Birla SunLife secures life with Protector Plus Plan

Birla Sun Life introducing a term protection plan which provides the security of financial protection to keep your family safe and help them maintain the same lifestyle as before. Term Insurance plans are the ones now everyone is looking for. Even today a pure traditional term insurance plan empowers all other insurance products in many ways. In an event of untimely demise of the loved ones, time blunts the edge of grief but not the mourning, the poignant feeling of their absence still lingers in the air that envelops us. The loss is almost palpable, their presence, the sense of security in our hearts. Such unforeseen circumstances leave all the aspect of security questionable. The entire questionnaire revolves around how the expenses would be met and the dependency can be fed.

Therefore to tackle, a situation like this where the life goals and financial future remains in doubt Birla Sun Life has introduced a new term insurance plan called Birla Sun Life Protector plus Plan. This term insurance plan is the best blend of features to provide you the required coverage that ensures the future security of your family. This is the best amongst the term insurance plan that provides a higher assured sum amount with low premium amount. With the growing needs of life stage expenses the need for savings is also increasing in hand. A regularised income might be just enough to meet all the expenses and the short term financial goals, but in case of an unexpected event it becomes difficult to manage these expenses.

Birla Sun Life Insurance Protector plus Plan is a pure non-participating term insurance plan that provides life insurance coverage for your loved ones to meet the unforeseen situation of your demise and fulfill the financial needs.

How to apply for the Birla Sun Life Insurance Protection Plan?

Choose your plan option and assured sum amount:

v Level term

v Increasing term

Select the Premium payment option and the policy term.

Basic advantages of Birla Sun life Protection Plus plan:

• Affordable financial coverage.
• Option of Increasing assured sum amount
• Benefits for maintain healthy lifestyle.
• Death benefits available as annual income.
• Additional rider benefits available with the basic plan option.

Death Benefit:

In a case of the unexpected death of the insurance holder during the plan tenure, the assured sum amount will be paid to the beneficiaries of the insurance holder. Once the benefits of death are paid the plan beneficiaries then the policy becomes void.

Assured sum amount on death will be:

• Annual Premium x 10
• 105% of the insurance premiums till the calculation date
• Assured sum amount on the date of death

The beneficiaries can take the assured sum amount in case of death as modes:

• Partial Payment or Installments
• Lump sum payment
• A onetime 20% of the sum assured at the claim settlement time.
• Annual income at a fixed rate of the assured sum amount

If the beneficiaries of the insurance holders prefer to receive their payment in lump sum or as partial payments after the plan reaches the stage to make payments a lump sum is paid as the discounted outstanding income. This is as per the minimum assured sum amount on the event of death. The discounted income is calculated at a 6.25% rate of interest which is subject to vary as per the IRDA changes.

Maturity benefit:

There is no such maturity benefits if the insurance holder survives throughout the term insurance plan also the insurance company can dismiss the insurance plan as per the plan terms and conditions.

This term insurance plan by Birla Sun Life does not provide any surrender value, paid up value or loan against the plan.

Tax Benefits:

Under Section 80C and 10(10D) of Income Tax Act 1961 this term insurance plan provides benefits of tax.

Other Benefits:

According to the current tax rules, this term insurance plan gives tax provides insurance advantages.These tax benefits are subject to the tax terms and conditions. Although the benefits paid under this term insurance is taxable under service taxes and levies.

Below are detailed Rider Benefits under the term insurance plan:

Accidental Death and Disability Rider

The nominee of the insurance holder receives the assured sum amount of the rider benefit that is chosen. Also, in case of disability due to accident the insurance holder gets a pre decided particular amount of the assured sum amount as per the condition of the injured insurance holder.

Critical Illness Rider

Out of the 4 critical illnesses if diagnosed with any of them, then the insured is entitled to receive up to 100% of the rider assured sum amount.

Surgical Care Rider

In a case if the insurance holder has a critical medical condition, then he will receive a lump sum cover amount to meet the expenses further.

Hospital Care Rider

In order to meet the daily hospital expenses, in case the insurance holder is hospitalized the insurance company pays the benefit of daily cash. Also, the insurance holder is paid an Enhanced Daily Cash Benefit in a case when he is admitted in the ICU of a hospital.

Waiver of Premium Rider

If the insurance holder is unable to pay his plan premiums due to any terminal illness, critical illness, disability or an unexpected death, then the remaining premiums of the whole insurance plan (Basic Riders) will be incurred by BSLI and benefits would continue to be.

Choose the best term insurance plan from Birla Sun Life Insurance.

Archana Singh is a Finance Advisor and Investment Planner. She Also does like to share finance and insurance related write ups on the web. Follow Archana on her social networking sites to know more about her.