BSLI Easy Protect Plan

Introduction/Overview

BSLI Easy Protect Plan is a traditional term plan with dual coverage option providing sufficient life cover to the policyholder at affordable rates to secure himself and his family

Key Features

• It is a pure term plan with 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

• There is no Maturity Value under the plan
• On Death, the Sum Assured on death is paid to the nominee.
• 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.

Product Specification:

Details about Premium

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

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

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.

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

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.