Investment Plans 368 views February 19, 2021

As a parent, Birla Sun Life Insurance Vision Star Plan could be the best gift that you can give to your children. If you want to secure your child’s aspiration, this plan would help in ensuring the same even if you are not around. Individuals can enjoy assurance, safety and growth with this plan at an affordable cost. When you choose this plan, you are removing hindrances that can come in the way of important milestones in your children’s life. Before knowing more about the plan, let’s check out some of its prominent features!

  1. Multiple Assured Payout Options
  2. Regular payout starting 5 years after the premium payment term
  3. The flexibility of choosing policy term and premium payment term
  4. Bonus Payouts
  5. Comprehensive financial protection to your family
  6. Sum assured rebate
  7. Loan against your policy
  8. Free look period of 15/30 days
  9. Tax Benefits

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Want to understand these features in detail? You’re in the right place as here we will address the same along with some other aspects. Read on to know more!

Prominent Features of Birla Sun Life Insurance Vision Star Plan

Birla Sun Life Insurance Vision Star Plan is a non-linked participating life insurance plan that can be a perfect companion to your child’s passions along with growth in your savings. We are showing its features in detail. Please check!

Multiple Assured Payout Options

One of the best things about the Birla Sun Life Insurance Vision Star Plan is that individuals can choose from two assured payout options – Option A and Option B.

Option A – The policy will provide 4 biannual payouts of 20%, 20%, 30% and 30% that will start 5 years after the premium paying term ends. Since these payouts are biannual, you will get these assured payouts every two years.

Option B – You will get annual payouts of 15%, 15%, 20%, 20% and 30% that will also start 5 years after the end of your premium payment term. With this option, you will get these payouts every year.

Flexible Policy Term and Premium Payment Term

The policy term of the Birla Sun Life Insurance Vision Star Plan depends on the chosen assured payout option. With Option A, the policy term can be as low as 16 years and can go up to 23 years, while with Option B, the minimum and maximum policy term stand at 14 years and 21 years, respectively.

The premium payment term for this policy will range from 5 to 12 years. Do remember that the premium amount depends on the sum assured, premium paying term and the chosen plan option. Individuals can also choose from different frequencies of annual, semi-annual, quarterly and monthly to pay their premiums.

Rider Options

Birla Sun Life Insurance Vision Star Plan also provides individuals the option to enjoy comprehensive protection with different rider options by paying an additional premium amount. You can check these rider options below.

  1. Accidental death and disability rider
  2. Critical illness rider
  3. Hospital care rider
  4. Waiver of premium rider
  5. Accidental death and benefit rider plus
  6. Surgical care rider

Sum Assured Rebate

With this policy from Birla Sun Life, individuals will also get a discount if they choose a higher sum assured. To know more, you can check the below table!

Sum AssuredDiscount on the premium per INR 1,000 of Sum Assured
INR 1,00,000 - INR 1,99,999Nil
INR 2,00,000 - INR 3,99,999INR 1.00
INR 4,00,000 - INR 7,99,999INR 5.00
INR 8,00,000 and aboveINR 7.00

Loan Against Policy

In case you need urgent money, you can also get a loan against your policy if it has acquired a surrender value. The loan amount can be as low as INR 5,000 and can go up to 85% of the surrender value of your policy.

Tax Benefits

On the premium paid and benefits received, you can also enjoy tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.

What will be the Sum Assured for Birla Sun Life Insurance Vision Star Plan?

In the case of the Birla Sun Life Insurance Vision Star Plan, the sum assured can be as low as INR 1,00,000, while there is no maximum limit on it.

Birla Sun Life Insurance Vision Star Plan Benefits

We are showing the benefits of the Birla Sun Life Insurance Vision Star Plan below. Do check!

Death Benefits

If the policyholder dies during the policy term, the company will pay the following amounts to the nominee

  1. Sum assured on death
  2. Accumulated payouts on the scheduled date
  3. Bonuses accumulated till the maturity of the policy (if any)

Other than this, the nominee doesn’t need to pay any premiums in the future.

Maturity Benefit

If the policyholder survives until the policy term, he or she will receive the maturity benefits that are as follows –

  1. Accrued bonuses until the time of maturity
  2. Terminal bonus (if any)

Birla Sun Life Insurance Vision Star Plan Eligibility Criteria

Please check the conditions related to the Birla Sun Life Insurance Vision Star Plan that we have mentioned below.

  1. The entry age for any individual can range from 18 to 55 years.
  2. The maximum maturity age can be as high as 75 years.

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