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Birla Sun Life Wealth Max Plan

What is the Plan all About?

BSLI Wealth Max Plan is a single premium, non-participating unit linked insurance plan that provides you the flexibility to invest in multiple funds. This plan helps accumulate wealth, so you can realize your financial dreams. This ULIP plan also provides financial protection for the family, in case of an unfortunate event.

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What are the Key Features?

  • Invest in 13 available fund options
  • Choice of two investment options
  • Pay premium only once for entire policy term
  • Settlement option to receive maturity benefit in installments
  • Accumulate wealth through Guaranteed Additions
  • Top-up Premium facility available
  • Avail Life insurance cover based on your needs
  • Option to customize plan to suit your goals
  • Enjoy tax benefits

What are the Fund Investment Options?

This policy offers following 13 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
  • Creator Fund
  • Magnifier Fund
  • Maximiser Fund
  • Multiplier Fund
  • Super 20 Fund
  • Pure Equity Fund
  • Value & Momentum Fund
  • Capped Nifty Index Fund
  • Asset Allocation Fund

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

Self-Managed Option: This investment strategy provides you the flexibility to invest amongst 13 available investment funds and you can also switch from fund to another, provided the switched amount is at least Rs 5,000.

Systematic Transfer Option: This investment strategy safeguards your wealth against the market volatilities. Under the Systematic Transfer Option, your premium shall be first allocated to Liquid Plus fund option and thereafter 1/12th of the allocated amount (on monthly basis) shall be transferred to a fund of your choice.

You can change from one investment option to another investment option anytime after the first policy year. You have the flexibility of switching to Self-Managed Option or Systematic Transfer Option during the policy term. Switching to Systematic Transfer Option is allowed only at policy anniversary.

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 Plus Top-up Fund Value (till the date of intimation of death) or Top-up Sum Assured.

    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.

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

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 1 to 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.

Guaranteed Additions

    Guaranteed Addition is 0.25% of the Average Fund Value in the last 12 months (from 6th to 10th policy anniversary) and it is 0.60% of the Average Fund Value in the last 12 months (From 11th policy anniversary and every year thereafter).

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 as per regulations specified in India (Linked Insurance Products) Regulations, 2013.

Top-Ups

    Facility for Top-up Premium is available through the entire policy term, except during the 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 single basic premium 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 13 available fund options to suit your changing investment needs.

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 minimum Basic Fund Value required is equal to 50% of the basic premium paid 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 70 Years
Age at Maturity 18 Years 90 Years
Policy Tenure 5/10/15 Years 20 Years
Premium Paying Term (PPT) Single Pay -
Premium Paying Mode Single -
Basic Premium Amount Rs 1 Lac (policy Term 5 & 10 Years), Rs 2 Lacs (policy Term 15 & 20 Years) No Limit
Basic Sum Assured 1.25/5/10 Times The Basic Premium -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period Nil -
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 of 3%/2% is levied on the basic premium/top-up premium, respectively.

Policy Administration Charge: Policy administration charge is Rs 20 per month during 1st to 5th policy year. It is increased to Rs. 25 per month in the 6th policy year and inflate at 5% p.a. thereafter, 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 will depend on the gender and attained 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, Multiplier, Super 20, Pure Equity and Value & Momentum Fund, 1.25% p.a. for Enhancer, Creator, Capped Nifty Index & 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. in the future upon prior approval from IRDAI.

Miscellaneous Charges: Rs. 50 per request for change in investment option, fund switch, 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 Wealth Max Plan with the policy term of 20 years, single premium of Rs 5,00,000 and sum assured of Rs 25,00,000.

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 as 0.25% of the Average Fund Value in the last 12 months (from 6th to 10th policy anniversary) and it is 0.60% of the Average Fund Value in the last 12 months (From 11th policy anniversary and every year thereafter) is also payable. Non-negative residual additions are also credited after completion of first 5 policy years.

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