CONTENT OF TABLE

CHAPTER CHAPTER NAME PAGE NO.

NO.
1 INTRODUCTION OF INSURANCE 6-17
2 REVIEW OF LETERATURE 18-22
3 METHODOLOGY 23-24
4 DATA ANALYSIS 25-58
5 FINDINGS AND CONCLUSION 59-60
6 BIBLIOGRAPHY 61

CHAPTER 1
INTRODUCTION OF INSURANCE

Insurance

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Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange
for money. It is a form of risk management primarily used to hedge against the risk of a
contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the
insured, or policyholder, is the person or entity buying the insurance policy. The amount of
money to be charged for a certain amount of insurance coverage is called the premium. Risk
management, the practice of appraising and controlling risk, has evolved as a discrete field of
study and practice.

Insurance is a form of risk management in which the insured transfers the cost of potential
loss to another entity in exchange for monetary compensation known as the premium.

The transaction involves the insured assuming a guaranteed and known relatively small loss
in the form of payment to the insurer in exchange for the insurer's promise to compensate
(indemnity) the insured in the case of a financial (personal) loss. The insured receives a
contract, called the insurance policy, which details the conditions and circumstances under
which the insured will be financially compensated.

2
Insurance Policy

In insurance, the insurance policy is a contract (generally a standard form contract) between
the insurer and the insured, known as the policyholder, which determines the claims which
the insurer is legally required to pay. In exchange for an initial payment, known as the
premium, the insurer promises to pay for loss caused by perils covered under the policy
language.

Insurance contracts are designed to meet specific needs and thus have many features not
found in many other types of contracts. Since insurance policies are standard forms, they
feature boilerplate language which is similar across a wide variety of different types of
insurance policies.

Insurance Sector in India

The insurance sector in India has a full circle from being an open competitive market to
nationalization and back to a liberalized market again. Tracing the developments in the Indian
insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.
The business of life insurance in India in its existing form started in India in the year 1818
with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the
important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.

3
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance business.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective
of protecting the interest of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the central
government.LIC formed by an Act of Parliament, viz. LIC Act.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code
of conduct for ensuring fair conduct and sound business practices.

1958: The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general
insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and
grouped into four companies’ viz. the National Insurance Company Ltd., the New India
Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United Indian
Insurance Company Ltd. GIC incorporated as a company.

Methods of Insurance

Co-insurance – risks shared between insurers

Dual insurance – risks having two or more policies with same coverage
Self-insurance – situations where risk is not transferred to insurance companies and solely
retained by the entities or individuals themselves
Reinsurance – situations when Insurer passes some part of or all risks to another Insurer
called Reinsurer.

4
Principles of insurance

The main motive of insurance is cooperation. Insurance is defined as the equitable transfer of
risk of loss from one entity to another, in exchange for a premium.

1. Nature of contract:
Nature of contract is a fundamental principle of insurance contract. An insurance contract
comes into existence when one party makes an offer or proposal of a contract and the other
party accepts the proposal.
A contract should be simple to be a valid contract. The person entering into a contract should
enter with his free consent.

2. Principles of utmost good faith:

Under this insurance contract both the parties should have faith over each other. As a client it
is the duty of the insured to disclose all the facts to the insurance company. Any fraud or
misrepresentation of facts can result into cancellation of the contract.

3. Principles of Insurable interest:

Under this principle of insurance, the insured must have interest in the subject matter of the
insurance. Absence of insurance makes the contract null and void. If there is no insurable
interest, an insurance company will not issue a policy.
An insurable interest must exist at the time of the purchase of the insurance. For example, a
creditor has an insurable interest in the life of a debtor, a person is considered to have an
unlimited interest in the life of their spouse etc.

4. Principles of indemnity:
Indemnity means security or compensation against loss or damage. The principle of
indemnity is such principle of insurance stating that an insured may not be compensated by
the insurance company in an amount exceeding the insured’s economic loss.
In type of insurance the insured would be compensation with the amount equivalent to the
actual loss and not the amount exceeding the loss.
This is a regulatory principal. This principle is observed more strictly in property insurance
than in life insurance.

5
The purpose of this principle is to set back the insured to the same financial position that
existed before the loss or damage occurred.

5. Principles of subrogation:
The principle of subrogation enables the insured to claim the amount from the third party
responsible for the loss. It allows the insurer to pursue legal methods to recover the amount of
loss, For example, if you get injured in a road accident, due to reckless driving of a third
party, the insurance company will compensate your loss and will also sue the third party to
recover the money paid as claim.

6. Double insurance:
Double insurance denotes insurance of same subject matter with two different companies or
with the same company under two different policies. Insurance is possible in case of
indemnity contract like fire, marine and property insurance.
Double insurance policy is adopted where the financial position of the insurer is doubtful.
The insured cannot recover more than the actual loss and cannot claim the whole amount
from both the insurers.

7. Principle of proximate cause:

Proximate cause literally means the ‘nearest cause’ or ‘direct cause’. This principle is
applicable when the loss is the result of two or more causes. The proximate cause means; the
most dominant and most effective cause of loss is considered. This principle is applicable
when there are series of causes of damage or loss.

6
Importance of Insurance

Insurance has evolved as a process of safeguarding the interest of people from loss and
uncertainty. It may be described as a social device to reduce or eliminate risk of loss to life
and property.
Insurance contributes a lot to the general economic growth of the society by provides stability
to the functioning of process. The insurance industries develop financial institutions and
reduce uncertainties by improving financial resources.
Human beings, his family and properties are always exposed to different kinds of risks. Risk
involves the losses. Insurance is a tool which reduces the cost of loss or effect of loss caused
by variety of risk. It accumulates funds to meet individual losses. It is not device to prevent
unwanted event of happening or cause of loss but protects them against that loss by
compensating which as lost. The role and importance of insurance are discussed as follows:

1. Insurance provides security:-

Insurance provides safety and security against the loss on a particular event. Life insurance
provides security against death and old age sufferings. Fire insurance protects against loss
due to fire while Marine insurance provides protection and safety against loss of ship and
cargo. For personal accident and sickness insurance financial protection is given when the
individual is unable to earn. In other insurance too, this security is provided against the loss at
a given contingency.

2. Insurance reduces business risk or losses:-

In Business, commerce and industry, huge properties are employed. Because of slight
negligence, the property may be turned in to ashes. A person may not be sure of his life,
health and cannot continue the business up to the longer period to support his dependents. By
the help of insurance, he can be sure of his earning, because the insurance company will pay
a fixed amount at the time of death, damage by fire, theft, accident and other perils.

3. Insurance provides peace of mind:-

Insurance removes the tensions, fears, anxiety, frustrate or weaken of the human mind
associated with the future uncertainty. By providing financial position and promise to
compensate losses arise out from various risk, it provides peace of mind and stimulates more
and better work performance of an individual.

7
4. Life insurance encourages saving:-
The insured has an obligation to pay premium regularly and cannot be withdrawn easily
before the expiry of the term of policy. Life insurance encourages the habit of regular and
systematic saving through premium and after a certain period, it would be a part of necessary
saving of the insured person.

5. Insurance accelerates the economic growth of the country:-

To develop the economic growth of the country, insurance provides strong hand and mind,
with protection against loss of property and capital to produce more wealth. It provides
protection against different kinds of loss caused by risk. It accumulates the capital from the
insured and utilizes for the development of country. Thus, the insurance meets all the
requirements for the economic growth of a country.

6. Insurance provides credit facilities:-

The insured person can get loan by pledging insurance policy and the interest will not exceed
the cash value of policy charged by insurer. In case of death of insured person, the policy can
be utilized for setting of the loan with interest. Business person can take loan on the basis of
insurance documents from the bank also.

7. Insurance helps to reduce inflation:-

Inflation created from oversupply of money and on less production entities. Insurance can
help to reduce the inflationary pressure in two ways. Firstly, it collects money as an amount
of premium which controls over supply of money and secondly, it provides sufficient funds
for increase production entities. Thus, it reduces the impact of inflation.

8. Insurance makes security and welfare of employees:-

The security and welfare of employees is the responsibility of employer. These security and
welfare are easily met by life insurance, accident and sickness benefit and pension which are
generally provided by group insurance. The premium for group insurance is normally paid by
the employer. Insurance is the simple method for employer to fulfill their responsibility. Due
to these benefits, employee will devote their maximum capacities to complete their job.

9. Other Importance of Insurance:-

8
a) Insurance helps to promote foreign trade providing protection again trade risk.
b) Insurance increases business efficiency eliminating the loss of damage, destruction, or
disappearance of property of goods.
c) Insurance protects the social wealth providing protection against social evil.
d) Development of insurance business helps to solve the evil of unemployment, generating
employment opportunity in the country.
e) The insured gets tax benefit in life insurance.

HISTORY – BIRLA SUN LIFE INSURANCE

Birla Sun Life Insurance Co. Ltd. (BSLI) is a joint venture between Aditya Birla Group, an
Indian multinational corporation, and Sun Life Financial Inc, a leading global insurance
company. Established in 2000, BSLI has contributed to the significant growth and
development of the life insurance industry in India and currently ranks amongst the top 5
private life insurance companies in the country. Birla Sun Life Insurance is distinguished as
the first financial solutions company to introduce 'Business Continuity Plan', the 'Free Look
Period' and 'Unit Linked Life Insurance Plans' in the Indian insurance.

BSLI believes in passion, customer support and commitment. The mission of the company is
to help people with risk management. It also helps in managing the financial situation of
firms as well as individuals. Following is comprehensive list of policies and products offered
by BSLI:

9
Products

A. Individual Solutions

1. Wealth with Protection

Besides providing a life cover, these schemes of wealth with protection solutions help the
customer save money by offering flexibility in the plans that are suited to your goals.
Optimizing on investments in capital markets also features in some of the plans.

 BSLI Foresight Plan

 BSLI Vision Plan
 BSLI Rainbow Plan
 BSLI Platinum Advantage Plan
 BSLI Dream Endowment Plan
 BSLI Money Back Plus Plan
 BSLI Guaranteed Bachat Plan
 Bachat Endowment Plan
 BSLI Bachat-Money
 BSLI Classic Endowment Plan

2. Protection Solutions
Financial security that comes with a reasonable premium is what BSLI offers to its
customers. Even with riders, viz., accidental death, critical illness rider and waiver of
premium rider, one can get insurance at a nominal cost.

 BSLI Term Plan

 BSLI Premium Back Term
 BSLI High Net worth Team

3. Children's Future Solutions

Any big future expenses such as education and/or marriage of your child are covered by
BSLI's children future solution plans. Life covers along with guaranteed returns on
investments are some of the benefits.

 BSLI Classic Child Plan

 BSLI Dream Child Plan

10
  BSLI Bachat Child Plan

4. Health & Wellness Solutions

Quality treatment in case of medical emergencies, insurance for an adequate sum against
major illnesses, family protection against injuries and a choice of a cashless facility are all
part of the health and wellness solutions plan.

 BSLI Saral Health Plan

 BSLI Health Plan
 BSLI Universal Health Plan

5. Retirement Solutions
These plans include four different plans that offer you complete control over your
investments. They aim at providing a whole life cover, financial security at old age and even
a choice of pay term.

 BSLI Classic Life Plan

 BSLI Dream Life Plan
 BSLI Immediate Income Plan

 BSLI Secure 58 Plan

6. Riders
These are additional top-ups that can help you add further value to your existing plans.
Enhancing insurance cover and getting maximum protection in case of death and illness are
part of the plan.

 BSLI Accident Death Rider

 BSLI Accident Death & Dismemberment Rider
 BSLI Term Rider
 BSLI Critical Illness Rider
 BSLI Waiver of Premium
 BSLI Critical Illness Plus
 BSLI Critical Illness Women
 BSLI Surgical Care Rider
 BSLI Hospital Care Rider

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  BSLI Accident Death & Disability Rider
B. Group Solutions

1. Protection Solutions
This genre offers basic life cover to those who have availed credit from a bank. These plans
are renewable plans on a yearly basis.

 Affinity Solution
 Employer Employee

2. Retirement Solutions
Gratuity liability increases for employers on an annual basis as employees' salaries increase.
BSLI is useful in coping with that financial situation with other groups.

 Gratuity
 Leave Encashment

3. Riders Plans
Rider plans in this case, help in covering incidents such as accidents and illnesses. Insuring
your life with emergencies of this kind is important.

 Accelerated Critical Illness Premier Rider

 Accelerated Terminal Illness Rider

 Critical Illness Premier Rider

4. Rural Solutions

This includes a plan which provides a life cover and guaranteed money back at
the time of maturity. There are micro-insurance products that include a pure
term and return of premium.

 BSLI DhanSanchay
 BSLI BhimaSuraksha Super

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  BSLI BhimaKavachYojana

5. NRI Solutions
Even if you are staying away from the family, this plan can help you fulfill all your goals and
plan everything from your child's education to your retirement.

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 CHAPTER 2

REVIEW OF LITERATURE

1. Khan, M.K. (1978) - 1 attempts to know the opportunities and prospects in the career of
a life insurance sector. He explains about what a good career is and how a good career
should be for selling of life insurance products. There is no age barrier and it requires no
previous occupational experience but one must be a professional and capable of creating
opportunities in building personality. The relationship of life Insurance agent with clients
is not temporary and the service rendered has no substitutes. He also observes that life
insurance agent remains, in a sense, permanent server to the clients.

2. Ramesh Jain (1980) - 2 conducts a case study at Sagar branch, Calcutta, of Life
Insurance Company view the spread of life insurance in a particular area and to
channelize the mobilized saving for nation building activities. Analyzing the processing
of procurement of insurance business and administration of Life Insurance Company in
branch level, the study also brings out the growth of total new business and about 30% of
Life Insurance Companies individual assurance business originated from the rural sector -
it adds to the privilege of Life Insurance Company to contribute their investments to
many of the vital projects and schemes under 20 point programmers. The findings of the
study were to establish servicing center to have continuous interaction with the
policyholders and the sagar branch has still greater potentialities of expansion in rural
area.

3. Rajkumar (1985) - 3 views that advertising is to influence a customer, who has a limited
spending power and it seems to operate through familiarizing spreading news over cog

14
 inertia and image building improving market share, educating, informative and to have
staff support. As far as insurance industry is concerned, misconception is a common
problem and the pre-testing revealed that most of the rich people are associated with
insurance and he viewed that the treatment of Life Insurance Company to the public is
always unfair.

4. SheshaAyyar, V. (1986) - 4 in his article entitled “Product Development” has discussed

various issues connected with developing new polices such as the importance of
developing new schemes and various problems involved in the development of new
schemes in Company. He suggested the need for including ancillary benefits such as
accident benefits, disablement and hospitalization benefits.

5. RajanSaxena (1986) - 5 in his article entitled “Life Insurance Services” discusses various
issues relating to life insurance. The author insists on the importance of life insurance and
discusses on various strategies of life insurance.

6. Mishra, M.N. (1987) - 6 made a study to appraise the strategies of Life Insurance
Company. While reviewing the strategies, the author felt that before 1960 Life Insurance
Company did not give much attention to the objective of customer satisfaction, but from
1980 onwards the corporation has taken several remedial measures to provide better
customer service and improve the customer satisfaction.

7. Ashis Deb Roy (1987) - 7 in his article entitled “We Care for our Customers” has
examined the nature and importance of better customer services to policyholders and has
emphasized the need for quality in service. He has given a detailed note on the various
steps to be taken by Life Insurance Company to improve the customer service such as
training programmers conducted by Company to its agents and employees, opening new
branches and introduction of computers in insurance branch offices.

8. Venkatesh, N.C. (1987) - 8 in his article entitled “On the Trail of Better Service” has
discussed the importance of better and personal servicing to the customers and has
emphasized the importance of satisfying the policyholders.

15
9. White (1990) traces the development of banc assurance in the US and other markets. One
of the reasons for slow development of banc assurance has been attributed to the
multistate structure and the legal environment in the US. The entry of financial
institutions, particularly banks, into the insurance business marked a significant change in
the financial services industry. Bank entry into the insurance business as agent and/or
underwriter is an accomplished fact in Australia, Britain, Denmark, France, Germany,
Ireland, the Netherlands, Spain and other European countries. In other nations with
developed financial markets, regulators, legislators and financial service competitor’s
debate how, when and in what way banks may enter insurance markets.

10. Gidhagen (1998) has made an attempt to develop a conceptual framework from a
relationship perspective for the study of insurance services marketing. Deregulation and
internationalization have created a new, increasingly competitive business climate. The
focus of this research work is on the relationships between insurance companies and their
corporate customers. Interesting analyses include how highly the customers value the
relationship in comparison with the price level of the services offered, the perceived
quality of the exchange relationship, the level of interdependency, mutual trust, and
commitment.

11. Cummins, et al (1998) have examined the relationship among mergers and acquisitions,
efficiency, and scale economies in the US life insurance industry. Authors have estimated
cost and revenue efficiency over the period 1988-1995 using data envelopment analysis
(DEA). According to the findings, acquired firms achieve greater efficiency gains than
firms that have not been involved in mergers or acquisitions. Firms operating with non-
decreasing returns to scale and financially vulnerable firms are more likely to be
acquisition targets. Overall, mergers and acquisitions in the life insurance industry have
had a beneficial effect on efficiency.

12. Peterson (2001) has made suggestions supported by several work samples to help an
evaluator during assessment to determine the skill and aptitude of individuals expressing
an interest in sales related fields. Besides assessing the prospect in the area of sales, the
evaluator will also be able to find other valuable information like communication skills,
body language, ability to read charts, following instruction and retaining information.

16
13. Kundu (2002) assesses different aspects of life insurance business like distribution
channel, regulatory reforms, product innovation and investments. With the entry of new
players in India, new distribution channels like Banc assurance and direct marketing will
see increasing contribution to the industry. Rural sector is a perfect case for mass
marketing and the new private life insurance companies cannot afford to ignore this
market segment. Competition will surely cause the 72 market to grow beyond current
rates and offer varied choices to customers through the introduction of products, services
and pricing options.

14. Cupach William R and Carson James M (2002), in their market study have observed
that agent’s commission structure has been cited as a prime source of ethical conflicts in
insurance sales. Researchers analyzed whether different forms of compensation influence
agent’s recommendations of products. Findings indicated that neither the amount of life
cover nor type of coverage recommended by agents was associated with his
compensation. One interesting observation during the study was that the amount of
coverage recommended was higher when the insured was male than when the insured was
female.

15. Lakshmikutty and Baskar (2003) analyze the distribution channels, in life insurance
industry from the perspective of the socio-cultural ethos. Challenges posed in managing
different channels, to be faced by life insurance companies have been assessed. In
defining a distribution model, its cost effectiveness and its capability to reach a large
section of population are some of the critical aspects to be addressed by the life insurance
companies to be successful in life insurance business, rather than the technology which is
only an enabler.

16. Reiche (2004), has presented analytical information on the development of life insurance
industry in India and compared the domestic industry with the happenings in the other
countries. The life insurance industry of India is firmly positioned in the emerging market
sector, alongside a number of other Asian countries, notably China. Life insurance
markets start more slowly than non-life markets due to lower consumer awareness and
individual income constraints. The author has pointed out that there will be a trend over
time towards unbundling of protection and saving and for less investment guarantees to

17
 be offered by life insurers. Clearly, such developments will not simply happen in
isolation, but will be dependent on the legal and regulatory environment of the country.

17. Roth and Athreya (2005) provide a broad overview of how the micro insurance
programmed works and it places particular focus on the micro-agent as a distributor of
life insurance products. Due to the low value of micro insurance premiums, low cost
distribution is very critical in micro insurance distribution. The benefits and possible
shortcomings of micro insurance distribution strategies are discussed in the paper. While
the micro-agent model holds much promise, the scheme is still too new to be definitively
declared a success or failure.

18. Sinha (2005) has observed that India, with a relatively youthful population from the total
population of over a billion people, is projected to become an attractive insurance market,
globally, in the next decades. This paper also examines the details of evolution of the
insurance act in 1938, which has set the basis for current liberalization of the industry.
The report highlights the importance of the rural sector and analyses the impact of recent
privatization of the insurance industry. The Indian 77 life insurance market is expected to
be at US $ 140 billion in India in the year 2020 based on the GDP growth rate.

19. Varma (2005) starts the paper with a background on the economic situation in 1991 like
precarious balance of payment position, inefficiency plagued public banking system, poor
regulation for financial markets and under-developed debt markets. Significant reforms
introduced in financial market regulation, banking, insurance and capital markets are also
discussed in the work. Throughout this paper, references have been made to the reforms
initiated and unfinished agenda. The most important and urgent task that remains to be
done is that of dismantling the structural and micro regulations that have accumulated
over several decades of a command economy. It is also necessary to make the financial
sector more competitive to realize efficiency gains and to ensure that the consumers
receive the benefits of lower costs, better returns and greater choices.

20. Thomas (2005), analyses in detail the Indian financial system and the need for the
reforms in the early 1990s and the reforms initiated in financial markets, capital market
and banking systems. Reforms in Insurance sector began with the setting up of the

18
regulator, Insurance Development and Regulatory Authority in 1999. The two visible
outcomes are an increase in the number of insurance companies and products available to
the Indian public. Instead of public sector monopolies, over a dozen insurance companies
now compete for customer business in India. In 2004, there was a flow of Rs.60, 000
crore of premium income going into the insurance industry. Of this, as much as Rs.6, 000
crore, or roughly 10%, went back to sales agents. This shows an enormous burden of
sales costs, which detract from the usefulness of these products for customer.

19
 CHAPTER 3

Methodology

Methodology is the systematic, theoretical analysis of the methods applied to a field of study.
It comprises the theoretical analysis of the body of methods and principles associated with a
branch of knowledge. Typically, it encompasses concepts such as paradigm, theoretical
model, phases and quantitative or qualitative techniques.

Objectives of the study

 To know about insurance sector
 To understand the saving protection plan of Birla Sun Life Insurance
 To get an overview of general insurance company
 To understand the SWOT analysis of the organization

Limitation of study
 Due to constraints of time and resources, the study is likely to suffer from certain
limitations
 The study is based on the secondary data and the limitation of using secondary data
may affect the results
 The study is limited to Birla Sun Life Insurance Company

 The study is limited to my experience and knowledge

Method of study
The research is mainly based on the secondary dada but it is supported by the primary
dada. Secondary dada is used to study the plans of Birla Sun Life Insurance. It used to
highlight the saving with protection plan of Birla Sun Life Insurance. The secondary data is
collected from the website of Birla Sun Life Insurance. And the information is also collected
from Wikipedia and the reference books available in the library.

