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BSLI Income Assured Plan

What is the Plan all About?

The BSLI Income Assured plan is a traditional non-participating savings plan which provides guaranteed income and guaranteed additions along with life cover to offer a comprehensive plan. The plan offers assured income benefits which are payable from the end of the premium paying term till maturity along with the financial protection of your family.

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What are the Key Features?

  • Comprehensive financial security plan
  • Offers guaranteed assured income
  • Offers guaranteed additions
  • Enhance protection by choosing Waiver of Premium rider
  • Avail tax benefits as per existing tax laws

What are the Plan Benefits?

Assured Income Benefit

    The policyholder will receive assured income benefit as per the chosen options in the event of the policyholder surviving till the end of the premium-paying Term: 

    • Option A: Assured Income of 8.0% of Sum Assured per annum, payable monthly after the premium-paying term till maturity of the policy.
    • Option B: Accumulate the Assured Income and receive it as a lump sum at the end of policy term. The receivable Assured Income will be enhanced by 137.5% (for policy terms of 15, 17 and 20 years) and 175% (for policy terms of 22 and 25 years).

     

Guaranteed Additions

    Guaranteed Additions will be added to the policy at the beginning of each quarter after the completion of the premium-payment term, until the policy maturity date. Guaranteed Additions per annum as a percentage of the sum assured for the various premium paying term are given below:

    BSLI Income Assured Plan

Death Benefit

    In case of the unfortunate event of the death of the life insured during the policy term, the death benefit payable to the nominee is:

    • Sum Assured on death; plus
    • Guaranteed Additions accumulated till date of death

    Where sum assured on death is maximum of:

    • 10 times of the annual premium (excluding service tax and cess, any applicable rider premiums and underwriting extras, if any
    •  105% of the total premiums paid as on the date of death (excluding service tax and cess, any applicable rider premiums and underwriting extras, if any)

Maturity Benefit

    On the completion of the policy term, the life insured will receive sum assured on death; plus

    Guaranteed Additions accumulated till date of death.In addition, the company will pay the increased receivable Assured Income (if opted for).

Bonus

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

Loan Benefit

    Loan facility is available under this plan. The minimum loan amount is Rs.5,000 and the maximum is 85% of your surrender value.

Surrender Value

    In the event of surrender, the Guaranteed Surrender Value shall be payable  a percentage of premiums paid (excluding service tax and cess, any applicable rider premiums and underwriting extras, if any). The Guaranteed Surrender Value will vary depending on the year of surrender.

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) 8 Years 60 Years
Age at Maturity - 75 Years
Policy Tenure 15 Years 25 Years
Premium Paying Term 5/7 Years -
Premium Paying Mode Annually -
Premium Amount Rs 50,000 No Limit (Subj To Underwriting)
Sum Assured Rs 1,00,000 No Limit (Subj To Underwriting)
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?

This plan offers BSLI Waiver of Premium Rider only.

How the Plan Works?

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

  • Name of Life insured: Rahul
  • Occupation: Business Owner
  • Age of Life insured: 35 years
  • Family Structure: his wife and son
  • Plan opted: BSLI Income Assured plan
  • Policy term: 20 years
  • Premium paying term: 10 years
  • Sum Assured: Rs 5 Lacs
  • Annual Premium: Rs 72,440

Benefit Illustration:

BSLI Income Assured Plan