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
|
|
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 |
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 |
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.
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.
