In this policy, investment risk in investment portfolio is borne by the policyholder.
Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to withdraw/surrender the monies invested in Linked Insurance Products completely or partially till the end of the fifth year from inception.
You have worked hard for your money, and you should always make your money work harder for you, driving its growth in high gear. Introducing Birla Sun Life Insurance Wealth Assure Plan - a protection and savings plan that enables your wealth to grow steadily over time, giving you and your loved ones peace of mind, and providing you a secure financial future to meet your needs at different stages of life.
|Entry Age (age last birthday)||8 – 65 years|
|Maximum Maturity Age||75 years|
|Policy Term||10 | 15 | 20 | 25| 30 years|
|Premium Paying Term||5 pay|
|Basic Premium||Minimum Rs. 100,000 p.a. if paid Annually
Minimum Rs. 180,000 p.a. if paid Monthly
|Top-up Premium||Minimum Rs. 5,000|
|Pay Mode||Annual, Monthly|
BSLI Wealth Assure Plan is a non-participating unit linked life insurance plan. All unit linked life
insurance plans are different from traditional insurance plans and are subject to different risk
factors. The name of this plan and that of the investment funds do not in any way indicate the
quality of the plan or future returns.
In this plan, the investment risk in the investment funds chosen by you is borne by you. Investment funds are subject to investment risks and unit prices may go up or down reflecting the market value of the underlying assets. Past performance is no guarantee of future results.
Basic Fund Value is equal to the number of units pertaining to basic premiums allocated to the
investment fund/s chosen by you multiplied by its then prevailing unit price.
Top-up Fund Value, if any, is equal to the number of units pertaining to top-up premiums allocated to the investment fund/s chosen by you multiplied by its then prevailing unit price.
Fund Value under this plan is the total of Basic Fund Value and Top-up Fund Value, if any. The Fund Value represents the total value of your investments to date and is the balance of all units allocated to the investment fund/s chosen by you, multiplied by its then prevailing unit price.
Under BSLI Wealth Assure Plan, you decide how to invest your basic and top-up premiums in
one of the three investment options - LifeCycle Option, Systematic Transfer Option or SelfManaged
At any time after one year, you have the freedom to switch to LifeCycle or Self-Managed Option; however switch to Systematic Transfer Option can be done only on policy anniversary.
Under the LifeCycle Option, your portfolio will be structured as per your age and risk profile –
all you need is to decide on your risk profile – Conservative, Moderate or Aggressive.
Your portfolio will then be managed and administered by us, saving you the time and effort
involved. We automatically shift your investments from riskier assets to safer assets
progressively with your age.
We will invest your premiums between the two investment funds, Maximiser (equity fund) and Income Advantage (debt fund) in a predetermined proportion based on the selected risk profile and your age when the premium is invested. Details about these two funds are explained later.
The proportion invested in Maximiser (equity fund) will be according to the schedule given below – the remaining amount will be invested in Income Advantage (debt fund):
You can change your risk profile at any time with no additional cost. All premiums paid from
that point onwards will be invested in the Maximiser and Income Advantage according to your
new risk profile.
We will automatically rebalance your investment portfolio on each policy anniversary to ensure that it maintains the predetermined proportion in Maximiser and Income Advantage as per the risk profile you have selected at no additional charge.
The Systematic Transfer Option safeguards your wealth against the market volatilities and is
available only if you have opted for the annual mode. Under the Systematic Transfer Option,
your basic premium (net of premium allocation charge) shall be first allocated to Liquid Plus
fund option and thereafter 1/12th of the allocated amount shall be transferred to an investment
fund of your choice. You may choose any one investment fund out of Enhancer, Multiplier,
Super 20, Pure Equity and Value & Momentum for your premiums to be transferred to. The
transfers to your chosen investment fund will take place monthly on 1st, 8th, 15th or 22nd of the
month as selected by you.
