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 95.30% for year 2014-2015
99.95% Grievances Settled for year 2014-2015
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
- Birla Sun Life Insurance Protection Plans:
The traditional plans denote pure life insurance policies wherein the insured pays a fixed low premium over the policy tenor, and receives high Sum Assured values. These plans are typically basic plans that pay out benefits only in case of the insured’s demise.
- BSLI Protector Plus Plan :The Protector Plus Plan is a pure term plan with high sum assured and affordable premiums which makes it ideal for those looking for affordable insurance plans which will protect their family’s future.
- BSLI Future Guard Plan : This plan offers the advantages of attractive sum assured with low premiums. It also comes with maturity benefits like return of 100% to 150% of the premiums paid.
- BSLI Easy Protect Plan : This is a traditional life insurance plan that provides flexible cover choices including constant as well as increasing term assurance amounts.
- BSLI [email protected] : This is a term insurance plan which offers flexibility in Sum Assured, tenor and other options so that all your insurance requirements are met.
- Birla Sun Life Investment Plans:
These plans involve the company investing your funds in mutual funds, or other financial instruments, so as to provide higher returns. According to the chosen product, the Sum Assured may be incremental, or benefits can be paid out in instalments. These plans typically have both maturity and death benefits.
- BSLI Vision MoneyBack Plus Plan : This is a traditional participating plan where regular liquidity is provided. Death and maturity benefits, along with guaranteed survival benefits are applicable.
- BSLI Vision LifeIncome Plan :The Vision LifeIncome Plan is another traditional participating plan that provides whole life cover along with a steady income. Survival benefits are payable from end of premium paying year up to maturity.
- BSLI Vision Endowment Plan : This plan is Ideal for ensuring secured savings in the future while receiving death and maturity benefits as applicable.
- BSLI Savings Plan :This is a plan that is meant to help save money while also allowing the funds to grow. It offers guaranteed additions in first 5 years of policy term. Death and maturity benefits are also provided under this plan.
- BSLI Vision LifeSecure Plan : This is a long term financial solution for your family, with death, maturity, terminal (if any), and accrued bonuses (if any) available.
- BSLI Income Assured Plan :The Income Assured Plan is a traditional non-participating term product that provides fixed guaranteed monthly income or lump sum benefits at end of fixed premium payment tenure.
- BSLI Vision Regular Returns Plan : A savings and life cover plan, the Vision Regular Returns Plan comes with death benefits and bonuses, apart from survival bonus paid out every year after completion of 5 years of the policies term.
- BSLI Vision Endowment Plus Plan :This is a savings plan meant to secure your dependents’ futures by giving attractive returns of premiums added with any accrued bonuses at the time of maturity.
- BSLI Guaranteed Future Plan :This plan offers the insured a guaranteed maturity benefits with high sum assured and death benefits, this plan will help in ensuring trouble-free finances for your loved ones.
- BSLI Wealth Max Plan : The Wealth Max Plan is a single premium ULIP plan with the option of choosing among 13 different fund types.
- BSLI Wealth Secure Plan : This plan offers a combination of whole life coverage and long term savings plans, with limited premium payment and options for partial withdrawals.
- BSLI Wealth Assure Plan : This is a combination of savings and protection plans, with maturity, death, and surrender benefits and guaranteed increments.
- BSLI Fortune Elite Plan : The Fortune Elite Plan provides the option for choosing between 3 premium investments options - self-managed option, return optimizer option, and systematic transfer option.
- Birla Sun Life Insurance Child Plans:
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.
BSLI Vision Star Plan :This is a life insurance policy that offers assured payouts, death benefits, maturity benefits, and terminal and regular bonuses that are provided for securing a child’s future.
- Birla Sun Life Pension Plans:
The retirement plans from Birla Sun Life 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 :The Empower Pension Plan is a non-participating, unit-linked plan that helps in accumulating premiums as well as returns on investments into a retirement corpus.
- BSLI Immediate Annuity Plan :This is meant for people looking to convert their savings into a guaranteed income source after retirement, with flexible options for payout frequencies.
- BSLI Empower Pension – SP Plan :the SP Plan is a non-participating unit linked plan with single premium payments. It also offers flexibility in managing the fund portfolio.
Birla Sun Life offers a host of products that can be used to secure your and your near and dear ones’ future. You can approach the nearest branch of Birla Sun Life to find out more about their products and apply accordingly. You can also apply online if the plan permits so. Riders may also be attached with products to provide benefits such as accidental death benefits, critical illness benefits, and more.
