Birla Income Security Plan: Everyone wants to secure their family’s future, both financially and emotionally. Imagine a future where your family’s financial well-being is guaranteed, no matter what life throws at you. To turn this vision into reality, a life insurance policy is essential. And one such policy that can help you achieve this is the Birla Income Protection Plan.
Birla Income Security Plan
It is designed to provide financial security to your loved ones in the event of your untimely demise. This plan offers two unique income options – a fixed, steady stream of income or a growing, inflation-adjusted income, which is paid monthly or annually to your family members until the policy matures. The plan ensures that salaried policyholders can provide a comfortable, worry-free life for their loved ones in their absence.
How does the plan work?
Suppose you are 30 years old, earn an annual salary of Rs 10 lakhs, and purchase the Birla Income Suraksha plan with a term of 40 years, up to the age of 70. If anything happens to you during the first year of the policy, the plan guarantees that your family will receive a minimum amount based on your income plan every year till the maturity date of your policy. For example, if you selected a plan that offers Rs 10 lakhs per year, your family would receive this amount every year till the maturity of the policy. The sum insured in this case would be calculated as follows:
Minimum amount (as per your income plan) x years to maturity after death = Sum Assured.
Here, 10,00,000 x (70-30) = sum insured
10,00,000 x 40 = 4,00,00,000
However, in the event of the death of the insured, payment is guaranteed for at least 10 years to family members.
Minimum amount (according to your income plan) x 10 = Sum insured
Here, 10,00,000 x 10 = 1,00,00,000
This feature ensures that even if you die a day before your policy expires, your family will receive a minimum for the next 10 years, regardless of the maturity date. Payment is available both monthly and annually.
Birla Income Suraksha Scheme: Additional Features
The Birla Income Suraksha plan is tax-exempt and offers a substantial sum assured at a competitive price similar to that of a regular term plan. For example, you can get a sum assured of Rs 40 crore (based on Rs 10 lakhs per year for 40 years) for the premium cost of a plan that normally offers Rs 120 crore.
The plan also includes an inflation-adjusted income feature. This ensures that the income your family receives increases by 5 percent compounded annually until it reaches 1.5 times the original amount. For example, if you choose an initial amount of Rs 10 lakhs, it could increase to Rs 15 lakhs over time.
Additionally, the plan offers a special 7% discount for the first year for salaried customers and an additional 2% discount for women. A continuous 4% discount on online purchases is also available during the validity of the plan.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.