The 'human touch' is an enduring quality that all organizations aspire to achieve because in return it rewards them with loyalty. Be it a financial institution aiming at customer constancy or an employer looking at retaining talented employees, loyalty can be achieved by showing your customers or employees that you care.
Individuals often accomplish their financial goals and aspirations through personal savings or loans. But, what happens in the event of the unfortunate death of such an individual? Not only is the wealth creation plan disrupted, but sometimes the family of the deceased has to bear the burden of loan repayment.
With ABSLI Group Asset Assure Plan, you can show your customers/employees that you care by securing their families from such hassles. You can now assure your customers/employees that their families would not have to forego their dreams or bear the brunt of loan repayment, should anything unfortunate happen to them.
ABSLI Group Asset Assure Plan
ABSLI Group Asset Assure Plan is a non-linked, non-participating plan wherein the institution/employer is the policyholder & the borrowers/employees/depositors are the members insured.
ABSLI Group Asset Assure Plan offers two benefit options…
Asset Assure Classic
Protection for the assets created through loans or planned savings in the event of the death of the member.
Asset Assure Premier
Protection for the assets created through loans or planned savings in the event of the death or Total Permanent Disability of the member.
ABSLI Group Asset Assure Plan provides protection for:
- Assets created through loan
- Home Loan
- Education Loan, Car/Vehicle Loan
- Personal Loan, Credit card
- Any Other Loan eg. Loan against Property
Assets created through savings
- Fixed deposit
- Recurring Deposit
- Any other investment eg. Systemic Investment
- Covers all types of loans and wealth creation products
- Flexible Premium Paying Terms – Single pay, 5 pay and Regular pay
- Level Sum Assured or Variable Sum Assured
- Cover available during the moratorium period (with/without interest repayment)
- Joint life cover, where the loan is in the name of both members
- Surrender value is payable in case of single premium or short pay options
- Tax benefits available as per current tax laws
Minimum Sum Assured
Minimum Entry Age
15 years for education loan
Maximum Maturity Age
Asset Assure Classic
Asset Assure Premier
For Single Pay: 73 years
For 5 Pay & Regular Pay: 70 years
For Single Pay: 63 years
For 5 Pay & Regular Pay: 60 years
Minimum Policy Term
Single Pay – 2 years
5 pay and Regular Pay -5 years
Maximum Policy Term
Maximum Maturity Age
Asset Assure Classic
Asset Assure Premier
In case of joint life, the elder person's age will be considered for both the maximum age at entry and at maturity; while the younger person's life will be considered for the minimum age at entry.
Your premium will depend on the characteristics of the loan/saving scheme and the age/gender of the members insured. Goods and Services tax (GST) along with other applicable taxes as per the existing tax laws will be added to your premium and levied as per the extant tax laws.
You can pay your Premiums either monthly, quarterly, semi-annually or annually.
Your Premium paying term can be Single Pay, 5 pay or Regular Pay.
The premium due will equal the annual premium (plus any non-standard extras) multiplied by:
- 1.000 if paid annually;
- 0.520 if paid half yearly;
- 0.265 if paid quarterly; or
- 0.090 if paid monthly
The plan offers two coverage options –
Level Sum Assured
The Sum Assured remains constant throughout the term of the loan/savings scheme.
Variable Sum Assured
The Sum Assured will be customized to the loan/savings scheme characteristics. The Sum Assured will remain constant throughout each coverage year.
Cover during moratorium period
Cover is applicable during moratorium period.
Joint life comes with two coverage options
- Sum Assured equal to each member's specific share in the loan amount– On the payout of benefit to one of the members, the cover for the other member continues as per the respective Certificate of Insurance
- Sum Assured for each member equal to 100% of the loan amount– On the payout of benefit to one of the members, surrender benefit (if any) for other member is paid and the coverage terminates.
Members have the option to continue their coverage in the event the master policyholder has surrendered the policy.
Total and Permanent Disability
A member shall be regarded as disabled and entitled to this benefit if due to any illness, disease, injury or surgical operation, he is totally and permanently unable to engage in gainful employment in any occupation whatsoever, even with reasonable training, rehabilitation and/or job accommodation.
This disability should last for continuous period of at least 180 days before being eligible for total and permanent disability benefits.
Total and permanent disability also includes loss of –
- both arms or both legs, or
- one arm and one leg, or
- both eyes
Loss of arms or legs means dismemberment by amputation of the entire hand or foot. Loss of eyes means entire and irrecoverable loss of sight.
We will refund 80% of the premiums paid to date (excluding GST) in the event the member dies by suicide, whether medically sane or insane, within one year after the coverage issue date. In case member dies by suicide, whether medically sane or insane within one year of the reinstatement date of the policy we shall pay the higher of surrender value as on the date of death or 80% of premiums paid to date.
Total and Permanent Disability Benefit:
In case of total and permanent disability, the benefit shall be payable, except when such disability is directly or indirectly caused, occasioned, accelerated or aggravated by any of the following reasons –
- Suicide or self inflicted injury, irrespective of whether the member is medically sane or insane
- War, terrorism, invasion, act of foreign enemy, hostilities, civil war, martial law, rebellion, revolution, insurrection, military or usurper power, riot or civil commotion. War includes both declared and undeclared war-like instances
- Service in the armed forces, or any police organization, of any country at war or service in any force of an international body
- Committing an assault, a criminal offence, an illegal activity or any breach of law
- Taking or absorbing, accidentally or otherwise, any intoxicating liquor, drug, narcotic, medicine, sedative or poison, except as prescribed by a licensed doctor other than the member assured
- Inhaling any gas or fumes except accidentally or accidentally in the course of one's duty
- Participation in aviation other than as a fare-paying passenger in an aircraft that is authorized by the relevant regulations to carry such passengers between established aerodromes
Current Tax Benefits
Member will be eligible for tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. All payments due under this plan shall be governed by tax laws applicable at that point of time.
