BSLI Savings Plan

Introduction/Overview
BSLI Savings Plan is a traditional participating savings plan which aims to build a strong corpus over time to take care of the policyholder and his family

Best Investment Plans
  • Save Upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners
Buy Online & Get upto 4% extra#
Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

Key Features

  • It is a participating plan with limited and regular premium payment option
  • There is an inbuilt Accidental Benefit Rider
  • Guaranteed Additions are added in the first 5 policy years
  • Simple reversionary bonus, Interim Bonus and terminal bonus add to the corpus

Benefits

  • Guaranteed Additions in the first 5 years @ 4% of the Sum Assured
  • On death of the policyholder, Guaranteed Death Benefit + accrued Guaranteed Additions + vested reversionary bonuses + Terminal Bonus, if any, is paid
  • Guaranteed Death Benefit is the higher of the basic SA or 10 times the annual premium
  • An Additional benefit equal to the SA is paid in case of accidental death
  • On Maturity, Sum Assured + accrued Guaranteed Additions + vested Reversionary Bonuses and Terminal Bonus if any is paid to the policyholder
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

50 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

10, 15, 20

Premium Paying Term (PPT) in years

10 or 15 or equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Premium

Depends on the SA, Term, PPT and age

Sum Assured

30,000

10,00,000


Details About Premium

Annual premium in Rupees for a 35 year old male with a term and PPT of 20 years and SA 1 lakh

Premium

7267

Guaranteed Death Benefit

100,000

Guaranteed Maturity Benefit

120,000

 

@ 4%

@ 8%

Bonuses

70,000

114,000

Total Death benefit

190,000

234,000

Total Maturity Benefit

190,000

234,000


Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in annual and half-yearly mode. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 3 full years’ premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = (GSV % of Premiums paid + GSV% of vested Bonuses + GSV% of accrued Guaranteed Additions

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Loan is available under the plan with a minimum amount of Rs.5000 and maximum of 85% of the Surrender Value

Additional Features or Riders

  • Rebates in premium for choosing annual mode @ 3%
  • If 3 full premiums are paid and subsequent premiums are missed, the policy continues with full insurance cover for 2 years under the Auto Cover Continuation feature

Exclusions

  • In case of suicide committed within 12 months of policy inception or revival only the premiums paid or the Surrender Value is refunded
  • In case of accidental benefit rider, accidents due to service in the army, self-inflicted injury, alcohol abuse, aviation, acts of criminal nature, war or terrorism, participating in hazardous activities, etc. are excluded

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

Investment Plan
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Investment Plan 2
Average Rating
(Based on 0 Reviews)
Investment Plan 3

Investment plans articles

Recent Articles
Popular Articles
NSC Premature Withdrawal

21 Jun 2022

National Savings Certificate, popularly known as NSC, is a...
Read more
Invest 40 Lakhs for Monthly Income

15 Jun 2022

With Rs. 40 lakhs to invest, you have a lot of options to create...
Read more
Investment Plans for 10 Lakhs

14 Jun 2022

Investing a huge sum of Rs. 10 Lakhs calls for some caution on...
Read more
Kisan Vikas Patra (KVP) Premature Withdrawal

14 Jun 2022

The Indian Post Offices issue Kisan Vikas Patra or KVP to...
Read more
Best Investment Option For Middle Class

02 Jun 2022

In his seminal book Security Analysis, Benjamin Graham, the...
Read more
Best LIC Policies For Investment in 2022
When it comes to purchasing a life insurance plan, LIC policies can be a good investment choice given that it is a...
Read more
Post Office Monthly Income Scheme - MIS Interest Rate 2022
Are you looking for an investment avenue that is safe and secure, earns substantial returns with a short locking...
Read more
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily...
Read more
Best NRE Savings Accounts for NRIs in 2022
India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in...
Read more
Ways to Double Your invested Money
One of the main reasons we invest money is to save it and watch it grow. However, with low interest rates from...
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL