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  BSLI Protect@Ease

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Key Benefits




Detailed Benefits


Eligibility:


Your Plan:

Give your loved ones the power to dream by completing 3 simple steps

STEP 1
Choose your Sum Assured and Plan Option
BSLI Protect@Ease Plan offers you the freedom to choose your sum assured and plan option at inception depending on your needs. Once you choose a sum assured, the plan option determines the enhancements to your chosen life cover over the course of your policy.

Option I: Level Term Assurance
Your sum assured will remain constant for the entire policy term.

Option II: Increasing Term Assurance
As you scale new heights in your life, your income rises and so does your responsibilities. With this option, your sum assured increases with your increasing responsibility. You can choose to enhance your sum assured by 5% or 10% at inception depending upon your needs. Every year, your sum assured will increase by 5% or 10% of the original sum assured without any increase in your premium amount.

Example: Atul, a 30 year old professional chooses BSLI Protect@Ease Plan with the Increasing Term Assurance option with 10% increase. The original sum assured is Rs. 50 lacs. Every year the sum assured will increase as shown in the following table:



STEP 2
Choose your Policy Term and Premium Paying Term
BSLI Protect@Ease Plan offers you the flexibility to choose your policy term and premium paying term.

STEP 3
Fill Application form and pay premiums
Complete a simple application form and pay your premiums based on your above choices.

Death Benefit :

In case of unfortunate demise of the life insured during the policy term Death Benefit will be paid to the nominee.
Death Benefit is the Sum Assured on death less any previously paid Terminal Illness Benefit. The policy shall be terminated once the Death Benefit is paid.

Sum Assured on Death for regular | limited pay will be highest of :
- 10 times of the annualised premium for all ages; or
- 105% of all the premiums paid as on the date of death; or
- Minimum guaranteed sum assured on maturity; or
- Absolute amount assured to be paid on death

Sum Assured on Death for single pay will be highest of :
- 125% of single premium for all ages; or
- Minimum guaranteed sum assured on maturity; or
- Absolute amount assured to be paid on death

The minimum guaranteed sum assured on maturity is nil under this plan. The absolute amount assured to be paid on death is the Effective Sum Assured as on the date of death.

  • Under Level Term Assurance Option the Effective Sum Assured is the sum assured at inception. It will remain constant throughout the policy term.
  • Under Increasing Term Assurance Option the Effective Sum Assured is the sum assured at inception increasing on every policy anniversary by 5% or 10% as chosen by you at inception.

    For Level Term Assurance Option, the Effective Sum Assured shall include any change in Sum Assured arising from the exercise of the Enhanced Life Stage Protection option.

    The nominee has an option to take the Death Benefit by choosing one of the following options
    • - Lump sum payment or
    • - Staggered payment with fixed annual income. In this option the Death Benefit will be paid as
      • a) One-time payout of 20% of Death Benefit at the time of claim settlement plus;
      • b) The remaining Death Benefit is paid as an annual income. An annual income as a fixed percentage of Death Benefit on each death anniversary of the life insured for the chosen payout term (10 or 15 years) will be payable as shown in the table given below:


        Payout term 10 15
        % of Death Benefit 11% 8.37%

        or
    • - Staggered payment with increasing annual income @ 5% p.a. In this option the Death Benefit will be paid as
      • a) One-time payout of 20% of Death Benefit at the time of claim settlement plus;
      • b) The remaining Death Benefit is paid as an annual income. An annual income as a fixed percentage of Death Benefit at the time of claim settlement and then
        increasing at the rate of 5% per annum simple on each death anniversary of the life insured for the chosen payout term (10 or 15 years) will be payable as shown in the table given below:


        Payout term 10 15
        % of Death Benefit 9.16% 6.47%
        In case the nominee would like to get a lump sum instead of the staggered payout post exercising this option, a discounted value of the outstanding annual income shall be paid as lump sum subject to a minimum of the Death Benefit payable less annual income already paid. The discounted value currently shall be calculated using an interest rate of 6.25% per annum. This interest rate is subject to change in future with prior IRDA of India approval.

        In case you are diagnosed with a Terminal Illness, 50% of the applicable Sum Assured on Death, subject to a maximum of Rs. 2.5 crore, will be paid immediately. On subsequent death of the Life Insured during the policy term, the Sum Assured on Death shall be reduced by the amount of Terminal Illness Benefit already paid. Future due premiums are liable to be paid on their premium due dates.

        Terminal Illness Benefit shall only be payable on the first diagnosis of any Terminal Illness of the Life Insured during the policy term.

Joint Life Protection:

Under this option, two lives i.e., you (primary life insured) and your spouse (secondary life insured) are covered under the same policy. The sum assured applicable for your spouse shall be equal to 50% of your applicable sum assured. This option shall only be available where the sum assured of primary life insured is greater than or equal to Rs 6,000,000. You can opt for this option at the inception of the policy and the same shall not be changed subsequently. No rider can be opted under this option.