No policy loans are offered under this plan.
Grace Period / Lapse/ Revival
If you are unable to pay the premium by the due date, you will be given a grace period of 30 days during which time coverage will continue.
If you do not pay premium within the grace period, then
For 5-Pay policies, that have paid premiums for at least two full policy years, the policy will continue on a reduced paid up basis
For Regular Pay policies and 5-Pay policies that have not completed two full policy years, the policy will lapse and risk coverage cease.
You will then have two years from the first unpaid premium due date to revive the cover. This can be done by (a) paying all the due and unpaid premiums plus interest and (b) providing evidence of insurability satisfactory to us.
You will have the right to return your policy to us within 15 days from the date of receipt of the policy. We will refund all premiums paid by you till date, once we receive your written notice of cancellation (along with reasons thereof) together with the original policy documents.
Allowed as per the provisions of Section 39 of the Insurance Act, 1938 as amended from time to time. For more details on the nomination, please refer to our website www.adityabirlacapital.com.
Section 41 of the Insurance Act, 1938
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend to ten lakh rupees.
Fraud and Misrepresentation
As per the provisions of Section 45 of the Insurance Act, 1938 as amended from time to time. For more details on Section 45 of the Insurance Act, please refer to our website www.adityabirlacapital.com..
Aditya Birla Sun Life Insurance – A coming together of values
About Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a vertical of business of the Aditya Birla Capital Limited (ABCL). It is a joint venture between the Aditya Birla Nuvo Limited, a leading Indian conglomerate, and Sun Life Financial Inc., one of the leading international financial services organisations from Canada. ABSLI ranks 5th in India among the private life insurers in terms of annual premium equivalent, with a market share of 7.1% for FY17. During 2016-17, it recorded a gross premium income of Rs. 5, 724 Crore, registering a y-o-y growth of 3% and posted a net profit of Rs. 123 Crore. Its assets under Management at Rs. 33, 969 Crore as on FY 17. ABSLI has a nation-wide distribution presence through 452 branches, 5 bancassurance partners, over 60,000 direct selling agents and more than 160 corporate agents and brokers. ABSLI is meeting its growth capital and solvency requirements through internal accruals and has not required any capital infusion during past five years. The company offers a complete range of protection solutions, children's future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions. For more information on ABSLI, please visit www.insurance.birlasunlife.com. For more information on ABCL, please visit www.adityabirlacapital.com..
About Aditya Birla Capital Limited
Aditya Birla Capital Limited (ABCL) ranks among the top 5 fund managers in India (excluding LIC) with an AUM of INR 229,509 Crore as on 31st December, 2016 and has a lending book of Rs 33,087 Crore. Having a strong presence across the life insurance, asset management, private equity, corporate lending, structured finance, general insurance broking, wealth management, equity/currency/commodity broking, online personal finance, housing finance, pension fund management and health insurance business, ABCL is committed to serving the end-to-end financial services needs of its retail and corporate customers.
As on 31st December 2016, ABCL reported aggregate revenue from businesses at Rs. 7,116 Crores and profit before tax from established businesses, in excess of Rs. 900 Crore. Anchored by about 11,300 employees and trusted by nearly 12 million customers, ABCL has a nationwide reach through over 1,625 points of presence and more than 145,000 agents / channel partners.
For more information, please visit www.adityabirlacapital.com.
About Aditya Birla Nuvo Ltd.
Aditya Birla Nuvo is a USD 3.6 billion conglomerate with leadership position across its businesses. Its Financial Services business (including NBFC, Housing Finance, Life Insurance, Asset Management, Health Insurance, General Insurance Advisory, Private Equity, Broking, Wealth Management and Online Money Management) ranks among the top 5 fund managers in India. Its Telecom venture, Idea Cellular, ranks among the top 3 cellular operators in India. It is a leading player in Linen, Agri, Rayon and Insulators businesses. ABNL has recently ventured into the Solar Power businesses and has received license from RBI to commence Payments Bank operations in joint venture with Idea Cellular.
Aditya Birla Nuvo is a part of the Aditya Birla Group, a USD 41 billion Indian multinational. The Aditya Birla Group is in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 36 countries across the globe. About 50 per cent of its revenues flow from its overseas operations.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked, non-participating traditional group insurance plan. ABSLI reserves the right to recover levies such as the GST levied by the authorities on insurance transactions. If there be any additional levies, they too will be recovered from you. This brochure contains only the salient features of the plan. For further details, please refer to the policy contract. Tax benefits are subject to changes in the tax laws. Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg,
Elphinstone Road, Mumbai – 400013. Reg. No. 109 | CIN: U99999MH2000PLC128110. ADV/7/17-18/703. VER1/JULY/2017
|IRDAI hereby clarifies to the public that
- IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums
- IRDAI does not announce any bonus.
Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
Unique No. 109N045V03