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BSLI Group Asset Assure Plan

Offering coverage for loan liability in the case of untimely death of the policyholder, Birla Sun Life Assurance has rolled out the Birla Sun Life Insurance Group Asset Assure Plan. The policy comes with two options, Asset Assure Classic and Asset Assure Premier. In case of untimely death of the policyholder, the policy offers coverage for the remainder of the loan, reducing the financial burden on the family or the dependents of the policyholder.

Eligibility -Who is the Birla Sun Life Insurance Group Asset Assure Plan for?

To be eligible for the Birla Sun Life Insurance Group Asset Assure Plan, customers need to meet certain criteria with regard to their age, maturity age of the policy, and the policy term.

Parameters Details
Entry Age Minimum: 15 years (for educational loan only) else 18 years Maximum: 60 years (For Asset Assure Premier) 65 years (For Asset Assure Classic)
Maturity Age 70 years (Asset Assure Classic) 65 years (Asset Assure Premier)
Policy Term Minimum: 2 years (For single pay) 5 years (For regular pay - minimum 5 premium payments) Maximum: 30 years

Sum Assured and Premium Range - What you get and what it costs

Sum Assured: The sum assured depends on the contributions made and the policy term chosen by the policyholder. That said, the minimum sum assured is Rs.10,000.

Premium: The premium for the Birla Sun Life Insurance Group Asset Assure Plan depends on the loan amount, the age and the gender of the policyholder. Policyholders have the choice of of paying the premiums either annually, half-yearly, quarterly or monthly.

Plan coverage - What the Birla Sun Life Insurance Group Asset Assure Plan covers

Asset Assure Premier In case of untimely death of the policyholder, the sum assured at that point will be passed on to the nominee. If the policyholder meets with an accident resulting in total and permanent disability, the sum assured in this case too will be passed on to the nominee.
Asset Assure Classic In the case of the Asset Assure Classic, if the policyholder dies during the term, the entire sum assured at that point will be passed on to the nominee.

Exclusions - What the Birla Sun Life Insurance Group Asset Assure Plan doesn’t cover

If the policyholder commits suicide within a year of the commencement of the policy, the nominee will receive 80% of the premiums paid till that point. No other benefit will be applicable in the case of suicide.

Asset Assure Premier and Asset Assure Classic exclusions:

If death or total disability occurs as result of the following, the policyholder or nominee will not be liable to any benefits:

  • Self-inflicted injury caused if the person is sane or insane.
  • Death or disability occurring from war, terrorism, civil unrest, riots, etc.
  • If the policyholder is harmed or dies while taking part in any military activity.
  • If the policyholder takes part in any criminal activity leading to disability or death.
  • If he/she is under the influence of drugs, alcohol, narcotics or any other abusive substance.
  • Accidently or intentionally inhaling gas or fumes.
  • If the policyholder dies or disabled as a result of any flying activity.

Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

The key features of the Birla Sun Life Insurance Group Asset Assure Plan are listed below:

Grace period Policyholders are granted a grace period of 30 days to pay their premiums after the specified date. For regular premiums and 5-pay premium policies, if policyholder has completed 2 years and has has failed to pay the premium within the grace period, the policy will continue on a reduced paid up basis. For policyholders that have held the policy less than two years and have failed to pay the premium within the grace period, the policy will cease and there will be no applicable benefits.
Revival The policyholder can revive the policy within 2 years of the first unpaid premium. If all the premiums are paid up to date along with the accrued interest, all benefits will be applicable.
Waiting period The Birla Sun Life Insurance Group Asset Assure Plan has a waiting period of 45 days from the commencement of the policy before one (nominee) can claim death benefits in the case of a non-accidental death.
Free-look period Policyholders are granted a free-look period of 15 days from the commencement of the policy. If he/she disagrees with the policy, they can return the policy and receive a refund for the premium paid.
Nominations As per Section 39 of the Insurance Act, 1938, policyholders can make nominations. The nominee will receive the death benefits in case of untimely death of the policyholder.

Tax benefits – How you can save with the Birla Sun Life Insurance Group Asset Assure Plan

Policyholder enrolled with the Birla Sun Life Insurance Group Asset Assure Plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:

  • Section 80C of the Income Tax Act, 1961, for contributions (premium) made towards the scheme.
  • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from death benefits.

Other benefits – How you can save with the Birla Sun Life Insurance Group Asset Assure Plan

Birla Sun Life Insurance Group Asset Assure Plan has a number of benefits, some of which are mentioned below:

  • Policyholders can choose the premium or contribution towards the Birla Sun Life Insurance Group Asset Assure Plan.
  • They can also choose the payout modes - annually, half-yearly, quarterly, monthly.
  • Policyholders do not have to undergo medical tests to purchase this policy.
  • On the Birla Sun Life Insurance website, customers can avail insurance products of their choice, make claims, take advice, and check the performance of their investments.
  • Customers can also pay online using their credit cards, debit cards, e-wallets, etc. They can also make premium calculations.
  • Before availing an insurance product, customers can see if the product actually suits their needs and can make an estimation before buying the product.

Why you should buy the Birla Sun Life Insurance Group Asset Assure Plan from Birla Sun Life Insurance?

Founded in 2000 and headquartered in Mumbai, Birla Sun Life Insurance is ranked the third best insurer in the country. The company offers a long list of insurance products ranging from child future products, retirement solutions and savings and welfare products. In 2012, Birla Sun Life Insurance received the Best Employer Brand Award by Asian Confederation of Businesses and an award for the best Chartered Accountants of India (ICAI). It also received the Best Life Insurer (runner up) trophy by Outlook Money Awards in 2004, Media Abby Awards at the GoaFest Advertising Agencies Association of India and Advertising Club Bombay in 2011, and the Grand Midas at the Midas Awards in 2013.