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 |
|
| CHARGE STRUCTURE | |
| Policy Allocation Charge | NA |
| NA | |
| Fund Management Charge | NA |
| 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 available | NA |
| Systematic Transfer Plan | NA |
| Automatic Asset Allocation | NA |
| Top -ups in between | NO |
| TAX BENEFITS | |
| Section 80C(On premium paid) | Yes |
| Section 10(10d) on Maturity | Yes |
| LIQUIDITY OPTIONS | |
| Systematic Partial withdrawal | NO |
| Partial Withdrawal | NO |
| Loans | YES |
| Surrender Before Maturity | YES |
| Money Back In-between | YES |
| BSLI Vision MoneyBack Plus BROUCHER | BSLI 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 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 199,999 | 200,000 to 399,999 | 400,000 to 799,999 | 800,000 & above |
| Bonus Rate (per 1000 of Sum Assured) | 38 | 40 | 40 | 40 |
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.
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.
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 fers 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.
