At Birla Sun Life Insurance (BSLI), our goal is to help you ensure your employees’ well being so that they can enhance their performance & potential. Our protection solutions combine new innovations in organizational benefits with the traditional strength of employee assistance to help you:Â
Protect your investment in your people
Reduce the liability, cost and negative impact of mental pressures in the work place
Maintain your position as employer of choice; and
Incorporate employer protection & wellness into your core business practices
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BSLI OFFERING
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Benefits to the Employer
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1.Financial security provided to the employees at a minimal cost
2.Builds loyalty and serves as a strong retention tool
3.Cheaper than individual coverage option
4.Optional riders are available at a nominal cost (Accident and Disability Benefit Rider and Critical Illness Cover)
5.Simplified enrolment process with no medical examination up to a certain sum insured (Free Cover Limit)
6.Premium paid is an approved business expense
7.Allows for uniform business expense to cover fluctuating mortality risk
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Benefits to the Employee
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1.Compensates for financial loss to family members/ dependants
2.Hassle free enrolment
3.24 x 7 coverage provided anywhere in the world
4.Conversion option to an individual policy (subject to the terms and conditions of the Company)
5.Tax benefits - In accordance with the current provisions of the Income Tax Act, 1961
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Tax Treatment
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For the Employer
Under Section 17(2) (vi) of the Income Tax Act the premiums paid by the employer is not treated as perquisite.
The premiums paid by the employer are treated as normal business expenses for Income Tax purposes.
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For the Employee
Any benefits received as maturity proceeds or death benefits are exempt from tax under Section 10(10D).