Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Canadian financial firm Sun Life Financial Inc. With over 2.5 million customers, BSLI is one of the leading life insurance companies and fund managers in India.
The company has over 600 branches spread over 500 cities and pioneered the launch of Unit Linked Life Insurance plans. BSLI provides a complete range of insurance services including protection solutions, health and retirement solutions, wealth with protection, children’s future solutions, life stage products and customised group insurance solutions for employees of various organisations.
Key Highlights of Birla Sun Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 94.69% for year 2016-2017
99.84% Grievances Settled for year 2016-2017
To be eligible for Birla Sun Life Insurance
You should be at least 18 years old
You should be less than 56 years old
You should be either Salaried, Self- employed, a professional or have your own business
Birla Sun Life Insurance at a Glance
A maximum tenure of 30 years
Min Sum Assured: Rs.50,00,000
Max Sum Assured: Rs.500,00,00,000
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Birla Sun Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Birla Sun Life Insurance Plans in India
|Wealth with protection plans||
|Children’s future plans||
|Savings with protection plans||
Birla Sun Life Protection Plans:
The protection plans offered under Birla Sun Life Insurance help ensure the financial security of one’s family, especially during times of crisis. These protection solution plans offer your family total financial security, therefore, reducing the overall stress.
|Type of plan||Basic sum assured||Policy tenure|
|ABSLI DigiShield plan||
||5 to 40 years|
|ABSLI Income shield plan||
||10 to 40 years|
|ABSLI Life shield plan||
Birla Sun Life Savings With Protection Plans:
The savings with protection plans offered under Birla Sun Life Insurance provide the chance to save money in limited quantities, with the additional benefit of a large cover and tax free returns. These small savings go a long way in protecting one’s family’s future.
|Type of plan||Basic sum assured||Policy tenure|
|ABSLI SecurePlus Plan||
|ABSLI Vision Money Back Plus Plan||
||20, 24, and 25 years|
|ABSLI Vision LifeIncome Plan||
||Whole life to 100 years of age|
|ABSLI Savings Plan||
||10, 15, and 20 years|
|ABSLI Vision LifeSecure Plan||
||15 to 35 years|
|ABSLI Income Assured Plan||
||15, 22, and 25 years|
|ABSLI Vision Endowment Plus Plan||
||10 to 40 years|
|ABSLI Guaranteed Milestone Plan||
||12, 14, 16, 18, 20, 22, 24 & 26 years|
|ABSLI POS – Jeevan Bachat Plan||
Birla Sun Life Savings With Health Plans:
Birla Sun Life Insurance offers three different types of health plans which can be utilised by the insured to insure himself/herself, and also offer coverage for hospitalisation, injuries, and major critical illnesses. With these health plans, one can focus on getting adequate treatment rather than worrying about organising funds.
|Type of the plan||Basic sum assured||Policy tenure|
|ABSLI Cancer Shield Plan||
|ABSLI Hospital Plus Plan||
||5 years along with a guarantee of renewal|
|ABSLI CritiShield Plan||
Birla Sun Life Child Plans:
Birla Sunlife Child plans are highly useful insurance policies, wherein the child’s future is secured through payments made at important junctions of his/her life. Some plans also offer the option of premium-payment by the company in case the insured doesn’t survive the policy tenor.
|Plan Type||Basic Sum Assured||Tenure|
|Vision Star||Rs.1,00,000||14 & 16 years|
Birla Sun Life Retirement Plans:
The Birla Sun Life retirement plans are meant to provide steady income for senior citizens who are not working anymore. The plans pay out fixed benefits at policy maturity or retirement, while also paying death benefits as applicable to the particular policy.
- BSLI Empower Pension Plan.
- BSLI Immediate Annuity Plan.
- BSLI Empower Pension- SP Plan.
Birla Sun Life Wealth With Protection Plans:
- BSLI Wealth Max Plan : An insurance plan with investment options that cater towards wealth protection with guaranteed additions and a life cover that is never less than 105% of the total premiums paid.
- BSLI Wealth Secure Plan: A life insurance plan that ensures financial management stays perfect through the choice of an investment option and also provides whole life cover.
- BSLI Wealth Assure Plan: A life insurance plan that provides the invested fund value upon maturity on survival and death benefit that includes the sum assured as well as fund value.
- BSLI Fortune Elite Plan: An insurance plan that allows the customer to choose an investment option to allow for maximum protection of wealth and additionally provides a life cover.
- BSLI Wealth Aspire Plan: it is a unit-linked insurance plan that offers multiple policy term options as well as top-up additions. Partial withdrawals can also be made.
|Plan Type||Basic Sum Assured||Tenure|
|Wealth Max||1.25/5/10 times basic premium||5,10,15 & 20 years|
|Wealth Assure||Rs.1,00,000 if paid annually Rs.1,80,000 if paid monthly||10,15,20,25 & 30 years|
|Fortune Elite||Rs.4,00,000||5,10,15 & 20 years|
|Wealth Aspire||Rs.3,00,000||10-40 years|
Birla Sun Life Rural Insurance Plans:
- BSLI Bima Dhan Sanchay.
