Private insurer Birla Sun Life Insurance launched a life insurance plan today, called the Vision LifeSecure Plan which offers a combination of regular bonuses throughout the policy term and a life insurance benefit until the age of 100.
"The overall life expectancy across age groups has grown, with the average longevity per person improving. With benefits payable on maturity and a life cover beyond the term of the policy up to 100 years of age, Vision LifeSecure Plan offers a combination of savings and comprehensive financial protection to you and your family," Birla Sun Life Insurance Managing Director and CEO Jayant Dua said in a release.
Vision LifeSecure Plan offers maturity and death benefits, including regular accrued bonuses and terminal bonus, if any, besides providing the flexibility to choose the sum assured and the policy term, at inception.
In the event the insured person survives until the end of the policy term, a maturity benefit is payable to the policyholder.
The cover will continue till the insured person attains 100 years of age. In case of death during this period, or survival until 100 years (whichever is first), a guaranteed death benefit is payable.
The policy also offers a simple revisionary bonus at the end of each financial year during the policy term, which would be added to the policy on its anniversary.
The company may also pay a terminal bonus on maturity or death, if earlier, based on actual experience and prevailing economic conditions.
Birla Sun Life Insurance is a joint venture between the Aditya Birla Group and Sun Life Financial Inc, one of the leading international financial services organisations in Canada.