Birla Sun Life Insurance-Wealth Assure Plan
Birla Sun Life Insurance-Wealth Assure Plan
BSLI Wealth Assure Plan is a Limited Pay Unit Linked Insurance Plan. It is a non-Traditional Plan without Bonus facility.
Key Features
The Premium Paying Term in this plan is 5 years
There are 3 Investment Strategies in this plan:
- LifeCycle Option: where the money would be invested in 100% Equity and Debt Fund, and based on the age and risk profile, the investment portfolio is balanced over the years
- Systematic Transfer Option: where the money is initially invested in Liquid Plus Fund and then a systematic monthly transfer of funds happen to a specified fund
- Self-Managed Option: There are 13 funds for the policyholder to choose from and manage as per his wishes:
- Liquid Plus
- Income Advantage
- Assure
- Protector
- Builder
- Enhancer
- Creator
- Magnifier
- Maximiser
- Multiplier
- Super 20
- Pure Equity
- Value & Momentum
This Plan offers Guaranteed Additions as loyalty in the Fund Value
| Policy Year | Guaranteed Addition |
| 6th to 10th Policy Year | 0.25% of the average Fund Value in the last 12 months |
| 11th to 15th Policy Year | 0.55% of the average Fund Value in the last 12 months |
| 16th Policy Year Onwards |
0.75% of the average Fund Value in the last 12 months
|
There are 4 Additional Riders available in this policy:
- Accidental Death and Disability Rider
- Critical Illness Rider
- Surgical Care Rider
- Hospital Care Rider
Benefits
If the Life Insured dies within the Policy Tenure, then the Basic Sum Assured + the Fund Value would be paid to the nominee as Death Benefit and the policy terminates.
On survival till the end of the Policy Tenure, the Fund Value paid to the Policyholder as Maturity Benefit and the policy terminates.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
The Minimum amount of switch needs to be Rs 5000 and it can be done at any point of time. Each Switch is charged at Rs 50 per transaction.
Additional Premium can be paid as Top Up anytime during the Policy Tenure provided all premiums have been paid. The minimum top-up premium is Rs 5,000 and the Basic Sum Assured will increase accordingly:
| Age of Life Insured at time of Top Up | Sum Assured Increases |
| < 45 years | 125% of Top Up Premium |
| >= 45 years | 110% of Top Up Premium |
How it works
In this plan premium needs to be paid for 5 years whereas the policy continues till the end of the Policy tenure.
Charges in Birla Sun Life Insurance-Wealth Assure Plan
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
| Policy year | Premium Allocation Charge |
| 1st | 5% of the Basic Premium |
| 2nd year onwards | 4% of the Basic Premium |
| Top Up | 2% of Top Up Premium |
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted on a monthly basis.
| Policy year | Premium Allocation Charge |
| Each year | Rs 3000 p.a. |
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
| Type | Charge |
| Liquid Plus Fund | 1% p.a. |
| Income Advantage Fund | 1% p.a. |
| Assure Fund | 1% p.a. |
| Protector Fund | 1% p.a. |
| Builder Fund | 1% p.a. |
| Enhancer Fund | 1.25% p.a. |
| Creator Fund | 1.25% p.a. |
| Magnifier Fund | 1.35% p.a. |
| Maximiser Fund | 1.35% p.a. |
| Multiplier Fund | 1.35% p.a. |
| Super 20 Fund | 1.35% p.a. |
| Pure Equity Fund | 1.35% p.a. |
| Value & Momentum Fund | 1.35% p.a. |
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.
| Year of Discontinuation | Annual Premium > Rs 25,000 p.a. |
| 1st | Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000 |
| 2nd | Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000 |
| 3rd |
Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
|
| 4th |
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
|
| 5th onwards | NIL |
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) |
Basic Premium X Higher of (10 yrs or Policy Term/2) for Age<45 yrs
Basic Premium X Higher of (10 yrs or Policy Term/4) for Age>=45 yrs
|
|
| Policy Term (in years) | 10, 15, 20, 25 | 30 |
|
Premium Payment Term (in years)
|
5 | |
|
Entry Age of Life Insured (in years)
|
8 | 65 |
|
Age at Maturity (in years)
|
- | 75 |
|
Premium (in Rs.)
|
90,000 p.a. if Paid Annually
1,32,000 p.a. if Paid Monthly
|
No Limit |
|
Payment modes
|
Annually or Monthly | |
FAQs
What if I stop paying the premium before 5 years?What if I stop paying the premium after 5 years?The premium paying term being 5 years, there is no requirement of further premium payment.
What if I want to surrender the policy?What if I want a loan against your policy?There is no loan available under this plan.
