The management of your savings is important in order to enjoy a financially stable future. Profitable investment of your accumulated wealth will ensure returns to grow your corpus further. Aditya Birla Sun Life Insurance offers you Wealth Max Plan to ensure that your savings are invested in the right tools. The plan is a single premium unit linked, and it helps you allocate your savings in such a way that you can enjoy dual benefits of insurance and investments.
What ABSLI Wealth Max Plan has to offer?
The plan has the below-given features:
- The plan involves the option of paying in one single installment
- The plan is a Unit Linked Insurance plan
- There are guaranteed additions in the base investment after the policy completes a tenure of 5 years.
- There is a wide variety of investment options to choose from. There are 14 investment funds to consider for
Eligibility Criteria for ABSLI Wealth Max Plan
In ABSLI Wealth Max Plan, there are a lot of benefits but for the company to be able to provide all these benefits, you have to follow the guidelines. The eligibility criteria for the helps determine who is eligible for the plan and how much benefits can he/she enjoy. These criteria are listed below:
| Particulars | Details |
| Minimum Single Premium to be Paid |
|
| Maximum Single Premium to be Paid | No Limit |
| Minimum Age of Entry | 3 years |
| Maximum Age of Entry | 60 Years |
| Maximum Age of maturity | 75 Years |
| Minimum Policy term | 7 Years |
| Maximum Policy term | 15 Years |
| Policy Premium Payment Term | Single Pay |
| Minimum Sum Assured | 5/10/1.25 times of the single premium |
| Maximum Sum Assured | No Limit |
Benefits of the Plan
The plan stands out in the market due to a wide variety of investment choices and many other benefits. These benefits are listed as follows:
- The maturity benefits will involve the fund value, top-up fund value and the guaranteed additions promised.
- The minimum death benefit in the plan will include 105% of the total premiums paid by the policyholder.
- There are income tax benefits on the premiums and the claims as per section 80C and 10 (10D)
- The death benefits can be the net amount of withdrawals made in two years before death, basic fund value and total fund value, whichever is high.
- In case the policyholder passes away after the age of 60, the partial withdrawals that are made after the age of 58 or the total fund value is paid out as the benefit (whichever is high).
- The sum assured is inclusive of the top-up sum assured and the total fund value is inclusive of the top-up fund value along with guaranteed additions.
- The plan does not have a grace period to pay the premiums as it is a single premium plan.
- The surrendering of this plan is possible only after a time period of 5 yearssince the purchase of the policy. In case the insured wishes to surrender the policy before the first 5 years, the life cover will get canceled, and the fund value will be transferred to the discontinuation policy fund. In case the policy is not continued again in the revival period, the policy is terminated.
- The discontinued policy fund promises a return of 4% in a year.
- The insured is offered a time period of 15 days as the free look period to rethink over the policy terms and conditions. The cancellation of policy in the free look period is only possible if there are no claims made in this time period.
- The partial withdrawals can be made from the policy fund if the minimum amount is Rs5,000.
- Free witches among the funds are allowed for free once every year.
- The top-up mount can be invested in the policy with the minimum limit being Rs 5,000.
- The top-up amount will positively affect the sum assured by increasing its amount.
Also Check:- ABSLI Wealth Secure Plan
Options of Investment Funds
The below options for investment funds are available
Liquid Plus: This is a fund with the low-risk profile. It generates safe returns by investing in financial instruments that have a short maturity period, preferably fixed income instruments.
Income Advantage: This is a fund that focuses on medium-term fixed income instruments for instruments. The investments will also be made in highly rated corporate bonds, money market instruments of high quality and fixed income securities. The investment in these tools will help in the minimization of the risk profile of this fund as the liquidity and credit risk are minimized. The fund will ensure that a decent liquidity level is maintained to make sure there is a little risk involved.
Assure: The assure fund focuses upon the short-term debt instruments of high quality. The fund focuses upon a low level of risk profile by investing in short-term fixed income instruments.
Enhancer: this fund focuses on the generation of increasing returns over the invested amount by focusing upon the long to medium term investments in debt and equities. The fund offers a decent balance among the risks and returns factor. The returns generated are higher along with a balanced debt-equity exposure.
Creator: The fund allocates the investments into the equity security of high quality along with the fixed income securities. These investments ensure that there is a balance between the stability and growth and promising returns are gained in the long run. It is made sure that the portfolio is diversified enough to make sure that the wealth of the policyholder is optimized.
Magnifier: This fund focuses on the magnifying of the wealth of policyholder by maintaining the diversity in his/her investment portfolio. The fund has a high level of risk involved.
Maximiser: The fund focuses upon provision of long-term appreciation of the capital with the help of investing in the blue-chip companies that are fundamentally strong. There is a decent level of liquidity in the funds.
Multiplier: The fund focuses upon the wealth management in the long term by investing in a diversified portfolio of equities. The investments are focused on the companies with a market capitalization of more than Rs 1,000 crore.
Super 20: The investments are made in large cap companies which are fundamentally strong when it comes to Super 20 fund. There is a decent level of liquidity in the funds.
Pure Equity: The fund makes an investment in highly selective businesses that are fundamentally strong. It follows a research-focused approach of investments.
Value and Momentum: In this fund, the balance between the qualitative and quantitative mix of funds is maintained to ensure a well-diversified portfolio. The fund focuses on the generation of long-term wealth.
Capped Nifty Index: This fund only invests in the shares of the companies that are among the Capped Nifty Index. The fund meets the capping requirements of the investment by making sure that rebalancing is done on a quarterly basis.
Asset Allocation: The investments are made in debt, cash as well as equities in a balanced manner when it comes to asset allocation fund. The investments are made in such a way that there is full advantage taken of the changes in economic and financial conditions.
| Fund Name | Equities | Debt | Money Market Instruments |
| Liquid Plus | 0% | 20-100% | 0-80% |
| Income Advantage | 0% | 60-100% | 0-40% |
| Assure | 0% | 20-100% | 0-80% |
| Enhancer | 20-35% | 25-80% | 0-40% |
| Creator | 50-90% | 50-70% | 0-40% |
| Magnifier | 50-90% | 10-50% | 0-40% |
| Maximiser | 80-100% | 0-20% | 0-20% |
| Multiplier | 80-100% | 0-20% | 0-20% |
| Super 20 | 80-100% | 0-20% | 0-20% |
| Pure Equity | 80-100% | 0-20% | 0-20% |
| Value and Momentum | 80-100% | 0-20% | 0-20% |
| Capped Nifty Index | 90-100% | 0-10% | 0-10% |
| Asset Allocation | 10%-80% | 10%-80% | 0-40% |
| Linked Discontinued Policy Fund | 0% | 60-100% (Govt Securities) | 0-40% |
FAQs
Q1. What is the entry age for BSLI Wealth Max Plan?
In BSLI Wealth Max Plan, the age of entry can be between 3-60 years.
Q2. What is the maximum age of maturity in BSLI Wealth Max Plan?
The maximum age of maturity in BSLI Wealth Max Plan of 75 years.
Q3. How many options are provided for the type of funds in BSLI Wealth Max Plan?
There are thirteen options of funds provided to the policyholders that are differentiated on the basis of their risk profile and fund allocations. These funds are:
- Liquid Plus
- Income Advantage
- Assure
- Enhancer
- Creator
- Magnifier
- Maximiser
- Multiplier
- Super 20
- Pure Equity
- Value and Momentum
- Capped Nifty Index
- Asset Allocation
- Linked Discontinued Policy Fund