Birla Aditya Sun Life Term Plans have a variety of appealing features and advantages that may help you establish financial stability for your family, safeguard your family from liabilities, and so on. Birla Aditya Future Guard, Easy Protect, Protectplus, and Protect@ease are the four-term insurance plans offered by Sun Life.
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Aditya Birla Sun Life Term Plan Features and Benefits :
The Protector Plus plan includes five riders: BSLI Accidental Death & Disability Rider, BSLI Critical Illness Rider, BSLI Hospital Care Rider, BSLI Surgical Care Rider, and BSLI Waiver of Premium Rider.
• There are two coverage choices with Protect Plus:
o level sum assured and increasing sum assured (sum assured grows every year by 5% or 10%).
o Customers can benefit from income tax breaks under Sections 80C (premiums) and 10(10D) (claims) of the Income Tax Act of 1961.
Aditya Birla Sun Life Term Plan Exemplification
Ram Karan, 30, chooses Aditya Birla Sun Life term life insurance for a policy duration of 30 years. Ram chooses a sum insured of Rs.2 crores and pays a yearly premium of Rs.17,919 (including service tax at 14% and Swachh Bharat at 0.5%). In the case of his untimely death, his nominee would be awarded Rs.2 crores. After his death, the premium will be canceled.
Aditya Birla Sun Life Term Insurance Plans Come in Several Varieties:
Aditya Birla Sun Life Term Plans are classified into four varieties, as follows:
1. BSLI Protector Plus Plan
2. BSLI Future Guard Plan
3. BSLI Easy Protect Plan
4. BSLI Protect@ease plan
Let’s look at each plan in detail.
1. BSLI Protector Plus plan:
Review:
This term insurance plan gives financial protection to your loved ones by giving you the option of keeping the same Sum Assured for the whole term or raising it by 5% or 10% each year. You have the option of selecting a minimum Sum Assured of Rs 50 Lakhs. There is no maximum Sum Assured for those seeking greater protection. Males (smokers and non-smokers) and females have different premium rates (smokers and non-smokers).
Birla Sun Life Insurance-Protector Plus Plan Highlights :
• Financial security for the beneficiary at a low cost
• Option to increase the Sum Assured
• When you select Increasing Sum Assured of 5% or 10%, the Sum Assured grows by the same proportion without raising the premium.
• Payments can be paid on a monthly, quarterly, semi-annual, or annual basis.
• Females’ premiums are being reduced.
• 5 Rider protection options are available.
• Benefit from income taxes
Birla Sun Life Insurance-Protector Plus Plan Advantages :
• Death Benefit – If the Life Insured dies, the Sum Assured is paid to the nominee and the policy is terminated.
• Maturity Benefit – If the policyholder (life insured) survives until the policy expires (maturity), no benefit is payable and the policy terminates.
•Income Tax Benefit – Life insurance premiums up to Rs. 1,50,000 are deductible from taxable income each year under section 80C.
Feature: Description
The Age of Admission: Minimum age: 18
Maximum age: 65
Policy Duration: 5 years at the very least
Maximum age: 30 years
Assured Sum: 30 lakhs at the very least
Maximum: There is no upper limit.
Premium: The bare minimum is Rs.3024.
Maximum: There is no upper limit.
Mode of Payment for Premium: Yearly, semi-annually, quarterly, and monthly
Death Insurance: The sum assured (on the date of death) or 105% of premiums paid until death, whichever is greater, is payable. The death benefit is paid in installments or as a single amount. After the insured’s death, the nominee receives 20% of the Sum Assured in the installment form. The remaining benefit is paid to the nominee over 10, 15, or 20 years at 11%, 8.37%, and 7.12% (of the Sum Assured), respectively.
Tax Benefits:
• Premiums paid up to Rs. 1,000,000 are deductible under section 80C of the Income Tax Act.
• Premiums paid for riders up to Rs. 15,000 (in the case of Senior Citizens, up to Rs. 20,000) are deductible under section 80D of the Income Tax Act.
• The benefits gained from this plan are tax-free under section 10 (10D) of the Income Tax Act.
BSLI Future Guard Plan :
BSLI Future Guard Plan is a typical Term insurance plan with a Return of Premium option. As a result, the plan provides protection in the event of death while also returning the premiums paid if the plan matures.
Highlights of the Birla Sun Life Insurance- Future Guard Plan:
• This is a standard Term Assurance plan that offers reasonable protection.
• In addition to the guaranteed death benefit, the plan refunds the premiums paid at maturity.
