BSLI Vision Endowment 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 shall be Sum Assured on Death; plus Accrued Bonuses as of date of death; plus Terminal Bonus (if any). Sum Assured on Death is maximum of Sum Assured or Maturity Sum Assured or 10 times the annual premium payable or 105% of total premiums paid excluding Tax & Cess, any applicable rider premiums and underwriting extras, if any.

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:

• Maturity Sum Assured ;
• Accrued Bonuses till date;
• Terminal Bonus (if any)

The policy shall be terminated thereafter.

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.

This plan offers BSLI Waiver of Premium rider on the payment of an additional cost.

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

• Name of Life insured: Shravan
• 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 2.5 Lacs
• Annual Premium: Rs.16,017.

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.3,75,170 and Rs. 225,170 at 4% interest. He can also expect Guaranteed Maturity Benefit of Rs. 160,170 at the end of the policy term.

Death Benefit:

• In case of Sachin's untimely demise, the total Death Benefit his family can expect will be to the tune of Rs.4,40,00 at 8% interest and Rs. 290,000 @ 4% interest. In case of death by accident, his sum assured will double, i.e. Rs.5,00,000.

Benefit Illustration: