Birla Sun Life launches BSLI Savings Plan

MUMBAI: Private-sector insurer Birla Sun Life Insurance today launched a participating traditional plan, BSLI Savings Plan, with guaranteed additions for the first five years of the policy term.

"BSLI Savings Plan is designed to cater to the changing needs across customer segments with the flexibility it offers in choosing the policy term and the premium paying term with guaranteed additions," Birla Sun Life Managing Director and CEO Jayant Dua said in a release issued here.

The plan is a savings-cum-insurance option that aims to provide secured growth to savings and comprehensive financial protection from the risk of unfortunate death.

By way of its guaranteed additions, bonus accumulation and life insurance benefit, this product offers a three-way solution.

There is an option for premium payment term of 10, 15 or 20 years with the minimum age of entry at 18 years and the maximum at 50 years.

At inception, the customer needs to choose the sum assured, the policy term and the premium payment term.

The minimum sum assured for this plan is Rs 30,000. This plan also offers reduced paid-up benefit and auto cover continuation benefits.

For customers who have paid the premium for three years but are unable to pay a subsequent premium, full death benefits will continue for two successive years (auto cover continuation period) from the due date of the first unpaid premium, although the policy is in reduced paid-up status.

BSLI is a joint venture between the Aditya Birla Group and Sun Life Financial Inc, a leading international financial services organisations from Canada.