BSLI Protect@Ease Plan

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Introduction/Overview

BSLI Protect@Ease is an online term insurance plan available through the company’s website. The plan provides high coverage at very low rates

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

  • On Death, the Sum Assured on death is paid to the nominee.
  • The Sum Assured on death is higher of 10 times the annual premium or 105% of all premiums paid till death or the SA as on the date of death for regular pay plans.
  • For Single pay plans, the SA on death is higher of 125% of the Single Premium or the SA as on the date of death
  • The nominee can avail the entire death benefit in lump sum or take 20% of the benefit in lump sum on death and the remaining in annual instalments over a payout period of 10, 15 or 20 years @ 11%, 8.37% or 7.12% respectively
  • 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:

 

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

500 crores

 

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

9345

12,705

17,903

7000

8950

12,400

Increasing @ 5%

10,973

18,480

31,343

8050

12,750

21,350

Increasing @ 10%

12,663

24,268

44,918

9150

16,550

30,300


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 30 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

  • 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 refunds higher of the premiums paid or the acquired Surrender value

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online with accurate medical history.