Established in the year 2000, Aditya Birla Sun Life Insurance Company Limited (ABSLI) is one of the most reputed private insurers operating in India. The company functions as a subsidiary of Aditya Birla Capital and continues to provide life insurance service to its customers. The company has a strong product line up that comprises term plans, endowment plans, money-back policies, retirement plans, child plans, etc. The company offers a mix of both online and offline plans for its customers. For offline plans, customers have to visit a branch office and consult with an officer before purchasing a policy. Let’s take a detailed look at various attributes of the company.
|Percentage of Grievances Solved||99.75%|
|Claim Settlement Ratio||96.38%|
|Group Death Claims||99.34%|
|Percentage of Claims Rejected||0.15%|
|Solvency Ratio||2.14 (for the quarter ended March 2018)|
Aditya Birla Sun Life Insurance Company Limited provides long-term savings and protection plans that include rural insurance, NRI solutions and group life insurance solutions. A plethora of financial products are distributed through 9 bancassurance partners, 425 branches, 6 distribution channels, more than 80,000 direct selling agents and over 150 corporate agents and brokers. The following are a few facts about the operations of the company and achievements of Birla Sun Life Insurance:
In addition to this, the company has also won many other awards and accolades for its excellence in the life insurance industry.
Following are the different types of life insurance products offered by Birla Sun Life Insurance Company Limited:
|Protection Plans||Savings with Protection Plans||Child Future Plans||Retirement Plans||Health and Wellness Plans||Wealth with Protection Plans|
|BSLI Protector Plus Plan||BSLI Vision MoneyBack Plus Plan||BSLI Vision Star Plan||BSLI Empower Pension Plan||BSLI Hospital Plus Plan||BSLI Wealth Max Plan|
|BSLI Future Guard Plan||BSLI Vision LifeIncome Plan||BSLI Immediate Annuity Plan||BSLI Cancer Shield Plan||BSLI Wealth Secure Plan|
|BSLI Protect@Ease||BSLI Vision Endowment Plan||BSLI Empower Pension-SP Plan||BSLI Wealth Assure Plan|
|BSLI Savings Plan||BSLI Fortune Elite Plan|
|BSLI Vision LifeSecure Plan||BSLI Wealth Aspire Plan|
|BSLI Income Assured Plan|
|BSLI Vision Regular Returns Plan|
|BSLI Vision Endowment Plus Plan|
|BSLI Guaranteed Future Plan|
|BSLI SecurePlus Plan|
Protection plans: A protection plan ensures that your dependents get widespread financial security and independence. Once you take this plan, you will not have to worry about debt troubles. Birla Sun Life Insurance offers a wide range of protection plans.
Following are the Birla Sun Life Insurance protection plans :
|Plan Name||Key features|
|BSLI Protector Plus Plan||
|BSLI Future Guard Plan||
Savings with Protection Plans: These plans offered by Birla Sun Life Insurance will let you save money and will ensure the financial protection of your family. Birla Sun Life Insurance offers a wide range of saving with protection plans.
Following are the Birla Sun Life Insurance savings with protection plans :
|Plan Name||Key features|
|BSLI Vision MoneyBack Plus Plan||
|BSLI Vision LifeIncome Plan||
|BSLI Vision Endowment Plan||
|BSLI Savings Plan||
|BSLI Vision LifeSecure Plan||
|BSLI Income Assured Plan||
|BSLI Vision Regular Returns Plan||
|BSLI Vision Endowment Plus Plan||
|BSLI Guaranteed Future Plan||
|BSLI SecurePlus Plan||
Children’s Future Solutions: Birla Sun Life Insurance provides this unique child insurance plan that provides you a good life coverage, lets you earn guaranteed returns on your investment, and gives you the independence to manage your funds to get maximum returns.
Following is the Birla Sun Life Insurance child future plan :
|Plan Name||Key Features|
|BSLI Vision Star Plan||
Retirement plans: Birla Sun Life Insurance Retirement Solutions offers an array of financial products to make your post-retirement life easy and tension-free. The plans that are offered not only help you in building a healthy fund that will see you through your post-retirement phase but they also bring a plethora of benefits with them for you to enjoy.
|Plan Name||Key Features|
|BSLI Empower Pension Plan||
|BSLI Immediate Annuity Plan||
|BSLI Empower Pension-SP Plan||
Health and Wellness: Birla Sun Life Insurance Health and Wellness Solutions help you in getting quality treatment without having to worry about gathering funds for the same. The plans under this feature provide coverage for hospitalization, major illnesses, and injuries.
|Plan Name||Key Features|
|BSLI Hospital Plus Plan||
|BSLI Cancer Shield Plan||
Wealth with Protection Plans: Birla Sun Life Insurance provides wealth with protection solutions through unit-linked insurance plans. These plans have been designed to suit your life goals and through ULIP policies, you can get supplement income even after getting a good life cover.
|Plan Name||Key Features|
|BSLI Wealth Max Plan||
|BSLI Wealth Secure Plan||
|BSLI Wealth Assure Plan||
|BSLI Fortune Elite Plan||
|BSLI Wealth Aspire Plan||
Birla Sun Life Insurance offer comprehensive protection plans with amazing riders that you can include in the policy you choose. A rider is an extra feature that you can add to a conventional insurance policy to enhance it. Riders provide additional privileges to you once you pay an extra cost.
