BSLI Easy Protect Plan

Benefits of BSLI Protector Plus Plan

1. Death Benefit: In the unfortunate event of the demise of the life insured, the nominee will be paid the Sum Assured. Upon death, the Sum Assured is higher of 105% of premiums paid, 10 times of annualised premium or applicable Sum Assured as on date of death. The nominee can choose any one of the following options to avail of death benefit under this plan
   1. Lump sum payment
   2. Staggered payment
      1. 20% of Sum Assured at the time of claim settlement plus on every death anniversary, a certain fixed percentage of Sum Assured based on a payout option chosen by the nominee is payable as annual income as listed in the table below:

After choosing the above option, if the nominee wants a lump sum payout rather than a staggered payout, he or she will be paid a discounted value (6.25% p.a subject to prior approval by IRDA) of the annual income (outstanding).

1. Maturity Benefits: There are no benefits which are payable upon maturity under this plan

1. Total and Permanent Disability (TPD) Benefit: If the life insured suffers from Total and Permanent Disability, he or she will be paid 50% of Sum Assured at the time of inception. It is important to note that the death benefit in this case will not be affected
2. Surrender Benefit: No surrender benefits are offered under this plan
3. Tax Benefits: You can avail of certain tax benefits as per section 80C and section 10(10D) of the Income Tax Act, 1961. Service Tax and education cess will be levied.
4. Rider Benefits: The following riders are available under this BSLI Term Plan.
   1. BSLI Hospital Care Rider
   2. Birla Sun Life Surgical Care Rider
   3. BSLI Waiver of Premium Rider
   4. BSLI Critical Illness Rider
   5. BSLI Accidental Death and Disability Rider

Example

Sandeep Sen, a 35-year-old IT employee (non-smoker) opts for the BSLI Protector Plus Plan for a Sum Assured of Rs. 10,000,000 (increasing cover option at 10%) with an annual premium paying mode for a policy term of 10 years. Sen will have to pay a premium of Rs.13,900. Upon the death of Sen in the fifth policy year, his nominee will receive a lump sum payment of Rs.1,61,05100. The policy will stand terminated after payment of the death benefit.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017