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 16^th to 64^th year	12,500
	Benefit @ 4%	Benefit @ 8%
Survival Benefit in the 15^th yr.	5625	161,250
Survival Benefit from 16^th -64^th 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:

BSLI Accidental Death and Disability Rider
BSLI Critical Illness Rider
BSLI Surgical Care Rider
BSLI Hospital Care Rider
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.

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