BSLI Vision LifeSecure Plan

BSLI Vision LifeSecure Plan is a traditional Whole Life Plan covering the individual till 100 years of age thereby providing an exhaustive cover to ensure future security

Key Features

This plan is a participating traditional Whole life plan with regular premium payment term
The individual is covered up to age 100 years while the term ends before that
Reversionary bonuses including Interim Bonus and Terminal Bonus enhance the corpus

Benefits

On death during the term, Guaranteed Death Benefit + accrued Reversionary Bonuses + Terminal Bonus, if any is paid to the nominee
On death after the term and before attaining 100 years, Guaranteed Death Benefit is paid
Guaranteed Death Benefit is higher of the Sum Assured or 10 times the annual premium
On maturity, the basic Sum Assured + vested Reversionary Bonuses + Terminal Bonus, if any is paid and the policy continues till age 100
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	15	35
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Annual, Half-yearly, quarterly, monthly
Yearly Premium	12,000	No limit
Sum Assured	200,000	No limit

Details About Premium

Annual premium in Rupees for a male aged 35 years with PPT and term of 25 years and SA = 500,000

Premium	25,094
Guaranteed Death & Maturity Benefit at the end of term	500,000
Guaranteed Death/Maturity benefit at age 100	500,000
	Benefit @ 4%	Benefit @ 8%
Bonus at the end of term	87,500	725,000
Death & Maturity Benefit at the end of term	587,500	12,25,000
Death /Maturity Benefit till age 100	658,715	658,715

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) – maturity benefit 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 and for ECS mode of payment a flat rate of 3% rebate is allowed irrespective of the mode chosen
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.