To help people build a financially stable life, Aditya Birla Sun Life provides its customers with ABSLI Wealth Secure Plan. This unit-linked insurance plan (ULIP) combines the benefits of whole-life coverage and long-term savings. This plan is specifically designed to help people focus on their financial goals and maximise their savings.
Aditya Birla Sun Life (ABSLI) Wealth Secure Plan Details
Eligibility
| Particular | Detail |
| Entry Age | 1 – 60 years |
| Policy Term | Whole life |
| Premium Paying Term | 5-30 years |
| Maximum Premium Paying Term | Age must be 75 years or less at the end of the premium paying term |
| Minimum Basic Premium Amount | For monthly and quarterly premium: Rs. 60,000
For half-yearly premium: Rs. 30,000 For yearly premium: Rs. 20,000 |
| Minimum Premium Top-Up | Rs. 5,000 |
Features
The insurance plan offers its target customers a number of unique features. Some of them are listed here:
- Flexibility to Choose Basic Premium: Basic premium is the amount an insured commits to paying towards an insurance plan throughout the paying term. This amount is directly linked with the basic sum assured. This benefit is determined on the basis of the premium amount a policyholder committed to paying.
- Choices of Premium Payment Frequencies: One can pay the basic premium in annual, semi-annual, quarterly or monthly instalments. This feature allows the customers to plan their finances well to ensure regular, smooth and on-time premium payment.
- Investment Options: The insurance plan provides the policyholders with three options to invest their money in. These options are Life Cycle, Systematic Transfer and Self Managed. Life Cycle option is for those who want their investment to alter with time (based on their risk profile and age). So, over time, they shift from Maximiser fund which is 100% Equity Exposure to the Income Advantage Fund which is 100% Debt Exposure. Systematic Transfer is designed for those who want to eliminate the need to schedule the investments in the market. Here 1/12th of the fund moves from the Liquid Plus Fund to any other funds selected on a pre-specified date of the month. Self-Managed is considered right for those who want to get a control over their finances and investments. Here there are 13 investment fund options to choose from. These are:
- Liquid Plus
- Income Advantage Fund
- Assure Fund
- Protector Fund
- Builder Fund
- Enhancer Fund
- Creator Fund
- Magnifier Fund
- Maximiser Fund
- Multiplier Fund
- Super 20 Fund
- Pure Equity fund
- Value Fund
- Momentum Fund
Also Check:- ABSLI Wealth Max Plan
Policy Charges under ABSLI Wealth Secure Plan
There are various kinds of charges levied in case you buy ULIPs. These charges help get the maximum benefit from the ULIPs. Let us understand these charges, their pattern and their effects.
- Premium Allocation Charge: This charge is levied on the Basic and Top-Up Premium when received:
- 6.00% of the basic premium payable in the policy years 1-2
- 5.50% of the basic premium payable in the policy years 3-6
- 5.00% of the basic premium payable from the 7th policy year onwards
- Fund Management Charge: The daily unit price of the segregated fund is adjusted to reflect the fund management charge. It is 1.00% p.a. for Liquid Plus, Income Advantage, Assure, Protector and Builder. For Enhancer, Creator, Capped Nify Index and Asset Allocation, it is 1.25% p.a. And for Magnifier, Maximiser, Multiplier, Super 20, Pure Equity and Value and Momentum, it is 35% p.a.
- Policy Administration Charge: This charge is Rs 20 per month for the first five years of the policy. It goes up to Rs 25 per month in the sixth year with the inflation rate being 5% p.a. However, this is limited to a maximum of Rs `6,000 p.a. The amount is deducted at the beginning of every month.
- Mortality Charge: This charge is levied the beginning of every month for providing you with the risk cover. The charge is 1000 of Sum at Risk and it depends on the gender and the age of the life insured.
- Miscellaneous Charge: Apart from the above mentioned charges, there are other miscellaneous charges. Let us understand them. An amount of Rs 50 per request is levied for change in investment option, premium re-direction, fund switch partial withdrawal or any additional servicing request. However, it can go up to Rs 500 per request later.
Benefits
By opting for this insurance plan, one can avail the following benefits:
Guaranteed Additions: This benefit is provided to the insured in the form of units. These units are added to the policy on the 10 anniversary and on 5th anniversary thereafter. This addition is 2% of all the premiums paid in the past 5 years (60 months).