Example: Atul (aged 35) and Nina (aged 30) both non-smokers couple choose Protect@Ease with joint life cover for 30 years. First life (male) opts for a Sum Assured(SA) of Rs 1 Cr and second life cover applied is Rs 50 lacs. Then the premium for both of them is :
Atul - For Sum Assured 1 crore the annual premium Rs 12,195
Nina - For Sum Assured 50 lakhs the annual premium is = Rs 4,550

So joint life premium payable is (12,195+90% x 4,550) = Rs 16,290 (with a 10% discount on the premium for the spouse)

In case of death of the primary life insured prior to the secondary life insured, sum assured on death for primary life insured will be paid and the life cover for secondary life insured will continue with the future premiums, if any, waived off. Then on the death of secondary life insured, before the policy maturity date, sum assured in respect of secondary life insured will be paid to the nominee and policy will be terminated.

In case of death of secondary life insured prior to primary life insured, sum assured in respect of secondary life insured will be paid. Future premiums, if any, will be reduced from the next policy anniversary to the premium that would have been charged at inception for only primary life insured at policy inception. Then on the death of the primary life insured, before the policy maturity date, the sum assured on death in respect of primary life insured will be paid to the nominee and the policy will be terminated.

If case of death of both the lives simultaneously the sum assured on death in respect of the primary life insured as well as sum assured in respect of secondary life insured will be paid and the policy will be terminated.

Once the Joint Life Protection is opted, you cannot discontinue the coverage of the particular life, unless it is due to the events as mentioned above. The Terminal Illness Benefit as explained in the Death Benefit section shall be applicable in respect of both i.e. the primary life insured and the secondary life insured.

Enhanced Lifestage Protection:

Your protection need varies at different lifestages owing to occurrence of joyous events such as marriage &birth of children. You may opt to increase your life cover on occurrence of each of the events without undergoing for any fresh medical examination. This feature is available only for policy under Level Term Assurance Option, standard life at inception of the policy, regular pay policy and the attained age of life insured is less than or equal to 50 years while exercising this option. This option is not available if Joint Life Protection is opted. Future premiums shall be increased in proportion of the increase in the sum assured to the sum assured at inception of the policy and will be reflected from the subsequent policy anniversary.
The details of Enhanced Lifestage Protection are mentioned below:



You can choose to reduce the sum assured in future to the extent of sum assured increased under the Enhanced Lifestage Protection option. The reduction in sum assured will be effective from the policy anniversary falling immediately after the date of notification and the premium will be decreased at the same time. Any increase in sum assured due to your first marriage, birth of first child or second child under this option, may be subsequently reduced subject to the written request. The premium shall be decreased by the same amount as the premium was increased while exercising the Enhanced Lifestage Protection option.

Maturity Benefit:

There is no maturity benefit payable under this plan.

Customisable Benefits:

For added protection, you can enhance your insurance coverage during the policy term by adding following riders for a nominal extra cost.
  • - BSLI Accidental Death and Disability Rider (UIN: 109B018V03)
  • - BSLI Critical Illness Rider (UIN: 109B019V03)
  • - BSLI Surgical Care Rider (UIN: 109B015V03)
  • - BSLI Hospital Care Rider (UIN: 109B016V03)
  • - BSLI Waiver of Premium (UIN:109B017V02)
  • - BSLI Accidental Death Benefit Rider Plus (UIN:109B023V01)

Riders are not available for Joint Life Protection Option.
You can only opt for either BSLI Accidental Death and Disability Rider or BSLI Accidental Death Benefit Rider Plus

Service Tax and Cess:

Service Tax and other levies, as applicable, will be extra and levied as per the extant tax laws

Tax Benefits:

As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. Tax benefits are subject to changes in the tax laws.
As per the current provision of Section 194DA of the Act; the policy proceeds are subject to TDS if conditions prescribed under Section 10(10D) are not met. You are advised to consult your tax advisor for details.

Disclaimer:

This policy is underwritten by Birla Sun Life Insurance Company Limited (BSLI). This is a non-participating traditional term insurance plan. All terms & conditions are guaranteed throughout the policy term. Service Tax and Education Cess and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. For more details on risk factors, terms & conditions, please read the brochure carefully before concluding the sale. For detailed terms & conditions please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details and clarification, call your BSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true.

Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013.

Req. No. 109 I CIN: U99999MH2000PLC128110 | ADV/3/16-17/10959 |Unique No. 109N091V02

IRDAI hereby clarifies to the public that
- IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
- IRDAI does not announce any bonus.
- Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

SMOKER 
*Smokes Cigarettes, Bidis and Cigars or Consumes Tobacco, Ghutka, Paan Masala or any Nicotine related products. 

NON SMOKER 
*Not smoked or consumed Cigarettes, Bidis and Cigars or Consumes Tobacco, Ghutka, Paan Masala or any Nicotine related products in the last 5 years (Non smoker declaration required if status selected as 'Non Smoker')