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  • Birla Sun Life Group Asset Assure Plan

    Birla Sun Life Insurance

    BSLI has a non-linked, non-participating plan, wherein an employer/company is the policyholder and the life assured are the members of the plan who are the employees on the company/employer. With this plan, you as an employer are providing your employees and their families the security against any unfortunate events in the life of the employee/member assured. This plan works as a loan or savings scheme so that employees don’t have to be stressed on their financial obligations and repayments.

    The Eligibility for This Plan:

    Particulars

    Minimum

    Maximum

    Sum Assured

    Rs. 10, 000

    Entry age

    18 years

    15 years for education loan

    Asset Assure Classic - 65 years

    Asset Assure Premier - 60 years

    Policy Term

    1 year

    30 years

    Maturity age

    Asset Assure Classic - 70 years

    Asset Assure Premier - 65 years

     

    Main Features of This Plan:

    1. The minimum sum assured for this plan is Rs. 10,000.
    2. The plan offers a choice between 2 coverage options:
      • Level Sum Assured - Under this option the sum assured will remain a constant amount throughout the term of the loan or savings scheme.
      • Variable Sum Assured - Under this option the sum assured will be customized to suit the loan or savings scheme, but the sum assured coverage remains the same.
    3. This plan covers different types of loans and wealth creation products.
    4. You get life cover along with this policy, wherein a loan can be taken by both members.
    5. During a moratorium period this policy will provide coverage with or without interest payments.
    6. Premium amount is generally decided on the age of the member along with the kind of loan/savings scheme opted.
    7. Premiums can be paid in Monthly, Quarterly, Half-Yearly or Yearly modes.
    8. Surrender value can be given with this policy, if this premium payments are in Single pay or Short pay terms only.
    9. Grace period of 30 days is provided for premium payments, the coverage will continue even in the grace period.
    10. If a member has not gone through a medical examination, and the member dies in a non-accidental way. Then, there is a waiting period of around 45 days.
    11. A free-look period is also provided and if you are not satisfied with this policy you can return it within 15 days of its issue.
    12. In this plan the premium paying term is extremely flexible, they have 3 different options:
      1. Regular Pay - premium payments made on a regular basis
      2. Single Pay - premium payment done in a lump sum
      3. Short Pay - short pay consists of 3 or 5 payments

    The Key Advantages or Benefits of The Group Asset Assure:

    1. Death Benefit - In the unfortunate event of a group member, the plan offers 2 different benefit options:
      1. Asset Assure Classic - after the death certificate of the member is produced, the sum assured as per the certificate of insurance, will be paid..
      2. Asset Assure Premier - after the death certificate of the member is produced, the sum assured as per the certificate of insurance, will be paid..
    2. There is no Survival Benefit with this policy.
    3. Surrender Benefit - Surrender value will be applicable in the policy, if this premium payments are in Single pay or Short pay terms only. If the entire loan or foreclosure of the savings maintained by the member. The certificate of insurance, will be surrendered.
    4. Tax Benefits - All members are eligible for tax benefits under section 80C and 10(10D) as per the Income Tax Act 1961.
    5. Total and Permanent Disability Benefit - If due to any illness or disability due to injury, and the disability lasts for at least 180 days the member is eligible for total and permanent disability.

    How Does This Plan Work?

    This plan can also be considered a Mortgage Life Insurance Plan, this will be a coverage for outstanding loan amount of a borrower. The borrower will pay a premium towards insurance to the lender. And the lender will pay the premium to the insurer on his behalf. In case of the unfortunate death of the borrower the lender will pay the sum assured to the lender. The sum assured is decided on the outstanding loan amount when the policy is purchased.

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