Birla Sun Life Term Insurance Plans

4.4 / 5 based on 26 User Reviews
*Please note that the quotes shown will be from our partners

Birla Sun Life Insurance Company Limited (BSLI) is formed as an alliance between the Aditya Birla Group and Sun Life Financial Inc., which is among the leading international financial services companies based out of Canada. The company has a customer base of over two million policy holders. The Company offers a complete range of plans comprising protection solutions, children's future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions. Its distribution network is in over 500 cities, 560 branches, around 85,000 empaneled advisors and over 140 partnerships with corporate agents, brokers and banks.The company has pioneered the launch of Unit Linked Life Insurance plans and their vision is to be a leader and role model in integrated financial services. They value Integrity, commitment, passion, seamlessness and speed.

What are Term Insurance Plans?

Term insurance plans are plans designed to meet the income protection need of individuals who want to create a corpus for their families in the event of their untimely demise. The plan offers benefits to the policyholder’s family in case of death and costs very little. No other benefit is provided in case of maturity though some term plans do offer the premiums paid over the course of the tenure to the policyholder if he survives till maturity but such plans are priced higher.

Why Term Insurance Plans?

The plan promises a considerable sum of money in difficult times when the family needs a source of income after the death of the breadwinner. By providing this source of income, term plans take away a great deal of financial burden faced by the deceased’s family. Moreover, the plans are priced very low and thus become easily affordable by every individual. This plan is the basis of life insurance and should be bought to secure your family.

Who needs decreasing term life insurance?

Anyone with a large loan or a mortgage would benefit from having a decreasing term life insurance. These plans are not expensive at all and provide you with the peace of mind that if anything were to happen to you pre-maturely, your properties would remain with your family and not be taken away by the moneylenders. So if you have recently taken a large loan or have a mortgage, go for a decreasing term plan. It will cost you very little, but it will prove to be very beneficial.

For how long should a decreasing term life insurance policy be taken?

Since a decreasing term plan is bought to cover a specific loan or mortgage, you should ideally buy it for a term equal to the loan repayment term. So if you have taken a loan for 20 years, buy a decreasing term plan for 20 years as well. The plan will work in coordination with the loan and as you pay the loan off, the sum assured of the insurance plan will decrease too and with the complete repayment of the loan, the policy will terminate as well. It does not make sense to buy such a plan if you do not have a mortgage to cover.

Birla Sun Life Term Plan

Birla Sun Life Insurance Company offers a range of Term Plans to suit the needs of every individual whether it is for pure protection purposes or for securing loans. Let us take a look at the range of term plans offered by Birla Sun Life Insurance Company and the respective features.

Birla Sun Life Term Plan - Protector Plus Plan

It’s a traditional Birla Sun life term plan where the premiums are required to be paid for the entire tenure of the plan. Important facets of the plan are given below:

  • There are two coverage options under the plan namely Level Sum Assured where the Sum Assured remains uniform throughout the tenure of the plan and Increasing Sum Assured where the Sum Assured increases every year @5% or 10% as chosen by the policyholder.
  • In case of death of the insured during the tenure of the plan, higher of the available Sum Assured as on the date of death or 10 times the annual premium or 105% of all premiums paid till death is payable to the nominee
  • The nominee has an option to avail the death benefit in lump sum or in instalments. Under the instalment option, 20% of the Sum Assured is paid on death and the remaining benefit can be availed over a period 10, 15 or 20 years @11%, 8.37% or 7.12% of the Sum Assured respectively.
  • Females are charges lower rates of premiums
  • There are differential rates of premiums for smokers. Non-smokers and preferred non-smokers
  • This Birla Sun life term plan has an inbuilt Total & Permanent Disability rider under which if the insured suffers a disability, 50% of the Sum Assured is paid immediately.
  • There are 5 other riders which can be availed under the plan which are:
    • BSLI Accidental Death & Disability Rider
    • BSLI Critical Illness Rider
    • BSLI Surgical Care Rider
    • BSLI Hospital Care Rider
    • BSLI Waiver of Premium Rider
  • The benefit of tax relief is also available under the plan