• There are two versions of the plan.
• Females are charged a lesser premium cost than males.
Birla Sun Life Insurance- Future Guard Plan Operation:
• The Sum Assured, plan variation, and plan duration are all selected by the policyholder. The amount of premium payable is governed by three characteristics, age, and gender.
• Premiums are due for the duration of the plan.
• In the event of death, the plan’s death benefit is paid.
• The premiums paid are reimbursed when the plan matures, depending on the plan type and plan duration.
Feature: Description
The Age of Admission: Minimum age: 18
Maximum age: 65
Policy Duration: Minimum of ten years
Maximum age: 30 years
Assured Sum: 5 lakh rupees as a bare minimum
Maximum: There is no upper limit.
Premium: Variant A: At maturity, 100% of premiums paid are refunded.
Variant B: Return of 110% to 150% of premiums paid
Mode of Payment for Premium: Yearly, semi-annually, quarterly, and monthly
Death Insurance: Upon the insured’s death, a 10*annual premium, the greater of the Sum Assured or 105% of premiums paid, is due.
Future Guard Plan Benefits and Features of Birla Sun Life Insurance:
Maturity Advantage:
When the plan reaches maturity, the maturity benefit is calculated as a percentage of the total premiums paid. The proportion varies according to the type of plan chosen and the duration of the plan. The maturity benefit is calculated as the following proportion of premiums paid:
Death Benefit:
If the life insured dies while the plan is in effect, the Sum Assured on Death is paid. On death, the Sum Assured would be the greatest of the following:
• Assured Sum
• Assured Maturity Sum
• ten times the yearly premium
• 105% of all premiums paid up to the time of death
Bonus:
Because this is a non-participating plan, no incentives are announced.
Loans:
are not permitted under the scheme.
Tax advantage:
Premiums paid under the plan are tax-free under Section 80C up to a ceiling of Rs.1.5 lakh. The death benefit or maturity benefit would be tax-free as well under Section 10(10D) of the Income Tax Act.
BSLI Easy Protect Plan :
Review of Birla Sun Life Insurance’s Easy Protect Plan:
The BSLI Easy Protect Plan is a standard Term insurance plan that offers a comprehensive life protection solution at a low price.
Birla Sun Life Insurance-Easy Protect Plan Highlights:
• This is a straightforward Term Assurance policy with cheap premiums.
• The plan is available in two flavors: level term insurance and growing term insurance.
• Individuals that lead healthy lifestyles, are non-smokers or prefer non-smokers, are rewarded with lower insurance rates.
• Females are also charged a lesser premium cost.
Birla Sun Life Insurance-Easy Protect Plan Operation:
• The Sum Assured, plan type, premium payment period, and plan tenure are all selected by the policyholder. The amount of premium payable is governed by three characteristics, age, and gender.
• Premiums are payable for the duration of the plan or in one lump amount under the Single Pay premium payment option.
• If the insured dies during the plan’s stated tenure, the death benefit will be paid, depending on the plan choice chosen.
Feature: Description
The Age of Admission: Minimum age: 18
Maximum age: 55
Policy Duration: Minimum of ten years
Maximum age: 30 years
Assured Sum: 5 lakh rupees as a bare minimum
Maximum: There is no upper limit.
Premium comparable to the policy term
Mode of Payment for Premium: Annually, monthly
Death Insurance: When the policyholder dies, the nominee receives the Sum Assured.
Birla Sun Life Insurance Benefits & Features-Easy Protect Plan:
Maturity Reward:
Because this is a pure-term insurance policy, no maturity benefit is provided if the insured lives to maturity.
Death Benefit:
If the life insured dies while the plan is in effect, the Sum Assured on Death is paid. The Sum Assured at death would be determined by the plan choice chosen. The followings are the two alternatives and their associated benefits:
o Plan Option I – a fixed Sum Assured that is chosen at the start of the plan and remains consistent throughout.
o Plan Option II – Increasing Term Assurance, in which the Sum Assured specified under the plan increases by 5% or 10% each year, as determined by the policyholder. In the event of death, the nominee would get the Sum Assured level obtained in the year of death.
Bonus:
Because this is a non-participating plan, no incentives are announced.
Loans: are not permitted under the scheme.
Tax advantage: Premiums paid under the plan are tax-free under Section 80C up to a ceiling of Rs.1.5 lakh. The death benefit or maturity benefit would be tax-free as well under Section 10(10D) of the Income Tax Act.
