Birla Sun Life Insurance Company Limited is a joint venture between The Aditya Birla Group, one of the largest business houses in India and Sun Life Financial Inc., a leading international financial services organisation. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a formidable protection for your future.
The Aditya Birla Group has a turnover of close to Rs. 119000 crores, with a market capitalisation of Rs. 133875 crores (as on 31st March 2008). It has over 100,000 employees across all its units worldwide. It is led by its Chairman - Mr. Kumar Mangalam Birla. Some of its key companies are Hindalco, Grasim and Aditya Birla Nuvo.
Sun Life Financial Inc. and its partners, have operations in key markets worldwide. These include Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. Sun Life Financial Inc. has assets under management of over US$404.7 billion (as on 31st March, 2008). It is a leading performer in the life insurance market in Canada.
Birla Sun Life Insurance (BSLI) has been operating for 7 years. It has contributed significantly to the growth and development of the life insurance industry in India. It pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. It was the first player in the industry to sell its policies through the Bancassurance route and through the Internet. It was the first private sector player to introduce a Pure Term plan in the Indian market. BSLI has covered more than 2 million lives since it commenced operations. And its customer base is is spread across more than 1500 towns and cities in India. The company has a capital base of Rs. 1274.5 crores as on 31st March 2008.
About Birla Sun Life Insurance Group Business
Birla Sun Life Insurance offers a wide range of group insurance and Group Retirement Solutions to corporates (employer-employee groups) and Group Insurance solutions to Creditor & Affinity Groups.
By simplifying administration procedures & increasing the employer/ member satisfaction, BSLI continues to build strong and enduring client relationships. It has more than a 100 blue chip corporates, including Public Sector Companies, across the country and continues to attract new partners at a rapid pace. With an AUM of over Rs. 500 crore under the Gratuity & Superannuation Plans, BSLI is one of the leading players in the Group Retirement Fund Management business amongst the private life insurers in India.
Group Protection
Eligibility Criteria
The eligible groups under this plan are
. Employer-Employee
. Borrower-lender
. Associations (Professional Bodies)
. Other recognized groups having some common objective but not buying Insurance.
An individual can be insured under this policy till normal retirement age or age 65yrs which ever is later.
Employer – Employee Groups
In a fast-paced & ever-changing environment, the employees of any organization form its most important & biggest assets. It is imperative for the organization to ensure that its employees are constantly motivated for which the employer needs to provide the employees freedom from financial worries.
Our Birla Sun Life Insurance Group Protection Plan supports the employer in providing this benefit to its employees.
Borrower-Lender Groups
In India, the retail lending business has grown many folds. Individuals are borrowing to buy homes, cars, and consumer durables. As an institution involved in lending, you evaluate your borrowers capabilities/ repayment capacity. For the well being of the borrower and his / her family it is important to provide a life cover at an economical rate. With our Birla Sun Life Insurance Group Protection Plan in the event of any unforeseen and unfortunate circumstances the member can be guaranteed ease of mind if cover is availed.
Associations (Professional Bodies)
As a value-added service to members of your association, you can offer them greater peace of mind by helping them build a sense of security for their family coupled with a sense of belonging.
Our Birla Sun Life Insurance Group Protection Plan offers financial protection to your members from death, dismemberment or critical illnesses, in a simple and cost-effective manner. It provides peace of mind & security to the members and provides support to their dependants to continue their life in a dignified manner, even in the absence of the earning member.
Choose your own benefit
You have the flexibility of choosing the Cover under this policy either from uniform cover, graded cover or in multiples of the salary in case of employees.
Premium Frequency
The premium under the policy can be paid either on an Annual, Semi- annual, Quarterly or Monthly basis.
Modal Loading Factor
This is the factor multiplied with the annual premium to arrive at an installment premium. The modal loading factors are:
Premium paying frequency
Modal Loading (% of Annual premium)
Semi-annual
2%
Quarterly
3%
Monthly
4%
Free Cover Limit (FCL)
The free cover limit, which is available to you, represents a maximum sum assured, such that all members of the group whose Sum Assured falls under this limit, are granted the Insurance Cover without any medical tests.
