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BSLI Wealth Assure Plan

Birla Sun Life Wealth Assure Plan is insurance cum insurance plan that gives you protection for unfortunate times as well as assured growth for your money. This plan offers steady growth of you finances along with peace of mind that follows the fact that your family will be well provided for even when you aren't around.

BSLI Wealth Assure is a non-participating unit-linked insurance plan and is thus subject to market risks since the returns on investment will depend upon the market movement. Also, any past performance of this scheme, good or bad, does not reflect on how the insurance scheme will perform in future.

Eligibility Criteria for BSLI Wealth Assure Plan:

Listed below are the minimum and maximum entry age for the BSLI Wealth Assure Plan

Age at entry

8 to 65 years of age

Maximum Maturity Age

75 years

Key Features of BSLI Wealth Assure Plan

The table below depicts the key features of the BSLI Wealth Assure Plan.

Plan type

Non-Participating unit-linked plan.

Plan basis

Individual

Premium paying terms

5 Pay

Policy term

10,15,20,25,30 years

Premium payment Mode

Monthly and yearly



Grace period

30 days from the expected date of payment of premium

Free Look Period

15 days from the date of availing the policy



Policy revival

Birla Sun Life Wealth Assure Plan can be revived with full benefits, within 2 years from the date of the first unpaid premium.

Nomination

Nomination facility is available under section 39 of the Insurance Act, 1938

Sum Assured

Sum assured is dependent upon the basic premium paid by you which in turn depends upon your insurance needs.

Policy coverage

Death benefits and maturity benefits.

Death Benefits: In case of death of policyholder, two options A and B are there which the policyholder needs to choose at the time of availing the policy.

Option A: Guaranteed death benefit plus no premium payment required to be paid in future plus guaranteed maturity benefit at the time of maturity

Option B: Guaranteed death benefit plus no premium payment required to be paid in future plus guaranteed maturity benefit at the time of maturity plus guaranteed income till policy anniversary before the end of policy term

Guaranteed Maturity Benefits: Guaranteed maturity benefit is the sum assured paid out in case the policyholder survives the policy period. This maturity benefit depends upon the chosen death benefit option, premium paying frequency, amount of premium and the gender of the policyholder. The guaranteed maturity benefit is paid on the date of maturity of policy.

Premium alteration

Alteration in frequency of premium payment is allowed for policyholders

Benefits/Advantages of BSLI Wealth Assure Plan

Listed below are some of the most prominent benefits and advantages offered by BSLI Wealth Assure Plan.

  • Tax benefits: Policyholders get to avail tax benefits under section 80C of the Income Tax Act for all premiums paid for this insurance policy.
  • Policy loan: Loans cannot be availed against the BSLI Wealth Assure Plan
  • Guaranteed Additions: Guaranteed additions will be made to your policy from time to time. Guaranteed addition between 6-10 years of availing the policy is 0.25% of the average fund value in the past 12 months. Similarly, for 11th - 15th year it is 0.55% and from 16th year onwards it is 0.75% every year.
  • Partial withdrawals: After completion of 5 years of policy, unlimited partial withdrawals are permitted. The minimum partial withdrawal amount being Rs.5000 and the maximum has no limit until a minimum fund value is maintained.

How Does The BSLI Wealth Assure Plan Work

Let us look into each of these plans.

  1. Lifecycle option

    Under this option, your portfolio gets structured according to your current age and the type of risk chosen by you. Risk options available are conservative, moderate and aggressive. The portfolio is then managed by BSLI professionals who auto-shift your investments from aggressive to moderate and so on as you grow older.

    Age (years)

               

    Risk Profile

    8 - 30

    31 - 40

    41 - 50

    51 - 60

    61 - 70

    71+

    Conservative

    50%

    40%

    30%

    15%

    0%

    0%

    Moderate

    70%

    60%

    50%

    35%

    20%

    5%

    Aggressive

    90%

    80%

    70%

    55%

    40%

    25%

  2. Systematic Transfer option

    This option safeguards your invested capital from fluctuations of the stock market. The investment amount is first aloted to Liquid Plus Fund option after which 1/12th of the amount is then invested in a fund chosen by you. Options available to you are Enhancer, Multiplier, Super 20, Pure Equity and Value and Momentum.

  3. Self-managed option

    This is an option where all your investments are managed by you on your own. 13 investment funds are offered by BSLI ranging from 100% debt to 100% equity investment. Depending upon your risk appetite, any one of these can be chosen. Also, customers can choose to invest partially in all 13 investment options in order to diversify and mitigate risk.

    List of investment funds offered and related allocation

    Investment Fund

    Risk Profile

    Asset Allocation

    Min. (%)

    Max. (%)

    Liquid Plus

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    10, 0, 50

    50,40,90

    Income Advantage

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Assure

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Protector

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Builder

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Enhancer

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Creator

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Magnifier

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Maximiser

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Multiplier

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Super 20

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Pure Equity

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Value & Momentum

    High

    Debt Instruments Money Market & Case

    Equities & Equity Related Securities

    0, 0, 80

    20,20,100

    Applicable Charges for BSLI Wealth Assure Plan

    Premium Allocation Charge

    5% of basic premium during the first year

    4% of basic premium second year onwards

    NA

    Fund Management Charge

    1% p.a. for Liquid Plus, Income Advantage, Assure, Protector and Builder

    1.25% p.a. for Enhancer and Creator

    1.35% p.a. for Magnifier, Maximiser, Multiplier, Super 20, Pure Equity and Value & Momentum

    Policy Administration Charge

    Rs.3000 per annum for the initial 5 years and 1/12th of this charge later

    NA

    NA

    Mortality Charge

    Charged by unit cancellation in proportion to investment funds each year

    NA

    NA

    Misc. Charges

    Rs.50 per request for investment option switch

    Similar charges for premium re-direction

    NA

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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