20
Use of the study
We will get the information about insurance of India and about Birla Sun Life Insurance
Company. The study will help to know the product provided by Birla Sun Life Insurance
Company. It also helps to know about the plans and policies of Birla Sun Life Insurance.

21
 CHAPTER 4

DATA ANALYSIS

SAVING WITH PROTECTION PLAN

The purpose of any responsible person's life is to create sufficient wealth and security for the
future. Every person works hard throughout life so that he and his loved ones may enjoy
every material comfort and not want for anything. This often entails compromising on small
joy sin the present to enjoy a good life later. 

But what if there was a way to enjoy a good standard of living and also save
consistently for future use? Birla Sun Life Insurance offers a money back insurance policy
that creates wealth in the form of periodic incremental savings. BSLI savings with Protection
Solutions offers you the chance to steadily save money in small amounts, with the added
advantages of a large life cover and tax free returns on the endowment insurance plan. These
small savings secure your future, and your loved ones can be assured of stability even in your
absence. 

Know more about the money back insurance policies BSLI offers below. Our
financial advisors are at hand to answer your queries.

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Plan Benefit Plan Name
In our life when there is so much uncertainty around us, there’s BSLI Vision Money
nothing more reassuring than knowing that not only is your Back Plus Plan
money safe, but also that you will get more than what you have
invested.
Introducing the BSLI Vision Life Income Plan, a traditional BSLI Vision Life Income
participating whole life plan that helps you to not only plan Plan
your financial goals but also realize your dreams by providing
you with a steady income and whole life cover. With survival
benefits payable every year from the end of the premium
paying term till maturity and a life insurance benefit, this plan
offers a perfect blend of income and financial protection for
you and your family.
Since nothing in life is guaranteed, it is great to find some BSLI Vision Endowment
things that are. Presenting the BSLI Vision Endowment Plan Plan
that offers you the best of both worlds since some things bring
with its promise the reassurance that you get back more than
what you have invested.
Life is full of uncertainties and seldom turns out the way one BSLI savings Plan
expects it to be. We all look for security; whether it is for our
family’s future or for our savings. Given a choice, we would
leave nothing to chance when it comes to fulfilling goals and
securing family’s well-being.
It allows you the flexibility to choose your policy term, enjoy BSLI Vision Life Secure
protection up to the age of 100 years and gain steady growth in Plan
savings over time so that you can relax and enjoy life with
complete peace of mind.
The BSLI Income Assured Plan is suitable for you if your key BSLI Income Assured
objective is secured savings, regular income and Plan
comprehensive financial protection for your family.
With survival benefits payable every year from 5th policy BSLI Vision Regular
anniversary till maturity and life insurance benefit, this plan Returns Plan
offers a perfect combination of liquidity, savings and financial

23
protection of your family.

So by investing in BSLI Vision Endowment plus Plan, your BSLI Vision Endowment
investment can go a long way in building a safe and financially Plus Plan
sound future for your family, today as well as in the years to
come.
The Guaranteed Maturity Benefit is the Maturity Sum Assured BSLI Guaranteed Future
and will depend on the chosen Death Benefit option, premium Plan
paying frequency, amount of premium chosen and the gender
of the life insured.

24
 1. BSLI Vision Money Back Plus Plan

A plan that provides guaranteed regular payouts for life’s regular needs.

How plan works:

Fulfill the dreams and aspirations of your family with the Vision Money back Plus Plan by
Birla Sun Life Insurance. It is a traditional participating plan, which provides you with
regular liquidity to meet your financial requirements along with adequate life cover against
any unfortunate event.

Let’s understand this plan with the help of an example:

Vikas at age 35 chooses to buy BSLI Vision Money back Plus Plan for a policy term of 20
years for a sum assured of Rs. 2, 50,000. Based on his life stage, his annual premium per year
is set at Rs. 26,225 which he has to pay for 10 years. Since he chose to receive the guaranteed
survival benefit every 5th year, he will receive Rs. 37,500 in 5th year. The amount will
increase to Rs. 50,000, Rs. 62,500 and Rs. 1, 00,000 in 10 th, 15th and 20th year respectively.
Total maturity benefit he can expect at the end of a 20 year term at 8% interest will be Rs. 2,
25,000 and @4% Rs. 50,000.
In case of Vikas’s untimely demise, his family will receive the guaranteed death benefit of
Rs. 2, 62,248 plus accrued regular bonus, hence total death benefit paid to the nominee is Rs.
4, 87,248 at 8% interest and Rs. 3 ,12,248 @ $% interest rate.
Note: the rates mentioned above are bound to change in the future

25
How does the plan work?
Step 1: Choose your sum assured
Step 2: Choose the policy term and intervals for regular payouts
Step 3: Choose the premium paying term

Quick View
Entry Age (Age On Last Birthday) 13 – 45 Years
Policy Term 20/24/25 Years
Premium Paying Term 10 Years For 20 Years Policy Term
12 Years For 24, 25 Years Policy Terms
Minimum Sum Assured Rs. 100,000
Premium Frequency Annual, Semi-Annual, Quarterly And
Monthly

Benefits vision money back plus plan:

Guaranteed Survival Benefit

Every 4th or 5the policy anniversary as selected during inception, you shall receive a survival
benefit as a percentage of sum assured. These benefits will continue throughout the policy
term as long as the life insured survives. The regular payouts are a predefined percentage of
sums assured in the following options:

Premium Paying Term / Policy Term

Survival Benefit Year 10 / 20 12 / 24
4th 10% 10%
8th 15% 15%
12th 20% 20%
16th 25% 25%
20th 30% 30%
24th - 35%

Premium Paying Term / Policy Term

Survival Benefit Year 10 / 20 12 / 25
5th 15% 15%
10th 20% 20%
15th 25% 25%

26
 20th 40% 30%
25th - 45%

You can also defer the due guaranteed survival benefit until the time the next guaranteed
survival benefit is due to be paid. The payout will happen only when the guaranteed survival
benefit is due to be paid.

Death Benefit
In the unfortunate event of the death of the life insured during the policy term, the death
benefit payable to the nominee shall be
 Sum assured on death; plus
 Accrued regular bonuses as of date of death; plus
 Terminal bonus (if any)
Sum assured on death is the maximum of sum assured chosen ata inception irrespective of
any survival benefits paid or 10 times the annual premium payable.

Maturity Benefit
In the event the life insured survives to the end of the policy term, we shall pay to you
 Accrued bonuses till date; plus
 Terminal bonus (if any)
The policy shall be terminated once the maturity benefit is paid.

Riders
For added protection, you can enhance your insurance coverage during the policy term by
adding riders for a nominal extra cost.

27
 2 BSLI Vision Life Income Plan

In today’s world with growing responsibilities we try to plan for all of life’s important stages
and milestones. And, to supplement these efforts we sometimes wish for an extra source of
regular income.

How plan works:

In today’s world with growing responsibilities we try to plan for all of life’s important stages
and milestones. And, to supplement these efforts we sometimes wish for an extra source of
regular income. Introducing the BSLI Vision LifeIncome Plan, a traditional participating
whole life plan that helps you to not only plan your financial goals but also realize your
dreams by providing you with a steady income and whole life cover. With survival benefits
payable every year from the end of the premium paying term till maturity and a life insurance
benefit, this plan offers a perfect blend of income and financial protection for you and your
family.