Death Benefit: In case the policyholder dies when the insurance policy is in effect, the legal heir will get the greater of:
- Basic sum assured
- Basic fund value (as on the death of the life insured)
In addition to aforesaid points, the insurer will also pay the amount highest of:
- Top-up fund value (as on the death of the life insured)
- Top-up sum assure
The basic death sum assured or benefit shall never be below 105% of all the premiums paid. Review your policy documents to know more about the death benefit provided under this insurance plan.
Surrender Benefit: A policyholder can surrender the policy to the insurance company anytime throughout the policy term. Such policy surrenders will be treated as per the terms and conditions listed in the Policy Discontinuance Section.
Partial Withdrawals: A policy owner is allowed to make unlimited partial withdrawals whenever needed after five years of the policy term. All the partial withdrawals will be adjusted from the top-up fund value. If the top-up fund value is exhausted, then the insurer will adjust it from the basic fund value. The minimum partial withdrawal amount for this plan is Rs. 5,000 and there is no upper limit.
Tax Benefit: As per the extant income tax laws, this insurance plan offers tax benefits under Sections 80C and 10 (10D) of the Income Tax Act, 1961. These benefits are subject to fulfilment of various other terms and conditions in addition to sections prescribed therein. Income tax laws are a subject to amendments. All policyholders are advised to consult with their tax consultant to know more about the tax benefits available on premiums paid and other bonuses (benefits) received.
Also Read: ABSLI Protector Plus Plan
FAQs
Q1. How to contact Aditya Birla Sun Life Insurance?
The insurance company provides a number of easy and quick modes for connecting with their relationship managers or customer care representatives. And they are:
- Call: 1800 270 7000 (within India) and +91 22 66917777 (outside India). These numbers are available all 7 days from 9 am to 9 pm.
- E-mail: lifeinsurance@adityabirlacapital.com
Q2. What if the policy documents got destroyed, misplaced or stolen?
In case the policy documents are partially destroyed due to several natural causes such as flood, fire, rain, etc., the remaining part can be returned as evidence of policy destroy or loss to the insurer while submitting the form for the duplicate policy.
If the policy is untraceable due to an unknown reason, there is a simple process to comply with. Just submit the indemnity bond on the Rs. 500 stamp paper (for Maharashtra) or Rs. 200 (for the rest of the states). Sign the stamp paper and attach the following:
- Self-attested copies of address proof
- Self-attested copies of ID proof
Above-listed documents should also be attested by the ABSLI authorised signatory. After receiving your request, the insurer will provide you with the appropriate solutions within 10 days.
Q3. What are the basic requirements for the revival of an insurance policy?
One may revive their insurance policy depending upon when they approach the service provider for the process:
- Less than 180 days, but not more than 365 days: Duly filed and signed certificate of insurability
- Between 366 days to 730 days:Duly filed and signed certificate of insurability and medicals (depending upon the Sum amount at risk).
Along with these, Rs. 100 will be charged by the insurer for per revival. The amount may increase or decrease, but cannot go beyond Rs. 1,000 for each revival.
Q4. How to change premium payment frequency?
The change in premium payment frequency is allowed, but it may vary from one product to another. One can refer to their policy document to know specific requirements of their policy. The request for the frequency change can be made by:
- Submitting a duly filled and signed Policy Service Request Form at the nearest branch
- Calling on the customer care number for the request
- Using TPIN or CIP to update the new premium payment frequency online (on website).
To change the frequency from half-yearly or quarterly to monthly, one has to choose the method between direct debit, ECS and credit card for payment.
Q5. What is meant by top-up premium?
Top-up premium is an added amount paid by the policyholder within a policy year in addition to the annual premium. One can pay top-up premium along with their premium amount at any Aditya Birla Sun Life Insurance’s branch office.
Q6. What are the other options in addition to ABSLI Wealth Secure Plan available in the wealth and protection category?
The insurance company provides solutions to cater to the diversified needs of its wide customer base. Along with ABSLI Wealth Secure Plan, the following options are available:
- ABSLI Wealth Max Plan
- ABSLI Wealth Assure Plan
- ABSLI Fortune Elite Plan
- ABSLI Wealth Aspire Plan
Q7. Can a policyholder increase or decrease their sum assured during the policy term?
Yes, such changes can be made during the policy term by submitting the following:
For increasing the sum assured:
- A duly signed letter
- Fresh application form
- Premium amount
- Copies of all medical tests
- Other relevant underwriting requirements
For decreasing the sum assured:
- A duly signed letter
- Original policy document
Q8. Can a policyholder avail policy loan on ABSLI Wealth Secure Plan?
No. Policy loans are not available on this plan. However, there are other ABSLI insurance plans on which one can apply for the policy loans.