PROTECTION - TERM PLANS

BSLI Protect@Ease

You are successful in your career and your family looks upon you for your support and strength. You have till now given the best to your family. However when it comes to planning for unforeseen circumstances, you need a powerful solution that meets different expectations and gives financial protection to your family. To deal with the uncertainties of life and give your family the best, Birla Sun Life Insurance has come up with the perfect protection solution for you. Introducing the BSLI Protect@Ease Plan, so that your family stays protected, even when you are not around.

KEY FEATURES OF THE PLAN

  • Complete financial protection at an affordable cost
  • Two plan options to suit your protection needs
  • Option to enhance coverage at key milestones of your life
  • Option to cover your spouse under the same policy
  • Inbuilt Terminal Illness Benefit
  • Multiple options to receive death benefit to meet your needs
  • Rewards for a healthy lifestyle
  • Flexible premium paying terms
  • Enhance your insurance with appropriate rider options

ELIGIBILITY

Entry Age 18 to 65 years of age
Plan Option I – Level Term Assurance
II – Increasing Term Assurance
Policy Term 5 to 40 years; subject to max. age of 80 years at the end of policy term
Premium Paying Term Single Pay | Limited Pay – 5 | 7 years | Regular Pay
Premium Mode Annual | Monthly
Sum Assured Min. Rs. 30,00,000
Max. No Limit (subject to underwriting guidelines)

YOUR PLAN

Give your loved ones the power to dream by completing 3 simple steps

STEP 1 Choose your Sum Assured and Plan Option

BSLI Protect@Ease Plan offers you the freedom to choose your sum assured and plan option at inception depending on your needs. Once you choose a sum assured, the plan option determines the enhancements to your chosen life cover over the course of your policy.

Option I: Level Term Assurance
Your sum assured will remain constant for the entire policy term.
Option II: Increasing Term Assurance
As you scale new heights in your life, your income rises and so does your responsibilities. With this option, your sum assured increases with your increasing responsibility. You can choose to enhance your sum assured by 5% or 10% at inception depending upon your needs. Every year, your sum assured will increase by 5% or 10% of the original sum assured without any increase in your premium amount.

Example: Atul, a 30 year old professional chooses BSLI Protect@Ease Plan with the Increasing Term Assurance option with 10% increase. The original sum assured is Rs. 50 lacs. Every year the sum assured will increase as shown in the following table:

Age (in years) Policy Anniversary (in years) Sum Assured (in Rs.)
30 0 50 lacs
31 1 55 lacs
32 2 60 lacs
33 3 65 lacs
34 4 70 lacs
35 5 75 lacs

STEP 2

Choose your Policy Term and Premium Paying Term BSLI Protect@Ease Plan offers you the flexibility to choose your policy term and premium paying term.

STEP 3

Fill Application form and pay premiums Complete a simple application form and pay your premiums based on your above choices.

YOUR BENEFITS

Death Benefit

In case of unfortunate demise of the life insured during the policy term Death Benefit will be paid to the nominee. Death Benefit is the Sum Assured on death less any previously paid Terminal Illness Benefit. The policy shall be terminated once the Death Benefit is paid.
Sum Assured on Death for regular | limited pay will be highest of -

  • 10 times of the annualised premium for all ages; or
  • 105% of all the premiums paid as on the date of death; or
  • Minimum guaranteed sum assured on maturity; or
  • Absolute amount assured to be paid on death

Sum Assured on Death for single pay will be highest of -

  • 125% of single premium for all ages; or
  • Minimum guaranteed sum assured on maturity; or
  • Absolute amount assured to be paid on death

The minimum guaranteed sum assured on maturity is nil under this plan.
The absolute amount assured to be paid on death is the Effective Sum Assured as on the date of death.

  • Under Level Term Assurance Option the Effective Sum Assured is the sum assured at inception. It will remain constant throughout the policy term.
  • Under Increasing Term Assurance Option the Effective Sum Assured is the sum assured at inception increasing on every policy anniversary by 5% or 10% as chosen by you at inception.

For Level Term Assurance Option, the Effective Sum Assured shall include any change in Sum Assured arising from the exercise of the Enhanced Life Stage Protection option. The nominee has an option to take the Death Benefit by choosing one of the following options

  • Lump sum payment or
  • Staggered payment with fixed annual income. In this option the Death Benefit will be paid as
    a) One-time payout of 20% of Death Benefit at the time of claim settlement plus;
    b) The remaining Death Benefit is paid as an annual income. An annual income as a fixed percentage of Death Benefit on each death anniversary of the life insured for the chosen payout term (10 or 15 years) will be payable as shown in the table given below:

    Payout term % of Death Benefit
    10 11%
    15 8.37%
  • Staggered payment with increasing annual income @ 5% p.a. In this option the Death Benefit will be paid as
    a) One-time payout of 20% of Death Benefit at the time of claim settlement plus;
    b) The remaining Death Benefit is paid as an annual income. An annual income as a fixed percentage of Death Benefit at the time of claim settlement and then increasing at the rate of 5% per annum simple on each death anniversary of the life insured for the chosen payout term (10 or 15 years) will be payable as shown in the table given below:

    Payout term % of Death Benefit
    10 9.16%
    15 6.47%


In case the nominee would like to get a lump sum instead of the staggered payout post exercising this option, a discounted value of the outstanding annual income shall be paid as lump sum subject to a minimum of the Death Benefit payable less annual income already paid. The discounted value currently shall be calculated using an interest rate of 6.25% per annum. This interest rate is subject to change in future with prior IRDA of India approval.

In case you are diagnosed with a Terminal Illness, 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2.5 crore, will be paid immediately. On subsequent death of the Life Insured during the policy term, the Sum Assured on Death shall be reduced by the amount of Terminal Illness Benefit already paid. Future due premiums are liable to be paid on their premium due dates.

Terminal Illness Benefit shall only be payable on the first diagnosis of any Terminal Illness of the Life Insured during the policy term.

Joint Life Protection

Under this option, two lives i.e., you (primary life insured) and your spouse (secondary life insured) are covered under the same policy. The sum assured applicable for your spouse shall be equal to 50% of your applicable sum assured. This option shall only be available where the sum assured of primary life insured is greater than or equal to Rs 6,000,000. You can opt for this option at the inception of the policy and the same shall not be changed subsequently. No rider can be opted under this option.

Example: Atul (aged 35) and Nina (aged 30) both non-smokers couple choose Protect@Ease with joint life cover for 30 years. First life (male) opts for a Sum Assured(SA) of Rs 1 Cr and second life cover applied is Rs 50 lacs. Then the premium for both of them is :
Atul – For Sum Assured 1 crore the annual premium Rs 12,195
Nina - For Sum Assured 50 lakhs the annual premium is = Rs 4,550
So joint life premium payable is (12,195+90% x 4,550) = Rs 16,290 (with a 10% discount on the premium for the spouse)

In case of death of the primary life insured prior to the secondary life insured, sum assured on death for primary life insured will be paid and the life cover for secondary life insured will continue with the future premiums, if any, waived off. Then on the death of secondary life insured, before the policy maturity date, sum assured in respect of secondary life insured will be paid to the nominee and policy will be terminated.

In case of death of secondary life insured prior to primary life insured, sum assured in respect of secondary life insured will be paid. Future premiums, if any, will be reduced from the next policy anniversary to the premium that would have been charged at inception for only primary life insured at policy inception. Then on the death of the primary life insured, before the policy maturity date, the sum assured on death in respect of primary life insured will be paid to the nominee and the policy will be terminated.

If case of death of both the lives simultaneously the sum assured on death in respect of the primary life insured as well as sum assured in respect of secondary life insured will be paid and the policy will be terminated.

Once the Joint Life Protection is opted, you cannot discontinue the coverage of the particular life, unless it is due to the events as mentioned above. The Terminal Illness Benefit as explained in the Death Benefit section shall be applicable in respect of both i.e. the primary life insured and the secondary life insured.

Enhanced Lifestage Protection

Your protection need varies at different lifestages owing to occurrence of joyous events such as marriage & birth of children. You may opt to increase your life cover on occurrence of each of the events without undergoing for any fresh medical examination. This feature is available only for policy under Level Term Assurance Option, standard life at inception of the policy, regular pay policy and the attained age of life insured is less than or equal to 50 years while exercising this option. This option is not available if Joint Life Protection is opted. Future premiums shall be increased in proportion of the increase in the sum assured to the sum assured at inception of the policy and will be reflected from the subsequent policy anniversary. The details of Enhanced Lifestage Protection are mentioned below:

Event Enhanced Protection (% of Sum Assured at Inception of the policy)
First Marriage 50% subject to a maximum of Rs. 5,000,000
Birth of 1st Child 25% subject to a maximum of Rs. 2,500,000
Birth of 2nd Child 25% subject to a maximum of Rs. 2,500,000


You can choose to reduce the sum assured in future to the extent of sum assured increased under the Enhanced Lifestage Protection option. The reduction in sum assured will be effective from the policy anniversary falling immediately after the date of notification and the premium will be decreased at the same time. Any increase in sum assured due to your first marriage, birth of first child or second child under this option, may be subsequently reduced subject to the written request. The premium shall be decreased by the same amount as the premium was increased while exercising the Enhanced Lifestage Protection option.

Maturity Benefit

There is no maturity benefit payable under this plan.