Key features:

 5% of the sum assured guaranteed plus bonus every year after premium paying term.
 Comprehensive financial protection for your family with whole life covers to age 100.
 Premium rebates on high sum assured, annual & semi-annual modes of payment and
ECS (Electronic Clearing System) method of payment.

28
  Access to suitable rider options for added protection, at a nominal extra cost.

 Tax benefits under Section 80C, 80D and section 10(10D) of the Income Tax Act,
1961.

How the plan works:

Step 1: Choose your sum assured
Step 2: Choose your pay mode
Step 3: Choose your riders

Quick View
Entry Age (Age On Last Birthday) 1 – 60 Years
Policy Term Whole Life To Age 100
Premium Paying Term 15 To 40
Minimum Attained Age At End Of Premium Paying Term
Is 18 Or More
Maximum Attained Age At End Of Premium Paying Term
Is 75 Or Less
Minimum Sum Assured Rs. 2,00,000
Minimum Premium Rs. 18,000
Premium Frequency Annual, Semi-Annual, Quarterly, Monthly

Benefits of vision life income plan

Survival benefit
In the event the life insured survives to the end of the premium paying term, the policy holder
will receive accrued bonuses till date. If he/she survives to the end of each subsequent policy
year, he/she will be paid income benefit of 5.0% of sum assured plus bonus from current
policy year.

Maturity benefit
In the event the life insured survives to the end of the policy term, the policyholder will
receive the sum assured and terminal bonus (if any).
Death benefit

29
In the unfortunate event of the death of the life insured during the premium paying term, the
sum assured plus accrued bonuses as on date of death and terminal bonus (if any) will be paid
to the nominee. If the life insured dies after the premium paying term, the nominee will
receive the sum assured plus bonus from current year plus terminal bonus (if any). Sum
assured payable on death/maturity shall never be less than 105% of total premiums paid to
date (excluding any applicable rider premium and/or underwriting extras).

Additional insurance benefits

To enhance protection, BSLI Vision Life Income Plan offers the following riders at a
nominal extra cost.

Tax benefits
As per extant tax laws, this plan offers tax benefits under Section 80C, 80D and Section
10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the
respective sections prescribed therein.

30
 3. BSLI Vision Endowment Plan

BSLI Vision Endowment Plan is suitable for you, if your key objective is secured savings
and providing your family with comprehensive financial protection.

How plan works:

In these uncertain times, there’s nothing more assuring than knowing that your money is safe.
Knowing that you will get more than what you have invested.
With the BSLI Vision Endowment Plan you can secure your savings and provide your family
with comprehensive financial protection. It offers growth in your savings with accrued
bonuses starting from the first policy year and secures your loved ones’ future. With return of
premium along with accrued bonuses on maturity, this plan offers you best of both worlds.
your investment can now go a long way in building a safe and financially sound future for
your family, today as well as in the years to come.

Let’s understand this plan with the help of an example:

Shravan is 35 years old. He wants to secure his family’s financial future should anything
unfortunate were to happen to him. He wants to secure his family’s financial future with and
investment solutions that also offers returns on his investment. He chooses to secure his life
for a 20 years term with the BSLI Vision Endowment Plan.
He chooses a sum assured of Rs. 2, 50,000 and a premium paying term of 10 years in the
annual modes, where his premium is set at Rs.16, 017. Total maturity benefit he can expect at
the end of a 20 years term at 8% interest will be Rs. 3, 75,170 and 2, 25,170 at 4% interest. In
case of death by accident, his sum assured will double, i.e. Rs. 5, 00,000.

31
Note: the rates mentioned above are bound to change in the future.

How the plan works

Step 1: Choose your sum assured
Step 2: Choose your premium paying term
Step 3: Choose your premium frequency
Your premium will depend on the amount of the sum assured you select.

Plan Summary
Entry Age (Age On Last Birthday) 1 – 55 Years
Policy Term 20 Years
Premium Paying Term 7/10 Years
Minimum Sum Assured Rs. 1,00,000
Minimum Premium Rs. 10,000
Premium Frequency Annual, Semi-Annual, Monthly

4. BSLI Saving Plan

32
Presenting, the BSLI Savings Plan. It not only helps you save money regularly but also
enables its steady growth over time. With this plan, you and your loved ones gain peace of
mind and the potential of a secure financial future to meet your financial needs.

How plan works:

Life is full of uncertainties and seldom turns out the way one expects it to be. We all look for
security; whether it is for our family’s future or for our savings. Given a choice, we would
leave nothing to chance when it comes to fulfilling goals and securing family’s well-being.
Presenting, the BSLI Savings Plan. It not only helps you save money regularly but also
enables its steady growth over time. With this plan, you and your loved ones gain peace of
mind and the potential of a secure financial future to meet your financial needs.

Let’s understand this plan with the help of an illustration

Sachin is 35 years old. He wants to secure his family’s financial future should anything
unfortunate happen to him. He chooses to secure his life for a 20 years term with BSLI
Savings Plan. Based on his life stage, his premium per year is set at Rs. 7,267. Total maturity
benefit he can expect at the end of a 20 years term at 8% interest will be Rs. 2, 34,000 and
Rs. 1, 90,000 at 4% interest rate. Plus, he can expect guaranteed additions which are up to Rs.
20,000 from the 5th year onwards. He can also expect guaranteed benefit of Rs. 1, 20,000 at
the end of the policy term.
In case of Sachin’s untimely demise, the death benefit his family can expect will be Rs. 2,
34,000 @8% interest rate and @4% it will be Rs.1, 90,000. The estimated bonuses the policy
will earn are of Rs. 1, 14,000 @8% interest rate and Rs. 70,000 @4% interest rate.
Note: the rates mentioned above are bound to change in future.

33
How to apply
Step 1: Choose the sum assured
Step 2: Decide the policy term
Step 3: Choose the premium payment term

This is the guaranteed sum assured on death and maturity

Sum Assured Band Band 1 Band 2 Band 3

Sum Assured (Rs.) 30,000 to 49,999 50,000 to 1,49,999 1,50,000 to 10,00,000

Quick View
Entry Age (age on last birthday)
Policy Term
Premium Paying Term
Minimum Sum Assured
Maximum Sum Assured
Premium Frequency
18 – 50 Years
10,15,20 Years
For Policy Term 10 Years: Regular Pay
For Policy Term 15 Years: 10years / Regular Pay
For Policy Term 20 Years: 10 Years / 15 Years/
Regular Pay
Rs. 30,000
Rs. 10,00,000
Annual / Semi-Annual / Quarterly / Monthly
(all modes except annual allowed through ECS only)

34
Benefits of Savings Plan
Guaranteed Additions: At the end of each policy year during the first 5 years.

Death Benefit:
In the unfortunate event of the death of the life insured during the policy term, we shall pay
the following to the nominee:
 Guaranteed death benefit; plus
 Accrued regular bonuses as on date of death; plus
 Terminal bonus; if any

Maturity Benefit:
In the event that the life insured survives till the end of the policy term, we shall pay the
following:
 Sum assured; plus
 Accrued guaranteed additions; plus
 Accrued regular bonuses; plus
 Terminal bonus; if any
The policy shall be terminated once the maturity benefit is paid.

Reduced Paid-Up Benefits:

If you stop paying premiums after fully paying for 3 years, your policy will continue on a
reduced paid-up basis.

Auto Cover Continuation:

If you have paid the premiums for 3 years and miss paying any subsequent premium, full
death benefit will continue for 2 successive years (auto cover continuation period) from the
due date of first unpaid premium even though the policy is in reduced paid-up status.

