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Birla Sun Life Traditional Plans

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., one of the leading international financial services company from Canada. Birla Sun Life Insurance has contributed to the growth and development of the life insurance industry and is currently one of the leading life insurance companies in the country.  Their customer base comprises of over two million policy holders. The Company offers a complete range of plans comprising protection solutions, children's future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions. Its distribution network is in over 500 cities, 560 branches, around 85,000 empanelled advisors and over 140 partnerships with corporate agents, brokers and banks.It’s been a decade that it has contributed significantly to the growth and development of the life insurance industry of our country. They have also pioneered in the launch of Unit Linked Life Insurance plans. Their vision is to be a leader and role model in integrated financial services. They value Integrity, commitment, Passion, Seamlessness and Speed.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

  • These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
  • In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
  • The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
  • The plans may be issued either as Endowment Plans or Money Back Plans

Birla Sun Life Traditional / Investment Plans

Birla Sun Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

BSLI Vision Money Back Plus Plan

It is a traditional participating life Insurance Plan which has the following features:

  1. Guaranteed liquidity – Regular payouts at certain percentage of Sum Assured at the end of every 4th or 5th policy year of the policy term.
  2. Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus.
  3. Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
  4. Rider Benefit is is provided to enhance the insurance coverage at nominal cost.
  5. Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
  6. Eligibility Details

Minimum

Maximum

Entry Age

13 years

45 years

Policy Term

20/25 years

25 years

Sum Assured

Rs.1,00,000

No limit

     

Premium Payment Term

10 years for 20 years plan

12 years for 24 & 25 years plan

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

BSLI Vision LifeIncome Plan:

It is a traditional participating whole life Insurance Plan which has the following features:

  1. Survival Benefit – If the insured survives till the end of the premium paying term then Accrued Bonus + Income benefit of 5.0% of Sum Assured + Bonus from the current policy year shall be paid.
  2. Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus (if any).
  3. Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
  4. Rider Benefit is is provided to enhance the insurance coverage at nominal cost.
  5. Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C, 80D of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.               
  6. Eligibility Details

Minimum

Maximum

Entry Age

1year

60 years

     

Policy Term

Whole life till Age 100

Sum Assured

Rs.2,00,000

No limit

     

Premium Payment Term

15 – 40 Years

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

BSLI Vision Endowment Plan -

It is a traditional participating life Insurance Plan which has the following features:

  1. Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus.
  2. Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured+Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
  3. Rider Benefit is provided to enhance the insurance coverage at nominal cost.
  4. Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
  5. Eligibility Details

Minimum

Maximum

Entry Age

1 year

55 years

Minimum Premium

Rs.10,000/-

 

Policy Term

20 Years

Sum Assured

Rs.1,00,000

No limit

     

Premium Payment Term

7-10 Years

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

BSLI Savings Plan -

It is a traditional participating life Insurance Plan which has the following features:

  1. Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus.
  2. Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured+ Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
  3. Rider Benefit is provided to enhance the insurance coverage at nominal cost.
  4. Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
  5. Eligibility Details

Minimum

Maximum

Entry Age

18 years

50 years

Policy Term

10/15/20 Years

Sum Assured

Rs.30,000/-

Rs.1,00,000

Premium Payment Term

For 10 years – Regular Pay

For 15 Years – 10 years -Regular Pay

For 20 Years – 15 Years – Regular Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

BSLI Vision LifeSecure Plan -

It is a traditional participating whole life Insurance Plan which has the following features:

  1. Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus + Terminal Bonus.
  2. Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured+ Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
  3. Rider Benefit is provided to enhance the insurance coverage at nominal cost.
  4. Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
  5. Eligibility Details

Minimum

Maximum

Entry Age

1 year

60 years

Policy Term

15 Years

35 Years

Sum Assured

Rs.3,00,000/-

 

Minimum Premium

Rs.12,000/-

 

Premium Payment Term

 Regular Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

BSLI Income Assured Plan -

It is a traditional non- participating life Insurance Plan which has the following features:

  1. Death Benefit – Benefit payable to the

    nominee shall be Sum Assured + Guaranteed Additions Accrued to date of death +Accrued Assured Income if opted.

