In this policy the investment risk in investment portfolio is borne by the policyholder.
Structured well-diversified portfolio with quality professional advice
Commitment through guarantees
Innovating to achieve wealth creation & protection solutions
Convenience through shorter payment period
& full liquidity
Designed with features to suit your needs
Welcome to Innovation
In this policy, the investment risk is borne by the policyholder . true but not if this policy is held till maturity. We at Birla Sun Life Insurance always strive to meet our customers' financial needs and one such need is to reduce investment risk.
With Platinum Plus, not only will our policyholders participate in the equity market but, they will also enjoy a Guaranteed Maturity Unit Price of no less than:
the starting unit price of 10; and
the maximum unit price recorded on the 15th of each calendar month* till June 15, 2015.
Yes! Not only do we guarantee that the unit price will not lose value but we also guarantee that any market gains recorded on a Reset Date* will be locked-in to be encashed at maturity.
Applications to participate in Platinum Plus Fund I will be accepted until 15 June 2008.
* Reset Dates are the 15th of every calendar month (or if not open for business, the next business day) till June 15, 2015.
Our Platinum Plus Plan
This plan is a unit linked, non-participating, insurance plan with
A policy term of 10 years.
A premium paying term of 3 years.
One innovative investment fund, namely Platinum Plus Fund I.
Full liquidity after three policy years to meet any cash needs.
. and a unique Guaranteed Maturity Unit Price representing the highest unit price of Platinum Plus Fund I recorded on 88 Reset Dates starting on March 17, 2008 and ending on June 15, 2015.
Entry Age of Life Insured: 18 to 70 years.
Minimum Annual Premium: Rs. 100,000.
Minimum Sum Assured: 5 x Annual Premium.
Before you continue reading...
All Unit Linked life insurance plans are different from Traditional insurance plans and are subject to different risk factors. The name of the investment funds and that of this plan do not in any way indicate the quality of the plan or future returns.
In this plan prior to maturity, the investment risk in the investment funds is borne by you. Investment funds are subject to investment risks associated with the capital markets and unit prices may go up or down reflecting the market value of the underlying assets. Past performance is no guarantee of future results.
The unit price of Assure is at no times guaranteed. The Guaranteed Maturity Unit Price reflects the unit prices of Platinum Plus Fund I recorded on Reset Dates only, and not those in between Reset Dates which may be higher.
You choose your annual premium (minimum Rs. 100,000).
Due at the beginning of the first 3 policy years.
Due in full on an annual basis only.
You can reduce your 2nd or 3rd year premium (to no less than Rs. 100,000) at any time by informing us in writing.You choose your Sum Assured (minimum 5 x premium).
Sum Assured is not reduced if you reduce your premium.
Investing Your Premiums
Due to the sophisticated investment techniques we will employ in managing Platinum Plus Fund I assets, units can only be purchased on Reset Dates. Consequently, premiums when paid (net of premium allocation charges) will first be used to purchase units in the investment fund Assure till its balance is used to purchase units in Platinum Plus Fund I on the next Reset Date.
The investment objective for Assure is to provide capital conservation, at a high level of safety and liquidity through judicious investments in high quality short-term debt. The strategy is to generate better return with low level of risk through investment in fixed interest securities having short-term maturity profile. The risk profile of the fund is very low and asset allocation will be no more than 40% in Money Markets and Cash.
Any balance in Assure as of 3 p.m. on a Reset Date will be automatically switched to the Platinum Plus Fund I using the unit prices determined by us at the end of that business day.
Our Platinum Plus Fund I
The investment objective for Platinum Plus Fund I is to optimize the participation in an actively managed well-diversified equity portfolio of fundamentally strong blue chip companies while using debt instruments and derivatives to lock-in capital appreciations. The use of derivatives will be for hedging purposes only and as approved by the IRDA. The initial asset allocation in equities is targeted at 80% to 100%.
The risk profile of the fund is high and the asset allocation will be:
0-40% in Money Market & Cash;
0-100% in Debt Instruments & Derivatives; and
0-100% in Equities & Equity Related Securities.
Your Guaranteed Maturity Unit Price
The Guaranteed Maturity Unit Price starts at 10 on the first Reset Date and is increased on each subsequent Reset Date to the then prevailing unit price of Platinum Plus Fund I, if higher.
