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Birla Sun Life Wealth Secure Plan

What is the Plan all About?

BSLI Wealth Secure Plan is a non-participating unit linked life insurance plan that helps maximize your savings, so you can attain the long term goals. This plan also provides the whole life insurance coverage till 100 years of age.

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What are the Key Features?

  • Whole life insurance coverage
  • Limited premium payment term
  • Invest in 13 available fund options
  • Choose from 3 investment options
  • Unlimited Partial withdrawals
  • Accumulate wealth through Guaranteed Additions
  • Top-up Premium facility available
  • Flexibility to alter Sum Assured
  • Take advantage of fund switching
  • 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
  • Protector Fund
  • Builder Fund
  • Enhancer Fund
  • Creator Fund
  • Magnifier Fund
  • Maximiser Fund
  • Multiplier Fund
  • Super 20 Fund
  • Pure Equity Fund
  • Value & Momentum Fund

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

LifeCycle Option: This investment option is for individuals who would like their investments to change over time based on their age and risk profile.

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.

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 13 available investment funds and you can also switch from fund to another, provided the switched amount is at least Rs. 5,000.

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.

Guaranteed Additions

    Guaranteed Addition is 2% of the total premiums paid in the last 60 months (On the 10th policy anniversary and on every 5th policy anniversary thereafter). It is 0.20% 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.

Alter Sum Assured

    Based on your insurance needs, you can increase the amount of protection by 150%, 200%, 250% or 300% of the minimum Basic Sum Assured. You are also allowed to decrease your Basic Sum Assured anytime after the premium paying term provided it meets the minimum Basic Sum Assured criteria.

Switching

    You can switch among 13 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 minimum Basic Fund Value required is equal to five years basic premiums 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 60 Years
Policy Tenure Whole Life Till 100 Years -
Premium Paying Term (PPT) 5 Years (age At The End Of Premium Paying Term Must Be 18 Years Or More) 30 Years (age At The End Of Premium Paying Term Must Be 75 Years Or Less)
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Annual Basic Premium Amount Rs 20,000 (annually), Rs 30,000 (semi Annually), Rs 60,000 (quarterly Or Monthly) No Limit
Top-Up Premium Rs 5,000 -
Basic Sum Assured <45 Years - Higher Of 10 * Annualized Basic Premium Or The Number Of Years To Attain Age 70 * Annualized Basic Premium Divided By 2 >= 45 Years - Higher Of 7 * Annualized Basic Premium Or The Number Of Years To Attain Age 70 * Annualized 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 of 6%/5.5%/5% is levied during 1st & 2nd policy year/3rd to 6th policy year/7th policy year onwards, respectively. A premium allocation charge of 2% is levied on top-up premium paid.

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 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, Multiplier, Super 20, Pure Equity and Value & Momentum Fund, 1.25% p.a. for Enhancer and Creator Fund, 1.00% p.a. for Liquid Plus, Income Advantage, Assure, Protector and Builder. 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 Wealth Secure Plan with the premium payment term of 30 years, annual premium of Rs 50,000 and sum assured of Rs 8,75,000.

Scenario A- Guaranteed Additions: In case of his survival through the policy term, Guaranteed Addition is 2% of the total premiums paid in the last 60 months (On the 10th policy anniversary and on every 5th policy anniversary thereafter). It is 0.20% 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 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.