35
Key Advantages:
 Flexibility to choose the sum assured based on your protection and savings need
 Flexibility to choose the policy term and the premium paying term
 Additional sum assured payable in case of accidental death
 Guaranteed additions for the first 5 policy years
 Boost your savings by bonuses starting from the first policy year

 Ability to take loan against policy

36
 5. BSLI Vision Life Secure Plan

One never knows what the future holds. This is why you need to be well prepared to
overcome challenges and achieve goals, no matter what life has in store for you. Here is
where the BSLI Vision Life Secure Plan is designed to provide long term financial security
for you and your family.

How plan works:

Small amounts today, to secure big smiles tomorrow-
Today you are young and you don’t have as many responsibilities. Even then you don’t know
where the money goes as your desires are increasing and you want to lead a good lifestyle
and fulfill your desires. But, tomorrow as your responsibilities and life’s uncertainties
increase, you and your family should not have to sacrifice this lifestyle that you are enjoying
today. So, if you start saving small amount in a disciplined manner today, not only will you
accumulate enough tax free savings for a secure future but also protect yourself against life’s
uncertainties. (Under Section 80C and Section 10(10D) of Income Tax Act, 1961)

Let’s understand this plan with the help of an illustration

Prakash is 30 years old. He wants to ensure that he and his family do not have to scarify the
lifestyle that they are enjoying today. Therefore, if he starts saving in a disciplined manner
today. He chooses to secure his life for a 30 year term with BSLI Vision Life Secure Plan.
Based on his life stage, his premium per year is set at Rs. 30,131.

37
If Prakash survives till the end of the policy term, he can expect a guaranteed maturity
amount of Rs. 8,14,657 plus accrued bonus amount of Rs. 15,03,042 (at the rate 8% p.a.) at
the end of 30 years. The policy continues even after the maturity benefit is paid.
In the unfortunate event of his death during the policy term, his family can expect the
guaranteed death benefit of Rs. 8,14,657 along with the accrued regular bonuses as on date of
death and the terminal bonus ( if any).
Note: The rates mentioned above are bound to change in future.

How to apply
Step 1: Choose the sum assured
Step 2: Choose the policy term

For ease of reference, the sum assured is banded as follows:

Sum assured band Band 1 Band 2 Band 3 Band 4
Sum assured (Rs.) 2,00,000 to 4,00,000 to 6,00,000 to 8,00,000+
3,99,999 5,99,999 7,99,999

Key advantages:
Growth in your savings – enhance your savings by regular bonuses throughout the policy
term starting from the first policy year
Safety to your loved ones – comprehensive financial protection to you and your family up to
age 10

Quick view
38
 Entry age (age on last birthday) 1 – 60 years
Policy term 15 to 35 years
Minimum Attained age at the end of the policy term is 18 years
or more
Maximum Attained age at the end of the policy term is 75 years
or less
Premium paying term Regular pay
Minimum sum assured Rs. 2,00,000
Minimum premium Rs. 12,000 p.a.
Premium frequency Annual, semi-annual, quarterly and monthly

Benefits of Vision Life Secure Plan

Maturity benefit :
In the event the life insured survives till the end of the policy term, the policyholder shall be
paid sum assured, plus accrued regular bonuses, plus terminal bonus (if any). The policy
continues even after the maturity benefit is paid.

Death benefit :
In the unfortunate event of death of the life insured during the policy term, the nominee shall
receive the guaranteed death benefit; plus accrued regular bonuses as on date of death; plus
terminal bonus, (if any). In case of death during this period or survival to the age of 100
years, if earlier, the guaranteed death benefit1 shall be payable. Guaranteed death benefit is
the sum assured or 10 times the annual premium payable, whichever is higher. If the life
insured is different from the policyholder, we shall pay the above death benefit to the
policyholder and the policy shall be terminated once the death benefit is paid.

Customizable benefits :
For added protection, you can enhance your insurance coverage during the policy term by
adding following riders for a nominal extra cost.
BSLI Accidental Death and Disability Rider (CIN: 109B018V02)
BSLI Critical Illness Rider (UIN: 109B019V02)
BSLI Surgical Care Rider (UIN: 109B015V02)

39
BSLI Hospital Care Rider (UIN: 109B016V02)
BSLI Waiver of Premium Rider (UIN: 109B017V02)

Reduced paid-up benefit :

If you discontinue paying premiums after having paid premiums for at least three full years,
your policy will not lapse but will continue on a reduced paid-up basis.

Tax benefits :
As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D)
of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective
sections prescribed therein.

Key advantages
 Growth in your savings – enhance your savings by regular bonuses throughout the
policy term starting from the first policy year
 Safety to your loved ones – comprehensive financial protection to you and your
family up to age 100

40
 6. BSLI Income Assured Plan

You have always understood the necessity of planning for important milestones in life. While
you planned, you may have also wished for an extra income stream that could fund special
moments in your life. Now that is a wish that can come true. See how you can better plan for
your financial goals and realize your financial dreams with BSLI Income Assured Plan.

How plan works:

You carefully map out every stage of your life. As you get closer to realizing the dreams that
your family and you have at each stage, you wish for an extra stream of income to help
realize these dreams more easily. This could easily be made possible with a little planning.
With BSLI Income Assured Plan, we help you plan better and realize your family’s and your
own dreams while achieving your financial goals.

BSLI Income Assured Plan is a traditional non-participating savings with protection plan.
With assured income benefits payable from the end of the premium-paying term till maturity
and life insurance benefit, this plan offers you the perfect blend of monthly income with
financial security for your family.

How does the plan work?

41
You can customize your policy to suit your needs by choosing the pay term and the policy
term. You can choose from the following:
5 years pay term for 15 years policy term
7 years pay term for 17 or 22 year policy term
10 years pay term for 20 or 25 years policy term

How to apply
Step 1: Choose the Sum Assured
Step 2: Choose your pay term and policy term

Quick view:
Entry age (age on last birthday) 8 – 60 years (subject to maximum attained age of
75 years at the end of the policy term)
Premium paying term (PPT) 5 years for 15 years policy term
7 years for 17,22 years policy term
10 years for 20, 22 years policy term
Minimum PPT Attained age at the end of premium-paying term
must be 18 years or more
Maximum PPT Attained age at the end of premium-paying term
must be 65 years or less
Minimum sum assured Rs. 1,00,000
Premium frequency Annual, semi-annual, quarterly and monthly.
(all modes except annual allowed through ECS
only)

Benefits of assured income plan

42
Assured Income Benefit:
In the event of the policyholder surviving till the end of the premium-paying term, the
policyholder will receive:
Option A: assured income of 8.0% of sum assured per annum payable monthly after the
premium paying term till maturity of the policy
Option B: accumulate the assured income and receive it as a lump sum at the end of policy
term. The receivable assured income will be enhanced by 137.5% (for policy terms of 15, 17
and 20 years) and 175% (for policy terms of 22 and 25years)

Guaranteed Additions:
Guaranteed additions will be added to your policy at the beginning of each quarter after the
completion of the premium-payment term, until policy maturity date. Guaranteed additions
per annum as a percentage of sum assured for the various premium paying term are given
below:
Premium-paying term Guaranteed additions
5 years 7%
7 years 8.5%
10 years 10%

Death Benefit:
In the unfortunate event of death of the life insured during the policy term, the death benefit
payable to the nominee shall be:
Sum assured on death; plus
Guaranteed addition accumulated till date of death
In addition, we will also pay the increased receivable assured income (if opted for).
Sum assured on death is the maximum of the sum assured or 10 times the annual premium
(premiums payable in a year) throughout the premium paying term or 105% of the total
premiums paid to date, excluding tax and cess, any applicable rider premiums and
underwriting extras, if any

Maturity Benefit:
In the event that the life insured survives till the end of the policy term, you will receive:
Sum assured on death; plus
Guaranteed additions accumulated till date of death

43
In addition, we will also pay the increased receivable assured income (if opted for).

Tax Benefits:
As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D)
of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective
sections prescribed therein.

