Birla Sun Life Insurance revises rates on term plan
Our
Banking Bureau
22 October 2002
Mumbai: Birla Sun Life Insurance (BSLI) announced new rates on its term plan and term riders with benefits for existing customers also.
Birla Sun Life Insurance will now offer rates under more bands (of sum assured). Earlier the company offered two bands: Rs 2-7 lakh and Rs 7 lakh and above. Now BSLI will offer four bands: Rs 2-5 lakh, Rs 5-10 lakh, Rs 10-25 lakh and Rs 25 lakh & above.
1. For new customers:
Term
plan with 20-year term for male age 30 years:
(Premium per Rs 1,000 face amount)
|
Sum
assured band
(Rs
in lakh)
|
Old rate | New rate |
| Band 1 (2 - 4.99 ) | 4.41 | 4.41 |
| Band
2* (5 - 6.99) (7 - 9.99) |
4.41
|
3.21 |
|
3.41
|
3.21
|
|
| Band 3 (10 - 24.99) | 3.41 | 2.71 |
| Band 4 (25 & above) | 3.41 | 2.41 |
Impact of new rates in premium terms
| Band
(Rs in lakh) |
Sample
sum assured |
Old premium | New premium |
| Band 1 (2 - 4.99 ) | 3,00,000 | 1623 | 1623 |
| Band 2* (5-6.99) (7-9.99) | 5,00,000 | 2505 | 1905 |
|
7,00,000
|
2687
|
2547
|
|
| Band 3 (10-24.99) | 10,00,000 | 3710 | 3010 |
| Band 4 (25 & above) | 25,00,000 | 8825 | 6325 |
2.
For existing customers
Normally the benefit of new premiums only applies to new
customers after the date of change in rates, but BSLI
has decided to apply the new rates for all existing term
plan and term rider customers as well. The existing customers
will benefit in the form of higher sum assured (death
benefits) with no requirement for additional medical evidence.
