"Spending a whole day looking for insurance is fun," said nobody, EVER!
Track Your Application
Close

Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

BSLI Group Value Plus Leave Encashment Policy (GVPP)

Birla Sun Life Insurance offers this insurance plan to help employers effectively manage employee liabilities such as leave encashment and gratuity. This plan provides freedom to select the investment based on the needs and requirements that may be unique to the particular organisation, company or employer. This plan is a fund-based group-linked products that provides employee benefits and an automatic life insurance cover amounting to Rs.1,000 per member. Under this plan, the policyholder will be the employer who will be managing the plan. There are three options available under this plan so that employers can find the most suitable benefits and terms.

Eligibility -Who is the BSLI Group Value Plus Leave Encashment Plan for?

For any insurance plan, the insurance provider sets certain eligibility requirements that the customer must fulfill in order to be able to avail the plan. In order to avail this plan, customers must meet certain criteria set out by Birla Sun Life Insurance.

Eligibility Criteria Details
Minimum group size 10 members
Minimum entry age 18 years (last birthday)
Maximum entry age As per the rules of the scheme or 70 years (last birthday)
Maximum age at the end of policy term As per the rules of the scheme or 70 years (last birthday)

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

There are three plan options available under this scheme: A, B and C, that provides varied benefits. Policyholders can choose from any of the options so that the required needs are met. Given below are the details of the sums assured and premium details:

Particulars Details
Minimum sum assured Rs.1,000 per member
Minimum premium Rs.10,000 p.a.
Maximum premium No limit
Premium payment frequency One or more installments payable at any point of time

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

Plan coverage - What the BSLI Group Value Plus Leave Encashment Plan covers

Availing this plan comes with a number of benefits that the customer or their beneficiaries can enjoy. The Group Value Plus Leave Encashment Plan provides gratuity, leave encashment and life insurance benefits. Given below are some of the important benefits associated with the Group Value Plus Leave Encashment Plan.

Benefits Details
Life insurance Rs.1,000 per member
Premium payments Premiums can be made for each member, or you can transfer the existing fund to BSLI
Separate accounts Premium will be converted into units for each member and separately tracked
Premium investment As per the plan option selected, the premium will be invested in one or more funds of BSLI
Multiple accounts Accounts can be held separately and tracked separately. The premium will be invested in each account according to the fund allocation specified by you. You can also open new accounts by paying new premiums at any time
Tax benefits As per the prevailing tax laws

Riders / Add-On Plans – H3> Additional coverage under the BSLI Group Value Plus Leave Encashment Plan

There are no riders associated with this plan.

Exclusions - What the BSLI Group Value Plus Leave Encashment Plan doesn’t cover

There are no exclusions mentioned with this policy. However, you are advised to read the policy document carefully to know about the details of any exclusions.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

It is important to read your policy document to be completely informed about your plan. Some of the key features of this plan have been mentioned below.

Features Details
Free-look Period 15 days
Loan facility No loans are available under this plan
Unit price The unit price of investment funds is published on the website. The unit price is determine every business day for each investment fund by dividing the Net Asset Value of the investment fund by the number of units that exist for the fun.
Termination The policy will be terminated on the following events:
  • You surrender the policy
  • The policy fund falls below Rs.1 lakh
  • Premium payments have not been made for 5 years
Service tax Service tax, cess and other levies will be charged as per the prevailing tax laws at rates specified by the government from time to time

Tax benefits – How you can save with the BSLI Group Value Plus Leave Encashment Plan

Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.

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

When you choose Birla Sun Life as your insurance provider, you can stand to benefit from the following:

  • Easy claims procedure
  • Subscribe to e-statements to be updated on the status of your policy
  • Download forms and brochures online
  • Customer service dedicated to insurance
  • Pay premiums online through multiple payment modes
  • Calculate your premium online
  • Manage your policy online with facilities such as changing the premium payment frequency, updating your contact details and so on

Why you should buy the BSLI Group Value Plus Leave Encashment Plan from Birla Sun Life Insurance?

Birla Sun Life Insurance was born out of a joint venture between Aditya Birla and Sun Life Financial Inc. The insurer provides a host of insurance products and services. The company deals with a complete range of protection solutions that include health and wellness, retirement, savings, investment, protection, and children’s future. Taking care of employees’ welfare is important in any company. The Birla Sun Life Insurance Group Value Plus Leave Encashment Plan is designed for employers to easily manage their employee liabilities. With this plan, ensuring employees get gratuity and leave encashment benefits becomes easier. Birla Sun Life Insurance has maintained a claims settlement ratio of 95% in 2014-15 and 88% in 2015-16, as per the information published by the IRDA.