Birla Sun Life Insurance Riders. Birla Sun Life Insurance Company Limited

Transcription

2 Insurance is the subject matter of the solicitation. Tax benefits are subject to changes in tax laws. Refer to rider product brochure for more details. BSLI Surgical Care Rider BSLI Hospital Care Rider BSLI Waiver of Premium Rider BSLI Accidental Death and Disability Rider BSLI Critical Illness Rider 109C015V01 109C016V01 109C017V01 109C018V01 109C019V01 2 Copyright 2008

4 : Importance of Riders Importance Shocking Truths Health Trends in India Bangalore: 30-year old male dies of a sudden cardiac arrest leaving behind a 1-year old son and grieving wife Offering New Delhi: Private bus drivers indulge in racing on Ring Road, critically injuring two pedestrians Mumbai: Malaria and Swine Flu hit the city hard. 3-fold rise in the number of cases 45 death reported and counting Kolkata: Personal loans are on the rise to cope up with hospital expenses for surgery of the heart/liver/lung The above news Headlines could be applicable to any city/town/ household across India Copyright 2008

5 : Importance of Riders Importance Offering Road rage, Bad roads, Bad driving... Accidents are more common today Non communicable diseases like stroke, high blood pressure, diabetes, cholesterol are common Sedentary lifestyles, Sleeping/Eating habits, Stress, Smoking, Drinking is leading to increased risk of contracting illnesses Accidental Death and Disability Critical Illness Hospital Care Surgical Care Huge financial liabilities in the event of mishaps/accidents Current needs and future needs may not be fulfilled Increasing costs of hospitalisation Sudden outflow of financial reserves: Erosion of savings Policy benefits may not continue in the event of policy discontinuance Copyright 2008

6 : Riders Offered by BSLI Importance Offering BSLI Accidental Death and Disability Rider BSLI Critical Illness Rider BSLI Hospital Care Rider BSLI Surgical Care Rider BSLI Dream & Classic Endowment Retirement Child BSLI Waiver of Premium Rider Copyright 2008

7 BSLI Accidental Death and Disability Rider BSLI Critical Illness Rider Entry Age Rider Term Rider Sum Assured years Same as Base plan or Min Rs. 75,000 Max Rs. 50,00,000 Min Rs. 75,000 Max Rs. 50,00,000 BSLI Hospital Care Rider BSLI Surgical Care Rider till the attained age 70 of the Life Insured / Proposer* Min Rs. 1,50,000 Max Rs. 15,00,000 Min Rs. 1,50,000 Max Rs. 15,00,000 BSLI Waiver of Premium Rider* whichever is earlier For all riders - Pay Term & Pay Mode is same as base plan Maximum Rider Sum Assured is subject to 100% SA of Base Plan (BSA + ESA) 7 Copyright 2008

8 BSLI Accidental Death & Disability Rider Accidental Death Benefit Rider Sum Assured Accidental Disability Percentage of Rider Sum Assured, based on the description of bodily injury Percentage of Rider Sum Assured varies from 5% to 100% N O T E Accidental Death within 6 months of the trauma Accidental Disability within 90 days of the trauma The permanence of the disability will only be established 180 days following the date of the event causing the disability Exclusions applicable 8 Copyright 2008

9 BSLI Critical Illness Rider Critical Illnesses covered 100% of the Rider Sum Assured on survival of 30 days following the date of confirmed diagnosis of following conditions: Heart Attack Cancer Stroke Major Organ Transplant N O T E Critical Illness should be as per the definition Waiting Period of 90 days from start of coverage Exclusions applicable 9 Copyright 2008

10 BSLI Hospital Care Rider Every Hospitalization for at least 48 hours Daily Cash Benefit Min Rs. 600 per day to Max Rs per day of Hospitalization Rider Sum Assured will be 250 times of this daily cash benefit amount. ICU Benefit Additional 100% of the chosen daily cash benefit amount per day Payable for hospitalization up to 15 days per policy year Recuperating Benefit Lump sum - 3 times the chosen daily cash benefit Payable for continuous hospitalization for 7 or more days for the same injury or disease N O T E Benefit will be paid irrespective of actual hospitalization expenses payable from 1 st day ICU Benefit & Recuperating Benefit is payable only when daily cash benefit being payable Waiting Period of 90 days from start of coverage Maximum benefit -100 times of chosen Hospital Cash Benefit per year & 250 times of chosen Hospital Cash Benefit for entire term Exclusions applicable 10 Copyright 2008

11 BSLI Surgical Care Rider Every Hospitalization for at least 48 hours for Surgery Other Surgery Min Rs per day to Max Rs per Surgery Rider Sum Assured will be 50 times of this chosen benefit amount Major Surgery Surgery that directly involves brain, heart (including coronary arteries), liver or lung Benefit amount will be 5 times of chosen benefit amount N O T E Benefit will be paid irrespective of actual hospitalization expenses payable Waiting Period of 90 days from start of coverage Maximum benefit -10 times of chosen Hospital Cash Benefit per year & 50 times of chosen Hospital Cash Benefit for entire term Exclusions applicable 11 Copyright 2008

12 BSLI Waiver of Premium Rider WOP will trigger in the event of financial difficulties arising due to the following: Proposer becomes completely disabled due to an illness or accident Proposer is diagnosed with any of the specified critical illnesses Death of the proposer (if not the life insured) N O T E All the future premiums of the base plan and the attached riders will be waived off The benefit under this rider is payable only when the base plan is in effect Waiting Period of 90 days from start of coverage and survival period of 30 days for CI The permanence of the disability will only be established 180 days following the date of the event causing the disability The cover under this rider will cease after a claim under this rider is paid WOP TPD / CI TPD / CI / Death If Life Insured = Proposer If Life Insured Proposer (for minor major cases) 12 Copyright 2008

