Aditya Birla Fortune Wealth Plan

What is Aditya Birla Fortune Wealth Plan?

The ABSLI Fortune Wealth Plan is a Unit Linked Insurance Plan (ULIP) that is designed to help you build wealth while ensuring protection for your loved ones. It combines investment growth with life insurance benefits that offers the flexibility to achieve your long-term financial goals. 

With a range of best investment options, the Aditya Birla Life Fortune Wealth Plan allows you to tailor your strategy based on your risk appetite and future aspirations. This plan also offers you tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

Features of ABSLI Fortune Wealth Plan

The key features of the ABSLI Fortune Wealth ULIP Plan are as follows:

• Depending on your aspirations, you can choose between two plan options: The Classic Option and the Assured Option.

• You can select from a wide range of policy terms and premium paying terms to suit your preferences.

• You can make partial withdrawals to cover any emergency financial needs.

• Guaranteed additions are provided with this investment plan in the form of additional units to enhance your investment.

• You can choose from 5 investment options and 18 fund choices to meet your specific investment needs.

Eligibility Criteria of Aditya Birla Fortune Wealth Plan

*The maximum premium amount is subject to the Board Approved Underwriting Policy.

Benefits of ABSLI Fortune Wealth Plan

• Death Benefit: The death benefit for the ABSLI Fortune Wealth Plan has two options:

  Classic Option:

  • In case of death during the policy term, the nominee or legal heir will receive the higher of:

    • The fund value as on the date of intimation of death.

    • The sum assured.

  • If partial withdrawals were made in the two years before death, the sum assured will be reduced by that amount. However, the death benefit will never be less than 10 times the annual premium.

  • The death benefit will always be at least 105% of total annual premiums paid, reduced by partial withdrawals in the last two years before death.

  • Any charges (except Fund Management Charges) deducted after death will be added back to the fund value.

  Assured Option:

  • Upon death, the higher of the following will be paid:

    • The sum assured on the date of death.

    • 105% of total premiums paid.

  • Any mortality charges deducted after death will also be added back to the fund value.

  • After paying the death benefit, the policy will continue until maturity. During this period:

    • The risk cover stops.

    • Future premiums are paid by the insurer.

    • The fund remains invested, and guaranteed additions will continue as per the plan.

    • The policy charges will continue except for mortality charges.

    • No withdrawals, fund switches, or surrenders are allowed.

    • The maturity benefit will be paid to the nominee upon policy maturity.

  NOTE: If the policy was discontinued, the fund value is paid immediately on death. If the policyholder is different from the life insured, on the death of the policyholder, the policy continues with the legal heir becoming the new policyholder.

• Maturity Benefit: If the life insured survives till the end of the policy term, the fund value is paid as the maturity benefit. For the Assured Option, if the life insured dies, the nominee receives the fund value at maturity.

• Guaranteed Additions: Additional units are added from the 6th policy anniversary (11th for Band 1) and then on every anniversary. An extra percentage of annual premiums paid in the last 60 months will be added on the 10th anniversary and every 5 years after that.

• Fund Switching: You can switch between funds, with no charge and no limit on the number of switches in a year. The minimum switch amount is Rs. 5,000.

• Investment Options: You can switch between the 5 available investment options, but you can only select one at a time.

• Risk Profile Switching: This applies to the Smart and Life Cycle options, allowing you to adjust your risk profile during the policy term.

• Premium Redirection: You can redirect future premiums across available funds, up to 12 times a year, with no charges.

• Reduction of Premium: After 5 policy years, you can reduce the premium by up to 50%, with some restrictions.

Rider Benefits of Aditya Birla Sun Life Insurance Fortune Wealth Plan

1. ABSLI Accidental Death Benefit Rider Plus:

   If the life insured dies due to an accident within 180 days, 100% of the rider sum assured is paid to the nominee, and premiums collected after the accident will be refunded with interest.

2. ABSLI Waiver of Premium Rider:

   In the event of complete disability, critical illness diagnosis, or death of the policyholder (if different from the life insured), future premiums are waived, and the policy benefits continue unaffected for the remaining term.

3. ABSLI Comprehensive Critical Illness Rider:

   On diagnosis of a covered critical illness, a lump sum rider sum assured is paid based on the variant chosen, offering coverage for 10, 25, or 64 critical illnesses.

