We understand how important it is to save up and plan ahead for your dreams such as setting up your own business, going on exotic holidays, starting up a family of your own, sending your kids to college or just enjoying your well-earned golden years. We will help you to plan better to achieve your financial goals and realize your dreams with BSLI Vision Regular Returns Plan, an affordable savings and life insurance plan.
BSLI Vision Regular Returns Plan is a traditional participating endowment plan. With survival benefits payable every year from 5th policy anniversary till maturity and life insurance benefit, this plan offers a perfect combination of liquidity, savings and financial protection of your family.
BSLI Vision Regular Returns Plan is suitable for you, if your key objective is secured growth on your savings, with regular liquidity to meet your financial objectives, while providing your family with comprehensive financial protection.
GROWTH TO YOUR SAVINGS – Enhance your savings by accrued bonuses starting from the first policy year.
EASY LIQUIDITY AT REGULAR INTERVALS – You receive survival benefits every year starting from end of five years till the end of policy term.
SAFETY TO YOUR LOVED ONES – Comprehensive financial protection of your family depending on your choice of Sum Assured
|Entry Age (age last birthday)||13 – 45 years|
|Policy Term||20 years|
|Minimum Sum Assured||200,000|
|Premium Paying Term||Same as policy term|
|Premium Frequency||Annual - for all ages Semi-annual, Quarterly,
Monthly – for ages less than equal to 40 years
At inception, you need to choose the Sum Assured and your premium will depend on the amount of the Sum Assured you select. For easy reference, your Sum Assured is banded as follows:
|Sum Assured Band||Band 1||Band 2||Band 3||Band 4|
|Sum Assured ()||200,000 to 399,999||400,000 to 599,999||600,000 to 799,999||800,000+|
This is a regular premium plan with premiums payable throughout the policy term. If you discontinue paying premiums after having paid for at least three full years, your policy will not lapse but will continue on a Reduced Paid-Up basis.
Bonuses – BSLI will declare compounding reversionary bonuses regularly at the end of each financial year during the policy term and those will be accrued in the policy on its policy anniversary or on death. Bonuses once attached to the policy are payable along with interim bonuses, as applicable on death, survival, surrender and maturity. In case of surrender the surrender value of the attached bonuses will be payable. The bonus rate declared by BSLI may vary from year to year and will depend on the actual experience regarding various factors and the prevailing economic conditions. Future bonuses are not guaranteed and will depend upon the future profits of the participating business. BSLI may also pay a terminal bonus on surrender, maturity or death if earlier, based on the actual experience and the prevailing economic conditions.
In the unfortunate event of death of the life insured during the policy term, we shall pay to the nominee
In case of death of the life insured, if the life insured is different from the policyholder, the policyholder will receive the death benefit. The policy shall be terminated once the death benefit is paid. Sum Assured on death is the maximum of Sum Assured chosen at inception without any deductions or 10 times the annual premium payable. The death benefit payable shall never be less than 105% of total premiums paid to date (excluding any applicable rider premiums and/or underwriting extras and service tax, if any)
Starting from the 5th policy anniversary and on every subsequent policy anniversary till maturity, you shall receive a Guaranteed Survival Benefit. The Guaranteed Survival Benefit (per 1000 of sum assured) is:
|Policy Year||Guranteed Survival Benefit||Policy Year||Guranteed Survival Benefit|
After you pay premiums for at least 5 policy years and provided your policy status is premium paying, on every policy anniversary thereafter you shall receive (on survival)
In the event the life insured survives to the end of the policy term, we shall pay to you:
The policy shall be terminated once the maturity benefit is paid.
For added protection, BSLI Vision Regular Returns Plan can be enhanced by the following riders for a nominal extra cost.
Please refer to detailed brochures on riders, consult your financial advisor or visit our website for further details.
If you discontinue paying premiums after having paid premiums for at least three full years, your policy will not lapse but will continue on a Reduced Paid-Up basis. Under Reduced Paid-Up, your Sum Assured and Sum Assured on death shall be reduced in proportion to the premiums actually paid to the total premiums payable during the policy term. Your accrued bonuses up to the date of first unpaid premium will not be reduced; however any bonus payable for the policy year of premium discontinuance shall be reduced proportionately to the unpaid premiums in that policy year. There will be no further accrual of bonuses. On reduced paid-up you shall receive -
If you have paid premiums for less than 5 complete policy years – Guaranteed Survival Benefit paid will be equal to the Guaranteed Survival Benefit applicable in the 5th year (as shown in the table above) reduced by the proportion of number of premiums paid by 5 and will continue to remain the same thereafter.
If you have paid premiums for at least 5 complete policy years - Guaranteed Survival Benefit will remain at the same level as the last Guaranteed Survival Benefit paid and will not increase thereafter.
Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future performance of the participating business. In the illustration below, the Sum Assured and Guaranteed Survival Benefit are fully guaranteed. The Total Death Benefit and Total Survival Benefit are not guaranteed and are determined using assumed future investment returns of 4% and 8% as set by the Life Insurance Council.
|Entry Age||:||35 Years||Policy Term||:||20 Years|
|Sum Assured||:||2,50,000||Annual Premium||:||16,442|
|All amount in|
Policy Year End
|Guaranteed Benefits||Total Death Benefits||Total Survival Benefits|
|Death||Maturity||at 4% p.a.||at 8% p.a.||at 4% p.a.||at 8% p.a.|
Service Tax and Education Cess and any other applicable taxes will be added to your premium and levied as per extant tax laws. To explain the benefits – in the 10th policy year the Guaranteed Survival Benefit is 8,772 and non-Guaranteed Survival Benefit (6.25% of the accrued bonus) @ 8% is 5,171, thus the total Survival Benefit @8% is 13,943. Similarly in the 15th policy year the Guaranteed Survival Benefit is 16,842 and non-Guaranteed Survival Benefit (6.25% of the accrued bonus) @ 8% is 8,267, thus the total Survival Benefit @8% is 25,209
Please ask your financial advisor or visit our website to determine the premium rate applicable for your policy. You may choose to pay your premium annually, semi-annually, quarterly or monthly as per your convenience. For annual and semi-annual payments, we give a premium rebate of 3.0% and 1.5% respectively.
For higher Sum Assured, we also offer a premium rebate as follows:
|Sum Assured Band||Band 1||Band 2||Band 3||Band 4|
|Premium Rebate per 1000 SA||nil||1.50||2.10||2.50|
Your policy will acquire a surrender value after all due premiums for at least three full policy years are paid. The Guaranteed Surrender Value is a percentage of premiums paid (excluding any premiums paid towards rider benefit/s, underwriting extras and service tax) plus the surrender value of accrued regular bonuses less survival benefit already paid. The Guaranteed Surrender Value will vary depending on the premium paying term and the year the policy is surrendered. Your policy will also be eligible for a Special Surrender Value. The surrender value payable will be the higher of Guaranteed Surrender Value or Special Surrender Value. The policy shall be terminated once the Surrender Value is paid. Please ask your financial advisor for an illustration of the Surrender Values applicable to your policy or refer to your policy contract for further details
You may take a loan against your policy once it has acquired a surrender value. The minimum loan amount is 5,000 and the maximum is 85% of your surrender value. We shall charge interest on the outstanding loan balance at a rate declared by us from time to time based on then prevailing market conditions. Any outstanding loan balance will be recovered by us from policy proceeds due for payment before any benefit is paid under the policy. Should the outstanding policy loan balance equal or exceed the surrender value of your policy at any time, when your policy is in reduced paid-up status, then the policy shall be terminated without any value. Note that prior to this happening, we shall give you an opportunity to repay all or part of your outstanding loan balance in order for your policy to continue uninterrupted.
You will have the right to return your policy to us within 15 days (30 days in case the policy (3) issued under the provisions of IRDAI Guidelines on Distance Marketing of Insurance products) from the date of receipt of the policy. We will refund the premium paid once we receive your written notice of cancellation (along with reasons thereof) together with the original policy documents. We will deduct proportionate risk premium for the period of cover and expenses incurred by us on medical examination and stamp duty charges while issuing your policy.
If you are unable to pay your premium by the due date, you will be given a grace period of 30 days (15 days for mode) and during this grace period all coverage under your policy will continue. If you do not pay your premium within the grace period, the following will be applicable:
You can reinstate your policy for its full coverage within two years from the due date of the first unpaid premium by paying all outstanding premiums together with interest as declared by us from time to time and by providing evidence of insurability satisfactory to us. Upon reinstatement, your benefits shall be restored to their full value.
Service Tax and other levies, as applicable, will be extra and levied as per the extant tax laws.
As per extant tax laws, this plan offers tax benefits under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. You are advised to consult your tax advisor for details.
We will pay the premiums paid to date or surrender value, if higher, in the event the life insured dies by committing suicide, whether medically sane or insane, within one year after the issue date or reinstatement date of the policy.
Allowed as per the provisions of Section 39 of the Insurance Act, 1938 and amended from time to time. For more details on the nomination, please refer to our website www.insurance.birlasunlife.com
Allowed as per the provisions of Section 38 of the Insurance Act, 1938 and amended from time to time. For more details on the assignment, please refer to our website www.insurance.birlasunlife.com
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.
As per the provisions of Section 45 of the Insurance Act, 1938 and amended from time to time. For more details on Section 45 of the Insurance Act, 1938 please refer to our website www.insurance.birlasunlife.com