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Product Info

UIN

109L073V01

Status

Withdrawn

Launch Date

02/03/2012

Withdrawn Date

31/12/2013

Product Overview

ABSLI Wealth Max Plan is a single premium, non-participating unit-linked life insurance plan. All unit-linked life insurance plans are different from traditional insurance plans and are subject to different risk factors. The name of this plan and that of the investment funds do not in any way indicate the quality of the plan or future returns

Product Description

  • The policy offers guaranteed additions in the form of additional units which will be added to the policy.
  • Upon death, the nominee will be paid greater of Basic Fund Value as on date of intimation of death or Basic Sum Assured along with Top-up fund value or Top-up Sum Assured.
  • The policy offers Fund Value at maturity.

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Unique Features

  • ABSLI Wealth Max Plan is a Single Premium unit-linked insurance plan (ULIP).
  • This plan also has guaranteed additions, 13 investment fund options with 4 additional riders.

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 3 to 60 years (Subject to min 18 years at maturity)
Policy Term 7 |10 | 15 years
Pay Term
Single Pay
Min. Premium Rs. 100,000 – 10 | 15 year term
Rs. 500,000 – 7 year term
Basic Premium 125% x Single Premium; or
500% x Single Premium
Investment Options Self-Managed

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Product Benefit

  • Death Benefit: Higher of Basic Sum Assured OR Fund Value
  • Maturity Benefit: Fund Value

Other Policy Features

  • Surrender Benefit:
  1. During first 5 policy years: Fund value as on date of the surrender shall be deposited in Discontinued Policy Fund
  2. Discontinued Policy Fund grows at a minimum of SBI savings account interest rate.
  3. FMC of 0.50% applicable on Discontinued Policy Fund.
  4. Proceeds shall be payable at the end of 5 policy years.
  5. After 5 policy years: Fund Value
  • Guaranteed Additions:
  1. In the form of extra units added to the policy:
  2. 6th to 10th policy anniversary – 0.25% of the average Fund Value in the last 12 months.
  3. From 11th policy anniversary and every year thereafter – 0.60% of the average Fund Value in the last 12 months.
  • Partial Withdrawals:
  1. Unlimited partial withdrawals after 5 policy years or life insured attaining age 18, whichever is later.
  2. Min. – Rs. 5,000, Max. – excess over Fund Value of Rs. 25,000
  • Self-Managed Option:
    There are 13 funds for the policyholder to choose from and manage as per their wish.
  • Switching:
    Switching allowed within the investment funds
  • Policy Discontinuance:
  1. During the first 5 policy years, on the discontinuance date the insurance cover will cease & the fund value net of any Discontinuance Charge will be transferred to the Discontinued Policy Fund.
  2. The Linked Discontinued Policy Fund will be credited with the actual return (less a fund management charge of 0.50% p.a.) or a minimum guaranteed interest rate (which is currently 4% p.a.) whichever is higher.
  3. After five completed policy years On the discontinuance date of the policy, we will pay to the policyholder the fund value and terminate the policy, unless they have chosen to continue the policy in the following manner:

a) By paying all due premiums within the revival period, during which all the benefits will continue with the deduction of charges or
b) Without paying any further premiums on a paid-up basis. 

4. At the end of the revival period, if all the due and unpaid premiums are not received by the company then the policy will automatically continue on a paid-up basis.

5. At the end of the revival period, if all the due and unpaid premiums are not received by the company then the policy will automatically continue on a paid-up basis.

  • Revival Benefit:
    You will have two years from the discontinuance date to revive your policy.
  • Partial Withdrawals (PW):
  1. You are allowed to make unlimited PW any time after
    (a) 5 complete policy years or
    (b) life insured attaining the age of 18, whichever is later
  2. The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 25,000 should be maintained as Fund Value after PW.

Add-ons

  • Accidental Death and Disability:
    In the case the insured is hospitalised due to a surgery, he will be paid a lump sum amount to cover his expenses.
  • Critical Illness:
    The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit.
  • Surgical Care:
    In the case the insured is hospitalised for a minimum period of 24 hours due to a surgery, he will be paid a lump sum amount to cover his expenses.
  • Hospital Care:
    In the event the insured is hospitalised for treatment, a Daily Cash Benefit is paid. This helps the the customer cover their recuperation expenses.

Charges

Charges
Premium Allocation Charge 3% of the single 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.
Note:- We may change the Fund Management Charge under any investment fund at any time subject to a maximum of 1.35% p.a. in the future subject to IRDA approval.
Policy Administration Charge Policy year  Charge per month
Year 1 – 5 Rs. 20.00
Year 6 Rs. 25.00 inflating @ 5% p.a. thereafter
Mortality Charge
Mortality charge is deducted at the start of every month for providing you with the risk cover.
The charge per 1,000 of the Sum at Risk will depend on the gender and attained an age of the life insured.
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

Charge Rs. 50 per request for premium re-direction, fund switch and partial withdrawal, reserve the right to charge up to Rs. 500 per request in the future. Present charge Rs. 100 per policy revival. It may increase in the future subject to a maximum of Rs. 1,000 per revival.

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

Claim Process

Know Claim Process of ABSLI Wealth Max 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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