Birla Sun Life ULIP Plans

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., one of the leading international financial services company from Canada. Birla Sun Life Insurance has contributed to the growth and development of the life insurance industry and is currently one of the leading life insurance companies in the country.  Their customer base comprises of over two million policy holders. The Company offers a complete range of plans comprising protection solutions, children's future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions. Its distribution network is in over 500 cities, 560 branches, around 85,000 empaneled advisors and over 140 partnerships with corporate agents, brokers and banks.It’s been a decade that the company has contributed significantly to the growth and development of the life insurance industry of our country. They have also pioneered in the launch of Unit Linked Life Insurance plans. Their vision is to be a leader and role model in integrated financial services. They value Integrity, commitment, Passion, Seamlessness and Speed.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIPs are as follows:

• The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
• Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
• Insurance coverage depends on the amount of premium paid
• The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
• Switching option is available which enables the policyholder to switch his investment between funds

Types Birla Sun Life ULIP Plans

Birla Sun Life Insurance Company Limited offers various ULIP Plans to its customers to choose from. Let us take a look at the various plans offered by the company and the features of each plan in details.

• Birla Sun Life ULIP Plan - Wealth Assure–
• Birla Sun Life ULIP Plan- Wealth Max-
• Birla Sun Life ULIP Plan- Wealth Secure -
• Birla Sun Life ULIP Plan- Fortune Elite –
• Birla Sun Life ULIP Plan- Wealth Aspire –

1. Birla Sun Life ULIP Plan Wealth Assure

A unit linked plan which provides capital appreciation along with the dual benefit of insurance protection. The features of the plan are as follows:

• Premiums under the plan are paid only for a limited tenure
• The premium paid  net of charges is invested as per the investment option chosen by the policyholder from a choice of 3 options namely – Lifecycle Option, Systematic Transfer Option, Self-Managed Option.
• Under the first Lifecycle Option, the net premium is invested in two funds namely Maximizer Fund and Income Advantage Fund in a specified ratio. The funds are then automatically transferred to the safer fund with advancing age
• Under the Systematic Transfer Option of investment, the net premium is initially invested in the Liquid Plus Fund and thereafter, 1/12^th of the fund is transferred monthly to the fund chosen by the policyholder.
• The Self-managed option is one where the policyholder manages his investments on his own and invests the premium in any of the 13 available funds. The funds available under this option are - Liquid Plus, Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximizer, Multiplier, Super 20, Pure Equity, Value& Momentum.
• Guaranteed Additions calculated as a percentage of the average fund value over the past year are added from the 6^th policy year. The rate of additions is 0.25% from the 6^th to the 10^th year, 0.55% from the 11^th to the 15^th year and 0.75% from the 16^th year onwards till the vesting date.
• The fund value is payable on maturity.
• On death, aggregate of the Sun Assured and the available Fund Value is paid to the nominee subject to a minimum of 105% of all premiums paid till death
• The Sum Assured can be increased or decreased as per the choice of the policyholder.
• Partial withdrawals can be made after the completion of 5 years
• Switching can be done to change between funds
• Premium redirection is available to redirect future premiums  to new funds
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

2. Birla Sun Life ULIP Plan- Wealth Max-

A unit linked plan with the following features:

• The premium under the plan is paid at one time at the inception of the plan
  • The premium  net of charges is invested in a choice of 13 funds namely - Liquid Plus, Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximizer, Multiplier, Super 20, Pure Equity, Value & Momentum.
• Guaranteed Additions calculated as a percentage of the average fund value over the past year are added from the 6^th policy year. The rate of additions is 0.25% in the 6^th to 10 th policy year and 0.60% from the 11^th year onwards.
• On maturity the fund value including any top-up fund value is paid
• On death, higher of the Sum Assured including top-up Sum Assured net of partial withdrawals or the fund value including any top-up fund value is paid subject to a minimum of 105% of all premiums paid till death
  • Partial withdrawals can be made after the completion of 5 years
  • Switching can be done to change between funds
  • Top-ups can be done to increase the fund value and also the Sum Assured.
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

3. Birla Sun Life ULIP Plan- Wealth Secure -

A unit linked insurance plan which covers the individual for his entire life. the features of the plan are as follows:

• The premium under the plan is paid for a limited tenure only which is lower than the plan tenure
• The plan cover the individual till the age of 100 years
• The premium paid  net of charges is invested as per the investment option chosen by the policyholder from a choice of 3 options namely – Lifecycle Option, Systematic Transfer Option, Self-Managed Option.
• Under the first Lifecycle Option, the net premium is invested in two funds namely Maximizer Fund and Income Advantage Fund in a specified ratio. The funds are then automatically transferred to the safer fund with advancing age
• Under the Systematic Transfer Option of investment, the net premium is initially invested in the Liquid Plus Fund and thereafter, 1/12^th of the fund is transferred monthly to the fund chosen by the policyholder.
• The Self-managed option is one where the policyholder manages his investments on his own and invests the premium in any of the 13 available funds. The funds available under this option are - Liquid Plus, Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximizer, Multiplier, Super 20, Pure Equity, and Value & Momentum.
• Guaranteed Additions accrue from the 11^th year onwards and after every 5 years @2% of the total premiums paid in the preceding 5 years. Guaranteed Additions @0.20% of the average fund value over the last 12 months is also added every year
• On maturity the fund value including any top-up fund value is paid
• On death, higher of the Sum Assured including top-up Sum Assured net of partial withdrawals or the fund value including any top-up fund value is paid subject to a minimum of 105% of all premiums paid till death
• The Sum Assured can be increased or decreased as per the choice of the policyholder.
• Partial withdrawals can be made after the completion of 5 years
• Switching can be done to change between funds
• Premium redirection is available to redirect future premiums  to new funds
• Top-ups can also be done to increase the fund value and the subsequent Sum Assured with a minimum value of Rs.5000
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