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

26 years

70 years

Policy Term

5 years

30 years

Premium amount

Rs.3024

No limit

Sum Assured

Rs.30 lakhs

No limit

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Birla Sun Life Term Plan - Future Guard Plan

It’s a Birla sun life term plan with return of premium option wherein the premiums paid are returned on maturity. The features and benefits of the plan are as follows:

  • The premium under this Birla Sun life term plan is payable for the entire duration of the plan
  • The plan comes in two variants of A and B. Under variant A, 100% of the premiums paid are returned on maturity. Under variant B, 110% to 150% of the premiums paid are returned depending on the plan term chosen.
  • On death of the insured during the tenure of this Birla Sun life term plan, higher of the Sum Assured or the maturity Sum Assured or 10 times the annual premium or 105% of total premiums paid till death is payable to the nominee
  • Females are charges lower rates of premiums
  • There are 5 other riders which can be availed under this Birla Sun life term plan which are:
    • BSLI Accidental Death & Disability Rider
    • BSLI Critical Illness Rider
    • BSLI Surgical Care Rider
    • BSLI Hospital Care Rider
    • BSLI Waiver of Premium Rider
  • Tax benefit is applicable on the premiums paid and also on the claims received

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

 

75 years

Policy Term

10 years

30 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.5 lakhs

No limit

Premium Payment Term

Equal to policy term

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Birla Sun Life Term Plan - Easy Protect Plan

A basic term insurance plan with the following features:

  • The premiums under this Birla Sun life term plan can be paid for the entire duration of the plan or in a lump under the Single Pay option of premium payment
  • There are two coverage options under this Birla Sun life term plan namely Level Sum Assured where the Sum Assured remains uniform throughout the tenure of the plan and Increasing Sum Assured where the Sum Assured increases every year @5% or 10% as chosen by the policyholder.
  • On death, the available Sum Assured is paid to the nominee
  • Females are charges lower rates of premiums
  • There are differential rates of premiums for smokers. Non-smokers and preferred non-smokers
  • Sections 80C and 10(10D) provide tax relief on the premium and claim

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

80 years

Policy Term

5 years

30 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.50 lakhs

No limit

Premium Payment Term

Equal to policy term or Single Pay

Premium Paying Frequency

Yearly, monthly

 

Birla Sun Life Term Plan - Protect @ Ease Plan

An online term insurance plan which provides a high coverage at lower rates of premium. The features of the plan are as follows:

  • The premiums under the plan can be paid for the entire duration of the plan or in a lump under the Single Pay option of premium payment
  • There are two coverage options under this Birla Sun life term plan namely Level Sum Assured where the Sum Assured remains uniform throughout the tenure of the plan and Increasing Sum Assured where the Sum Assured increases every year @5% or 10% as chosen by the policyholder
  • In case of death of the insured during the tenure of the plan, higher of the available Sum Assured as on the date of death or 10 times the annual premium or 105% of all premiums paid till death is payable to the nominee
  • If Single Premium is paid under this Birla Sun life term plan, the death benefit would be higher of 125% of the single premium paid or the Sum Assured as on the date of death.
  • The nominee has an option to avail the death benefit in lump sum or in instalments. Under the instalment option, 20% of the Sum Assured is paid on death and the remaining benefit can be availed over a period 10, 15 or 20 years @11%, 8.37% or 7.12% of the Sum Assured respectively.
  • There are differential rates of premiums for smokers. Non-smokers and preferred non-smokers

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

 

80 years

Policy Term

5 years

30 years

Premium amount

Depends on the coverage, tenure and age

Sum Assured

Rs.50 lakhs

Rs.500 crores

Premium Payment Term

Equal to policy term or Single Pay

Premium Paying Frequency

Yearly or monthly

 

Applying for a Term Plan from the company:

Online

Birla Sun Life offers specific life insurance plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Term Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Birla Sun Life Term Insurance Plans- FAQs

1. How to pay premium? What are the modes of payment available?

You can pay your Birla Sun Life term plan premium through ANY these following methods:

No Cash Payment is Accepted

  • Online Payment- Debit/credit or NEFT
  • Cheque Payment
  • ECS SYSTEM

Step 1: Enter your policy details – policy number and policyholders date of birth

Step 2: Select your payment method- debit/ credit card or NEFT to pay the premium

Step 3: Authenticate and confirm your payment details and print online payment receipt


2. How can I check policy status for Birla Sun Life term insurance plans?

For all Birla Sun Life term Insurance policyholders, online checking of policy status is available.