As a result, the Guaranteed Maturity Unit Price at maturity will equal the highest unit price of Platinum Plus Fund I recorded on the 88 Reset Dates starting on March 17, 2008 and ending on June 15, 2015.
Keeping Track Of Your Investments
We will send you an annual policy statement giving details on the number of units and their unit price, held by you as of the last policy anniversary.
The unit price of all investment funds offered by us are available on our website www.birlasunlife.com, as well as in newspapers.
Accessing Your Investments
Fund Value is at all times equal to the sum of the number of units allocated to each investment fund multiplied by their respective unit price prevailing at that time.
Partial Withdrawals Partial withdrawals can be made after three complete policy years. The minimum withdrawal amount is Rs. 5,000. The maximum partial withdrawal you can make is the excess, if any, of the Fund Value over Rs. 30,000. All partial withdrawals are free of charge.
Policy Surrender After the completion of three policy years, you can surrender your policy to us and receive 100% of the Fund Value at that time. You can surrender your policy in the first three policy years but:
we will retain a surrender charge; and
we will defer the payment till the end of the third policy year.
The deferred payment will remain constant till paid to you.
Policy Loans We do not offer this facility in this plan.
Maturity Benefit On maturity, your Fund Value will be paid to you.
In addition, we will pay an amount equal to:
the number of units under your policy at that time; times
the excess, if any, of the Guaranteed Maturity Unit Price over the then prevailing unit price.
Death Benefit In the unfortunate event of the death of the life insured prior to the maturity date of the policy, we will pay to the nominee the greater of (a) the Fund Value or (b) the Sum Assured reduced for partial withdrawals as follows:
Before the life insured attains the age of 60, the
Sum Assured payable on death is reduced by partial withdrawals made in the preceding two years.
Once the life insured attains the age of 60, the Sum Assured payable on death is reduced by all partial withdrawals made from age 58 onwards.
Premium Allocation Charge
Premium allocation charge is deducted from your premium when received and before invested in the investment fund Assure. It is guaranteed to never increase. The charge is 10% of premium in the 1st year and 4% of premium in subsequent
Fund Management Charge
The daily unit price of the investment fund is adjusted to reflect the fund management charge of 1.00% p.a. for Assure and 1.50% p.a. for Platinum Plus Fund I. We may increase this charge at any time subject to a maximum of 1.50% for Assure and 2.00% for Platinum Plus Fund I.
Policy Administration Charge
The policy administration charge will be deducted monthly by canceling units from the investment fund Assure first and then from Platinum Plus Fund I if required. This charge is per 1000 of Sum Assured and is guaranteed to never increase for the first three years, after which it can be increased by no more than by 5% per annum since inception. The annual charge is Rs. 720 on the first 1000 Sum Assured in all years plus
Rs. 6 per 1000 Sum Assured in years 1 to 3 only.
The mortality charge will be deducted monthly by canceling units from the investment fund Assure first and then from Platinum Plus Fund I if required. This charge is per 1000 of Sum at Risk (Sum Assured less Fund Value) and is guaranteed to never increase.
The annual charge for sample ages of the life insured is provided below for your reference. Please visit our website or ask your financial advisor for the
rates applicable to you.
The surrender charge is applied if and when you surrender your policy in the first 3 policy years. The surrender charge as a percentage of the annual premium at issue is 16%, 13% and 10% for policy year 1, 2 and 3 respectively. This charge is guaranteed to never increase.
The charge for policy revival is Rs. 100. We may increase this charge at any time in the future up to Rs. 1,000 per revival.
Only when specified and within stated limits, may we increase a particular charge at any time in the future. We, however, need to get prior approval from the IRDA before such charge increase is effective. Otherwise, all other charges in this policy are guaranteed to never increase during the tenure of the policy.
Current Tax Benefits
You will be eligible for tax benefits under
Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Under Section 80C, premiums up to Rs. 100,000 are allowed as a deduction from your taxable income each year.
Under Section 10 (10D), the benefits you receive from this plan are exempt from tax, subject to mentioned exclusions.
Service Tax and Education Cess is payable by you at the applicable rates on the risk charges when due.
If you are unable to pay the premium by the due
date, you will be given a grace period of 30 days during which time all insurance under the policy will continue. Your policy will lapse if we do not receive the entire premium* by the end of the grace period. The insurance will then cease and the Fund Value will be held in suspense after deduction of
surrender charges. This net amount will be paid to you only at the end of the third policy year or the end of the two-year revival period, whichever is
You can revive your policy within two-years from its lapse date by paying all outstanding premiums* and providing us with evidence of insurability with regards to the life insured satisfactory to us.
