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BSLI vision is a life insurance policy for NRIs

Discussion in 'Life insurance' started by real_buzz, Dec 13, 2012.

  1. real_buzz Moderator

    BSLI vision is a life insurance policy for NRIs. You have always wanted a plan that enables you to meet your financial goals and also gives you financial security over your entire lifetime. Presenting BSLI Vision - a plan that gives you a lump sum payout on the date of your choice and a life cover up to the age of 100 years. What's more, you only pay premiums for a limited number of years while you enjoy your life cover up to the age of 100 years.

    This plan offers you:
    • Payout on the date of your choice
    • Whole Life Cover
    • Options to enhance your protection

    How BSLI Vision plan works:
    1. You choose the Sum Assured which is the amount of life insurance cover up to the age of 100 years.
    2. You choose a Guaranteed Survival Benefit (GSB) Term based on the number of years after which you would like to receive your payout. This term is also the accumulation phase of your plan, i.e. the number years for which you would have to pay premiums.
    3. You choose from our range of riders, to enhance the financial security of your family.

    Plan Summary
    Entry Age (age last birthday): 1 to 65 years
    Policy Term: Whole Life to Age 100
    Minimum Sum Assured: Rs. 1,00,000
    GSB Term: 5 to 35 years
    Minimum GSB Term: Attained Age at GSB Term is 18 years or more
    Maximum GSB Term: Attained Age at GSB Term is 75 years or less
    Premium Paying Term: Regular Pay during the GSB Term

    Insurance Dictionary

    Premium: The periodic payments made to acquire the insurance and maturity benefits
    Policy Term: Total benefit tenure of the policy
    Policy Surrender: Voluntary closure of policy before completion of policy term
    Maturity Benefit: The final amount which the customer receives at the end of policy term
    Rider: Additional protection for an extra premium on the base policy
    Based on your choices, you will receive a host of benefits as below:

    1. Guaranteed Survival benefit
    At the end of the GSB Term, you will receive a fixed payout known as the Guaranteed Survival Benefit.
    Along with the Guaranteed Survival Benefit, you will receive Monthly Additions and Enhancement to monthly additions. Please read further to know more about Monthly Additions.
    2. Guaranteed Death Benefit
    In the unfortunate event of the death of the life insured during the policy term, the nominee will receive the Sum Assured as the Death Benefit.
    3. Guaranteed Maturity Benefit
    In the event that the life insured survives to the end of the policy term, you will receive the Sum Assured as the Guaranteed Maturity Benefit.
    4. Monthly Additions
    At the beginning of each policy year, your policy will be assigned the latest Monthly Addition Rate declared by us, provided all due premiums have been paid in full. Once this Monthly Addition Rate is assigned to your policy, it will be guaranteed for the next 12 months, and used to calculate your Monthly Additions during the upcoming policy year. We will be declaring new Monthly Addition Rates on April 1st of every calendar year.
    Enhancements to Monthly Additions
    If your GSB term is more than 21 years and if Monthly Additions have been accrued for more than 21 policy years.

    Benefits of Monthly Additions
    Monthly Additions enhance your Survival Benefit and Death Benefit.
    At the end of the GSB term, you receive a Survival benefit, which includes the Guaranteed Survival benefit; plus Monthly Additions accrued till date; plus Enhancements to Monthly Additions, if any.
    In the unfortunate event of the death of the life insured during the GSB term, the nominee will receive the Death Benefit which includes the Guaranteed Death Benefit; plus Monthly Additions accrued till date; plus Enhancements to Monthly Additions, if any.

    5. Policy Loans
    you can also avail of loans on your policy once it has acquired a Surrender Value. The minimum loan amount is Rs.5, 000 and the maximum is 90% of your policy's Surrender Value.

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