A review on Birla Sun Life Secure Plus Plan

No one can deny the importance of a life insurance plan in today’s fast paced world. Life insurance policies provide financial security against the future uncertainties in life. It not only offers a lump sum amount to your family in case of your premature demise, it also allows you to save a lot of money which you will receive if you survive till the end of the policy. In one word, a life insurance plan is a dual vehicle for protection and savings. Keeping this in mind, Birla sun life insurance has launched Secure plus plan in May 2016

BSLI Secure Plus plan is a traditional non-participating life insurance plan offered by Birla Sun life Insurance. This plan provides comprehensive life coverage at an affordable premium rate.  There are a number of interesting plans and benefits offered by the plan.  The most important of them are as follows:

·        As per the eligibility criteria of the plan, you have to be aged between 5 years and 50 years to be eligible for this plan.

·         The maximum age the policy holder can be of at the time of maturity is 63 years.

·         Under this plans the policy term is 13 years.

·         The premium paying term is 12 years.

·         The minimum premium amount you have to pay is Rs. 50,000/-

·     The sum assured amount depends largely on your entry age and the amount of premium  you chose to pay in a policy year .However, the minimum sum assured is Rs. 7,25,000/-

·         The only premium paying term permitted under this plan is - annual payment mode.

·         The maximum sum assured is subjected to underwriting.

·         There are two options of the payment period- Income benefit option A and  Income benefit option B. Under Income benefit option A, the payment period is for 6 years. Under Income benefit option B, the payment period is for 12 years.

·         The available inbuilt rider offers life cover in case of your accidental death.

·         You can obtain loan from this Birla Sun life insurance plan.

·         If you ever have to surrender you, you will receive the guaranteed surrender value which would be a percentage of the premiums paid till date.

The benefits offered by this Birla Sun Life Insurance plan are as follows:

·         The death benefit

·         The maturity benefit

·         Reduced Paid-up benefits

·         The rider options to strengthen your protection:

1.    Critical Illness rider

2.    Waiver of premium rider

3.    Surgical Care rider

4.    Hospital Care rider

·         Income tax benefits

 

To summarize, we can say that, one of the best advantages of this plan is that it guarantees the policy holder to receive a second income which is 2 times the annualized premium paid by him or her. This second income is paid out during the payment period along with the life cover. This plan, thus, provides an opportunity to the policy holder to multiply the money and earn twice the income on their premiums. This will obviously help the policy holder to meet various goals of his or her life.

BSLI Secure plus plan offers the sum assured in case of the policy holder’s death during the policy term.  If you survive till the end of the policy, you get two income benefit options to choose from- Option A and Option B. Option A allows the policy holder to receive up to 6 times his annualized premium within a span of 6 years. Under Option B, the policy holder will receive two times the premium he paid over a span of 12 years.

BSLI Secure Plus plan can be used as a good tax saving instrument. In case of your untimely death before the end of the payment period, the income benefits are paid out to the nominee chosen by you. Thus the plan makes sure that your family remains financially secure even in case of your absence. The life cover offered by the plan which range from 14.5 to 9 times the annualized premium that you paid throughout the policy term, is an interesting incentive to opt for this plan. Moreover, the inbuilt accidental death benefit rider allows you to enhance your protection.