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BSLI Vision Endowment Plan

What is the Plan all About?

BSLI Vision Endowment Plan enables you to secure your savings and provide a comprehensive financial protection for your loved ones. It offers elevation in your savings with accrued bonuses from the first policy year onwards and protect your family’s financially. With return of premium along with accrued bonuses on maturity, this plan offers you the best.The plan offers life cover along with the growth of your savings.

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What are the Key Features?

  • Comprehensive plan for your need
  • Flexibility to choose a policy term
  • Offers growth in the invested amount
  • Boost your benefits with reversionary  & terminal bonus
  • 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 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.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 1 Year 55 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 20 Years 20 Years
Premium Paying Term 7/10 Years -
Premium Paying Mode Annually,Semi Annually And Monthly -
Premium Amount Rs 10,000 No Limit
Sum Assured Rs 1,00,000 No Limit (Subject 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 Online -

Is any Rider Available with this Plan?

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

How the Plan Works?

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:

BSLI Vision Endowment Plan