Reduced Paid Up
  • For Regular PayNot applicable
  • For Limited Pay

If you discontinue paying premiums after having paid premiums for at least three full years, your policy will not lapse but will continue on a Reduced Paid-Up basis. Under Reduced Paid-Up, your Sum Assured as on the date of Death shall be reduced in proportion to the premiums actually paid to the total premiums payable during the premium paying term. Under Increasing Term Assurance Option Sum assured escalation will continue to apply. The RPU Sum Assured and RPU Sum Assured on Death shall increase on each policy anniversary by the Sum Assured at policy inception, multiplied by the Sum Assured Escalation Rate multiplied by the proportion to the Installment Premiums actually paid to the total Installment Premiums payable during the premium paying term.

Customisable Benefits

For added protection, you can enhance your insurance coverage during the policy term by adding following riders for a nominal extra cost.

  • 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 Waiver of Premium (UIN: 109B017V02)
  • BSLI Accidental Death Benefit Rider Plus (UIN:109B023V01)

You can only opt for either BSLI Accidental Death and Disability Rider or BSLI Accidental Death Benefit Rider Plus.
Please refer to detailed brochures on riders, consult your financial advisor or visit our website for further details.

IMPORTANT DEFINITION

Terminal Illness

Terminal Illness is an advanced or rapidly progressing incurable and un-correctable medical condition which, in the opinion of two independent Medical Practitioners appointed by us, is highly likely to lead to death within 6 months. Further, the Life Insured must not be receiving any form of treatment other than palliative medication for symptomatic relief.

Medical Practitioner

Medical Practitioner is a person who holds a valid registration from the Medical Council of any state or Medical Council of India or Council for Indian Medicine or for Homeopathy set up by the Government of India or a State government and is thereby entitled to practice medicine within its jurisdiction; and is acting within the scope and jurisdiction of license. Such Medical Practitioner is not the policyholder’s spouse, father (including stepfather) or mother (including stepmother), son (including stepson), son’s wife, daughter, daughter’s husband, brother (including stepbrother) and sister (including stepsister) or Life Insured / policyholder under this policy and would be independent of the insurer.

YOUR OPTIONS

Paying Premiums

You can pay your premium annually and monthly (automated mode of payment) mode. Your annual premium will be multiplied by:
- 1.000 for annual installments
- 0.090 for monthly installments
The plan offers an automatic premium reduction for women, Non-Smoker or Preferred Non-Smoker.
Below are sample annual premiums for Level and Increasing Term Assurance for a male aged 35 purchasing Rs.1 crore sum assured with regular premium paying term

Policy Term 10 years 20 years 30 years 10 years 20 years 30 years 10 years 20 years 30 years
Sum Assured Option Smoker Non-Smoker Preferred Non-Smoker
Level 10,645 12,895 17,030 8,185 9,445 12,195 7,485 8,420 10,710
Increasing @ 5% 12,215 17,885 28,375 9,210 12,810 19,815 8,355 11,255 17,235
Increasing @ 10% 13,770 22,975 39,720 10,285 16,210 27,470 9,260 14,160 23,745

Service Tax and Cess and any other applicable taxes will be added to your premium and levied as per extant tax laws.
We will offer a discount of 10.00% in base premium p.a. (Limited | Regular Pay) & 4.00% in base premium (Single Pay), to customers who buy directly from our website.

Surrendering your Policy

There is no surrender benefit offered for regular pay under this plan. However for limited pay and single pay options, your policy will acquire a surrender value after all due premiums for at least three full policy years are paid for limited pay and immediately after policy issuance for single pay.

Taking a Policy Loan

There is no loan facility 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.

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. For Regular Pay Policy: If you do not pay your premium within the grace period, your policy will lapse and all benefits will cease immediately. For limited Pay Policy:

  • In case you have not paid premiums for three full policy years, your policy will lapse and all benefits will cease immediately.
  • In case you have paid premiums for at least three full policy years and any subsequent premium is not paid, then on expiry of the grace period, the policy will continue on Reduced Paid-up basis.

You can revive 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. The policy can be reinstated only during the revival period.

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 refund the premiums paid to date (excluding service tax) or surrender value, if higher in the event the life insured dies by committing suicide, whether medically sane or insane, within one year after the issue date or revival date. For Joint Life Protection, the suicide exclusion described above applies in the event of death of either the Primary Life Insured or the Secondary Life Insured. The life cover as mentioned in Joint Life Protection section shall continue for surviving Life Insured subject to payment of reduced future premiums, if any.

Terminal Illness Benefit Exclusion

The Life Insured will not be entitled to any Terminal Illness benefit if it is caused directly or indirectly due to or occasioned, accelerated or aggravated by intentional self-inflicted injury or attempted suicide, whether medically sane or insane.

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. - 109N091V02