Additional Insurance Benefits:

Furthermore, you can enhance your insurance coverage by adding the BSLI Waiver of
Premium rider (UIN: 109B017V02).

44
 7. BSLI Vision Regular Returns Plan

We work hard for our loved ones & strive to provide the best to them. At BSLI we
understand your needs and help you to plan better to achieve your financial goals and realize
your dreams with BSLI Vision Regular Returns Plan, an affordable savings and life insurance
plan.

We work hard for our loved ones & strive to provide the best to them. At BSLI we
understand your needs and help you to plan better to achieve your financial goals and realize
your dreams with BSLI Vision Regular Returns Plan, an affordable savings and life insurance
plan. BSLI Vision Regular Returns Plan is a traditional participating endowment plan. With
survival benefits payable every year from 5th policy anniversary till maturity and life
insurance benefit, this plan offers a perfect combination of liquidity, savings and financial
protection of your family.

Let’s understand this plan with the help of an example

Rahul is 25 years old. He wants to invest his money that offers returns on his investment &
also earn an additional source of Income that can take care of his growing responsibilities in
future. He chooses to secure his life for a 20 years term with the BSLI Vision Regular Return
Plan.
He chooses a sum assured of Rs. 10, 00,000 and his premium is set at Rs.62,109 annually. He
will receive guaranteed survival benefit every year 5 th year onwards as per the defined rate
(refer to the table under survival benefit) starting from Rs. 15,625 to Rs. 1,81,537 in 20 th year
and non guaranteed survival benefit i.e. 6.25% of accrued bonus along with guaranteed

45
survival benefit. At maturity, he can expect to receive Rs. 5, 59,137 at 8% p.a. and Rs.
3,62,477 at 4% p.a. inclusive of total survival benefit and maturity benefit at the end of 20
years term. Plus in case of Rahul’s untimely demise, the total death benefit his family can
expect will be to the tune of Rs. 17, 71,363 at 8% p.a. and Rs.13, 87,227 at 4% p.a.

Key advantages
Growth to your savings – enhance your savings by accrued bonuses starting from the first
policy year.
Easy liquidity at regular intervals – you receive survival benefits every year starting from end
of five years till the end of policy term.
Tax benefits – Under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.
Safety to your loved ones – comprehensive financial protection of your family depending on
your choice of sum assured.

Quick view
Entry age (age on last birthday) 13 – 45 years
Policy term 20 years
Premium paying term Same as policy term
Minimum sum assured Rs. 2,00,000
Premium frequency Annual – for all ages
Semi-annual, quarterly and monthly – for ages less
than equal to 40 years

46
Benefits of vision regular returns plan
Bonuses:
Your policy shall be eligible for accrual of bonuses which are compounding in nature and
might also be eligible for a terminal bonus.

Death benefit:
In the unfortunate event of death of the life insured during the policy term, we shall pay to the
nominee:
Sum assured on death plus
Accrued bonuses as of date of death
Sum assured on death is the maximum of sum assured chosen at inception without any
deductions or 10 times the annual premium payable. The death benefit payable shall never be
less than 105% of total premiums paid to date (excluding any applicable rider premiums
and/or underwriting extras and service tax, if any)

Survival benefit:
Starting from the 5th policy anniversary and on every subsequent policy anniversary till
maturity, you shall receive a guaranteed survival benefit. The guaranteed survival benefit (per
1000 of sum assured) is:
Policy year Guaranteed survival benefit
5 15.6250
6 18.9584
7 22.5298
8 26.3760
9 30.5426
10 35.0881
11 40.0881
12 45.6436
13 51.8936
14 59.0365
15 67.3698
16 77.3698
17 89.8698
18 106.5365
19 131.5365
20 181.5365

47
After you pay premiums for at least 5 policy years, on every policy anniversary you shall
receive:
 Guaranteed survival benefit plus

 Non-guaranteed survival benefit (6.25% of the accrued bonuses)

Maturity benefit:
In the event the life insured survives to the end of the policy term, you will receive accrued
bonuses; less non-guaranteed survival benefits already paid

Customizable benefits:
For added protection, BSLI Vision Regular Returns Plan can be enhanced by the following
riders for a nominal extra cost.
 BSLI Accidental Death And Disability Rider (UIN: 109B018V02)
 BSLI Critical Illness Rider (UIN: 109B019V02)
 BSLI Surgical Care Rider (UIN: 109B015V02)
 BSLI Hospital Care Rider (UIN: 109B016V02)

 BSLI Waiver Of Premium Rider (UIN: 109B017V02)

48
 8. BSLI Vision Endowment Plus Plan

A plan that gives more flexibility to secure life’s important goals

How plan works

In life, when we face so much uncertainty around us, there’s nothing more reassuring than
knowing that not only is your money safe, but also that you will receive more than what you
have invested. With the return of premium along with accrued bonuses on maturity and
protecting your family’s financial security, this plan offers you the best of both worlds.

Hence, by investing in BSLI Vision Endowment Plus Plan, your investment can go a long
way in building a safe and financially sound future for your family, today as well as in the
years to come.

Let’s understand this plan with the help of an example:

Ketan is 35 years old. He wants to secure his family’s financial future with an investment
solution that also offers returns on his investment. He chooses to secure his life for a 20 year
term with the BSLI Vision Endowment Plus Plan. He chooses a sum assured of Rs. 2, 50,000
and premium paying term for 10 years. For this plan, he has a choice of selecting death
benefit options best suited for his family. Based on his life stage and death benefit option A,
his premium per year is set at Rs. 17,509. He can expect Rs. 4, 05,085 as the total maturity

49
benefit at the end of a 20 year term at 8% p.a. and Rs. 2, 22,585 at 4% p.a. He can also expect
guaranteed maturity benefit of Rs. 1, 75,085 at the end of the policy term. In case of Ketan’s
untimely demise, the total death benefit his family can expect will be Rs. 4, 80,000 at 8% p.a.
and Rs. 2, 97,500 at 4% p.a.

If he chooses the death benefit option B, the premium he has to pay is Rs. 18,131. The total
maturity benefit is Rs. 4, 11,308 at the end of a 20 year term at 8% p.a. and Rs. 2, 28,808 at
4% p.a. He can also expect guaranteed maturity benefit of Rs. 1, 81,308 (option B) at the end
of the policy term. The total death benefit his family can expect will be Rs. 6, 05,000 for
option B at 8% p.a. and Rs. 4, 22,500 at 4% p.a.

