ABSLI Group Bima Yojana Plan

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-linked, non-participating, group term micro-insurance single premium product that shields them against liabilities arising due to sudden demise of a member.

Key Features

  • Level death benefit
  • Option for choosing single or joint cover
  • Single premium policy
  • Coverage Continuation

    Continued coverage for existing members even if policy terminated by the master policyholder

  • Discount on Premium

    10% discount on the premium of younger life for joint cover

  • Multiple Joint Cover Options

    Co-borrower, guarantor or spouse of the member can apply for joint cover

  • Entry age (last birthday)

    Min: 14 years; Max: 79 years

  • Maturity age

    80 years

  • Minimum group size

    5 members

  • Policy term

    Min 1 year; Max: 10 years (Single Premium Policy)

  • Sum assured

    Min: Rs. 1,000; Max: Rs. 2 lakh

FAQs

  • Why should I buy Group Bima Yojana?

    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.

  • What’s the premium that I need to pay for this Group Insurance Scheme?

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

  • Is surrender benefit applicable for this policy?

    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.

  • What are the exclusions under the policy?

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

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Disclaimer:

The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.”

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating group micro insurance term 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 on this plan visit our website. For more details on risk factors terms and conditions, please read the sales brochure carefully before concluding the sale. Please refer the Exclusions Section in the sales brochure for details on Exclusions and the Terms & Conditions

Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com IRDAI Reg. No. 109 | CIN: U99999MH2000PLC128110 ADV/9/20-21/1217 UIN: 109N123V01