BSLI Money Back Plus Plan
BSLI Money Back Plus Plan is a Traditional Non-Participating Endowment Plan. It means that the returns are guaranteed and there is no Bonus declared in this plan.
Key Features
This is a Traditional Plan without Bonus facility
The Life Coverage of the plan increases every year by an amount equal to the annual base premium
This plan offers a Guaranteed Survival Benefit at the end of every policy year from the 3rd Policy Year onwards.
There is an additional Guaranteed Survival Benefit for premiums more than Rs 18000 p.a.
The Guaranteed Maturity Benefit is paid at the end of the policy tenure over and above the Survival Benefits already paid.
The Guaranteed Maturity Benefit is calculated according to your age at entry of the Life Insured and the Policy Term
The policy maturity can be pre-poned but subject to charges
- Accidental Death and Dismemberment Rider
Benefits
In case of death of the Life Insured, the nominee gets the Base Sum Assured of 10 times the Annual Base Premium + all Base Premiums paid till date + accumulated Survival Benefit as Death Benefit and the policy terminates.
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Premium Amount
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Survival Benefit due
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Rs 9,600 – Rs 18,000
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Base Survival Benefit
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Rs 19,200 – Rs 37,200
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Base Survival Benefit + 5% additional
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Rs 38,400 onwards
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Base Survival Benefit + 7% additional
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At the end of the Policy Tenure, the Guaranteed Maturity Benefit + accumulated Survival Benefit is paid as Maturity Benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. Under Section 10(10D), the Maturity Benefit is also exempt from tax, subject to mentioned exclusions
How it works
The Guaranteed Maturity Benefit is calculated according to your age at entry of the Life Insured and the Policy Term
Eligibility
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Minimum
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Maximum
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Base Sum Assured (in Rs.)
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10 X Annual Base Premium
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Premium (in Rs.)
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9600 p.a.
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No LImit
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Policy Term (in years)
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10
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40
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Premium Payment Term (in years)
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20 years
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Entry Age of Life Insured (in years)
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30 days
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60
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Age at Maturity (in years)
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-
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80
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Payment modes
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Annual, Semi-Annual, Quarterly and Monthly
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FAQs
What happens if you stop paying the premium?What happens if you want to surrender the policy?What happens if you want a loan against your policy?Loan is allowed after the policy acquires a Surrender Value. The minimum policy loan is Rs. 10,000 and the maximum is 90% of the surrender benefit
