Highlights
Low cost life cover
Refunds premium on maturity or death
Choice of maturity benefits
Peace of mind and security can come only from the right kind of financial planning.
We, at Birla Sun Life Insurance, take great pleasure in presenting our Birla Sun Life Insurance Premium Back Term Plan. A unique Term Plan that offers you an assured sum throughout the specified term. Unlike other term plans, this one returns the entire amount of premium that you pay over a period of time. Moreover, this is a low cost insurance plan. So opt for our Birla Sun Life Insurance Premium Back Term Plan and rest assured, money will be the least of your worries tomorrow.
Unique Features
You get insurance cover throughout the term of the plan at a reasonable cost.
On maturity, the total premiums paid over the term, will be paid back to you.
You have the option to choose from two versions of our plan -100% Premium Back (PB) or 125% Premium Back (PB)*.
In the event of death, the coverage face amount along with the premiums paid till date will be paid back to your nominee.
| Benefits | 100%PB | 125%PB |
| Death | Coverage Face Amount + 100% PB (Paid till date) | Coverage Face Amount + 100% (PB) (Paid till date) |
| Maturity | 100%PB | 125%PB |
The Plan
Minimum Coverage Face Amount
The minimum coverage face amount of the plan is Rs.2,00,000/-
Term (benefit period) of the Birla Sun Life Insurance Premium Back Term Plan
The benefit periods available for the 100% Premium Back (PB) plan are 10, 15 and 20 years. The benefit periods available for the 125% Premium Back (PB) plan are 15 and 20 years.
Minimum Age at entry
To purchase this plan, you should be 18 years or above of age.
Maximum Age at entry
You should not be more than 50 years of age for the 20 year term plan and 55 years for the 10 and 15 years term plan.
Maximum Age at Maturity
The maximum maturity age is 70 years.
Surrender Value
The surrender value is available and it varies with the payment term as well as the policy year in which the plan is surrendered.
Tax Benefits
As per the current laws, the benefit paid under the policy are entirely tax free under section 10 (10 D) and the premium paid by you also enjoy the tax benefit under section 80 C of the Income Tax Act, 1961
Riders
You have the choice of three riders – Accidental Death and Dismemberment, Critical Illness and Waiver of Premium.
Premium paying period
The premium paying period is throughout the benefit period.
Premium paying frequency
You could pay the premium on an annual, semi-annual, quarterly or monthly basis.
You can avail of the Electronic Clearing Service (ECS) for paying your premiums. It is a very convenient method of paying your premiums through an electronic debit to your bank account.
* All the premiums paid back on Maturity or at death exclude any rider/extra premiums paid.
Disclaimer
As per budget announcements – February 05 of the finance ministry, there are amendments to Section 80 CCC, Section 80 L and Section 88; The amendments will come into effect when the finance bill is approved by parliament. Kindly make note of the same.
Section 41 of Insurance Act :No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate or the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer.
