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Birla Sun Life Insurance Group Plans

Bira Sun Life Insurance offers an array of customized group insurance plans that take care of an employee’s financial interests and helps the employers to show that they are committed towards the welfare of the employees. These group plans provide financial stability to the group members. Ease of fund management and operations is another significant benefit of buying a group insurance policy from Birla Sun Life Insurance.

Benefits of Birla Sun Life Insurance Group Solutions:

Following are some of the benefits of Birla Sun Life Insurance Group Solutions:

  • Many group plans under Birla Sun life Insurance let policyholders to invest in specific funds, based on their appetite for risk.
  • The group life insurance schemes from Birla Sun Life Insurance offer coverage for all members under a single policy that is issued to the policyholder. In the case of a company, the employer is the policyholder while the employees are members of the group.
  • The sum assured of each member is decided based on some justifiable factors. In the case of a company, this could be the salary of the member, occupation, etc.
  • Most of the group plans offer the choice of availing the death benefit as a lump sum amount or partly as lump sum and the remaining as equal installments spread over a period of time.
  • The plan may be contributory or non-contributory. A contributory scheme is one in which the employer pays a certain amount towards the premium of the employee.
  • Some group plans enable the employer to set up a separate gratuity or leave encashment fund for the benefit of its employees.

List of Group Life Insurance Plans provided by Birla Sun Life Insurance:

The Group Life Insurance Plans offered by Birla Sun Life are the following:

Gratuity: The Payment of Gratuity Act was introduced by the Government of India in the year 1972. Gratuity is a facility that employers use to ensure employee loyalty. It is also seen as an employer's commitment towards his employees. A good gratuity pan helps organization to decrease corporate tax as well as business costs. It is compulsory for all employers who have more than 10 employees to pay gratuity. Each employer's liability to pay gratuity increases annually along with the increase in the salary of the employees and their time at work.

Under gratuity, there are two different plans offered by Birla Sun Life Insurance:

Group Value Plus Plan: Under this plan, the employer is obliged to pay an amount to their employees as gratuity. This plan lets choose between five options A, B, C, D, and E depending upon your financial needs. It also gives you the freedom to manage your policy with multiple accounts.

Features and benefits:

The following are the features and benefits of the Group Value Plus Plan offered by Birla Sun Life Insurance:

  • You can choose your own plan.
  • You will have the liberty to manage multiple accounts. The premium you pay will be put in account wise and the value of the funds will be tracked separately for each accounts.
  • Also, your policy will be taken care of with multiple accounts and a variety of fund allocation according to each one of your accounts.
  • You can pay the premiums in more than one installments at any time.
  • You manage customize your investment portfolio as per your requirements.
Plan Name Eligibility Fund Allocation Premium
Group Value Plus Plan Employees who have completed 5 years of service in the company On death, on early retirement due to ill health, and on resignation Annual contribution of the employer is a maximum of 8.33% of the annual salary of the employee

Group Unit Linked Plan: You can earn market-linked returns on the investments you make under this plan. It offers you the advantages of 10 investment funds.

Features and Benefits:

The following are the features and benefits of the Group Unit Linked Plan provided by Birla Sun Life Insurance:

  • At the time of the beginning of the policy, you will get a chance to preserve your capital.
  • You will receive special value added benefits of almost 5% of the first contribution.
  • You get the liberty to switch funds according to market performance.
  • The income put in for gratuity is exempt from tax under Section 10(25) (iv) of the Income Tax Act of 1961.
Plan Name Eligibility Fund Allocation Premium
Group Unit Linked Plan Employees who have completed 5 years of service in the company On death, on early retirement due to ill health, and on resignation Annual contribution of the employer is a maximum of 8.33% of the annual salary of the employee

Leave encashment: The employer of a company can choose to provide his employees with leave encashment benefits. It is basically the sum that is paid for the employee's leave tenure that would depend upon the leaves that he or she has not availed and his salary at the time of his leaving the company.

