Birla Sun Life Online Term Insurance: Birla Sun Life Easy Protect

With the changing dynamics how insurance is viewed as a financial product and proliferation of large number of insurance comparison websites like myinsurancebazaar.com Insurance companies are now forced to offer a different set of products for this new age customer. Birla Sun life Easy Protect product is a term insurance product which is specifically made for people buying term plans online. As in case of all online term Insurance plans, the Birla sun life policy is quite different from its offline peers which you can only buy offline agents and advisors .On the other hand the premiums are also quite cheaper for this online plan because of the reasons like

  1. Online customers are perceived as less risky which reduces the cost of risks which is part of the premium that you pay
  2. The claim settlement process comes with no hassles and is quite similar to the offline counterpart though you are paying a low premium
  3. When looking for a higher sum assured online term Insurance policy becomes more effective because you always pay a lower premium compared to a offline policy for the same amount of sum assured.

Key features of Birla sun life online term plan:

  1. The policy offers two types of plan options : 1) Level term assurance and 2) Increasing term insurance
  2. Minimum sum assured one can apply is Rs.50, 00,000 and there is no maximum limit.
  3. The minimum and maximum age to apply for this policy is 5 and 55 years respectively
  4. One can apply for a minimum term of 5 years and the maximum term is 30 years.

Options available:

You can apply for two forms of option under this policy depending on the need. Under option 1 you can apply for a sum assured which will remain stable during the period of policy whereas option 2 provides for option where the policy holders can increase the cover under the policy every year. The various options offered are called:

  1. Level term Insurance: This option is quite similar to the traditional offline policy and the only difference that make it more favorable for insurance buyers in the price that they pay for premium.
  2. Increasing term assurance: This is a quite interesting feature which Birla sun life online term policy is offering. The feature is quite apt for a situation like today where the cost of living is increasing every year life due to inflation and so is the future price of your responsibilities. The policyholder under this option can opt to increase the value of sum assured by 5% to 10% year without increase in the cost of premium. Stability in premium with rising sum assured make it a interesting policy for every person.

Birla Sun life online term policy is an apt insurance policy for people specifically looking for term insurance plan. Other than the unique sum assured options available to the policy holder it also offer tax benefits under section 80 C on the premium that you pay every year.

 

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