13 Maximum Rider Sum Assured should not exceed base plan Sum Assured The benefit under all the rider are payable only when the base plan is in effect Rider premium should not exceed 30% of base plan premium Rider premiums are guaranteed for first 3 years No maturity benefit available under the riders You are not allowed to opt out of the rider once availed. Riders specific waiting period and exclusions are applicable to each rider 13 Copyright 2008

14 : Preferred Rider Pack Preferred Rider Pack would be available as a default option through the AMS illustration system. The pack would include the following 4 riders BSLI Accidental Death and Disability Rider BSLI Hospital Care Rider BSLI Critical Illness Rider BSLI Surgical Care Rider The default Preferred Rider Pack applicable would be based on the following criteria: 1. Sum Assured of each rider should be equal or less than [Basic + Enhanced] Sum Assured 2. Sum Assured of each rider should be equal in the Preferred Rider Pack 3. The maximum and minimum Sum Assured limits applicable for rider pack Minimum Maximum AD&D/CI/HC/SC Rs. 1,50,000 Rs. 15,00,000 Total Rs. 6,00,000 Rs. 60,00, The Preferred Rider Pack premium should be equal or less than 30% of the [Basic + Enhanced SA] premium. OR Individual riders as per the customer s choice could be attached to the plan BSLI WOP Rider could be attached to the Preferred Rider Pack or Individual riders Copyright 2008

15 : Example (Sales Benefit) Male aged 35 years Plan Chosen : BSLI Dream Endowment Plan Basic Premium : Rs. 26,000 Policy Term : 30 years Pay Term / Mode : 30 years / Annual Basic Sum Assured : Rs. 3,90,000 Enhanced Sum Assured : Rs. 50,00,000 Enhanced SA Premium : Rs. 16,500 1) Guaranteed Savings Amount (from AMS) = Rs. 10,42,763 2) Basic Sum Assured is calculated on the basis of Basic Premium Basic Scenario Sum Assured Premium Commission 1 st year 2 nd year + Basic Sum Assured Rs. 3,90,000 Rs. 26,000 Rs. 1,300 Rs. 1,300 Enhanced Sum Assured Rs. 50,00,000 Rs. 16,500 Rs. 5,775 Rs. 825 Total Rs. 53,90,000 Rs. 42,500 Rs. 7,075 Rs. 2, % Copyright 2008

16 : Example (Sales Benefit) Male aged 35 years Plan Chosen : BSLI Dream Endowment Plan Basic Premium : Rs. 20,000 Policy Term : 30 years Pay Term / Mode : 30 years / Annual Basic Sum Assured : Rs. 3,00,000 Enhanced Sum Assured : Rs. 50,00,000 Enhanced SA Premium : Rs. 16,500 1) Preferred Rider Pack with min Sum Assured is selected Each rider: AD&D = CI = SC = HC = Rs. 1,50,000 Basic ++ Scenario Sum Assured Premium 20.53% Commission 1 st year 2 nd year + Basic Sum Assured Rs. 3,0 0,000 Rs. 20,000 Rs. 1,000 Rs. 1,000 Enhanced Sum Assured Rs. 50,00,000 Rs. 1 6,50 0 Rs. 5,775 Rs. 825 Rider Package: Default Rs. 6,00,000 Rs. 4,972 Rs. 1,740 Rs. 249 Accidental Death & Disability Critical Illness Surgical Care Hospital Care Rs. 1,50,000 Rs. 1,50, 000 Rs. 1,50,000 Rs. 1,50,000 Total Rs. 41,472 Rs. 8,515 Rs. 2,074 Copyright 2008

17 : Example (Sales Benefit) Male aged 35 years Plan Chosen : BSLI Dream Endowment Plan Basic Premium : Rs. 15,000 Policy Term : 30 years Pay Term / Mode : 30 years / Annual Basic Sum Assured : Rs. 2,25,000 Enhanced Sum Assured : Rs. 50,00,000 Enhanced SA Premium : Rs. 16,500 1) Preferred Rider Pack with max. Sum Assured is selected Each rider: AD&D = CI = SC = HC = Rs. 3,75,000 Basic ++ Scenario Sum Assured Premium 23.91% Commission 1 st year 2 nd year + Basic Sum Assured Rs. 2,25,000 Rs. 15,000 Rs. 750 Rs Enhanced Sum Assured Rs. 50,00,000 Rs. 1 6,50 0 Rs. 5,775 Rs. 825 Rider Package: Default Rs. 15,00,000 Rs. 9,1 02 Rs. 3,186 Rs. 455 Accidental Death & Disability Critical Illness Surgical Care Hospital Care Rs. 3,75,000 Rs. 3,75,000 Rs. 3,75,000 Rs. 3,75,000 Total Rs. 40,602 Rs. 9,711 Rs. 2, 030 Copyright 2008

18 : Complete Solution Basic Scenario Life Cover Convenience of a Rider pack Extra income earned The Rider Edge over Basic Plan Additional financial support to client s family through: AD & D Lump sum in the event of disability/death CI Covers 4 major illness SC Expensive surgical costs are paid for HC Inflating hospitalisation expenses are taken care of WOP No stoppage of policy benefits 4 riders available in a single opportunity through AMS Commission increases based on the additional rider premium Nominal cost So much to gain through additional benefits for a very nominal cost Copyright 2008