BSLI Wealth Max Plan

Introduction/Overview
BSLI Wealth Max Plan is a Unit Linked Insurance plan providing the
dual benefit of capital appreciation through market participation and life insurance coverage. The plan is a single pay plan where premium once paid accumulates at market returns.

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  • Guaranteed Tax Savings

    Guaranteed Tax Savings

    Under sec 80C & 10(10D)
  • savings

    ₹1 Crore

    Invest ₹10k Per Month*
  • Zero LTCG Tax

    Zero LTCG Tax

    Unlike 10% in Mutual Funds
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Key Features

  • It is a unit linked plan with Single Pay option of premium payment
  • Guaranteed Additions are added after the first 5 policy years
  • The following funds are available for investment
  1. Liquid Plus
  2. Income Advantage
  3. Assure
  4. Protector
  5. Builder
  6. Enhancer
  7. Creator
  8. Magnifier
  9. Maximizer
  10. Multiplier
  11. Super 20
  12. Pure Equity
  13. Value & Momentum

Benefits

  • Guaranteed Additions are expressed as a % of average Fund Value in the last 12 months and accrue @ 0.25% in the 6th-10th year and 0.60% form the 11th year onwards
  • The insured will get the total Fund Value on Maturity which also includes top-up Fund Value and Guaranteed Additions
  • On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or total Fund Value or  Basic Fund Value is payable to the nominee if age attained was less than 60 years
  • If age attained was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or total Fund Value is payable
  • The Sum Assured will include the top-up Sum Assured and the Fund Value will include the top-up Fund Value and Guaranteed Additions
  • The minimum death benefit will be equal to 105% of all premiums paid till death
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

3 years

 60 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

7, 10, 15

Premium Paying Term (PPT) in years

Single Pay

Single Premium

100,000 for term 10&15 yrs.

500,000 for term 7 years

No limit

Sum Assured

1.25 or 5 or 10 times the Single Premium

No limit


Policy Details

Grace Period: no application of grace period in single pay plans

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5,000
  • Switches are allowed every year for switching between funds
  • Top-ups can be done through single premiums of a minimum of 5000
  • The top-up will increase the Sum Assured where the top-up SA will be 1.25 the top-up premium if age<45 yrs. or 1.10 times the top-up premium if age

Exclusions

  • The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history and submit KYC documents.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
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