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.
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.
|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)|
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:
|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
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.
|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|
There are no riders associated with this plan.
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.
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.
|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:
|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 laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.
When you choose Birla Sun Life as your insurance provider, you can stand to benefit from the following:
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.