ADITYA BIRLA SUN LIFE INSURANCE GROUP UNIT LINKED PLAN
THIS IS A FUND BASED GROUP LINKED PRODUCT. IN THIS PRODUCT, THE INVESTMENT RISK IN THE FUND PORTFOLIO IS BORNE BY THE POLICYHOLDER
This is a Fund Based Group Linked Product. It will be offered to Employer- Employee groups for managing Gratuity and Leave Encashment Liabilities. An automatic life insurance cover of Rs.1000/- per member is granted under this product.
The sponsor of the scheme will be the master policyholder, henceforth referred to simply as 'the policyholder'.
At the inception of the scheme the policyholder shall pay ABSLI a contribution pertaining to the past service in respect of the members or transfer the existing fund to ABSLI. This contribution may come in one or more installments. The policyholder may also pay regular contributions into the fund.
Any contributions received will be converted into units for each account and tracked separately. The contributions can be invested in one or more of ABSLI funds as per the policyholder's request. All contributions should be paid to ABSLI with relevant details with respect to account and investment fund allocation.
The policyholder may specify the number of accounts he wants to maintain the fund in. Contributions will be invested account wise, and fund value will be tracked for each account separately.
The policyholder may want to manage the policy with multiple accounts if he wants to maintain separate fund for each member (e.g. defined contribution schemes) or separate fund by his office units (e.g. unit / zone-wise schemes).
New accounts can be opened at any time by making fresh contributions specified at the time of payments.
Option for Unit Value Protection
At the inception of the scheme the policyholder can choose to protect the purchase NAV of each unit by opting for the Unit Value Protection feature. This protection shall then apply to the overall scheme (i.e. to all accounts under the policy). The policyholder can choose the minimum period for protection as 3 or 5 years.
With the Unit Value Protection feature, any unit redeemed for the purpose of a benefit payout is guaranteed to be worth no less than its purchase NAV provided the unit has been purchased at least 3 or 5 years prior to its redemption. For the purpose of this feature, unit redemption will be based on a First-In-First-Out (FIFO) basis.
The Unit Value Protection feature does not apply upon the surrender of the policy.
Frequency for Contributions
The contributions can be made yearly, half yearly, quarterly, monthly or in single lump sum. The policyholder can change the level of contribution and the frequency of the contribution at any point of time.