Birla Sun Life Wealth Max Plan

One of the common traits that is found among people who have financially succeeded is that they take risks. If you are someone who is willing to take some risk to maximise your funds, Birla Sun Life Insurance Wealth Max Plan is the ideal plan for you. Under this non-participating and unit-linked insurance policy, the investment risk will be borne by the policyholder. Although these kind of insurance plans help you maximise your wealth, many do not prefer this as the unit prices may fluctuate according to the market condition. If a particular investment has performed well in the past, it does not mean it will continue to perform well in the future. The policyholder should be willing to take the risk.

Eligibility – Who is the Birla Sun Life Insurance Wealth Max Plan for?

Individuals will have to meet the below-mentioned eligibility criteria, to be eligible to purchase the Birla Sun Life Insurance Wealth Max Plan:

Parameter	Details
Plan Type	A single premium, non-participating, unit-linked insurance plan
Minimum Entry Age	30 days. Please note that risk factor will start only when the insured person turns 1 year old.
Maximum Entry Age	70 years. Please note that the insured should be at least 18 years old when the policy matures.
Policy Term	5, 10, 15, and 20 years.

Sum Assured and Premium Range – What You Get and What It Costs

All customers will be given an option to choose the sum assured while purchasing a Birla Sun Life Insurance Wealth Max Plan. However, the sum assured is mostly decided based on the policy term chosen. As mentioned earlier, policyholders can choose 5, 10, 15, or 20 years policy term. The premium that is to be paid also depends on the tenure of the policy.

Parameter	Details
Premium Payment Frequency	Single pay
Minimum Premium	The minimum premium amount for 5-year and 10-year policy term is Rs.1,00,000. The minimum premium for 15-year and 20-year policy term is Rs.2,00,000.
Minimum Sum Assured	Sum assured can be 1.25, 5, or 10 times more than the basic premium paid by the policyholder.

Plan Coverage – What the Birla Sun Life Insurance Wealth Max Plan Covers

There are 3 steps that every Birla Sun Life Insurance Wealth Max Plan policyholder should go through. They are as follows:

1. Choose the premium amount you wish to pay and the policy term

At the inception of the policy, the policyholder should choose the premium amount and the policy term. This is the first step in buying the Birla Sun Life Insurance Wealth Max Plan.

• Please remember that this is a single premium insurance plan where you will be required to pay the premium only once.
• The policyholder can choose the premium amount and the term of the policy to meet their financial requirements.
• There is no limit on the maximum premium that you can pay under this policy.
• Also, the policyholder is allowed to make additional premiums(Also called as top-up premiums) anytime during the term of the plan.
• The minimum additional premium that a policyholder can pay is Rs.5,000 and the maximum amount cannot exceed the premium amount that the policyholder paid while purchasing the policy.
• The insured person cannot make additional payments during the last 5 years of the policy.
• The sum assured under this plan will be the sum assured on the base policy plus top-up premiums, if any.
• Top-up sum assured will be calculated separately by multiplying the total top-up premiums by 125%, if the insured person is below 45 years or 110% if the insured person is 45 years and above.

2.Decide your sum assured (The protection you will get)

In step 2, the policyholder will be asked to fix the sum assured. The sum assured depends on the initial premium paid by the policyholder. Based on the kind of protection the insured person is looking for, they can choose the sum assured as 1.25, 5, or 10 times of the basic premium amount. The below table will help you choose the right sum assured:

Term of the policy	Minimum age of entry	Maximum age of entry
5 years	13 years	1.25*SP 5*SP 10*SP 70 60 50
10 years	8 years	1.25*SP 5*SP 10*SP 65 55 45
15 years	3 years	1.25*SP 5*SP 10*SP 60 50 40
20 years	30 days	1.25*SP 5*SP 10*SP 55 45 35

3.Select you investment

Under the Birla Sun Life Insurance Wealth Max Plan, policyholders will have two options to invest their money, namely “Systematic Transfer Option” and “Self-Managed Option”. The funds accumulated will be used to buy units in various investment funds as chosen by the insured person. The units bought will be calculated by calculated by allocating monetary amount against the particular fund purchased divided by the prevailing price of the fund’s unit. There are three fund values under this plan, namely Fund Value, Basic Fund Value, and Top-up Fund Value.