This option helps mitigate any risk arising from volatility and averages out the risks associated with the equity market, reducing the overall risk to your portfolio.
For example – if person A aged 35 years, opts for Systematic Transfer Option with transfers on 15th of every month to Super 20:
Premium net of premium allocation charges will be allocated in Liquid Plus Fund and thereafter on 15th of every month, 1/12th of initially allocated amount shall be automatically transferred to Super 20 Fund.
In this investment option, you decide how to invest your premiums. We offer 13 investment
funds ranging from 100% debt to 100% equity to suit your particular needs and risk appetite –
Liquid Plus, Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier,
Maximiser, Multiplier, Super 20, Pure Equity and Value & Momentum.
If you wish to diversify your risk, you can choose to allocate your premiums in varying proportions amongst the 13 investment funds. We record your allocation instructions as per the premium allocation percentages specified in the application form. Our only requirement is that the percentage allocated to any investment fund be in increments of 5%, ranging from 5% to 100%. Our wide range of funds gives you the flexibility to redirect future premiums and change your premium allocation percentages from that point onwards. You can also switch monies from one investment fund to another at any time provided the switched amount is for at least Rs. 5,000. Switches must however be within the investment funds offered under the Self-Managed Option.
Objective: To provide superior risk-adjusted returns with low volatility at a high level of safety
and liquidity through investments in high quality short-term fixed income instruments – up to
one year maturity.
Strategy:Fund will invest in high quality short-term fixed income instruments – up to one year maturity. The endeavour will be to optimize returns while providing liquidity and safety with very low risk profile.
Objective: To provide capital preservation and regular income, at a high level of safety over a
medium-term horizon by investing in high quality debt instruments.
Strategy: To actively manage the fund by building a portfolio of fixed income instruments with medium-term duration. The fund will invest in government securities, high-rated corporate bonds, high quality money market instruments and other fixed income securities. The quality of the assets purchased would aim to minimize the credit risk and liquidity risk of the portfolio. The fund will maintain reasonable level of liquidity.
Objective: To provide capital conservation at a high level of safety and liquidity through
judicious investments in high quality short-term debt.
Strategy: To generate better return with low level of risk through investment into fixed interest securities having short-term maturity profile.
Objective: To generate consistent returns through active management of a fixed income
portfolio and focus on creating a long-term equity portfolio, which will enhance the yield of the
composite portfolio with minimum risk appetite.
Strategy: To invest in fixed income securities with marginal exposure to equity up to 10% at low level of risk. This investment fund is suitable for those who want to preserve their capital and earn a steady return on investment through higher exposure to debt securities.
Objective: To build capital and generate better returns at moderate level of risk, over a medium
or long-term period through a balance of investments in equity and debt.
Strategy: To generate better returns with moderate level of risk through active management of a fixed income portfolio and focus on creating a long-term equity portfolio, which will enhance the yield of the composite portfolio with low level of risk appetite.
Objective: To grow capital through enhanced returns over a medium to long-term period
through investments in equity and debt instruments, thereby providing a good balance between
risk and return. It is suitable for individuals seeking higher returns with a balanced equity-debt
Strategy: To earn capital appreciation by maintaining a diversified equity portfolio and seek to earn regular returns on the fixed income portfolio by active management resulting in wealth creation for policy owners.
Objective: To achieve optimum balance between growth and stability to provide long-term
capital appreciation with balanced level of risk by investing in fixed income securities and high
quality equity security. This fund option is for those who are willing to take average to high level
of risk to earn attractive returns over a long period of time.
Strategy: To invest into fixed income securities & maintaining diversified equity portfolio along with active fund management of the policyholder's wealth in long run.
Objective: To provide long-term capital appreciation by actively managing a well-diversified
equity portfolio of fundamentally strong blue chip companies. Further, the fund seeks to provide
a cushion against the sudden volatility in the equities through some investments in short-term
money market instruments.
