How To Get A Bsi Vision Moneyback Plus Plan

Transcription

1 Guaranteed regular payouts for life s regular needs Pay off liabilities Plan holidays abroad Fulfil your lifestyle needs Birla Sun Life Insurance Vision MoneyBack Plus Plan A traditional participating life insurance plan

2 We all dream and plan to provide for our family to accomplish eir dreams and aspirations at every stage of life. In achieving e dreams and aspirations of your family, financial constraints and requirements should not hold you back. BSLI Vision MoneyBack Plus Plan is a traditional participating plan, which provides for lump sum payouts at regular intervals to meet your interim financial requirements and ereby providing e best to your family. PLAN AT A GLANCE BSLI Vision MoneyBack Plus Plan is suitable for you, if your key objective is secured savings, wi regular liquidity to meet your financial objectives, while providing your family wi comprehensive financial protection. The BSLI Vision MoneyBack Plus Plan offers: Guaranteed Liquidity Regular payouts as a pre specified percentage of sum assured at e end of every four or fif policy year roughout e policy term. Safety to your loved ones Comprehensive financial protection of your family depending on your choice of Sum Assured.

3 Eligibility Criterion Entry Age (age on last birday) Policy Term Premium Paying Term Minimum Sum Assured Premium Frequency years 20, 24, 25 years 10 years for a 20 year policy term 12 years for 24 and 25 year policy terms `1,00,000 Annual, Semi-annual, Quarterly and Monly At inception, you need to choose e Sum Assured which represents e life cover during e policy term. Your premium will depend on e amount of e Sum Assured you select, premium paying term, policy term and intervals for regular payouts. For easy reference, your Sum Assured is banded as follows: Sum Assured Band Band 1 Band 2 Band 3 Band 4 Sum Assured (`) 100,000 to 199, ,000 to 399, ,000 to 799, ,000 + Regular bonuses BSLI will declare simple reversionary bonuses regularly at e end of each financial year and ese will be added to your policy on its policy anniversary. Bonuses once attached to e policy are payable along wi e interim bonuses, as applicable on maturity or surrender or dea, if earlier. In case of surrender, e Surrender Value of e attached bonuses will be payable. The regular bonus rate declared by BSLI may vary from year-to-year and will depend on e actual experience regarding various factors and e prevailing economic conditions. Future bonuses are however not guaranteed and will depend upon e future profits of e participating business. Terminal bonus BSLI may also pay a terminal bonus on maturity, surrender or dea, if earlier, based on e actual experience and e prevailing economic conditions. YOUR BENEFITS Guaranteed Survival Benefit On every 4 or 5 policy anniversary, as selected by you, you shall receive a survival benefit as a percentage of Sum Assured. These benefits will continue roughout e policy term as long as e life insured survives. The regular payouts are a pre defined percentage of sum assured in e following options:

4 Premium Paying Term / Policy Term Survival Benefit Year 10/20 12/ % 10% 8 15% 15% 12 20% 20% 16 25% 25% 20 30% 30% 24-35% Premium Paying Term / Policy Term Survival Benefit 10/20 12/25 Year 5 15% 15% 10 20% 20% 15 25% 25% 20 40% 30% 25-45% You can choose to defer e due Guaranteed Survival Benefit until e next Guaranteed Survival Benefit is due to be paid. The payout will happen only when e Guaranteed Survival Benefit is due to be paid. On deferral e Guaranteed Survival Benefit will be enhanced as given below. Option 10 PPT / 20 term Year when Guaranteed Year till e Guaranteed Survival Benefit is deferred/enhanced Guaranteed Survival Guaranteed Survival Benefit Survival Benefit Benefit is due (% of SA) % 10% 12% 15% 19% 23% 8 15% NA 15% 18% 23% 28% 12 20% NA NA 20% 24% 30% 16 25% NA NA NA 25% 30% 20 30% NA NA NA NA 30%

5 Option 12 PPT / 24 term Year when Guaranteed Year till e Guaranteed Survival Benefit is deferred/enhanced Guaranteed Survival Guaranteed Survival Benefit Survival Benefit Benefit is due (% of SA) % 10% 12% 15% 19% 23% 29% 8 15% NA 15% 18% 23% 28% 35% 12 20% NA NA 20% 24% 30% 37% 16 25% NA NA NA 25% 30% 37% 20 30% NA NA NA NA 30% 37% 24 35% NA NA NA NA NA 35% Option 10 PPT / 20 term Year when Guaranteed Year till e Guaranteed Survival Benefit is deferred/enhanced Guaranteed Survival Guaranteed Survival Benefit Survival Benefit Benefit is due (% of SA) % 15% 20% 25% 33% 10 20% NA 20% 25% 33% 15 25% NA NA 25% 33% 20 40% NA NA NA 40% Option 12 PPT / 25 term Year when Guaranteed Year till e Guaranteed Survival Benefit is deferred/enhanced Guaranteed Survival Guaranteed Survival Benefit Survival Benefit Benefit is due (% of SA) % 15% 20% 25% 33% 43% 10 20% NA 20% 25% 33% 43% 15 25% NA NA 25% 33% 43% 20 30% NA NA NA 30% 39% 25 45% NA NA NA NA 45% Upon dea or surrender, e discounted value of enhanced guaranteed survival benefit will be paid along wi e normal surrender / dea benefit subject to a minimum of e value as payable on e original due date of e guaranteed survival benefit payment.

