About Birla Sun Life Insurance

As one of the leading fund management and life insurance companies in India, Birla Sun Life Insurance Company Ltd. is a collaboration between Sun Life Financial Inc. a leading financial firm from Canada and Aditya Birla Group. With a huge customer base, Birla Sun Life Insurance Company presently has approximately 600 branches in 500 different cities in the country.

In order to cater to the requirements of insurance seekers, Birla Sun Life Insurance offers a wide range of comprehensive insurance products. The insurance services offered by BSLI includes saving plans, retirement plans, child protection plans, ULIP plans and customized group life insurance plans for employees of different organizations. With a claim settlement ratio of 94.6%, BSLI recorded a total of 99.8% grievances settled.

Types of Plans Offered by Birla Sun Life Insurance

The different types of insurance policies offered by Birla Sun Life Insurance are:

  • Savings with Protection Plans
  • Pension Plans
  • Life Protection Plan
  • Children’s Future Plans
  • Rural Plans
  • Wealth with Protection Plans

Birla Sun Life Insurance Protection Plans

These plans offers the dual benefits of saving and protection. Under this plan option, the investments are made in mutual funds and other financial instruments in order to provide higher returns to the insured. Savings with protection plans are most suited for those individuals who want to create a financial cushion in the long run along with the benefit of life protection. Here is the list of savings with protection plans offered by birla sun life insurance.

Plans Entry Age Policy Term Sum Assured Tax Benefit
BSLI Vision Money Back Plan Minimum- 13 years

Maximum- 45 years

10, 14, & 25 years Minimum- Rs. 1,00,000/-

Maximum- No upper Limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Vision Life Income Plan Minimum- 30 days

Maximum- 60 years

Whole Life up to 100 years of age Minimum- Rs. 2,00,000

Maximum-No upper limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Vision Endowment Plan Minimum- 1 years

Maximum- 55 year

20 years Minimum- Rs. 1,00,000

Maximum- No upper limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Savings Plan Minimum- 18 years

Maximum- 50 years

10,15, & 20 years Minimum- Rs. 30,000

Maximum-10,00,000

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Vision Life Secure Plan Minimum- 30 days

Maximum- 60 years

15 – 35 years Minimum- Rs. 2,00,000

Maximum- –

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Income Assured Plan Minimum- 8 years

Maximum- 60 years

 

15, 17, 22, 20, &25 years Minimum- Rs. 1,00,000

Maximum- No upper limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Vision Regular Return Plan Minimum- 13 years

Maximum- 55 years

20 years Minimum- Rs. 1,00,000

Maximum- No upper Limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Vision Endowment Plan Plus Minimum- 30 days

Maximum- 60 years

10-40 years Minimum-Rs. 1,00,000

Maximum- No upper limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Guaranteed Future Plan Minimum- 18 years

Maximum- 50 years

8-20 years 10 x Annual premium Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961

Birla Sun Life Insurance Children’s Future Plans

Birla Sun Life Insurance Children’s Future Plan secures the financial future of the insured’s child, so that the important future expenses of his/her life are covered. The Children’s Future Plan also provides an option of guaranteed returns and the flexibility to manage fund options. This ensures that the investments made in the plan can multiply according to the insured’s needs. The plan that comes under this category is:

Plan Entry Age Maturity Age Policy Term Sum Assured Tax Benefit
BSLI Vision Star Plan (Policy Holder) Minimum-1 year

Maximum-65 years

70 years   Minimum-Rs.1,00,000

Maximum-no upper limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961

Birla Sun Life Insurance Pension plans

Birla Sun Life Pension Plans are designed to provide a continuous flow of income to an individual after his/her retirement. The plans provide a fixed benefit to the policyholder at the time of policy maturity or retirement.

Plan Entry Age Accumulation Period   Premium Paying Tenure Tax Benefit
BSLI Empower Pension Plan Minimum- 25 years

Maximum-70 years

5-30 years, subject to maximum vesting age of 80 years Regular Pay Tax benefit under section 80CC and Section 10(10D) of Income Tax Act
BSLI Immediate Annuity Plan Minimum- 30 years

Maximum- 90 years

Single Pay Tax benefit under section 80CCC of Income Tax Act 1961
BSLI Empower Pension-SP Plan Minimum- 25 years

Maximum- 70 years

5-20 years, subject to maximum vesting age of 80 years Single Pay Tax benefit under section 80CCC and section 10(10A) of Income Tax Act (1961)

Birla Sun Life Insurance Protection Plans

Birla Sun Life Protection Plans are pure life insurance policies that provide life coverage to the family of the insured, in the event of the policyholder’s demise. As this is a basic life insurance plan, the insured just needs to pay the minimum premium amount over the tenure of the policy. Plans that comes under Birla Sun Life Insurance Protection are:

Plans Entry Age Policy Term Sum Assured Tax Benefit
BSLI Protect Plus Plan Minimum- 18 years

Maximum- 65 years

5-30 years, subject to a maximum age of 70 years on maturity Minimum- Rs. 30,00,000

Maximum-No upper limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Future Grand Plan Minimum- 18 years

Maximum- 65 years

10, 15, 20, 25, 30 subject to maximum age of 75 years on maturity Minimum- Rs. 5,00,000

Maximum- No upper limit

Tax benefit offered under section 80C, 80 D and 10(10D) of Income Tax Act 1961
BSLI Easy Protect Plan Minimum- 18 years

Maximum- 55 years

5- 30 years Minimum- Rs. 50,00,000

Maximum- No upper limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Protect @Ease Minimum- 18 years

Maximum- 65 years

5-40 years, subject to maximum age of 80 years on maturity Minimum- Rs. 30,00,000

Maximum- No upper Limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961

Birla Sun Life Insurance Rural Plans

In the year 2001, a rural program was launched by Birla Sun Life insurance in order to provide life insurance policies to the rural population of India. Rural plans offered by Birla Sun Life include endowment policies that not only provide insurance coverage, but also offer a guaranteed return to the policyholder on the maturity of the policy.

Plans Entry Age Policy Term Sum Assured Tax Benefit
BSLI Bima Dhan Sanchay Minimum- 18 years

Maximum-60 years

5, 10, 15 years Minimum- Rs. 5,000

Maximum-Rs. 50,000

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Bima Suraksha Super Minimum-18 years

Maximum-60 years

5, 10, 15 years Minimum-Rs. 5,000

Maximum-Rs. 50,000

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Bima Kavach Yojana Minimum-18 years

Maximum-50 years

3 years Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Grameen Jeevan Raksha Plan Minimum-18 years

Maximum- 50 years

5 years 20 times the single premium paid Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961

Birla Sun Life Insurance Wealth with Protection Plans

Birla Sun Life Wealth with Protection Plans not only provides life protection to the family of the insured, but also provides an opportunity to the insured to create a financial cushion for future. This enables the insured to fulfill the major financial goals of life. Here is the list of wealth with protection plans offered by Birla Sun Life Insurance.

Plans Entry Age Policy Term Sum Assured Tax Benefit
BSLI Wealth Max Plan Minimum- 30 days

Maximum- 70 years

5, 10, 15, 20 1.2, 5, 10 times the basic premium Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Wealth Secure Plan Minimum- 1 year

Maximum- 60 years

Whole Life For entry age below 45 years- Higher of 10 or 70-entry age/2

 

For entry age above 45 years- Higher of 7 or 70-age of entry /2

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Wealth Assure Plan Minimum- 30 days

Maximum- 65 years

10, 15, 20, 25, 30 years For entry age above 45 yearsBasic Premium x policy term/2 or higher of 10 years

 

For entry age below 45 years- Basic Premium x Policy term/4 or higher of 10 years

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Fortune Elite Plan Minimum- 1 year

Maximum-75 years

20, 25, 30, 35, 40 years Minimum- Rs. 4,00,000

Maximum- No upper Limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961
BSLI Wealth Aspire Plan Minimum- 30 days

Maximum- 60 years

10-40 years Minimum-Rs. 3,00,000

Maximum- No upper limit

Tax benefit offered under section 80C and 10(10D) of Income Tax Act 1961

Birla Sun Life Insurance Claim Process

Birla Sun life insurance offers a simple and hassle-free process of making claim. As per the convenience of the policyholder, he/she can file a claim either offline/online. Let’s take a look at the online and offline claim filing process of Birla Sun Life Insurance.

Offline Claim Process:

  1. The beneficiary will be required to visit the branch office of Birla Sun Life insurance and fill out the claim form in order to file a claim.
  2. The beneficiary will be required to submit all the important documents along with the duly filled form to the insurer. The insurer will verify the documents and then process the claim.
  3. Once the insurance company accepts the claim, the payout is sent to the beneficiary of the policy.

Online Claim Process:

  1. The beneficiary can make a claim online, with no hassles. The beneficiary just needs to visit the official website of Birla Sun Life and fill the online claim form.
  2. Along with the properly filled claim form, the beneficiary will have to provide important documents like policyholder’s name, policy number, date of birth, address, etc.
  3. Once the claim application has been verified by the insurance company, the beneficiary of the policy receives the payout as the death

Eligibility Criteria of Birla Sun Life Insurance

  1. The insured should be a minimum 18 years of age in order to avail the policy.
  2. The maximum entry age of the policy is up to 56 years old.
  3. An individual should be self-employed, salaried or a professional.
  4. The maximum tenure of the plans offered by BSLI is 30 years.

Documents Required for Birla Sun Life Insurance

  1. Identity Proof
  2. Income Proof
  3. Pan Number
  4. Age Proof
  5. Address Proof

How to Check Birla Sun Life Insurance Policy Status?

