BSLI SecurePlus Plan

Income Benefit

After the completion of the policy term,the policyholder will start receiving the income benefit proceeds as per the chosen option at the end of each year as a percentage of the annual premium.

Income Benefit Option A: Get increasing income from 100% to 600% of the annual premium (AP) annually.



Income Benefit Option B: Get level income of 200% of the annual premium (AP) annually.



The life insured may also get a lump sum amount instead of the income benefit. In that case a commuted value of the outstanding Income Benefit shall be paid as a lump sum to the life insured.

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 the death sum assured which is higher 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 Sum Assured or
•  Sum Assured

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

Accidental Death Benefit

In the event of accidental death during the tenure of the policy the company will pay reduced accidental death benefit.

Maturity Benefit

On the completion of the policy term, the life insured may choose to receive the commuted value of the Income Benefit as a lump sum or continue with the income benefit only.

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.

This plan offers following riders:

• BSLI Critical Illness Rider
• BSLI Surgical Care Rider
• BSLI Hospital Care Rider
• BSLI Waiver of Premium Rider

Let us understand the plan with the case study of Mr. G Ningappa:

• Name of Life insured: Mr. G Ningappa
• Occupation: Business Owner
• Age of Life insured: 35 years
• Family Structure: his wife Mala and son Karthik.
• Plan opted: BSLI SecurePlus Plan (Option B)
• Policy term: 13 years
• Premium paying term: 12 years
• Sum Assured: Rs 16 Lacs
• Annual Premium: Rs 1 Lac

Objective: Ningappa dreams to provide for his family even in times of uncertainty. He wants to invest in such a plan that would give regular income to provide stability.A guarantee that the dreams of his family will be realized even if something happens to him Income that keep pace with the growing needs of his family

Benefits under the Policy:

• Income benefit i.e 2X the annual payout against the premium paid every year i.e. Rs. 2,00,000 yearly for 12 years. Total income payout under this option is Rs. 24,00,000.
• In the unfortunate event of his death anytime during the policy term, his nominee (wife Mala) shall receive a death benefit = Rs. 16,00,000 (Sum Assured on Death). If the death happens in an accident, his wife will receive twice the sum assured = Rs. 32,00,000 (Rs. 16,00,000 + 16,00,000).
• In the unfortunate event of his death anytime during the Payment Period, his wife will receive remaining Income Benefit i.e. Rs. 2,00,000 every year till the end of Payment Period
• In case of an emergency during the Payment Period, he can opt for a commuted value of the outstanding Income as lump sum.