ABSLI Group Superannuation Plan

ABSLI Group Superannuation Plan- An Overview

The ABSLI Group Superannuation Plan is a unit-linked group pension plan offered by Aditya Birla Sun Life Insurance. This scheme is offered to employers to accumulate wealth required to pay lifetime pensions to their employees. It provides dual benefits by offering security to your employees and helps grow on their investments. 

The sponsor or the employer of this policy is the master policyholder and the employees are considered as the beneficiaries. 

The plan provides two distinct benefit options: Assured and Classic, to suit different risk preferences. In both options, all benefits are payable to the policyholder (employer). 

Key Features of ABSLI Group Superannuation Plan

• Choose between Assured Benefit with guaranteed 100.1% returns or Classic Benefit linked to market performance.

• Number of fund options to suit your risk profile. 

• Flexible investment approach with Self-managed and Life Cycle strategy options tailored to risk appetite.

• A group unit-linked pension plan with individual employee accounts is managed under one master policy.

• Enjoy tax benefits on contributions under Section 80C of the Income Tax Act, 1961.

• Option to transfer your existing superannuation fund into the new group policy.

Eligibility Criteria of ABSLI Group Superannuation Plan

Benefits of ABSLI Group Superannuation Plan

All the benefits available under this plan will be paid to you, not the member. However, in case of a request, benefits can be paid to the member directly: 

1. The policyholder has the option to choose between the below 2 options: 

   Assured Option:
   This option offers a guaranteed benefit of 100.1% of the total contributions made for the member, payable at the time of the member's death or vesting.

   Classic Option:
   With this option, the fund value accumulated for the member is paid out at the time of death or vesting.

2. Guaranteed Additions 

   Guaranteed additions are credited to each member's account as long as the membership remains active. The amount added on every policy anniversary is determined by multiplying the average member fund value calculated over the twelve monthly processing dates before the anniversary by the applicable rates listed below.

   Average fund value (in Crore) in all member accounts	Less than 1	1 to less than 5	5 to less than 20	20 to less than 50	50 and above
   Guaranteed Additions Rate (Classic Option)	0.00%	0.25%	0.35%	0.45%	0.50%
   Guaranteed Additions Rate (Assured Option)	0.30%	0.475%	0.575%	0.675%	0.725%

3. Additional Allocation Option 

   At the policy inception, you can choose to opt for additional allocation on contributions made in the 1st year of policy. The additional allocation will be restored by a yearly charge for a fixed time interval, as illustrated in the table below: 

   Additional Allocation (1st year contributions %)	Charges per year (1st year contribution percentage)	Years needed to recover
   1%	0.6%	2
   2%	0.6%	4
   3%	0.6%	6
   4%	0.6%	8
   5%	0.6%	10

4. Death Benefit 

   Assured option: 

   In case of member's death, a higher amount will be paid of: 

   • 100.1% of the total contributions received by the member 

   • Member fund value 

   Classic Option: 

   If the member dies while the policy is active, member fund value shall be paid. 

5. Vesting Benefits

   Assured Options: 

   In case of the vesting date of a member, the highest of the following is paid: 

   • 100.1% of the total contribution of members received 

   • Member fund value

   Classic Option: 

   In case of a member's vesting while the policy is active, member fund value shall be paid. 

6. Non-death benefits 

   Member exits are allowed only under the scheme rules. If a member exits for any reason other than death or vesting, the payout will be the Member Fund Value after deducting any unrecovered additional allocation, if applicable.

7. Surrender Benefits 

   You can surrender this policy anytime, and the fund value is paid, minus any unrecovered additional allocation. 

8. Automatic Termination 

   If the Policy Fund Value drops below ₹10,000, you will have a 90-day window to make additional contributions to restore the Fund Value to the minimum required level. If no action is taken within this period, the policy will be terminated, and the existing Fund Value will be paid out.

Investment Options

The plan offers two approaches: self-managed and LifeCycle, to help employers align investments with their risk appetite and management style.

Self-Managed Option

This option gives you complete control over how premiums are allocated across seven segregated funds:
Group Money Market, Group Short Term Debt, Group Gilt, Group Fixed Interest, Group Bond, Group Secure and Group Stable. You can distribute premiums in 5% increments (from 5% to 100%) and revise allocations any time using the premium redirection facility. You can also switch between these funds if the amount is ₹5,000 or more. For Assured Option members nearing vesting:

• At 3–5 years to vesting, the entire fund moves to the Group Bond Fund

• At 1–2 years to vesting, it shifts to the Group Money Market Fund
  Once moved, these allocations can't be changed. This auto-transition helps protect against market volatility closer to retirement.

LifeCycle Option

If you prefer a guided approach, this option lets you choose a risk profile: moderate or Conservative. Based on that and the years to vesting, your funds are split between the Group Growth Maximiser and the Group Fixed Interest Fund.

For example:

• A Moderate profile with 16–20 years to vesting invests 45% in Growth Maximiser

• A Conservative profile with 6–10 years to vesting puts only 10% in Growth Maximiser

As members approach vesting, exposure to higher-risk funds is reduced. Fund transitions have mimicked the Self-Managed Option in the last five years to preserve capital. This structure gives employers flexibility, whether they want to actively manage fund allocations or leave them to a rule-based strategy that adjusts over time.

Policy Charges Under ABSLI Group Superannuation Plan 

Premium Allocation Charge:
Under this policy, there is no premium allocation charge. The full contribution amount is allocated to units in each member's account.

Fund Management Charge:
The daily unit price of each segregated fund reflects the applicable fund management charge. This charge may be revised in the future with IRDAI's approval, subject to a maximum of 1.35% per annum.

• 1.00% p.a. for Group Money Market, Group Short Term Debt, Group Gilt, Group Fixed Interest, Group Bond, Group Secure, and Group Stable funds

• 1.35% p.a. for Group Growth Maximiser fund

Surrender Charge:
No surrender charge applies to this policy, except for the recovery of any unrecouped additional allocation.

How to Buy Aditya Birla Insurance Plans from Policybazaar?

Here are the steps to buy a 1 Crore term insurance plan from Policybazaar:

Step 1: Visit Policybazaar's official website and click on ‘Term Insurance’ 

Step 2: Fill in your basic details like Name, DoB, and contact number and click on 'View Plans'. 

Step 3: Answer questions regarding smoking habits, annual income, type of occupation, and educational qualifications. Do not forget to select 1 Crore as your life cover.

Step 4: All available term life insurance plans will be displayed. Select the Aditya Birla Term Insurance plan from the available list.

Step 5: Pay using your preferred payment method to complete the purchase.

Policy Details of ABSLI Group Superannuation Plan

• Free Look Period
  You have 30 days from receiving the policy document to review the terms. If you're not satisfied, you can return it with written reasons. Upon cancellation, the insurer will refund the Fund Value after deducting applicable stamp duty charges.

• Unit Price
  Unit prices for each segregated fund are updated daily on the ABSLI website. NAV is calculated as:
  (Market value of investments + current assets – current liabilities & provisions) ÷ total units before transactions.

• Termination Conditions
  The policy will terminate if it is surrendered or the fund value drops below the minimum required and is not restored within 90 days.

• Nomination
  Nomination is allowed under Section 39 of the Insurance Act, 1938. Policyholders are responsible for keeping nominee details updated and submitting them with any claim request

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