- Birla Sun Life Rural Plans:
- BSLI Bima Dhan Sanchay : An insurance plan that provides life cover and also returns the premiums paid in case of survival of the insured till the maturity period.
- BSLI Bima Suraksha Super : A simple insurance plan with an optional rider that provides the sum assured or death benefit to the nominee in case of the unfortunate death of the life insured.
- BSLI Bima Kavach Yojana : A rural life insurance plan with maturity, death and surrender benefits, with a maximum benefit of 100 times the premium amount paid.
- BSLI Grameen Jeevan Raksha Plan : The Grameen Jeevan Raksha plan offers customers a single premium non-linked, non-participating insurance policy that has been designed specifically for the rural areas.
- 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 Vision LifeIncome Plan : A traditional participating whole life insurance plan that provides you steady income and whole life cover. This policy offers a perfect mix of financial protection and income for you and your family.
- Group Value Plus Plan (Gratuity) : A group gratuity plan that allows an employer to select among five plan options in order to fulfil the gratuity obligations towards the employee. Each individual scheme or member’s plan can be easily modified allowing complete flexibility and an additional life cover for protection against an event of unfortunate demise.
- Group Unit Linked Plan (Gratuity) : A group gratuity plan with life cover for the members and offering market-linked returns on the investment options chosen by the policyholder.
- Group Unit Linked Plan (Leave Encashment) : A group plan with life cover for all employees and providing employer with the necessary fund source for leave encashment benefits. Market-linked returns allow for customised growth of funds.
- Group Value Plus Plan (Leave Encashment) : A group plan that allows employers to have a ready fund source for providing leave encashment benefits to the employee. With the flexibility of changing fund options for each member under each scheme, this plan also provides a comprehensive life cover.
- Group Asset Assure (Affinity) : With this plan, employers can assure their employees that in case of any unfortunate instance, their families would not have to bear the brunt of loan repayment.
Claims can be a problem at times and Birla Sun Life has a dedicated team to ensure that a claimant does not face any hassles.
Types of claims offered by Birla Sun Life
- Death Claim –This claim can be used by the nominee in case of death of the policyholder, subject to the policy being in force.
- Rider Claim – There are multiple types of rider claims one can choose from.
- Living Benefit Rider Claim – This rider claim includes critical illness, accidental dismemberment and waiver of premium. Accidental Dismemberment Rider provides a cover in case of loss of any body part. The Critical Illness Rider offers cover in case the holder is diagnosed with any serious medical condition. In case of the rider on waiver of premium all future premiums will be waived for certain conditions.
- Death Benefit Rider Claim – This includes accidental death benefit which covers death of a person by accident, Term Rider which offers an extra coverage to the beneficiary if the insured person dies while the rider is in force and waiver of premium.
- Early Claims – This applies to those policies which have not completed two years from the start or renewal date of the policy.
- Non Early Claims –This applies to those policies which have completed two years from the start or renewal date of the policy.
How to make a claim?
The team at Birla Sun Life Insurance has a streamlined process in place for claim settlements. A simple two step procedure is in place to ensure quick and timely settlements of claims.
- Intimation – The person who wishes to make a claim should give a written intimation to any Birla Sun Life Insurance branch. In case of death a copy of the death certificate should be provided along with the intimation. This information could also be directly sent to the head office of Birla Sun Life Insurance.
- Sending a notification –The Claims Department sends a notification letter to the claimant once the intimation of claim reaches them. This letter contains all necessary claim forms required for that particular claim and details of the branch which has been intimated about it.
The documents required to make a claim vary according to the type of claim being made.Normal Death Claim
- Copy of death certificate attested by authorised branch executive.
- Original Policy document or indemnity bond if policy document is lost.
- Claimant’s statement.
- Medical attendant’s certificate.
- Copy of medical reports.
- Legal requirements in case of any doubt in policy.
- If death occurs abroad a Death Abroad Questionnaire is to be filled.
- Attested copies of First Information Report (FIR), Post Mortem Report and Police Inquest Report.
- Original policy document and claimant’s statement.
- Documents pertaining to treatment in hospital.
- Examination by physician appointed by the company.
Birla Sun Life FAQs:
- 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.
