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BSLI Vision Endowment Plus Plan

What is the Plan all About?

BSLI Vision Endowment Plus Plan is a traditional participating life insurance plan which offers you to build a safe and secure financial future for your family.The plan offers secured savings and providing your loved ones comprehensive insurance protection for the policy term.The plan augments growth of your savings with accrued bonuses.

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What are the Key Features?

  • Insurance cum savings plan for your needs
  • Offers growth in savings through bonuses
  • Financial protection for your family
  • Flexibility to choose a policy term
  • Enhance protection through choice of riders
  • 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:

    • Sum Assured on Death; plus
    • Accrued regular bonuses as of date of death; plus
    • Terminal Bonus (if any)

    Option A - Sum Assured on Death is a maximum of 100% of Sum Assured or Maturity Sum Assured (1) or 10 times the annual premium payable.

    Option B - Sum Assured on Death is a maximum of 150% of Sum Assured or Maturity Sum Assured (1) or 10 times the annual premium payable

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 (where Maturity Sum Assured is sum of all premiums payable excluding service tax & cess, any applicable rider premiums and underwriting extra,if any)
    • 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) 30 Days 60 Years
Age at Maturity 18 Years 70 Years
Policy Tenure 10 Years 40 Years
Premium Paying Term Limited Pay (7/10/15/20 Years) Or Same As Policy Term -
Premium Paying Mode Annually,Semi Annually, Quarterly And Monthly -
Premium Amount Rs 7,000 P.a -
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 Offline -

Is any Rider Available with this Plan?

This plan offers following riders under this plan:

  • BSLI Accidental Death and Disability
  • BSLI Critical Illness Rider
  • BSLI Surgical Care Rider
  • BSLI Hospital Care
  • BSLI Waiver of Premium Rider

How the Plan Works?

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

  • Name of Life insured: Ketan
  • 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 Plus Plan with death benefit option A
  • Policy term: 20 years
  • Premium paying term: 10 years
  • Sum Assured: Rs 2.5 Lacs
  • Annual Premium: Rs.17,509

Objective: He wants to secure his family's financial future with an investment solution that also offers returns on his investment.

 Maturity Benefit:

He can expect Rs. 4,05,085 as the total Maturity Benefit at the end of a 20 year term at 8% p.a and Rs. 222,585 at 4% p.a. He can also expect Guaranteed Maturity Benefit of Rs. 1,75,085 at the end of the policy term.

Death Benefit:

In case of Ketan's untimely demise, the total Death Benefit his family can expect will be Rs. 4,80,000 at 8% pa. And Rs. 297500 at 4% p.a.If he chooses the Death Benefit Option B, the premium he has to pay is Rs. 18,131.


Benefit Illustration:

BSLI Vision Endowment Plus Plan