Robinhood Insurance Broker Private Limited

Product Info

UIN

109L076V01

Status

Withdrawn

Launch Date

02/11/2012

Withdrawn Date

31/12/2013

Product Overview

Aditya Birla Sun Life Insurance Wealth Assure Plan, a protection, and savings plan that enable your wealth to grow steadily, over the time, and gives you and your loved ones peace of mind. It provides you with a secure financial future to meet your needs at different stages of life.

Product Description

  • Investment cum insurance plan providing financial security to your loved ones and providing upside of market-related returns while shielding your returns from downside risks
  • Flexibility to choose between 3 investment options to suit your investment needs.
  • Basic Sum Assured plus Fund Value payable on the unfortunate death of the life insured.
  • Flexibility to enhance the cover under the policy with additional riders.

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Unique Features

  • ABSLI Wealth Assure Plan is a Limited Pay Unit Linked Insurance Plan.
  • This plan has 3 unique Investment Strategies with 13 investment fund options for a wide array of Investment Opportunity. This plan also has Guaranteed Additions.

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 8 - 65 years
Maximum Maturity Age 75 years
Policy Term 10 | 15 | 20 | 25 | 30 years
Pay Term 5 years
Basic Premium Minimum :- Rs 90,000 p.a. if paid annually
Minimum :- Rs.1,32,000 p.a. if paid monthly
Top-up Premium Minimum Rs. 5,000
Pay Mode Annually, Monthly

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Product Benefit

  • Death Benefit:
  1. Upon the unfortunate demise of the life insured prior to maturity, we shall pay the nominee the Basic Sum Assured + the Fund Value as on the date from the intimation of death.
  2. Death benefit shall never be less than 105% of total premiums paid till date (excluding any applicable rider premium and/or underwriting extras) less any partial withdrawals till date.
  • Maturity Benefit:
    The Insured shall receive the fund value at maturity.

Other Policy Features

Feature Description
Surrender Benefit In the case of emergencies, you can surrender your policy anytime during the policy term, after paying premiums for at least 1 policy year.
During the first 5 policy years, the surrender value will be transferred to the Discontinued Policy Fund.
In case you surrender the policy after the completion of 5 years, we will pay the fund value immediately.
 Strategies There are 3 Investment Strategies in this plan:
1) LifeCycle Option Where the money would be invested in 100% Equity and Debt Fund, and based on the age and risk profile, the investment portfolio is balanced over the years.
2) Systematic Transfer Option Where the money is initially invested in Liquid Plus Fund and then a systematic monthly transfer of funds happen to a specified fund.
3) Self-Managed Option There are 13 funds for the policyholder to choose from and manage as per his wishes.
Guaranteed Additions From the 6 to the 10 policy anniversary - Guaranteed Addition is 0.25% of the average Fund Value in the last 12 months.
From the 11 to the 15 policy anniversary - Guaranteed Addition is 0.55% of the average Fund Value in the last 12 months.
The 16 policy anniversary onwards - Guaranteed Addition is 0.75% of the average Fund Value in the last 12 months.
Policy Discontinuance During the first 5 policy years, on the discontinuance date
The insurance cover will cease and your fund value net of any Discontinuance Charge will be transferred to the Discontinued Policy Fund.
The Discontinued Policy Fund will be credited with a minimum interest rate as currently applicable to the savings bank accounts of State Bank of India or 3.50%, whichever is greater on a compounding basis and the proceeds from this will be payable to you on the date corresponding to your 5th policy anniversary or the date the life insured dies, if sooner.
The daily unit price of the Discontinued Policy Fund is adjusted to reflect the Fund Management Charge of 0.50% p.a.
After the first 5 policy years, on the discontinuance date
The premium paying term being 5 years, there is no requirement of further premium payment.
Revival You will have 2 years from the discontinuance date or up to the end of first 5 policy years; whichever is earlier to revive your policy.
Partial Withdrawals You are allowed to make unlimited partial withdrawals any time after (a) 5 complete policy years or (b) life insured attaining the age of 18, whichever is later
The minimum amount of partial withdrawal is Rs. 5,000.
There is no maximum limit, but you are required to maintain a minimum Fund Value equal to Rs. 25,000 plus any top-up premiums paid in the previous 5 years immediately preceding the date of withdrawal
 
