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BSLI Easy Protect Plan is a traditional and non-participating term plan with dual coverage option providing sufficientlife cover to the policyholder at affordable rates to secure himself and his family. The nominee receives the death benefit as a yearly income. This plan also provides an offer of premium reduction for healthy lifestyles and non-smokers.
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It is a pure term plan with a Regular or Single premium payment option
There are 2 cover options of Level Term Assurance and Increasing Term Assurance
Under the Increasing Sum Term Assurance option, the Sum Assured can be chosen to increase @ 5% or 10% p.a.
Death Benefit: In case of the policyholder’s death, the limited pay received by the nominee will be the highest of:
The sum assured will be 10X of the annual premium
The sum assured will be 105 percent of all the premium amounts paid till the death date
The nominee can avail sum assured as a lump sum payment or as a staggered one
Maturity Benefit: There is no Maturity Value under the plan
Tax Benefit: Income tax benefit on the premium paid as per Section 80C and on the claim received as per Section 10(10D) of the Income Tax Act.
Total and Permanent Disability Benefit: If the policyholder is diagnosed with Total and permanent disability, he/she will get 50 percent of the sum assured amount at the time of commencement of the policy.
Rider: Following riders are available under this plan:
BSLI Hospital Care Rider
BSLI Waiver of Premium Rider
BSLI Accidental Death and Disability Rider
BSLI Critical Illness Rider
Birla Sun Life Surgical Care Rider
| Minimum | Maximum | |
| Entry Age (Last Birthday) | 18 years | 55 years |
| Maturity Age (Last Birthday) | - | 80 years |
| Policy Term (PT) in years | 5 years | 30 years |
| Premium Paying Term (PPT) in years | Equal to policy term or Single Pay | |
| Premium Paying Frequency | Annual, monthly | |
| Yearly Premium | Depends on SA, age, and term | |
| Sum Assured | 50,00,000 | No limit |
Premium in Rupees for an individual aged 35 years with coverage of 1 crore
| Policy Term / Sum Assured Option | Smoker | Non-Smoker | ||||
| 10 years | 20 years | 30 years | 10 years | 20 years | 30 years | |
| Level | 10,400 | 13,850 | 19,450 | 8050 | 9950 | 13,650 |
| Increasing @ 5% | 12,150 | 20,150 | 34,100 | 9050 | 14,100 | 23,450 |
| Increasing @ 10% | 13,950 | 26,500 | 48,750 | 10,250 | 18,250 | 33,300 |
Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: there is no Surrender Benefit under the plan except under the Single Premium option
Freelook period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of cancelling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Surrender Benefit: No surrender benefit is offered under this plan for regular pay. For single pay, the policy gets a surrender value instantly after the policy is issued.
Policy Termination: The plan will terminate at the earliest of:
The settlement date of the death benefit
The payment date of the surrender value
The maturity date of the plan
If the plan has not attained a surrender value, the date is valid on which the period of reinstatement ends.
Lower premium rates for females
Lower rates for non-smokers and preferential non-smokers
If the insured commits suicide within 12 months of policy inception or revival, the company only refunds the premiums paid
The policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. A medical examination may be required in some cases, based on the sum assured and the age of the person.
*Tax Benefit is subject to changes in tax laws. *Standard T&C Apply
**Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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