Every milestone of your child like his first step, first word, first day at school & so on are steps in making him an independent individual. However, The Parents who want to give better education & Life for their Children need to know about the Birla Sun Life Vision Plan. Presenting BSLI Vision Star Plan which is designed to provide for important milestones so that your children can live better Life in Future. If you take Birla Sun Life Vision Star Plan for your child, it will help for your Child Higher Education, marriage even if suddenly unfortunate events happened to the Life Assured.
Birla Sun Life Vision Plan Review
The Birla Sun Life Insurance Provided the Child Plan for your kids to fulfil their dreams. The Birla Sun Life Vision Star Plan is that to take care about your Child Education & Extra Curricular Activities with or without you. As a Parent, you want to give a better life for your Children. For those people, Birla Sun Life Vision Plan provides assured benefits that are payable during the term policy. The Birla Sun Life Child Plan reduces the risk at the time of your Children’s Education and Marriage. The Birla Sun Life Insurance Vision Star Plan is safe and secure for your Child’s Future. This Child Plans will provide Financial Support to your kids in case of unfortunate/ sudden death of the Life Assured/ Policyholder. On this Page, we have given the brief description regarding the Birla Life Child Insurance Policy.
BSLI Vision Star Plan Offers
- Assurance.
- Safety to your loved ones.
- Growth in your savings.
Birla Sun Life Child Plan Benefits & Features
In this Birla Life Child Future’s Plan, Some benefits guaranteed, and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions. See the benefits of BSLI Vision Star Plan provided below.
Birla Sun Life Insurance Vision Plan Benefits
Death Benefit:
If the unfortunate death of the life insured during the policy term, the following benefits would pay by the Company.
- Sum Assured on Death will Pay to the nominee.
- No premiums required paying in future.
- Assured Payouts.
- Bonuses accrued till the date of the policy maturity and terminal bonus will Pay on the policy maturity date.
In Case of the unfortunate death of the Policyholder during the policy term, The Maximum of Sum Assured Chosen will pay irrespective of Guaranteed Payouts paid or 10 times the annual Payouts paid. And also the Death Benefit will Subject to the 105% of the total Premiums Paid.
Maturity Benefit:
On the Survival of the Life Assured, the following will be paid to the Policyholder.
- Accrued Bonuses till date.
- Terminal bonus (if any).
Regular bonuses:
At the end of each financial year, BSLI will declare simple reversionary bonuses regularly are added to your policy on its Policy Anniversary. Future bonuses are however not guaranteed and will depend on the future profits of the participating business.
Terminal bonus:
On maturity or surrender of the Policy, BSLI may also pay a terminal bonus if earlier, based on the experience and the prevailing economic conditions.
BSLI Vision Star Plan Features
- Birla Sun Life Insurance Vision Star Plan is a Traditional Participating Insurance Plan.
- You will start receiving Assured Payout after the premium paying term is over.
- If you Surrender your Policy during the Policy term, then you will acquire a surrender value.
- If you discontinue your Policy during the Policy term, you are eligible for Reduced Paid-up benefit.
- You can take a Policy Loan under this Birla Sun Life Child Plan.
- The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the monthly Mode of Premium Payment.
- If you have not Satisfied with the Terms and Conditions of the Policy, you can Return your Policy before Completion of Free-look Period.
Birla Life Insurance Vision Star Plan Eligibility Criteria
| Life Assured Entry Age (Last Birthday) | Minimum: 18 years.
Maximum: 55 years. |
| Max Maturity Age | 75 years. |
| Minimum Policy Term | For Option A – 16 years (maximum of 23 years) For Option B – 14 years (maximum of 21 years) |
| Premium Paying Term | 5 to 12 years. |
| Minimum Sum Assured | Rs. 1,00,000/- (1 Lac) |
| Premium Frequency | Annual, Semi-annual, Quarterly & Monthly |
Birla Sun Life Child Plan Premium Calculator
With the help of Birla Sun Life Insurance Premium Calculator, you can quickly calculate the Premium amount, Death Benefit, Maturity Benefit, Survival Benefit, Rider and also other factors of Birla Sun Life Child Plan. To calculate the premium amount, you need to enter some values such as Policy period, Age and Sum assured, etc.
