Insurance Plans 196 views April 27, 2020

Nowadays all the individuals are more interested in investment rather than savings. But an investment with protection would be a cherry on the cake. So, it better to take an investment insurance plan so that you can increase your wealth and on the other hand, give protection to your loved ones. The ABSLI Wealth Aspire Plan is a type of investment insurance plan that helps you to accumulate funds and increase your wealth for the future so that your family members don’t have to compromise their lifestyle. This insurance plan will help you to secure the future of your family even if you are not with them. Let’s explore all the key features of this plan and find out the benefits you’ll get in this policy.

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Exclusive Features of Wealth Aspire Plan

Choose the Policy Term and Premium Paying Term as per your needs.
There are four types of investment options available in this policy.
In order to increase your investment, you can take a Top-Up plan.
Make Partial Withdrawals from the policy in case of an emergency.
Get Tax Deductions under 80C of the Income Tax Act.

Benefits of Wealth Aspire Policy

There are certain benefits of this plan that will help you to increase your wealth and you will get a good return at the time of maturity.

Guaranteed Additions

Policy Anniversary6 Years to 10 Years11 Years to 15 Years16 Years and More
Band 10%0.2%0.2%
Band 20.6%0.9%0.9%
Band 30.6%0.9%1%

If you have taken band 2 and 3:-

  1. Guaranteed Addition of 0.6% of the average fund value in the last 12 months from the 6th year to 10th year.
  2. Guaranteed Addition of 0.9% of the average fund value in the last 12 months from the 11th year to the 15th year.
  3. Get a Guaranteed Addition of 1% of the average fund value in the last 12 months from the 16th year and thereafter.
  4. Get a Guaranteed Addition of 2.5% of the basic premiums paid in the last 60 months on the 10th policy anniversary year and every 5 years thereafter.

If you have taken the band 1

  1. Guaranteed Addition of 0.2% of the average fund value in the last 12 months from the 11th year to the 15th year.
  2. Get a Guaranteed Addition of 2% of the basic premiums paid in the last 60 months on the 10th policy anniversary year and every 5 years thereafter.

Death Benefits

The death benefits are divided into two options and they are Classic Option and Assured Option.

Classic Option

If the insured dies during the policy period then the nominee will get the highest of the following:-

  1. Basic Value of the Find as on the date of death.
  2. Basic Sum Assured at the time of taking the plan.

If the insured has taken a top-up plan then the nominee will get the highest of the following:-

  1. Value of the Top-up fund as on the date of death.
  2. Top-up Sum Assured.
  3. The value of the Sum Assured will be reduced if you have made any partial withdrawal during the policy term.

Assured Option

The nominee will receive the Sum Assured and the Top-up sum at the death of the insured. The death benefits will always be more than 105% of the total premiums paid till the time of death. The policy will not terminate once the death benefit is paid to the nominee and it will continue till the maturity date. Then once the policy matures, the maturity benefits will be paid to the nominee.

Maturity Benefits

The company will give you the lump sum amount at the time of the maturity. You can customize the maturity benefits and divide it on the interval of every 5 years. It simply means that you can choose the settlement option and take the maturity benefits in parts of the period of every 5 years.

Surrender Benefits

Usually, the ABSLI Wealth Aspire Plan is a unit-linked plan and you can’t width money before the completion of 5 years from the date of the inception of the policy. But after 5 years you can make partial withdrawals in case of an emergency.

Various Options Available in ABSLI Wealth Aspire Policy

There are various options available in this policy for managing your investment through premiums. So you explore all the options and decide which option will be suitable for you.

Option 1- Smart Option

In this option of investment, the company will invest your premiums depending upon the maturity date and risks into equity and debt funds also known as Maximiser and Income Advantage funds. Your portfolio will be managed by the company and the maximizer proportion of funds is given below:-

 Risk Profiles
Years of MaturityConservativeModerateAggressive
31 Years to 40 Years50%65%80%
21 Years to 30 Years35%50%65%
16 Years to 20 Years30%40%50%
11 Years to 15 Years15%25%35%
6 Years to 10 Years5%10%15%
5 Years0%0%0%

Option 2- Systematic Transfer Option

In the Systematic Transfer Option, the company will take the premiums from you and invest it into Liquid Plus Funds. Then the company will invest 1/12th of the amount into segregated funds and you have those funds.

Option 3- Return Optimiser Option

In the Return optimizer Option, the company will take the premium and invest it into maximizer funds also known as Equity Funds, and the company will keep an eye and monitor the value. Once the value of the funds increases by 10% of the net invested amount then the company will invest that 10% into the Income Advantage Funds. It ensures that your gain through equity funds is secured and protected from the major market fluctuations.

Option 4- Self Managed Option

In this option, there are 15 different segregated funds in which you can directly invest the amount of the premium. You can invest the amount of premium either in 100% Debt or in 100% equity because you will have the full control. The company gives you full power to manage all the funds in ABSLI Wealth Aspire Plan. You can also switch from one fund to another if you find that the market fluctuation is bothering you.

Others Details of Plans

ParticularsAssured OptionClassic Option
Age of EntryMinimum- 18 Years
Maximum
45 Years for 5 Pay, 6 Pay, and 7 Pay.
50 Years for 8 Pay.
Minimum- 30 Days
Maximum
50 Years for 5 Pay
55 Years for 6 Pay and 7 Pay.
60 Years for 8 Pay
Maturity Age28 Years to 60 Years18 Years to 70 Years
Policy TermMinimum- 10 Years
Maximum
15 Years for 5 Pay, 6 Pay, and 7 Pay.
40 Years for 8 Pay and Above.
Minimum- 10 Years
Maximum
20 Years for 5 Pay.
35 Years for 6 Pay.
40 Years for 7 Pay and above.
Premium Paying Term5 Years to 40 Years5 Years to 40 Years
Minimum Basic PremiumINR 30000 for Annual Mode
INR 36000 for Half-Yearly Mode
INR 48000 for Quarterly and Monthly Mode
INR 30000 for Annual Mode
INR 36000 for Half-Yearly Mode
INR 48000 for Quarterly and Monthly Mode
Minimum Sum AssuredINR 300000INR 300000
Minimum Top-Up PremiumINR 5000INR 5000

Things to be Decided before you Take a Plan

There are various things that have to be decided before you take any investment insurance plan. In the ABSLI Wealth Aspire Plan you will have to decide the following things:-

  1. Plan Option
  2. Basic Premium
  3. Basic Sum Assured
  4. Pay Mode
  5. Investment Option

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