Birla Sun Life Group Asset Assure Plan

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:

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:
   1. Level Sum Assured - Under this option the sum assured will remain a constant amount throughout the term of the loan or savings scheme.
   2. 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