Key Features
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Choice of 5 investment strategies and 16 funds to suit your varied investment needs
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Flexibility to switch between all available funds at no additional cost
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Wealth Boosters and Loyalty Additions to increase your fund value
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Return of mortality charges at maturity
Investment Options
Under ABSLI Smart Growth Plan, you can choose to invest your premiums in one of the five investment options.
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Systematic Transfer Investment Option
This is an option for individuals who would like to eliminate the need to time one’s investments in the market.
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Return Optimiser Investment Option
This is an option for individuals who would like to have optimal participation in the capital markets while safeguarding their returns from any market related volatilities.
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Smart Investment Option
This is an option for individuals who would like to take care of ever-changing financial needs as per their increasing age.
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Life Cycle Investment Option
This is an option for individuals who would like to create an ideal balance between equity and debt, based on their age.
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Self-Managed Investment Option
This is an option for individuals who would like to have complete control over their investment.
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Death Benefits
In case of Death of the Life Insured anytime during the Policy Term, provided all due premiums under the policy have been paid, we will pay the following to the nominee/legal heir:
Higher of:
- Fund Value as on date of intimation of death; or
- Sum Assured (reduced by partial withdrawals made during the two years immediately preceding the date of death of the Life Insured from the fund value, if any); or
- 105% of the Total Premiums received by Us till the date of death of the Life Insured (reduced by all partial withdrawals, if any made during the two years’ period immediately preceding the death of the Life Insured, if any)
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Maturity Benefits
On survival of Life Insured up to the end of the Policy Term, we shall pay you Fund Value as on maturity date and the policy shall terminate.
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Loyalty Additions
Loyalty Additions are benefits added in the form of additional units in the segregated fund(s) which shall be credited only if all due premiums have been paid under the policy. Loyalty Addition will be calculated as a percentage of Fund Value.
Loyalty Additions are added at the end of every policy year starting from the end of 11th policy year. 0.10% of Fund Value shall be added every year in the form of additional units in the Fund Value as the Loyalty Addition.
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Wealth Booster
We will allocate additional units in the segregated fund(s) starting from the end of 10th policy year and every 5 years thereafter provided all due premiums under the policy have been paid.
Wealth Boosters shall be 1% of fund value.
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Return of Mortality Charges
At the end of the Policy Term, we will enhance your Fund Value by adding back an amount equal to the Mortality Charges which were deducted in the policy provided all due premiums have been paid.
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Rider1 Benefits
For added protection, you can enhance your risk coverage during the Policy Term by adding following riders at a nominal extra cost.
- ABSLI Accidental Death Benefit Rider1 Plus (UIN: 109A024V01)
- ABSLI Waiver of Premium Rider1 (UIN: 109A039V01)
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Type of Plan
A Unit-Linked Non-Participating Individual Life Insurance Savings Plan
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Coverage
All Individuals (Male | Female | Transgender)
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Minimum Entry Age (age as on last birthday)
30 days
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Maximum Entry Age (age as on last birthday)
60 years
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Minimum Maturity Age
18 years
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Maximum Maturity Age (age as on last birthday)
75 years
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Minimum Annualized Premium
Rs. 15,000
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Maximum Annualized Premium
Rs 2,00,000
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Premium Payment Mode
Annually | Semi-Annually | Quarterly | Monthly
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Minimum Sum Assured
Rs 1,50,000
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Maximum Sum Assured
Rs 20,00,000
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Premium Payment Term (PPT)
Limited Pay: 5 to 15 years
Regular Pay: 10 to 40 years -
Minimum Policy Term
Premium Payment Term
Minimum Policy Term
5 – 9 years (Limited Pay)
10 years
10 – 15 years (Limited Pay)
PPT + 1 years
Regular Pay
10 years
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Maximum Policy Term
40 years
Smart Growth Plan Case Study
Riders
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ABSLI Accidental Death Benefit Rider1 Plus (UIN: 109A024V01)
Get additional protection for accident leading to death at a nominal cost.
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ABSLI Waiver of Premium Rider1 (UIN: 109A039V01)
All future premiums waived in case of permanent disability, death or 4 specified major illness.
Smart Growth Plan FAQs
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What is ABSLI Smart Growth Plan?
ABSLI Smart Growth Plan is a unit linked insurance plan which combines protection and savings into a simple and flexible solution with choice of policy terms i.e. whole life cover or fixed term cover. Further you can choose from a combination of 5 investment strategies along with 16 funds giving you the complete control over your savings.
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What are the significant features of ABSLI Smart Growth Plan?
