BSLI Vision Endowment Plan

*Please note that the quotes shown will be from our partners

Introduction/Overview

BSLI Vision Endowment Plan is a traditional Endowment Plan which aims to facilitate savings to build a strong corpus for future requirements and also provide life insurance benefits.

Key Features

  • It is a participating plan with limited premium payment option
  • There is an inbuilt Accidental Benefit Rider
  • Simple reversionary bonus, Interim Bonus and terminal bonus add to the corpus

Benefits

  • On death of the policyholder, SA on death + accrued reversionary bonuses + Terminal Bonus, if any, is paid
  • SA on death is the higher of the basic SA or Maturity SA or 10 times the annual premium subject to a minimum of 105% of all premiums paid till death
  • An Additional benefit equal to the SA is paid in case of accidental death
  • On Maturity, the Maturity Sum Assured + accrued Reversionary Bonuses and Terminal Bonus is paid to the policyholder
  • Maturity Sum Assured is the aggregate premiums paid throughout the policy term
  • 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)

1 years

55 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

20

Premium Paying Term (PPT) in years

7 / 10

Premium Paying Frequency

Annual, half-yearly, monthly

Premium

10,000

No limit

Sum Assured

100,000

No limit


Details About Premium

Annual premium in Rupees for a 35 year old male with a term of 20 years and PPT of 10 years

Premium

16,017

Sum Assured

250,000

Guaranteed Maturity Benefit

160,167

 

@ 4%

@ 8%

Maturity benefit

225,170

375,170

Death benefit

290,000

440,000


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 2 / 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)

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 and semi-annual mode @ 5% and 2% respectively
  • High SA rebates are also allowed
  • BSLI Waiver of Premium Rider is also available under the plan

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.