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BSLI Easy Protect Plan

BSLI Easy Protect Plan is a traditional and non-participating term plan with dual coverage option providing sufficientlife cover to the policyholder at affordable rates to secure himself and his family. The nominee receives the death benefit as a yearly income. This plan also provides an offer of premium reduction for healthy lifestyles and non-smokers.  

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Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
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In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Key Features of BSLI Easy Protect Plan 

  • It is a pure term plan with a Regular or Single premium payment option

  • There are 2 cover options of Level Term Assurance and Increasing Term Assurance

  • Under the Increasing Sum Term Assurance option, the Sum Assured can be chosen to increase @ 5% or 10% p.a.

Benefits of BSLI Easy Protect Plan 

Death Benefit: In case of the policyholder’s death, the limited pay received by the nominee will be the highest of: 

  1. The sum assured will be 10X of the annual premium 

  2. The sum assured will be 105 percent of all the premium amounts paid till the death date 

  3. The nominee can avail sum assured as a lump sum payment or as a staggered one

Maturity Benefit: There is no Maturity Value under the plan

Tax Benefit: Income tax benefit on the premium paid as per Section 80C and on the claim received as per Section 10(10D) of the Income Tax Act.

Total and Permanent Disability Benefit: If the policyholder is diagnosed with Total and permanent disability, he/she will get 50 percent of the sum assured amount at the time of commencement of the policy. 

Rider: Following riders are available under this plan: 

    • BSLI Hospital Care Rider 

    • BSLI Waiver of Premium Rider 

    • BSLI Accidental Death and Disability Rider 

    • BSLI Critical Illness Rider 

    • Birla Sun Life Surgical Care Rider 

Product Specification:

  Minimum Maximum
Entry Age (Last Birthday) 18 years 55 years
Maturity Age (Last Birthday) - 80 years
Policy Term (PT) in years 5 years 30 years
Premium Paying Term (PPT) in years Equal to policy term or Single Pay
Premium Paying Frequency Annual, monthly
Yearly Premium Depends on SA, age, and term
Sum Assured 50,00,000 No limit

Details about Premium

Premium in Rupees for an individual aged 35 years with coverage of 1 crore

Policy Term / Sum Assured Option Smoker Non-Smoker
10 years 20 years 30 years 10 years 20 years 30 years
Level 10,400 13,850 19,450 8050 9950 13,650
Increasing @ 5% 12,150 20,150 34,100 9050 14,100 23,450
Increasing @ 10% 13,950 26,500 48,750 10,250 18,250 33,300
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies. 

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: there is no Surrender Benefit under the plan except under the Single Premium option

Freelook period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of cancelling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Surrender Benefit: No surrender benefit is offered under this plan for regular pay. For single pay, the policy gets a surrender value instantly after the policy is issued. 

Policy Termination: The plan will terminate at the earliest of: 

  • The settlement date of the death benefit 

  • The payment date of the surrender value 

  • The maturity date of the plan 

  • If the plan has not attained a surrender value, the date is valid on which the period of reinstatement ends. 

Additional Features or Riders

  • Lower premium rates for females

  • Lower rates for non-smokers and preferential non-smokers

Exclusions

  • If the insured commits suicide within 12 months of policy inception or revival, the company only refunds the premiums paid

Documents Required

The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. A medical examination may be required in some cases, based on the sum assured and the age of the person.

*Tax Benefit is subject to changes in tax laws. *Standard T&C Apply

**Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines.

FAQ's

  • Ans: No. Plan does not provide any loan facility.
  • Ans: In case of non-payment of premium on time, all the policy benefits will lapse following the 30 days of the grace period.
  • Ans: No. Plan does not offer any surrender benefits
  • Ans: The documents of policy are required to settle claims under the provisions of the death benefit. In case of a claim i.e., under the provision of the death benefit, the death certificate of the policyholder and the statement of the claimant are also important.
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