Birla Sun Life Term Insurance Plans

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Birla Sun Life Insurance Company Limited (BSLI) is formed as an alliance between the Aditya Birla Group and Sun Life Financial Inc., which is among the leading international financial services companies based out of Canada. The company has a customer base of over two million policy holders. The Company offers a complete range of plans comprising protection solutions, children's future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions. Its distribution network is in over 500 cities, 560 branches, around 85,000 empaneled advisors and over 140 partnerships with corporate agents, brokers and banks.The company has pioneered the launch of Unit Linked Life Insurance plans and their vision is to be a leader and role model in integrated financial services. They value Integrity, commitment, passion, seamlessness and speed.

What are Term Insurance Plans?

Term insurance plans are plans designed to meet the income protection need of individuals who want to create a corpus for their families in the event of their untimely demise. The plan offers benefits to the policyholder’s family in case of death and costs very little. No other benefit is provided in case of maturity though some term plans do offer the premiums paid over the course of the tenure to the policyholder if he survives till maturity but such plans are priced higher.

Why Term Insurance Plans?

The plan promises a considerable sum of money in difficult times when the family needs a source of income after the death of the breadwinner. By providing this source of income, term plans take away a great deal of financial burden faced by the deceased’s family. Moreover, the plans are priced very low and thus become easily affordable by every individual. This plan is the basis of life insurance and should be bought to secure your family.

Who needs decreasing term life insurance?

Anyone with a large loan or a mortgage would benefit from having a decreasing term life insurance. These plans are not expensive at all and provide you with the peace of mind that if anything were to happen to you pre-maturely, your properties would remain with your family and not be taken away by the moneylenders. So if you have recently taken a large loan or have a mortgage, go for a decreasing term plan. It will cost you very little, but it will prove to be very beneficial.

For how long should a decreasing term life insurance policy be taken?

Since a decreasing term plan is bought to cover a specific loan or mortgage, you should ideally buy it for a term equal to the loan repayment term. So if you have taken a loan for 20 years, buy a decreasing term plan for 20 years as well. The plan will work in coordination with the loan and as you pay the loan off, the sum assured of the insurance plan will decrease too and with the complete repayment of the loan, the policy will terminate as well. It does not make sense to buy such a plan if you do not have a mortgage to cover.

Birla Sun Life Term Plans

Birla Sun Life Insurance Company offers a range of Term Plans to suit the needs of every individual whether it is for pure protection purposes or for securing loans. Let us take a look at the range of term plans offered by Birla Sun Life Insurance Company and the respective features.

BSLI Protector Plus Plan

A traditional term insurance plan where the premiums are required to be paid for the entire tenure of the plan. Important facets of the plan are given below:

  • There are two coverage options under the plan namely Level Sum Assured where the Sum Assured remains uniform throughout the tenure of the plan and Increasing Sum Assured where the Sum Assured increases every year @5% or 10% as chosen by the policyholder.
  • In case of death of the insured during the tenure of the plan, higher of the available Sum Assured as on the date of death or 10 times the annual premium or 105% of all premiums paid till death is payable to the nominee
  • The nominee has an option to avail the death benefit in lump sum or in instalments. Under the instalment option, 20% of the Sum Assured is paid on death and the remaining benefit can be availed over a period 10, 15 or 20 years @11%, 8.37% or 7.12% of the Sum Assured respectively.
  • Females are charges lower rates of premiums
  • There are differential rates of premiums for smokers. Non-smokers and preferred non-smokers
  • The plan has an inbuilt Total & Permanent Disability rider under which if the insured suffers a disability, 50% of the Sum Assured is paid immediately.
  • There are 5 other riders which can be availed under the plan which are:
    • BSLI Accidental Death & Disability Rider
    • BSLI Critical Illness Rider
    • BSLI Surgical Care Rider
    • BSLI Hospital Care Rider
    • BSLI Waiver of Premium Rider
  • The benefit of tax relief is also available under the plan

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

26 years

70 years

Policy Term

5 years

30 years

Premium amount

Rs.3024

No limit

Sum Assured

Rs.30 lakhs

No limit

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

BSLI Future Guard Plan

A term plan with return of premium option wherein the premiums paid are returned on maturity. The features and benefits of the plan are as follows:

  • The premium under the plan is payable for the entire duration of the plan
  • The plan comes in two variants of A and B. Under variant A, 100% of the premiums paid are returned on maturity. Under variant B, 110% to 150% of the premiums paid are returned depending on the plan term chosen.
  • On death of the insured during the tenure of the plan, higher of the Sum Assured or the maturity Sum Assured or 10 times the annual premium or 105% of total premiums paid till death is payable to the nominee
  • Females are charges lower rates of premiums
  • There are 5 other riders which can be availed under the plan which are:
    • BSLI Accidental Death & Disability Rider
    • BSLI Critical Illness Rider
    • BSLI Surgical Care Rider
    • BSLI Hospital Care Rider
    • BSLI Waiver of Premium Rider
  • Tax benefit is applicable on the premiums paid and also on the claims received

