Bluechip Savings Insurance Plans
Introduction/Overview Bluechip Savings Insurance Plan is a traditional participating Endowment Plan which also promises guaranteed additions to increase the corpus. It also provides life insurance coverage along with the savings feature Key Features It is a traditional participating Endowment plan with limited and regular premium payment option Guaranteed Additions are fixed at 7% of the Sum Assured and accrue every year of the Premium paying term The death benefit multiple used to calculate the death benefit payable is available under 2 options and the choice depends on the entry age, PPT and policy term
Details About Premium Annual premium in Rupees for PPT 7 years and SA 1 Lakh Policy Details Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the plan. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions The policy provides loan @ 80% of Surrender Value Additional Features or Riders The plan provides 6 riders to aid customization. They are: Reliance Term Life Insurance Benefit Rider Reliance Major Surgical Benefit Rider Reliance Critical Conditions (25) Rider Reliance Family Income Benefit Rider Reliance Accidental Death & Total and Permanent Disablement Rider (Regular Premium) Reliance Accidental Death & Total and Permanent Disablement Rider (Limited Premium) Exclusions If suicide is committed within 12 months of policy commencement, 80% of premiums paid are refundable and if committed within 12 months of policy reinstatement, higher of 80% of premiums paid or acquired Surrender Value is payable
On Maturity the Guaranteed Sum Assured on Maturity is payable which is equal to basic SA including accrued Guaranteed Additions @ 7% and vested Simple Reversionary Bonuses On death, the nominee gets higher of the SA on death and vested Simple Reversionary Bonuses if any subject to a minimum of 105% of all premiums paid till death Sum Assured on death is the higher of : Annual Premium * Death Benefit Multiple (7 or 10 depending on age, term and PPT) Basic SA Guaranteed SA on Maturity Income tax benefit on the premium paid as per Section 80C and on the claim received as per Section 10(10D) of the Income Tax Act.