Birla Sun Life Insurance Protector Plan

Name: BSLI Protector Plan

Type of policy:  Term Insurance

 

For buying policy: Yes

If holding policy: Continue

 A term insurance is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. This is a fantastic product from customer point of view, and is indeed one that every single family needs to have, for its earning member(s).

Under BSLI Protector Plan the sum assured can be level term, where the initial sum assured is given out as death benefit, or can be an increasing sum assured, where the sum assured increases by 5% or 10% as chosen with every year. Premium remains fixed in both options but is obviously higher in the second case.

This is certainly a good policy to have. Premiums are the cheapest among other players. Don’t get carried away with the riders offered. The only one worth considering is the Waiver of Premium rider. Buy a separate policy for critical illness. We typically recommend an insurance cover of 4-8 times your annual income, for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

 Product features:

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

65 years

Maximum policy term

30 years or till age of 75, whichever is earlier

Minimum sum assured

Rs 5 lakhs

Maximum sum assured

Rs 49,99,999

 Illustration:

The table shows indicative annual premium for a non-smoking male. Premiums for females may be lower.

 

Your age

Term

Indicative Annual Premium

(For cover of Rs.50 lakh )

25 years

25 years

Rs. 8,140

30 years

25 years

Rs. 9,861

40 years

25 years

Rs. 19,788

50 years

10 years

Rs. 26,384

 Returns: No survival benefit available at the end of the term. Pure insurance must be considered an expense and not an investment. Both insurance and investment give satisfying outcomes when dealt with separately.

 Better alternative

Online policies with similar features can be bought at less than half the premiums on offline policies.

Fintotal Product Analysis is the ideal place to seek unbaised and neutral view on all financial products.

Do not get fooled by agents and distributors, just check here before you make any purchases.


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