Monday, November 22, 2010

BSLI Rainbow Plan

BSLI Rainbow insurance plan that gives you a guaranteed return on maturity that is tax free and the financial security of a life cover.
How Does the BSLI Rainbow work
  • You choose the single premium amount you want to invest
  • You choose the policy term from options of 5 years and 10 years Your Benefits
Your Benefits
  1. Maturity Benefit: You will receive a guaranteed amount on maturity. Your maturity benefit is equal to
    • Maturity Sum Assured; plus
    • All Guaranteed Monthly Additions earned to date; plus
    • Guaranteed Final Addition
  2. Please ask you financial advisor for the Maturity Amount applicable to you
  3. Death Benefit: In the unfortunate event of death of the life insured, the nominee shall receive the Basic Sum Assured. The Basic Sum Assured is 5 times the single premium amount
  4. Surrender Benefit: In case of emergency fund requirements, you can surrender your policy anytime after 1st policy year and receive
    • 90% of the Maturity Sum Assured; plus
    • Guaranteed Monthly Additions earned to date
  5. Policy Loans: You can also avail loans on your policy.
  6. Tax Benefits: You will also be eligible for tax benefits as per the extant laws.
Earn Guaranteed Monthly Additions and a Guaranteed Final Addition
Guaranteed Monthly Additions
At the end of every month you will earn Guaranteed Monthly Addition. Your Guaranteed Monthly Addition is calculated as:
Guaranteed Monthly Addition Rate x Maturity Sum Assured/1000
Please ask your financial advisor for the Guaranteed Monthly Addition Rates applicable to you.
Guaranteed Final Addition
We reward you for your loyalty with a Guaranteed Final Addition on maturity.
Policy Term Guaranteed Final Addition
5 years 6 Guaranteed Monthly Additions
10 years 12 Guaranteed Monthly Additions
Illustration of Benefits
Entry Age : 30 years
Policy Term : 10 years
Single Premium : Rs. 1,00,000
Basic Sum Assured : Rs. 5,00,000
Maturity Sum Assured : Rs. 92,630
Guaranteed Monthly Addition : Rs. 685
Guaranteed Final Addition< : Rs. 8,226
Maturity Benefit : Rs. 1,83,111
The above are illu strative value for healthy male, assuming Guaranteed Monthly Addition Rate of 7.40 per 1000 Maturity Sum Assured
Plan Summary
Entry Age 8 – 60 years, subject to minimum attained age of 18 at maturity
Policy Term 5 or 10 years
Pay Term Single pay
Single Premium Minimum Rs. 50,000
Basic Sum Assured 5 times Single Premium

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