ABSLI Wealth Aspire Plan

How Does ABSLI Wealth Aspire Plan Work?

To Buy ABSLI Wealth Aspire Plan, one has to make the following choices

1. Plan Option – 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.
   
2. Basic Premium – Is equal to your Annualized premium and is the amount you commit to pay regularly each year during the Premium Paying Term. This is excluding the taxes, rider premiums and underwriting extra premium on riders.
3. Basic Sum Assured(1) – Is the minimum death benefit payable on the death of the life insured and is equal to 10 times of your Annualized premium.
4. Pay Mode – You can pay basic premium in monthly, quarterly, semi-annual or annual instalments.
5. Investment Options – You have a choice to invest your money in the ‘Smart’ Option, ‘Systematic Transfer’ Option, ‘Return Optimiser’ Option or the ‘Self-Managed’ Option. Smart Option is for individuals who would like their investments to alter over time based on their age and risk profile. Systematic Transfer Option is for individuals who would like to eliminate the need to time one’s investments in the market. Return Optimiser option is for individuals who would like to have optimal participation in the capital markets while safeguarding their returns from any market related volatilities. Self-Managed Option is for individuals who would like to have control over their investment.
   You may wish to invest additional amounts as top-up premiums anytime except during the last five years of the policy term as long as all due basic premiums have been paid. The minimum top-up premium is Rs. 5,000 and at any point the total top-up premiums paid cannot exceed the total basic premiums paid to date. Top-up premiums cannot be withdrawn for five years unless the policy is surrendered.
   Top-up Sum Assured will be 125% of the top-up premium being paid. Your Sum Assured(1) under the plan is the total of Basic Sum Assured and Top-up Sum Assured. The basic premium and any top-up premium net of premium allocation charges will be used to purchase units in the various segregated fund/s offered under this plan and as chosen by you. The units purchased in the segregated fund is the monetary amount allocated to the segregated fund divided by its then prevailing unit price.
   Basic Fund Value is equal to the number of units pertaining to basic premiums allocated to the segregated fund/s chosen by you multiplied by its then prevailing unit price.
   Top-up Fund Value, if any is equal to the number of units pertaining to top-up premiums allocated to the segregated fund/s chosen by you multiplied by its then prevailing unit price.
   Policy Fund Value under this plan is the total of Basic Fund Value and Top-Up Fund Value, if any. The Policy Fund Value represents the total value of your investments to date and is the balance of all units allocated to the segregated fund/s chosen by you multiplied by its then prevailing unit price.
   (1)Under Classic Option, Basic Sum Assured is reduced for partial withdrawals. For more details, refer to the brochure.

Suicide Exclusion

In case of death due to suicide within 12 months from the date of commencement of the policy or from the date of revival of the policy, as applicable, the nominee or the beneficiaof the policyholder shall be entitled to the Policy fund value, as available on the date of intimation of death.

Further any charges other than Fund Management Charges (FMC) recovered subsequent to the date of death shall be added back to the Policy fund value as available on the date of intimation of death.