Strategy: To build and actively manage a well-diversified equity portfolio of value and growth driven stocks by following a research focused investment approach. While appreciating the high risk associated with equities, the fund would attempt to maximize the risk-return pay off for the long-term advantage of the policyholders. The fund will also explore the option of having exposure to quality mid-cap stocks. The non-equity portion of the fund will be invested in good rated (P1/A1 and above) money market instruments and fixed deposits. The fund will also maintain a reasonable level of liquidity.
Objective: To provide long-term wealth maximization by actively managing a well-diversified
equity portfolio, predominantly comprising of companies whose market capitalisation is close to
Rs. 1000 crores and above.
Strategy: To build and actively manage a well-diversified equity portfolio of value and growth driven stocks by following a research driven investment approach. The investments would be predominantly made in mid-cap stocks, with an option to invest 30% in large-cap stocks as well. While appreciating the high risk associated with equities, the fund would attempt to maximize the risk-return pay-off for the long-term advantage of the policyholders. The fund will also maintain reasonable level of liquidity.
Objective: To generate long-term capital appreciation for policyholders by making investments
in fundamentally strong and liquid large-cap companies.
Strategy:To build and actively manage an equity portfolio of 20 fundamentally strong large-cap stocks in terms of market capitalisation by following an in-depth research-focused investment approach. The fund will attempt to adequately diversify across sectors. The fund will invest in companies having financial strength, robust, efficient and visionary management, enjoying competitive advantage along with good growth prospects & adequate market liquidity. The fund will adopt a disciplined yet flexible long-term approach towards investing with a focus on generating long-term capital appreciation. The non-equity portion of the fund will be invested in high-rated money market instruments and fixed deposits. The fund will also maintain reasonable levels of liquidity.
Objective: To provide long-term wealth creation by actively managing portfolio through
investment in selective businesses. Fund will not invest in businesses that provide goods or
services in gambling, lottery /contests, animal produce, liquor, tobacco, entertainment like films
or hotels, banks and financial institutions.
Strategy:To build and actively manage a well-diversified equity portfolio of value and growth driven fundamentally strong companies by following a research-focused investment approach. Equity investments in companies will be made in strict compliance with the objective of the fund. The fund will not invest in banks and financial institutions and companies whose interest income exceeds 3% of total revenues. Investment in leveraged-firms is restrained on the provision that heavily indebted companies ought to serve a considerable amount of their revenue in interest payments.
Objective:To provide long-term wealth maximization by managing a well-diversified equity
portfolio predominantly comprising of deep value stocks with strong price and earnings
Strategy:To build and manage a well-diversified equity portfolio of value and momentum driven stocks by following a prudent mix of qualitative and quantitative investment factors. This strategy has outperformed the broader market indices over long-term. The fund would seek to identify companies, which have attractive business fundamentals, competent management and prospects of robust future growth and are yet available at a discount to their intrinsic value and display good momentum. The fund will also maintain reasonable levels of liquidity.
You can monitor your investments
You are allowed to make unlimited partial withdrawals any time after (a) five complete policy years or (b) life insured attaining the age of 18, whichever is later. The partial withdrawals shall first be adjusted from Top-up Fund Value (except any top-up premiums paid in the previous five years immediately preceding the date of withdrawal); if any. Once the Top-up Fund Value is exhausted, partial withdrawals would be adjusted from Basic Fund Value. The top-up sum assured will remain unchanged after any withdrawal from the top-up fund value. The minimum amount of partial withdrawal is Rs. 5,000. There is no maximum limit, but you are required to maintain a minimum Basic Fund Value of two years' basic premiums plus any topup premiums paid in the previous five years immediately preceding the date of withdrawal.
The charges under this plan are designed to optimise the long-term return on your investments while providing for the costs of insurance, distribution and administration of your policy.Premium Allocation Charge
A premium allocation charge is levied on the basic and top-up premiums when received:
A premium allocation charge of 2% is levied on any top-up premium when paid.Fund Management Charge
The daily unit price of the investment fund is adjusted to reflect the fund management charge.
