BSLI Group Superannuation Plan
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
The Birla Sun Life Insurance Group Superannuation Plan is a unit linked group insurance policy. Under the Birla Sun Life Insurance Group Superannuation Plan, benefit payments vary depending upon actual performance of investment funds that are offer under the plan and selected by you.
Investment Fund Provisions:
There are 2 investment options that the policyholder can choose from – Life Cycle Option and Self-Managed Option for each of the members.
At present, the investment funds mentioned below are the ones that are offered:
- Life Cycle Option:
- Group Fixed Interest.
- Group Growth Maximiser.
- Self-Managed Option:
- Group Stable.
- Group Secure.
- Group Bond.
- Group Fixed Interest.
- Group Gilt.
- Group Short Term Debt.
- Group Money Market.
| Investment Fund | Objective | Strategy |
| Life Cycle Option | ||
| Group Fixed Interest | The Group Fixed Interest investment fund offers complete exposure in the debt market instrument. It targets to achieve the value creation at a low risk over a long period by investing in the top quality fixed interest securities. | The strategy of the Group Fixed Interest investment fund is to invest in corporate bonds and Government securities for a medium to long term duration. |
| Group Growth Maximiser | The Group Growth Maximiser targets to achieve preservation of capital with stable returns. | The strategy of the Group Growth Maximiser investment fund is to invest in corporate bonds |
| Self-Managed Option | ||
| Group Stable | The Group Stable investment fund allows the policyholder to grow his/her capital via enhanced returns. | The strategy of the Group Stable investment fund is to invest in debt instruments and equity to get regular income on the fixed income portfolio. |
| Group Secure | The Group Secure fund helps the policyholder to build his/her capital and generate returns at a moderate risk level. | The strategy of the Group Secure fund is to generate returns at a moderate risk level via active management of the fixed income portfolio. It also focusses on creating a long term equity portfolio that increases the composite portfolio’s yield with low risk level. |
| Group Bond | The Group Bond fund targets to achieve preservation of capital with stable returns. | The strategy of the Group Bond funds is to invest in the top rated corporate bonds at a medium risk level for a short term duration. |
| Group Fixed Interest | The Group Fixed Interest investment fund offers complete exposure in the debt market instrument. It targets to achieve the value creation at a low risk over a long period by investing in the top quality fixed interest securities. | The strategy of the Group Fixed Interest investment fund is to invest in corporate bonds and Government securities for a medium to long term duration. |
| Group Gilt | The Group Gilt investment fund targets at delivering consistent and safe returns. | The strategy of the Group Gilt investment fund is to invest for a long term in corporate bonds and Government securities for achieving capital conservation. |
| Group Short Term Debt | The Group Short Term Debt fund helps in offering preservation of capital at very high safety level and liquidity via judicious investments in top quality debt instruments (short-term). | The strategy of the Group Short Term Debt fund is build up a portfolio of the fixed income instruments with a short duration. The fund maintain a liquidity level that is reasonable. |
| Group Money Market | The Group Money Market fund offers reasonable returns at a very high security level. | The strategy of the Group Money Market fund is to invest in money market instruments and high quality debt for protecting the policyholder’s capital with very low risk level. |
Policy Premium:
The schedule of the policy includes the initial premium along with the payment mode for the premium. The Birla Sun Life Insurance Group Superannuation Plan comes into effect after the initial premium is paid by the policyholder and the amount gets credited to the account of the insurance provider.
The Birla Sun Life Insurance Group Superannuation Plan will be managed with the member accounts for all the covered members. The premiums that are received will be utilised to buy units in investment funds according to the percentage of premium allocation and investment options in effect. As per the insurer’s prevailing administrative rules, the policyholder can offer specific instructions in writing regarding the premium amount that is to be applied to a particular member account. The premiums received are converted to units for every account. These are also tracked separately.
Policy Fund Value:
The policy fund value is equal to the sum of units that are allocated to every investment fund multiplied by the respective unit price prevalent at that particular time.
Plan Coverage – What the Birla Sun Life Insurance Group Superannuation Plan covers
| Death Benefit | In case the member encounters death while the policy is still active, the Death Benefit that is payable will be higher of:
|
| Vesting Benefit | Vesting is according to the rules mentioned in the scheme, upon which the insurer will pay the higher of:
|
| Surrender Benefit | The Birla Sun Life Insurance Group Superannuation Plan can be surrendered at any given point of time for the surrender value. |
| Guaranteed Allocations | As long as the membership is active, guaranteed additions are added to all the member accounts. |
| Additional Allocation | The policyholder may choose to go for an additional allocation for which the insurer will be allocating add-on amounts to member accounts for all the contributions received during the first year of the policy. |
Other Key Features
| Free look period | In case the policyholder does not like the policy, he/she can return it within a period of 15 days. After the policyholder send the written notice of cancellation stating the reasons for not opting for the policy, the insurer will return the Fund Value. |
| Termination of policy | The policy will be terminated on:
|
Tax Benefits – How you can save under the Birla Sun Life Insurance Group Superannuation Plan
Tax Benefits are available for the Birla Sun Life Insurance Group Superannuation Plan under the prevalent tax laws.
Why you should buy the Birla Sun Life Insurance Group Superannuation Plan from Birla Sun Life?
Birla Sun Life Insurance is one of the best insurance solution providers in the country. The insurance solutions offered by them come with great flexibility and innovation. They are tailored to meet the changing needs and requirements of their customers. Under the Birla Sun Life Insurance Group Superannuation Plan, benefit payments vary depending upon actual performance of investment funds that are offer under the plan and selected by you. The Birla Sun Life Insurance Group Superannuation Plan not only offers protection to you, but also offers investment options that can help you grow your capital.
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