Robinhood Insurance Broker Private Limited

Product Info

UIN

109L074V01

Status

Withdrawn

Launch Date

16/03/2012

Withdrawn Date

31/12/2013

Product Overview

Birla Sun Life Insurance Wealth Secure Plan that combines long-term savings and whole life coverage specially designed for you to focus on your goals and maximize savings for your future.

Product Description

  • Pay premiums for a limited term and get life cover for whole life.
  • Flexibility to choose from 3 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.

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Unique Features

  • This plan has 3 unique Investment Strategies with 13 investment fund options for wide array of Investment Opportunity. This plan also has Guaranteed Additions
  • Higher of the Fund Value or Basic Sum Insured will be paid upon Death.
  • In case you have crises and would like to surrender the policy, it can be done anytime during the policy term.

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 1yr to 60 years
Maximum Maturity Age Whole Life
Policy Term Whole Life
Premium Paying Term (PPT) 5 to 30 years
Minimum PPT  Attained age at the end of PPT must be 18 years or more
Maximum PPT Attained age at the end of PPT must be 75 years or less
Basic Premium Minimum Rs. 20,000 p.a. if paid annually
Minimum Rs. 30,000 p.a. if paid Semi-Annually
Minimum Rs. 60,000 p.a. if paid Monthly or Quarterly
Top-up Premium Minimum Rs. 5,000/-

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Product Benefit

  • Maturity Benefit: Being a Whole Life Plan, there is no Maturity Benefit offered.
  • Death Benefit:
  1. In the event of death of the life insured while the policy is in effect, the company shall pay the nominee the greater of
    a) Basic Fund Value as on date of intimation of death, or,
    b) Basic Sum Insured
  2. In addition, we will also pay the greater of:
    a) Top-up Fund Value as on date of intimation of death, or 
    b) Top-up Sum Insured.
  3. The Sum Assured will be reduced by the partial withdrawals made from as follows:
    a) Before the life insured attains the age of 60, the Sum Assured payable on the death is reduced by partial withdrawals made in the preceding two years.
    b) Once the life insured attains the age of 60, the Sum Assured payable on the death is reduced by all partial withdrawals made from age 58 onwards.
  4. Death benefit shall never be less than 105% of total premiums paid till date.

Other Policy Features

Under BSLI Wealth Secure Plan, you decide how to invest your premiums in one of the three investment options - LifeCycle Option, Systematic Transfer Option or the Self-Managed Option. At any time after one year while your policy is in effect, you can change your investment option.

  • LifeCycle Option:

Under the LifeCycle Option, your portfolio will be structured as per your age and risk profile – all you need is to decide on your risk profile – Conservative, Moderate or Aggressive. Your portfolio will then be managed and administered by us, saving you the time and effort involved. We automatically shift your investments from riskier assets to safer assets progressively with your age.

We will invest your premiums between the two investment funds, Maximiser (Equity Fund) and Income Advantage (Debt Fund) in a predetermined proportion based on the selected risk profile and your age when the premium is invested. Details about these two funds are explained later.

The proportion invested in Maximiser (Equity Fund) will be according to the schedule given below – the remaining amount will be invested in Income Advantage (Debt Fund):

Age (years) Risk Profile
Conservative Moderate Aggressive
1-30 50% 70% 90%
31-40 40% 60% 80%
41-50 30% 50% 70%
51-60 15% 35% 55%
61-70 0% 20% 40%
71+ 0% 5% 25%

For example – if person A aged 35 years, opts for LifeCycle Option and a moderate risk profile, then based on the age and the risk profile, the investment portfolio will change with time as below:

Age (years) Percentage of Investments in
Maximiser Income Advantage
31-40 60% 40%
41-50 50% 50%
51-60 35% 65%
61-70 20% 80%
71+ 5% 95%

You can change your risk profile at any time with no additional cost. All premiums paid from that point onwards will be invested in the Maximiser and Income Advantage according to your new risk profile.
We will automatically rebalance your investment portfolio on each policy anniversary to ensure that it maintains the predetermined proportion in Maximiser and Income Advantage as per the risk profile you have selected at no additional charge.

  • Systematic Transfer Option:

The Systematic Transfer Option safeguards your wealth against the market volatilities and is available only if you have opted for annual mode. Under the Systematic Transfer Option, your premium (net of premium allocation charge) shall be first allocated to Liquid Plus fund option and thereafter 1/12th of the allocated amount shall be transferred to an investment fund of your choice. You may choose any one investment fund out of Enhancer, Multiplier, Super 20, Pure Equity and Value & Momentum for your premiums to be transferred to. The transfers to your chosen investment fund will take place monthly on 1st, 8th, 15th or 22nd of the month as selected by you.

This option helps mitigate any risk arising from volatility and averages out the risks associated with the equity market, reducing the overall risk to your portfolio.

For example – if person A aged 35 years, opts for Systematic Transfer Option with transfers on the 15th of every month to Super 20.

Premium/s net of premium allocation charges will be allocated in Liquid Plus Fund and th th thereafter on the 15th of every month, 1/12th of initially allocated amount shall be automatically transferred to Super 20 Fund.

  • Self-Managed Option:

Self-Managed Option gives you access to our well-established suite of 13 investment funds, complete control in how to invest your premiums and full freedom to switch from one investment fund to another.

Our 13 investment funds range from 100% debt to 100% equity to suit your particular needs and risk appetite - Liquid Plus, Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximiser, Multiplier, Super 20, Pure Equity and Value & Momentum. If you wish to diversify your risk, you can choose to allocate your premium in varying proportions amongst the 13 investment funds. We record your allocation instructions as per the premium allocation percentages specified in the application form. Our only requirement is that the percentage allocated to any investment fund be in increments of 5%, ranging from 5% to 100%.

To meet your ever changing investment needs, you have full flexibility to redirect future premiums by changing your premium allocation percentages at any time. You also have full flexibility to switch monies from one investment fund to another at any time provided the switched amount is for at least Rs. 5,000. 

Add-ons

Not Available

Charges

Charges
Discontinuation Charge The charge is for discontinuing the plan before the end of the Policy Tenure.
Year of Discontinuation Annual Premium > Rs 25,000 p.a.
1st Lower of  6% of (Annual Premium or Fund Value) subject to a max. of Rs 6,000
2nd Lower of  4% of (Annual Premium or Fund Value) subject to a max. of Rs 5,000
3rd Lower of  3% of (Annual Premium or Fund Value) subject to a max. of Rs 4,000
4th Lower of  2% of (Annual Premium or Fund Value) subject to a max. of Rs 2,000
5th onwards NIL
Premium Allocation Charge
Policy Year Premium Allocation Charge
1st and 2nd Year 6.00% of the basic premium payable
3rd and 6th  year 5.50% of the basic premium payable
7th year 5.00% of the basic premium payable
Notes :- A premium allocation charge of 2% is levied on any top-up premium when paid.
 
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:
The policy administration charge is Rs. 20 per month for the first five policy years
It shall increase to Rs. 25 per month in the sixth year and inflate at 5% p.a. thereafter, subject to a maximum of Rs. 6,000 p.a. 
This charge is deducted at the start of every month by cancelling units proportionately from each investment fund the customer might have at that time.
 
Mortality Charge
Mortality charge is deducted at the start of every month for providing the insured with the risk cover.
 The charge per 1,000 of Sum at Risk will depend on the gender and attained 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 charges are Rs. 100 per policy revival. the charges might  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.

Claim Process

Know Claim process of BSLI Wealth Secure 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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