• Systematic Transfer Option: As the name suggests, Systematic Transfer Option is suitable for individuals who would not want to invest their time to decide where the funds should be invested from time to time. If the policyholder chooses this option, the premium paid will be initially allocated to Liquid Plus Fund after which every month 1/12th of the allocated amount will be transferred to the fund that was chosen by the policyholder at the inception of the plan. Policyholders can choose from any one of the following segregated funds:
  • Enhancer
  • Maximiser
  • Multiplier
  • Super 20
  • Capped Nifty Index
  • Asset Allocation

Please note that any top-up premiums that are paid by the policyholder will be invested in the segregated fund directly.

• Self-Managed Option: Self-Managed Option is for policyholders who would love to monitor their funds themselves and wish to have control over their funds all the time. Under this option, the policyholder has the complete freedom to invest their funds in anyone of the 11 segregated funds. The policyholder can switch from one fund to another any time during the term of the policy. From 100% debt investment to 100% equity investment, the segregated funds offer it all. The 11 segregated funds under Self-Managed Option are:
  • Income Advantage
  • Capped Nifty Index
  • Maximiser
  • Super 20
  • Magnifier
  • Assure
  • Enhancer
  • Creator
  • Pure Equity
  • Multiplier
  • Value and Momentum

Refer the following table for better understanding on how each investment fund works:

Name of the investment fund	Asset allocation	Minimum allocation	Maximum Allocation	Risk
Liquid Plus	Equities and related securities Cash and money market Debt	0% 0% 10%	0% 90% 100%	Comparatively very Low
Value and Momentum	Equities and related securities Cash and money market Debt	80% 0% 0%	100% 20% 20%	Comparatively very high
Income Advantage	Equities and related securities Cash and money market Debt	0% 0% 60%	0% 40% 100%	Comparatively very Low
Assure	Equities and related securities Cash and money market Debt	80% 0% 10%	100% 90% 100%	Comparatively very low
Protector	Equities and related securities Cash and money market Debt	0% 0% 90%	10% 40% 100%	Comparatively very Low
Builder	Equities and related securities Cash and money market Debt	10% 0% 80%	20% 40% 90%	Comparatively very Low
Enhancer	Equities and related securities Cash and money market Debt	20% 0% 65%	35% 40% 80%	Medium
Creator	Equities and related securities Cash and money market Debt	30% 0% 50%	50% 40% 70%	Medium
Magnifier	Equities and related securities Cash and money market Debt	80% 0% 0%	100% 20% 20%	Comparatively very high
Maximiser	Equities and related securities Cash and money market Debt	80% 0% 10%	100% 20% 20%	Comparatively very high
Multiplier	Equities and related securities Cash and money market Debt	80% 0% 0%	100% 20% 20%	Comparatively very high
Super 20	Equities and related securities Cash and money market Debt	80% 0% 0%	100% 20% 20%	Comparatively very high
Pure Equity	Equities and related securities Cash and money market Debt	80% 0% 0%	100% 20% 20%	Comparatively very high

Other benefits and features of the Birla Sun Life Insurance Wealth Max Plan are as follows:

