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BSLI Vision MoneyBack Plus Plan Review

BSLI Vision MoneyBack Plus Plan

PRODUCT SPECIFICATION 
Type Of Plan  Traditional Participating Ensowment Plan
Return Type Partially Guaranteed
Tenure  Long term
Minimum Term    20 
Maximum Term     25 
Premium Flexibility Annual, Half Yearly, Quarterly and Monthly
Minimum Premium     Depends on Age 
Maximum Premium  No Limit
Minimum Age at Entry 13
Maximum Age at Entry 45 
Riders Available
  • BSLI Accidental Death and Disability Rider
  • BSLI Critical Illness Rider
  • BSLI Surgical Care Rider
  • BSLI Hospital Care Rider
  • BSLI Waiver of Premium Rider 
CHARGE STRUCTURE 
Policy Allocation ChargeNA
Policy Administration ChargeNA 
Fund Management ChargeNA 
Surrender Charge Decreases with increase in number of Premium paid 
Mortality Charge Refer Attached Broucher 
BENEFITS 
Life Coverage( Sum assured)  10 Times of Annual premium or Sum assured
IRR    4.85%  for the below example
Life Covered Till(Maximum) 70 Maximum
Maturity Benefit  Sum Assured+ Bonus Accrued+ Terminal Bonus
Death Benefit    Sum Assured+ Bonus Accrued+ Terminal Bonus
Waiver of premium   Available as an rider
Survival Benefit   4 or 5 years once paid
Lapse Benefit  Nothing payable
INVESTMENT 
Loyalty Additions   NA
Fund options availableNA 
Systematic Transfer PlanNA 
Automatic Asset AllocationNA 
Top -ups  in betweenNO 
TAX BENEFITS 
Section 80C(On premium paid) Yes
Section 10(10d) on Maturity  Yes
LIQUIDITY OPTIONS 
Systematic Partial withdrawal NO
Partial Withdrawal   NO 
LoansYES 
Surrender Before MaturityYES 
Money Back In-betweenYES 
BSLI Vision MoneyBack Plus BROUCHERBSLI Vision MoneyBack Plus Plan PREMIUM CALCULATOR

BSLI Vision MoneyBack Plus Plan Review

Birla sunlife insurance company is the company selling the BSLI Vision MoneyBack Plus Plan. This plan is an Traditional Money Back plan which gives you guaranteed Returns. Not all the returns in this plan are guaranteed. only the Sum assured(which is paid as money Back) is guaranteed. The Maturity value of this plan depends on the Bonus declared Every year. You will receive Money Back amounts at regular intervals like 4 years once or 5 years once according to the option you choose while buying this policy. The investment returns in this plan is fully guaranteed. The money Back in this plan is a fixed percentage of Sum assured which will be paid to you as a survival Benefit. On maturity the Accrued addition is paid along with Terminal Bonus. In case of Death of the life insured, the policy provides Full sum assured plus Accrued Additional Bonus is paid to the Nominee. All the maturity benefits are tax free under this plan.


What You Pay and What You get

Since this plan depends on the Bonus declaration every year from Birla sun life insurance, We cannot calculate the exact returns in this plan. In this example, Mr. Arun aged 35 is buying BSLI Vision MoneyBack Plus Plan for a term of 20 years for a sum assured of Rs.250000. The premium for this Sum assured is Rs.26225. The Maximum premium paying term in this plan is 10 years.

Annual Premium                          : 26225

Sum Assured                                 :250000

Policy term                                    : 20 Years

Premium Paying Term               : 10 years

Total Premium to be paid          : 262250

Total Guaranteed Benefits in this plan : 250000 (Sum assured)

Benefits Receivable : 5th Year     = 37500

                                       10th Year   = 50000

                                       15th year    = 62500

                                       20th year   = 100000 + Accrued Bonus and Terminal Bonus(If any)

The Bonus declared for BSLI Vision MoneyBack Plus Plan is Rs.38 per 1000 Sum assured. The Accrued Bonus till maturity payable is Rs.190000( Assumed Annual Bonus and Terminal Bonus).

So by paying Rs.262250, you will receive Guaranteed benefit for Rs.250000 and Non guaranteed Benefit for Rs.190000. So the total Benefits put together you will get Rs.452250.


Bonus History of BSLI Vision MoneyBack Plus Plan

Bonus Rate for BSLI Vision MoneyBack Plus Plan for 2016-17
Sum Assured (in Rs.)less than 199,999200,000 to 399,999400,000 to 799,999800,000 & above
Bonus Rate (per 1000 of Sum Assured)38404040

To know about the bonus declaration for all the products you can click on the below link

Birla Sun life Insurance Bonus Declaration 2016-17

Historical Bonus Rates for Birla Sun life insurance company


Survival Benefit:

Since the Policy is an money Back plan and has multiple premium payment term options, We had given all the money back options available in this plan.

money back plan

In this plan you have an option to defer the money-back receivable. If you defer the payment receivable date, you will be entitled to get increased Benefits based on following table.

moneyback deferred


What happens if you discontinue your premiums?

  • IF YOU HAD PAID LESS THAN 3 YEAR PREMIUM 

Policy will lapse and no benefits will be paid to the policy holder. Even in case of death of the life insured in a lapsed policy nothing is payable.

  • IF YOU HAD PAID MORE THAN 3 YEAR PREMIUM 

If you had completed paying atleast 3 years of premium, you will be eligible to get the PAID UP benefits in this plan. It is nothing but an reduced sum assured and reduced benefits during maturity period. You will receive proportionate money back during the policy term. You will receive all the Accrued bonus till the First premium unpaid date. This Accrued bonus along the reduced sum assured will be provided in maturity.


Liquidity

You can take loan in this plan up to 80% of the surrender value on date of loan. 

Premature surrender can be done but in most cases surrendering this type of policy will result in loss.


If You want to surrender the policy 

Your policy acquires surrender value after 3 policy years. The surrender value depends on the premium paying term and number of premiums paid. It will be provided in the policy schedule part of your policy document.


Source: Birla sun life insurance website


**Disclaimer:

This post on BSLI Vision MoneyBack Plus Plan is just a review of what the plan offers to the customers. We aim at educating ins and outs of this plan. We are trying to simplify the product and make it easy to understand. The Returns provided in this post are for Illustrative purpose only.  The waytoinsurance score is given by our own metrics of calculation and are no way related to the performance of this plan. All these details are derived from the below links. We are aiming at providing financial literacy for the common man.

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