Birla Sun Life Fortune Elite Plan

BSLI Fortune Elite Plan is a wealth with protection solution offered by Birla Sun Life Insurance Company Limited to the elite few. The policyholder is given 3 different investment options to choose from:

• Systematic Transfer Option
• Return Optimiser Option
• Self-Managed Option

You get to not only save money on a regular basis but also receive excellent life insurance cover. Whether you want to buy your dream villa or start a business of your own, with BSLI Fortune Elite Plan, you can make your dream come true. As this is a Unit Linked Life Insurance Policy, the policyholder cannot withdraw or surrender the funds invested in this product till the completion of 5th policy year.

Eligibility - Who is the BSLI Fortune Elite Plan for?

Listed below are the eligibility factors you must meet to purchase BSLI Fortune Elite Plan:

Entry Age	1 to 55 years
Maturity Age	Maximum 75 years

Sum Assured and Premium Range - What you get and what it costs?

The premium, Policy Term and Sum Assured for BSLI Fortune Elite Plan are as follows:

Policy Term	20, 25, 30, 35 or 40 years
Premium Payment Term (PPT)	5, 10, 15 or 20 years
Basic Premium	Minimum Rs.40,000
Sum Assured	Minimum Rs.4 lakhs
Top-up Premium	Minimum Rs.5,000
Premium Payment Mode	Monthly, quarterly, semi-annual or annual

Plan coverage - What the BSLI Fortune Elite Plan covers?

Under BSLI Fortune Elite Plan, you can get the following benefits:

• Flexibility: You can choose a policy term of 20, 25, 30, 35 or 40 years and PPT of 5, 10, 15 or 20 years.
• 3 investment options: Depending on your investment needs, you can choose from 3 different investment options:
  • Systematic Transfer Option: This option is available only if you have chosen annual mode. The premium is first invested in Liquid Plus fund, thereafter monthly 1/12th of the allocated amount will be transferred to an investment fund of your choice (Super 29, Enhancer or Maximiser). With this option, you can avoid any risk arising from market volatility.
  • Regular Optimiser Option: This option can ensure that your gains are protected from market volatilities by investing in the Maximiser fund.
  • Self-Managed Option: You can control your investment portfolio by choosing between 7 investment funds, ranging from 100% debt to 100% equity.
• Investment funds: BSLI Fortune Elite Plan has 7 fund options with different risk-return patterns:

  Investment Fund	Risk Profile	Asset Allocation
  Liquid Plus	Very low	Debt Instruments - 20% to 100% Money Market & Cash - 0% to 80% Equities & Equity Related Securities - 0% to 0%
  Income Advantage	Very low	Debt Instruments - 60% to 100% Money Market & Cash - 0% to 40% Equities & Equity Related Securities - 0% to 0%
  Assure	Very low	Debt Instruments - 20% to 100% Money Market & Cash - 0% to 80% Equities & Equity Related Securities - 0% to 0%
  Enhancer	Medium	Debt Instruments - 25% to 80% Money Market & Cash - 0% to 40% Equities & Equity Related Securities - 20% to 35%
  Magnifier	High	Debt Instruments - 10% to 50% Money Market & Cash - 0% to 40% Equities & Equity Related Securities - 50% to 90%
  Maximiser	High	Debt Instruments - 0% to 20% Money Market & Cash - 0% to 20% Equities & Equity Related Securities - 80% to 100%
  Super 20	High	Debt Instruments - 0% to 20% Money Market & Cash - 0% to 20% Equities & Equity Related Securities - 80% to 100%
  Linked Discontinued Policy Fund	Very low	Debt Instruments - 60% to 100% Money Market & Cash - 0% to 40% Equities & Equity Related Securities - 0% to 0%

• Top-up: In the case of additional savings, you have the option to add top-ups.
• Partial withdrawal: You can make unlimited partial withdrawals in the case of any emergency financial needs after the completion of the 5th policy year.
• Guaranteed additions: Additional units will be added to your policy on the 10th policy anniversary and every 5th policy anniversary thereafter. Guaranteed additions is 2% of total premiums paid in the last 5 years. On 11th policy anniversary and every policy anniversary thereafter, guaranteed addition is 0.35% of the average Fund Value in the last 1 year. On completion of the 5th policy year, non-negative residual additions (if any) will be credited to the policy.
• Maturity benefit: You will be paid Fund Value as maturity benefit.
• Death benefit: In the unfortunate event of the demise of the life insured, the nominee will be paid higher of Basic Fund Value as on date of intimation of death or Basic Sum Assured. Same goes for Top-up Fund Value and Top-up Sum Assured. Death benefit will not be below 105% of total premiums paid excluding Service Tax.
• Surrender benefit: You can surrender the policy at any time during the policy term. The surrender benefit payable will be as per the policy discontinuance terms.
• Charges: Listed below are the various charges applicable under BSLI Fortune Elite Plan:
  • Policy Administration Charge: 0.6% of the basic premium p.a. is charges at the start if every policy month, subject to a maximum of Rs.6,000 p.a.
  • Premium Allocation Charge: A charge is levied on Basic and Top-up premium as per the below table:

    Policy year or Basic Premium p.a.	Rs.40,000 to Rs.2,49,999	Above Rs.2.5 lakhs
    1 to 2 years	5.50%	4.50%
    3+ years	5%	4%

  • Fund Management Charge: A charge of 1% p.a. is levied for Liquid Plus, Assure, and Income Advantage. 1.25% p.a. for Enhancer and 1.35% p.a. for Magnifier, Super 20, and Maximiser.
  • Mortality Charge: This charge is levied at the start of every month for providing risk cover.
  • Miscellaneous Charges: The company charges Rs.50 per request for premium redirection, change in investment option or fund switch partial withdrawal.

