Birla Sun Life Traditional Plans

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., one of the leading international financial services company from Canada. Birla Sun Life Insurance has contributed to the growth and development of the life insurance industry and is currently one of the leading life insurance companies in the country.  Their customer base comprises 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 empanelled advisors and over 140 partnerships with corporate agents, brokers and banks.It’s been a decade that it has contributed significantly to the growth and development of the life insurance industry of our country. They have also pioneered in the launch of Unit Linked Life Insurance plans. Their vision is to be a leader and role model in integrated financial services. They value Integrity, commitment, Passion, Seamlessness and Speed.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
• In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
• The plans may be issued either as Endowment Plans or Money Back Plans

Birla Sun Life Traditional / Investment Plans

Birla Sun Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

BSLI Vision Money Back Plus Plan –

It is a traditional participating life Insurance Plan which has the following features:

• Guaranteed liquidity – Regular payouts at certain percentage of Sum Assured at the end of every 4^th or 5^th policy year of the policy term.
• Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus.
• Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
• Rider Benefit is is provided to enhance the insurance coverage at nominal cost.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
• Eligibility Details

BSLI Vision LifeIncome Plan:

It is a traditional participating whole life Insurance Plan which has the following features:

• Survival Benefit – If the insured survives till the end of the premium paying term then Accrued Bonus + Income benefit of 5.0% of Sum Assured + Bonus from the current policy year shall be paid.
• Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus (if any).
• Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
• Rider Benefit is is provided to enhance the insurance coverage at nominal cost.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C, 80D of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.               
• Eligibility Details

BSLI Vision Endowment Plan -

It is a traditional participating life Insurance Plan which has the following features:

• Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus.
• Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured+Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
• Rider Benefit is provided to enhance the insurance coverage at nominal cost.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
• Eligibility Details

BSLI Savings Plan -

It is a traditional participating life Insurance Plan which has the following features:

• Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus.
• Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured+ Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
• Rider Benefit is provided to enhance the insurance coverage at nominal cost.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
• Eligibility Details

BSLI Vision LifeSecure Plan -

It is a traditional participating whole life Insurance Plan which has the following features:

• Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus.
• Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured+ Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
• Rider Benefit is provided to enhance the insurance coverage at nominal cost.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
• Eligibility Details

BSLI Income Assured Plan -

It is a traditional non- participating life Insurance Plan which has the following features:

• Death Benefit – Benefit payable to the nominee shall be Sum Assured + Guaranteed Additions Accrued to date of death +Accrued Assured Income if opted.
• Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured+ Guaranteed Additions Accrued to date + Accrued Assured Income if opted. The policy shall terminate once the maturity amount is paid.
• Rider Benefit is provided to enhance the insurance coverage at nominal cost.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
• Eligibility Details

BSLI Vision Regular Returns Plan -

It is a traditional participating  life Insurance Plan which has the following features:

• Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus.
• Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Accrued Bonus –Non Guaranteed Survival benefits already paid. The policy shall terminate once the maturity amount is paid.
• Rider Benefit is provided to enhance the insurance coverage at nominal cost.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C and 80D of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
• Eligibility Details

BSLI Vision Endowment Plus Plan - 

It is a traditional participating  life Insurance Plan which has the following features:

• Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus+ Terminal Bonus.
• Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured  + Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
• Rider Benefit is provided to enhance the insurance coverage at nominal cost.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
• Eligibility Details

BSLI Guaranteed Future Plan -

It is a traditional non-participating life Insurance Plan which has the following features. In this plan since inception 2 options are available first option giving you the choice if your family wishes to receive lump sum in your absence and the second option is giving you the choice if your family wishes to receive Guaranteed  Income in addition to lump sum in your absence.

• Death Benefit – Benefit payable to the nominee in the 1^st option shall be Guaranteed Death Benefit + No premiums are required to be paid in future + an amount equal to the Guaranteed Maturity Benefit will be payable at the end of the term, in case of 2^nd option benefit payable shall be shall be Guaranteed Death Benefit + No premiums are required to be paid in future + Guaranteed Income till the policy anniversary prior to the end of the policy term or a minimum term of three policy years, whichever is higher irrespective of policy maturity date + an amount equal to the Guaranteed Maturity Benefit will be payable at the end of the term.
• Rider Benefit is provided to enhance the insurance coverage at nominal cost.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
• Eligibility Details

Children’s Future Solution – BSLI Vision Star Plan -

This is a traditional participating Insurance Plan and the key objective is to get regular payouts for financing the child’s education and protecting the future in your absence. This also gives you the flexibility to select the Sum Assured , Assured Payout Option and also Premium Paying Term.

Applying for a Traditional / Investment 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 Traditional Insurance through PolicyBazaar

• On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
• Click New Quotes to compare and choose from top insurance providers.
• 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.
• Fill in your name, email address, city, country code, and mobile number. Click Continue.
• 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.
• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
• 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.
• This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Birla Sun Life Traditional Plans - FAQs