Aditya Birla Wealth Aspire Plan

What is Aditya Birla Wealth Aspire Plan?

The ABSLI Wealth Aspire Plan is a non-participating unit-linked life insurance plan, where the investment risk in the chosen segregated funds is borne by the policyholder.

• Classic Option: The higher of Sum Assured or Policy Fund Value is paid in case of the life insured's unfortunate death during the policy term.

• Assured Option: Sum Assured is payable on the death of the life insured, and the policy continues till maturity. Future premiums are paid by the insurer from the Policy Fund Value.

Investment Options:

Smart, Systematic Transfer, Return Optimiser, and Self-Managed Options are available for investment, catering to different risk profiles and preferences.

What are the Features of Aditya Birla Wealth Aspire Plan?

Here are the key features of Aditya Birla Wealth Aspire Plan:

• Flexibility in premium payments: Choose to pay your premiums monthly, quarterly, half-yearly, or yearly.

• Investment choice: Select from 4 investment options (equity, debt, hybrid, and balanced) to suit your risk appetite and financial goals.

• Partial withdrawals: Access up to 20% of the fund value per year to meet unforeseen needs.

• Top-up Facility: Increase your savings by adding top-ups whenever you have surplus funds.

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What is the Eligibility for Aditya Birla Wealth Aspire Plan?

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What are the Benefits of Aditya Birla Wealth Aspire Plan?

Benefits of the Aditya Birla Wealth Aspire Plan are:

• Wealth Creation: Unit Linked Insurance Plan (ULIP) for potential wealth growth through market-linked investments.

• Life Cover: Provides life cover during the policy term.

• Flexibility: Choose from various plan options, premium terms, investment options, and riders.

• Guaranteed Additions: Get rewarded for policy continuance with additional units.

• Maturity Benefit: Receive the fund value accumulated and the sum assured on maturity.

• Death Benefit: Higher of sum assured, fund value, or 105% of premiums paid in case of death.

• Partial Withdrawals: Access funds during the policy term for emergencies.

• Tax Benefits: Premiums qualify for tax deductions under Income Tax Act.

How Does Aditya Birla Wealth Aspire Plan Work?

To buy the Aditya Birla Wealth Aspire Plan, one has to make the following choices

• Plan Option: This determines the death benefit:

  • Classic Option: Higher of Sum Assured or Policy Fund Value is paid to your nominee/policyholder if you pass away during the policy term.

  • Assured Option: Sum Assured is guaranteed on death, and the policy continues till maturity with premiums paid by the insurer.

• Basic Premium: This is your annual commitment, excluding taxes and riders.

• Basic Sum Assured: This is the minimum death benefit, equal to 10 times your annual premium.

• Pay Mode: Choose how you want to pay your premium (monthly, quarterly, semi-annual, or annual).

• Investment Options: Decide where your money goes:

  • Smart Option: Automatically adjusts your investment mix based on age and risk profile.

  • Systematic Transfer Option: Gradually shifts investments from equity to debt as maturity nears.

  • Return Optimiser Option: Balances equity exposure with downside protection.

  • Self-Managed Option: Gives you full control over your investments.

• Top-up Premiums: You can invest extra anytime (except the last 5 policy years) with a minimum of Rs. 5,000. This adds to your Sum Assured and Fund Value.

Fund Values:

• Basic Fund Value: Represents the value of your basic premium investments.

• Top-up Fund Value: Represents the value of your additional top-up investments.

• Policy Fund Value: Combines both Basic and Top-up Fund Values, reflecting your total investment value.

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Riders Available Under the Aditya Birla Wealth Aspire Plan

The Aditya Birla Wealth Aspire Plan allows you to enhance your basic coverage by attaching optional riders at an additional cost.

• ABSLI Accidental Death Benefit Rider Plus (UIN: 109A024V01): Provides additional protection in case of death.

• ABSLI Waiver of Premium Rider (UIN: 109A039V01): Waives future premiums in case of permanent disability due to illness, accident, critical illness, or death.

Exclusion Under the Plan

If the insured individual passes away by suicide within 12 months from the policy's start or revival, the nominee or beneficiary is entitled to the Policy fund value as of the date of death notification. Additionally, any charges, excluding Fund Management Charges (FMC), incurred after the date of death will be included back into the Policy fund value as of the date of death notification.

Additional Details of the Plan

Additional details about the Aditya Birla Wealth Aspire Plan:

1. Policy Discontinuance:

   • A grace period of 30 days (15 days for monthly premium payments) to pay due premiums, ensuring continuity of benefits with charges deduction.

2. Free-look Period:

   • Right to return policy within 15 days (30 days for distance marketing policies) if unsatisfied with terms.

   • Refund includes Policy fund value, non-allocated premiums, and cancellation charges.

   • Refund amount reduced by proportionate risk premium, medical exam expenses, and stamp duty charges.

3. Current Tax Benefits:

   • Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to fulfilment of conditions.

   • Policy proceeds are subject to TDS under Section 194DA if conditions under Section 10(10D) aren't met.

4. Loans:

   • Policy loans are not permitted under this plan.

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Conclusion

The ABSLI Wealth Aspire Plan presents a comprehensive solution for individuals seeking to secure their financial future while maximising investment opportunities. By empowering policyholders to navigate market fluctuations while safeguarding against uncertainties, the ABSLI Wealth Aspire Plan is a reliable instrument for long-term wealth accumulation and protection.