How the plan works

Step 1: Choose your sum assured

Step 2: Choose your premium paying term

Step 3: Choose your premium frequency

Step 4: Choose the death benefit option

Your premium will depend on the amount of the sum assured you selec

Quick View
Entry age (age on last birthday) 30 days* - 60 years (subject to maximum maturity
age of 70 years)
Policy term 10 – 40 years
Premium paying term 7 / 10 / 15 / 20 years / regular pay
Minimum sum assured Rs. 1,00,000
Minimum premium Rs. 7,000 p.a.
Premium frequency Annual, semi-annual, quarterly & monthly

Benefits of BSLI Vision Endowment Plus Plan

50
Death benefit :

In the unfortunate event of the death of the life insured during the policy term, the death
benefit payable to the nominee shall be

 Sum assured on death; plus

 Accrued regular bonuses as of date of death; plus
 Terminal bonus (if any)

Option A – sum assured on death is maximum of 100% of sum assured or maturity sum
assured (1) or 10 times the annual premium payable

Option B – sum assured on death is maximum of 150% of sum assured or maturity sum
assured (1) or 10 times the annual premium payable

Maturity benefit :

In the event the life insured survives to the end of the policy term, we shall pay to you

 Maturity sum assured (1); plus

 Accrued bonuses till date; plus
 Terminal bonus (if any)

Where maturity sum assured is sum of all premiums payable excluding service tax and cess,
any applicable rider premiums and underwriting extra (if any)

Riders :

For added protection, you can enhance your insurance coverage during the policy term by
adding riders for a nominal extra cost.

Tax benefits :

As per extant tax laws, this plan offers tax benefits under section 80C and section 10 (10D) of
the Income Tax Act, 1961.

51
 9. BSLI Guaranteed Future Plan

Guarantee your family’s financial future, no matter what life has planned for you

We strive hard to ensure that our dreams and aspirations of our loved ones are
fulfilled. Birla sun life insurance guaranteed future plan offers the assurance that your dreams
will be secured under all circumstances. A unique plan designs to help you save for the
significant events in your life such as your child’s education, marriage, your parents’ golden
innings, or even the exotic family holidays that you dream of. This plan ensures that all your
dreams are fulfilled and your family maintains the same lifestyle even when you are not
around.

Salient features of the plan

 Flexibility to choose:
 Premium to be paid every year
 Policy term
 Death benefit option
 On maturity date percentage of premiums ranging from 100% to 160% will be paid
guaranteed
 Tax benefits available under section 80C and 10(10D)

The amount of premium is as per the below band:

Step to buy

52
Give your loved ones the power to dream in just 3 simple steps.

Premium band Band 1 Band 2 Band 3

Annual premium (Rs.) 10,000 to 17,999 18,000 to 29,999 30,000+

Quick view
Entry age 18 to 50 years of age
Policy term 8 to 20 years, subject to max age on maturity : 70 years
Premium paying term Regular pay
Minimum annual premium Rs. 10,000
Premium mode Annual / semi-annual / quarterly / monthly
Sum assured 10 x annual premium

Benefits of guaranteed future plan

Death benefit :

At inception, you have to choose from the following death benefit options:

Option A

In case of the death of the life insured during the policy term, the nominee will receive

 Guaranteed death benefit plus

 No premiums are required to be paid in future plus
 Guaranteed maturity benefit will be payable at the end of the policy term

Option B

In case of the death of the life insured during the policy term, the nominee will receive

 Guaranteed death benefit plus

 No premiums are required to be paid in future plus
 Guaranteed income till the policy anniversary prior to the end of the policy term or a
minimum term of three policy years, whichever is higher irrespective of policy
maturity date plus
 Guaranteed maturity benefit will be payable at the end of the policy term

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Guaranteed maturity benefit :

The Guaranteed Maturity Benefit is the maturity sum assured and will depend on the chosen
death benefit option, premium paying frequency, amount of premium chosen and the gender
of the life insured. The guaranteed maturity benefit will be enhanced by 3% and 1.5% if
premiums are paid in annual and semi- annual mode.

Premium Band 1 Band 2 Band 3

Annua Semi- Quarterl Annua Semi- Quarterl Annual Semi- Quarterly
band/GD
l annual y/ l annual y/ annual / monthly
B option
monthly monthly
Option A 121.95 120.18 118.40% 130.40 128.50 126.60% 134.62 132.66 130.70%
% % % % % %
Option B 116.91 115.20 113.50% 126.59 124.74 122.90% 131.33 129.41 127.50%
% % % % % %

The guaranteed maturity benefit is a percentage of total premiums payable (including all
waived premiums, if any and excluding any premiums paid towards rider benefit/s,
underwriting extra and service tax) shown for male aged 35 years policy term 15 across all
the premium frequency is as follows:

The guaranteed maturity benefit will be paid at the maturity. On the maturity date you may
choose to take this benefit in equal installments over a period of five years, with the first
installment being paid on the maturity date. The five equated annual installments will be
based on the then prevailing conversion rate. The policy shall be terminated once the full
guaranteed maturity benefit is paid.

Rider benefits :

For added protection, you can enhance your insurance coverage during the policy term by
adding riders for a nominal extra cost.

Tax benefits as per extant tax laws, this plan offers tax benefits under section 80C and
section10 (10D) of the Income Tax Act, 1961.

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 CHAPTER 5

FINDINGS AND CONCLUSION

55
Findings
 Saral Health Plan and Dream Child Plan of Birla Sun Life are mostly preferred by
investors.
 Birla Sun Life provides good services and performs at its best & it has got excellent
rating the respondents.
 People says that investment in insurance sector is good
 Most of the people invest due to high interest of the policies in BSLI
 The people have more faith in government companies than private companies
 Birla Sun Life Insurance is among the top ranked insurance company in the private
sector.
 The company is running successfully because of good selection procedure, training
programs and motivational tools.
 Birla Sun Life Insurance is successful with ethics. They require business but never
misled public.
 They claim to follow all the rules and regulations issued by the company.
 The company uses various motivational tools to motivate sales personnel and sales
force. Rewards and recognition facilitation and internal competition are the
motivational tools the company generally uses.

Suggestion

 Information regarding new product should be provided to the customers.

 The company should find out the number of people who are not having
any of the insurance plans through an intensive market research and
motivate them to get insured.
 At some level company should provide information to the customer about
the charges of the policy.
 Company should target each and every class of the society.
 Charges should be low of the policies.
 Annual premium should be reasonable.
 BSLI Company should work in systematic way.

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Conclusion
 Role in everyone’s life lot more than ever before life currently there is a
comprehensive range of products covering each type of policy available in the market.
We have studied various insurance plan covered under BSLI, and their features. BSLI
also gives various Riders, which provides extra benefits to the customers. And we
came to know about the pioneering features of BSLI, like sales procedure, SIP, etc.
 People have more policies of LIC in comparison to BSLI. People have more faith in
government companies than private. So it is necessary for BSLI Co. that it should
give more attention to that points or that areas where it lacks for further future growth.
Insurance sector is very wide and company can grow in future.
 Birla Sun Life Insurance (BSLI), one of the largest private life insurers, is gearing
itself to take advantage of the vast rural opportunity that has opened up as a result of
the revised definition of rural areas by the IRDA. Over the last four years, BSLI has
painstakingly built its rural infrastructure to create a cost-effective distribution
network across the county.
 While most insurance plan blocks money for certain period of time, a BSLI plan gives
the double benefit of life insurance along with easy liquidity through lump sum cash.
 Some potential Indian entrants into insurance hope to ride their existing distribution
networks and customer bases. For example financial organizations like ICICI, HDFC
or Birla intend to tap the thousands of customers who already buy their deposits,
consumer loans or housing finance. Other hopeful entrants anticipate specific
alliances such as with hospitals to provide health cover.

CHAPTER 6

57
 BIBLIOGRAPHY

1. Wikipedia

2. www.google.com

3. http://insurance.birlasunlife.com

4. http://www.birlasunlife.com

5. Kothari C.R. (1990) Research Methodology : Method and Techniques

6. Company brochure

7. Thakur Devendra, Research Methodology, Deep & Deep Publication Pvt.

Ltd., 2005 

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