Skip to main content

Birla Sun Life New Term Plans - Birla Sun Life Protector and Birla Sun Life Protector Plus



In line with the trend of insurance companies, over the past few months, increasing their focus on traditional endowment and term insurance plans, Birla Sun Life Insurance added two pure protection covers – Birla Sun Life Protector and Birla Sun Life Protector Plus to its portfolio recently.


These are pure terms plans — that is, they offer no maturity benefit to the policyholder if s/he survives the term. However, term cover is deemed as a must-have for individuals, as it is the cheapest form of life insurance and serves its fundamental purpose – of providing for the insured's dependants financially in the event of his/her demise.


The characteristics of both the variants (Protector and Protector Plus) are largely similar. While Birla Sun Life Protector is for those looking for a cover of between . 5 lakh and . 49,99,999, Protector Plus offers cover beyond this limit. There is no upper limit on the sum assured under Protector Plus, but it would depend on the company's underwriting guidelines.


Both plans offer the option of increasing the sum assured every year. The riders attached to the products are similar as well — critical illness, accidental death and disability, hospital care, surgical care and waiver of premium. Insurance seekers can choose policy tenures of between five and 30 years.


The key difference between the two plans, apart from the amount of cover provided, is the discounts in premiums, which are linked to the insurance-seeker's health. While women have to pay lower premiums than men in both the plans, Protector Plus rewards nonsmokers for maintaining a healthy lifestyle.

Under Birla Sun Life Protector, a 35-year-old male will have to shell out an annual premium of . 4,920 for a . 20-lakh sum assured (level) for a 20-year tenure; a woman, on the other hand, will have to pay a premium of . 4,170 for the same cover, provided all the other parameters are the same. Likewise, under Protector Plus, the annual premium for a 35-year-old male (smoker) for a cover of . 1 crore will be . 21,150 (. 16,900 for men staying away from tobacco), while a woman will have to pay . 17,100 (. 13,850 for non- smokers).

UPSIDE:

Term plans offer the cheapest way of ensuring dependants are taken care of in the event of the death of the insured. Hence, they are recommended by all financial planners as a must-have.

DOWNSIDE:

Underwriting norms followed could be very stringent, which means that not everyone who can afford the premium can hope to buy the policies, specifically Protector Plus, since it leans heavily on the insurance-seekers' state of health.
 

-----------------------------------------------------------------

 

Also, know how to buy mutual funds online:

 

Invest in DSP BlackRock Mutual Funds Online

 

Invest in Reliance Mutual Funds Online

 

Invest in HDFC Mutual Funds Online

 

Invest in Sundaram Mutual Funds Online

 

Invest in Birla Sunlife Mutual Funds Online

 

Invest in UTI Mutual Funds Online

  

Invest in SBI Mutual Funds Online

 

Invest in Edelweiss Mutual Funds Online

 

Invest in IDFC Mutual Funds Online

 

 

Popular posts from this blog

ULIP Review: ProGrowth Super II

  If you are interested in a death cover that's just big enough, HDFC SL ProGrowth Super II is something worth a try. The beauty is it has something for everybody — you name the risk profile, the category is right up there. But do a SWOT analysis of the basket, and the gloss fades     HDFC SL ProGrowth Super II is a type-II unit-linked insurance plan ( ULIP ). Launched in September 2010, this is a small ticket-size scheme with multiple rider options and adequate death cover. It offers five investment options (funds) — one in each category of large-cap equity, mid-cap equity, balanced, debt and money market fund. COST STRUCTURE: ProGrowth Super II is reasonably priced, with the premium allocation charge lower than most others in the category. However, the scheme's mortality charge is almost 60% that of LIC mortality table for those investing early in life. This charge reduces with age. BENEFITS: Investors can choose a sum assured between 10-40 times the annualised premium...
Read more

Section 80CCD

Top SIP Funds Online   Income tax deduction under section 80CCD Under Income Tax, TaxPayers have the benefit of claiming several deductions. Out of the deduction avenues, Section 80CCD provides t axpayer deductions against investments made in specific sector s. Under Section 80CCD, an assessee is eligible to claim deductions against the contributions made to the National Pension Scheme or Atal Pension Yojana. Contributions made by an employer to National Pension Scheme are also eligible for deductions under the provisions of Section 80 CCD. In this article, we will take a look at the primary features of this section, the terms and conditions for claiming deductions, the eligibility to claim such deductions, and some of the commonly asked questions in this regard. There are two parts of Section 80CCD. Subsection 1 of this section refers to tax deductions for all assesses who are central government or state government employees, or self-employed or employed by any other employers. In...
Read more

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...
Read more

How to Pick Top Performing Mutual Fund Schemes

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   How to Pick Performing Schemes  Funds that continue to stay in the top grade of performance over longer periods are the ones to bet on, advise investment experts   The mutual fund performance charts of the past few months make for an impressive reading. Funds across all categories boast of stellar returns. Sample this: The mid and small cap category has averaged 77 percent return over the past 12 months, with the best fund delivering a staggering 120 percent. The tax-saving funds also average an impressive 51 percent, including a fund which has soared 92 percent. Many of the table-toppers are funds of proven quality and track record. However, there are also schemes that are not that well-known. Some of these have rarely made it to the performance charts in the past, yet, of late, they bo...
Read more

Bharat Bond ETF

Top SIP Funds Online   The government of India has paved the way for the launch of India's first corporate bond ETF called as Bharat Bond ETF. Edelweiss Mutual Fund will be managing it. The fund is mandated to invest in AAA-rated bonds of select public sector companies (see the table 'List of constituents and their proportions in the portfolio'). The government has a threefold objective behind launching this product. One, to deepen the liquidity of the Indian debt markets and provide a gateway for easy retail participation. Two, to solve investors' dilemma of picking premium bonds. Lastly, to help the underlying government-owned companies raise funding for their operations. But does it make sense for you, the investor, to invest in it? Lets find out. What is the product? As the name suggests, it is an exchange-traded fund which will be listed on a stock exchange from where its units can be bought and sold post launch. It will have two variants - one maturing in 3 ye...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now