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About Aditya Birla Sun Life Insurance Wealth Aspire Plan

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

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

94.69%

USPs of the Policy

  • Flexibility to choose from 2 plans to suit your aspirations
  • Flexibility to choose from a wide range of policy terms and premium paying terms
  • Flexibility to choose from 4 investment options to suit your investment needs
  • Flexibility to add top-ups whenever you have additional savings
  • Flexibility of partial withdrawals to meet any emergency fund requirements
  • Tax benefits

Bonus Rate

-

Illustration with Premium of INR 1 Lakh
(Non Guaranteed Policy Values at 8% Gross Yield)

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:

  • Gross returns of INR 14,24,680
  • Fund value of INR 1,89,82,960
  • Guaranteed additions of INR 46,553
  • In case of the unfortunate event of death of the policyholder during the 40th policy year, the beneficiary stands to receive INR 1,89,82,960

How Does the Plan Work?

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:

  • Classic Option – Higher of sum assured or policy fund value.
  • Assured Option – Sum assured is paid on the unfortunate event of the death of the policyholder. The policy will continue till maturity, and all the future installment premiums shall be paid by the insurance company.

The individual has to select the basic premium based on which your basic sum assured is automatically determined. The formula is:

  • The higher of 10 or the policy term divided by 2, for entry ages below 45 years
  • The higher of 10 or the policy term divided by 4, for entry ages 45 years and above

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:

  • Smart Option – Under this option, the policyholder’s portfolio will be structured as per his/her maturity date and risk profile. Over time, the allocation is managed such that it will automatically switch from riskier assets to safer assets progressively as the plan approaches maturity.
  • Systematic Transfer Option – This option safeguards your wealth against market volatilities and is available only if the policyholder has opted for the annual mode. Under STP, at inception, s/he can choose to transfer the fund on monthly basis or weekly basis. The policyholder can choose up to 4 funds that can be transferred for the premium.
  • Return Optimiser Option – This option enables the policyholder to take advantage of the equity market, protect his/her gains from future market volatility, and create a more stable sequencing of investment returns.
  • Self-Managed Option – Under this option, the policyholder gets access to a well-established suite of 15 segregated funds, complete control in how to invest his/her premiums, and full freedom to switch from one segregated fund to another.

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:

  • Classic Option – In case of the unfortunate event of the death of the policyholder during the policy term, the death benefit will be the higher of:
    • Basic fund value as on date of intimation of death
    • Basic sum assured

In addition to this, the policyholder will also be paid the higher of:

  • Top-up fund value as on date of intimation of death, if any
  • Top-up sum assured

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.

  • Assured Option – In case of the unfortunate event of the death of the policyholder while the policy is in effect, the beneficiary will be immediately paid the basic sum assured plus top-up sum assured, if any. Death benefit shall never be less than 105% of total premiums paid to date (excluding service tax). The policy will not terminate once this death benefit is paid to the nominee and it continues till policy maturity date. On continuation of the policy:
    • Risk cover ceases immediately
    • Future installment premiums shall be paid by the insurance company
    • Fund value will remain invested in the segregated funds and investment option existing at the time of death of the policyholder
    • Guaranteed additions, when applicable, shall be added to the fund value as and when due
    • All policy charges shall be deducted as and when due, except mortality charge
    • Top-up premiums, partial withdrawals, surrenders, switch between investment options, segregated fund switch or any premium redirection by the nominee is not allowed
    • Maturity benefit shall be paid to the nominee

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.

Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some other features of the ABSLI Wealth Aspire plan:

  • Tax Benefits: Premiums paid, maturity benefit, death benefit, and surrender benefit will be eligible for tax benefits under Section 80(C) and Section 10(10D) of the Income Tax Act.
  • Free-look Period: The individual is advised to go through the policy thoroughly. If s/he finds any objections to the terms and conditions of the policy, s/he can cancel the policy within 15 days (free-look period) by giving a signed written notice to the insurance company stating the reasons for objection of the policy. The individual will be entitled to a refund of the premiums paid, excluding a few charges like stamp duty charges.
  • Policy Revival: A lapsed policy can be revived within 2 years from the last unpaid premium date subject to satisfactory proof of insurability as required by the company from time to time.

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Riders

The plan does not offer riders.

Who Should Buy This Plan?

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.

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