Kotak Lifetime Income Plan
BSLI Savings Plan is a traditional participating savings plan which aims to build a strong corpus over time to take care of the policyholder and his family
It is a participating plan with limited and regular premium payment option
There is an inbuilt Accidental Benefit Rider
Guaranteed Additions are added in the first 5 policy years
Simple reversionary bonus, Interim Bonus and terminal bonus add to the corpus.
Details About Premium
Annual premium in Rupees for a 35 year old male with a term and PPT of 20 years and SA 1 lakh
Grace Period: 15 days grace period is allowed for premium payment in monthly mode and 30 days in annual and half-yearly mode. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 3 full years premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.
GSV = (GSV % of Premiums paid + GSV% of vested Bonuses + GSV% of accrued Guaranteed Additions
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.
Loan is available under the plan with a minimum amount of Rs.5000 and maximum of 85% of the Surrender Value
Additional Features or Riders
Rebates in premium for choosing annual mode @ 3%
If 3 full premiums are paid and subsequent premiums are missed, the policy continues with full insurance cover for 2 years under the Auto Cover Continuation feature
In case of suicide committed within 12 months of policy inception or revival only the premiums paid or the Surrender Value is refunded
In case of accidental benefit rider, accidents due to service in the army, self-inflicted injury, alcohol abuse, aviation, acts of criminal nature, war or terrorism, participating in hazardous activities, etc. are excluded