traditional PLANS

BSLI SecurePlus Plan

As you move forward in life, financial requirements pertaining to the well being of you and your family becomes a major catalyst in your life. You want to provide the best of everything to your loved ones. However, in these turbulent times of economic instability, there is a risk of your income not keeping pace with your needs and goals. In such times a second guaranteed income proves to be bliss. BSLI SecurePlus Plan recognizes the importance of such needs and helps you fulfil them by offering you a second income which ensures peace of mind.

KEY BENEFITS

  • Flexibility to choose the amount you wish to pay every year
  • Flexibility to choose the Income Benefits
  • Option A - if you want to receive Income Benefit equal to 100% to 600% of Annual Premium for 6 years
  • Option B - if you want to receive Income Benefit equal to 200% of Annual Premium for 12 years
  • Inbuilt Accidental Death Benefit
  • Enhance your insurance with appropriate rider options

PLAN AT A GLANCE

Entry Age (age last birthday) 5 years - 50 years (age last birthday)
Maximum Maturity Age 63 years (age last birthday)
Policy Term 13 years
Premium Paying Term 12 years
Minimum Premium Rs. 50,000
Payment Period • For Income Benefit Option A – 6 years (from the completion of policy term)
• For Income Benefit Option B – 12 years (from the completion of policy term)
Sum Assured* Sum Assured will be determined based on your entry age and the premium amount you commit to pay in a policy year.
Minimum Sum Assured Rs. 7,25,000
Premium Frequency Annua
your choices

Step 1

Choose your basic premium

BSLI SecurePlus Plan offers you the freedom to choose the amount of premium you commit to pay during the premium paying term. Your Sum Assured will be determined based on your entry age and the premium amount you commit to pay in a policy year.

Step 2

Choose your Income Benefit Option

You choBSLI SecurePlus Plan offers you the flexibility to choose between two Income Benefit Options to suit your requirements.
Income Benefit Option A – Income benefit equal to 100%, 200%, 300%, 400%, 500% & 600% of annual premium will be paid at the end of every year during the Payment Period for 6 years.
Income Benefit Option B – Income Benefit equal to 200% of annual premium will be paid at the end of every year during the Payment Period for 12 years.

YOUR BENEFITS
Income Benefit

After the completion of the policy term, you will start receiving Income Benefit payouts at the end of each year during the Payment Period which are fully guaranteed. These payouts are pre defined percentage of the annual premium (excluding service tax and cess, any applicable rider premiums and underwriting extras, if any) paid by you. Depending on your perceived need for a increasing or a level payout, you can choose one of the following options at inception to receive the Income Benefit payouts

Income Benefit Option A –

Receive income increasing from 100% to 600% of annual premium at the end of each year as per the table shown below

Payment Period Year Income Benefit (% of AP)
1 100%
2 200%
3 300%
4 400%
5 500%
6 600%

Income Benefit Option B –

Receive income of 200% of annual premium at the end of each year as per the table shown below

Payment Period Year Income Benefit (% of AP)
1 200%
2 200%
3 200%
4 200%
5 200%
6 200%
7 200%
8 200%
9 200%
10 200%
11 200%
12 200%

In case you would like to get a lump sum instead of the income benefit, a commuted value of the outstanding Income Benefit shall be paid as lump sum. To know the commuted value for your policy you can get in touch with your advisor, or the nearest Branch Office.

Death Benefit

In case of the unfortunate demise of the life insured during the policy term, the sum assured on death will be paid to the nominee. However, if life insured is different from the policyholder, the policyholder will receive the death benefits. The policy shall be terminated once the Death Benefit is paid.

Sum Assured on death will be higher of:
  • 10 times of the annual premium (excluding service tax and cess, any applicable rider premiums and underwriting extras, if any); or
  • 105% of the total premiums paid as on the date of death (excluding service tax and cess, any applicable rider premiums and underwriting extras, if any); or
  • Maturity Sum Assured^^; or
  • Sum Assured

In case where the death of the Life Insured takes place before the Life Insured attains age of 18 years, 2% of the annual premium (excluding service tax and cess, any applicable rider premiums and underwriting extras, if any) shall be payable as an additional benefit on death in minority or on payment of first instalment of the income benefit, whichever is earlier. In the event life insured dies due to an accident during the policy term after attaining age of 18 years; we shall pay an additional Sum Assured to the nominee as an Accidental Death Benefit, subject to a maximum limit of Rs. 1 crore. Please refer to the Accidental Death Benefit exclusions section mentioned below for further details. In case of the unfortunate demise of the life insured during the Payment Period, the nominee would continue receiving the Income Benefit as per the benefit option chosen till the end of Payment Period.

Maturity Benefit

On maturity date, you can choose to receive the commuted value of the Income Benefit as a lumpsum. The commuted value currently shall be calculated using a discounting rate of 9.00% per annum. This discounting rate is not guaranteed and is subject to change in future with prior IRDAI approval. Once the maturity benefit is paid, the policy shall be terminated. No Income Benefit shall be payable thereafter. To know the commuted value for your policy you can get in touch with your advisor, or the nearest Branch Office.

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 Critical Illness Rider (UIN: 109B019V03)
  • BSLI Surgical Care Rider (UIN: 109B015V03)
  • BSLI Hospital Care Rider (UIN: 109B016V03)
  • BSLI Waiver of Premium Rider (UIN: 109B017V02)

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, your policy will not lapse but continue on a Reduced Paid-Up basis. Under Reduced Paid-Up, Sum Assured on Death, Maturity Sum Assured, Accidental Death Benefit, Income Benefit and additional benefit on death (applicable on minor lives) shall be reduced in proportion to the premiums actually paid to the total premiums payable during the policy term. Rider Benefit, if any will cease

YOUR BENEFIT ILLUSTRATION

The premium is exclusive of Service Tax and Cess and any other applicable taxes. All applicable taxes will be additionally included to your premium and levied as per extant tax laws. Please visit our website or ask your financial advisor for the benefit illustration for your policy.

YOUR OPTIONS

Surrendering your Policy

Your policy will acquire a surrender value after all due premiums for at least three full policy years are paid. The Guaranteed Surrender Value shall be a percentage of premiums paid (excluding service tax and cess, any applicable rider premiums and underwriting extras, if any). The Guaranteed Surrender Value will vary depending on 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. Kindly refer to the policy contract on the website for the surrender value table

Taking a Policy Loan

You may take a loan against your policy once it has acquired a surrender value. The minimum loan amount is Rs.5,000 and the maximum up to 85% of your surrender value. We shall charge an interest on the outstanding loan balance at a rate declared by us which is 2% plus the base rate of the State Bank of India. Any outstanding loan balance will be recovered by us from policy proceeds due for payment and will be deducted before any benefit is paid under the policy. Should the outstanding policy loan balance equal or exceed the surrender value of your policy at any time, then the policy shall be terminated without value. Note that prior to this happening, we shall give you an opportunity to repay all or part of your outstanding loan balance in order for your policy to continue uninterrupted.

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. - 109N102V01