To check the policy status online, log into the e-portal with your Client ID and password.


3. What is the policy renewal process for Birla Sun Life term plan?

The process of Online Policy Renewal facility is as follows;

Step 1: Log into the e-Portal with your valid credentials

Step 2: Use the mode of payment to renew your policy

Step 3: Print the payment receipt


4. What is the company’s process to settle claim for Birla Sun Life term plan?

The claims must be lodged after 30 days of the expiry of a medical diagnosis or treatment. This process involves a written intimation by the beneficiaries to the claims department, duly signed by the Municipal Authority/Magistrate.

Upon receiving the application, Claims Department sends the claimant a required set of documents including claim forms to be duly filled and sent back for processing the same.


5. What is the policy cancellation process for Birla Sun Life term plan?

The Birala Sun Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The surrender value will be calculated as per the prevailing market rates if the form is submitted before 3:00 PM, else the next day’s value is applicable.

Reviews for Birla Sun Life Term Insurance Plans

TOTAL REVIEWS (26)
Gunjan
Nainital
September 27, 2016

Big Savings

Friend of mine suggested me a term insurance policy which I bought from birla sun life insurance company ltd. Service is absolutely fantastic which is facilitated by the whole term of the insurance company. The renewals are made easy through the service of online portal service.

Tapish
Ajmer
August 25, 2016

Birla Insurance Policy

Recently i have purchased term insurance policy through birla sun life insurance. Premium is less and returns are high. Coverage is very high and claiming is very simple. Service is fast provided by company members.

Vinay
Greater_noida
July 18, 2016

Term plan

Term insurance plan which i purchased from birla sun life insurance. The policy premiums is very less and claims are high. The policy coverage is high and service provided by the executives and members of the company is great.

Hatim
Pipili
July 05, 2016

Very Nice

The term insurance plan which i purchase in less investment amount and it has low premiums too. Service given by the staff of the company is fantastic and even there web service is easy which can do renewals and many more things.

Saurabh
Bawal
June 28, 2016

Good Policy

My term insurance plan is very good and returns are much more than investment. The premium of the policy is low and claims are high. Policy coverage is fantastic and claims are easily sanctioned due to superb service provided by the company members. Nice future investment.

DEEPA
Mumbai
May 14, 2016

THREE EASY STEP

I M VERY HAPPY TO HAVE THIS PLAN AS IT IS VERY EASY TO TAKE IN THREE EASY STEPS WHICH WOULD BE NOT AVAILABLE WITH DIFFERENT POLICIES IN INSURANCE SECTOR.SERVICE PROVIDED BY BSLI IS SO EXCELLENT FOR WHICH I M SUGGESTING FOR OTHERS TO TAKE THIS PLAN.

Hitesh
Pune
March 30, 2016

Full Point

I purchased birla sun life insurance policy and the product is term insurance policy plan. The premiums are ~Rs.7 K per month. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future.

Nitin
Agartala
March 30, 2016

I Like The Policy Plan

Searching for life insurance and finally got one from birla sun Life Insurance one of the best insurance company. I took term insurance policy plan. The premium is normal and the policy coverage is approx. 93% and claims are high. The service is fine and the web services are also good.

Mayank
Manesar
March 30, 2016

Damn Good

My term policy plan is with birla sun life insurance policy plan. The policy coverage is high ~80%. Claims are easily sanctioned because of the quick services. The amount of payback is Rs.23 L. I'm satisfied with this policy plan.

Tarun
Mohali
March 30, 2016

Perfect Term Plan

My term policy plan has 90% policy coverage. Claims are high and easily sanctioned due to fast service. Premiums are ~37 K annually. Service is fast and always with taking good care by executives and staff members. Thank you, birla sun life insurance for this great policy. I like it very much.