Protection for beloved
Along with your employees/members, you may also cover their spouses by availing the benefits under the Spouse Cover option; where up to 100% of the member cover can be allowed.
Continuity benefit
Additionally, you may provide your employees/members the flexibility of changing over to individual life subject to our then administrative guidelines, on their leaving the group either by resignation or retirement or any other reason as may be found suitable to extend the cover. This benefit is available at a certain additional premium.
Maturity/Survival benefit
No benefit is payable on Maturity or survival.
Surrender Benefit
No benefit is payable on surrender of the policy
Free Look Period
No Free Look period is available for this policy
Policy Loan
No Loan is available under this policy
Nomination
An insured member, in writing, can appoint a person/policyholder or group of people as beneficiary with the policyholder. He, in writing, can change the beneficiary at any time while the Cover is in effect. If no beneficiary is alive at the time of the death of the insured person, then his or her estate shall be deemed to be the beneficiary
Nomination made under this provision is as per section 39 of the Insurance Act 1938
Assignment
The benefits assured under the policy cannot be assigned
Grace Period
No grace period is available under this policy
Policy Lapse
On non-payment of the installment premium, the policy will lapse with immediate effect
Reinstatement
It is possible to reinstate the policy within six months by paying all outstanding premiums for members who are alive on the date of the reinstatement with late payment interest in respect of that policy. Any claim during this period will not be paid and if any premium were paid towards this member at the time of reinstatement would be refunded in full to the policyholder.
Additional Benefits
For a healthy life
Due to a fast paced lifestyle and the accompanying stress, the danger of contracting various ailments cannot be ruled out. That is precisely why we give additional benefit of covering the risk of any financial loss from various diseases that may be incurred during the life span of the member.
In case any member is diagnosed of a covered ailment and survives for a minimum of 30 days after the diagnosis by a competent medical authority, the benefit of the cover value is payable to the member keeping his benefits under the basic life cover intact.
The benefit can be availed at a small additional increase in premium in the form of Critical Illness Rider (CI 4), which covers, 4 major illnesses as under,
1) Heart attack
2) Stroke
3) Cancer
4) Surgery to Coronary Arteries
Or Critical Illness Plus (CI 13), which covers 13 illnesses as under,
1) Heart attack
2) Stroke
3) Cancer
4) Surgery to Coronary Arteries
5) Kidney Failure (End Stage)
6) Aorta (Surgery of Aorta)
7) Heart Valve Surgery
8) Major Organ Transplantation
9) Paralysis
10) Alzheimer’s Disease before 60yrs
11) Benign Brain Tumour
12) Deafness (Loss of Hearing)
13) Parkinson’s Disease before age 60
Group Accident Benefit: No worries
Just like illness, risk of accidents is as real as life. We give comprehensive accident cover taking care of any possible eventuality due to accident - be it death, dismemberment or permanent disability.
This benefit can be availed at a small additional premium in the form of 3 different riders as under
Accidental Death (AD): This rider covers the risk of death due to an accident, solely caused by violent, unforeseeable but visible means. The rider is payable, when the death occurs within 180 days with prime cause being accidental injury apart from those as mentioned in exclusions
Accidental Death and Dismemberment (ADD): This rider covers the risk of death of a member due to accident as well as the risk of dismemberment (i.e. the loss of a limb or eyesight) while the Cover is in force. The rider provides for payment of benefit amount to the beneficiary or the member, as the case may be, in the event of accidental death or dismemberment as under
Event
Benefit payable (% of Rider Sum Assured)
Accidental Death
100%
Accidental Dismemberment occurrence of any of the following:
Loss of any one limb (arm at or above wrist joint or leg at or above the ankle)
50%
Loss of sight in one eye
50%
Loss of more than one limb
100%
Loss of Sight in both eyes
100%
Loss of one limb and sight in one eye
100%
Total Permanent Disability: Total permanent disability rider pays a fixed benefit upon the occurrence of a very severe disability, caused by bodily injury due to accident with in 180 days. The disability must be complete, continuous and permanent, such that the person is unable to perform the duties of any gainful occupation, work or profession in order to earn income or profits.
Example
• loss of both arms or
• both legs or
• one arm and one leg or
• both eyes
Term Benefit Rider
The Term Rider will pay an additional Sum Assured along with the basic cover, in the event of death of a member apart from the exclusions as mentioned.
