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BSLI Saving Plan

What is the Plan all About?

BSLI Savings Plan is a traditional participating endowment plan. This plan helps you to save your money regularly in a systematical way to enable its steady growth over a period of time. By choosing this plan you will gain peace of mind by ensuring the coverage for your life and guaranteed benefits at maturity. Which helps to secure financial future of your family.

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What are the Key Features?

  • Comprehensive insurance cum saving plan
  • Flexibility to choose sum assured as per protection and saving need
  • Flexibility to choose policy term and premium payment term
  • Additional sum assured on accidental death
  • Guaranteed additions for the first 5 policy years
  • Offers growth in the invested amount
  • Boost your benefits with bonuses
  • 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, the death benefit payable to the nominee shall be the aggregate of:

    • Guaranteed Death Benefit
    • Accrued Guaranteed Additions
    • Accrued regular bonuses as on date of death
    • Terminal Bonus if any

    Guaranteed Death Benefit is the higher of the Sum Assured or 10 times the annual premium payable throughout the premium paying term.

Guaranteed Additions

    Guaranteed Additions of 40 per thousand Sum Assured will be added to the policy  of the policyholder at the end of each policy year during the first 5 years; provided the policy is premium paying.

Accidental Death Benefit

    In the event of accidental death during the tenure of the policy (provided the life assured is aged 18 years & above on the date of death), an additional sum assured is payable apart from the death benefit mentioned above as per the policy terms and conditions.

Maturity Benefit

    In the event the life insured survives to the end of the policy term, the company shall pay to the policyholder the aggregate of the following benefits:

    • Sum Assured
    • Accrued Guaranteed additions
    • Accrued regular bonuses
    • Terminal Bonus (if any)

Bonus

    The plan is eligible for the bonuses declared by the company. Bonuses once attached to the policy are payable on death, surrender or maturity as may be applicable.A Terminal Bonus may be added to a policy which depends on the actual future experience it is not a guaranteed benefit.

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

    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 - 75 Years
Policy Tenure 10/15 Years 20 Years
Premium Paying Term 7/10 Years -
Premium Paying Mode Annually,Semi Annually And Monthly -
Premium Amount - -
Sum Assured Rs 30,000 Rs 10,00,000
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 inbuilt accidental death benefit rider only.

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: Shravan wants to secure his family's financial future should anything unfortunate were to happen to him. 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.

Benefit Illustration:

BSLI Saving Plan