ABSLI Group Bima Yojana


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, single premium, group micro life term insurance plan that shields them against liabilities arising due to sudden demise of a member.

Key Features

  • Level death benefit
  • Option for choosing single or joint life cover
  • Single premium policy
  • Death Benefit

    In the event of death of the member or first death of the life-assureds in case of joint life, the sum assured as specified in the Policy Contract or Certificate of Insurance (CoI) shall be payable.

  • Surrender Benefit

    On surrender of the Policy Contract or COI due to prepayment of entire loan by a member/employee or for any other reason, a surrender benefit shall be payable.
    The surrender benefit will be calculated as follows:
    50%×Single Premium× (Outstanding Term)/(Policy Term)

  • Joint Life

    In the event of first death of the joint life members, the sum assured as specified in this Policy Contract or Certificate of Insurance (CoI) shall be payable and the Coverage for both joint lives shall be terminated. A discount of 10% is offered on the premium of the younger life. Co-borrower, guarantor or spouse of the member can be joint life with the Member.

  • Coverage Continuation

    In case of prepayment of the loan or foreclosure of the saving scheme, the Member has the option to surrender the Coverage or to continue the Coverage for the unexpired Coverage Term. If the Member opts for surrender, the Coverage will cease from date of surrender and surrender benefit if any will be paid. The Coverage shall continue as per conditions mentioned above, if no choice is expressed by the Member.


  • The product has been designed for the Employees/Members of:

    • Employer-Employee groups
    • Non-Employer-Employee groups

    Non employer-employee homogeneous groups includes:

    1. Any association, where the member represents a particular profession or trade or domestic workers or anganwadi workers,
    2. Government agencies,
    3. Any cooperative societies,
    4. Parents of school or college students as members,
    5. Customers/vendors of e-commerce platform
    6. Customers/vendors of any other service provider
    7. Customers of bank, financial institution, society etc.
    8. Vendors/Distributors/Lender/Borrowers of any entity for non-credit linked cover
    9. Members & spouses of Self help group, borrowers of Micro finance loans etc.
    10. Any other groups as may be approved by the Authority.

  • Entry age (last birthday)

    Min: 18 years; Max: 79 years

  • Maturity age

    80 years

  • Minimum group size

    5 members

  • Policy term

     

    Minimum

    Maximum

    Single Premium Policy

    1 month

    10 years

    within the boundary conditions, policy term shall be available in multiple of one month.

  • Sum assured

    Min: Rs. 1,000; Max: Rs. 2,00,000

  • Premium Mode

    Single Pay

    For credit linked/mortgage redemption policy the policy term is at least equal to the outstanding loan term at the policy inception and Sum Assured shall be at least equal to the outstanding loan amount at the inception of the policy. Your premium will depend on the characteristics of the age/gender of the members insured. Single Pay Premium Paying Mode is offered.

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:

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non Linked Non Participating Single Premium Group Micro Life Term Insurance 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 and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. . Please refer the Exclusions Section in the sales brochure for details on Exclusions and the Terms & Conditions. UIN: 109N123V04
ADV/12/23-24/3098