traditional PLANS

BSLI Guaranteed Future Plan

We all have dreams for our families and ourselves and we strive hard to ensure that they are fulfilled under all circumstances. So, we offer a plan which gives you the assurance that your dreams will be secured. Presenting Birla Sun Life Insurance Guaranteed Future Plan, a unique plan designed to help you save for the significant events in your life such as your child's education, marriage, your parents' golden innings, or even the exotic family holidays that you dream of. This plan ensures that all your dreams are fulfilled and your family maintains the same lifestyle even when you are not around.

PLAN AT A GLANCE

A plan that provides guaranteed benefits on survival and ensures financial security for your family in case of your unfortunate death.

The salient features of the plan are:
  • Flexibility to choose the amount you wish to pay every year
  • Flexibility to choose the policy term
  • Flexibility to choose the Death Benefit Option
  • Option A - if you want your family to receive a lump sum amount of money in case you are not around
  • Option B - if you want your family to receive a regular Guaranteed Income in addition to the lump sum amount of money in case you are not around
  • On maturity date, percentage of premiums ranging from 100% to 160% will be paid guaranteed
  • Tax Benefits available under Section 80C and 10 (10D)
Eligibility Criterion
Entry Age (age last birthday) 18 to 50 years of age
Policy Term 8 to 20 years, subject to max age on maturity: 70 years
Premium Paying Term Regular Pay
Minimum Annual Premium R Rs. 10,000
Premium Mode Annual | Semi-annual | Quarterly | Monthly
Sum Assured 10 x Annual Premium

PREMIUMS

Your policy benefits will depend on the amount of the premium and the premium paying frequency you select. For easy reference, your premium is banded as follows:

Sum Assured Band Band 1 Band 2 Band 3
Annual Premium (Rs.) 10,000 to 17,999 18,000 to 29,999 30,000 +

You may choose to pay your premium annually, semi-annually, quarterly or monthly as per your convenience.

YOUR BENEFITS

Death Benefit

At inception, you have to choose from the following Death Benefit options:

Option A

In the unfortunate event of the death of the life insured during the policy term, we shall pay to the nominee

  • Guaranteed Death Benefit plus
  • No premiums are required to be paid in future plus
  • an amount equal to the Guaranteed Maturity Benefit will be payable at the end of the policy term.
Option B

In the unfortunate event of the death of the life insured during the policy term, we shall pay to the nominee

  • Guaranteed Death Benefit plus
  • No premiums are required to be paid in future plus
  • Guaranteed Income till the policy anniversary prior to the end of the policy term or a minimum term of three policy years, whichever is higher irrespective of policy maturity date plus
  • An amount equal to the Guaranteed Maturity Benefit will be payable at the end of the policy term.

The Guaranteed Death Benefit is the Sum Assured on Death which is the highest of Sum Assured or 10 times the annual premium payable or 105% of total premiums paid to date excluding service tax, any applicable rider premiums and underwriting extras, if any The Guaranteed Income Benefit is equal to twice the chosen Annual Premium (excluding any premiums paid towards rider benefit/s, underwriting extra and service tax). It is payable annually and will start from the next policy anniversary following the date of death until the end of the term, provided all the premiums have been paid in full prior to the death of the life insured. In case of death of the life insured, if the life insured is different from the policyholder, the policyholder will receive the death benefits.

Guaranteed Maturity Benefit

If the life insured survives to the end of the policy term, we shall pay you the Guaranteed Maturity Benefit. The Guaranteed Maturity Benefit is the Maturity Sum Assured and will depend on the chosen Death Benefit option, premium paying frequency, amount of premium chosen and the gender of the life insured. The Guaranteed Maturity Benefit will be enhanced by 3% and 1.5% if premiums are paid in annual and semi-annual mode.
The Guaranteed Maturity Benefit as a percentage of total premiums payable (including all waived premiums, if any and excluding any premiums paid towards rider benefit/s, underwriting extra and service tax ) shown for Male aged 35, years policy term 15, across all the premium frequencies is as follows:

The Guaranteed Maturity Benefit will be paid at the maturity. On the maturity date you may choose to take this benefit in equal instalments over a period of five years, with the first instalment being paid on the maturity date. The five equated annual instalments will be based on the then prevailing conversion rate. The policy shall be terminated once the full Guaranteed Maturity Benefit is paid.

Rider Benefits
  • BSLI Accidental Death and Disability Rider (UIN: 109B018V03)
  • BSLI Critical Illness Rider (UIN: 109B019V03)
  • BSLI Surgical Care Rider (UIN: 109B015V03)
  • BSLI Hospital Care Rider (UIN: 109B016V03)
  • BSLI Accidental Death Benefit Rider Plus (UIN: 109B023V01)

Please refer to detailed brochures on riders, consult your financial advisor or visit our website for further details.