The significant features of this plan are:
- Flexibility to choose from a wide range of Premium Payment Terms and Policy Terms.
- Choice of 5 investment strategies and 16 funds to suit your varied investment needs.
- Flexibility to switch between all available funds at no additional cost.
- Wealth Boosters and Loyalty Additions added periodically during the Policy Term to enhance your Fund Value.
- Return of Mortality Charges at the maturity to boost your Fund Value.
- Systematic Withdrawal Facility to enable regular withdrawals from your Fund Value during the policy term to cater to your recurring monetary needs.
- Life Cover throughout the Policy Term ensuring that your family is financially secured even in your absence.
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What is the entry age under this plan?
The minimum entry age under this plan is 30 days.
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What is the maturity age under this plan?
Maximum maturity age is 75 years under this plan.
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What is the Premium Payment Term and Policy Term offered under this plan?
Premium Payment Term and Policy Term offered under this plan as follows:
Premium Payment Term
Minimum Policy Term
5 – 9 years (Limited Pay)
10 years
10 – 15 years (Limited Pay)
PPT + 1 years
Regular Pay
10 years
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What is the premium limit applicable under this plan?
The minimum annualized premium for this product is Rs 15,000. The maximum annualized premium for this product is Rs 2,00,000.
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How many investment strategies are available under this plan?
This plan offers 5 investment strategies for the policyholders to choose according to their goals & risk appetite. Investment strategies as follows:-
- Systematic Transfer Investment Option is an option for individuals who would like to eliminate the need to time one’s investments in the market.
- Return Optimiser Investment Option is an option for individuals who would like to have optimal participation in the capital markets while safeguarding their returns from any market related volatilities.
- Self-Managed Investment Option is an option for individuals who would like to have complete control over their investment.
- Smart Investment Option is an option for individuals who would like to take care of ever-changing financial needs as per their increasing age.
- Life Cycle Investment Option is an option for individuals who would like to create an ideal balance between equity and debt, based on their age.
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What are Loyalty Additions under this plan?
Loyalty Additions are additional units credited to the Policy, only once due premiums under the policy are paid in full.
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How are Loyalty Additions paid?
Loyalty Additions are calculated as a percentage of Fund Value and credited as additional units to the Policy.
Loyalty Additions are added at the end of every policy year starting from year 11. 0.10% of Fund Value shall be added every year in the form of additional units in the Fund Value as the Loyalty Addition.
Loyalty Additions shall be subject to the following:
- In case premium reduction option is exercised, Loyalty Additions post premium reduction will be credited in a similar manner as mentioned above i.e. according to the premium band in which the reduced premium falls.
- In case of revival of Policy, the Loyalty Additions for previous years will be added based on the Fund Value at the time when the Loyalty Addition were originally due.
- No Loyalty Additions will be added if the Policy is a Reduced Paid-up Policy or in Discontinuance mode.
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What are Wealth Boosters under this plan?
Wealth Booster are additional units credited to the Policy to enhance the Fund Value, only once due premiums under the policy are paid in full.
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How are Wealth Boosters paid?
Wealth Booster are benefits paid in the form of additional units to the policy at the end of 10th policy year and every 5 years thereafter while the policy is in-force (i.e., the policy is either premium paying or fully paid up)
Wealth Booster is 1% of the Fund Value.
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Disclaimer
1 There are exclusions attached to the riders. Please refer rider brochure for more details.
LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT. IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. APPLICABLE TAXES, CESSES AND LEVIES AS IMPOSED BY THE GOVERNMENT FROM TIME TO TIME WILL BE DEDUCTED FROM THE PREMIUMS RECEIVED.
Please Note: Unit Linked Insurance Products do not offer liquidity during the first five years of the contract. You will not be able to withdraw the money invested in linked insurance products completely or partially till the end of the fifth year from inception.
This is a unit-linked non-participating individual life insurance savings plan. This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). Aditya Birla Sun Life Insurance and ABSLI Smart Growth Plan are only the names of the Company and Policy respectively and do not in any way indicate their quality, prospects or returns. The name of the funds offered in this plan does not in any indicate their quality, prospects, or returns. The value of the fund reflects the value of the underlying investments. These investments are subject to market risks and change in fundamentals such as tax rates etc affecting the investment portfolio. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. GST and any other applicable taxes levied as per extant tax laws shall be deducted from the premium or from the allotted units as applicable.
An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. Tax benefits may be available as per prevailing tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. For more details on risk factors, terms and conditions, please read sales brochure before concluding the sale
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ADV/11/21-22/1632
