BSLI Group Value Plus Gratuity Plan (GVPP)

BSLI Group Value Plus Gratuity Plan is an excellent group insurance plan that is created for employers and other groups who aim to take care of the liabilities of their employees. These liabilities include leave encashment and gratuity facilities. It provides you with good funds to invest in any financial instrument according to your specific preferences and needs.

Eligibility – Who is the BSLI Group Value Plus Gratuity Plan for?

The BSLI Group Value Plus Gratuity Plan can be held by any employer and it will be monitored by the employer. It is given to a group of members. Each member will be given a life insurance cover of Rs.1,000. Let us take a look at the eligibility criteria for this plan:

Minimum entry age	18 years as on last birthday
Maximum entry age	70 years as on last birthday or according to rules of the scheme
Maximum maturity age	75 years or according to rules of the scheme
Minimum group size	10 members

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

The BSLI Group Value Plus Gratuity Plan provides a great sum assured amount for each member of the group. Each group member is treated equally. It also helps an organisation in offering benefits such as leave encashment and gratuity to its employees. The premiums for this plan are affordable and reasonably priced. Let us take a look at the details regarding the sum assured and premium range:

Sum assured	Rs.1,000 for each group member
Minimum premium	Rs.10,000
Maximum premium	There is no limit.

When you take this plan, you can make your premium payments for your members or move the present funds to BSLI. You can pay these premiums in installments. The number of installments can be decided by you. You can also pay regular premiums into this fund option.

Premiums vary based on age, location, plan term and other factors.

Plan coverage – What the BSLI Group Value Plus Gratuity Plan covers

As the name of the plan suggests, it serves as an amazing investment and also offers a gratuity plan to every member. Apart from this, it also offers life cover to the group members. This way, the plan helps in keeping the family of the group members financially secure even if something ill-fated happens to them. You can tell your insurance advisor regarding how many accounts you need for this plan. Your fund value will be monitored for each of these accounts and then the premiums will be allotted to each account. You can go for separate fund allocations or several accounts together. What’s more, as an organisation, you can create several new accounts at different times. You will only need to make fresh premium payments. Let us take a look at the benefits provided by the BSLI Group Value Plus Gratuity Plan:

• Life cover
• Leave encashment
• Gratuity
• Numerous account creations

Exclusions – What the BSLI Group Value Plus Gratuity Plan doesn’t cover

Generally, insurance plans come with exclusions where some incidents such as suicide by policyholder will not be completely covered by the plan. You can contact your insurance provider to get full details about what will not be covered by your insurance plan.

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

The BSLI Group Value Plus Gratuity Plan provides a broad array of great features. These features enhance the product efficiently. Let us take a look at the other important features of this plan:

Free look period	With the BSLI Group Value Plus Gratuity Plan, you can check the terms and conditions of the policy clearly during the free look period. It lasts for 15 days from receiving the policy. After you review the policy, if you are not satisfied with any of the terms, you can return it within this period.
Premium payment frequency	Under this plan, there is no fixed period for paying your premiums. You can pay your premiums at any point of time according to your convenience. This way, the functioning of this plan is very flexible.
Several fund accounts	You can open any number of accounts with this plan and your premiums will be modified into separate units and will be utilised for each of these accounts. You can invest these premiums in any number of BSLI funds according to what investment option and plan option you choose.
Installments for premiums	You can pay your premiums in 1 or multiple installments depending on your financial condition and other factors. You can discuss with your insurance advisor regarding how you want to make your premium installment payments.

Tax Benefits – How you can save with the BSLI Group Value Plus Gratuity Plan

You can save on your taxes with this plan according to the tax laws as per the Income Tax Act 1961. You will receive tax deductions and tax benefits according to this act under the following sections: section 80C or 80CCC and section 80D or 80DDD.

Other benefits – How you can save with the BSLI Group Value Plus Gratuity Plan

Let us now take a look at the other key benefits offered by the BSLI Group Value Plus Gratuity Plan:

• If you have any queries, you can call the company at their toll-free number 1-800-270-7000 (if you are calling from India) or at +91 22 66917777 (if you are calling from abroad) (call charges will need to be paid for these calls).
• You may click on ‘Send an advisor’ option for guidance. You will have to provide your contact details and then an insurance advisor will come to meet you.
• You can view the NAVs of the company’s policies by visiting the official website.
• You can view your policy account statement conveniently on the website of Birla Sun Life Insurance.
• The website also has a facility where you can check your premium paid certificate.
• If you do not want to wait in long lines, you can pay your premiums conveniently online.
• You can enter your email or update your email details in the company records by using the website.
• The company has a feature known as ‘Ask Disha’ which is like a personal insurance assistant. You can make use of this facility to get your questions clarified. You may also provide feedback with this feature. You can choose any of the 3 options which are ‘Protect your family’, ‘Customer service’, or ‘Contact us’ according to your needs.

Why should you buy the Group Value Plus Gratuity Plan from Birla Sun Life Insurance?

Birla Sun Life Insurance has continuously worked towards strengthening the insurance industry in India by introducing innovative and easy-to-access insurance plans. Birla Sun Life Insurance is a collaboration between 2 reputable organisations including Aditya Birla Group, an Indian conglomerate and Sun Life Financial Inc, a global financial services company. It aims to offer insurance to every individual irrespective of their economic condition. The company is working to widen its reach even to the remotest areas in the nation. With the Group Value Plus Gratuity Plan from Birla Sun Life Insurance, you can trust your employees to be motivated and energised. When an investor offers good investment mechanisms, gratuity, and leave encashment, employees will definitely focus on safeguarding the vision and goals of their employer.