Birla Sun Life Insurance-Wealth Secure Plan
Birla Sun Life Insurance-Wealth Secure Plan
BSLI Wealth Secure Plan is a Whole Life Unit Linked Insurance Plan (ULIP). It is a Non-Traditional Plan without Bonus Facility for the Whole Life.
Key Features
This is a Whole Life Unit Linked Insurance Plan without Bonus Facility
The Guaranteed Additions are received -
- From the 10th policy anniversary and thereafter every 5 years, there is a Guaranteed Addition of 2.50% of the Basic Premiums paid in the last 60 months.
- And from the 11th policy anniversary there is a Guaranteed Addition of 0.25% of the average Fund Value in the last 12 months.
There are 3 Investment Strategies in this policy
- Life Cycle Option- individuals who would like their investments to alter over time based on their age and risk profile since the risk appetite decreases with age
- Systematic Transfer Option- for individuals who would like to eliminate the need to time one's investments in the market so that the market volatility does not affect the maturity proceeds
- Self-Managed Option- where the investment is managed by the policyholder
There are 5 riders available in this policy
- BSLI Accidental Death and Disability Rider
- BSLI Critical Illness Rider
- BSLI Surgical Care Rider
- BSLI Hospital Care Rider
- BSLI Premium Waiver Benefit Rider
There are 3 Investment Strategies in this plan
- Life Cycle Option- where the Funds are moved from the Maximiser Fund(i.e. 100% Equity exposure) to the Income Advantage Fund(100% Debt exposure) as age increases. The initial exposure depends upon the risk appetite selected as Aggressive, Moderate or Conservative.
- Systematic Transfer Option- where 1/12th of the Fund moves from the Liquid Plus Fund to any other funds selected on a pre-specified date of the month such that regular transfer can ease out the market volatility and safeguard investment
- Self Managed Option- There are 13 investment fund options:
- Liquid Plus
- Income Advantage Fund
- Assure Fund
- Protector Fund
- Builder Fund
- Enhancer Fund
- Creator Fund
- Magnifier Fund
- Maximiser Fund
- Multiplier Fund
- Super 20 Fund
- Pure Equity fund
- Value Fund
- Momentum Fund
Benefits
In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher as Death Benefit.
Being a Whole Life Plan, there is no Maturity Benefit.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Proceeds are Tax Free under section 10(10)D subject to fulfilment of all requirements.
The Minimum Top Up premium amount is Rs 5000 and the Basic Sum Assured increases automatically.
Unlimited Switches are allowed in this plan but with a minimum charge. The minimum Switching amount is Rs 5,000.
How it works
In this plan, premium needs to be paid for a Limited Period while the policy continues for the whole life.
Eligibility
| Minimum | Maximum | |
| Basic Sum Assured (in Rs.) | The higher of 10 or (70 –Age at Entry)/2, for entry ages < 45 yrs or The higher of 7 or (70 –Age at Entry)/4, for entry ages >= 45 yrs |
|
| Policy Term (in years) | Whole Life | |
| Premium Payment Term (in years) | 5 | 30 (Maximum Age of 70 yrs) |
| Entry Age of Life Insured (in years) | 18 | 60 |
| Age at Maturity (in years) | - | Whole Life |
| Premium (in Rs.) | 15000 | No Limit |
| Payment modes | Yearly, Half-Yearly, Quarterly or Monthly | |
FAQs
What if I stop paying the premium before 5 years?What if I stop paying the premium after 5 years?If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
What if I want to surrender the policy?What if I want a loan against your policy?Policy Loan is not allowed under this plan.
