BSLI launches saving plan

India Infoline News Service | Mumbai |

By way of its guaranteed additions, bonus accumulation, and life insurance benefit, this product offers a three-way solution to customer’s financial needs

Birla Sun Life Insurance, the life insurance arm of the Aditya Birla Financial Services Group, has announced the launch of a participating traditional plan, BSLI Savings Plan, with guaranteed additions for the first 5 years of the policy term.

BSLI Savings Plan is a savings cum insurance plan that aims to provide secured growth to your savings and comprehensive financial protection to your family from the risk of unfortunate death. By way of its guaranteed additions, bonus accumulation, and life insurance benefit, this product offers a three-way solution to the customer’s financial needs.

Commenting on the launch, Jayant Dua, MD & CEO, Birla Sun Life Insurance, said, “In times of uncertainty and increasing costs, customers seek solutions that enable them to save systematically with  a steady growth in savings over time. BSLI Savings Plan is designed to cater to the changing needs across customer segments with the flexibility it offers in choosing the policy term and the premium paying term with guaranteed additions.”

Customers can opt for a premium payment term of 10, 15 or 20 years with the minimum age of entry at 18 years and the maximum at 50 years. At inception, the customer needs to choose the sum assured, the policy term and the premium payment term. The minimum sum assured for this plan is Rs. 30, 000.

Recognising the customers changing profile in uncertain times, this plan offers reduced paid-up benefit and auto cover continuation benefits. For customers who have paid the premium for 3 years but are unable to pay a subsequent premium, full death benefits will continue for 2 successive years (auto cover continuation period) from the due date of the first unpaid premium, although the policy is in reduced paid-up status.

Key benefits of BSLI Savings Plan:
  • Flexibility to choose Sum Assured based on your protection and savings need
  • Flexibility to choose the policy term and the premium paying term
  • Additional Sum Assured payable in case of accidental death
  • Guaranteed Additions for the first 5 policy years
  • Boost savings by bonuses starting from the first policy year
  • Ability to take a loan against policy
  • Reduced paid-up benefit
  • Auto cover continuation
  • Tax benefits under Sections 80C, 80D and 10(10D) of the Income Tax Act, 1961
 

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