4. Birla Sun Life ULIP Plan- Fortune Elite –

A unit linked plan with the following features:

• Premiums under the plan are paid for a limited tenure only which is lower than the plan tenure
• The premium paid net of charges is invested as per the investment option chosen by the policyholder from a choice of 3 options namely – Return Optimizer Option, Systematic Transfer Option, and Self-Managed Option.
• Under the first Return Optimizer Option, the net premium is initially invested in Maximizer Fund. Whenever the fud value crosses 110% of the premium amount paid, the excess is transferred to the Income Advantage Fund which has low risk profile. This protects the returns from market volatility.
• Under the Systematic Transfer Option of investment, the net premium is initially invested in the Liquid Plus Fund and thereafter, 1/12^th of the fund is transferred monthly to the fund chosen by the policyholder.
• The Self-managed option is one where the policyholder manages his investments on his own and invests the premium in any of the 13 available funds. The funds available under this option are - Liquid Plus, Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximizer, Multiplier, Super 20, Pure Equity, and Value & Momentum.
• Guaranteed Additions accrue from the 11^th year onwards and after every 5 years @2% of the total premiums paid in the preceding 5 years. Guaranteed Additions @0.35% of the average fund value over the last 12 months is also added every year
• On maturity the fund value including any top-up fund value is paid
• On death, higher of the Sum Assured including top-up Sum Assured net of partial withdrawals or the fund value including any top-up fund value is paid subject to a minimum of 105% of all premiums paid till death
• Partial withdrawals can be made after the completion of 5 years
• Switching can be done to change between funds and also between investment options except to the Return Optimizer Option.
• Premium redirection is available to redirect future premiums  to new funds
• Top-ups can also be done to increase the fund value and the subsequent Sum Assured with a minimum value of Rs.5000
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

5. Birla Sun Life ULIP Plan- Wealth Aspire –

A unit linked plan with the following features:

• The premium can be paid for the entire duration or for a limited tenure
• The premium paid net of charges is invested as per the investment option chosen by the policyholder from a choice of 4 options namely – Smart Option, Return Optimizer Option, Systematic Transfer Option, Self-Managed Option.
• Under the Smart Option, the customer has to choose between three risk appetites of aggressive, moderate and conservative at the time of buying the plan. After that, the premium net of charges is invested in two available funds namely Maximizer Fund and Income Advantage Guaranteed in a pre-determined proportion under the Smart Option of investment. The feature manages the investment as per the risk profile chosen and as the plan approaches maturity, a greater proportion of the fund value is transferred to the fund which suits the risk profile chosen by the customer.
• Under the Return Optimizer Option, the net premium is initially invested in Maximizer Fund. Whenever the fud value crosses 110% of the premium amount paid, the excess is transferred to the Income Advantage Fund which has low risk profile. This protects the returns from market volatility.
• Under the Systematic Transfer Option of investment, the net premium is initially invested in the Liquid Plus Fund and thereafter, 1/12^th of the fund is transferred monthly to the fund chosen by the policyholder.
• The Self-managed option is one where the policyholder manages his investments on his own and invests the premium in any of the 9 available funds. The funds available under this option are - Liquid Plus, Income Advantage, Assure, Enhancer, Magnifier, Maximizer, Super 20, Capped Nifty Index, and Asset Allocation.
• Guaranteed Additions accrue from the 6^th (10^th is case of premiums up to Rs.2 lakhs) year onwards 0.2% - 1% of the average fund value over the last 12 months depending on the premium amount. On the 10^th policy anniversary and thereafter every 5 years, 2% or 2.5% of the aggregate premiums paid in the last 5 years is added to the fund value 
• On maturity the fund value including any top-up fund value is paid
• On death, higher of the Sum Assured including top-up Sum Assured net of partial withdrawals or the fund value including any top-up fund value is paid subject to a minimum of 105% of all premiums paid till death
• Partial withdrawals can be made after the completion of 5 years
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

Applying for a Unit Linked Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For ULIPs through PolicyBazaar

1. On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
2. Click New Quotes to compare and choose from top insurance providers.
3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Birla Sun Life ULIP Plans - FAQs

Q1. How to pay premium? What are the modes of payment available?

You can pay your Birla Sun Life Insurance premium through ANY these following methods:

No Cash Payment is Accepted

• Online Payment- Debit/credit or NEFT
• Cheque Payment
• ECS SYSTEM

Step 1: Enter your policy details – policy number and policyholders date of birth

Step 2: Select your payment method- debit/ credit card or NEFT to pay the premium

Step 3: Authenticate and confirm your payment details and print online payment receipt

Q2. How can I check policy status for Birla Sun Life ULIP plans?

For all Birla Sun Life Insurance policyholders, online checking of policy status is available.

To check the policy status online, log into the e-portal with your Client ID and password.

Q3. What is the policy renewal process for Birla Sun Life ULIP plans?

The process of Online Policy Renewal facility is as follows;

Step 1: Log into the e-Portal with your valid credentials

Step 2: Use the mode of payment to renew your policy

Step 3: Print the payment receipt

Q4. What is the company’s process to settle claim for Birla Sun Life ULIP plans?

The claims must be lodged after 30 days of the expiry of a medical diagnosis or treatment. This process involves a written intimation by the beneficiaries to the claims department, duly signed by the Municipal Authority/Magistrate.

Upon receiving the application, Claims Department sends the claimant a required set of documents including claim forms to be duly filled and sent back for processing the same.

Q5. What is the policy cancellation process for Birla Sun Life ULIP plans?

The Birala Sun Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The surrender value will be calculated as per the prevailing market rates if the form is submitted before 3:00 PM, else the next day’s value is applicable.