranteed bonuses for the entire tenure of the policy.

Eligibility Criteria

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)

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Product Benefit

  • Death Benefit: In the unfortunate event of death of the life insured during the policy term, we shall pay the following death benefits to the nominee:
    Guaranteed Death Benefit + Accrued Guaranteed Additions + Accrued Regular Bonuses as on date of death + Terminal Bonus; if any
  • Maturity Benefit: In the event the life insured survives till the end of the policy term, we shall pay the following:
    Sum Assured + Accrued Guaranteed additions + Accrued regular bonuses + Terminal Bonus; if any

Other Policy Features

Feature Description
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.

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.

Add-ons

  • Accidental Death Benefit :
    In-built rider available under this plan. In the event the life insured dies due to an accident, we shall pay to nominee an additional amount equal to the sum assured as chosen at the policy inception.

Exclusions

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 Benefits

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.

Claim Process

Know Claim Process Of BSLI Savings Plan

Claim Process

Company Overview

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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