Exclusions - What the BSLI Fortune Elite Plan doesn’t cover?

BSLI Fortune Elite Plan doesn't cover death by suicide. If the life assured commits suicide within 1 year from policy commencement or revival date, the Fund Value as on date of death will be paid to the nominee.

Other key features – Freelook Period, Surrender Values, Grace Period etc.

Listed below are the key features of BSLI Fortune Elite Plan:

• Policy discontinuance: You will be given a grace period of 15 (for monthly mode) to 30 days (for annual, semi-annual and quarterly payment modes) to pay due premium. At the end of grace period, you will receive a reminder from the company with 15 days to either pay the premium to continue the policy or withdraw from the policy. If you the company doesn't receive any intimation within 30 days from the receipt of notice, it will be assumed that you have decided to withdraw from the policy. Policy discontinuance charge is as follows:

Policy discontinued	Discontinuance charge
1st policy year	Lower of 6% of Basic Premium, 6% of Basic Fund Value or Rs.6,000
2nd policy year	Lower of 4% of Basic Premium, 4% of Basic Fund Value or Rs.5,000
3rd policy year	Lower of 3% of Basic Premium, 3% of Basic Fund Value or Rs.4,000
4th policy year	Lower of 2% of Basic Premium, 2% of Basic Fund Value or Rs.2,000
5th policy year	Nil

If all due premiums for first 5 policy years have been paid, you will be paid the Fund Value and the policy will cease. If all due premiums for the first 5 policy years haven't been paid, the risk cover will cease and fund value will be transferred to the Linked Discontinued Policy Fund which will earn higher of guaranteed interest rate of 4% p.a. or actual return minus a fund management charge of 0.50% p.a. Policy proceeds from this fund will be paid to you in the 5th policy anniversary or end of revival period. If the life insured passes away before the policy revival, the policy proceeds will be paid immediately and the policy will be terminated.

• Under paid-up status: At the end of the revival period, if all due premiums are not paid but you choose to continue, then the policy will continue on paid-up basis. Basic Sum Assured will decrease under paid-up status.
• Revival: You can revive the policy within 2 years from the date of discontinuance. Pay all due premiums and provide proof of insurability to revive the policy. The Sum Assured will be restored to its original value after policy revival.
• Free-look period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. You will be paid Fund Value plus non-allocated premiums and cancellation charges. For policies purchased through distance marketing, the free-look period is 30 days.
• Addition or closure of an investment fund: The company may add or close an investment fund with the approval from the IRDAI. Such additions or closures will be intimated to you within 60 days.

Tax Benefits – How you can save with the BSLI Fortune Elite Plan?

Under BSLI Fortune Elite Plan, you can get tax deductions on the following:

• On premiums paid under Section 80C of the Income Tax Act, 1961.
• On maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.

Other benefits – How you can save with the BSLI Fortune Elite Plan?

There are several other benefits of purchasing insurance plans from Birla Sun Life Insurance Company Limited such as:

• Online application: You can buy insurance plans online through the company website.
• Premium calculator: You can calculate premium using the online premium calculator on the company website.
• Application status: You can also track your application status by entering your application number and personal details on the company website.
• Insurance advisor: You can get a personal insurance assistant to guide you in choosing the right insurance plan that best suits your needs. Just fill up a form on the company website and an insurance advisor will call or meet you at your convenience.
• Grievance redressal: BSLI has a dedicated grievance redressal cell to resolve your grievances at the earliest. Grievances will be acknowledged in 3 working days and resolved within 15 days.
• Online premium payment: With BSLI's Pay Online facility, you can make premium payments online using your bank account or credit card.
• Claim process: You can initiate your claim online through the company website. Visit the nearest BSLI branch, call 1-800-270-7000 or send an email to BSLI.Claims@birlasunlife.com for assistance with your claim process.
• Policy alerts: Register to get policy updates and alerts via email notifications.
• Customer service: For any insurance related queries, call toll-free number at 1-800-270-7000 or mail to customerservice@birlasunlife.com.

Why should you buy BSLI Fortune Elite Plan from Birla Sun Life Insurance Company Limited?

The following are the reasons why you should buy BSLI Fortune Elite Plan from Birla Sun Life Insurance Company Limited:

• As of 2016, Birla Sun Life Insurance ranks 4th in the country among the private life insurance companies with a market share of 7.6%.
• In FY15-16, the company reported a gross premium income of Rs.5,580 crores, assets under management of Rs.30,811 crores, and a net profit of Rs.140 crores.
• BSLI serves its customers from 409 branches with more than 55,000 agents and 3 bancassurance partners.
• From children's plans and health plans to wealth protection plans and retirement plans, BSLI offers a wide range of insurance plans.
• Birla Sun Life Insurance was one of the top 5 nominees in the 8th Asia Insurance Industry Awards in 2004.
• The company was the runner up for Best Life Insurer Award by Outlook Money Awards 2004.
• It won a silver medal and a letter of appreciation from APPIES 2010 - Asia Pacific Advertising & Marketing Congress for Wealth with Protection Solutions campaign.
• In 2011, the company won Best Insurance Integrated ad campaign from IAC Awards.