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Product Info

UIN

109L025V01

Status

Withdrawn

Launch Date

16/02/2007

Withdrawn Date

01/01/2010

Product Overview

Aditya Birla Sun Life Dream Plan is a thoughtfully designed savings plan that enables the customer to achieve their dreams. It helps to Secure your and your loved ones future. Specifically designed to provide financial security for your future requirements. It combines a guaranteed return on your savings with upside potential based on the performance of the investment funds

Product Description

  • This is a Unit-Linked Non-Participating Insurance Plan.
  • The plan provides a Guaranteed Maturity Benefit which is the bare minimum amount to be received on maturity.
  • Additional protection can be availed by opting for the riders.
  • Partial withdrawals are allowed after 3 complete policy years.

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Unique Features

  • A unique unit-linked plan which provides a Guaranteed Maturity Benefit(GMB) which is your fund value @3% guaranteed returns or the fund value whichever is higher, which will be paid to the customer on maturity.
  • The customer can also opt for 200% or 300% of GMB which will be paid in settlement option spanning over 5 years.
  • The plan has a basic sum assured which can be enhanced by opting for an Enhanced Sum Assured.
  • The plan can be effectively used as a Protection plan with return of capital.

Eligibility Criteria

Eligibility Criteria
Min Entry Age 18 yrs (Age last birthday, 3 months to be completed)
Max Entry Age 60 years (Age last birthday)
Max Maturity Age 75 years or younger to have plan matured.
Min Top-up Premium Rs. 5000 (Each top-up premium will increase the base Sum Assured by 125% of the top-up premium)
Min Sum Assured SA is dependent on the Guaranteed Maturity Benefit
Max Sum Assured No limit subject to medical and financial underwriting
Mode Available Monthly, Semi-Annually, Quarterly & Annually (for ECS only).
Term Policy Min 5 years
Max 25 years (not more than 75 years less entry age)
Premium Paying Term Regular Term

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Product Benefit

  • Death Benefit:
    Basic Sum Assured + Enhanced Sum Assured + Greater of fund Value & the Guaranteed Fund Value
  • Maturity: Maturity Benefit will be as per the GMB option chosen, which are mentioned below:
  1. Guaranteed Maturity Benefit
    - The minimum Guaranteed Maturity Benefit is payable on the maturity date of your policy.
    - The higher of the Fund Value or Guaranteed Fund Value on the maturity date of your policy and end the contract if 100% 
  2. Guaranteed Maturity Option is chosen.
    - Double or Triple the Guaranteed Maturity Benefit
    - 200% or 300% Guaranteed Maturity Option, your contract will continue under a settlement option for a period of 5 years starting on the maturity date of the policy.

Other Policy Features

  • Policy Surrender:
    The policy can be surrender anytime by paying the applicable surrender charges.If the surrender is within the initial 3 years of the policy, the surrender amount will be deferred and paid after the completion of 3 policy years.Fund value will be that of the date of surrender.
  • Grace Period & Revival:
    If you are unable to pay your premium by the due date, you will be given a grace period of 30 days (15 days for monthly mode) and during this grace period, all coverages under your policy will continue. You can reinstate your policy for its full coverage within two years from the due date of the first unpaid premium by paying all outstanding premiums together with interest.
  • Guaranteed Maturity Benefit:
  1. This plan combines a guaranteed return on your savings with upside potential based on the performance of the investment funds you decide to invest in.
  2. You will receive no less than the Guaranteed Maturity Benefit when this plan matures.

Add-ons

  • Accidental Death & Dismemberment Benefit:
    This rider pays an additional amount, if death occurs as a result of an accident by an outward, violent and visible means before age 75 years. Even this will be applicable in the case of disability.?

Charges

Charges
POLICY CHARGES
Band Minimum Guaranteed Maturity Benefit
Band 100% Option 200% Option 300% Option
1 75,000 37,500 25,000
2 1,50,000 75,000 50,000
3 3,00,000 1,50,000 1,00,000
4 6,00,000 3,00,000 2,00,000
5 12,00,000 6,00,000 4,00,000
Note:- The charges under this plan are designed to optimize the long-term return on your investment while providing for the costs of insurance, distribution & administration of the policy.
 
At the start of the settlement option period and at the end of each year thereafter, the Guaranteed Fund Value will be reduced by:
Date 200% Option 300% Option
At Maturity 100% 100%
Year - End 1 20% 25%
Year - End 2 20% 25%
Year - End 3 20% 25%
Year - End 4 20% 25%
Year - End 5 20% 100%
Total 200% 300%
Note:- Partial withdrawals not exceeding the excess of the Fund Value over the Guaranteed Fund Value can be made at any time during the settlement option period.
 
Premium Allocation Charge No premium Allocation charge is deducted from your policy premium.
For top-up premiums, 2% premium allocation charge is deducted.
 
Fund Management Charge(FMC) FMC is 1.00% per annum for Protector, Builder and 1.25% per annum for Enhancer, but there may be an increase in this charge in the future subject to a maximum of 1.50% per annum.
 
Policy Administration Charge Policy administration charge are deducted monthly by canceling units proportionately from each investment fund you have at that time.
The annual rate per 1000 of Basic Sum Assured is shown in Schedule B.This charge can be changed after 4th policy year subject to a maximum increase of 5% per annum since inception
 
Surrender Charge Charges applicable if policy surrendered in 1st 3 policy years.
The rate at which surrender charge is levied is sum assured dependent and is mentioned in Schedule B, which can be referred from policy TnC.
 
Revival Charge style="text-align: left;"The current charge for policy revival is Rs. 100. It may increase to Rs. 1,000 maximum.
 
Other Policy Charges Two fund switches, two partial withdrawals and two premium redirections free of charge per policy are allowed.
Rs. 100 per  per additional request, Rs. 500 per additional request may increase in future.
 
Mortality Charge The annual rate for each of this charge will depend on the plan term as well as the age and gender of the life insured.
 
Rider Premium Charge Rider premium charge will be recovered monthly by canceling units proportionately from each of the investment funds you have at that time.
Rider premiums paid less frequently than monthly according to the investment plan you have chosen.
Notes: For Schedule B Policy administration Charges and Surrender Charge.
 
At the start of the settlement option period and at the end of each year thereafter, the Guaranteed Fund Value will be reduced by:
Date 200% Option 300% Option
At maturity 100% 100%
Year - End 1 20% 25%
Year - End 2 20% 25%
Year - End 3 20% 25%
Year - End 4 20% 25%
Year - End 5 20% 100%
Total 200% 300%
Note:- Partial withdrawals not exceeding the excess of the Fund Value over the Guaranteed Fund Value can be made at any time during the settlement option period.

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Tax Benefits under Section 80CCC and Section 10(10A) of the Income Tax Act, 1961.

Claim Process

Know Claim Process of ABSLI Dream Plan

Claim Process

Company Overview

Aditya Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada.

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