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Birla Sun Life Wealth Aspire Plan

What is the Plan all About?

BSLI Wealth Aspire Plan is a non-participating unit-linked life insurance plan that ensures wealth creation, so you can fulfill your long term financial goals. This plan helps accumulate corpus amount along with life insurance cover.

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What are the Key Features?

  • Invest in 9 different fund options
  • 4 investment options to suit your investment needs
  • Option to receive maturity sum through settlement option
  • Wealth creation through Guaranteed Additions
  • Boost fund value with Top-up premiums
  • Flexible policy term & premium payment term
  • Avail unlimited partial withdrawals
  • Avail switching & premium re-direction
  • Enjoy tax benefits

What are the Fund Investment Options?

This policy offers following 9 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
  • Capped Nifty Index Fund
  • Asset Allocation Fund

You have the option to choose from following four investment options that help manage your funds.

Smart Option: Under this investment option, your portfolio will be structured as per your maturity date and risk profile. It saves your time and effort, as it will manage your investment portfolio on your behalf. Over the time the allocation is automatically switched from riskier assets to safer assets as your plan approaches towards maturity.

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 helps mitigate any risk arising from market volatility and thus, reducing the overall risk to your portfolio.

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 9 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 higher of 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 assured, 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.

    The minimum Basic Sum Assured after partial withdrawals shall not be less than Basic Premium multiplied by 10. In case of demise of the Life assured takes place before he/she attains age of one year, only the basic premiums paid is payable as Death Benefit.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Total Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’.

Settlement Option

    On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a period of 5 years, after the date of maturity. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period.

    Only the Fund Management Charge is levied during the settlement period. No guaranteed additions are added during this period. Switches, partial withdrawals and top-up premiums are not allowed during settlement period.

Guaranteed Additions

    Guaranteed Addition varies from 0.2% to 1.0% of the average Fund Value in the last 12 months and it is applicable on 6th policy anniversary (10th policy anniversary for Band 1) and every policy anniversary thereafter. On 10th policy anniversary and on every 5th policy anniversary thereafter, Guaranteed Addition is 2% of basic premiums paid in last 60 months (Band 1), 2.5% of basic premiums paid in last 60 months (Band 2 & 3).

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, except last five years of the policy. 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 9 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) 30 Days 50 Years (5 Pay), 55 Years (6/7 Pay), 60 Years (8 Pay & Above)
Age at Maturity 18 Years 70 Years
Policy Tenure 10 Years 20 Years (5 Pay), 35 Years (6 Pay), 40 Years (7 Pay & Above)
Premium Paying Term (PPT) 5 Years 40 Years
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Basic Premium Rs 30,000 (annually), Rs 36,000 (semi Annually), Rs 48,000 (quarterly And Monthly) -
Top-Up Premium Rs 5,000 -
Sum Assured Rs 3,00,000 < 45 Years: Higher Of 10 * Basic Premium Or Policy Term * Basic Premium Divided By 2, >= 45 Years : Higher Of 10 * Basic Premium Or Policy Term * Basic Premium Divided By 4) -
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. The premium allocation charge for 1st policy year is 7%/6%/4.5% for Band 1/Band 2/Band 3, respectively. From 2nd policy year onwards, it is 5%/4%/3% for Band 1/Band 2/Band 3, respectively. A premium allocation charge of 2% is levied on top-up premium paid.

Policy Administration Charge: For Band 1, Policy administration charge is Rs 450 per annum during 1st to 5th policy year and it is Rs 600 per annum during 6th policy year and then, inflating at 5% from 7th policy year onwards. For Band 2 & 3, Policy administration charge is 1.2% of Basic Premium during 1st to 5th policy year and no such charge is levied afterwards. This charge is capped to a maximum of Rs. 6,000 per annum.

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, Capped Nifty Index, and Asset Allocation 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, and partial withdrawal. 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 Wealth Aspire Plan with the policy term of 20 years, premium payment term of 5 years, annual premium of Rs 1,00,000 and sum assured of Rs 10,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Total Fund Value is payable at maturity. You can receive this benefit as a lump sum or as periodic installments by using ‘Settlement Option’. Guaranteed Addition and non-negative residual additions are also payable.

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of 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.