The Aditya Birla Sun Life Insurance (ABSLI) Wealth Aspire Plan is a non-participating Unit-linked Insurance Plan (ULIP). To secure your and your loved ones’ future, the plan helps in accumulating substantial financial corpus using its wealth features. The plan gives a lot of flexibility to select plan options, policy term, premium paying term, investment options that suit your need, and provides partial withdrawal facility. The plan also provides death benefits, maturity benefits, and tax benefits.
Let’s understand this plan in brief before getting into its details:
Modes of Payment |
|
Claim Settlement Ratio of the Insurer |
94.69% |
USPs of the Policy |
|
Bonus Rate |
- |
Illustration with Premium of INR 1 Lakh |
If a 30-year-old male purchases the ABSLI Wealth Aspire Plan with the Classic plan option and Smart Option- Aggressive investment option at INR 1,00,000 premium (yearly mode) for a policy term of 40 years and premium paying term of 40 years, the policyholder stands to receive basic sum assured of INR 20,00,000.
In the 40th policy year, the individual will receive the following:
|
The individual has to select the plan option at inception. The benefit is paid to the nominee in case of the unfortunate death of the life insured during the policy term. The following are the plan options:
The individual has to select the basic premium based on which your basic sum assured is automatically determined. The formula is:
The individual has to decide the premium paying term of between 5 and 40 years. The individual has to decide the policy term based on the plan option chosen; that is:
Plan Options |
Minimum Policy Term |
Maximum Policy term |
Classic Option |
10 years |
For 5-pay – 20 years For 6-pay – 35 years For 7-pay and above – 40 years |
Assured Option |
10 years |
For 5-, 6-, and 7-pay – 15 years For 8-pay and above – 40 years |
The individual has to select any one of the following investment options:
Now, let’s understand the further actions of this plan with the help of various benefits offered.
Death Benefits
The death benefits differ based on the option the policyholder has chosen:
In addition to this, the policyholder will also be paid the higher of:
However, the minimum basic sum assured payable on death after partial withdrawals shall never be less than 10 times the basic premium. Death benefit shall never be less than 105% of total premiums paid to date (excluding service tax). In cases where the death of the policyholder takes place prior to the risk commencement date, only the basic premiums paid (excluding service tax, if any) shall be payable as the death benefit.
The death benefit shall always be determined as of the date the intimation of death of the policyholder is received by the insurer.
Maturity Benefits
On survival till the end of the policy term and all due premiums being paid, the policyholder will receive the fund value at maturity. S/he can choose to receive the maturity benefits as lump sum or as periodic installments over a period of 5 years from the date of maturity through the settlement option.
Besides the benefits mentioned earlier, here are some other features of the ABSLI Wealth Aspire plan:
The plan does not offer riders.
The eligibility criteria to purchase this plan are as follows:
Plan Options |
Minimum Entry Age |
Maximum Entry Age |
Classic Option |
30 days |
For 5-pay – 50 years For 6- and 7-pay – 55 years For 8-pay and above – 60 years |
Assured Option |
18 years |
For 5-, 6-, and 7-pay – 45 years For 8-pay and above – 50 years |
The ABSLI Wealth Aspire plan proves to be an ideal plan because it accommodates your requirements for a comfortable today by asking for limited premiums and helps you fulfil your responsibilities even in your absence by offering high protection cover along with additional benefits.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.