ABSLI Group Bima Yojana Plan - Group Term Life Insurance

Aditya Birla Sun Life Insurance Company Limited

ABSLI Group Bima Yojana

A group term insurance scheme offering protection against financial liabilities in the event of unfortunate death of a member

Designed for MFIs, ABSLI Group Bima Yojana is a Non-participating, Non-linked life group micro insurance single premium pure risk term plan that shields them against liabilities arising due to sudden demise of a member.

Key Features

Level death benefit

Option for choosing single or joint life cover

Single premium policy

Plan Brochure Policy Contract Leaflet

Benefits

Death Benefit

In the event of death of the member or first death of the life-assureds in case of joint life, the sum assured as specified in the Policy Contract or Certificate of Insurance (CoI) shall be payable.

Surrender Benefit

On surrender of the Policy Contract or COI due to prepayment of entire loan by a member/employee or for any other reason, a surrender benefit shall be payable. The surrender benefit will be calculated as follows: 50%×Single Premium× (Outstanding Term)/(Policy Term)

Coverage Continuation

In case of prepayment of the loan or foreclosure of the saving scheme, the Member has the option to surrender the Coverage or to continue the Coverage for the unexpired Coverage Term. If the Member opts for surrender, the Coverage will cease from date of surrender and surrender benefit if any will be paid. The Coverage shall continue as per conditions mentioned above, if no choice is expressed by the Member.

ELIGIBILITY

The product has been designed for the Employees/Members of:

• Employer-Employee groups
• Non-Employer-Employee groups

Non employer-employee homogeneous groups includes:

Any association, where the member represents a particular profession or trade or domestic workers or anganwadi workers,
Government agencies,
Any cooperative societies,
Parents of school or college students as members,
Customers/vendors of e-commerce platform
Customers/vendors of any other service provider
Customers of bank, financial institution, society etc.
Vendors/Distributors/Lender/Borrowers of any entity for non-credit linked cover
Members & spouses of Self help group, borrowers of Micro finance loans etc.
Any other groups as may be approved by the Authority.

Entry Age (last birthday)

Min: 18 years; Max: 79 years

Maturity Age

80 years

Minimum Group Size

5 members

Policy term

Minimum

Maximum

Single Premium Policy

1 month

10 years

within the boundary conditions, policy term shall be available in multiple of one month.

Sum assured

Min: Rs. 5,000; Max: Rs. 2,00,000

Premium Mode

Single Pay

For credit linked/mortgage redemption policy the policy term is at least equal to the outstanding loan term at the policy inception and Sum Assured shall be at least equal to the outstanding loan amount at the inception of the policy. Your premium will depend on the characteristics of the age/gender of the members insured. Single Pay Premium Paying Mode is offered.

FAQs

Group Bima Yojana protects micro finance institutions (MFIs) and their loans from turning into non-performing assets (NPAs) in case the borrower succumbs to life’s uncertainties.

Premium depends on the characteristics of the age/gender of the members insured.

Yes. On surrender of policy contract due to prepayment of entire loan, a surrender benefit is applicable. Refer to the plan brochure to know more.

Only suicide clause in the first year is excluded. Refer to the plan brochure to know more

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For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale. This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non Linked Non Participating Single Premium Group Micro Life Term Insurance Plan. All terms & conditions are guaranteed throughout the policy term. GST will be added (extra) to your premium and levied as per extant tax laws. For further details please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. . Please refer the Exclusions Section in the sales brochure for details on Exclusions and the Terms & Conditions. UIN: 109N123V04 ADV/10/24-25/1851

ABSLI Group Bima Yojana