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Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
ABSLI Group CapSecure Plan
ABSLI's Group CapSecure Plan is a non-linked non-participating fund based group plan wherein an Employer, Trustee, Central and State Government, Public Sector Undertakings, Corporates, MNCs, or other groups is the master policyholder, while the employees are the beneficiaries.
ABSLI Group CapSecure Plan
Key Features
Choice to maintain individual accounts at member level or pooled accounts for the scheme
Contributions received are added to respective policy account
Interest on the investment is declared at the start of each month
Offers guaranteed amount in policy account
Benefits Of ABSLI Group CapSecure Plan
All benefits under the policy will be paid as per the scheme rules. The master policyholder may maintain individual non-pooled accounts for each member. Otherwise, premiums will be credited to pooled policy accounts whose balance is accrued to the master policyholder.
Interest Rate Declaration
ABSLI shall declare interest rates at the start of each month, subject to minimum floor of 0.1% p.a, excluding applicable tax, if any. The relevant interest rate applicable to each policy shall accrue at the end of each quarter. This interest rate shall be declared and credited in accordance with the Board approved policy of the insurer. The interest rate declared is net of a management charge of 0.5% p.a. The insurer can change it, subject to IRDAI approval.
Benefits Payable On Member Exit
On a member exit, the master policyholder may claim from the policy an amount in accordance with the scheme rules as applicable, subject to a maximum of the Policy Account Value after any applicable MVA. In case individual member accounts are maintained in the policy, the maximum payment from the policy account shall be the Policy Account value, after any applicable MVA, for each exiting member separately.
In addition, if the member exit is due to death ABSLI will pay the Sum Assured of Rs. 10,000 The policy account value for existing members will have Interim Interest added for the period from the end of the last Fiscal Quarter to the exit date. The Interim Interest rate for this purpose will be the last declared Interest Rate. When a payment is requested for a member on exit, ABSLI needs sufficient evidence to establish that a benefit is payable under the scheme rules and the amount of benefit then due.
| Criteria | Details |
|---|---|
| Minimum Group Size | 10 members |
| Minimum Age at Entry | 18 years |
| 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 Premium | Rs.10,000 |
| Minimum Policy Term | One Year (Annually Renewable) |
| Maximum Policy Term | Annually renewable. Policy to continue indefinitely until it’s surrender, or expiry of membership term of existing members and there are no new members |
| Sum Assured | Rs.10,000 per member |
Frequently Asked Questions
Yes. ABSLI’s Group CapSecure Plan provides guaranteed returns where the interest on your investment is declared at the start of each month.
You will get a life cover of Rs. 10,000 for all your employees with this plan. You will be charged Rs. 6 per member per year for this life insurance cover.
Yes. You can cancel the plan anytime during the free-look period of 30 days from the date of receipt of the policy document.
The surrender benefits will be the policy account value less the Market Value Adjustment (MVA) if any
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 the 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.
UIN: 109N084V04
ADV/10/24-25/1908
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