  2. Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured+ Guaranteed Additions Accrued to date + Accrued Assured Income if opted. The policy shall terminate once the maturity amount is paid.
  3. Rider Benefit is provided to enhance the insurance coverage at nominal cost.
  4. Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
  5. Eligibility Details

Minimum

Maximum

Entry Age

8 years

60 years

Sum Assured

Rs.1,00,000/-

 

Premium Payment Term

5 years for 15 years policy term

 7 years for 17/22 years policy term

10 years for 20/25 years policy term

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

BSLI Vision Regular Returns Plan -

It is a traditional participating  life Insurance Plan which has the following features:

  1. Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus.
  2. Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Accrued Bonus –Non Guaranteed Survival benefits already paid. The policy shall terminate once the maturity amount is paid.
  3. Rider Benefit is provided to enhance the insurance coverage at nominal cost.
  4. Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C and 80D of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
  5. Eligibility Details

Minimum

Maximum

Entry Age

13 years

45 years

Policy Term

20 Years

Sum Assured

Rs.2,00,000/-

 

Premium Payment Term

Same as Policy Term

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

BSLI Vision Endowment Plus Plan

It is a traditional participating  life Insurance Plan which has the following features:

  1. Death Benefit – Benefit payable to the nominee shall be Sum Assured + Accrued regular bonus+ Terminal Bonus.
  2. Maturity Benefit – if the insured survives till the end of the policy term then he shall receive Maturity Sum Assured  + Accrued Bonus + Terminal Bonus. The policy shall terminate once the maturity amount is paid.
  3. Rider Benefit is provided to enhance the insurance coverage at nominal cost.
  4. Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
  5. Eligibility Details

Minimum

Maximum

Entry Age

30 days(cover commences from the age of 1)

60 years

Policy Term

10 - 40 Years

Sum Assured

Rs.1,00,000/-

 

Minimum Premium

Rs.7,000/- P.A.

Premium Payment Term

 7,10,15,20 Years, regular Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

BSLI Guaranteed Future Plan -

It is a traditional non-participating life Insurance Plan which has the following features. In this plan since inception 2 options are available first option giving you the choice if your family wishes to receive lump sum in your absence and the second option is giving you the choice if your family wishes to receive Guaranteed  Income in addition to lump sum in your absence.

  1. Death Benefit – Benefit payable to the nominee in the 1st option shall be Guaranteed Death Benefit + No premiums are required to be paid in future + an amount equal to the Guaranteed Maturity Benefit will be payable at the end of the term, in case of 2nd option benefit payable shall be shall be Guaranteed Death Benefit + No premiums are required to be paid in future + Guaranteed Income till the policy anniversary prior to the end of the policy term or a minimum term of three policy years, whichever is higher irrespective of policy maturity date + an amount equal to the Guaranteed Maturity Benefit will be payable at the end of the term.
  2. Rider Benefit is provided to enhance the insurance coverage at nominal cost.
  3. Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
  4. Eligibility Details

Minimum

Maximum

Entry Age

18 Years

50 years

Policy Term

8 - 20 Years

Sum Assured

10 X Annual Premium

 

Minimum Premium

Rs.10,000/- P.A.

Premium Payment Term

Regular Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

Children’s Future Solution – BSLI Vision Star Plan -

This is a traditional participating Insurance Plan and the key objective is to get regular payouts for financing the child’s education and protecting the future in your absence. This also gives you the flexibility to select the Sum Assured , Assured Payout Option and also Premium Paying Term.

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Birla Sun Life Traditional Plans - FAQs

1. How to pay premium? What are the modes of payment available?

You can pay your Birla Sun Life Insurance premium through ANY these following methods:

No Cash Payment is Accepted

  • Online Payment- Debit/credit or NEFT
  • Cheque Payment
  • ECS SYSTEM

Step 1: Enter your policy details – policy number and policyholders date of birth

Step 2: Select your payment method- debit/ credit card or NEFT to pay the premium

Step 3: Authenticate and confirm your payment details and print online payment receipt

2. How can I check policy status for Birla Sun Life traditional plans?

For all Birla Sun Life Insurance policyholders, online checking of policy status is available.

To check the policy status online, log into the e-portal with your Client ID and password.

3. What is the policy renewal process for Birla Sun Life traditional plans?

The process of Online Policy Renewal facility is as follows;

Step 1: Log into the e-Portal with your valid credentials

Step 2: Use the mode of payment to renew your policy

Step 3: Print the payment receipt

4. What is the company’s process to settle claim for Birla Sun Life traditional plans?

The claims must be lodged after 30 days of the expiry of a medical diagnosis or treatment. This process involves a written intimation by the beneficiaries to the claims department, duly signed by the Municipal Authority/Magistrate.

Upon receiving the application, Claims Department sends the claimant a required set of documents including claim forms to be duly filled and sent back for processing the same.

5. What is the policy cancellation process for Birla Sun Life traditional plans?

The Birala Sun Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The surrender value will be calculated as per the prevailing market rates if the form is submitted before 3:00 PM, else the next day’s value is applicable.

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Category: Advisor

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