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Investment Plans 693 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!
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!
Table of Contents
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!
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.
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.
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.
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 Assured | Discount on the premium per INR 1,000 of Sum Assured |
---|---|
INR 1,00,000 - INR 1,99,999 | Nil |
INR 2,00,000 - INR 3,99,999 | INR 1.00 |
INR 4,00,000 - INR 7,99,999 | INR 5.00 |
INR 8,00,000 and above | INR 7.00 |
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.
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.
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.
We are showing the benefits of the Birla Sun Life Insurance Vision Star Plan below. Do check!
If the policyholder dies during the policy term, the company will pay the following amounts to the nominee
Other than this, the nominee doesn’t need to pay any premiums in the future.
If the policyholder survives until the policy term, he or she will receive the maturity benefits that are as follows –
Please check the conditions related to the Birla Sun Life Insurance Vision Star Plan that we have mentioned below.