In order to have undisrupted life coverage, it is very important to check the status of the policy from time to time. Moreover, keeping an eye on the policy status helps the insurance-holder to pay the premium for the policy on time. According to one’s convenience, the policyholder can check the status of the policy either online or offline.

Online Process to Check Policy Status

  1. The policyholder can check the status of the policy by visiting the official website of Birla Sun Life Insurance.
  2. In case of a new user, he/she will have to do the register themselves on the website.
  3. After the policyholder completes the registration process, he/she will have to sign into their account and choose the option of ‘Policy Details’.
  4. Once the insured clicks on the option, the current status of the policy will be displayed on the screen.
  5. The insurance-holder can also email the insurer and know the status of the policy.
  6. The insured will have to provide all the details related to the policy like the name of the policyholder, address, date of birth, email, policy number etc.

Offline Process to Check the Policy Status

  1. The insured can call on the customer care number of Birla Sun Life Insurance and get the information related to the current status of the policies.
  2. The insured will have to provide all the details related to the policy like the name of the policyholder, address, date of birth, email, policy number etc.

Online Payment Process of Birla Sun Life Insurance

For the convenience of its customers and to offer them a secure and hassle-free payment channel, Birla Sun Life Insurance provides an online process of premium payment. With the help of the online payment channel, the insured can pay the premium anytime & anywhere. The insurance-holders are just required to follow a few simple steps to do so.

  1. Go to the official website of Birla Sun Life and under the ‘Quick Link’ section, click on the option of ‘Pay Premium’.
  2. Enter the required details like policy number, email address, date of birth and click on the ‘Submit’ button.
  3. Enter the amount of premium to be paid and select the option of premium payment.
  4. Complete the transaction.
  5. Once the transaction has been completed, the insured will receive the transaction acknowledgment on screen.

Birla Sun Life Insurance FAQ’s

What are the minimum eligibility criteria when applying for a Birla Sun Life Insurance policy?

Ans- The minimum eligibility criteria while applying for a Birla Sun Life Insurance policy is that one should be at least 18 years old and should be below 56 years.  Moreover, the insurance buyer should be self-employed, salaried, professional or a business owner. The insurance buyer should be capable enough to pay all the premiums of the policy within the policy tenure.

What is the procedure to renew my life insurance policy?

Ans- In order to renew the life insurance policy, the insured is required to make the payment of the premium and communicate the insurance company through message/email or online so that the policy will be renewed.

How do I generate the e-receipt for my Birla Sun Life Insurance policy?

Ans- In order to generate e-receipt one just need to visit the official website of Birla Sun Life and click the link of premium paid certificate. The insured will have to fill all the details and the generated e-receipt will be sent to the e-mail ID of the insured.

To whom is the claim amount paid?

Ans- The claim amount is paid to the beneficiary/appointee/nominee under Birla Sun Life policies.

How can a loan be taken against a Birla Sun Life policy?

Ans- Once the plan has obtained surrender value; one can take a loan against it.  As per the type of policy, the loan amount is decided by the insurer.

How is the NAV calculated for service requests?

Ans- Net Asset Value (NAV) is computed at the time of making purchase/valuation. NAV is calculated at the time when the insured make the transaction request.

What is a switch in terms of my ULIP, and how can I make use of this facility?

Ans- A switch is when the insured can transfer the existing ULIP units into the new fund; the switch between funds does not change the premium allocation of the policy. If an insured wants to switch between funds then he/she is required to:

    1. Update the information related to funding on the Birla Sun Life Insurance website by using the TIPN/CIP.
    2. Submit switch funds form signed by the insured.
    3. Contact the insurance company so that they process the switch request of the insured.

What is a redirection in terms of my ULIP, and how can I make use of this facility?

Ans- Redirection means the changes made in the distribution of all the future premium payment of the policy when the existing units are switched to new funds. in order to initiate the process of redirection the insured should:

  1. Update the information related to funding on the Birla Sun Life Insurance website by using the TIPN/CIP.
  2. Submit a redirection singed by the insured.
  3. Contact the insurance company so that they process the redirection request of the insured.

What are the documents required to initiate a payout?

Ans- Documents required to start a payout are:

    • Thoroughly filled cancellation form/payout
    • Photo ID proof
    • Original documents of the policy (except in case of withdrawal)
    • Address Proof
    • Bank statement/Passbook
    • Cancellation cheque

Can riders be added to a policy that’s in force?

Ans- Yes, riders can be added to the policy in force after the completion of the first year of the policy.

What are the requirements to add a rider?

Ans- In order to add a rider to the policy, the insured is required to submit a letter to the insurer

How do I cancel my Birla Sun Life Insurance policy online?

Ans-  The insured will require to visit the official website of Birla Sun Life and fill the cancellation form along with the required documents and submit it.

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