BSLI Protect@ease Plan :
Review of the Birla Sun Life Insurance- Protect @ Ease Plan:
BSLI Protect@ Ease Plan is a typical Term insurance plan designed to meet people’s protection requirements quickly.
Birla Sun Life Insurance- Protect @ Ease Plan Highlights
• This is a Term Assurance plan that is only accessible online.
• The plan is available in two flavors: level term insurance and growing term insurance.
• Individuals that lead healthy lifestyles, are nonsmokers, or prefer nonsmokers, are rewarded with lower insurance rates.
• Instead of a single payment, the death benefit might be paid out in annual installments.
Birla Sun Life Insurance- Protect @ Ease Plan Operation:
• The Sum Assured, plan type, premium payment period, and plan tenure are all selected by the policyholder. The amount of premium payable is governed by three characteristics, age, and gender.
• Premiums are payable for the duration of the plan or in one lump amount under the Single Pay premium payment option.
• The plan can simply purchase online through the company’s website.
• If the insured dies during the plan’s stated tenure, the death benefit will be paid, depending on the plan choice chosen.
Feature: Description
The Age of Admission: Minimum age: 18
Maximum age: 55
Policy Duration Minimum of ten years
Maximum age: 30 years
Assured Sum: Minimum: 50 lakh rupees
Maximum amount: Rs.500 crores
Premium comparable to the policy term
Mode of Payment for Premium: Annually, monthly
Death Insurance: Upon the insured’s death, a 10*annual premium, the greater of the Sum Assured or 105% of premiums paid, is due.
Two alternatives and their associated benefits :
• Plan Option I – a fixed Sum Assured that is chosen at the start of the plan and remains consistent throughout.
• Plan Option II – Increasing Term Assurance, in which the Sum Assured specified under the plan increases by 5% or 10% each year, as determined by the policyholder. In the event of death, the nominee would get the Sum Assured level obtained in the year of death.
Furthermore, the Sum Assured upon death would be the greater of the following :
• 10 times the yearly premium for Regular Premium Plans
• As per the plan choice above, 105% of all premiums are paid till death Sum Assured on the day of death.
For Single Premium Plans:
• 125% of the Sum Assured on the day of death as specified in the plan choice above.
Instead of a flat amount, the death benefit can be obtained as yearly income. This is known as staggered payments, in which 20% of the death benefit is given as a lump amount upon death and the remainder is paid as yearly earnings over a specified payout term.
Bonus:
Because this is a non-participating plan, no incentives are announced.
Loans: are not permitted under the scheme.
Tax advantage:
Premiums paid under the plan are tax-free under Section 80C up to a ceiling of Rs.1.5 lakh. The death benefit or maturity benefit would be tax-free as well under Section 10(10D) of the Income Tax Act.
FAQs on Life Term Plans :
1. What are the different Aditya Birla Sun Life Term Plans?
A. Protector Plus Plan, BSLI Future Guard Plan, BSLI Easy Protect Plan, and BSLI Protect@ease Plan are the four types of term plans.
2. What is the BSLI Protect@ease plan’s death benefit?
A. Upon the death of the insured, the higher of the Sum Assured or 105% of premiums paid is payable.
3. What is the BSLI Easy Protect Plan’s minimum sum assured?
A. The BSLI Easy Protect Plan has a minimum amount insured of Rs.50 lakh.
4. Women receive premium rebates under which plan?
A. BSLI Easy Protect policies provide cheaper premium rates for women.
5. What coverage choices are available with the BSLI Protect @ Ease Plan?
A. The BSLI Protect @ Ease Plan comes with two coverage choices. Customers can choose between Level Sum Assured, in which the Sum Assured does not fluctuate throughout the course of the plan, and Increasing Sum Assured, in which the Sum Assured grows by 5% or 10% per year.
6. What riders are available via the BSLI Future Guard Plan?
A. The BSLI Future Guard Plan includes five riders: the BSLI Accidental Death & Disability Rider, the BSLI Surgical Care Rider, the BSLI Critical Illness Rider, the BSLI Premium Waiver Rider, and the BSLI Hospital Care Rider.
7. What are the BSLI Future Guard Plan versions available?
A. There are two options for this strategy. Variant A returns 100% of premiums paid at maturity, but Variant B returns 110% to 150% of premiums paid depending on the period of the plan.
8. What is the preferred method of payment for the BSLI Protect@ease plan?
A. Annually and monthly.
9. What is the BSLI Future Guard plan’s minimum sum assured?
A. 5 lakh rupees.
10. What is the highest sum guaranteed under the BSLI Protect@ease plan?
A. 500 Crores.