We may change the fund management charge under any investment fund at any time subject to a maximum of 1.35% p.a. in the future subject to IRDA approval.Policy Administration Charge
The policy administration charge is Rs. 3000 per annum for the first 5 years of the policy. 1/12 of this charge is deducted at the start of every month by cancelling units proportionately from each investment fund you have at that time.Mortality Charge
A mortality charge is deducted at the start of every month for providing you with the risk cover.
It is charged by cancelling units proportionately from each investment fund you have at that
time. The charge per 1000 of Sum Assured under the policy will depend on the gender and
attained age of the life insured.
Charge per 1,000 of Sum at Risk
|Attained Age||Age 25||Age 35||Age 45||Age 55||Age 65|
Sample rates are provided for your reference. Please visit our website or ask your financial advisor for the rates applicable to you. Mortality charges are guaranteed throughout the policy term.Miscellaneous Charges
We currently charge Rs. 50 per request for change in investment option, premium redirection, fund switch partial withdrawal or any additional servicing request. We do however reserve the right to charge up to Rs. 500 per request in the future. Any increase in the miscellaneous charges will be subject to IRDA approval.Service Tax
Service Tax and other levies, as applicable, will be extra and levied as per the extant tax laws.IRDA Approval
Only when specified and within stated limits, we may increase a particular charge at any time in the future. We, however, need to get prior approval from the IRDA before such charge increase is effective. Otherwise, all other charges in this policy are guaranteed to never increase during the tenure of the policy.
Throughout the Policy Term, you are given a grace period of 30 days (15 days in case your
basic premium is paid on a monthly basis) to pay the due premium, during which all the benefits
will continue with the deduction of charges. If we do not receive your full due premium by the
end of the grace period, we shall send you a reminder notice within 15 days to continue the
policy by paying your due and unpaid premium or to choose to withdraw from the policy
If we do not receive any intimation within 30 days from the receipt of the notice, you shall be deemed to have chosen the option to completely withdraw from the policy. The discontinuance date is the date when you decide to completely withdraw from the policy or the date you are deemed to have completely withdrawn, whichever is earlier.
During the first five policy years – on the discontinuance date, the risk cover will cease and your fund value net of any discontinuance charge will be transferred to the Linked Discontinued Policy Fund. The Linked Discontinued Policy Fund will be credited with the actual return (less a fund management charge of 0.50% p.a.) or a minimum guaranteed interest rate (which is currently 4% p.a.) whichever is higher. The policy proceeds from this will be payable to you on the date corresponding to your fifth policy anniversary or at the end of revival period, if later. If the life insured dies while the policy is not yet revived, we will pay the policy proceeds immediately and terminate the contract.
After five completed policy years – On the discontinuance date of the policy, we will pay to you the fund value and terminate the policy, unless you had chosen to continue the policy in the following manner:
• By paying all due premiums within the revival period, during which all the benefits will continue with the deduction of charges; or
• Without paying any further premiums on a paid-up basis
At the end of the revival period, if all the due and unpaid premiums are not received by us then the policy will automatically continue on a paid-up basis.
Under paid-up status the Basic Sum Assured shall be reduced in proportion to the basic premiums actually paid to the total basic premiums payable during the premium paying term.
Revival – You will have two years from the discontinuance date to revive your policy. To revive your policy, you must pay all due and unpaid premiums till date and provide us with evidence of insurability satisfactory to us with respect to the Life Insured. The effective date of the revival is when these requirements are met and approved by us. On the effective date of the revival, we will restore the Sum Assured to its original value, add back the discontinuance charges deducted on the discontinuance date and deduct the premium allocation charge and policy administration charge due since the discontinuance date from the Fund Value and then reinvest at the then prevailing Unit Price(s).