Under leave encashment, there are two different plans offered by Birla Sun Life Insurance:

Group Unit Linked Gratuity Plan: This plan lets you to get market-linked returns on the investment made as Gratuity ContributionThe unit-linked facility gives you the benefits of 10 different investment funds. Under this plan, the employer acknowledges the employee's loyalty by providing them leave encashment benefits.

Features and Benefits:

  • This plan lets you earn good market-linked returns on your investments.
  • You can choose from 10 different investment fund options. These options differ from each other in terms of their risk profile and asset allocation.
  • At the time of the beginning of your policy term, you get the option to manage your risk profile with an amount of protection fund.
  • You will receive special value added benefits of almost 5% of the first contribution.
  • You can optimize the returns that you get based on the market conditions and also manage the risk by switching funds.
Plan Name Eligibility Fund Allocation Premium
Group Unit Linked Plan Varies from organization to organization On early retirement due to ill health, and on resignation Information not available

Group Value Plus Plan: The Group Value Plus Plan gives you an array of plan options to choose from according to your financial needs. It helps in decreasing the financial stress on the employer by helping them in funding their employees' leave encashment liabilities.

Features and Benefits:

  • You have 5 different plan options to choose from.
  • You will have the liberty to manage multiple accounts. The premium you pay will be put in account wise and the value of the funds will be tracked separately for each accounts.
  • You can pay the premiums in more than one installments at any time.
  • You manage customize your investment portfolio as per your requirements.
  • There are 13 different investment fund options available for you to choose from.
Plan Name Eligibility Fund Allocation Premium
Group Value Plus Plan 18 to 65 years Cash equivalent of all the leaves that have not been availed by the employee at the time of retirement Information not available

Affinity: It is a group comprising people who get together with the common purpose of involving in the same economic activity. In terms of insurance, employee groups that are not under the employer, for instance, employee welfare associations, can also be termed as an affinity. However, the condition is that the leader or organizer of the group holds authority to arrange insurance on the behalf of the members of the group.

The following is the plan provided by Birla Sun Life Insurance under Affinity:

Group Asset Assure: Under Group Asset Assure Plan provided by BSLI, the employer can secure his employees' families against unfortunate and accidental events that lead to financial stress. Under this plan, the employers can ensure that the families of employees don't have to shoulder the burden of loan repayment in case of an unfortunate event.

Features and Benefits of the Group Asset Assure Plan provided by Birla Sun Life insurance:

The following are the features and benefits provided under Group Asset Assure Plan:

  • The Mortgage Life Insurance Plans give a cover against the due loan amount of the person who had been given the loan. The borrower pays a small premium for the insurance to the person he lends the money from. The lending organization pays the premium on the behalf of the borrower. In case the borrower passes away, the insurer takes the responsibility of paying the sun assured to the lending organization.
  • This sum assured is calculated on the basis of the due loan amount at the time of buying the policy.
  • The premium that is paid by the borrower is eligible for tax rebate under Section 80C of the Income Tax Act, 1961.
  • This plan covers all kinds of wealth creation products and loans.
  • The premium paying term is flexible.
  • There is a variable or a level sum assured.
  • This plan provides protection for assets made through savings and assets made through loan.
Plan Name Entry Age Maturity Age Premium
Group Asset Assure Plan Minimum entry age is 18 years. For education loan, the minimum entry age is 15 years. For Asset Assure Premier: 65 years For Asset Assure Classic: 70 years Depends on the gender, age and the properties of the savings or loan scheme.

Why does one need Birla Sun Life Insurance Group Solutions?

Birla Sun Life Group Life Insurance Plans provide you insurance protection and investment benefits to financially secure the instabilities in life. These plans also provide tax benefits, as mentioned below:

  • Premiums paid towards the policies get tax benefits under Section 80C of the Income Tax Act.
  • The benefits paid out, i.e., Maturity Benefits, Death Benefits, and Surrender Value, are eligible for tax rebates under Section 10(10D) of the Income Tax Act, subject to certain provisions.

These plans are not only beneficial for the employees but they are also a respectable way of showing them that their employers care about them and their families. These plans prove to be beneficial in case of early retirement due to illness, retirement or demise of an employee.