The Wealth Secure Plan by Birla Sun Life Insurance is a non-participating, unit linked life insurance plan that not only provides you with adequate life insurance coverage but also allows you to save in order to fulfil financial goals with each changing life stage. This plan combines the benefits of whole life coverage with long term savings so that you can easily maximize the savings for your future. The key benefits which this plan offers include limited premium payments with whole life cover, choice of 3 investment options, flexibility to get top-ups and the option of making partial withdrawals in times of emergency. Policyholders are also entitled to tax benefits under Section 80C and Section 10D of the Income Tax Act.
In order to be eligible for this plan, the applicant must be between 1 year to 60 years of age. This policy term for this policy extends for the entire lifetime.
Sum Assured or Basic Sum Assured is the amount which is paid towards the Death Benefit after the death of the life assured. The Basic Sum Assured amount is decided by multiplying the basic premium payable in a year by either of the following:
The minimum premium payable will vary based on the premium payment mode – annual, semi-annual, quarterly or monthly.
|Premium Payment Mode||Minimum Premium Payable|
|Minimum Top-up Premium||Rs.5,000|
*Premiums Vary Based On Age, Location, Plan Term And Other Factors
Premiums under this plan can be paid yearly, semi-yearly, quarterly or monthly.
Premium Payment Term
The premium payment term for this plan ranges from 5 years to 30 years. The minimum and maximum Premium Payment Term is as follows:
|Minimum PPT||Age attained on expiry of PPT must be 18 years or above|
|Maximum PPT||Age at the end of PPT must be 75 years or below.|
|Guaranteed Additions||Guaranteed Addition are additional units which will be added to your policy on:
|Death Benefit||In the event of the life insured’s death during the policy term, BSLI will pay the nominee/beneficiary the greater of the Basic Fund Value on the date of Death Intimation OR the Basic Sum Assured. In addition to the above, the policy will also pay the higher of the Top-up Fund Value on the date of Death intimation OR the Top-up Sum Assured.|
|Surrender Benefit||At times of emergency, the policyholder can surrender their policy anytime during the policy term. A surrender made in this case will considered as a complete withdrawal, as has been mentioned in the policy wording.|
In case the life insured commits suicide, either in a sane or insane state of mind, within a year of the issuance or revival of the policy, the insurer will provide the life insured’s nominee/beneficiary the Fund Value as is on the date of death, along with any charges levied after the date of death.
|Investment Options||Policyholders can invest in any of the 3 investment options which include LifeCycle, Systematic Transfer, and Self-Managed.
|Investment Funds Available||Following are the funds available for investing under this plan. They have been classified according to their risk.
|Partial Withdrawals||Policyholders can make unlimited partial withdrawals at any time after 5 full policy years OR after the life assured attains 18 years of age; whichever occurs earlier.|
|Policy Revival||The policy can be revived within a period of 2 years from the date that it has been discontinued. Revival of the policy can be done after all outstanding premiums till date have been paid. Along with that, the life assured must also provide a proof of good health which is accepted by the insurance company.|
|Policy Loans||Loans are not provided under this policy.|
|Free Look Period||In case policyholders are not satisfied with the coverage and terms of the policy, they can return it any time within the Free Look Period. The insurer provides a Free Look Period of 15 days (30 days if policy has been received via Distance marketing channels), beginning from the date when policy has been received. The policyholder must return the original policy document along with the reason for policy cancellation in writing. After the cancellation request has been received and accepted, the insurer will refund the fund value along with any charges that have been levied towards the policy to date, after deducting proportionate risk premium and expenses like stamp duty and medical charges.|
|Nomination||Nomination is allowed for this plan as per rules of Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment of the policy is allowed as Section 38 of the Insurance Act, 1938|
With the BSLI Wealth Secure Plan, policyholders can get attractive tax benefits under Section 80C and Section 10D of the Income Tax Act, 1961. Tax benefits will be provided subject to applicable conditions of the policy being fulfilled.
Holding industry experience of more than a decade, BSLI has been one of the leading contributors to the development and growth of the Indian insurance sector and has earned its place among the top insurance providers in the country today. Serving over 2 million people, Birla Sun Life offers a wide range of well-appointed insurance solutions which span across various categories like protection plans, wealth & protection plans, children's future plans, health plans, retirement plans, savings cum investment plans, etc. Besides offering a stellar range of products, the company also offers dedicated customer service not only online but also offline via its 400+ branches.