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Birla Sun Life Term Insurance Company

Birla Sun Life Insurance Company (BSLI) is a joint venture 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 organizations started BSLI in the year 2000. BSLI was the first Indian Insurance Company to introduce "Free Look Period” which was made mandatory by IRDA.

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.

Benefits of Buying Birla Sun Life Term Plan

  • Financial Protection - Provide financial protection to your family with high sum assured.
  • Term Plan Options - You can opt as Level Term or Increasing Term Assurance.
  • Rewards - BSLI rewards policyholders for living a healthy lifestyle.
  • Premiums - Flexibility in paying premiums. You can opt monthly or annually premium paying option.
  • Payouts - Offers the choice of Payout options. Opt as Annual Income or Lump Sum benefit.
  • Tax Benefits - Tax saving benefits under Section 80C and 10(10D).

Types of Birla Sun Life Term Plan

Birla Sun Life Insurance (BSLI) offers different variants of Term insurance plan to provide financial protection against life’s uncertainties.

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.

Features

  • The minimum age is 18 years, and maximum age is 55.
  • Policy Term can vary from 5 years to upto 30 years. The maximum age of insured should be of 80 years at the end of policy term.
  • The minimum sum assured is Rs. 50 Lakh and there is no limit for the maximum sum assured.
  • The premium paying term - Single pay or Regular pay.
  • Flexibility in paying premiums - Monthly (only by ECS) or Annually.
  • Offer two plans -
    • Level Term Assurance - The sum assured remains fixed for the entire policy term.
    • Increasing Term Assurance - You have an option to increase sum assured as your responsibilities increase. Under this plan, you have an option of increasing sum assured by 5% to 10% without increase in premiums. Every year, the sum assured will increase with 5% to 10% of the original sum assured without any increase in premium.
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Death Benefit Payout option - The nominee has an option to take the Death Benefit by choosing one of the following options:
    • Lump sum payment
    • Staggered payment with increasing annual income
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

BSLI Protection Ease Plan

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.

Features

  • The minimum age is 18 years, and maximum age is 65.
  • Policy Term can vary from 5 years to upto 40 years. The maximum age of insured should be of 80 years at the end of policy term.
  • The minimum sum assured is Rs. 30 Lakh and there is no limit for the maximum sum assured.
  • Flexibility in paying premiums - Monthly or Annually.
  • Offer two plans -
    • Level Term Assurance - The sum assured remains fixed for the entire policy term. Only under Level Term Assurance, you can opt for Enhanced Lifestage Protection. Provided standard life at inception of the policy, regular pay policy and the attained age of life insured is less than or equal to 50 years. Future premium increases with increase in sum assured.
Life EventEnhanced Protection (% of Sum Assured)
First Marriage50% subject to a maximum of Rs. 5,000,000
Birth of First Child25% subject to a maximum of Rs. 2,500,000
Birth of Second Child25% subject to a maximum of Rs. 2,500,000
  • Increasing Term Assurance - You have an option to increase sum assured as your responsibilities increase. Under this plan, you have an option of increasing sum assured by 5% to 10% without increase in premiums. Every year, the sum assured will increase with 5% to 10% of the original sum assured without any increase in premium.
  • Inbuilt Terminal Illnesses feature.
  • In case the insured is diagnosed with a Terminal Illness, 50% of applicable sum assured, subject to the maximum of Rs. 2.5 crore will be paid immediately. And on the death of the insured during the policy period, the rest of the sum assured will be given.
  • The sum assured is given to the nominee in case of an untimely demise of an insured during the policy term.
  • Death Benefit Payout option - The nominee has an option to take the Death Benefit by choosing one of the following options:
    • Lump sum payment
    • Staggered payment with fixed annual income
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.
  • 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:

    • The sum assured applicable for your spouse shall be equal to 50% of your applicable sum assured.
    • This option shall only be available if the sum assured of the primary life insured is greater than or equal to Rs 60 Lakh.
    • You can opt for this option at the time of policy purchase, once selected cannot be changed.
    • You cannot opt for Riders under this option.

BSLI Protector Plus Plan

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.

Features

  • The minimum age is 18 years, and maximum age is 65.
  • Policy Term can vary from 5 years to upto 30 years. The maximum age of insured should be of 70 years at the end of policy term.
  • The minimum sum assured is Rs. 30 Lakh and there is no limit for the maximum sum assured.
  • The premium paying term - Regular pay.
  • Flexibility in paying premiums - Yearly, Half-yearly, Quarterly, Monthly.
  • Offer two plans -
    • Level Term Assurance - The sum assured remains fixed for the entire policy term.
    • Increasing Term Assurance - You have an option to increase sum assured as your responsibilities increase. Under this plan, you have an option of increasing sum assured by 5% to 10% without increase in premiums. Every year, the sum assured will increase with 5% to 10% of the original sum assured without any increase in premium.
  • Inbuilt Total and Permanent Disability (TPD) feature
  • In case the insured suffers a Total and Permanent Disability, 50% of applicable sum assured, subject to the maximum of Rs. 50 Lakh will be paid to the insured.immediately. Death Benefit will remain unaffected.
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Death Benefit Payout option - The nominee has an option to take the Death Benefit by choosing one of the following options:
    • Lump sum payment
    • Staggered payment
      • One-time payout of 20% of Sum Assured on Death;
      • Annual income on each death anniversary of the insured over a chosen period of term. Payout will be a percentage of sum assured. So if the nominee opts for 10 years - 11% of Sum Assured will be given on each death anniversary of the insured.

