Investment Plans 200 views April 22, 2020

Every individual wants to secure the future of their family members whether they are his parents, spouse or children. The only way to protect your family members is to take an insurance plan. It is better to go for an investment insurance plan because it has good returns and even you can enjoy the benefit of the plan. One such plan is ABSLI Wealth Secure Plan that is an investment policy and it enables you to save some extra bucks from your monthly income. Later, when you need money, the company will provide you a handsome return so that you can fulfill your future goals. So, you must explore all the features and benefits of this investment insurance plan.

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Features of Wealth Secure Policy

  1. Pay Premiums of the plan for a limited period of time and cover your whole life.
  2. You have the option to add Top-Ups in a running insurance policy.
  3. This plan allows you to withdraw funds during emergencies from the plan.
  4. Multiple options in the same policy to enhance your savings.
  5. Enjoy Tax Deductions under section 80C of the Income Tax Act.

Basic Premium

The Amount of Basic Premium depends on the Sum Assured. You have a variety of Sum Assured Values that you can take in this insurance. So the Value of Assured Sum determines the number of Basic Premiums. The basic premium will increase if the value of the Assured Sum is high and vice versa.

Payment Mode

You can pay the amount of premium monthly, quarterly, half-yearly, and yearly. The basis of the payment for insurance premium totally depends on you.

Benefits of Wealth Secure Plan

Now, you must explore all the benefits of this plan and see how it can help you in the longer term.

Guaranteed Additions

  1. The insured will get a guaranteed addition of 2% on the total premiums paid in the last 60 months after 10th Policy anniversary and on every 5th anniversary thereafter.
  2. There will be a guaranteed addition of 0.20% of the average fund value in the last 12 months after the 11th policy anniversary and on every policy year thereafter.

Death Benefits

If in case the insured dies before the maturity of the policy then the nominee will get the highest of the following:-

  1. Basic Fund Value on the date of death.
  2. Basic Sum Assured at the inception of the plan.

If you have taken a Top-up plan then the nominee will get the higher of the two:-

  1. Top-up Value of the fund at the time of death.
  2. Sum Assured for the Top-up.

If you have made partial withdrawals then your Sum Assured May Vary:-

  1. If the age of the insured is below 60 years then the Assured Sum will be reduced by the partial withdrawals made in the last two years.
  2. If the age of the insured is above 60 years then the Assured Sum will be reduced by the partial withdrawals made after the age of 58 years.
  3. The Death benefits will never be less than 105% of the premiums paid.

Sum Assured in Death Benefits

  1. If the insured age of entry is before 45 years then the Sum Assured will be 10 times or the number of years to attain the age of 70 multiplied by the basic premium and divided by two.
  2. If the insured age of entry is after 45 years then the Sum Assured will be 10 times or the number of years to attain the age of 70 multiplied by the basic premium and divided by four.

Surrender Benefits

You can surrender the ABSLI Wealth Secure Plan anytime and take the return that is accumulated until the date of surrender. The company will calculate the amount of return once you surrender the policy before the expiration of the term.

Customization in Policy

You can increase and decrease the value the Sum Assured and your premiums will be adjusted accordingly. You can increase the value of the sum assured by 150%, 200%, 250%, and 300%.

Options Available in Wealth Secure Plan

There are various options that you can opt for before taking the ABSLI Wealth Secure Plan. All these options can help you to decide the best plan.

Option 1- Life Cycle Option

In the Life Cycle option, the company manages your premium amount on the basis of age and risks. There are three profiles for risk management and they are conservative, moderate, and aggressive. The company manages your portfolio on the basis of risks and your age 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.

Option 2- Systematic Transfer Option

In the Systematic Transfer Option, your funds will be invested into Liquid Plus Funds first and then 1/12th of the amount will be invested into investment funds depending upon your choice.

Option 3- Self-Managed Option

There are 13 investment funds in which you can directly invest the amount of premium and you will have full control over all the funds. It will be wholly your decision to buy the funds using the amount of premium. You can switch from one investment fund to another using the premium amount.

About the Plan

ParticularsDetails
The Term of the PolicyWhole Life
Age of Entry1 Year to 60 Years
Premium Paying Term5 Years to 30 Years
Minimum Premium Paying TermAttained Age Must be 18 Years or more at the end of premium paying term
Maximum Premium Paying TermAttained Age Must be 70 Years or less at the end of premium paying term
Minimum Basic Premium AmountPaid Annually- INR 20000 p.a.
Paid Half-Yearly- INR 30000 p.a.
Paid Quarterly- INR 60000 p.a.
Paid Monthly- INR 60000 p.a.
Minimum Top-Up PremiumINR 5000

Steps to Buy the Plan

You can follow the following steps in order to buy the ABSLI Wealth Secure Plan:-

  1. Choose the Amount of the Basic Premium and it may change according to the Assured Sum.
  2. Choose the Amount of Basic Sum Assured and you can increase it as well by 150%, 200%, 250%, and 300%.
  3. Select the Method of Payment either yearly, half-yearly, quarterly, or monthly.
  4. Finally, choose the investment option among the three options available.

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