Poonam
Udaipur
March 30, 2016

Fast Services

My term policy plan is good but the claims are less as compare with investment. The premiums is ~9.2 K twice per year. And returns are around Rs. 21 L. Birla sun life insurance is basically good policy company like they give 5% extra less for women on premiums. I like it.

Ritesh
Ranchi
March 30, 2016

Super Policy

I buy birla sun life term insurance policy plan. The policy coverage is good about 81% and the claims are high. The premium is low ~rs.33 K thrice per year. The services are fast and the claims are easily sanctioned. My taxes are also saved due to this policy. Good investment good policy plan, I like it.

Jignesh
Lonavla
March 30, 2016

Much Better Plan

Birla sun life insurance term policy plan i buy in low premiums and the policy coverage is 95% with good claims. The service is great provided by the executives and the 5% less on premiums for women. I like the policy plan. Behaviour also really nice from the staff members.

Rahul
Mysore
March 30, 2016

Fair Deal

The policy provide benefits according to premiums, so the term policy plan which i buy from birla sun life insurance is fair deal. Policy coverage is 70% and the claims are little bit low as the premiums are low. Around 23 L is the returns and the online portal is good and respond well.

Yajan
Jammu
March 30, 2016

Good Future Investment

My term policy plan is with birla sun life insurance. It has low premiums and the returns are high. Policy coverage is 90% and the claims are sanctioned easily form the insurance department. The taxes are not for premiums and claims. Even the 5% extra benefits for women on premiums. I like the policy plan, nice future investment.

Saahir
Malapuram
March 30, 2016

Fine Term Plan

Birla sun life insurance is equally good as other insurers for term insurance policy plan. The policy has low premiums and 5% extra less for women. The policy coverage is high with high claims and the claiming part is easy and no paper work so no waiting. Nice job guys.

Aman
Chandigarh
March 30, 2016

Best Policy

Policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 90%. Claims are are good and the payback amount is around Rs.25 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions.

Jiten
Hyderabad
March 30, 2016

Wonderful

Birla sun life insurance is one of the best insurer for term insurance policy plan. The policy coverage is 93% and the claims are good even the the claiming procedure is easy because the service provided by the company members are good and even the web services are even better. The premiums are low and for women 5% less extra benefits.

Devesh
Faridabad
March 30, 2016

Good Plan

I buy term insurance policy plan from birla sun life insurance. The policy coverage is 80% and the premiums are low ~25 K per year. The claims are easily sanctioned because the services are fast from the executives side and from online web services also. The policy premiums are 5% less for women.

Raghav
Bengaluru
March 30, 2016

Low Coverage

The term policy plan i have is not as i expected. The policy coverage is 60% and the claims are less. The premiums are 9 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site. Manageable, i must say.

Akash
Mumbai
March 30, 2016

Good Service

The term policy plan i have from birla sun life insurance is superb. The service is fast and on time provided by the executives and the staff members when ever needed. Policy coverage is 80% and the claims are good. Premiums are low and payed twice in a year. The policy is for 15 years. Extra 15% benefits for women in premiums.

Hemant
Kota
March 30, 2016

superb plan

Birla sun life insurance is one of the perfect insurance providers, i took term insurance policy plan. The policy is good in service and it can be purchase online. The web service is awesome and 5% less premiums are there for women. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased.

Ojasvi
Jaipur
March 30, 2016

Fantastic Plan

My term insurance policy plan is with birla sun life insurance. The policy coverage is high and the claims are high too. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions. I like my policy.

Abhinav
Mangalore
March 30, 2016

Average

I purchase birla sun life insurance term policy plan. The policy plan is an average one but the premiums are low with good policy coverage. This is an online policy plan, easy to buy. The plan has 5% less for women. Premiums and claims are free from taxes.

Sandeep
Agra
March 30, 2016

Good Plan

I have term insurance policy plan from birla sun life insurance. Policy coverage is good and the premiums are low approx. 23 K. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Nice work.