Death Benefit	In the event of the death of the insured person, the death benefit will be payable to the nominee under the Birla Sun Life Insurance Wealth Max Plan. The death benefit payable will be higher than the basic fund value (as on the date of intimation of death) or the basic sum assured. In addition, top-up fund value or the top-up sum assured (as on the date of intimation of death) will be payable. Please note that death benefit payable under this plan will not be less than 105% of the total premiums paid by the insured person. Also, sum assured will be paid after deducting partial withdrawals, if any.
Guaranteed Additions	Under the Birla Sun Life Insurance Wealth Max Plan, guaranteed additions will be added to the policy from time to time in the form of additional units. These guaranteed additions will be accumulated from the 6th year of the policy. From 6th to 10th year of the policy, the guaranteed additions payable will be 0.25% of the last 12 months average fund value. After 11th year of the policy, every year, the guaranteed additions payable will be 0.60% of the last 12 months average fund value.
Surrender Value	The policyholders have an option to surrender the plan anytime during the term of the policy. The date the policyholder surrenders the policy is also called as the discontinuance date. If the policy is surrendered within the first five years, the risk factor will be eliminated and the net value of the fund will be transferred to the linked discontinued policy fund. The linked discontinued policy fund will be credited with the actual return or the minimum guaranteed interest rate which is 4% p.a currently, whichever is higher minus fund management charge of 0.50% p.a. However, discontinue charge is not applicable for top-up premiums. If the policy is surrendered after completing 5 policy years, the entire fund value will be payable and the policy will be terminated immediately.
Maturity Benefit	If the policyholder survives till the maturity of the benefit, maternity benefit will be payable. The policyholder can decide if they want to receive the maturity benefit as one lump sum amount or through settlement option. If the policyholder chooses settlement option, the maturity benefit payable will be paid in regular instalments over the next 5 years. Policyholders can choose to receive the instalment on an annual, half-yearly, quarterly, and monthly basis. Please note that throughout the settlement period, the fund will continue to be invested in the selected segregated funds.

Other Key Features

Following are some of the other key features of the Birla Sun Life Insurance Wealth Max Plan:

Charges under this policy	Premium allocation charge Policy administration charge Mortality charge Fund management charge Service tax Miscellaneous charge Service tax charge
Tracking Your Investment	Birla Sun Life Insurance allows you to track your investments by logging into their website. Policyholders will be able to view the semi-annual statement online which will have the details of the number of units the policyholder has invested and its respective prices.
Investment Options	Systematic Transfer Option and Self-Managed Option
Loans	Loan facility is not allowed under this plan.
Partial withdrawals	Under the Birla Sun Life Insurance Wealth Max Plan, a policyholder will be allowed to make any number of partial withdrawals after completing 5 policy years or attaining 18 years’ of age, whichever is later. The minimum amount that can be partially withdrawn is Rs. 5,000 and there is no maximum limit. To make partial withdrawals, you will have to at all times maintain at least 50% of the basic fund value.
Assignment	Assignments are allowed under the Birla Sun Life Insurance Wealth Max Plan. It should comply with provisions of Section 38 of the Insurance Act, 1938.
Nomination	Nominations are allowed under the Birla Sun Life Insurance Wealth Max Plan. It should comply with the provisions of Section 39 of the Insurance Act, 1938.
Free Look Period	The Birla Sun Life Insurance Wealth Max Plan has a free look period of 15 days within which the policyholder can cancel the policy and get the premiums paid refunded. For policies purchased through distance marketing, the free look period is 30 days from the receipt of the policy document.

Exclusions – What is Excluded from the Birla Sun Life Insurance Wealth Max Plan

Please note that there are no exclusions under the Birla Sun Life Insurance Wealth Max Plan.

Tax Benefits – How You Can Save with the Birla Sun Life Insurance Wealth Max Plan

Policyholders who have purchased the Birla Sun Life Insurance Wealth Max Plan will enjoy tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Why You Should Choose the Birla Sun Life Insurance Wealth Max Plan

Birla Life Insurance Company Limited is one of the leading international insurance providers who are from Canada. It is a joint venture the Aditya Birla Nuvo Limited and Sun Life Financial Inc. You can go ahead and buy a policy from Birla Life Insurance Company Limited as they are one among the top 5 fund managers in India. Their portfolio includes life insurance, equity management, broking, wealth and asset management, pension fund management, and many other financial services.

Birla Sun Life Insurance is one of the leading insurance providers in India. From unit-linked insurance plans to endowment plans and pension plans, they offer it all. They are also known for the innovative savings and protection plan that they offer at affordable prices. Within few years, they have gained thousands of customers and have financially protected millions of lives. Also, all the insurance products offered by this well-established insurer are carefully designed after sound research. If you are an individual looking for a proven investment plan, Birla Sun Life Insurance Wealth Max Plan is ideal for you.