BSLI Group Value Plus Leave Encashment Policy (GVPP)

• 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

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.

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:

*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.

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.

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.