Birla Sun Life Insurance has tried to simplify the process of buying a life cover through the unit-linked insurance plan Ulip route. This is a Type II plan that offers both fund value and sum assured as death benefit. The application is a 3-step process. First, you have to complete an application form that includes the return illustrations.
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Birla Sun Life Insurance has tried to simplify the process of buying a life cover through the unit-linked insurance plan Ulip route. This is a Type II plan that offers both fund value and sum assured as death benefit. The application is a 3-step process. First, you have to complete an application form that includes the return illustrations. Second, you need to pay and submit papers to prove your identity, residence address, income and age. Third, you have to agree to three health-related statements, but no medical tests are required.
The company says you will get the cover immediately. The minimum entry age is 18 years and the maximum You can buy the plan for 10, 15 or 20 years, provided maturity age does not exceed 65 years. For policy terms of 10, 15 and 20 years, the minimum numbers you can buy are six, nine and 12, respectively.
The maximum number is The premium depends on the term and the total cover. If, for instance, a year-old healthy male buys the minimum life cover of Rs 60, for 10 years, the annual premium would be Rs 11, In case, you stop paying premiums after the first three years, the policy continues with no change for the next two years. As there is no front-end premium allocation charge PAC ; the entire premium in any of the years can be invested in one or a combination of any of the eight fund options.
Based on the death cover option, the mortality charge is deducted from your fund value on a monthly basis. The more pronounced cost is in the form of policy administration charge that gets deducted monthly from the fund value.
It remains constant for the first three years and then can be increased by no more than 5 per cent per annum.
It falls to Rs 4 from the fourth year. On the total premium paid, this charge translates to about 18 per cent in the first year and may vary over longer periods.
Fund performance and portfolio. The portfolio and investment report is published and updated monthly on the website. The two funds, Maximiser and Multiplier, that can have up to per cent equity exposure, are only about a year old, so there is no way to judge how they will perform in the longer run.
The Magnifier fund has a longer record. As on 31 December , it was Banks, capital goods, financial services and diversified industries occupied nearly 49 per cent of the equity portfolio. Its compounded annualised return as on 31 January was The performance of its Magnifier fund, except last year, has been below its benchmark. As shown above, though there are no front-end costs, that does not translate into significantly lower costs overall as they are deducted from your fund value. So, if you are in a hurry to buy a Ulip to get tax benefits, stop and look before you buy this one.
If already in the plan, continuing the plan till maturity is more advisable than exiting any time from the fourth year even if surrender cost comes to zero.
We will get it answered by our panel of experts. In his petition Mahtani suggests that IRDA should step in to regulate the rates offered by direct marketing verticals of insurance companies. It includes three non-participating market-linked insurance plans, one participating whole life plan and one traditional participating endowment plan. The plan offers customers a choice to select the premium amount, vesting date and risk profile, the private sector insurer said. Insurance is not an easy business in India.
Our Branches. Medical facility. Alternate Premium Payment Center. At your request you are about to gain access to third party services on our website. Please read and agree with the disclaimer before proceeding further. Such content is provided only for the convenience of the Customers and Aditya Birla Sun Life Insurance Company Limited ABSLI does not control such websites and these are approximate locations and there may be variations in the accuracy.
Aditya Birla Sun Life Saral Jeevan Plan Maximiser
Birla Sun life Insurance plan - for a carefree tomorrow Every bread winner should shoulder the responsibility of insuring himself or herself so that their family does not have to face financial crisis in case of an accident. Birla Sun life insurance plans can provide a wide variety of insurance plans to suit your need and your budget. A Birla sun life insurance plan can provide you and your family protection, secure your child's future, create wealth for you and your family. It covers your family's present as well as future health requirements or take care of your retirement. It's the very first company to introduce Business Community Plan.
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