One of the biggest challenges that modern progressive organizations face is managing People. Attracting and retaining talent, improving overall employee performance and optimizing the cost of employee benefits are the focus area for an organization working towards building long term success and value. After all, happy and satisfied employees ensure happy and satisfied customers.
Organizations which have a comprehensive employee benefits strategy are better positioned to achieve these objectives. The challenge is to contain the ever burgeoning cost without impacting the value of benefits.
With these challenges and objectives in perspective, Aditya Birla Sun Life Insurance (ABSLI) offers ABSLI Group CapSecure Plan a simple yet effective group non-linked plan.
PLAN AT A GLANCE
ABSLI Group CapSecure Plan is a comprehensive group insurance solution. It is a non-linked, non-participating, yearly renewable group plan wherein, the employer, trust or sponsor is the master policyholder and the members of the scheme are the lives assured. This plan has the following key constituents:
- Choice to maintain individual accounts at member level or pooled accounts for the scheme
- Contributions received from you are added to the respective Policy Account
- Payment of benefits as per your scheme rules from the Policy Account
- Guarantee of amount in Policy Account equivalent to Contributions less payment in respect of member exit plus quarterly interest addition at all times except on surrender or bulk exits
This plan enables master policyholders to manage their assets under the following schemes:
- Leave Encashment Schemes
- Gratuity Schemes
- Post-Retirement Medical Schemes
Under ABSLI Group CapSecure Plan the employer, trust or sponsor is the master policyholder and the members of the scheme are the lives assured.
Minimum Group Size
Minimum Age at Entry
Maximum Age at Entry
As per scheme rules up to 70 years (last birthday)
Maximum Age at Maturity
As per scheme rules up to 75 years (last birthday)
|Minimum Policy Term
Rs.5,000 per member
Premiums are payable according to your scheme funding requirements. Your policy will be managed with accounts for each covered member or a pooled single account.
Annual premium of Re 5 per member for a built-in life insurance cover of Rs 5,000 per member will be charged to master policyholder.
Master policyholder has to pay the premium in accordance with the funding requirements as per the scheme rules. In case of non-payment of premium, the policyholder can continue the policy as long as the surrender value does not fall below Rs 1 lacs. Even on non-receipt of premium, the policy will automatically get renewed at the then existing terms and conditions on each renewal date, provided there is enough balance in the policy account as per the scheme rules.. As soon as the surrender value falls below Rs 1 lacs the policy will be terminated and the surrender value will be paid to the policyholder.
POLICY ACCOUNT VALUE
The Policy Account Value is the sum of contributions and quarterly interest additions less payments in respect of member exit and deduction towards the insurance cover if any. At all times, the liability of ABSLI in respect of a policy is limited to the total Policy Account Value.
OTHER TERMS AND CONDITIONS
Free look period
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 the premium paid once we receive your written notice of cancellation (along with reasons thereof) together with the original policy documents. We will deduct expenses incurred by us on medical examination (if any) and stamp duty charges while issuing your policy.
Policy loan provisions
Policy loan is not available under this plan.
If at any time the surrender value falls below Rs. 1,00,000, then you will be given 90 days to pay further premiums. If you are unable to pay the premium till the end of this period, the policy will be terminated and the surrender value paid. If further premiums are paid during the notice period, and the surrender value increases above Rs. 1,00,000, the policy will continue.
Tax benefits under this plan are as per extant tax laws; you are advised to consult your tax advisor for details.
Goods and Services Tax (GST)
GST, as applicable, will be levied as per the extant tax laws.
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.adityabirlasunlifeinsurance.com.
It is the responsibility of the policyholder to maintain the nominee details under this policy and is responsible to provide the nomination details to ABSLI along with the claim form
Prohibitions of Rebate - Section 41 of the Insurance Act, 1938 as amended from time to time
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 10 Lakh rupees.
Fraud and Misrepresentation
As per the provisions of Section 45 of the Insurance Act, 1938 and amended from time to time. For more details on Section 45 of the Insurance Act, 1938 as amended from time to time. please refer to our website www.adityabirlasunlifeinsurance.com.
ADITYA BIRLA SUN LIFE INSURANCE – A COMING TOGETHER OF VALUES
About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company
Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a subsidiary of Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organization in Canada.
ABSLI (Formerly known as Birla Sun Life Insurance Company Limited), offers a range of life insurance products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”). www.adityabirlasunlifeinsurance.com.
About Aditya Birla Capital
Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group. With subsidiaries that have a presence across Protecting, Investing and Financing solutions, ABCL is a financial solutions group that caters to diverse needs of its customers across their life cycle. With more than 18,000 employees, the subsidiaries of ABCL have a nationwide reach with 850+ branches and more than 2,00,000 agents/channel partners and several bank partners.*
Aditya Birla Capital is a part of the Aditya Birla Group, a USD 48.3 billion Indian multinational, in the league of Fortune 500. Anchored by a force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 34 countries across the globe.
About Sun Life Financial Inc, Canada
Sun Life Financial is an international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. www.sunlife.com
*(all the above numbers mentioned in the About Aditya Birla Capital Limited is as on June 30th, 2019).
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked, non-participating fund based group plan. The amount of Contributions less payment in respect of member exit plus quarterly interest addition are reflected in the Policy Account Value and is guaranteed at all times. ABSLI's liability is limited to the Policy Account Value plus the Sum Assured. ABSLI reserves the right to recover levies such as GST levied by the authorities on insurance transactions. If there be any additional levies, they too will be recovered from you. This Brochure contains salient features of the plan including risk factors, terms & conditions, please read the brochure carefully before concluding the sale. For further details please refer to the policy contract. Tax benefits subject to changes in the tax laws. For more details on this plan visit our website.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/11/19-20/1083