• Term Life
  • Investment

BSLI Premium Back Term Plan

Term plans serve the purpose of financially securing the family when you are not around. It ensures that your family continues to maintain its standard of living, pay off debts (if any), and fulfil their future aspirations, even after your unfortunate demise. The Death Benefit that terms plans offer implies that the beneficiary of a policy can claim the pre-determined sum assured on the policyholder’s demise during the policy term.

Premium Back Term Plan from Birla Sun Life Insurance is one of the most effective term plans that is especially customised to offer financial stability, post the death of the policyholder. While you cope with the emotional trauma due to the loss of a family member, BSLI Premium Back Term Plan can at least make you feel assured of getting your family’s financial needs fulfilled in your absence.

One of the most attractive benefits of BSLI Premium Back Term Plan is that it includes Survival Benefit also – a feature that not all term plans offer. This benefit makes sure that when the policyholder survives through the policy term, the entire premium amount paid by him/her throughout the policy tenure is refunded on maturity.

Features of BSLI Premium Back Term Plan

Following are the salient features of BSLI Premium Back Term Plan

  • Entry age starts from 18 years.
  • Maximum maturity age is 70 years.
  • Policy term for 100% PB is 10, 15 and 20 years. For 125% PB, the available policy term is 15 and 20 years.
  • The minimum sum assured is Rs. 2,00,000. There is no upper limit applicable on sum assured.
  • It is a term plan where Death Benefit is paid to nominee if the life insured dies within the policy term and Maturity Benefit is paid if the life insured survives the entire policy term
  • There are 3 riders available for additional protection.
  • There are 2 options of Maturity benefit i.e. 100% or 125% of premiums paid would be returned on death or maturity.
  • Premium payment frequency options are monthly, quarterly, bi-annually and annually.
  • Premium payment term is equal to policy term.
  • Policy cover remains constant throughout the policy tenure.
  • Offers a free look period of 15 days within which the policyholder can cancel the policy, if he/she feels that the BSLI Premium Back Term Plan does not meet the unique financial objectives.
  • BSLI Premium Back Term Plans offer a grace period of 30 days after the due date. The policyholder has to pay premiums within the grace period to prevent termination of the policy.

Benefits of BSLI Premium Back Term Plan

Death Benefit – Death benefit refers to the pay out that the beneficiary is eligible for on policyholder’s demise. The pay out depends on the type of BSLI Premium Back term Plan that the policyholder has opted for. The Death Benefit is either of the following two types:

  • Sum assured, along with 100% of the premiums paid till date towards the BSLI Premium Back Term Plan
  • Sum assured, along with 125% of the premiums paid till date, towards the BSLI Premium Back Term Plan

Maturity Benefit – In case the policyholder survives through the policy term, BSLI returns the premiums paid throughout the policy tenure. This is known as the Maturity Benefit or Survival Benefit. There are two types of Maturity Benefit options available against BSLI Premium Back Term Plan.

  • 100% of premiums paid throughout the policy term is returned when the policy reaches maturity, or
  • 125% of premiums paid throughout the policy term is returned when the policy reaches maturity

Income Tax Benefit - Premiums paid against BSLI Premium Back Term Plans are eligible for tax benefits of up to Rs. 1.5 lakh, as per Section 80C of the Income Tax Act, 1961. Riders – BSLI Premium Back Term Plans offer 3 add-on optional riders over and above the features and benefits of the basic plans. These riders enable policyholders to enhance the effectiveness of their basic plans. Since these are optional features, policyholders can opt for the ones that are aligned to their financial goals.

The riders available with BSLI Premium Back Term Plans are:

  • Accidental Death and Dismemberment rider
  • Critical Illness rider
  • Waiver of Premium (WoP) rider

Eligibility Criteria BSLI Premium Back Term Plan

Parameters MaximumMaximum
Sum Assured Rs. 2,00,000No Upper Limit
Policy Term10, 15 and 20 years for 100% PB 15 and 20 years for 125% PB 10, 15 and 20 years for 100% PB 15 and 20 years for 125% PB
Premium Payment TermEqual to policy termEqual to policy term
Entry Age of Policyholder18 years18 years
Age at MaturityNA70 years

Documents Required for BSLI Premium Back Term Plan

Following is a list of documents required to apply for BSLI Premium Back Term Plan

  • Proposal form, duly filled up with accurate details
  • Proof of Address (PoA), self-attested at the time of submission
  • Proof of Identity (PoI), self-attested at the time of submission
  • Proof of Income, self-attested at the time of submission
  • Passport size photographs
  • Accepted Proof of Address and Identity are:
  • Aadhaar card
  • PAN card
  • Passport
  • Driving License
  • Ration card
  • Matriculation or School-leaving or Transfer Certificate
  • Certificate of Birth issued by the Registry of Births and Deaths (RBD), or from a Municipality, as per the provisions of the RBD Act
  • EPIC (Electoral Photo Identity Card) issued by the Election Commission of India
  • Person of Indian Origin Card / Overseas Citizenship of India Document (whichever is applicable)

Exclusion of BSLI Premium Back Term Plan

Death benefit is not payable in cases where the cause of death, which occurs during the first policy year or within one year from the date of reinstatement, is suicide.

Review of BSLI Premium Back Term Plan

BSLI or Birla Sun Life Insurance is one of the pioneers among Indian life insurance companies. It is rated as one of the leading players among the top private life insurance companies in the country.

BSLI is well equipped with a robust distribution network of more than 500 cities, 560 branches and approximately 85,000 advisors. They are skilled experts who have vast industry knowledge and experience in the Indian insurance market. Apart from the features and benefits offered by BSLI Premium Back Term Plan, the additional riders enable policyholders to customise their plans according to their unique investment goals.

FAQs on BSLI Premium Back Term Plan

Does BSLI Premium Back Term Plan offer Survival Benefit?

Yes, BSLI Premium Back Term Plan offers Survival Benefit when the policyholder survives through the policy tenure. It refunds the premiums paid till maturity.

What is the Maturity Benefit offered against a BSLI Premium Back Term Plan?

The following are the two Maturity Benefit options offered against a BSLI Premium Back Term Plan:

  • 100% of the premiums paid till date towards BSLI Premium Back Term Plan, or
  • 125% of the premiums paid till date, towards BSLI Premium Back Term Plan

Does BSLI Premium Back Term Plan cover death by suicide?

Death Benefit against BSLI Premium Back Term Plan is not applicable when the reason behind death, which occurs during the first policy year or within one year from the date of reinstatement, is suicide.

What is the free look period for BSLI Premium Back Term Plan?

The applicable free look period against BSLI Premium Back Term Plan is 15 days.

What is the grace period for BSLI Premium Back Term Plan?

The grace period offered against BSLI Premium Back Term Plan is 30 days.