- BSLI Bima Suraksha Super.
- BSLI Bima Kavach Yojana.
- BSLI Grameen Jeevan Raksha Plan.
|Plan Type||Basic Sum Assured||Tenure|
|Bima Dhan Sanchay||Rs.5,000||5,10 & 15 years|
|Bima Suraksha Super||Rs.5,000||5,10 & 15 years|
|Bima Kavach Yojana||Rs.50||3 years|
|Grameen Jeevan Raksha||20 times single premium||5 years|
Birla Sun Life Insurance Group Plans:
- Group Value Plus Plan: it is a gratuity solution plan that provides a number of plan options based on individual needs.
- Group Unit Linked Plan: it is a gratuity solution plan that offers 10 investment fund options and added benefits up to 5% of the initial contribution.
- Group Superannuation Plan: it is an insurance plan providing multiple investment options.
- Group Asset Assure Plan: it is a non-linked, non-participating plan insurance plan providing flexible premium payment options and multiple benefit options.
Birla Sun Life Insurance Claims Process:
With the aim of providing policyholders with a hassle-free claims process, Birla Sun Life Insurance has set up an easy-to-understand and detailed claims process. Policyholders can file a claim either online or offline, based on their convenience.
Online Claims Process:
- Policyholders who wish to file a claim online can intimate the company by sending an email to the Claims Department, mentioning the policy number as well as the policyholder’s details such as name, address, date of birth etc.
- Alternatively, policyholders can also notify Birla Sun Life Insurance by visiting the website and filling an online claim intimation. On the Birla Sun Life Insurance homepage, claimants will have to click on the ‘Claims’ option and select the ‘Claims Process’ tab, from where they can file an online intimation.
- Once the claim has been authenticated and verified by the Claims Team, a decision is taken as to whether the claim will be accepted or rejected.
- Payouts for accepted claims are generated and the beneficiary is sent an intimation as well as the payout.
Offline Claims Process:
- Policyholders can visit a Birla Sun Life Insurance branch or office and file a claim by filling out a Claim Form.
- The form and relevant documentation would be scrutinized and verified by the Claims Team, following which a decision would be taken.
- If the claim is accepted, the payout would be generated and released and the beneficiary would be intimated regarding the same.
Birla Sun Life Claim Settlement Ratio:
Birla Sun Life Insurance’s claim settlement ratio for the past two financial years is given below:
|Claim Settlement Ratio (%)||87.76||95.30||88.45||94.69|
|Total Premium (in crores)||4,833.05||5,233.22||5,579.71||5,723.96|
Documents Required for Birla SunLife Insurance:
Individuals who wish to purchase a Birla Sun Life Insurance policy are required to submit a list of documents to verify their identity and personal details. The documentation to be submitted is as follows:
- Recent passport-sized photograph.
- Proof of identity: any 1 of the below mentioned documents can be submitted towards proof of identity:
- Driving licence.
- PAN card.
- Aadhaar card.
- Voter’s identity card.
- Job card issued by NREGA, signed by a State Government officer.
- Proof of residence: Any one of the below mentioned documents are to be submitted towards proof of residence.
- Property tax or municipal tax receipt.
- Bank account or post office account statement.
- Rent agreement.
- Utility bills (electricity, gas, telephone) not more than 2 months old.
- Letter of allotment or accommodation from State or Central government, financial institutions or listed companies.
Checking Birla Sun Life Insurance Policy Status:
Checking the status of a Birla Sun Life Insurance policy has been made simpler and more convenient with the company offering policyholders a number of channels. Policyholders can check the status of their life insurance policy through the following methods mentioned below.
Checking Policy Status Online:
Policyholders can check the status of their Birla Sun Life Insurance policies online by registering on the insurer’s homepage.
On registration, policyholders can sign in to their accounts and click on the ‘Policy Details’ tab from the options listed.
The current status of the policy in question will be displayed onscreen.
Policyholders can also email the insurance company to receive details as to the status of their policies.
Policyholders will have to provide information such as the policyholder’s name, date of birth, address, policy number etc. in the email.
Checking Policy Status Offline:
Policyholders can also call on the toll-free number provided by Birla Sun Life Insurance to get details on the current status of their life insurance policies. The toll-free number is serviced during working hours from Monday to Friday.
Policyholders will have to provide their name, policy number and additional information for authentication purposes.
Birla Sun Life Insurance Online Payment:
To make it easier for policyholders to make their premium payments on time and ensure that the payment channel is secure, Birla Sun Life has introduced online premium payments. Through this channel, policyholders can make their premium payments wherever they are and ensure they do not miss a payment and incur a penalty.
