BSLI Savings Plan

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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

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.