6 Dea Benefit In e unfortunate event of e dea of e life insured during e policy term, e dea benefit payable to e nominee shall be: Sum Assured on Dea; plus Accrued regular bonuses as of date of dea; plus Terminal bonus (if any) Sum Assured on Dea is e maximum of e Sum Assured chosen at inception irrespective of any survival benefits paid or 10 times e annual premium payable. The Dea Benefit will be subject to a minimum of 105% of total premiums paid to date excluding Service Tax and Cess, any applicable rider premiums and underwriting extras, if any. In case of dea of e life insured, if e life insured is different from e policyholder, e policyholder will receive e dea benefit. The policy shall be terminated once e dea benefit is paid. Maturity Benefit In e event e life insured survives to e end of e policy term, we shall pay to you: Accrued bonuses till date; plus Terminal bonus (if any) The policy shall be terminated once e maturity benefit is paid. Rider Information For added protection, you can enhance your insurance coverage during e policy term by adding following riders for a nominal extra cost. BSLI Accidental Dea and Disability Rider (UIN: 109B018V02) BSLI Critical Illness Rider (UIN: 109B019V02) BSLI Surgical Care Rider (UIN: 109B015V02) BSLI Hospital Care Rider (UIN: 109B016V02) BSLI Waiver of Premium Rider (UIN: 109B017V02) Please refer to detailed brochures on riders, consult your financial advisor or visit our website for furer details. Reduced Paid-up Benefits If you discontinue paying premiums after having paid premiums for at least ree full years, your policy will not lapse but will continue on a Reduced Paid-up basis. Under Reduced Paid-up, your Sum Assured and Sum Assured on Dea shall be reduced in proportion to e premiums actually paid to e total premiums payable during e policy term. Your accrued bonuses up to

7 e date of first unpaid premium will not be reduced; however any bonus payable for e policy year of premium discontinuance shall be reduced proportionately to e unpaid premiums in at policy year. There will be no furer accrual of bonuses. Once e policy has become Reduced Paid-up, e benefits payable in e Your Benefits section are amended as follows: Dea Benefit In e unfortunate event of e dea of e life insured during e policy term, we shall pay to e nominee: Reduced Sum Assured on Dea; plus Accrued regular bonuses Guaranteed Survival Benefit Every 4 or 5 policy anniversary, as selected by you, you shall receive e Guaranteed Survival Benefits as a pre-defined percentage of e Reduced Sum Assured. There will be no option to defer e Guaranteed Survival Benefit under Reduced Paid-up policy. Maturity Benefit In e event e life insured survives to e end of e policy term, we shall pay to you Accrued regular bonuses

8 YOUR BENEFIT ILLUSTRATION Some benefits are guaranteed and some benefits are variable wi bonuses based on e future performance of e participating business and economic conditions. If your policy offers guaranteed returns en ese will be clearly marked guaranteed in e illustration table on is page. If your policy offers variable returns en e illustrations on is page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and ey are not e upper or lower limits of what you might get back, as e value of your policy is dependent on a number of factors including future performance of e participating business. In e illustration below, e Sum Assured is fully guaranteed. The Total Dea Benefit is not guaranteed and is determined using assumed future investment returns of 4% and 8% as set by e Life Insurance Council. Entry Age : 35 years Annual Premium : `26,225 Gender : Male Premium Paying Term : 10 years Policy Term : 20 years Payment Frequency : Yearly Sum Assured : `2,50,000 Survival Benefits : 5 years Policy Premiums Guaranteed Total All amounts in ` Year Paid Dea Survival Dea Benefit Maturity Benefit End to Date Benefit Benefit at 4% p.a. at 8% p.a. at 4% p.a. at 8% p.a. 1 26,225 2,62,248-2,64,748 2,73, ,450 2,62,248-2,67,248 2,84, ,675 2,62,248-2,69,748 2,95, ,04,900 2,62,248-2,72,248 3,07, ,31,125 2,62,248 37,500 2,74,748 3,18, ,57,350 2,62,248-2,77,248 3,29, ,83,575 2,62,248-2,79,748 3,40, ,09,800 2,62,248-2,82,248 3,52, ,36,025 2,62,248-2,84,748 3,63, ,62,250 2,62,248 50,000 2,87,248 3,74, ,62,250 2,62,248 62,500 2,99,748 4,30, ,62,250 2,62,248 1,00,000 3,12,248 4,87,248 50,000 2,25,000 Service Tax and Education Cess and any oer applicable taxes will be added to your premium and levied as per extant tax laws.

