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.
|Entry Age||18 to 65 years of age|
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|
Min. Rs. 30,00,000
Max. No Limit (subject to underwriting guidelines)
Give your loved ones the power to dream by completing 3 simple stepsSTEP 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.)|
Choose your Policy Term and Premium Paying Term
BSLI Protect@Ease Plan offers you the flexibility to choose your policy term and premium
Fill Application form and pay premiums Complete a simple application form and pay your premiums based on your above choices.
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 -
Sum Assured on Death for single pay will be highest of -
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.
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
|Payout term||% of Death Benefit|
|Payout term||% of Death Benefit|
Joint Life Protection
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.
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.
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.
There is no maturity benefit payable under this plan.Reduced Paid Up
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.
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.
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.
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|
|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.
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
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:
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 lawsTax 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.