   Key Rider Information:

   Riders operate independently, and if multiple riders are triggered, benefits from each are paid; rider premiums must follow base policy terms and cannot exceed the specified limits for premium percentage and sum assured.

Portfolio Management Strategies of Aditya Birla Fortune Wealth Plan

The Aditya Birla Life Insurance Fortune Wealth Plan offer you with the following investment strategies to manage your portfolio:

• Systematic Transfer Option: This option protects against market volatility by investing annual premiums in the Liquid Plus fund and gradually transferring them into selected segregated funds either monthly or weekly. Monthly transfers move 1/12th of the premium on selected dates, while weekly transfers move 1/48th of the premium on four specific days of each month.

• Return Optimiser Option: Your premiums are invested in the Maximiser fund, and gains of 10% or more are automatically transferred to the Income Advantage fund. If the gain is less than 10%, the value remains in the Maximiser fund, providing protection against market volatility.

• Self-Managed Option: This option gives full control over how to invest premiums across 18 available funds, from 100% debt to 100% equity. You can switch between funds and allocate premiums across multiple funds based on your risk appetite.

• Smart Option: Under this option, your portfolio is structured based on your maturity date and risk profile (Conservative, Moderate, Aggressive). Investments shift from riskier equity funds (Maximiser) to safer debt funds (Income Advantage) as maturity nears.

• Life Cycle Option: This option automatically adjusts your portfolio based on your age and risk profile (Conservative, Moderate, Aggressive). Investments gradually move from riskier assets (Maximiser fund) to safer assets (Income Advantage fund) as you age.

Policy Details of ABSLI Fortune Wealth Plan

• Policy Discontinuance: If the premium is unpaid after a 30-day grace period (15 days for monthly payments), the policy will discontinue. For policies within the first 5 years, the fund value is moved to a Linked Discontinued Policy Fund, and risk cover ceases. You have a 3-year revival period to restore the policy. After 5 years, the policy becomes a paid-up policy with reduced benefits unless revived.

• Termination of Policy: The policy ends when:

  • All funds are withdrawn.

  • Fund value becomes zero.

  • Death, surrender, or maturity benefits are settled.

  • The free-look cancellation is processed.

• Force Majeure: In case of events beyond control (natural disasters, wars, strikes, etc.), policy services may be delayed, but the company will resume once normalcy returns. No compensation for delays due to such events.

• Policy Loans: Policy loans are not permitted under the ABSLI Fortune Wealth Plan.

• Tax Benefits: You may be eligible for tax benefits on premiums and maturity benefits as per the following:

  • Tax benefits on premiums paid are available under Section 80C of the Income Tax Act, up to ₹1.5 lakh per annum.

  • The maturity benefit is tax-free under Section 10(10D), provided the annual premium paid is below ₹2.5 lakhs.

  • The death benefit received by the nominee is also tax-free under Section 10(10D).

• Grace Period: You have a 30-day grace period (15 days for monthly premiums) to pay overdue premiums, during which policy benefits continue.

• Free-Look Period: You can cancel your policy within 30 days of receiving it if you disagree with the terms. The premium paid will be refunded, minus any risk premium, medical expenses, or stamp duty charges.

How Does the Aditya Birla Life Fortune Wealth Plan Work?

You can learn the workings of ABSLI Fortune Wealth Plan from the steps mentioned below: 

• Choose Your Plan Option: Start by selecting the plan option that suits your financial needs. Decide on the Annualized Premium, Premium Payment Term (how long you’ll pay), Policy Term (the duration of the policy), and your Premium Payment Mode (regular or limited).

• Choose Your Investment Options: Pick from a range of investment funds and decide on the Fund Allocation Strategy based on your risk appetite and goals.

• Pay Your Premiums: Make payments as per your chosen premium payment term and mode, ensuring that your funds are being allocated as per your investment choices.

• Grow Your Wealth & Receive Benefits: Your invested premiums grow over time, and at the end of the policy term, you receive the fund value, securing your financial future.

Suicide Exclusion Criteria of Aditya Birla Fortune Wealth Plan

If the policyholder dies by suicide within 12 months of the policy's start or revival, the nominee will receive the fund value on the death notification date. Any ulip charges, except Fund Management Charges (FMC), deducted after death will be added back to the fund value.