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ABSLI Wealth Aspire Plan

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What is ABSLI Wealth Aspire Plan?

ABSLI Wealth Aspire Plan helps you achieve the life objectives you have for yourself and your family by offering greater flexibility in protection and wealth accumulation.

Key Features

  • Flexibility to choose from 2 plan options to suit your aspirations
  • Flexibility of partial withdrawals to meet any emergency fund requirements
  • Flexibility to choose from 4 investment options to suit your investment needs
  • Flexibility to add top-ups whenever you have additional savings

What are the plan options available with this plan?

At inception, you choose the plan option as mentioned below. The benefit is paid to the nominee/policyholder in case of unfortunate death of life insured during the policy term.

  • Classic Option – Higher of Sum Assured or Policy Fund Value.
  • Assured Option – Sum Assured is payable on the death of the life insured and the policy will continue till maturity and all the future installment premiums shall be paid by us on the premium due dates in the Policy fund value.

What are the investment options available under this plan?

The following Investment Options are available under this plan to suit your needs:

Smart Option

Under this option, your portfolio will be structured as per your maturity date and risk profile. We will invest your basic premiums between the two segregated funds – Maximiser (equity fund) and Income Advantage (debt fund) in a predetermined proportion based on the selected maturity date and risk profile. Thereon, we will manage and administer your investment portfolio on your behalf, thus saving you time and effort. Over time the allocation is managed such that it will automatically switch from riskier assets to safer assets progressively as your plan approaches maturity The proportion invested in Maximiser (equity fund) will be according to the schedule given below – the remaining amount will be invested in Income Advantage (debt fund):

  Years to Maturity
Risk Profile 5 6-10 11-15 16-20 21-30 31-40
Conservative 0% 5% 15% 30% 35% 50%
Moderate 0% 10% 25% 40% 50% 65%
Aggressive 0% 15% 35% 50% 65% 80%

You can change your risk profile at any time with no additional cost. All premiums paid from that point onwards will be invested in the Maximiser and Income Advantage according to your new risk profile. We will automatically rebalance your investment portfolio on each policy anniversary to ensure that it maintains the predetermined proportion in Maximiser and Income Advantage as per the risk profile you have selected at no additional charge.

Systematic Transfer Option

The Systematic Transfer Option safeguards your wealth against the market volatilities and is available only if you have opted for annual mode. Under the Systematic Transfer Option, at inception you can choose to transfer the fund on monthly basis or weekly basis. Your premium (net of premium allocation charge) shall be first allocated to Liquid Plus fund option and thereafter monthly 1/12thor weekly 1/48thof the allocated amount shall be transferred to a segregated fund(s) of your choice. You may choose up to a maximum of four segregated funds out of Income Advantage, Enhancer, Creator, Maximiser, Multiplier, Super 20, Value and Momentum and MNC, Capped Nifty Index for your premiums to be transferred to. We record your allocation instructions as per the premium allocation percentages specified in the application form. Our only requirement is that the percentage allocated to chosen segregated fund(s) be in increments of 5%, ranging from 5% to 100%.

In case monthly transfer is opted, 1/12th of the allocated amount will be transferred to your chosen segregated fund(s)on 1st, 8th, 15th or 22nd of the month as selected by you. In case weekly transfer is opted, 1/48th of the allocated amount will be transferred to your chosen segregated fund(s) on 1st, 8th, 15th and 22nd of the month. This option helps mitigate any risk arising from volatility and averages out the risks associated with the equity market, reducing the overall risk to your portfolio. You can switch between monthly and weekly transfer option on policy anniversary.

Return Optimiser Option

The Return Optimiser Option enables you to take advantage of the equity market, protect your gains from the future market volatility and create a more stable sequencing of investment returns.

Under this option all your basic premiums (net of allocation charges) are invested in Maximiser fund and it will be tracked every day for each policyholder for a pre-determined upside movement of 10% or more over the net invested amount (net of all charges). In the situation where the gain from the Maximiser fund reaches 10% or more of the net invested amount, the amount equal to the appreciation will be transferred to the Income Advantage fund at the prevailing unit price. This ensures that your gains are protected from any future market volatilities.

While the gain is less than the pre-determined upside movement of 10%, the Policy fund value will continue to remain in the Maximiser fund and no transfers will be made to the Income Advantage fund.

Self-Managed Option

Self- Managed Option gives you access to our well established suite of 16 segregated funds, complete control in how to invest your premiums and full freedom to switch from one segregated fund to another.

Our 16 segregated funds range from 100% debt to 100% equity to suit your particular needs and risk appetite – Liquid Plus, Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximiser, Multiplier, Super 20, Pure Equity, Value and Momentum, Capped Nifty Index, Asset Allocation, MNC. If you wish to diversify your risk, you can choose to allocate your premium in varying proportions amongst the 16 segregated funds. We record your allocation instructions as per the premium allocation percentages specified in the application form. Our only requirement is that the percentage allocated to any segregated fund be in increments of 5%, ranging from 5% to 100%

To meet your ever-changing investment needs, you have full flexibility to redirect future premiums by changing your premium allocation percentages at any time. You also have full flexibility to switch monies from one segregated fund to another at any time provided the switched amount is for at least Rs. 5,000.

You can change from one investment option to another investment option anytime after the first policy year. You can switch to Self-Managed Option, Smart Option or Systematic Transfer Option during the policy term, however switching to the Return Optimiser Option is not allowed. Switching to Systematic Transfer Option is allowed only at policy anniversary.

What benefits does the Plan offer?

Guaranteed Additions

It will be added in the form of additional units to your policy.