Policyholders who wish to avail of this service can follow the procedure given below:
- Visit the Birla Sun Life Insurance website and click on the ‘Pay Premium’ option under the ‘Quick Links’ section.
- Enter the policy number and the insured’ date of birth, email address and mobile number and click on ‘Submit’.
- Confirm the amount to be paid as premium and choose a premium payment option.
- Complete the transaction through the selected payment option.
- An acknowledgement of the transaction will be displayed on screen, confirming the payment.
Birla Sun Life Insurance Premium Calculator:
Investing in life insurance is a long term plan for most policyholders, and comes at a significant cost in terms of premium payments. To ensure that policyholders are aware of the amount they would have to pay as premium throughout the policy term, Birla Sun Life Insurance has designed a premium calculator.
The calculator computes the amount that would have to be paid as premium for a particular policy based on certain factors and variables.
This helps individuals budget and plan for this regular expense, as well as pick policy terms that will suit their financial condition.
The Birla Sun Life Premium Calculator can be found on the insurer’s website and requires the individual to enter certain basic details such as date of birth, gender, desired life cover (in Rupees) and if they are a smoker/no-smoker.
The premium is then calculated based on the information provided.
Birla Sun Life Insurance Customer Care:
When it comes to insurance, post sales service can make or break the reputation of a company. Having complete understanding of this, Birla Sun Life has established a dedicated customer support team which is responsible only for assisting policyholder with all their policy related queries and grievances. In an effort to provide maximum convenience to their customers, the insurer has set up not only a special toll free helpline for customers within and outside India, but also set up an email ID where customers can direct all their policy related queries. Customers can also use the branch locator service on the website to find the nearest BSLI branch and meet a customer service team member. In addition to these services, BSLI has also set up a number of self-service options on their website for life insurance policy holders. Customers can easily manage all major aspects of their policy using options on the website such as payment of premiums, update contact details, change premium payment frequency, subscribe to receive e-statements, track their application, find out the claims procedure, subscribe to alerts, and give feedback. There is also on an online chat service where customer can submit their queries and will be offered immediate assistance.
Birla Sun Life Insurance FAQ’s:
Q. What is the minimum eligibility criteria when applying for a Birla Sun Life Insurance policy?
A. Following are the minimum eligibility criteria for a Birla Sun Life Insurance policy:
- Individual should be within the age range as defined by the policy.
- Individual should be able to make the premium payments for the policy tenure.
- Individual should meet any other requirements as defined by the policy in question.
Q. What is the procedure to renew my life insurance policy?
A. If you wish to renew your life insurance policy, you will have to make the premium payment and communicate the same to the company through email/a letter whereupon the policy will be renewed.
Q. How do I cancel my Birla Sun Life Insurance policy online?
A. You can cancel your Birla Sun Life Insurance policy online by filling in the Surrender Form and submitting it as well as ceasing all premium payments.
Q. How do I generate the e-receipt for my Birla Sun Life Insurance policy?
A. The e-receipt can be generated by filling in details requested in the ‘Premium Paid Certificate’ link, which can be found on the company’s homepage.
Q. How do I contact Birla Sun Life Insurance customer service?
A.The customer services team can be contacted through email, by calling on the toll-free number (1-800-270-7000) from Monday to Friday or by visiting a Birla Sun Life Insurance branch office.
Q. To whom is the claim amount paid?
A. Claim amounts are disbursed to the nominee/assignee/appointee under Birla Sun Life policies.
Q. How can a loan be taken against a Birla Sun Life policy?
A. Once the policy has acquired Surrender Value, a loan can be taken against it. Every policy has different loan amounts that can be taken depending on the policy.
Q. How is the NAV calculated for servicing requests?
A. NAV is calculated at the time of making valuation / purchase. It’s calculated on the same day as when you make a transaction request.
Q. What is a switch in terms of my ULIP, and how can I make use of this facility?
A. A switch is when you shift the existing units of the ULIP into a new fund, which does not change your premium allocation. In order to switch, you must:
- Update the fund information on the Birla Sun Life website using your CIP / TPIN.
- Submit a switch form signed by you.
- Call the company to take the switch request.
Q. What is a redirection in terms of my ULIP, and how can I make use of this facility?
A. Premium redirection enables you to change the allocation for all your future policy premium payments with your existing units being transferred to a new fund. In order to initiate a redirection, you must:
Update the fund information on the Birla Sun Life website using your CIP / TPIN.
Submit a redirection form signed by you.
Call the company to take the redirection request.
Q. What are the documents required to initiate a pay out?
- Duly filled Payout/Cancellation form.
- Original policy document (except in case of Withdrawal).
- Photo ID proof.
- Address proof.
- Cancelled cheque.
- Bank passbook/statement.
Q. Can riders be added to a policy that’s in force?
A. Riders can be added after the first policy year.
Q. What are the requirements to add a rider?
A. The following must be submitted to add a rider:
- A lett
- Letter from the policyholder.