India's 1st IRDAI Approved Insurance Web Aggregator
Birla Sun Life Insurance-Wealth Max Plan
views
views
Birla Sun Life Insurance-Wealth Max Plan
BSLI Wealth Max Plan is a simple unit linked insurance plan (ULIP). It is a Non-Traditional Single Premium Paying Plan without Bonus Facility.
How it works– In this plan, premium needs to be paid in a lumpsum at the beginning of the policy tenure as this is a Single Premium Plan. The policy continues for as long as the Policy Tenure has been selected of 7, 10 or 15 years.
The Fund Value is paid to the Life Insured when the policy matures as Maturity Benefit.
However, if the Life Insured dies within the policy tenure, the higher of the Fund Value or the Sum Assured is paid to the nominee as Death Benefit and the policy terminates.
This plan also has Guaranteed Additions, 13 investment fund options and 4 additional riders available.
Key Features of Birla Sun Life Insurance-Wealth Max Plan
This is a simple Unit Linked Insurance Plan
This plan is a Single Premium Paying Plan
The higher of Fund Value or Sum Assured is paid as Death Benefit
The Fund Value is paid as Maturity Benefit when the policy matures
There are Guaranteed Additions are received -
From the 6th to the 10th policy anniversary there is a Guaranteed Addition of 0.250% of the average Fund Value in the last 12 months.
And from the 11th policy anniversary there is a Guaranteed Addition of 0.6% of the average Fund Value in the last 12 months.
There are 13 investment fund options and 4 additional riders that can be added.
COMPARE THIS PLAN WITH OTHER ULIP PLANS
Benefits you get from Birla Sun Life Insurance-Wealth Max Plan
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher as Death Benefit.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder on maturity.
Income Tax 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
Eligibility conditions & other restrictions in Birla Sun Life Insurance-Wealth Max Plan
Minimum
Maximum
Sum Assured (in Rs.)
125% of Single Premium
500% of Single Premium
Policy Term (in years)
7/10
15
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
3
60
Age at Maturity (in years)
18
Premium (in Rs.)
5,00,000 for PPT=7
1,00,000 for PPT=10/15
No Limit
Payment modes
Only Single
Additional Features and Benefits of Birla Sun Life Insurance-Wealth Max Plan
Riders – There are 4 riders available in this policy
BSLI Accidental Death and Disability Rider
BSLI Critical Illness Rider
BSLI Surgical Care Rider
BSLI Hospital Care Rider
Investment Fund Options - The plan has 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
Top-up - Top Up premiums are not allowed under this plan
Switching - Unlimited Switches are allowed in this plan but with a minimum charge. The minimum Switching amount is Rs 5,000.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 25,000 should be maintained as Fund Value after Partial Withdrawal.
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
Premium Type
Premium Allocation Charge
Single Premium
3%
Charges in Birla Sun Life Insurance-Wealth Max Plan
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
Policy Year
Policy Administration Charge
Year 1 to Year 5
Rs 20 p.m.
Year 6 onwards
Rs 25 p.m. inflating at 5% p.a. subject to a maximum of Rs 6000
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. There are no discontinuation charge in this plan.
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.
What happens if?
You stop paying the premium before 5 years – Being a Single Premium Paying Plan, there is no question of further payment of premium.
You stop paying the premium after 5 years - Being a Single Premium Paying Plan, there is no question of further payment of premium.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate as applicable to the savings bank accounts of State Bank of India on compounding bases and the proceeds from this will be payable after the fifth policy anniversary or earlier death.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy – Policy Loan is not allowed under this plan
