Birla Sunlife Insurance Secure 58 Plan

BSLI Secure 58 Plan

After working hard your whole life, money should be the last thing you have to worry about when you retire. It’s your time to relax and enjoy the fruits of your work.With BSLI Secure 58, you can be rest assured that you have a guaranteed corpus of funds at the threshold of retirement, plus the accumulated survival benefit that you collect over the years.
Guaranteed Vesting Benefit
On the vesting date of your choice, you receive an amount which is guaranteed right at the beginning, you have to just ensure that you have paid your premiums regularly. This amount depends on your age at entry and the number of years for which your money is accumulated before it is paid back to you.
Growth In Savings
In addition to the Vesting benefit that you will receive on vesting, this plan also enables you to earn a survival benefit. This is an amount of money that you may earn at the end of every policy year from the 3rd year onwards.You will receive this amount either on vesting or surrender, or in the unfortunate event of your death during the term of the policy.
Freedom To Choose Your Annuity
On the vesting date of your policy, you will receive the guaranteed vesting benefit as well as the survival benefit. You can use this lump sum amount to purchase an annuity (a product which gives you a regular income during your retirement) from BSLI or any other insurance company.You also have the option to encash upto 1/3rd of the lump sum that you receive on vesting and use the remaining 2/3rd to purchase a regular stream of income for your retirement. The money that you encash will be tax free in your hands, as per the current income tax laws.
Freedom To Access Your Money When You Need It
Retirement may be a long way off and Birla Sun Life Insurance understands that you may face an emergency during which you may require your money.To accommodate this need, the plan allows you to use the money that is accumulated in your survival benefit balance to:
Make cash withdrawals, subject to a minimum of Rs. 5,000
Offset future premiums, provided your accumulated survival benefits are higher than your annual premium
More Benefits
Protection to your family: In the unfortunate event of the death of the policyholder, the nominee will receive the higher of:75% of the base premium and all renewal base premiums paid.
The surrender value (or the Guaranteed Vesting benefit) at that time plus all accumulated survival benefits.
Plan Summary
Entry Age 18 years to 80 years
Vesting Age 10 years –40 years from entry age
Maximum vesting age is 90 years
Premiums Minimum: Rs. 9,600 per annum You can choose your annual base premiums only in multiples of Rs. 1,200
Premium Paying Frequency Annually, half yearly, quarterly or monthly, as per your convenience
Tax Benefit Under Section 80CCC and 10(10A)
Premium and Survival Benefit Bands Link to your annual base premiums explained below
Annual Premium Band Annual Base Premium Range Survival Benefit
Band 1 Rs. 9,600 – Rs. 18,000 Base Survival Benefit
Band 2 Rs. 19,200 – Rs. 37,200 5% extra over Base Survival Benefit
Band 3 Rs. 38,400 onwards 7% extra over Base Survival Benefit


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