Birla Sun Life Insurance ranks among the top seven life insurance companies in the country. It also has an experience of over 15 years in the industry. When it comes to claim settlement, the company has one of the best figures in the industry and ensures a hassle-free settlement process. For the fiscal year 2016-17, its claim settlement ratio is as follows:
|No. of claims received||No. of claims approved||Claim settlement ratio|
Claim settlement ratio trend over the years:
The following are the documents required to make a non-early claim in case of a natural death:
The following are the documents required to make an early claim in case of a natural death:
The following are the documents required to make an early or non-early claim in case of an unnatural death:
The following are the documents required to make an early/non-early claim in case of a waiver of premium death:
The following are the ways in which you can find out the status of your policy status:
Birla Sun Life Insurance provides an excellent online insurance premium calculator. You will have to first select the product category from ULIP plans, term plans, and traditional plans. Next, you will have to choose a specific product from the drop down list. Then, you will need to proceed to the next page.
In the next page, you will have to submit some personal details. You will then need to give information regarding cover and term. Following this, you will have to give information related to allocation of the finances. Next, you will have to provide rider details. You will also have to select the mode through which you will pay your premium. When you are using the calculator, it is mandatory to fill some of these fields.
Yes, Birla Sun Life Insurance offers a free look period. In fact, they were the first insurance company to introduce the idea of free look period that was later made mandatory by the IRDAI.
Free look period is the time during which you can hold a particular insurance policy and then give it back if you want to. This period lasts for 15 days since the time you receive the policy. This period is applicable to all types of policies. You will get a refund of the premium that you would have paid. This amount will be ascertained after subtracting the medical expenses, stamp duty, and the proportionate risk premium.
Activation of ECS is just a one-time thing. You can fill up the auto debit form and get it verified and certified by the bank in which you have the account. Then you will have to send the mandate form to the nearest BSLI branch along with an original cancelled cheque. For the first time, it will take 30 days for ECS to get activated. This service is free of charge.
Payouts is the facility that lets you to avail a loan against your policy, partial withdrawal from your coverage in case of emergency.
For ULIP products, service tax is charged on all the charges that are levied on your policy. In case of traditional endowment, health, and term insurance products, service tax is charged on the total premium that you pay.
Birla Sun Life Insurance provides accidental death benefit, critical illness benefit, and permanent disability benefit.
If the life insured dies who has a plan without cover, you will need to submit policy documents, claim intimation form, documents of life insured including address proof, photo, and ID proof, medical records, and passbook.
You can make the payment online through the website www.birlasunlife.com. You can go for ECS or debit card of your bank account to pay online by registering for direct debit or ECS. You can pay the premium at the nearest branch of Birla Sun Life Insurance by cash or cheque. You can authorize premium payments through Bill Junction or Bill Junction. Or, you can use NEFT to make your premium payments through your bank's website.
Once your policy has reached surrender value, you can avail a loan against it. You will have to refer to your policy document to find out about the minimum and maximum loan amount that you can apply for. Birla Sun Life Insurance will charge an interest on the outstanding balance of the loan at a rate that is decided by them.
Yes, certain policies under Birla Sun Life Insurance allow you to avail a top-up premium. However, you are not allowed to take top-ups during the final three years and five years of your policy term.
Yes, Birla Sun Life Insurance offers plans for NRIs also. NRIs can get financial solutions through Vision LifeIncome Plan. This plan provides survival benefits and life coverage. Policyholders get survival benefits each year from the end of the term of paying the premium to the date of maturity. They can also get riders to enhance their policy.
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Aditya Birla Sun Life Insurance plans to bet more on oil marketing companies in 2019 due to pressure on crude oil prices and valuation in the sector is expected to be attractive ahead of the general elections next year.
The oil prices have dropped more than 30% since October with concerns that supply will exceed demand. As the price of U.S inventories keeps on rising, the price fell below $60 a barrel.
This has prompted the insurance companies to bet more on the oil marketing companies whose margins are expected to rise. Another reason why the insurer is also looking to bet more on these companies is due to the general elections that will take place in 2019. The current government led by Narendra Modi has allowed the oil marketing companies to maintain their margins during a time when the cost of crude oil is rising, by allowing them to pass the cost to the consumer. Narendra Modi is expected to reign in a second term and hence the trend is expected to continue.
The insurance company is also looking to bet on power generating companies as well in the year 2019.
29 November 2018
The life insurance branch of Aditya Birla Capital Limited, Aditya Birla Sun Life Insurance, launched an upgraded version of their chatbot that offers services to individuals 24/7. The intelligent AI-enabled platform understands the needs of customers and presents all relevant information to the customers. DISHA 2.0 works on a real-time basis and can resolve any query related to life insurance policy information, tax certificate, fund value, among others at any point in time. No human intervention is needed for this service and it can even generate policy quotes for the people. In addition, to make the customer service easy and convenient, the login process has been shortened by introducing the OTP-based verification login system. To access the services mentioned above, one has to visit the official website of Aditya Birla Sun Life Insurance and click on ‘DISHA Helps’ to enjoy hassle-free customer service.
27 August 2018