BSLI unveils new plan

BSLI unveils new plan

BSLI unveils new plan

Birla Sun Life Insurance (BSLI) is aiming for a 13-14% increase in individual premium income in the current fiscal, according to a top company official.

“We are looking at 13-14% increase in individual premiums in the current fiscal.

 This would be higher compared with the industry growth for individual premiums expected in the current fiscal,” BSLI Managing Director and Chief Executive Officer Pankaj Razdan said.

“As far as policies are concerned, we are looking at single-digit growth in the current fiscal, compared with a degrowth in the last fiscal,” Razdan added.

Meanwhile, BSLI has launched BSLI SecurePlus Plan, a non-participating traditional insurance plan that provides customers a guaranteed second income (during the payment period) which is twice the annual premium paid along with a life cover.

BSLI SecurePlus Plan offers life cover for the policyholder during the policy term. At the end of the policy term, this plan gives two income benefits options. 

In option A, the customer will receive increasing income of 1x to 6x in six years .
 For example, a customer who has paid Rs 1 lakh per annum for 12 years, will receive Rs 1 lakh in 14th year followed by 2 lakh, 3 lakh, 4 lakh, 5 lakh and 6 lakh in 15th, 16th, 17th, 18th and 19th year respectively. 

In Option B, the customer shall receive double the premiums paid for 12 years. For instance, a customer who has paid Rs 1 lakh per annum for 12 years shall receive Rs 2 lakh every year for 12 years starting from the 14th year. The return in both these cases is totally tax-free. In the event of premature death during the payment period, the income benefit payouts as scheduled are provided to the nominee. 
The policy also offers life cover with sum assured ranging from 14.5 to 19 times the premium paid during the policy term. The policy has a built-in accidental death benefit which ensures that the nominee receives double the sum assured.

“BSLI SecurePlus Plan is aimed at giving customers a simple product offering that combines the best of both worlds, security of life cover on one hand and the guaranteed income, twice the premium paid on the other. This product helps customers multiply their money and earn 2 times the income on their premiums which can be used by the customer to meet several life goals,” Razdan said.