Birla Life Vision Star Insurance Policy Buying Procedure
To buy this Birla Sun Life Insurance Child Plan, you need to visit the nearest Birla Sun Life Branch or the official website. Buying or paying premium through online is as easier than doing it in offline. There are 3 Simpl Steps that should follow to buy a BSLI Vision Plan.
- Choose your Sum Assured.
- Choose your Assured Payout Option.
- You can also choose your Premium Paying Term.
The documents required to buy a new Birla Sun Life Insurance Vision Plan are
- Application form/ Proposal form along with the photo.
- Address proof.
- Date of Birth certificate.
- Medical reports (if required).
BSLI Vision Star Insurance Child Policy Claim Procedure
For claiming the Birla Sun Life Vision Plan, you may visit the nearest Branch Office. And can also visit the BSLI official website. Claiming for a benefit through online is as easier than doing it in offline. The documents required for the Claim Process given below.
- NEFT Form.
- Discharge Form.
- Cancel check or Bank Passbook xerox.
- Policy bond.
- Death certificate.
Additional Features on Birla Sun Life Vision Star Child Plan
Assured Payout:
The Life Assured will receive the Assured Payouts which are a pre-defined percentage of the Sum Assured chosen by you after completion of the Premium Paying terms Starting from the 5th year.
Reduced Paid-up Benefits:
After having Paid Premiums for at least three full years, if you discontinue paying premiums of your policy (Two years, for premium paying term less than 10 years) then your policy will not lapse but continue on a Reduced Paid-up basis.
Surrendering your Policy:
- If you surrender your Policy after all due premiums for at least three full policy years(two years, for premium paying term less than 10 years) are paid then you will acquire a Surrender Value.
Taking a Policy Loan:
If your Policy acquired a Surrender Value, then you may take a Loan against your Policy. If you take a Loan, then you will take Rs. 5,000/– as the Minimum Loan amount and maximum amount is 85% of your surrender value.
Grace Period:
In case you have missed paying your premium by the due date, the Grace Period will allow in one month but not less than 30 days for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment.
In the case of Policyholder death during the Policy grace period, your policy will be in force and will pay the Death Benefit as defined in the benefits section.
Get more Information on Birla Sun Life Vision Plan
Free Look Period:
You may return the policy to the corporation within 15 days from the date of the receipt of the policy in case of dissatisfaction with policy conditions and terms.
Policy Revival:
If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may revive during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
Suicide Clause:
If the Life Insured dies by Suicide, whether medically sane or insane within one year from the inception of the policy or the reinstatement date of the policy, then we will refund the premiums paid to date or the surrender value.
Taxes: As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax.
Assignments/ Nominations: As per section 39 of Insurance Act, 1938, at the proposal stage, a nomination can make in the policy. As per section 38 of Insurance Act, 1938, on a subsequent assignment, the notice of assignment or change of nomination should submit to the corporation for registration.
For more information regarding Birla Sun Life Vision Plan, Check the BSLI Vision Star Plan Broucher.
FAQs on Birla Sun Life Insurance Vision Star Plan?
1. What is Cooling-off Period/ Free Look Period for Birla Sun Life Vision Plan?
Ans: You have the Cooling-off/ Free Look Period of 15 Days to return the Birla Sun Life Insurance Vision Star Child Policy. If you are not satisfied with the Terms and Conditions of the Policy you can return your Plan within Free-look Period.
2. Is Loan Facility available under this BSLI Vision Star Plan?
Ans: Yes, Loan Facility is available under this Plan. If your Policy acquired a Surrender Value, then minimum Loan amount you will get is Rs. 5,ooo/-.
3. Are any Riders available under this Child Plan?
Ans: No Special Riders are available under BSLI Vision Star Plan.