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BSLI Protector Plus Plan

BSLI Protector Plus Plan is a traditional term insurance plan which basically aims at providing life insurance coverage at cheap rates thereby securing the policyholder’s future

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Key Features

It is a pure term plan with regular premium payment option
There are 2 cover options of Level Sum Assured and Increasing Sum Assured
Under the Increasing Sum Assured Option, the Sum Assured can be chosen to increase @ 5% or 10% p.a.

Benefits

There is no Maturity Value under the plan
On Death, the Sum Assured on death is paid to the nominee.
The Sum Assured on death is the higher of 10 times the annual premium or 105% of all premiums paid till death or Sum Assured as on the date of death
The nominee can avail the entire death benefit in lump sum or choose to take 20% of the SA on death and the remaining in annual instalments for 10, 15 or 20 years @ 11%, 8.37% or 7.12% of the Sum Assured respectively
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.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	65 years
Maturity Age (Last Birthday)	26 years	65 years
Policy Term (PT) in years	5 years	30 years
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Annual, half-yearly, quarterly, monthly
Yearly Premium	3024	No limit
Sum Assured	30,00,000	No limit

Details about Premium

Premium in Rupees for an individual aged 35 years with coverage of 10 lakhs

Policy Term / Sum Assured Option	Male Non-Smoker			Female Non-Smoker
Policy Term / Sum Assured Option	10 years	20 years	30 years	10 years	20 years	30 years
Level	11,390	14,890	20,080	10,060	12,310	16,040
Increasing @ 5%	12,540	19,600	31,430	11,020	15,700	24,680
Increasing @ 10%	13,900	24,620	42,880	12,080	19,470	33,490

Policy Details

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
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

Lower premium rates for females
Different rates for smoker, non-smokers, preferential non-smokers
There is an inbuilt Total & Permanent Disability Rider under which, on disability, 50% of the SA to a maximum of 50 lakhs is paid immediately
The following Riders are also available for customization:
- BSLI Accidental Death & Disability Rider
- BSLI Critical Illness Rider
- BSLI Surgical Care Rider
- BSLI Hospital Care Rider
- BSLI Waiver of Premium Rider

Exclusions

If the insured commits suicide within 12 months of policy inception, the company only refunds the premiums paid
In case of the disability rider, disability suffered due to attempted suicide or any self-inflicted injury, pre-existing diseases, HIV infection, war, criminal acts, participation in hazardous sports or activities, etc. are excluded

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.