ABSLI Wealth Assure Plus Plan
ULIP or Wealth Protection Plan is a two-in-one plan that offers wealth protection along with investment opportunities in the capital market. Aditya Birla Sun Life Insurance (ABSLI) Wealth Assure Plus is a ULIP plan that provides the best of both insurance coverage and investment. The plan enables long-term wealth accumulation along with protection against death, critical illness, and permanent disability. The ABSLI Wealth Assure Plus plan can be customized according to the needs of the insured. Along with the benefits of this MNC fund in his portfolio, the policyholder can get up to 2.4 times as guaranteed returns. The ABSLI Wealth Assure Plus policy is ideal for securing one’s financial future and achieving his life goals at various phases.
ABSLI Wealth Assure Plus Plan Details:
15, 20, 25, 30, or 35 years
Premium Paying Term
10 or 15 years (for a policy term of 15 years)
10, 15, or 20 years (for policy terms of 20, 25, 30, or 35 years)
Premium Paying Mode
Quarterly, Monthly, Semiannually, and Annually
Min: Classic option: 30 days
Assured option: 18 years
*Policy term 15 years not available below 3 years age
Max: Classic Option: 55 years
Assured Option: 50 years
Min: Classic option: 18 years
Assured option: 33 years
Max: Classic Option: 75 years
Assured Option: 65 years
30 Days (15 Days for Monthly Mode)
Minimum: Rs. 2,40,000 P.A.
Partial withdrawals are allowed after 5 complete policy years or insured attaining 18 years of age, whichever is later.
Benefits of the ABSLI Wealth Assure Plus Policy
ABSLI Wealth Assure Plus Policy offers the following benefits to its buyers:
- Guaranteed Additions: Additional units as a percentage of the basic premium are added to the policy automatically post its maturity. The guaranteed additions for the premium Band- 1 can range from 10% to 50% as per the different policy terms.
For Premium Band-2, the guaranteed additions are increased by 10% of the basic premium upon plan maturity.
- Death Benefit: In the unfortunate event of the death of the insured, the nominee will receive:
- Basic Sum Assured
- Basic Fund Value as on the date of death intimation
- Top-up Sum Assured
- Top-up Fund Value as on the date of death intimation
- Maturity Benefit: The policyholder will receive the Basic Fund Value as well as the Top-Up Fund Value as on the date of policy maturity.
- Surrender Benefit: If the policyholder decides to surrender the policy, the policy fund of the discontinued policy will be payable at the end of the lock-in period or the date of surrender, whichever is later.
- Premium Waiver Benefit: If the insured is suffering from any of the specified Critical Illnesses or Total Permanent Disability (TPD) during the policy term, all future premiums will be paid by the insurance company. This benefit is available only for the Assured option of the plan and is applicable on the first occurrence of the TPD or Critical Illness, whichever is earlier.
- Tax Benefit: The premiums paid and the benefits received under the ASBLI Wealth Assure Plus policy are eligible for tax benefits under Section 10(10D) and Sec 80 C of the Income Tax Act, 1961.
Tax benefit is subject to changes in tax laws
The Premium for the ABSLI Wealth Assure Plus Policy
The basic minimum amount payable for the ABSLI Wealth Assure Plus plan premium will be Rs. 24,000 P.A.
The minimum top-up premium amount payable for the ABSLI Wealth Assure Plus plan will be Rs. 5,000 P.A.
The basic premiums for this policy are divided into bands as follows:
- Band 1: Rs. 24,000 to Rs.99,999
- Band 2: Rs. 1,00,000 +
*Standard T&C Apply
The exact amount of premium will depend upon the plan option (Classic or Assured) chosen by the policyholder.
Subscribers can use the ABSLI Wealth Assure Plus Plan Calculator available online to get an idea about the premium sum to be paid.
Additional Riders for the ABSLI Wealth Assure Plus Policy
The following additional riders can enhance ABSLI at a minimal cost:
- ABSLI Accidental Death Benefit Rider Plus – In the event of the unfortunate death of the insured due to an accident, the company pays 100% of the rider sum assured to the nominee.
- ABSLI Waiver of Premium Rider – In case the policyholder becomes disabled due to an accident, diagnosed with any of the specified illnesses, the insurance company pays off all future premiums.
Eligibility for ABSLI Wealth Assure Plus Plan
- Classic option
- Minimum 30 days
- Maximum is 55 years
- Assured option
- Minimum of 18 years
- Maximum 50 years
- Classic option
- Minimum of 18 years
- Maximum is 75 years
- Assured option
- Minimum of 33 years
- Maximum 65 years
What are the documents required to buy this policy?
To buy ABSLI Wealth Assure Plus Policy, applicants must provide:
- Document for identity proof such as AADHAR card, Passport, or Driver license
- Document for Address proof such as AADHAR card, passport, driving license, or voter’s card.
- Document for Income proof, such as Income tax returns and salary slips
How to buy this plan online?
To buy online ABSLI Wealth Assure Plus policy, the applicant must:
- Log in to the official portal of Policybazaar.com
- Choose ABSLI Wealth Assure Policy
- Enter his details to get an approximate quote for the annual premium
- Choose the Plan type and the Investment option
- Choose Policy Term, Premium Paying Term, Mode, and Frequency
- Choose the Basic Sum Assured amount
- The proposer must then enter his complete personal and health details
- The premium payable will be calculated, and he must pay the amount to activate the plan
- A confirmation message with the policy number and other details to his mobile phone and Email Id
Exclusions of the ABSLI Wealth Assure Plus Policy
The ABSLI Wealth Assure Plus reviews indicate mainly the Suicide Exclusion clause that states that in the event of the death of the insured due to suicide occurs within 12 months of the policy commencement or renewal, the policyholder, or the beneficiary will be entitled to the policy fund value as on the date of death intimation.
Some of the exclusions applicable to the Assured option for the Total and Permanent Disability and Critical Illness benefit are as follows:
- AIDS or Sexually transmitted diseases
- Suicide or self-inflicted injuries
- Injury due to criminal activity
- Illness due to the consumption of liquor or narcotic substance
- Injury due to participation in a hazardous or adventurous sport
Ans:. The free look period for the ABSLI Wealth Assure Plus Policy is 15 days for the buyers who buy directly and 30 days for those buying through distance marketing.
. The various premium payment options available are:
- Online payment on the official website of ABSLI
- ECS/ Direct Debit from the bank account
- Direct debit from credit card
- Pay at the branch office.
Ans:. The policy lapses if the policyholder fails to pay the premium even after the grace period.
Ans:. The Insured can check the ABSLI Wealth Assure policy status either online or by calling the insurance company's official customer service number.
Ans:. Top-up premium is the additional amount the insured pays within the policy term and above the annual premium amount.
Ans:. Yes, the nomination is allowed under the policy, but the rules are subject to amendment.
Ans:. Yes. The sum assured can be increased during the policy tenure by submitting an official letter signed by the policyholder with other supporting documents.