A term plan with high sums at low premiums? It's true! Compare and buy one today

Birla Sun Life Protect @Ease Term Plan

Birla Sun Life Insurance Company (BSLI) is a collaboration between Aditya Birla Group and Sun Life Financial Incorporation. Indian conglomerate - Aditya Birla Group and Canada based, Sun Life Financial Inc, an international financial services organization started BSLI in the year 2000. BSLI was the first Indian Insurance Company to introduce "Free Look Period" which was made mandatory by IRDA.

Birla Sun Life Protect @Ease is a non-linked non-participating term insurance plan.

Birla Sun Life Protect @Ease Term Plan helps you to provide financial security in case of any unforeseen incidents that may threaten your family's financial stability. To cope up with the loss of income due to the breadwinner's untimely demise, this plan is offered at an affordable cost and high sum assured. This plan offers a perfect protection solution for your beloved family after you leave this world.

Features of Birla Sun Life Protect @Ease Term Plan

The features of the Birla Sun Life Protect @Ease Term Insurance Plan are mentioned below:

  • Offers a complete financial security to your loved ones in your absence
  • Offers option to cover your spouse without buying a separate policy
  • Offers flexibility for paying the premiums
  • Offers rewards for leading a healthy lifestyle
  • Offers inbuilt benefit of Terminal Illness
  • Offers convenience by increasing the coverage at important milestones in your life
  • Offers 2 plan options
  • Offers tax benefits under the Section 80C and 10(10 D) under the Income Tax Act
  • Offers comprehensive protection through additional riders

Benefits of Birla Sun Life Protect @Ease Term Plan

The benefits of the Birla Sun Life Protect @Ease Term Insurance Plan are mentioned below:

1. Death Benefit

The Birla Sun Life Protect @Ease Term Plan offers death benefit to your nominee in case of your untimely death. The death benefit is mentioned below:

  • Death benefit for regular/ limited pay would be the highest of the below -

    • 10 times of the annualised premium
    • 105% of the total premiums paid till the death of the insured
    • Minimum guaranteed sum assured on maturity
    • Absolute amount assured that has to be paid on death
  • Death benefit for single pay would be the highest of the below –

    • 125% of the single premiums paid for all the ages
    • Minimum guaranteed sum assured on maturity
    • Absolute amount assured that has to be paid on death

The Birla Sun Life Protect @Ease Term Plan offers minimum guaranteed sum assured which is NIL. The absolute amount assured on death is the effective sum assured amount as on the date of the death of the insured.

The Birla Sun Life Protect @Ease Term Plan offers the nominee the death benefit by opting either for Lump sum payment or Staggered payment with fixed annual income or Staggered payment with increasing annual income @ 5% p.a.

2. Flexibility

Offers you flexibility to select between your policy term from 5 to 40 years.

3. Joint Life Coverage

Offers an option to add your spouse to this plan. The sum assured for your spouse would 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 60,00,000.

4. Enhanced Life Stage Protection

Offers life stage benefit by giving an option to increase the sum assured under the below situations and only if you opt for Level Term Assurance. This option is however not available in case you opt for a joint life cover.

  • On your marriage: Offers an increase equal to 50% of the sum assured to a maximum of Rs.50 lakh.
  • On the birth of your first child: Offers an increase equal to 25% of the original sum assured to a maximum of Rs.25 lakh.
  • On the birth of your second child: Offers an increase equal to 25% of the original sum assured to a maximum of Rs.25 lakh.

5. Tax benefits

Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

6. Premium payment

Offers convenience and flexibility to pay the premiums for this plan either annually or regularly.

7. Plan options

Offers two types of plan options - Level Term Assurance & Increasing Term Assurance.

Eligibility Criteria of Birla Sun Life Protect @Ease Term

The eligibility criteria for buying the Birla Sun Life Protect @Ease plan is mentioned below:

Entry AgeMin. 18 years and Max. 65 years
Policy Term AgeMin. 5 years and Max. 40 years
Maturity AgeMin. - years and Max. 80 years
Premium Payment ModeEqual to policy period or Single pay or Limited Pay – 5 | 7 years
Premium Payment FrequencyAnnual and monthly
Min Basic Sum AssuredRs.30 lakh

Plans offered by Birla Sun Life Protect @Ease Term

The Birla Sun Life Protect @Ease Term gives you an option to choose the sum assured and the plan option during the policy issuance as per your requirement. Let's have a look at the plans offered by this Company:

  • Level Term Assurance

Here, the amount of your sum assured would remain constant.

