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Investment Plans 1549 views April 23, 2020
Nowadays every individual is in hunger for more and more money and it is a common fact that you need to invest money in order to improve your wealth. Therefore, here is an investment insurance plan known as ABSLI Wealth Assure Plan that not only provides insurance to you but also gives you a good return. Now, it is time to multiply your wealth and protect your loved ones from future financial risk. See the key features of this policy and figure out the benefits you will get from this investment insurance plan. You can also explore all the options available in the same policy.
Table of Contents
Salient Features of Wealth Assure Plan
- This plan is basically an investment cum insurance plan with a lot of benefits depending upon the market risks.
- Add top-ups as per your needs and increase the returns.
- You can withdraw a sum of money partially in the middle of the plan.
- Enjoy tax benefits under section 80C of the Income Tax Act.
Benefits of Wealth Assure Policy
There are various benefits of this investment insurance plan and you can take them all if you go for this plan. So, you must have a look at all those benefits.
Guaranteed Additions
- The insured will get a guaranteed addition of 0.25% of the average fund value in the last 12 months from the 6th to 10th policy anniversary.
- Then the insured will get a guaranteed addition of 0.55% of the average fund value in the last 12 months from 11th to 15th policy anniversary.
- After the 16th Policy Anniversary Year the insured will get an addition of 0.75% of the average fund value in the last 12 months every year.
Death Benefits
If the insured dies before maturity then the assured sum of money and the basic fund value as on the date of the death will be given to the nominee. On the other hand, if the insured has taken a top-up plan then the top-up sum assured and the top-up fund value as on the date of death will also be given to the nominee.
The Death benefits will always be greater than 105% of the premiums paid until death. You will be only entitled to the basic premiums if the insured dies prior to the risk commencement date.
Maturity Benefits
Once the policy matures, the company will give all the accumulated funds to the insured including all the returns.
Surrender Benefits
You can surrender the policy in case of an emergency and take the accumulated funds. If in case you surrender the ABSLI Wealth Assure Plan before the completion of 5 years then the company will decide the amount that has to be given to you as the surrender value. On the completion of 5 years and more, you’ll get the fund value immediately if you surrender the plan.
Options Available in the Insurance Plan
The company gives you different options to manage your funds in this plan. So at the time of inception of the policy, you have to decide the option you want to take. So, you must explore all the options available in this investment plan.
Option 1- Lifecycle Option
In the Life Cycle option, the company manages the amount of premium on the basis of age and risks. There are basically three profiles for risk management and they are conservative, moderate, and aggressive. The company manages your portfolio on the basis of your age and risks and provides you a good return at the time of maturity.
The Amount of the Premium is invested into Equity and Debt Funds and all the transaction is managed by the company.
Risk Table- Proportion of Funds Invested in Equity
| Age of the Policy Taker | ||||||
|---|---|---|---|---|---|---|
| Risk Profile | 8 Years to 30 Years | 31 Years to 40 Years | 41 Years to 50 Years | 51 Years to 60 Years | 61 Years to 70 Years | More than 70 Years |
| Conservative | 50% | 40% | 30% | 15% | 0% | 0% |
| Moderate | 70% | 60% | 50% | 35% | 20% | 5% |
| Aggressive | 90% | 80% | 70% | 55% | 40% | 25% |
Option 2- Systematic Transfer Option
In the Systematic Transfer Option, firstly your premiums will be invested into Liquid Plus Funds and then the company will invest 1/12th of the amount into investment funds depending upon your choice.
Option 3- Self-Managed Option
There are 15 investment funds in which you can directly invest the amount of premium ranging from 100% debt to 100% equity and you will have full control over all the funds. You are free to invest your funds as per your decision and you can switch from one investment fund to another using the amount of premium.
About the ABSLI Wealth Assure Policy
| Particulars | Details |
|---|---|
| The Term of the Policy | 10 Years, 15 Years, 20 Years, 25 Years, and 30 Years |
| Age of Entry | 30 Days to 65 Years |
| Premium Paying Term | Divided into 5 Pay |
| Minimum Basic Premium Amount | Paid Annually- INR 100000 p.a. Paid Monthly- INR 180000 p.a. |
| Minimum Top-Up Premium | INR 5000 |
| Payment Mode | Annually and Monthly |
Steps to Buy the Wealth Assure Plan
- Firstly, you have to choose the basic premium amount and the term for which you are taking the plan.
- Then you must select the mode of the payment whether you want to pay the amount of premium monthly or yearly.
- Now you should decide the Basic Sum Assured and go for a top-up plan if you want more return through ABSLI Wealth Assure Plan.
- Finally, you have to decide the option in the plan whether you want to manage your funds on your own or the company should manage your funds.