The Table below shows the % of Sum Assured over a term

Payout Term % Sum Assured
1011%
158.37%
207.12%
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

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.

Features

  • The minimum age is 18 years, and maximum age is 65.
  • Policy Term can be vary from 10,15,20,25, 30 years. The maximum age of insured should be of 75 years at the end of policy term.
  • The minimum sum assured is Rs. 5 Lakh, and there is no limit for the maximum sum assured.
  • The premium paying term - Regular pay.
  • Flexibility in paying premiums - Yearly, Half-yearly, Quarterly, Monthly.
  • Sum Assured range from Rs. 5 lakh to Rs. 25 lakh and above.
  • Survival Benefit - On maturity, if the insured outlives the term, BSLI will refund all the paid premiums. Two plans are available based on the return of premiums:
    • Plan A - 100% return of paid premiums,
    • Plan B - 110% to 150% return of paid premiums depending on your policy term.
Plan/Policy Term Plan B
10110%
15120%
20130%
25140%
30150%
  • Death Benefit - The sum assured* is given to the nominee in case of an untimely demise of an insured during the policy term.

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.

BSLI Premium Back Term Plan

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.

Features

  • The minimum age is 18 years, and maximum age is 50 for the 20 year plan and 55 years for 10 or 15 year plan.
  • Policy Term can vary from 10,15, or 20 years. The maximum age of insured should be of 70 years at the end of policy term.
  • The minimum sum assured is Rs. 2 Lakh, and there is no limit for the maximum sum assured.
  • The premium paying term - Regular pay.
  • Flexibility in paying premiums - Yearly, Half-yearly, Quarterly, Monthly.
  • Sum Assured range from Rs. 5 lakh to Rs. 25 lakh and above.
  • Survival Benefit - On maturity, if the insured outlives the term, BSLI will refund all the paid premiums. Two plans are available based on the return of premiums:

    • Plan A - 100% return of paid premiums
    • Plan B - 125% return of your paid premiums
  • Death Benefit - The nominee receives the sum assured along with premiums paid till date, in the case of an untimely demise of an insured during the policy term.

  • Survival Benefit: On maturity, if the life insured survives the term, depending on the plan, receives 100% or 125% premiums back.
  • Only 3 Riders are available under this plan - Accidental Death and Disablement Rider, Critical Illness Rider and Waiver of Premium Rider.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.

BSLI Term Plan with Riders

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.

Exclusions of Birla Sun Life Term Plan

  • Any partial or total disability because of taking part in any dangerous sport or other activities like hunting, mountaineering, racing, bungee jumping, etc. is not covered.
  • Self-inflicted injury, suicide or attempted suicide is not covered.
  • Service in any military, air force, the naval or paramilitary organization leading to disability, injury, or death is not covered.
  • The insured taking part in any strike, industrial dispute, riot, war, civil commotion, invasion, terrorism, hostilities, nuclear reaction, biological or chemical contamination, etc. is not covered.

Claim Process for Birla Sun Life Term Plan

Straightforward and streamlined BSLI claim process makes it easy to lodge a claim and settle down.

Claim Registration

  • The nominee/claimant needs to intimate the insurance company by filing a claim form with necessary documents.
  • Intimate Birla Sun Life Insurance Company on their Toll-Free number - 1-800-270-7000 or write an email at BSLI.claims@birlasunlife.com

Claim Assessment

On receiving all the necessary documents, Claim Team will scrutinize claim documents.

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.

Claim Documents

Standard Documents Required:

  • Copy of Death Certificate issued by Municipal Authorities / Gram Panchayat
  • Claimant's Statement along with KYC - ID Proof / Relationship Proof
  • Original Policy Document / Indemnity Bond ( In case Original Policy document is lost)
  • Cancelled Cheque with NEFT details
  • Employer’s Certificate - In case Life Assured is Employed
  • Medical Attendant Certificate

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.

Review of Birla Sun Life Company

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.

FAQs on Birla Sun Life Term Insurance

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

  • Breadwinner
  • Single parent with a child
  • Homeowner with a mortgage
  • Business owner with loan or debt

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:

  • Accidental Death and Disability Rider
  • Surgical Care Rider
  • Hospital Care Rider
  • Critical Illness Rider
  • Waiver of Premiums Rider
  • Accidental Death Benefit Plus Rider

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:

  • A Letter from the policyholder.
  • Illustration
  • Rider Premium
  • Certificate of Insurability

Note:

  • Rider(s) can be added only after completion of the first Policy year.
  • The addition of rider is subject to Underwriting decision.

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.

Birla Sun Life Term Insurance