Why Buy ABSLI Wealth Smart Plus?
ABSLI Wealth Smart Plus is a versatile unit-linked life insurance savings plan designed to offer both investment and protection benefits. Here’s why it might be a good choice for you:
- Dual Plan Options: Choose between the Smart Life Option (coverage until age 75) or the Whole Life Option (coverage until age 100) to suit your long-term financial goals.
- No Premium Allocation or Policy Administration Charges: Enjoy the benefit of zero charges throughout the policy term, maximizing the value of your investment.
- Diverse Investment Choices: Access to 5 investment strategies and 19 funds allows you to tailor your investment according to your risk appetite and financial goals.
- Systematic Withdrawal Facility: Regular withdrawals from your fund value help meet ongoing monetary needs, providing financial flexibility.
- Partial Withdrawals: Flexible partial withdrawals can be made to address emergency fund requirements.
- Tax Benefits: Potential tax benefits on premiums paid and benefits received, as per prevailing tax laws.
Key Benefits:
- Comprehensive Coverage: Two plan options with extensive coverage periods.
- Cost Efficiency: No charges for premium allocation or policy administration.
- Investment Flexibility: A range of investment strategies and funds.
- Financial Flexibility: Options for systematic and partial withdrawals.
- Tax Efficiency: Possible tax benefits on premiums and benefits.
Riders for Enhanced Protection:
- Additional Coverage: Add riders at a nominal extra cost to enhance your risk coverage during the policy term.
How ABSLI Wealth Smart Plus Works:
Use Case 1: Mr. Sharma, aged 35, selects the Smart Life Option with an annual premium of Rs. 1,00,000, a premium payment term of 5 years, and a policy term of 20 years. He chooses the Self-Managed Option with the Nifty Alpha 50 Index Fund. If Mr. Sharma survives the entire policy term, he will benefit from the accumulated fund value and insurance coverage.
Eligibility Criteria & Specifications:
- Type of Plan: Unit-Linked Non-Participating Individual Life Insurance Savings Plan
- Coverage: All Individuals (Male | Female | Transgender)
- Entry Age: 30 days to 60 years for Smart Life Option; 18 to 45 years for Whole Life Option, depending on payment term
- Maturity Age: Minimum 18 years, maximum 75 years for Smart Life Option; 100 years for Whole Life Option
- Premium Payment Modes: Annual, Semi-Annual, Quarterly, Monthly
- Premium Amounts: Minimum Rs. 12,000 annually; no maximum limit
- Sum Assured: Minimum Rs. 1,20,000; no maximum limit
- Premium Payment Term: 5 to 15 years for Limited Pay; 10 to 40 years for Regular Pay
- Policy Term: Minimum 10 years; maximum 40 years
Suicide Exclusion Clause:
- In case of death due to suicide within 12 months from the policy’s commencement or revival, the nominee will receive the fund value and any charges recovered after death will be added back to the fund value.
Brochure, Leaflet, and Policy Contract: Available for further details.