Funds Available RiskProfile   Segregated Fund  Asset Allocation Minimum Maximum
Liquid Plus Very low ULIF02807/10/11BSLLIQPLUS109 Debt Instruments, Money Market & Cash 100% 100%
Equities & Equity Related Securities 0% 0%
Income  Advantage  Very low ULIF01507/08/08BSLIINCADV109 Debt Instruments, Money Market & Cash 100% 100%
Equities & Equity Related Securities 0% 0%
Assure Very low ULIF01008/07/05BSLIASSURE109 Debt Instruments, Money Market & Cash 100% 100%
Equities & Equity Related Securities 0% 0%
Protector Low ULIF00313/03/01BSLPROTECT109 Debt Instruments, Money Market & Cash 90% 100%
Equities & Equity Related Securities 0% 10%
Builder Low ULIF00113/03/01BSLBUILDER109 Debt Instruments, Money Market & Cash 80% 90%
Equities & Equity Related Securities 10% 20%
Enhancer Medium ULIF00213/03/01BSLENHANCE109 Debt Instruments, Money Market & Cash 65% 80%
Equities & Equity Related Securities 20% 35%
Creator Medium ULIF00704/02/04BSLCREATOR109 Debt Instruments, Money Market & Cash 50% 70%
Equities & Equity Related Securities 30 50%
Magnifier High ULIF00826/06/04BSLIIMAGNI109 Debt Instruments, Money Market & Cash 10% 50%
Equities & Equity Related Securities 50% 90%
Maximiser High ULIF01101/06/07BSLIINMAXI109 Debt Instruments, Money Market & Cash 0% 20%
Equities & Equity Related Securities 80% 100%
Multiplier High ULIF01217/10/07BSLIINMULTI109 Debt Instruments, Money Market & Cash 0% 20%
Equities & Equity Related Securities 80% 100%
Super 20 High ULIF01723/06/09BSLSUPER20109 Debt Instruments, Money Market & Cash 0% 20%
Equities & Equity Related Securities 80% 100%
Pure Equity High ULIF02707/10/11BSLIPUREEQ109 Debt Instruments, Money Market & Cash 0% 20%
Equities & Equity Related Securities 80% 100%
Value & Momentum High ULIF02907/10/11BSLIVALUEM109 Debt Instruments, Money Market & Cash 0% 20%
Equities & Equity Related Securities 80% 100%

Add-ons

  • Accidental Death & Disability:
    Accidental Death: Rider sum assured is paid in case of death due to an accident. Accidental Disability: A % of rider sum assured paid that depends on nature of disability.?
  • Critical Illness:
    It provides an additional amount of cover in the event of the death of the life insured.
  • Surgical Care Rider:
    Hospitalization for medically necessary surgery for a minimum period of 24 hours.??You can choose your benefit amount from Rs. 3,000 to Rs. 30,000. The rider sum assured will be 50 times this benefit amount.
  • Hospital Care Rider:
    Daily Cash Benefit: In case of hospitalization for medically necessary treatment of any illness or injury for a minimum period of 24 hours will be paid from the first day for the duration of hospitalization.??

Charges

Charges
 Discontinuance Charge Policy Year For BP up to Rs. 25,000 For BP more than Rs. 25,000 
Year 1 Lower of 20% of BP, 20% of FV , Rs. 3,000 Lower of 6% of BP, 6% of FV, Rs. 6,000
 Year 2 Lower of 15% of BP, 15% of FV, Rs. 2,000 Lower of 4% of BP, 4% of FV, Rs. 5,000
Year 3 Lower of 10% of BP, 10% of FV, Rs. 1,500 Lower of 3% of BP, 3% of FV, Rs. 4,000
 Year 4 Lower of 5% of BP, 5% of FV, Rs. 1,000 Lower of 2% of BP, 2% of FV, Rs. 2,000
 Year 5 Nil Nil
Notes:- BP is Basic Premium & FV is Fund Value. No discontinuance charge shall be levied on top-up premiums.
Premium Allocation Charge
Policy Year Premium Allocation Charge
1st Year  5% of the Basic Premium
2st Year Onwards 4% of the Basic Premium
Top Up 2% of Top Up Premium
 
Fund Management Charge
Type Charge
Liquid Plus Fund 1% p.a.
Income Advantage Fund 1% p.a.
Assure Fund 1% p.a.
Protector Fund 1% p.a.
Builder Fund 1% p.a.
Enhancer Fund 1.25% p.a.
Creator Fund 1.25% p.a.
Magnifier Fund 1.35% p.a.
Maximiser Fund 1.35% p.a.
Multiplier Fund 1.35% p.a.
Super 20 Fund 1.35% p.a.
Pure Equity Fund 1.35% p.a.
Value & Momentum Fund 1.35% p.a.

Notes:- We may change the Fund Management Charge under any investment fund at any time subject to a max. of 1.35% p.a. in future subject to IRDA Approval.

Policy Administration Charge
Years  Amount
Each Year Rs 3000 p.a.
Notes:- This is the charge for the administrative working of the policy and is deducted on a monthly basis.
Mortality Charge
The charge per 1000 of Basic Sum Assured chosen under the policy will depend on the gender and attained age of the life insurance.
% of charge per 1000 of Sum Assured
Attained Age 25 years 35 years 45 years 55 years 65 years
Male 1.546 1.753 3.04 7.064 16.267
Female 1.502 1.605 2.505 5.494 13.197
Miscellaneous Charges

We currently charge Rs. 50 per request for change in investment option, premium redirection, fund switch partial withdrawal or any additional servicing request.

We do however reserve the right to charge up to Rs. 500 per request in the future. Any increase in the miscellaneous charges will be subject to IRDA approval.

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 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.

Claim Process

Know Claim Process of ABSLI Wealth Assure Plan

Claim Process

Company Overview

Aditya Birla Sun Life Insurance Company Limited (ABSLI) 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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