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Review of BSLI Platinum Advantage Plan

IndianMoney.com Research Team | Posted On Thursday, November 18,2010, 06:33 PM

5.0 / 5 based on 1 User Reviews

Review of BSLI Platinum Advantage Plan

 

 

BSLI Platinum Advantage Plan

BSLI Platinum Advantage Plan is a ULIP Plan which gives you the advantage to choose from 2 Investment Options;

  • Guaranteed Option

  • Self-Managed Option

With the Guaranteed Option your investments in the Platinum Advantage Fund are safeguarded from any downsides in the capital markets. And you also have options to enhance the financial security of your loved ones, at a nominal additional cost. Here you have the option to choose the Basic Premium you want to pay annually for 5 year. Also you can choose from a range of riders and safeguard your family's financial future.

BSLI Platinum Advantage Plan Full Details

Minimum Age at Entry

8 years

Maximum Age at Entry

70 years

Policy Term

10 years

Premium Payment Term

5 years

 

Minimum Premium

Annual - Rs. 25,000

Monthly - Rs. 25,000

Quarterly - Rs. 25,000

Semi-annually - Rs. 25,000

 

Premium Payment Frequency

Monthly

Quarterly

Semi-annually

Annually

Minimum Sum Assured

10 x Basic Premium for entry ages below 45

7 x Basic Premium for entry ages 45 and above

Enhanced Sum Assured

Minimum Rs. 50,000

Entry Age 18 to 65 years

Benefits of BSLI Platinum Advantage Plan

Maturity Benefit

You will receive the Fund Value at maturity. In addition, you will receive an amount equal to the number of units in Platinum Advantage Fund if you have opted for Guaranteed Option.

Death Benefit

In the unfortunate event of the death of the life insured prior to maturity, company will pay to the nominee the greater of (a) the Fund Value as on date of intimation of death or (b) the Basic Sum Assured reduced for partial withdrawals.

Death benefit shall never be less than 105% of total premiums paid to date less any previous partial withdrawals.

Surrender Benefit

In case of emergency fund requirements, you can surrender your policy after the completion of five policy years, and receive the Fund Value at that time.

Top-Up Premium

If you wish to increase your investment in the policy, you have the freedom to invest additional amounts to your premium as Top-up premiums, anytime during the policy term. In case of Guaranteed Option, you are allowed to Top-up your investment after first 3 policy years.

Partial withdrawals

You can make unlimited partial withdrawals to meet any financial emergencies.

Policy Loans

You can meet your financial needs by availing of a loan on your policy

BSLI Platinum Advantage Plan Charges

A premium allocation charge is levied on the Basic Premium when received

Policy Year

Charges

1st Year

7.50%

2nd Year

6.50%

3rd Year

5.00%

Top-up premium

2.00%

Fund Management Charge

The daily unit price of the investment fund is adjusted to reflect the fund management charge.

Fund Name

Charges

Income Advantage

1.00%

Assure

1.00%

Protector

1.00%

Builder

1.00%

Enhancer

1.25%

Creator

1.25%

Magnifier

1.35%

Maximiser

1.35%

Multiplier  

1.35%

Super 20

1.35%

Platinum Advantage Fund

1.50%

In Platinum Advantage Fund, 0.30% of Fund Management Charges is to provide the investment guarantee.

Company may change the fund management charge under any investment fund at any time in the future subject to IRDA approval.

Policy Administration Charge

Policy Year

Charges

1 – 5

Rs. 20 per month

6

Rs. 25 per month

To put in words, policy administration charge is Rs. 20 per month for the first five policy years. It shall increase to Rs. 25 per month in the sixth year and inflate at 5% p.a. thereafter.

This charge is levied monthly by canceling units proportionately from each investment fund you have at that time.

Policy Discontinuance charges

The discontinuance charge is as follows;

Policy Discontinued

For AP of Rs. 25,000 or more

In Policy Year 1

Lower of 6% of AP, 6% of FV, Rs. 6,000

In Policy Year 2

Lower of 4% of AP, 4% of FV, Rs. 5,000

In Policy Year 3

Lower of 3% of AP, 3% of FV, Rs. 4,000

In Policy Year 4

Lower of 2% of AP, 2% of FV, Rs. 2,000

In Policy Year 5

Nil

Re-direction, Fund switch and Partial withdrawal Charges

Rs. 50 per request is charged for premium re-direction, fund switch and partial withdrawal. However the company reserves the right to charge up to Rs. 500 per request in the future.

Policy Revival Charges

Presently Rs. 100 is charged per policy revival. Company may increase this charge in the future subject to a maximum of Rs. 1,000 per revival.

Any increase in these charges will be subject to IRDA approval.

See Also: ULIP Charges in India

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