9 YOUR OPTIONS Paying Premiums Please ask your financial advisor or visit our website to determine e premium rate applicable for your policy. You may choose to pay your premium annually, semi-annually, quarterly or monly as per your convenience. For annual and semi-annual payments, we give a premium rebate of 5.0% and 2.0% respectively. Sum Assured Rebate For higher Sum Assured, we also offer a premium rebate as follows: Sum Assured Band* Band 1 Band 2 Band 3 Band 4 Premium Rebate per 1,000 of SA nil *as explained earlier

10 Surrendering your Policy Your policy will acquire a Surrender Value after all due premiums for at least ree full policy years, are paid. The Guaranteed Surrender Value is a percentage of premiums paid (excluding any premiums paid towards rider benefit, underwriting extra and service tax) plus e Surrender Value of accrued regular bonuses less any survival benefit already paid or deferred. The Guaranteed Surrender Value will vary depending on e premium-paying term and e year e policy is surrendered. Your policy will also be eligible for a Special Surrender Value. The Surrender Value payable will be e higher of e Guaranteed Surrender Value or Special Surrender Value. The discounted value of e enhanced survival benefit will be paid additionally. The policy shall be terminated once e Surrender Value is paid. Please ask your financial advisor for an illustration of e Special Surrender Values applicable to your policy or refer to your policy contract for furer details. Kindly refer to e policy contract on e website for e Surrender Value table. Taking a Policy Loan You may take a loan against your policy once it has acquired a Surrender Value. The minimum loan amount is `5,000 and e maximum is 85% of your Surrender Value. We shall charge interest on e outstanding loan balance at a rate declared by us from time-to-time based on en prevailing market conditions. Survival Benefit payable will be reduced by e outstanding policy loan instalments, if any. Any outstanding loan balance will be recovered by us from policy proceeds due for payment and will be deducted before any benefit is paid under e policy. Should e outstanding policy loan balance equal or exceed e Surrender Value of your policy at any time, when your policy is in reduced paid-up status, en e policy shall be terminated wiout value. Note at prior to is happening, we shall give you an opportunity to repay all or part of your outstanding loan balance in order for your policy to continue uninterrupted. If your policy is in fully paid up status or premium paying (in force) and your outstanding policy loan balance equals or exceeds e Surrender Benefit en on at date, your policy shall not be foreclosed. TERMS & CONDITIONS Free-look Period You will have e right to return your policy to us wiin 15 days (30 days in case e policy issued under e provisions of IRDA Guidelines on Distance Marketing^ of Insurance products) from e date of receipt of e policy. We will refund e premium paid once we receive your written notice of cancellation (along wi reasons ereof) togeer wi e original policy documents. We will deduct proportionate risk premium for e period of cover and expenses incurred by us on medical examination and stamp duty charges while issuing your policy.

11 ^Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products rough voice mode, SMS electronic mode, physical mode (like postal mail) or any oer means of communication oer an in person. Grace Period and Reinstatement If you are unable to pay your premium by e due date, you will be given a grace period of 30 days and during is grace period all coverage under your policy will continue. If you do not pay your premium wiin e grace period, e following will be applicable: (a) In case you have not paid premiums for ree full years, en all benefits under your policy will cease immediately. (b) In case you have paid premiums for at least ree full years, en your policy will continue on a Reduced Paid-up basis. You can reinstate your policy for its full coverage wiin two years from e due date of e first unpaid premium by paying all outstanding premiums togeer wi interest as declared by us from time-to-time and by providing evidence of insurability satisfactory to us. Upon reinstatement, your benefits shall be restored to eir full value. Service Tax, Income Tax and Education Cess Service Tax and oer levies, as applicable, will be extra and levied as per e extant tax laws Tax Benefits As per extant tax laws, is plan offers tax benefits under Section 80C and Section 10 (10D) of e Income Tax Act, 1961; subject to fulfillment of e oer conditions of e respective sections prescribed erein. You are advised to consult your tax advisor for details. Suicide Exclusion We will refund e premiums paid to date or e Surrender Value, if higher, in e event e life insured dies by suicide, wheer medically sane or insane, wiin one year from e inception of e policy or e reinstatement date of e policy. Nomination and Assignment In case you, e policyholder, are also e life insured, you need to nominate a person who shall be entitled to e dea benefit, in case of dea. This nomination shall be in accordance wi Section 39 of e Insurance Act, You also have e right to assign your policy in accordance wi Section 38 of e Insurance Act, Prohibition of Rebates Section 41 of e Insurance Act, 1938 No person shall allow or offer to allow, eier directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of e whole or part of e commission payable or any rebate of

