BSLI Vision LifeIncome Plan

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Introduction/Overview

BSLI Vision LifeIncome Plan is a traditional Whole Life Plan covering the individual till 100 years of age. The plan also provides regular income post the premium paying term till maturity or death thereby combining protection and income needs.

Key Features

  • This plan is a participating traditional Whole life plan with limited premium payment term
  • The individual is covered up to age 100 years
  • Regular Income starts after the PPT and also includes bonus of that year

Benefits

  • After the completion of PPT, Accrued bonuses are paid
  • For every year post PPT, 5% of the Sum Assured + bonus for that year is paid as Income Benefit
  • On death during the PPT, Sum Assured + accrued Reversionary Bonuses + Terminal Bonus, if any is paid to the nominee
  • On death after the PPT, Sum Assured + bonus of that year + Terminal Bonus, if any is paid to the nominee
  • On maturity, the basic Sum Assured + Terminal Bonus, if any is paid
  • Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

1 year

60 years

Maturity Age (Last Birthday)

-

100

Policy Term (PT) in years

100– Entry Age

Premium Paying Term (PPT) in years

15

40

Premium Paying Frequency

Annual, Half-yearly, quarterly, monthly

Yearly Premium

18,000

No limit

Sum Assured

200,000

No limit

 

Details About Premium

Annual premium in Rupees for a male aged 35 years with PPT 15 years and SA = 250,000

Premium

20,954

 

Guaranteed Survival Benefit from 16th to 64th year

12,500

 

 

Benefit @ 4%

Benefit @ 8%

Survival Benefit in the 15th yr.

5625

161,250

Survival Benefit from 16th -64th yr.

12,875

23,250

Survival benefit on maturity

342,907

353,282

Death benefit

330,407

340,782


Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly modes and 30 days in other modes

Policy Termination or Surrender Benefit: the policy can be surrendered anytime if three full years’ premium has been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)

GSV = (% of all Premiums paid + % of accrued bonuses) – survival benefits already paid

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

  • The policy provides loan facility of up to 85% of the Surrender value subject to a minimum of Rs.5000

Additional Features or Riders

  • Rebate in premium for payment in annual and half-yearly mode @ 3% and 1.5% respectively
  • Rebates for choosing high Sum Assured is also allowed
  • The following Riders are available:
  1. BSLI Accidental Death and Disability Rider
  2. BSLI Critical Illness Rider
  3. BSLI Surgical Care Rider
  4. BSLI Hospital Care Rider
  5. BSLI Waiver of Premium Rider

Exclusions

  • In case of suicide within 12 months from inception or revival, premiums paid or the Surrender Value is payable

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.