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Birla Sun Life Fortune Elite Plan

What is the Plan all About?

BSLI Fortune Elite Plan is a non-participating unit linked life insurance plan that helps accumulate your wealth, so you can fulfill your financial and estate planning goals. This plan also provides insurance coverage that ensures financial protection for your family.

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What are the Key Features?

  • Invest in 7 different fund options
  • 3 investment options to suit your investment strategy
  • Guaranteed Additions to boost fund value
  • Option to add top-up premium
  • Flexible policy term & premium pay term
  • Enjoy unlimited partial withdrawals
  • Avail tax benefits as per IT Act

What are the Fund Investment Options?

This policy offers following 7 investment funds and you have the option to invest in any one or combination of fund options.

  • Liquid Plus Fund
  • Income Advantage Fund
  • Assure Fund
  • Enhancer Fund
  • Magnifier Fund
  • Maximiser Fund
  • Super 20 Fund

You have the option to choose from following three investment strategies that help manage your funds.

Systematic Transfer Option: This investment option is for individuals who would like to eliminate the need to time one’s investments in the market. It safeguards your wealth against the market volatilities.

Return Optimiser Option: This investment option enables you to take advantage of the equity market, protect your gains against the future market volatility and create a more stable sequencing of investment returns.

Self-Managed Option: This investment option is for individuals who would like to have control over their investment. It provides you the flexibility to invest amongst 7 available investment funds and you can also switch from fund to another, provided the switched amount is at least Rs 5,000.

You can change from one investment option to another investment option anytime after the first policy year.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured while the policy is in-force, the Death Benefit payable is Basic Fund Value (till the date of intimation of death) or Basic Sum Assured. This death benefit also includes the higher of Top-up Fund Value (till the date of intimation of death) or Top-up Sum Assured.

    Death benefit shall be at least 105% of the total premiums paid.

    The sum assured is reduced by partial withdrawals, as follows.

    Before age 60 years of the life insured, Base Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. Upon attaining 60 years of age, Base Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Total Fund Value is payable at maturity.

Guaranteed Additions

    Guaranteed Addition is 2% of the total premiums paid in the last 60 months (On 10th policy anniversary and on every 5th policy anniversary thereafter). It is 0.35% of the average Fund Value in the last 12 months (every year, from 11th policy anniversary onwards).

Non-Negative Residual Additions

    After the completion of 5 policy years, non-negative residual additions, are credited to the policy in order to meet the maximum reduction in yield.

Top-Ups

    Facility for Top-up Premium is available through the entire policy term, provided all due basic premiums have been paid. The minimum top-up premium allowed is Rs 5,000. The total top-up premium should not exceed the total basic premiums paid.

    Top-up Sum Assured = Top-up Multiple * Top-up Premium

    Top-up multiple is 125%/110% for age less than 45 years/age equal to 45 years & above, respectively.

Switching

    You can switch among 7 available fund options to suit your changing investment needs.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums.

Partial Withdrawal

    Unlimited Partial Withdrawal is allowed from 6th policy year onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount allowed is Rs 5,000. The maximum partial withdrawal amount is 25% of the fund value, subject to the minimum Fund Value required after withdrawal should be equal to one basic premium chosen plus top-up premiums paid in the previous five years, immediately before the date of withdrawal.

Bonus

    The plan is not eligible for the bonuses, as it is a non-participating insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Linked Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. A fund management charge of 0.50% per annum of the Linked Discontinued Policy Fund is applicable. The proceeds after addition of interest subject to a minimum guaranteed interest rate of 4% per annum or as stipulated by IRDAI is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 1 Year 55 Years
Age at Maturity - 75 Years
Policy Tenure 20/25/30/35 Years 40 Years
Premium Paying Term (PPT) 5/10/15 Years 20 Years
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Basic Premium Rs 40,000 -
Top-Up Premium Rs 5,000 -
Sum Assured Rs 4,00,000 (Higher Of 10 * Annualized Basic Premium Or Policy Term * Annualized Basic Premium Divided By 2) -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider is available under this plan.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. For annual premium band of Rs 40,000 to Rs 2,49,999, the premium allocation charge is 5.50%/5% for 1st & 2nd policy year/3rd policy year onwards, respectively. For annual premium band of Rs 2,50,000, the premium allocation charge is 4.50%/4% for 1st & 2nd policy year/3rd policy year onwards, respectively. A premium allocation charge of 2% is levied on top-up premium paid.

Policy Administration Charge: Policy administration charge is 0.6% of basic premium per annum, subject to a maximum of Rs 6,000 per annum. This charge is deducted at the start of every month by cancelling appropriate units from the fund value.

Mortality Charges: Mortality charge is levied for providing you with the risk cover. The charge per Rs 1000 of Sum at Risk depends on the gender and age of the life insured. This charge is deducted every month by cancellation of units.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Magnifier, Maximiser, and Super 20 Fund, 1.25% p.a. for Enhancer Fund, 1.00% p.a. for Liquid Plus, Income Advantage, and Assure Fund. Fund management charge may be revised, subject to a maximum of 1.35% p.a. upon prior approval from IRDAI.

Miscellaneous Charges: Rs 50 per request for change in investment option, fund switch, premium re-direction, partial withdrawal or any other servicing request. This charge may be revised to a maximum of Rs 500 per request.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 35 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for BSLI Fortune Elite Plan with the policy term of 40 years, premium payment term of 20 years, annual premium of Rs 1,00,000 and sum assured of Rs 20,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Total Fund Value is payable at maturity. Guaranteed Addition is 2% of the total premiums paid in the last 60 months (On 10th policy anniversary and on every 5th policy anniversary thereafter). It is 0.35% of the average Fund Value in the last 12 months (every year, from 11th policy anniversary onwards). After the completion of 5 policy years, non-negative residual additions are also credited to the policy.

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is Basic Fund Value (till the date of intimation of death) or Basic Sum Assured. This death benefit also includes the higher of Top-up Fund Value (till the date of intimation of death) or Top-up Sum Assured.