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Dream Endowment Plan FAQs Final

Dream Endowment Plan FAQs Final

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Published by: shambhuknight123 on Jan 28, 2010
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Prepared by Product Management
1
For Internal Circulation only
 
 Frequently Asked Questions
TRA/01/09-10/3754
 
 Jan 8
th
, 2010
 
 
Birla Sun Life Insurance Dream Endowment Plan
 
Frequently Asked Questions
 
Prepared by Product Management
2
For Internal Circulation only
 
Contents
BSLI Dream Endowment Plan – Summary
.................................................................................................................................................... 3
1.
 
 What is BSLI Dream Endowment Plan?
................................................................................................................................ 3
2.
 
 What are the significant features of BSLI Dream Endowment Plan?
.............................................................................. 3
3.
 
Am I eligible for this plan?
...................................................................................................................................................... 3
Plan Structure
................................................................................................................................................................................................. 4
4.
 
 What is the term of the policy?
............................................................................................................................................... 4
5.
 
 What is Basic Sum Assured?
................................................................................................................................................... 4
6.
 
 What is Guaranteed Savings Date?
........................................................................................................................................ 4
7.
 
 What is the pay term?
............................................................................................................................................................... 4
8.
 
 What is the concept of Enhanced Sum Assured?
................................................................................................................. 4
9.
 
 What is the concept of Enhanced Savings Premium?
......................................................................................................... 4
Premium
............................................................................................................................................................................................................... 5
10.
 
 What is the premium to be paid?
............................................................................................................................................ 5
11.
 
How can I pay my premiums?
................................................................................................................................................. 5
12.
 
Can I increase or reduce my premium amount?
.................................................................................................................. 5
13.
 
Can I increase or reduce my Basic Sum Assured / Enhanced Sum Assured?
................................................................. 5
Investment Option
.......................................................................................................................................................................................... 5
14.
 
 What are the investment options and how is my premium invested?
............................................................................. 5
15.
 
 What is the asset allocation of the investment funds?
........................................................................................................ 7
16.
 
Can I invest /redirect my premium in different funds?
..................................................................................................... 7
17.
 
Can I switch between funds?
.................................................................................................................................................. 7
18.
 
How do I keep a track of my investments?
........................................................................................................................... 7
Benefits
............................................................................................................................................................................................................ 7
19.
 
 What are the benefits offered under this plan?
................................................................................................................... 7
20.
 
Can I withdraw some part of my Fund Value?
.................................................................................................................... 8
21.
 
Are riders or loans available with the plan?
......................................................................................................................... 8
22.
 
Can I avail of tax benefits under this plan? What are the benefits available?
............................................................... 8
Policy Charges
................................................................................................................................................................................................. 8
23.
 
 What are the charges applicable to this plan?
...................................................................................................................... 8
Premium Discontinuance and Revival
......................................................................................................................................................... 10
24.
 
 What happens if I do not pay my premium on time?
....................................................................................................... 10
25.
 
 What happens if I do not pay my premium within the grace period?
........................................................................... 10
26.
 
How can I revive my policy?
................................................................................................................................................. 11
Termination
................................................................................................................................................................................................... 11
27.
 
How long will my policy continue?
..................................................................................................................................... 11
Operational Guidelines
................................................................................................................................................................................. 11
28.
 
 Which application form is used for this plan?
................................................................................................................... 11
29.
 
Can there be a proposer under this plan?
........................................................................................................................... 11
30.
 
Can a customer increase his Enhanced Sum Assured in between the policy term?
.................................................... 11
31.
 
 What are the financial and medical underwriting guidelines for BSLI Dream Endowment Plan?
......................... 11
32.
 
 What is the age proof required for BSLI Dream Endowment Plan?
.............................................................................. 11
33.
 
Can a housewife buy the BSLI Dream Endowment Plan?
............................................................................................... 11
34.
 
Can a housewife opt for Enhanced Sum Assured under the BSLI Dream Endowment Plan?
 .................................. 12
35.
 
Can a widow take BSLI Dream Endowment Plan if she is financially independent? If so, what additionaldocuments will be required?
.............................................................................................................................................................. 12
36.
 
Can an NRI / Foreign National of Indian Origin buy the BSLI Dream Endowment Plan?
....................................... 12
37.
 
Can BSLI Dream Plan be issued under the MWP Act?
.................................................................................................... 12
38.
 
Can an employer take the BSLI Dream Endowment Plan for his employee?
.............................................................. 12
39.
 
Can a HUF buy BSLI Dream Endowment Plan?
................................................................................................................ 12
40.
 
Can BSLI Dream Endowment Plan be assigned?
.............................................................................................................. 12
 
 
 
Birla Sun Life Insurance Dream Endowment Plan
 
Frequently Asked Questions
 
Prepared by Product Management
3
For Internal Circulation only
 
Presenting the BSLI Dream Endowment Plan, a plan that gives you the guarantee of receiving your chosen Basic SumAssured on the Guaranteed Savings date chosen by you. What’s more, you retain the freedom to keep pace with theever changing world of your dreams for your family.
BSLI Dream Endowment Plan – Summary
1.
 
 What is BSLI Dream Endowment Plan?
BSLI Dream Endowment Plan is a non participating unit linked savings plan that offers guarantees with an option toincrease your life cover, option to augment your savings thereby helping you achieve your Dreams for WealthCreation.
2.
 
 What are the significant features of BSLI Dream Endowment Plan?
The significant features of this plan are:
 
Receive a minimum amount of no less than Basic Sum Assured on Guaranteed Savings Date.
 
Freedom to choose the number of years you want to pay your premiums
 
Freedom to increase the financial security for your loved ones by choosing an Enhanced Sum Assured
 
Freedom to increase your savings by choosing an Enhanced Savings Premium
 
Freedom to meet any emergency funds requirements by making partial withdrawals
 
You enjoy tax benefits under section 80C and section 10(10D) of the Income Tax act, 1961
3.
 
Am I eligible for this plan?
You are eligible if you are between age 30 days – 65 years

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