Insurance Plans 196 views April 22, 2020

Every individual wants to secure the life of their children after them and on the other hand, they also want to invest a sum of money to earn returns. Therefore, the investment insurance plan is the best option for them. This insurance will assure a sum of money at maturity and gives protection to your family after you. ABSLI Wealth Max Plan is one such insurance plan that increases the value of the assured sum after a span of time. You can check all the features and benefits of this ULIP plan where you just have to pay a single amount of premium at the inception of the plan.

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Features of Wealth Max Policy

  1. Pay the Premium only once and grow the sum assured.
  2. You can add Top-ups in the Policy.
  3. You can withdraw a certain sum of money from the policy during the term in case of an emergency.
  4. Get deductions under Section 80C of the Income Tax Act.
  5. Earns Good Returns for you and your family.
  6. Provides protection to your family.

Benefits of Wealth Max Investment Plan

Now, you must explore all the benefits of this investment plan. It includes death benefits, Addition Benefits, and many other benefits. So, you must go through all of these benefits.

Value Addition Benefits

After a certain period of time, the company will add value in the sum assured and your Assured Sum will increase. So let’s see how the value will be added to your policy.

  1. 0.25% of the average Policy Fund Value in the last 12 years will be added from the 6th policy anniversary year to the 10th policy anniversary year.
  2. 0.60% of the average Policy Fund Value in the last 12 years will be added from the 11th policy anniversary year to the remaining years.

Death Benefits

If the insured dies in the middle of the policy term then the nominee will receive the highest sum of the below two conditions:-

  1. Basic Fund Value at the time of death.
  2. Basic Sum Assured.

The Nominee will also receive some additional benefits as mentioned below, the highest of the two: –

  1. Top-up Fund Value at the time of death.
  2. Assured Top-up Value.

In all the cases the nominee will receive more than 105% of the premiums already paid to the company and the top-up premiums paid until death.

Surrender Benefits

In case of an emergency, you can surrender the ABSLI Wealth Max Plan and take the sum after certain deductions up to the date when it is surrendered. The company will calculate the surrender value and give you the appropriate amount once the policy is surrendered. On the other hand, the policy will be terminated.

Maturity Benefits

Once the tenure of the policy ends, you will receive the assured sum and the Top-up Fund if you have taken any. All the calculation of the final value depends on the company.

Customize the Policy

You can customize this plan with an additional Accidental Death Benefit. The premium might vary if you take this additional benefit. The company will give 100% sum to the nominee if the insured dies within 180 days from the date of the accident.

Investment Options of ABSLI Wealth Max Plan

There are basically two options available in this plan and you have to choose any one option at the time of taking the insurance policy.

Option 1- Systematic Transfer Option

In this option, your amount of premium is inverted in market volatiles. The amount of premium shall be allocated to liquid fund first and then 1/12th of the allocated amount will be invested into the segregated fund depending upon your choice.

Option2- Self-Managed Option

In the Self-Managed Option, the company gives you access to invest your premium into 16 segregated funds. You will have complete control over the investment and you can switch from one fund to another freely. Basically, you have to manage the invested premium on your own.

Eligibility Criteria

ParticularsCriteria
Age of Entry30 Days to 70 Years Subject to a Minimum Age of 18 Years at Maturity
Term of the Policy5 Years, 10 Years, 15 Years, and 20 Years
Premium Paying TermSingle Pay, Only Once at the Time of Policy Inception
Minimum PremiumINR 1 Lakh for the Policy Term of 5 Years and 10 Years
INR 2 Lakh for the Policy Term of 15 Years and 20 Years
Sum Assured1.25, 5, and 10 Times of the Basic Premium

Advantages of Taking Investment Insurance Plan

Good Returns – Almost all the Investment Insurance Plan provides good returns to the policy taker. The amount of assured sum increases with the increase in time and at the time of maturity, the insured receives a lump sum amount of money.

Family Protection – If you die during the tenure of the policy then the nominee will receive the assured sum of money. Usually, individuals keep their family members as the nominee so you can give a cover to your family as well.

Extra Savings – The Invest Insurance plan like ABSLI Wealth Max Plan enables you to save some extra money out of your expenses and at the time of maturity you can have a great return.

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