  • Increasing Term Assurance

Your income tends to increase over the years. But again, the responsibilities tend to increase too. The Increasing Term Assurance plan offers you an increase in sum assured with your increasing responsibilities. The plan offers you an option to increase the sum assured by 5% or 10% during the policy issuance as per your requirements.

Your sum assured increases each year by 5% to 10% of the original sum assured, without you shelling out any extra premium.

Riders offered by Birla Sun Life Protect @Ease Term Plan

Riders enhance your basic term insurance plan at an affordable price. The riders available under this plan are mentioned below.

  • Accidental Death and Disability Rider

In the case of an accidental death of the life insured within 180 days of the occurrence of an accident, BSLI will pay rider sum assured to the nominee.

In the case of disability to the life insured caused due to the accident within 180 days of the occurrence of an event, BSLI will pay a percentage of rider sum assured based on the bodily injury.

  • Critical Illness Rider

This rider will help you to protect against the increasing medical cost. It covers 4 major critical illnesses - First Heart Attack of Specified Severity, Cancer of Specified Severity, Stroke Resulting in Permanent Symptoms, Major Organ / Bone Marrow Transplant.

This rider offers 100% of the sum assured on the survival of 30 days after the date of diagnosis.

  • Surgical Care Rider

In case you are hospitalized and are undergoing a surgery in India for a minimum period of 24 hours, you would be paid a lump sum benefit. You may choose the benefit from Rs.3, 000 to Rs.30, 000.

Major Surgery

You will be offered five times the chosen amount in case a surgery is advised that involves brain, heart (including coronary arteries), liver or lungs

Other Surgery

The benefit would be equal to the amount chosen in case of any valid surgical hospitalization

Policy Limits

Under this rider, you can claim up to 10 times the benefit amount chosen in one policy year. You can also claim up to 50 times the benefit amount in the entire policy term.

  • Hospital Care Rider

This rider offers a daily hospital cash allowance for a minimum period of 24 hours, ICU benefit, Recuperating benefit in case of hospitalization. The benefit paid is minimum of Rs.600/day to up to Rs.6,000/day.

  • Waiver of Premium

This rider waives off any future premiums in case of the insured is not in a position to pay the premiums. In case the proposer suffers any disability, accident or death of the proposer (not the insured), then the premiums for the base policy and riders will be waived.

  • Accidental Death Benefit Rider Plus

This rider offers extra shield of security at an affordable rate.

100% of the rider sum assured is paid to the nominee in case of an accidental death of the life insured within 180 days of the occurrence of an accident. Also, BSLI will pay all the premiums collected post the incident till the death of the insured along with the interest amount informed by them. The death benefit would also be payable.

Other details of Birla Sun Life Protect @Ease Term Plan

Some of the important details with regards to HDFC Life Click to Protect Plus Plan are mentioned below:

Surrender value: You may surrender your HDFC Life Click to Protect Plus Plan anytime and get the below surrender benefits:

  • This plan doesn't offer any surrender value except under the Single & Limited Premium Option.

Grace period : Grace period is nothing but the time offered to you to make the premium payments post the due date.

  • This plan offers a grace period of 30 days. If the premium is not paid by then, the policy lapses.

Tax benefits : The below tax benefits are offered under BSLI Protect@Ease Plan:

  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Free look cancellation : This plan offers you the liberty to cancel the plan within 15 days (30 days in case the policy issued under the provisions of IRDA of India Guidelines on Distance Marketing of Insurance products) of the receipt of the policy documents, in case you aren't happy with the coverages offered and wish to cancel the same.

Exclusions of Birla Sun Life Protect @Ease Plan

A term plan doesn't cover anything and everything. The exclusion list under the Birla Sun Life Protect @Ease Plan is mentioned below:

The claims would not be admitted under the below exclusions:

Suicide : If the insured commits suicide within the first year of the plan, then BSLI would refund higher of the acquired surrender value or the premiums paid

Review of Birla Sun Life Protect @Ease Plan

Birla Sun Life Protect @Ease Plan offers great benefits at a very affordable rate. The riders enhance your base plan even further. This plan takes care of your overheads associated with liabilities and offers peace of mind by making arrangements for a financially secured life for your loved ones. Good claim settlement ratio, attractive premiums, increasing coverage at important milestones in life make Birla Sun Life Protect @Ease Plan a MUST buy!

Leave a rating!
5.0 (1 votes)