Reduced Paid-Up Benefits

If you discontinue paying premiums after having paid premiums for at least three full years (two full years for policy term less than 10 years), your policy will not lapse but will continue on a Reduced Paid-up basis. Under Reduced Paid-up, your Sum Assured on Death, Sum Assured, Maturity Sum Assured and Guaranteed Maturity Benefit shall be reduced in proportion to the premiums actually paid to the total premiums payable during the policy term. In case you have chosen Option B under Death Benefit, the Guaranteed Income Benefit shall cease once the policy acquires a Reduced Paid-up status. On the death of the life insured, Reduced Sum Assured on death shall be payable. The policy will continue till the end of the policy term, and on maturity the reduced Guaranteed Maturity Benefit shall be paid. You may choose to take the maturity benefit in five equal instalments and the benefit payable will be based on the then prevailing conversion rate.

YOUR OPTIONS


Surrendering your Policy

Your policy will acquire a surrender value after all due premiums for at least three full years (two full years for policy term less than 10 years) are paid. The Guaranteed Surrender Value as a percentage of premiums paid (excluding any premiums paid towards rider benefit/s, underwriting extra and service tax) will vary depending on the policy term, and the year the policy is surrendered. Your policy will also be eligible for a Special Surrender Value. The surrender value payable will be the higher of Guaranteed Surrender Value or Special Surrender Value. The policy shall be terminated once the Surrender Value is paid. Please ask your financial advisor for an illustration of the Special Surrender Values applicable to your policy or refer to your policy contract for further details.

Taking a Policy Loan

Policy loans are not allowed in this plan

TERMS & CONDITIONS

Free-Look Period

You will have the right to return your policy to us within 15 days (30 days in case the policy issued under the provisions of IRDA of India Guidelines on Distance Marketing(2) of Insurance products) from the date of receipt of the policy. We will refund the premium paid once we receive your written notice of cancellation (along with reasons thereof) together with the original policy documents. We will deduct proportionate risk premium for the period of cover and expenses incurred by us on medical examination, if any and stamp duty charges while issuing your policy.

Policy Loan

Not available under this plan

Grace Period & Revival

If you are unable to pay your premium by the due date, you will be given a grace period of 30 days and during this grace period, all coverage under your policy will continue. If you do not pay your premium within the grace period, the following will be applicable:

  • In case you have not paid premiums for three full policy years (two full policy years for policy term less than 10 years) then policy will lapse and all benefits under your policy will cease immediately.
  • In case you have paid premiums for at least three full policy years (two full policy years for policy term less than 10 years), then your policy will continue on a Reduced Paid-up basis.

You can reinstate your policy for its full coverage within two years from the due date of the first unpaid premium by paying all outstanding premiums together with interest as declared by us from time to time and by providing evidence of insurability satisfactory to us. Upon reinstatement, your benefits shall be restored to their full value.

For policy term of 10 years or more, if the policy is lapsed after paying installment premiums for at least two full policy years, we will pay 10% of the installment premiums on death of the life insured or on early termination of the policy by the policy holder or the end of the reinstatement period of two years; whichever is earlier.

Service Tax and Cess

Service Tax and other levies, as applicable, will be extra and levied as per the extant tax laws

Tax Benefits

As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. As per the current provision of Section 194DA of the Act; the policy proceeds are subject to TDS if conditions prescribed under Section 10(10D) are not met. You are advised to consult your tax advisor for details.

Exclusions

We will pay the premiums paid to date or surrender value, if higher in the event the life insured dies by committing suicide, whether medically sane or insane, within one year from the inception of the policy or reinstatement date of the policy.

Nomination

Allowed as per the provisions of Section 39 of the Insurance Act, 1938 as amended from time to time. For more details on the nomination, please refer to our website www.insurance.birlasunlife.com.

Assignment

Allowed as per the provisions of Section 38 of the Insurance Act, 1938 as amended from time to time. For more details on the assignment, please refer to our website www.insurance.birlasunlife.com.

Prohibition of Rebates – Section 41 of the Insurance Act, 1938

No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend to ten lakh rupees.

Fraud and Misrepresentation

As per the provisions of Section 45 of the Insurance Act, 1938 as amended from time to time. For more details on Section 45 of the Insurance Act, 1938 please refer to our website www.insurance.birlasunlife.com.



UIN No. - 109N095V01