BSLI Vision Money Back Plus Plan

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Introduction/Overview

BSLI Vision Money Back Plus Plan is a traditional Money Back Plan providing regular payouts to meet liquidity requirements and also life insurance coverage for security purposes.

Key Features

It is a participating plan with limited premium payment option
Survival benefits are paid after every 4^th or 5^th year as chosen
The survival benefits can be deferred until the next payout to enhance the amount of payout
Simple reversionary bonus and terminal bonus add to the corpus

Benefits

Survival benefits accrue every 4 or 5 years starting @ 10% or 15% and thereby increasing by 5% in every subsequent payout
On death of the policyholder, SA on death + accrued Reversionary Bonuses and Terminal Bonus, if any is paid
Sum Assured on death is higher of the SA chosen or 10 times the annual premium
The minimum death benefit should be 105% of all premiums paid till death
On Maturity, the accrued Reversionary Bonuses and Terminal Bonus is paid to the policyholder
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)	13 years	45 years
Maturity Age (Last Birthday)	-	75 years
Policy Term (PT) in years	20, 24 or 25
Premium Paying Term (PPT) in years	10 or 12
Premium Paying Frequency	Annual, half-yearly, quarterly, monthly
Premium	Depends on SA, age, term and PPT
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	26,225
Sum Assured	250,000
Survival Benefit at the end of 5^th year	37,500
Survival Benefit at the end of 10th year	50,000
Survival Benefit at the end of 15th year	62,500
Survival Benefit at the end of 20th year	100,000
Maturity Benefit @ 4%	50,000
Maturity Benefit @ 8%	225,000

Policy Details

Grace Period: 30 days’ grace period is allowed for premium payment in all modes. 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) – Survival Benefits already received or deferred

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
The following Riders are available for customization:

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 committed within 12 months of policy inception or revival only the premiums paid or the Surrender Value is refunded

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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