BSLI Wealth Assure Plan is a marvellous plan offered by Birla Sun Life Insurance that enables you to boost your wealth extensively. With a little wealth, you can build a lot and attain a lot of funds in your name. Apart from serving as a great financial instrument, it also offers excellent protection to you and your folks.
It is a unit linked insurance plan that is non-participating in nature. You will not receive any dividend with this plan. Since this is a linked plan, you should bear in mind that it will not be liquid for the 1st 5 years of the policy contract.
The BSLI Wealth Assure Plan is good for anybody who wants to double his or her money. With this plan, you can be sure that the funds you have been earning will grow in a comprehensive manner. You can achieve your big dreams by making use of the money that gets generated by this plan. Let us take a look at the eligibility criteria that needs to be met for this plan:
|Minimum entry age||8 years as on last birthday|
|Maximum entry age||65 years as on last birthday|
|Maximum maturity age||75 years as on last birthday|
The BSLI Wealth Assure Plan offers excellent sum assured as well as the fund value. You may also go for top-ups in case you save extra money. Your minimum basic sum assured will be fixed according to your basic premium which has to be paid in a policy year multiplied by:
For entry ages lesser than 45: The policy term divided by 2 or 10, whichever is higher.
For entry ages of 45 and higher: The policy term divided by 4 or 10, whichever is higher.
The sum assured will be the total of your top-up sum assured and basic sum assured. The premiums for this policy are very affordable. Let us take a look at the sum assured and premium range details for this plan:
|Basic premium||Minimum Rs.1,00,000 p.a. if paid annually Minimum Rs.1,80,000 p.a. if paid monthly|
|Policy period||10, 15, 20, 25, 30 years|
|Premium payment mode||Annual and monthly|
|Premium paying period||5-pay|
|Top-up premium||Minimum amount of Rs.5,000|
Under this plan, you will be required to choose from any of the 3 investment options. The 3 investment options include life cycle option, self-managed option, and systematic transfer option. No matter what option you choose, your funds will be invested in a methodical manner. Depending on the investment option you select, your investment portfolio will be managed and organised by Birla Sun Life Insurance or you can also self-manage it. The self-managed option has 13 investment funds for you to choose from.
Premiums vary based on age, location, plan term and other factors.
The BSLI Wealth Assure Plan provides great benefits to the policyholder as well as the family members. There are 3 types of fund values and they are basic fund value, fund value, and top-up fund value. Let us take a look at the benefits provided by this plan:
|Type of benefit||Features of the benefit|
|Guaranteed additions||You will receive guaranteed additions with this plan. You will get a guaranteed addition of 0.25% of the average fund value from the 6th to 10th policy anniversary. From the 11th to 15th policy anniversary, you will get a guaranteed addition of 0.55% of the average fund value. You will receive a guaranteed addition of 0.75% of the average fund value from the 16th policy anniversary and every year after the policy.|
|Maturity benefit||You will get the fund value when your policy matures. Under this plan, your fund value will be the top-up fund value and basic fund value.|
|Death benefit||When the life insured dies, the nominee will receive the basic fund value and the basic sum assured. You will also receive the top-up sum assured along with the top-up fund value accumulated until the date of death.|
|Surrender benefit||When you surrender your policy for this plan within the first 5 years, you will get a surrender benefit as per the full withdrawal according to the policy discontinuance section. If you surrender after the period of 5 years, you will receive the fund value right away.|
If the policyholder dies after committing suicide in 1 year after the policy is offered or after it is revived, the nominee will receive the fund value that has been accumulated as on the date of the suicide.
Let us take a look at the other significant characteristics of the BSLI Wealth Assure Plan:
|Free look period||You can check your policy terms and features and then return it if you are not satisfied with the features. This can be done within the free look period which lasts for 15 days and 30 days if the policy is bought through distance marketing.|
|Addition of investment funds||Under this plan, new investment fund options will be added on a regular basis by the insurance company.|
|Policy revival||Once you discontinue payment of premiums, you can revive your insurance policy in 2 years after it is discontinued.|
|Withdrawals in parts||You can withdraw your insurance policy in parts once you complete 5 policy years or once the policyholder reaches the age of 18, whichever is later.|
|Nomination||Under the BSLI Wealth Assure Plan, you can nominate another person as per the Insurance Act, 1938 under Section 39.|
|Assignment||Under this plan, you can also make an assignment for your policy as per the Insurance Act, 1938 under Section 38.|
When you take this plan, you can receive tax benefits according to the Income Tax Act, 1961 under Section 80C and Section 10(10D).
These are the other benefits:
Birla Sun Life Insurance is a first-class insurance provider that focuses on offering top-notch insurance solutions to all. When you take the Wealth Assure Plan from Birla Sun Life Insurance, you will be required to invest only a very small amount in the beginning. This amount will grow extensively over a certain period and provide you with massive returns. The company is well-reputed for its prompt and simple insurance services. You can bank on the company to give help you settle your claims quickly and precisely.