Robinhood Insurance Broker Private Limited

Product Info

UIN

109N068V01

Status

Withdrawn

Launch Date

13/12/2010

Withdrawn Date

15/10/2013

Product Overview

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.

Product Description

  • This is a Whole Life Plan with Limited Payment Option.
  • Guaranteed Survival Benefit is paid on survival till the end of the Tenure chosen but the policy continues beyond till the Life Insured is 100 years of age.
  • Premium needs to be paid till the end of the GSB Term.
  • This plan has Monthly additions that accrue as long as the premium is paid.

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Unique Features

  • The plan provides monthly addition during the GSB term which is declared at the start of the financial year, if the GSB tenure is more than 21 years, this monthly addition rate is enhanced for each year exceeding the 21st year.
  • There are 5 Additional riders available with the plan.

Eligibility Criteria

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

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Product Benefit

  • Maturity Benefit:
    In the event the life insured survives till the end of the policy term, we shall pay the Sum Assured as the Guaranteed Maturity Benefit. The policy shall be terminated once the Maturity Benefit is paid.
  • Survival Benefit:
    In the end of the Guaranteed Survival Benefit (GSB) Term, the Sum Assured + Accrued Monthly Additions + Enhanced Monthly Additions for the tenure of more than 21 years would be paid as the Survival Benefit and the policy continues.
  • Death Benefit:
  1. In case of the death of the Life Insured within the Policy Tenure, i.e., before the Life Insured is 100 years old, then Death Benefit is paid to the nominee and the policy would be terminated.
  2. Within the GSB Term, the Sum Assured + Accrued Monthly Additions till date of death + Enhanced Monthly Additions for the tenure of more than 21 years, would be paid as Death Benefit.
  3. After the GSB Term, the Sum Assured would be paid as Death Benefit

Other Policy Features

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.

Add-ons

  • Accidental Death & Disability:
    Provides for the payment of an additional amount, if death occurs as a result of an accident by an outward, violent and visible means before age 75 years.
  • Critical Illness:
    On diagnosis of any of the four illnesses - Heart Attack, Cancer, Major Organ Transplant and Stroke, the sum insured paid is upto 100% of the Rider Sum Assured.
  • Surgical Care Rider:
    In the case the insured is hospitalised due to a surgery, he will be paid a lump sum amount to cover his expenses.
  • Hospital Care Rider:
    In the event the insured is hospitalised for treatment, they will receive a Daily Cash Benefit to take care of their recuperation expenses.
  • Waiver of Premium:
    Incase the life insured is unable to pay the premiums due to disability, critical illness or an untimely demise, all future premiums will be waived off , but the benefits will continue.

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 Benefit

Tax Benefit under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.

Claim Process

Know Claim process of BSLI Vision Life 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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