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

 

75 years

Policy Term

10 years

30 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.5 lakhs

No limit

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

BSLI Easy Protect Plan

A basic term insurance plan with the following features:

  • The premiums under the plan can be paid for the entire duration of the plan or in a lump under the Single Pay option of premium payment
  • There are two coverage options under the plan namely Level Sum Assured where the Sum Assured remains uniform throughout the tenure of the plan and Increasing Sum Assured where the Sum Assured increases every year @5% or 10% as chosen by the policyholder.
  • On death, the available Sum Assured is paid to the nominee
  • Females are charges lower rates of premiums
  • There are differential rates of premiums for smokers. Non-smokers and preferred non-smokers
  • Sections 80C and 10(10D) provide tax relief on the premium and claim

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

80 years

Policy Term

5 years

30 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.50 lakhs

No limit

Premium Payment Term

Equal to policy term or Single Pay

Premium Paying Frequency

Yearly, monthly

 

BSLI Protect @ Ease Plan

An online term insurance plan which provides a high coverage at lower rates of premium. The features of the plan are as follows:

  • The premiums under the plan can be paid for the entire duration of the plan or in a lump under the Single Pay option of premium payment
  • There are two coverage options under the plan namely Level Sum Assured where the Sum Assured remains uniform throughout the tenure of the plan and Increasing Sum Assured where the Sum Assured increases every year @5% or 10% as chosen by the policyholder
  • In case of death of the insured during the tenure of the plan, higher of the available Sum Assured as on the date of death or 10 times the annual premium or 105% of all premiums paid till death is payable to the nominee
  • If Single Premium is paid under the plan, the death benefit would be higher of 125% of the single premium paid or the Sum Assured as on the date of death.
  • The nominee has an option to avail the death benefit in lump sum or in instalments. Under the instalment option, 20% of the Sum Assured is paid on death and the remaining benefit can be availed over a period 10, 15 or 20 years @11%, 8.37% or 7.12% of the Sum Assured respectively.
  • There are differential rates of premiums for smokers. Non-smokers and preferred non-smokers

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

 

80 years

Policy Term

5 years

30 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.50 lakhs

Rs.500 crores

Premium Payment Term

Equal to policy term or Single Pay

Premium Paying Frequency

Yearly or monthly

 

Applying for a Term Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Term Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Birla Sun Life Term Insurance Plans- FAQs

1. How to pay premium? What are the modes of payment available?

You can pay your Birla Sun Life Insurance premium through ANY these following methods:

No Cash Payment is Accepted

  • Online Payment- Debit/credit or NEFT
  • Cheque Payment
  • ECS SYSTEM

Step 1: Enter your policy details – policy number and policyholders date of birth

Step 2: Select your payment method- debit/ credit card or NEFT to pay the premium

Step 3: Authenticate and confirm your payment details and print online payment receipt


2. How can I check policy status for Birla Sun Life term insurance plans?

For all Birla Sun Life Insurance policyholders, online checking of policy status is available.

To check the policy status online, log into the e-portal with your Client ID and password.

Alternatively, you can check the status via SMS facility

POLICYDETAILS<Space><9 Digit Policy No.> to 567679

Call toll-free: 1-800-270-7000 (Monday-Saturday, 9:00 AM-9:00 PM)


3. What is the policy renewal process for Birla Sun Life term insurance plans?

The process of Online Policy Renewal facility is as follows;

Step 1: Log into the e-Portal with your valid credentials

Step 2: Use the mode of payment to renew your policy

Step 3: Print the payment receipt


4. What is the company’s process to settle claim for Birla Sun Life term insurance plans?

The claims must be lodged after 30 days of the expiry of a medical diagnosis or treatment. This process involves a written intimation by the beneficiaries to the claims department, duly signed by the Municipal Authority/Magistrate.

Upon receiving the application, Claims Department sends the claimant a required set of documents including claim forms to be duly filled and sent back for processing the same.

For more information, please call Customer Services Helpline at Toll free:
1-800-270-7000


5. What is the policy cancellation process for Birla Sun Life term insurance plans?

The Birala Sun Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The surrender value will be calculated as per the prevailing market rates if the form is submitted before 3:00 PM, else the next day’s value is applicable.

To know more contact toll-free: 1-800-270-7000

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