On 6th policy anniversary (11th policy anniversary for Band 1) and every policy anniversary thereafter, Guaranteed Addition as percentage of the average Policy Fund Value in the last 12 months is as follows

Policy Anniversary Band 1 Band 2 Band 3
6-10 0% 0.6% 0.6%
11-15 0.2% 0.9% 0.9%
16 + 0.2% 1% 1%

On 10th policy anniversary and on every 5th policy anniversary thereafter, Guaranteed Addition is

  • Band 1: 2% of basic premiums paid in last 60 months
  • Band 2 & Band 3: 2.5% of basic premiums paid in last 60 months

Death Benefit

Classic Option

in the unfortunate event the life insured dies while the policy is in effect, we will pay to the nominee/policyholder the greater of

  • Basic Fund Value as on date of intimation of death ; or
  • Basic Sum Assured

In addition we will also pay the greater of

  • Top-up Fund Value as on date of intimation of death, if any ; or
  • Top-up Sum Assured

The Basic Sum Assured will be reduced to the extent of partial withdrawals made during the two-year period immediately preceding the death of the life insured from the Basic Fund Value. However the death benefit after partial withdrawals shall never be less than Annualized Premium multiplied by 10.

At all times, if the policy has not been discontinued, the Death benefit shall never be less than 105% of total basic premiums and top-up premiums paid up to the date of death reduced to the extent of partial withdrawals made both from the basic fund value and top-up fund values, during the two year period immediately preceding the death of the life assured.

In case where the death of the life insured takes place prior to risk commencement date, only the basic premiums paid (excluding GST, if any) shall be payable as the Death Benefit. In case where the death of the Life Insured takes place prior to risk commencement date, only the basic premiums paid (excluding GST, if any) shall be payable as the Death Benefit.

Assured Option

In the unfortunate event the life insured dies while the policy is in force, we shall pay immediately to the nominee the Basic Sum Assured plus Top-up Sum Assured, if any

Death benefit shall never be less than 105% of total premiums paid to date. The policy will not terminate once this death benefit is paid to the nominee and it continues till policy maturity date. On continuation of the policy:

  • Risk cover ceases immediately
  • Future installment premiums shall be paid by us when due to be paid
  • Policy Fund Value will remain invested in the segregated funds and as per investment option existing at the time of death of the Life Insured
  • Guaranteed Additions, when applicable shall be added to the Policy Fund Value as and when due
  • All policy charges shall be deducted as and when due, except mortality charge
  • Top up premiums, partial withdrawals, surrenders, switch between investment options, segregated fund switch or any premium redirection by the nominee is not allowed
  • Maturity benefit shall be paid to the nominee

The Death Benefit shall always be determined as of the date we receive intimation of death of the Life Insured. For a paid-up policy no future installment premiums shall be paid by the Company on death of the Life Insured.

Maturity Benefit

You will receive the Basic Fund Value plus the Top-Up Fund Value as of that date at the end of the Policy Term.

Surrender Benefit

In case of emergencies, you can surrender your policy to us anytime during the policy term. Any such surrender will be treated according to the Policy Discontinuance section.

For Classic Option - In case of death of the life insured, if Life Insured is different from the policyholder, the proposer/policyholder will receive the policy proceeds.

For Assured Option – Life Insured and policyholder must be same and nominee will receive the policy proceeds.

Customisable Benefit

You can enhance your insurance cover during the policy term by adding the following riders for a nominal extra cost.

ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)

ABSLI Waiver of Premium (UIN:109B017V03)

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Disclaimer

The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.

The linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year from inception. This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating unit linked life insurance plan. Aditya Birla Sun Life Insurance and ABSLI Wealth Aspire Plan are only the names of the Company and Policy respectively and do not in any way indicate their quality, future prospects or returns. The name of the funds offered in this plan does not in any indicate their quality, future prospects or returns. In this plan, the investment risk in the investment funds chosen by you is borne by you. Investment funds are subject to investment risks and unit prices may go up or down reflecting the market value of the underlying assets. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document. The various funds offered under this contract are the names of the funds and do not any way indicate the quality of these plans, their future prospects and returns. Past performance is no guarantee of future results. The charges are guaranteed throughout the term of the policy unless specifically mentioned and subject to IRDAI approval. The value of the investment fund reflects the value of the underlying investments. These investments are subject to market risks and change in fundamentals such as tax rates etc affecting the investment portfolio. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance of segregated fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. There is no guarantee or assurance of returns above the guaranteed returns from the segregated funds. Goods and Service Tax and any other applicable taxes levied as per extant tax laws shall be deducted from the premium or from the allotted units as applicable. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives. The insurance cover for the life insured will commence on the policy issue date.. Tax benefits are subject to changes in the tax laws. For more details on the risk factors, terms and conditions please read the sales brochure carefully before concluding the sale. Aditya Birla Sun Life Insurance Company Limited Registered Office: One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai -400013.www.adityabirlasunlifeinsurance.com. Toll free no. 1800-270-7000 IRDAI reg no.109 CIN: U99999MH2000PLC128110 UIN:109L100V05

BEWARE OF SPURIOUS / FRAUD PHONE CALLS! IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Website: www.adityabirlasunlifeinsurance.com

Registered Office:
One World Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013.
Toll Free No. 1-800-270-7000
CIN:U99999MH2000PLC128110
IRDAI Reg No.109
ADV/12/20-21/1959
UIN: 109N127V02
Grievance Redressal Click here

BEWARE OF SPURIOUS/FRAUD PHONE CALLS!

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.