Change your cover
Every year there is provision to change the basic sum assured, and add or delete riders. This can be done on annual renewal date.
Exclusions
For Death Benefit :
On Death benefit no exclusions for employer employee groups
Under non employer- employee groups
•
If the Life Insured covered under this Policy dies by suicide, whether sane or insane, within one year after the Effective Date or Date of Commencement of Coverage, whichever is later, BSLI will not pay the Life Insurance Coverage
•
Waiting period of upto 45 days: BSLI will not accept any claims during the first 45 days(maximum waiting period) from the date of commencement of coverage for the Life Insured.
For Riders
Accidental Death Rider, Accidental Death and Dismemberment Rider, Total Permanent Disability
•
Intentional self-inflicted injury, suicide or attempted suicide, while sane or insane
•
War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes
•
Taking part in any naval, military or air force operation during peace time
•
Participation by the insured person in a criminal or unlawful act
•
Insured person being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner
•
Death (or Disability in case of ADD/TPD) as a result of any disease or infection
•
Participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger of a recognized airline on regular routes and on a scheduled timetable.
•
Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee jumping;
•
Any injury incurred before the effective date of the cover
•
Nuclear Contamination; the radio active, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature
•
Failure to seek or follow medical advice
Term Rider
•
If the Life Insured under the Policy dies by committing suicide, whether sane or insane, within one year after the Policy Effective Date, BSLI will not pay the Sum Assured as described under this Rider Cover.
•
Any death Claim during the waiting period as mentioned in the policy details will not be paid.
Critical Illness and Critical Illness Plus Rider.
•
Any disease occurring within 90 days of the start of coverage (i.e. during the waiting period);
•
Diseases that have previously occurred in the life insured (i.e. the benefit is payable only if the disease is a first incidence, regardless of whether the earlier incidence occurred before the individual was covered or whether the insured was covered by the Company or another Insurer);
•
Intentional self-inflicted injury, attempted suicide, while sane or insane
•
Alcohol or Solvent abuse or taking of Drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner
•
Participation by the insured person in a criminal or unlawful act
•
Any disease in the presence of an HIV infection;
•
Any disease causing the death of the insured within 30 days of the incidence of the illness (i.e., the survival period);
•
Any Critical Illness for which care, treatment, or advice was recommended by or received from a Physician, or which first manifested itself or was contracted before the start of the Policy Period or for which a claim has or could have been made under any earlier policy.
•
Any congenital condition
•
Failure to seek or follow medical advice
•
War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes
•
Taking part in any naval, military or air force operation during peace time
•
Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee jumping;
•
Nuclear Contamination; the radio active, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature
The following combinations of the rider Cover are not allowed under the policy as they provide for similar benefits
AD & ADD
TPD & ADD
CI4 & CI 13
Terms defined
“Group” denotes the group of people covered by the policy
“Member” means an individual eligible for a cover under this policy
“Beneficiary” is the person nominated by a Member to receive benefits in the event of the death of the Member
“Sum Assured/cover” is the amount payable on the happening of the insured event
“Riders” are additional benefits offered to the Members for an additional payment
“Premium” is the price paid for purchasing the insurance cover
Section 41
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.
Section 45
No policy of life insurance effected after the coming into force of this act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the life insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the application.
UIN 109N006V03
Risk factors and disclaimers: Insurance is the subject matter of the solicitation This is non-participating plan Tax benefits are subject to changes in tax laws The policy is underwritten by Birla Sun Life Company This brochure contains the salient features of the plan. For further details please refer to the policy contract For more details and clarification call your BSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. Unique no. -109N006V03 Date of release -28-Nov-07 Registration no. 109 Registered address-6th Floor, Vaman Centre, Makhwana Road, Off.Andheri-Kurla Road, Near Marol Naka, Andheri(E), Mumbai-400 059.
Insurance is the subject
matter of solicitation. Birla Sun Life Insurance. Registration no. 109
Birla Sun Life Insurance Company Limited, 6th Floor, Vaman Centre,
Makhwana Road, Off Andheri-Kurla Road,
Andheri (East), Mumbai 400059
