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Birla Sun Life Term Insurance Plan is a protection plan offered by Aditya Birla Sun Life Asset Management Company Limited which was previously known as Birla Sun Life Asset Management Company Limited. Aditya Birla Sun Life Insurance Life Shield Plan is the most popular term insurance policy offered by the insurer that comes with an in-built terminal illness benefit. In addition, you can get complete policy details and extended customer service options such as policy, premium due date, fund value, download statements like premium receipt, tax certificate & account statement on WhatApp.
BSLI ranks amongst the top 7 private life insurance companies in the country.
Birla Sun Life Term Plan helps you to provide financial security for the unforeseen life’s uncertain incidents that may threaten family’s financial stability. To cope up with the loss of income due to the breadwinner’s untimely demise, Birla Sun Life offers Term plan at an affordable cost and high sum assured.
Birla Sun Life Insurance (BSLI) offers different variants of Term insurance plan to provide financial protection against life’s uncertainties.
1. BSLI Easy Protect Plan
This is the most basic term-life insurance plan by BSLI. It is a pure death benefit plan. BSLI will pay the Sum Assured to the nominee if the insured dies during the policy period.
This is the basic term-life insurance plan by BSLI with an inbuilt Terminal Illness feature covered. It is a pure death benefit plan. BSLI will pay the Sum Assured to the nominee in the event of the passing away of the insured during the policy period. This plan has much more flexibility when it comes to premiums and payouts.
|Life Event||Enhanced Protection (% of Sum Assured)|
|First Marriage||50% subject to a maximum of Rs. 5,000,000|
|Birth of First Child||25% subject to a maximum of Rs. 2,500,000|
|Birth of Second Child||25% subject to a maximum of Rs. 2,500,000|
You can opt for “Joint Life Protection” wherein one can opt two lives, yours (primary life insured) and your spouse (secondary life insured) under the same policy.
Following are the conditions:
This is the basic term-life insurance plan by BSLI with an inbuilt Total and Permanent Disability feature. It is a pure death benefit plan. BSLI will pay the Sum Assured to the nominee in the event of the death of the insured during the policy period.
The Table below shows the % of Sum Assured over a term
|Payout Term||% Sum Assured|
4. BSLI Future Guard Plan
Term life plan with return of premiums. This is an economical way of providing for protection to your family, financial stability and yet receive all your premiums back at maturity. On maturity, if the insured survives the term, BSLI will refund all the premiums. So it has both Death and Survival Benefit.
|Plan/Policy Term||Plan B|
Note: Sum Assured on Death is the maximum of Sum Assured or Maturity Sum Assured or 10 times the annual premium payable or 105% of total premiums paid to date.
Surrender Benefit - After paying all due premiums for at least three years after the policy issue, your plan acquires a Surrender Value. The Guaranteed Surrender Value is a percentage of premiums paid, excluding towards riders, benefit or underwriting. After 3 years of full paid premiums if you surrender you will receive the Surrender Value, which is higher than the Guaranteed Surrender Value.
Reduced Paid-Up Benefit - If at any point after paying all the premiums for at least three years, you are not able to continue paying premiums, your policy will not lapse. But will continue on a Reduced Paid-Up basis. Under which your sum assured on death and maturity sum assured shall be reduced in proportion to the premiums actually paid. And not to the total premiums payable during the premium paying term.
Tax Benefits- As per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.
This is another Term life plan with return of premiums. An economical way of providing for protection to your family, financial stability and yet receive all your premiums back at maturity. On maturity, if the insured survives the term, BSLI will refund all the premiums. So it has both Death and Survival Benefit.
Customize your BSLI Term Plan with Riders. Riders help to widen the scope of the base policy.
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: You can 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. 100% of sum assured on the survival of 30 days after the date of diagnosis.
Surgical Care Rider: You can choose from Rs. 3,000 to Rs. 30,000. The rider sum assured will be 50 times this benefit.
Hospital Care Rider Daily Hospital cash allowance in case of Hospitalization for a minimum period of 24 hours, ICU benefit, Recuperating benefit. With a minimum of Rs. 600/day to upto Rs.6,000/day.
Waiver of Premium: Future premiums will be waived if you are unable to pay your premium. In the case of disability, accident or death of the proposer (not the insured), if the proposer is disabled to pay any future premiums, then the premiums for the base policy and riders will be waived.
Accidental Death Benefit Rider Plus: Additional financial security at a nominal premium. In the case of an accidental death of the life insured within 180 days of the occurrence of an accident, BSLI will pay 100% of rider sum assured to the nominee. Additionally, BSLI will refund the premiums collected after the date of accident till the date of death with interest as informed by them along with death benefit payable.
Straightforward and streamlined BSLI claim process makes it easy to lodge a claim and settle down.
1. Claim Registration
2. Claim Assessment
On receiving all the necessary documents, Claim Team will scrutinize claim documents.
3. Claim Approval process
Claim Acceptance the nominee will receive a NEFT. In case the claim is rejected, BSLI will communicate with the reason to the nominee/beneficiary.
4. Claim Documents
Standard Documents Required:
In addition to the standard documents there are other documents required under different case:
Unnatural death: First Information Report and Postmortem Report Waiver of Premium: Proposed policyowner Form and Deed of Relinquishment to be executed on Rs. 200/- stamp paper duly notarized.
Birla Sun Life Insurance Company with a base of two million policyholders is one of the leading Indian Life insurers. BSLI ranks among the Top 7 in private Life Insurance Company.
BSLI has Its distribution network is in over 500 cities, 560 branches, around 85,000 empaneled advisors who value Integrity, commitment, passion, seamlessness, and speed. With the range of Term insurance plans that are customizable with the help of different Riders, makes Birla Sun Life Insurance as preferred choice by many.
Who should buy a Term Insurance?
Term insurance is a low cost life insurance plan. With the help of a Term Insurance, you can provide financial protection to your family in case of any unprecedented event. You should opt a Term Insurance if you are a
What are riders?
Riders are paid feature that helps you to widen the scope of the base term insurance policy at very low premiums. Riders offered by BSLI are:
Can I add Riders during policy period?
Yes, you may add any rider as per the provision of the plan. Riders are plan specific. Policy owner must submit following things:
What is the nominee does not have the facility of Electronic Payment?
You must communicate with Claim Team about the same and BSLI will make Claim payment through cheque.
What if nominee also dies along with the life insured?
In that case, the Claimant's statement can be filled by the nearest blood relative. However, there would require some legal documentation and formalities as requested by the Claims Dept.