| Investment Options |
Life Stage and Duration based STP |
- Age : As age increases, one’s risk appetite decreases
- Investment Duration : Short investment duration leads to lower risk appetite
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| This STP ensures money is moved from equity oriented fund (Equity Large Cap Fund) to debt oriented fund (Bond Fund) as the insured’s age increases and remaining policy term reduces. Under this STP, a proportion of the fund value will be allocated in Equity Large Cap Fund. |
Self Managed Strategy
Under this strategy, the insured can decide to invest their money in any choice of fund(s) in any proportion. The insured can switch monies amongst these funds using the switch option. The funds available are listed alongside:
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- Equity Large Cap Fund : To provide high equity exposure targeting higher returns in the long term.
- Equity Top 250 Fund : To provide equity exposure targeting higher returns (through long term capital gains).
- Equity Mid-Cap Fund : To provide equity exposure targeting higher returns in the long term, by largely investing in Midcap Companies.
- Managed Fund : This fund uses the expertise of the Company's fund manager to decide on the asset allocation between Equity and Debt / Money market instruments along with stock selection.
- Bond Fund : To provide relatively safe and less volatile investment option mainly through debt instruments and accumulation of income through investment in fixed income securities.
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| Additional Allocations |
Wealth Plus ensures that 100% of premium paid by the insured is allocated to the fund(s) as per their choice and Investment Strategy.
In addition to this, this plan provides additional allocation every year starting from the 1st Policy Year till the end of the premium paying term.
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- Extra Allocation : During the first 5 policy years, Extra Allocation will be added to the fund(s) along with each Modal premiums paid by the insured within the grace period @ 1% of Annualised Premium.
- Premium Booster : Starting from the 6th policy year, Premium Booster will be added to the fund(s) at the end of the each policy year for the premiums paid by you within the grace period. The total Premium Booster for the corresponding Policy Year are as follows:
- Policy Year 6-10 – 3% of Annualised Premium
- Policy Year 11-15 – 5% of Annualised Premium
- Policy Year 16-20 – 7% of Annualised Premium
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| Death Benefit |
- In case of unfortunate demise of Life Insured while the Policy is In-Force, the Death Benefit payable is the sum of Higher of:
- Fund Value; or
- Sum Assured less Relevant Partial Withdrawals or
- 105% of total Premiums received by the Company
and Higher of:
- Top-up fund Value; or
- Top Up Sum Insured or
- 105% of total top-up premiums received by the Company.
- In case of unfortunate demise of Life Insured while the Policy is reduced paid-up, following Death Benefit will be paid: Death Benefit payable is sum of Highest of:
- Fund Value, or
- Paid up Sum Assured less relevant Partial Withdrawals or
- 105% of total Premiums paid.
and Higher of:
- Top-up fund Value; or
- Top Up Sum Insured or
- 105% of total Top-up Premiums paid.
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| Maturity Benefit |
At the end of the Policy Term, on survival the insured will receive the Fund Value as your Maturity Benefit. The insured has an option to collect your Maturity Benefit in lumpsum or in instalments by choosing the Settlement Option. |
| Settlement Option |
Under this option, the insured needs to choose:
- Settlement Term (Annual option of payment at the end of 1, 2, 3, 4 or 5 years); and
- Frequency of pay-out (yearly, half-yearly, quarterly or monthly instalments)
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| Rising Star Benefit |
The Policyholder/Proposer under this benefit can be a Parent / Grand-parent / guardian or any person who has an insurable interest with the insured child. If Rising Star Benefit has been chosen, an additional benefit will be applicable on the life of the Policyholder in addition to the death benefit applicable on the life of the Life Insured.
In case of the unfortunate demise of the Policyholder before the demise of the Life Insured, the following benefit is applicable for the entire policy term irrespective of the Life Insured turning major during the term:
- A Lumpsum amount(^) will be paid immediately; plus
- An amount equal to the sum of all the future Modal Premiums (if any) shall be credited to the Fund Value plus
- The future Extra Allocation and Premium Booster as and when due would be added to the Fund Value in a manner similar to a premium paying policy where the future premiums are paid on the respective due dates.
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| Additional Services |
- Unlimited free switches between funds: If the insured has chosen Self-Managed Strategy, he/she can move money between the funds depending on your financial priorities and investment outlook. This facility is called switching and is available free of cost. Minimum amount per switch is Rs. 5,000. In case your current Investment Option is any of the STPs, switching facility is not available.
- Premium Redirection: If the insured has chosen Self-Managed Strategy, one can choose to allocate future premiums including Top-up Premiums in fund(s) different from that/those selected at policy inception or previous premium redirection request. This facility is called premium redirection and is available free of cost. The premium redirection notice should be given to the Company in writing at least two weeks’ prior to the receipt of relevant premium.
- Partial Withdrawals: One may withdraw a part of their fund value as per your liquidity requirements at any time after the completion of the fifth Policy Anniversary Year, subject to policy conditions.
- Top-up premiums: The insured can invest your surplus money as Top-up Premium over and above the Premium subject to policy terms and conditions.
- The insured can change (increase or decrease) the PPT subject to:
- The PPTs allowed under the plan;
- All other conditions in the plan being met;
- Provided all the due premiums till the date of such request have been paid.
- Unlimited Opt-in and Opt-out option between Investment Strategies: If the insured has chosen the Life Stage & Duration based Strategy, they have an option to opt-in or opt-out of it at any point of time during the Policy Term. They may choose the Self-Managed Strategy by opting out of the Life Stage & Duration based Strategy at any point of time during the Policy Term.
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| Surrender Benefit |
At any time during the Policy Term, the insured can choose to surrender the Policy.
- If the surrender request is received before the completion of first 5 policy years, the fund value net of discontinuance charge shall be credited to the discontinued policy fund. Thereafter the treatment will be as mentioned under ‘Treatment of Policy while in Discontinuance Policy Fund’ and ‘Policy Revival’ section. If the policy is not revived the Discontinued Policy fund value shall be payable at the end of 5th Policy year.
- If the surrender request is received after the completion of first 5 policy years, the policyholder shall be entitled to the fund value and policy will terminate.
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| Policy Loan |
No policy loan facility is available under this plan. |
| Free Look / Grace Period |
15 / 30 days |
