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ABSLI Group Superannuation

ABSLI Group Superannuation is a defined contribution, group unit linked pension product. It is offered to employer-employee groups for the management of their assets under superannuation schemes.
In this policy, investment risk in investment portfolio is borne by the policyholder.

AIn today's increasingly competitive economic environment, your employees can give you the strategic edge in your business. It is essential to design comprehensive employee benefits to take care of the well-being of this most valuable asset of yours.

Aditya Birla Sun Life Insurance presents Group Superannuation Plan, a plan that provides you with dual benefits of offering security to your employees and growth on their investments.
 
PLAN AT A GLANCE
 
ABSLI Group Superannuation is a defined contribution, group unit linked pension product. It is offered to employer-employee groups for the management of their assets under superannuation schemes. The employer, trust or sponsor is the policyholder and the members of the pension scheme are the lives insured.
 
ELIGIBILITY

Minimum Group Size
10 members
Minimum Age at Entry
18 years
Maximum Age at Entry

As per scheme rules /74 years

Maximum Age at Maturity
As per scheme rules /75 years
Policy Term
Annually Renewable
Minimum Premium
Rs.100,000/ No upper limit


PREMIUMS


Premiums are payable according to your scheme funding requirements. Your policy will be managed with accounts for each covered member. At inception of the scheme you can either pay ABSLI the premium in respect of the members, or transfer their existing funds to ABSLI. This premium may be paid in one or more installments based on the premium frequency chosen. You have the convenience to pay the premium annually; semi-annually; quarterly; monthly.

Your premium will be converted into units for each account and tracked separately. The premium will be invested in one or more of ABSLI funds as per the investment option selected by you. All premiums should be paid to ABSLI with relevant details with respect to each account.

 

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, in case you are not satisfied with the terms & conditions of your policy. We will pay the Fund Value, once we receive your written notice of cancellation (along with reasons thereof) together with the original policy documents. Depending on our then current administration rules, we may reduce the amount of the refund by stamp duty charges incurred by us in issuing your policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017

Unit Price

On each business day and for each Segregated Fund, we determine the unit price by dividing the net asset value (NAV) of the Segregated Fund at the valuation time by the number of units in existence for the Segregated Fund in question. We publish the unit price of all Segregated Funds on our website www.adityabirlasunlifeinsurance.com. The net asset value (NAV) is determined based on (the market value of investments held by the fund plus the value of any current assets less the value of any current liabilities & provisions) divided by (the number of units existing at valuation date before creation or redemption of any units)

Policy loan provisions

Policy loan is not available under this plan.

Termination

The policy will terminate on:

  • surrender; or
  • automatic termination

Nomination

Allowed as per the provisions of Section 39 of the Insurance Act, 1938 and 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

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 as amended from time to time. For more details on Section 45 of the Insurance Act, 1938 please refer to our website www.adityabirlasunlifeinsurance.com.


ADITYA BIRLA SUN LIFE INSURANCE – A COMING TOGETHER OF VALUES

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). and is one of the leading private sector life insurance companies in India. ABSLI was incorporated on August 4, 2000, and commenced operations on January 17, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organization in Canada.

Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of India's leading life insurance companies offering a range of 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").

ABCL, the holding company, is a Universal Financial Solutions provider and one of the largest financial services players in India. It is committed to serving the end-to-end financial needs of its retail and corporate customers under a unified brand — Aditya Birla Capital. Delivering a wide range of money solutions for protecting, investing and financing, Aditya Birla Capital serves millions of customers across the country.

Apart from life insurance, ABCL has a significant presence across several business sectors including NBFC, asset management, health insurance, housing finance, private equity, general insurance broking, wealth management, broking, online personal finance management and pension fund management.

www.adityabirlacapital.com/lifeinsurance



Disclaimer
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating group unit linked plan. Aditya Birla Sun Life Insurance -ABSLI Group Superannuation Plan–Self-Managed Option and LifeCycle Option are only the names of the Company, Policy and Investment Options and do not in any way indicate their quality, future prospects or returns. The names of the funds offered in this plan do not in any way indicate their quality, future prospects or returns. The charges are guaranteed throughout the term of the policy unless specifically mentioned and subject to IRDAI approval. The value of the investment fund reflects the value of the underlying investments. These investments are subject to market risks and change in fundamentals such as tax rates etc affecting the investment portfolio. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance of investment fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. There is no guarantee or assurance of returns from the investment funds. 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 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/10/18-19/3534 VER1/NOV/2018

UIN No. : 109L097V01