Over the years, you have achieved success and accumulated wealth. Your priority now is to ensure your wealth and assets remain protected for your future generations, while you enjoy the lifestyle you have worked hard to attain.
Specially designed to cater to your financial and estate planning goals, ”Aditya Birla Sun Life Insurance Fortune Elite” is a unit-linked plan that provides insurance coverage and the opportunity of wealth preservation and enhancement.
a) Systematic Transfer option –
b) Self Managed Option –
c) Return Optimiser Option –
a) Maturity Benefit –
The Maturity Benefit shall be the Basic Fund Value plus the Top-up Fund Value as of that date. At the end of the policy term, provided the policy is still in force, the company shall pay the Maturity Benefit.
b) Top-Up Premium
You may wish to invest additional amounts as top-up premiums anytime during the policy term as long as all due basic premiums have been paid. The minimum top-up premium is Rs. 5,000 and at any point the total top-up premiums paid cannot exceed the total basic premiums paid to date. Top-up premiums cannot be withdrawn for five years unless in case of complete surrender of the policy. Top-up Sum Assured will be 125% of the top-up premium being paid
c) Death Benefit –
In the unfortunate event, the life insured dies while the policy is in effect, the company will pay to the nominee
The greater of the following –
The Basic Sum Assured will be reduced to the extent of partial withdrawals made during the two-year period immediately preceding the death of the life assured from the Basic fund value.
However, the Death Benefit after partial withdrawals shall never be less than Annualized Premium multiplied by 10.
At all times, if the policy has not been discontinued, the Death benefit shall never be less than 105% of total basic and top-up premiums paid up to the date of death reduced to the extent of partial withdrawals made, both from the Basic Fund Value and Top-up Fund Values, during the two-year period immediately preceding the death of the life assured.
In case of death of the life insured, if the life insured is different from the proposer/policyholder, the proposer /policyholder will receive the policy proceeds. Where a policy is issued on a minor life, the policy will vest in the life insured after attainment of the majority of the life assured
In the case where the death of the Life Insured takes place prior to the risk commencement date, only the basic premiums paid (excluding GST, if any) shall be payable as the Death Benefit.
d) Rider Benefit –
For added protection, ABSLI Fortune Elite Plan can be enhanced by adding a rider to the policy at an additional cost-
i) ABSLI Accidental Death Benefit Rider Plus
In the unfortunate event of the death of the life insured due to an accident within 180 days of the occurrence of the accident, we will pay 100% of the rider sum assured to the nominee. Also, we will refund the premiums collected after the date of Accident till the date of death, with interest as declared by us from time to time, along with death benefit payable.
ii) ABSLI Waiver of Premium Rider
In case of the following conditions:
The company will waive off all the future due to premiums and all the other benefits will remain unaffected. This benefit is applicable only once during the entire premium paying term.
e) Guaranteed Benefits –
In the form of additional units will be added to your policy –
Is there any partial withdrawal allowed in this policy?
Yes, the policyholder is allowed to make unlimited partial withdrawals any time after –
The partial withdrawals shall first be adjusted from Top-up Fund Value (except any top-up premiums paid in the previous five years immediately preceding the date of withdrawal); if any. Once the Top-up Fund Value is exhausted, partial withdrawals would be adjusted from Basic Fund Value. The top-up sum assured will remain unchanged after any withdrawal from the top-up fund value.
The minimum amount of partial withdrawal is Rs. 5,000. You are required to maintain a minimum Basic Fund Value of one basic premium chosen plus any top-up premiums paid in the previous five years immediately preceding the date of withdrawal. The total amount of partial withdrawal during a policy year shall not exceed 25% of the total Policy fund value at the beginning of the policy year.
Can I surrender my policy?
In case of emergencies, the policy can be surrendered anytime during the policy term. If the policy is surrendered after completion of five policy years, Fund Value will be paid immediately. If it is surrendered before lock In period, the proceeds of the discontinued policy shall be payable at the end of the lock-in period.
Is switching of funds allowed in this policy?
The policyholder has full flexibility to switch money from one segregated fund to another at any time provided the switched amount is for at least Rs. 5,000. You can change from one investment option to another investment option anytime after the first policy year.
Is there any premium redirection in this policy?
To meet your ever-changing investment needs, the policyholder will have the full flexibility to redirect future premiums by changing your premium allocation percentages at any time.
Is there any option of Reducing the premium payment term?
The policyholder shall have an option to reduce the premium payment term provided the policy is active for full sum assured and provided that such reduction is subject to boundary conditions of the product. This option shall be available only after the first five policy years.
Can I return my policy if I didn’t like its terms and conditions?
Yes, the policyholder has the right to return the policy to the company within 15 days (30 days in case the policy is purchased through Distance Marketing) from the date of receipt of the policy. This 15 day period is known as the Free Look Period.
The company will pay the policy fund value + the non allocated premiums + charges levied by cancellation of units once they receive in written the notice of cancellation (along with reasons thereof) together with the original policy documents.
The company may reduce the amount of the refund by the proportionate risk premium and the expenses incurred by us on the medical examination of the proposer and stamp duty charges.
a) Policy Administration Charge –
The policy administration charge is deducted at the start of every policy month by canceling units proportionately from each segregated fund you have at that time. The charge is 0.6% of basic premium p.a., subject to a maximum of Rs. 6,000 p.a.
b) Miscellaneous Charges –
Rs. 50 per request is charged for a change in investment option, premium re-direction, fund switch partial withdrawal or any additional servicing request. We do however reserve the right to charge up to Rs. 500 per request in the future.
c) Premium Allocation Charge –
When can my policy terminate?
Your policy will terminate at the earliest of the following –
In case of death due to suicide within 12 months from the date of commencement of the policy or from the date of revival of the policy, as applicable, the nominee or the beneficiary of the policyholder shall be entitled to the Policy fund value, as available on the date of intimation of death.
So, by now you know each and every important detail about this policy. Do let me know if I have missed any important points in the comment section. Please feel free to ask any doubts regarding this policy.
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