No discontinuance charge shall be levied on top-up premiums.Policy Loans
Policy loans are not allowed in this plan.Current Tax Benefits
As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of
the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective
sections prescribed therein.
You are advised to consult your tax advisor for details.
You will have the right to return your policy to us within 15 days (30 days in case the policy is (4) issued under the provisions of IRDA Guidelines on Distance Marketing of Insurance products) from the date of receipt of the policy, in case you are not satisfied with the terms and conditions of your policy. We will pay the fund value plus all charges levied till date (excluding the fund management charge) once we receive your written notice of cancellation (along with reasons thereof) together with the original policy documents. Depending on our then current administration rules, we may reduce the amount of the refund by the proportionate risk premium and the expenses incurred by us on medical examination of the proposer and stamp duty charges in accordance to IRDA (Protection of Policyholders Interest) Regulations, 2002.*Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through voice mode, SMS electronic mode, physical mode (like postal mail) or any other means of communication other than in person. Addition/Closure of Investment Fund
With the approval from IRDA, we may from time to time add new investment funds under your
policy. We will inform you of such addition no later than 60 days after it is made available under
With the approval from IRDA, we may at any time close an investment fund available in your policy. We will inform you in writing of such closure no later than 60 days before we actually close the investment fund.
On each business day, the instructions for investing in or encashing units from an investment
fund must be received and accepted by 3.00 p.m. Instructions accepted by us up to the cut-off
time are executed using the unit price determined at the end of that business day. Instructions
accepted by us after the cut-off time will be executed using the unit price determined by us at
the end of the next business day.
Instruction to invest is deemed accepted by us when we receive cash, demand draft or local cheque at any of our offices by duly authorized officials. For outstation cheque, instruction to invest is deemed accepted by us only on the day we receive credit in any of our bank accounts.
The number of units allocated equals the monetary amount invested in an investment fund divided by its unit price at that time. Units are allocated when we receive a premium, when guaranteed additions are added to the fund value or when we execute your request to switch units from another investment fund (as applicable to your policy).
The number of units redeemed equals the monetary amount encashed from an investment fund divided by its unit price at that time. Units are redeemed when we execute your request for a partial withdrawal or when we execute your request to switch units to another investment fund (as applicable to your policy).
On each monthly processing date, policy charges will be covered by redeeming units from all investment funds under your policy in proportion to their value at that time.
On each business day and for each investment fund, we determine the unit price by dividing the
Net Asset Value (NAV) of the investment fund at the valuation time by the number of units in
existence for the investment fund in question. We publish the unit price of all investment funds
on our website www.birlasunlife.com.
The Net Asset Value (NAV) is determined based on (the market value of investments held by the fund plus the value of any current assets less the value of any current liabilities & provisions) divided by (the number of units existing at valuation date before creation or redemption of any units)
We shall pay the Fund Value as on date of death (plus any charges recovered subsequent to date of death) in the event the life insured dies by suicide, whether medically sane or insane, within one year after the issue or revival date, whichever is laterNomination and Assignment
In case you, the policyholder are also the life insured, you need to nominate a person who shall be entitled to the death benefit in case of death. This nomination shall be in accordance with Section 39 of the Insurance Act, 1938. You also have the right to assign your policy in accordance with Section 38 of the Insurance Act, 1938.Prohibition of Rebates – Section 41 of the Insurance Act, 1938
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend to five hundred rupees.Non-Disclosure – Section 45 of the Insurance Act, 1938
No policy of life insurance effected after the coming into force of this Act shall, after the expiry
of two years from the date on which it was effected, be called in question by an insurer on the
ground that statement made in the proposal or in any report of a medical officer, or referee,
or friend of the life insured, or in any other document leading to the issue of the policy,
was inaccurate or false, unless the insurer shows that such statement was on a material matter
or suppressed facts which it was material to disclose and that it was fraudulently made by the
policyholder and that the policyholder knew at the time of making it that the statement was
false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the application.