traditional PLANS

BSLI Vision LifeSecure Plan

Who knows exactly what future has in store for us? To overcome the challenges in life and achieve your goals, you need to be well prepared. You need to have something to rely on when life doesn't go according to plan. BSLI Vision LifeSecure plan is designed to provide longterm financial security for you and your family. With the flexibility to decide your policy term, you can enjoy life protection up to age 100 and steady growth to your savings over time so that you can relax and enjoy your life with complete peace of mind.

PLAN AT A GLANCE

BSLI Vision LifeSecure Plan is suitable for you if your key objective is to secure savings and provide comprehensive financial protection to your family up to age 100.

The BSLI Vision LifeSecure Plan offers you:
  • Growth in your savings –Enhance your savings with regular bonuses throughout the policy term starting from the first policy year
  • Safety to your loved ones – Comprehensive financial protection to you and your family up to age 100

Eligibility Criterion

Entry Age (age last birthday) 1 - 60 years
Policy Term 15 to 35 years
Minimum Attained age at the end of policy term is 18 years or more
Maximum Attained age at the end of policy term is 75 years or less
Premium Paying Term Regular pay
Minimum Sum Assured Rs.200,000
Minimum Premium Rs.12,000 p.a.
Premium Frequency Annual, Semi-annual, Quarterly and Monthly


At inception, you need to choose the Sum Assured and the policy term, which cannot be changed later. For ease of reference, your Sum Assured is banded as follows:

Sum Assured Band Band 1 Band 2 Band 3 Band 4
Sum Assured (Rs.) 200,000 to 399,999 400,000 to 599,999 600,000 to 799,999 800,000+


Regular Bonuses – BSLI will declare simple reversionary bonuses regularly at the end of each financial year and those will be accrued in the policy on its policy anniversary, surrender or on death. Bonuses once attached to the policy are payable along with the interim bonuses, as applicable on death, surrender or survival. In case of surrender, the surrender value of the attached bonuses will be payable. The regular bonus rate declared by BSLI may vary from year to year and will depend on the actual experience regarding various factors and the prevailing economic conditions. Future bonuses are however not guaranteed and will depend upon the future profits of the participating business.

Terminal bonus – BSLI may also pay a terminal bonus at the company's discretion on death, or maturity, based on the actual experience and the prevailing economic conditions.

YOUR BENEFITS

Maturity Benefit

In the event the life insured survives to the end of the policy term, we shall pay to you:
• Sum Assured ;
• Accrued regular bonuses; plus
• Terminal bonus (if any)

Death Benefit

In the unfortunate event of death of the life insured during the policy term, the death benefit payable shall be:
• Guaranteed Death Benefit; plus
• Accrued regular bonuses as on date of death; plus
• Terminal Bonus; if any
In the event the life insured survives to the end of the policy term, the insurance cover will continue till the life insured attains age 100. In case of death during this period or survival to (1) age 100, if earlier, the Guaranteed Death Benefit shall be payable. Guaranteed Death Benefit is higher of Sum Assured or 10 times the annual premium payable. If the life insured is different from the policyholder, we shall pay the above death benefit to the policyholder. The policy shall be terminated once the death benefit is paid. (1) Subject to a minimum of 105% of total premiums paid to date (excluding Service Tax & Cess, any applicable rider premiums and underwriting extras, if any).

Customisable Benefits

For added protection, you can enhance your insurance coverage during the policy term by adding the 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 Rider (UIN: 109B017V02)
  • 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, your policy will not lapse but will continue on a Reduced Paid-up basis. Under Reduced Paid-up, your Sum Assured shall be reduced in proportion to the premiums actually paid to the total premiums payable during the policy term and shall be payable on maturity or death. Your accrued bonuses up to the due date of first unpaid premium will not be reduced; however any bonus payable for the policy year of premium discontinuance shall be reduced proportionately to the unpaid premiums in that policy year. There will be no further accrual of bonuses in the policy and accrued bonuses will be paid upon death or survival to the end of the policy term, if earlier.

YOUR BENEFITS ILLUSTRATION

Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future performance of the participating business. In the illustration below, the Guaranteed Death Benefit and Guaranteed Maturity Benefit are fully guaranteed; Total Death Benefit and Total Maturity Benefit are not guaranteed and is determined using assumed future investment returns of 4% and 8% as set by the Life Insurance Council.

Service Tax and Education Cess and any other applicable taxes will be added to your premium and levied as per extant tax laws. Death Benefit is higher of
• Guaranteed Death Benefit plus accrued regular bonuses plus terminal bonus (if any)
• 105% of the premiums paid to date excluding any premium paid towards rider benefit/s, underwriting extras and service tax

YOUR OPTIONS

Paying Premiums

Please ask your financial advisor or visit our website to determine the premium rate applicable for your policy. You may choose to pay your premium annually, semi-annually, quarterly or monthly as per your convenience. For annual and semi-annual payments, we give a premium rebate of 3.0% and 1.5% respectively. However if you choose ECS as your payment method, we will give a total premium rebate of 3.0% irrespective of your pay frequency.

Sum Assured Rebate

For higher Sum Assured, we also offer a premium rebate as follows:

Sum Assured Band Band 1 Band 2 Band 3 Band 4
Premium Rebate per 1000 SA nil 2.00 3.00 3.75

Surrendering your Policy

Your policy will acquire a surrender value after all due premiums for at least 3 full policy years are paid. The Guaranteed Surrender Value is a percentage of premiums paid (excluding any premiums paid towards rider/s benefit, underwriting extras and service tax) plus the surrender value of accrued regular bonuses less maturity benefit already paid. The Guaranteed Surrender Value 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 Surrender Values applicable to your policy or refer to your policy contract for further details

Taking a Policy Loan

You may take a loan against your policy once it has acquired a surrender value and provided the life insured is alive. The minimum loan amount is Rs.5,000 and the maximum is 85% of your surrender value. We shall charge interest on the outstanding loan balance at a rate declared by us from time to time based on then prevailing market conditions. 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, when your policy is in reduced paid up status, then the policy shall be terminated without any 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 is (1) issued under the provisions of IRDAI Guidelines on Distance Marketing 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 and stamp duty charges while issuing your policy.
*Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through voice mode, SMS electronic mode, physical mode (like postal mail) or any other means of communication other than in person.

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 (15 days for monthly mode) 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 years, then all benefits under your policy will cease immediately.
  • In case you have paid premiums for at least three full 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.

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 fulfilment of the other conditions of the respective sections prescribed therein.
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 after the issue date or reinstatement date of the policy.

Nomination

Allowed as per the provisions of Section 39 of the Insurance Act, 1938 and 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 and 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 liable for a penalty which may extend to ten lakh rupees.

Fraud and Misrepresentation

As per the provisions of Section 45 of the Insurance Act, 1938 and 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



Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table. This is a traditional participating whole life insurance plan. All terms and conditions are guaranteed throughout the policy term, except for the bonuses which would be declared at the end of each financial year. Service Tax and Education Cess and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.Registered Office: One Indiabulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. Reg No. 109 ADV/5/17-18/310 VER1/MAY/2017

UIN No. - 109N087V01

IRDAI hereby clarifies to the public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call and number.