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BSLI Guaranteed Future Plan

What is the Plan all About?

BSLI Guaranteed Future Plan is a traditional non- participating life insurance plan. It is a unique plan which is framed to help you save for the important events in your life like your child's education, marriage, retirement, dream holidays,etc. This plan enables you to fulfill  all your dreams and helps you to maintain the same lifestyle for your family even when you are not around.

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What are the Key Features?

  • Comprehensive insurance plan
  • Flexibility to choose the premium
  • Flexibility to choose the policy term
  • Flexibility to choose the death benefit option
  • Guaranteed death and maturity benefit
  • Avail tax benefits as per existing tax laws

What are the Plan Benefits?

Death Benefit

    In case of the unfortunate event of the death of the life insured during the policy term, there are 2 death benefit options for the payout which are:

    Option 1: Lump sum Amount on death: Guaranteed Death Benefit (The Guaranteed Death Benefit is the Sum Assured on Death which is the highest of Sum Assured or Maturity Sum Assured or 10 times the annual premium payable or 105% of total premiums paid to date )

    Option 2: Receive a regular Guaranteed Income in addition to the lump sum amount of money: The pay out is an aggregate of:

    • Guaranteed Death Benefit
    • No premiums are required to be paid in future
    • Guaranteed Income till the policy anniversary prior to the end of the policy term or a minimum term of three policy years, whichever is higher irrespective of policy maturity date
    • An amount equal to the Guaranteed Maturity Benefit will be payable at the end of the policy term.

Maturity Benefit

    On maturity date, the life insured will receive a percentage of premiums ranging from 100% to 160% will be paid guaranteed

Bonus

    The plan is not eligible for the bonuses as it is a non-participating life insurance plan.

Loan Benefit

    Policy loans are not allowed under this policy.

Surrender Value

    Guaranteed surrender value (GSV) plus the surrender value of the bonuses, which is a percentage of accrued bonuses is payable if at least three full years premiums have been paid. The GSV shall be a percentage of total premiums paid.

Tax Benefit

    The plan offers tax benefits under section 80C  and section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 50 Years
Age at Maturity - 70 Years
Policy Tenure 8 Years 20 Years
Premium Paying Term Same As Policy Term -
Premium Paying Mode Annually,Semi Annually,Quarterly And Monthly -
Premium Amount Rs 10,000 -
Sum Assured 10 X Annual Premium -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days & 15 Days (for Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders can be opted with this plan:

  • BSLI Accidental Death and Disability
  • BSLI Critical Illness Rider
  • BSLI Surgical Care Rider
  • BSLI Hospital Care Rider

How the Plan Works?

Let us understand the plan with the case study of Sachin:

  • Name of Life insured: Sachin
  • Occupation: Salaried Professional
  • Age of Life insured: 35 years
  • Family Structure: A wife (appointed as a nominee) and a 4 year old kid
  • Plan opted: BSLI Vision Endowment Plan
  • Policy term: 20 years
  • Premium paying term: 10 years
  • Sum Assured: Rs 1 Lac
  • Annual Premium: Rs 7,267

Objective: He wants to secure his family's financial future with an investment solutions that also offers returns on his investment.

 Maturity Benefit:

Total Maturity Benefit he can expect at the end of a 20 year term at 8% interest will be Rs. 2, 34,000 and Rs. 190, 000 at 4% interest rate. Plus, he can expect Guaranteed Additions which are up to Rs. 20,000 from the 5th year onwards. He can also expect Guaranteed Benefit of Rs. 1, 20,000 at the end of the policy term. .

  • Death Benefit:

In case of Sachin's untimely demise, the Death Benefit his family can expect will be Rs.234,000 @8% interest rate and @4% it will be Rs. 190,000. The Estimated Bonuses the policy will earn are of Rs. 114,000 @8% interest rate and Rs. 70,000 @4% interest rate.
 

Accidental Death Benefit:

Additional Sum Assured is payable on death occurring due to an accident is Rs 1,00,000 along with the basic death benefit.