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BSLI Guaranteed Wealth Plan

Discussion in 'Life insurance' started by real_buzz, Jan 14, 2013.

  1. real_buzz Moderator

    BSLI Guaranteed Wealth Plan Life Insurance Policy

    The Plan offers
    • Sum assured that equals 10 times the premium amount
    • Guaranteed Survival Benefit at the end of the premium paying term
    • Guaranteed Maturity Benefit
    • Life Cover throughout policy term

    How does BSLI Guaranteed Wealth Plan work?
    You customize your policy to suit your particular insurance and savings needs by choosing:
    1) The 'Premium' you wish to pay every year
    2) The 'Premium Paying Term' which represents the years for which you intend to pay premiums in your policy. During this period, your premiums are payable every year and at the end of this period, Guaranteed Survival Benefit shall be payable to you
    Plan Summary
    Entry Age (age last birthday)--8 – 50 years
    Policy Term-- 10 years, 15 years, 20 years (Subject to minimum attained age of 18 years at the end of premium paying term)
    Premium Pay Term-- 5 years, 7 years, 10 years
    Minimum Annual Premium-- Rs. 6,000
    Premium Frequency-- Annual
    Sum Assured -- 10 x Annual Premium
    Benefits of Guaranteed Wealth Plan
    1. Guaranteed Death Benefit
    In the unfortunate event of the life insured losing his life, during the policy term, we will pay the nominee the Sum Assured and the Survival Additions accrued till date. If the life insured dies after the premium paying term, the nominee shall receive the Sum Assured. For terms and conditions on the Guaranteed Death Benefit, please refer to the product brochure


    2. Guaranteed Survival Benefit
    during the premium paying term and while due premiums have been paid in full; your policy will accrue Survival Additions on a monthly basis. In case the life insured survives to the end of premium paying term, we shall pay the sum of all Survival Additions accrued till date, as Guaranteed Survival Benefit, provided all due premiums are paid. The policy continues even after the Guaranteed Survival Benefit is paid

    3. Guaranteed Maturity Benefit
    In the event the life insured survives to the end of the policy term, we shall pay Guaranteed Maturity Benefit. The policy shall be terminated once the Guaranteed Maturity Benefit is paid

    4. Reduced Paid-Up Benefits
    Here your Sum Assured will be reduced in the proportion of the number of premiums paid to date to the number of premiums payable during the first five years, subject to a maximum of the fully Paid-Up Sum Assured. The Guaranteed Maturity Benefit will be frozen. Accrued Survival Additions to the date of premium discontinuance will not be reduced but there shall be no further accrual. For more details on the Reduced Paid-Up Benefits, please refer to the product brochure

    Tax Benefits

    As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    • Under Section 80C, premiums up to Rs. 1, 00,000 are allowed as a deduction from your taxable income each year
    • Under Section 10(10D), the benefits you receive from this plan are exempt from tax, subject to exclusions mentioned therein

    Exclusions
    We will only refund the premiums paid to date in the event the life insured dies by suicide, whether medically sane or insane, within one year after the issue date or the reinstatement date of the policy.

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