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ABSLI Group Assured Pension Plan

ABSLI Group Assured Pension Plan is a defined benefit, 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 Master Policyholder and the Members of the pension scheme are the lives insured. ​
In this policy, investment risk in investment portfolio is borne by the policyholder.

As a successful organization, every employer relies on the loyal employees who can give them an extra edge in today’s competitive environment. To retain loyal employees, you strive to design various benefit packages to ensure that their retirement savings are managed prudentially for longer tenure. 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 Assured Pension 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 Assured Pension Plan is a defined benefit, 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 Master 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 /79 years

Maximum Age at Maturity
As per scheme rules /80 years
Policy Term
Annually Renewable
Minimum Premium
Rs.100,000/ No upper limit


PREMIUMS


Your policy will be managed in a single pooled account. At inception of the scheme, you may either contribute directly towards the superannuation fund of the Members, or transfer the existing superannuation funds to ABSLI. The contributions or premiums to group schemes by the master policyholder shall be made in accordance with the funding requirements as per the scheme rules.

Automatic Termination


Should the Policy Fund Value fall below Rs.100,000, you will be given three months to pay premium in order to bring the Policy Fund Value back up to this minimum level. Should you not exercise this right, the policy shall stand automatically terminated and the Policy Fund Value will be paid at the end of said three months.


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 disagree with the terms & conditions of your policy. We will pay the Fund Value plus non allocated premiums plus all charges levied by cancellation of units, 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 will reduce the amount of the refund by the expense incurred by us on stamp duty charges 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.

Partial Withdrawal

Partial withdrawals are not allowed under this policy.
Except for fund withdrawals allowed due to member's exit in accordance with the scheme rules, no other withdrawal shall be permitted.

Termination

The policy will terminate on:

  • the date of payment of surrender value if any; or
  • the date of payment of policy fund value on automatic termination as specified above

Nomination

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.

Assignment

Allowed as per the provisions of Section 38 of the Insurance Act, 1938 as amended from time to time. For more details on the assignment, please refer to our website www.adityabirlasunlifeinsurance.com.

Exclusions

Not applicable

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 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

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.

www.adityabirlasunlifeinsurance.com.

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).

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Disclaimer
This policy is underwritten by Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating unit linked plan. Birla Sun Life Insurance, ABSLI Group Unit Linked Plan are only the names of the Company and Policy respectively 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 IRDA 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 the service tax 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. Insurance is the subject matter of the solicitation. For more details and clarification visit our website. Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com Reg. No. 109 | CIN: U99999MH2000PLC128110 ADV/11/19-20/1081

UIN : 109L119V02