BSLI Easy Protect Plan

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:

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

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