ABSLI Fortune Wealth Plan

Risk Profile Switching is applicable only under Smart Investment & Life Cycle Investment Option where the policyholder can switch to a different risk profile, free of charge, at any time during the policy term, which will then be effective from the next policy anniversary. The fund is automatically rebalanced after the Risk Profile Switch, according to the applicable percentages under the Smart Investment & Life Cycle Investment option at that time. All Annualized Premiums paid from that point onwards will be invested in Maximiser and Income Advantage based on the new risk profile.

Yes, Premium Redirection is allowed if Self-Managed Investment Option/Systematic Transfer Option is opted. In case of Self-Managed option, the policyholder can opt to redirect future premiums by giving a written request and specifying percentage allocation amongst available 18 fund options. In case of Systematic Transfer Option, the policyholder can opt to redirect future premiums by giving a written request and specifying percentage allocation amongst available 4 fund options. Premium Redirection is not available under Systematic Transfer Option when the funds are in Liquid Plus fund. A maximum of 12 Premium Redirections are allowed in a policy year and all are free of charge.

Example: Let us say Policyholder allocated 40% of the money to debt and 60% to equity. With a fund switch, Policyholder now wants 80% of investment in equity, so the fund manager will move 20 percent of the money from debt to equity. The interest rates are expected to fall in the coming time. So, Policyholder wants to capture the opportunity of making higher returns in the debt market. So, Policyholder can instruct to redirect 60% of the premiums towards debt. As a result, all the future premiums of the policy will be invested 60% in debt and 40% in equity. Policyholder’s existing units, meanwhile, will not be shifted into a debt fund.

Yes, Fund switch is allowed if Self-Managed Investment Option/Systematic Transfer Option is opted, Policyholder can choose to switch from one fund to another provided the switched amount is at least Rs. 5,000. There is no limit on the number of switches that can be exercised in a policy year and all switches are free of charge. Important notes:-

• Switches are allowed during the settlement period.
• Switches are allowed in case the policy acquires reduced paid up status post lock in period.
• Switches shall not be allowed during the period of discontinuance in first five years of the policy.
• Switches is not available under Systematic Transfer Option when the funds are in Liquid Plus fund.

Yes, to meet financial exigencies during the Policy Term, Policyholder will have an option to make partial withdrawal from the fund value without any charges. Important Notes:-

• The minimum amount of partial withdrawal is Rs. 5,000.
• Partial Withdrawals are allowed any time after five complete policy years or Life Insured attaining the age of 18 whichever is later.
• Policyholder is required to maintain a minimum Fund Value of one Annualized Premium chosen and maximum of 25% of the Fund Value.
• The total amount of partial withdrawal during a policy year shall not exceed 50% of the Fund Value at the time of partial withdrawal(s). It is set to ensure that it does not result in termination of the policy.
• Partial withdrawal cannot be exercised during the period of Policy Discontinuance and Settlement Period.

Yes, Policyholder has this flexibility to reduce future premium commitment to take care of other financial needs at that point of time. Policyholder can reduce premium amount up to 50% of the original Annualized Premium, subject to minimum premium limit, provided all due premiums have been paid. Reduction in premium is allowed subject to following conditions:-

• It can be opted only once during the term of the contract, and premium once reduced cannot be subsequently increased
• Sum Assured will be reduced by the same proportion as the reduction in premium.
• The rider attached to the policy (if any) shall lapse if the Reduction of Premium option is chosen.
• Charges & the benefits will be applicable as per the new reduced Sum Assured and new reduced premium, wherever applicable.

Settlement Option is a facility which allows Policyholder to receive fund value at maturity in periodic installments and stay invested in the policy for an extended period up to 5 years.

You may, at least fifteen (15) days prior to the maturity date opt for a Settlement Option, in which case we will continue to manage the funds for You and make periodic payments. The policy will continue after the maturity date for a period not exceeding five (5) years from the maturity date. If the settlement option is opted, you will have to instruct the Company on settlement period (up to 5 years) and the frequency (monthly, quarterly, semi-annual or annual) of payouts. Under settlement option, the balance number of units in the fund at the start of the settlement period will be divided in equal instalments for payout over the settlement period. The first instalment under Settlement Option is paid on the date of maturity.

During the settlement period, Fund Management Charges shall continue to be levied. There shall be a risk cover equal to 105% of the Total Annualized Premiums paid and Mortality Charges will be deducted basis the Sum at Risk.

You shall continue to bear all investment risks. Units will be cancelled at the prevailing NAV to make periodic payments of the Fund Value.

During the settlement period, Partial Withdrawal is not allowed, however, Fund Switches is allowed.

In case of the death of the Life Insured during the settlement period, the Fund Value subject to a minimum of 105% of Total Annualized Premiums paid, prevailing as on the date of death, will be paid. At any time, You may opt out of the settlement option, We shall close the Unit Account on the date of receipt of such request and pay the prevailing Fund Value.

During the settlement period, Fund Management Charges shall continue to be levied. Mortality Charges will be deducted basis the Sum at Risk, as there will be a risk cover equal to 105% during the Settlement Period.

In case of death during Settlement Option, Fund Value subject to a minimum of 105% of Total Annualized Premiums/Single Premium paid, prevailing as on the date of death, will be paid.

The “Common Application Form_MAJOR” would be used for this plan. In case of minor lives, “Common Application Form_MINOR” would be used.

Yes, proposer/policyholder can be different from the Life Insured under the plan. In case the proposer and the life insured are different then all the proceeds from the policy will be paid to the proposer.