BSLI Protector Plus Plan

Introduction/Overview

BSLI Protector Plus Plan is a traditional term insurance plan which basically aims at providing life insurance coverage at cheap rates thereby securing the policyholder’s future

Key Features

• It is a pure term plan with regular premium payment option
• There are 2 cover options of Level Sum Assured and Increasing Sum Assured
• Under the Increasing Sum Assured 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.
• The Sum Assured on death is the higher of 10 times the annual premium or 105% of all premiums paid till death or Sum Assured as on the date of death
• The nominee can avail the entire death benefit in lump sum or choose to take 20% of the SA on death and the remaining in annual instalments for 10, 15 or 20 years @ 11%, 8.37% or 7.12% of the Sum  Assured 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:

Details about Premium

Premium in Rupees for an individual aged 35 years with coverage of 10 lakhs

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

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
• Different rates for smoker, non-smokers, preferential non-smokers
• There is an inbuilt Total & Permanent Disability Rider under which, on disability, 50% of the SA to a maximum of 50 lakhs is paid immediately
• The following Riders are also available for customization:

1. BSLI Accidental Death & Disability Rider
2. BSLI Critical Illness Rider
3. BSLI Surgical Care Rider
4. BSLI Hospital Care Rider
5. BSLI Waiver of Premium Rider

Exclusions

• If the insured commits suicide within 12 months of policy inception, the company only refunds the premiums paid
• In case of the disability rider, disability suffered due to attempted suicide or any self-inflicted injury, pre-existing diseases, HIV infection, war, criminal acts, participation in hazardous sports or activities, etc. are excluded

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.