News About Birla Sun Life Insurance
Aditya Birla Nuvo’s third quarter net profit rises 7.98 percent
Aditya Birla Nuvo has reported an increase in its net profit at Rs.397.53 crore for the third quarter. Last year they posted a consolidated net profit of Rs.368.14 crore in the same quarter. The net sales came down by 17.41 percent from last year. The life insurance revenue was Rs.1,189.55 crore. Telecom revenue was Rs.2,093.94 crore. Textile business revenue was Rs.333.06 crore. Agri business revenue was Rs.689.34 crore. The company also said that it is planning on investing Rs.150 crore towards the capital expenditure for its divisions.
12th February 2016
AB Nuvo to sell stake worth Rs 1,664 crore in insurance JV
Aditya Birla Nuvo on Tuesday said 23% stake worth Rs 1,664 crore will be sold in Birla Sun Life Insurance to substantially reduce its net debt as well as enhance the balance sheet to support their growth plans.
Canada's Sun Life Financial has proposed to increase its stake in the insurance joint venture Birla Sun Life Insurance (BLSI) to 49% from 26% with an investment of Rs 1,664 crore.
BLSI is majorly owned by Aditya Birla Nuvo Ltd (ABNL) and after the deal, it would stably hold the controlling stake in their joint venture at 51%.
ABNL mentioned in a filing that they made to the stock markets,"Proceeds from the stake sale in BSLI will reduce the net debt of ABNL substantially. Coupled with the free cash flow generation from divisions, the standalone balance sheet of ABNL will stand strengthened to support its growth plans," ABNL said in a filing made to the stock exchanges.
The deal, is expected to be completed by the end of 2015-16 fiscal year, subject to regulatory approvals.
9th December 2015
Sun Life Financial to invest more in Birla Sun Life Insurance (BSLI)
Sun Life Financial - one of the leading financial companies in Canada has decided to invest Rs. 1,664 crore in Birla Sun Life Insurance (BSLI). This move is taken to raise its stake from its previous 26% to 49%. Simultaneously, Aditya Birla Nuvo Limited has signed a contract with Sun Life Financial to sell nearly 437 million equity shares which constitutes 23 % of the paid-up equity share of Birla Sun Life Insurance. It is estimated that the 23% stake sale will raise ABNL Rs. 1,664 crore for ABNL and benefit Birla Sun Life Insurance as well. After the completion of this contract, Sun Life Financial’ stake in BSLI will go up to 49%. Birla Sun Life Insurance is one of the leading private life insurance companies in India providing various life insurance schemes with a current market share of 7.9% for the year ended in September, 2015.
3rd November 2015
Sun Life to raise its stake in Birla Sun Life
Canadian insurer Sun Life Financial Inc. is planning to raise its stake in its joint venture in India, Birla Sun Life Insurance. Asia contributed about 13 percent to Sun Life’s earnings in the second quarter.
Since the RBI has increased the proportion of foreign investment, insurance companies are creating an opening for Sun Life to expand its presence. Chief Executive, Dean Connor said that Sun Life wants to increase its stake in Birla Sun Life to 49 percent from the current 26 percent. Conner believes that the Asian business will be larger than their Canadian business.
Sun Life also owns 49 percent of Birla Sun Life Asset Management, it is the fourth largest mutual fund company in India. Sun Life shares went up to 4.9 percent on 6th August after the company reported a quarterly profit.
11th August 2015
Canada’s Sun Life set to up stakes in life insurance venture with Birla
Birla Sun Life Insurance Co. is set to see a change in its shareholding pattern with it’s foreign partner, Canada’s Sun Life, ready to enhance its holding in the company.
The recently amended Insurance Bill provides for higher FDI in insurance companies. Foreign players can now hold up to 49% of a life insurance company’s overall stake. Sun Life hopes to raise its stake up to the maximum limit allowed under the new law. While Sun Life currently holds 26%, which was the maximum allowed under the old law, Aditya Birla Nuvo Ltd. holds the remaining 74%.
Birla Sun Life, which has been in operations for over 15 years now, has Rs.30,000 crores as Assets Under Management (AUM). The Indian insurance industry is poised for growth with government-provided impetus and capital inflow from Sun Life will help the life insurance joint venture to capitalize on this.
7th May 2015
IBM & Birla Sun Life Insurance Sign 9 Year IT Outsourcing Deal
IBM and Birla Sun Life Insurance have signed a 9 year IT outsourcing deal which aims to take advantage of IBM’s cloud and mobility solutions to reduce costs, improve profitability and also increase revenue. The aim is to make BSLI work more in favour of customers and employees, to which end they will rely on IBM’s services in business consulting and application development and maintenance.