* During the grace period and revival period, you may still request a reduction
in premium to no less than Rs. 100,000.
Terms & Conditions
On each business day and for each investment fund, we determine the unit price by dividing the net asset value (NAV) of the investment fund at the valuation time by the number of units in existence for
the investment fund in question. We publish the unit price of all investment funds on our website www.birlasunlife.com as well as in the newspapers.
The NAV is determined based on whether we are purchasing (appropriation price) or selling (expropriation price) assets in order to meet the daily transactions of unit allocation or redemption associated with the investment fund. When appropriation (expropriation) price is applied, the NAV of the investment fund is the market value of investments held by the fund; plus (less) the expenses incurred in purchasing (selling) assets; plus the value of current assets; plus any accrued income net of fund management charges; less the value of any current liabilities or provisions. This NAV divided by the number of units existing on the valuation date, before units are allocated (redeemed), gives the amount of money we put in to (take out of) the investment fund per unit allocated (redeemed).
We will refund higher of the Fund Value or premiums paid to date in the event the life insured dies by suicide, whether medically sane or insane, within one year after the issue or revival date, whichever is later.
You will have the right to return your policy to us within 15 days from the date of receipt of the policy. We will pay the Fund Value plus all charges levied till date (excluding the fund management charge) once we receive your written notice of cancellation (along with reasons thereof) together with the original policy documents.
Prohibition of Rebates - Section 41 of the Insurance Act, 1938
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
Non-Disclosure - Section 45 of the Insurance Act, 1938
No policy of life insurance effected after the coming into force of this act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the life insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the application.
Birla Sun Life Insurance
Birla Sun Life Insurance - a coming together of values
Birla Sun Life Insurance Company Limited is a joint venture between The Aditya Birla Group, one of the largest business houses in India and Sun Life Financial Inc., a leading international financial services organisation. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a formidable protection for your future.
The Aditya Birla Group has a turnover of close to Rs. 49,440 crores, with a market capitalisation of Rs. 82,400 crores (as on 31st March 2007). It has over 88,000 employees across all its units worldwide. It is led by its Chairman - Mr. Kumar Mangalam Birla. Some of its key companies are Hindalco, Grasim and Aditya Birla Nuvo.
Sun Life Financial Inc. and its partners, have operations in key markets worldwide. These include Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. Sun Life Financial Inc. has assets under management of over US$386.82 billion (as on 31st March, 2007). It is a leading performer in the life insurance market in Canada.
Birla Sun Life Insurance (BSLI) has been operating for 6 years. It has contributed significantly to the growth and development of the life insurance industry in India. It pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. It was the first player in the industry to sell its policies through the Bancassurance route and through the Internet. It was the first private sector player to introduce a Pure Term plan in the Indian market. BSLI has covered more than a million lives since it commenced operations. And its customer base is spread across more than 1000 towns and cities in India. The company has a capital base of Rs. 1,000 crores as on 30th November 2007.
& Disclaimers This policy is underwritten by Birla Sun Life Insurance Company Limited (BSLI). This is a non-participating unit linked endowment plan. Birla Sun Life Insurance, Platinum Plus, Assure & Platinum Plus Fund I are only the names of the Company, Policy and the Investment Funds respectively and do not in any way indicate the quality of the Policy, Investment Funds or their future prospects or returns. Only the Policy Administration Charge, Fund Management Charge and Revival Charge can be modified by the company subject to specified limits and approval of the IRDA. The value of the Investment 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. There is no guarantee or assurance of returns above from the Investment Fund. BSLI reserves the right to recover levies such as the Service Tax levied by the authorities on insurance transactions. If there be any additional levies, they too will be recovered from you. This brochure contains the salient features of the plan. For further details please refer to the policy contract. Tax benefits are subject to changes in the tax laws. Insurance is the subject matter of the solicitation. For more details and clarification call your BSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true.
Insurance is the subject
matter of solicitation. Birla Sun Life Insurance. Registration no. 109
Birla Sun Life Insurance Company Limited, One Indiabulls Centre, Tower 1, 15
th & 16th Floor,
Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai-400013