12 e premium shown on e policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance wi e published prospectuses or tables of e insurer. Any person making default in complying wi e provisions of is section shall be punishable wi a fine which may extend to five hundred rupees. Non-disclosure Section 45 of e Insurance Act, 1938 No policy of life insurance effected after e coming into force of is act shall, after e expiry of two years from e date on which it was effected be called in question by an insurer on e ground at statement made in e proposal or in any report of a medical officer, or referee, or friend of e life insured, or in any oer document leading to e issue of e policy, was inaccurate or false, unless e insurer shows at such statement was on a material matter or suppressed facts which it was material to disclose and at it was fraudulently made by e policyholder and at e policyholder knew at e time of making it at e statement was false or at it suppressed facts which it was material to disclose. Provided at noing in is section shall prevent e insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because e terms of e policy are adjusted on subsequent proof at e age of e life insured was incorrectly stated in e application.

13 ABOUT BIRLA SUN LIFE INSURANCE Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between e Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc., one of e leading international financial services organisations from Canada. Wi an experience of over a decade, BSLI has contributed to e grow and development of e Indian life insurance industry and is currently one of e leading life insurance companies in e country. BSLI has a customer base of over two million policy holders. The Company offers a complete range of offerings comprising protection solutions, children's future solutions, weal wi protection solutions, heal and wellness solutions, retirement solutions and savings wi protection solutions. It has an extensive distribution reach in over 500 cities rough its network of over 560 branches, around 85,000 empanelled advisors and over 140 partnerships wi corporate agents, brokers and banks. Birla Sun Life Insurance has total assets under management of `26,813 crores and a robust capital base of over `2,170 crores, as on 30 Jun, For more information, please visit About Aditya Birla Financial Services Group Aditya Birla Financial Services Group (ABFSG) ranks among e top 5 fund managers in India (excluding LIC) wi an AUM of USD 20.4 billion. Having a strong presence across e life insurance, asset management, NBFC, private equity, retail broking, distribution and weal management, and general insurance broking businesses, ABFSG is committed to serve e end-to-end financial services needs of its retail and corporate customers. The seven companies representing ABFSG are: Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset Management Company Ltd., Aditya Birla Finance Ltd., Aditya Birla Capital Advisors Pvt. Ltd., Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd. and Aditya Birla Insurance Brokers Ltd. In FY , ABFSG reported consolidated revenue from ese businesses at `6,640 crores (USD 1.1 billion) and earnings before tax at `745 crores. Anchored by about 13,000 employees and trusted by over 5.3 million customers, ABFSG has a nationwide reach rough 1,500 points of presence and about 1,30,000 agents / channel partners. About Aditya Birla Nuvo Aditya Birla Nuvo is a ~USD 4 billion conglomerate operating in e services and e manufacturing sectors, where it commands a leadership position. Its service sector businesses include Financial Services (Life Insurance, Asset Management, NBFC, Private Equity, Broking, Weal Management and General Insurance Advisory), Fashion & Lifestyle (Branded apparels and Textiles) and Telecom. Its manufacturing businesses comprise of e Agri, Rayon and Insulators businesses.

14 Aditya Birla Nuvo is part of e Aditya Birla Group, a USD 40 billion Indian multinational. The Group operates in 36 countries across e globe and is anchored by an extraordinary force of about 1,20,000 employees belonging to 42 nationalities and derives more an 50% of its revenue from its overseas operations. About Sun Life Financial Sun Life Financial is a leading international financial services organisation providing a diverse range of protection and weal products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, e United States, e United Kingdom, Ireland, Hong Kong, e Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2014, e Sun Life Financial group of companies had total assets under management of USD 684 billion. Sun Life Financial Inc. trades on e Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under e ticker symbol SLF. RISK FACTORS AND DISCLAIMERS This policy is underwritten by Birla Sun Life Insurance Company Limited (BSLI). This is a traditional participating life insurance plan. All terms and conditions are guaranteed roughout e policy term, except for e bonuses which would be declared at e end of each financial year. Service Tax and Education Cess and any oer applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our en existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations, etc. The insurance cover for e life insured (including minors) will commence on e policy issue date. This brochure contains only e salient features of e plan. For furer details please refer to e policy contract. Tax benefits are subject to changes in e tax laws. For more details and clarification, call your BSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. Insurance is e subject matter of e solicitation. IRDA clarifies to e public at IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along wi details of phone number.

15 Regd. Office: Birla Sun Life Insurance Company Limited, One Indiabulls Centre, Tower 1, 16 Floor, Jupiter Mill Compound, 841 Senapati Bapat Marg, Elphinstone Road, Mumbai CIN: U99999MH2000PLC Registration No UIN: 109N093V01 ADV/12/14-15/7578 VER1/DEC/2014