Mayank Bathwal, Dy. CEO of BSLI called the deal a winning partnership and said that Birla Sun Life Insurance will be able to benefit a lot from this deal and that this deal will help them keep up with and stay ahead in the insurance industry. Vanitha Narayanan, MD of IBM India, said that they were committed to helping transform the Banking Financial Services and Insurance industry in India and that this deal was one step in that direction. She also said that IBM will employ all of its global and local expertise to help BSLI expand.
6th February 2015
Insurance Regulatory and Development Authority Proposes New Rules to Safeguard Customers Buying Insurance
It is well known that some insurance agents will try to sell you policies that earn them the maximum commissioned and not ones which suit your needs. In light of this the Insurance Regulatory and Development Authority (IRDA) has proposed a new set of rules and guidelines that will promote more transparency and protect the interests of the customer during the sale of insurance products.
According to the new guidelines insurance agents will be required to disclose commision details should the customer ask for them and also tell customers the details of the premiums and any other policy related information that is asked for. They will also have to tell customers of similar products from other companies they represent and suggest the policy that is best for the customer.
These guidelines also make the insurers responsible for any mis-sales by their agents and may attract penalties of up to Rs. 1 crore if violations are discovered. The companies will also have to take responsibility of the agents and resolve conflicts without having to turn to and arbitrator for a solutions. They also suggest stricter hiring norms and background checks with the creation of a centralised list of agents who have been black-listed.
3rd February 2015
Focus on BFSI and Pharma Sector says Birla Sun Life’s Sashi Krishnan
Birla Sun Life’s CIO, Sashi Krishnan, speaking on investment opportunities in the stock market, described opportunities for returns from two major sectors viz. the BFSI and Pharma spaces. He talks about how the life insurance company’s own investment portfolio reflects the positive sentiments felt towards these sectors by featuring stocks of large banks and a few strong non-banking entities.
Reasons for a positive outlook on these sectors include falling interest rates, expected credit growth and improved asset quality in the banking sector and opportunities for large Indian companies in relation to US generics in the pharma sector. Additionally, he pointed out that deregulation in the oil marketing sector will bring in benefits over the next year.
These are the main sectors in which Birla Sun Life will be making incremental investments in the coming quarters.
28th January 2015
Life Insurers jostle over partnership with DCB
The current contract of the DCB bank with private life insurance player Birla Sun life Insurance is coming to an end. This has paved way for other insurance companies to queue up for a possible partnership with the bank.
Birla Sun Life Insurance has been a bancassurance partner of DCB since the year 2003. A ban assurance partnership helps insurance companies utilize the bank network in sensitizing people about their products and selling them. Since the RBI guidelines of letting banks act as insurance brokers, DCB is being approached by private insurance companies like Reliance, HDFC and MAX to act as their distribution partner.
According to DCB bank, the contract of the bank with Birla Sun Life insurance is coming to an end and as such the bank will now have a fresh look at all prospective partners and their associated pros and cons before deciding on one.
27th January 2015
Birla Sun Life Launches new Ad promising to support you through good and bad!
Insurance communication usually focusses on how susceptible we are to succumb under life’s adversities. Trying to break this trend, Birla Sun Life has come up with an amazingly strong advertisement that highlights the inner strength that human beings carry and how they can be used to overcome the biggest of obstacles.
The ad starts with a single father being told about his son having Autism. The ad progresses to show all the hurdles and challenges that he goes through in bringing him up. After a considerable time the father is shown enrolling his son into special program even when the cost is high while at the same time he loses his job since his company shuts down.
He returns home late only to find his son telling him that he was late. He takes a desk plaque which he has got for starting his new business. The ad film ends with a tagline that says, “Honi ko aap rok nahi sakte. Par honi bhiaap ko kaha roh sakegi. Apno ko, apne sapno ko karo surakshit.” (You cannot prevent the inevitable, nor can the inevitable stop you. Protect your loved ones and your dreams!) Birla Sun Life is extremely excited to embark on this new journey of brand value creation. The company wants to urge the Indian masses to kindle that fighting spirit that does not let anyone give up on his/her dreams in the face of adversities. The company wants to put across the message that growth and happiness are possible even in the midst of difficulties which are a given at some or the other point for almost all individuals.
19th January 2015