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Birla Sun Life Insurance launches “Birla Sun Life Saral Jeevan Plan”,
a simple ULIP policy that provides immediate cover*. |
Mumbai, October 22nd, 2007
– Birla Sun Life Insurance Company Ltd., the pioneer of Unit Linked
Life Insurance plans amongst the private life insurers in India, today,
announced the launch of an innovative product, the “Birla Sun Life Saral Jeevan Plan”, a Unit Linked Life Insurance plan which provides immediate life insurance cover*, using a simplified process.
The unique features of Birla Sun Life Saral Jeevan Plan are:
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It is an “Over-the Counter” (OTC) Plan. Immediate life insurance cover*, made possible through process-simplification. |
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Process-simplification is based on special Risk-Mitigation Strategies developed in partnership with the re-insurers. |
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No medical tests. |
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Launch
of “Multiplier” fund option, which invests predominantly in mid cap
stocks, with an option to invest 30% in large cap stocks as well, in
order to diversify the portfolio. BSLI is an early entrant in the
mid cap segment for investments, amongst private life insurers. |
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100%
premium allocation – No premium allocation charge is deducted from the
policy premium. This means all of the policy premium will be invested
in the investment funds of your choice. Relevant charges deducted
as detailed in product brochure. |
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Commenting on the launch of the plan, Mr.Vikram Mehmi, President & CEO, BSLI said,
“With Birla Sun Life Saral
Jeevan Plan, we are reaching out to a wider market. In our
constant efforts to bring about product innovations, we are not just
reviewing product features but also life insurance inter-faces with
customers. We have examined aspects of our processes that can be
simplified to make purchase of a life insurance policy easier.
He further added,
“The simplification process has been brought about by closely working
with our re-insurers. We have developed special risk-mitigating
strategies that allow us to simplify the process. Birla Sun Life Saral
Jeevan Plan is an ‘over-the-counter’ plan launched with the objective
of simplifying the buying experience of the customer.”
Birla
Sun Life Saral Jeevan Plan has a simple 3-step process involving
completion of a simple application form, including signing the sales
illustration, agreement to insurability declaration, payment of policy
premium and submission of required documents. The customer then
gets a life insurance cover from BSLI immediately, through the issuance
of a cover note which is followed by a policy document (provided all
documentation is in order) (*conditions apply)
Birla
Sun Life Saral Jeevan Plan also offers an additional fund option, the
“Multiplier” fund, where investments are made pre-dominantly in mid cap
stocks, with an option to invest 30% in large cap stocks as well.
Over the long-term, mid-caps have the potential of generating superior
returns as compared to large-cap stocks. Since this segment is
relatively under researched, it offers an excellent opportunity, thus
enabling the spotting of winners ahead of the market. Policy holders
now have the option of diversifying their risk by allocating their
premiums in varying proportions among 8 fund options.
The key benefits of Birla Sun Life Saral Jeevan Plan are as follows:
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An easy and simple plan: An easy life insurance plan to buy due to simple processes. |
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Earn efficient returns – New Multiplier Fund:
Choose from a wide range of 8 fund options including the new Multiplier
fund for allocating your premiums, depending on your risk profile. |
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100% premium allocation:
No premium allocation charge is deducted from the policy premium. This
means all of the policy premium will be invested in the investment
funds of your choice. Relevant charges deducted as detailed in
product brochure. |
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Match your risk profile at every stage:
Free unlimited switches and premium redirection give you an opportunity
to always have control of your fund and optimize your returns. |
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Tax benefits: Avail of tax benefits under Section 80C and Section 10(10 D). |
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Choose your mode of premium payment:
Pay your premiums at your convenience through the various payment
options on an annual, semi-annual, quarterly or monthly mode. |
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Death benefit with a PLUS: Your nominee will receive both sum assured and fund value in the unfortunate event of death of the life insured. |
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Unmatched Liquidity:
Free unlimited partial withdrawals are allowed from your fund value
after 3 policy years. Also, zero surrender charges after 3 policy
years. |
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As on August 2007, BSLI’s new business premium stands at approximately
Rs.398 crores. This marks a 60% growth in new business premium over the
same period of the previous financial year.
The AUM for Birla Sun Life Insurance has crossed Rs.5100 crores as on
30th September 2007. BSLI’s premium persistency ratio is
97.7%. Its Outstanding Claims Ratio is 0.41%. The company’s
capital base is Rs.877 crores as on 26th September, 2007. BSLI has
shown an increase in market share over the last 6 months of the
financial year and has registered a strong performance growth over the
last few months. The “Maximiser” fund, a 100% equity fund
launched in June 2007, has performed well.
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| About Birla Sun Life Insurance |
Birla
Sun Life Insurance Company Limited is a joint venture between The
Aditya Birla Group, one of the largest business houses in India and Sun
Life Financial Inc., a leading international financial services
organisation. The local knowledge of the Aditya Birla Group
combined with the expertise of Sun Life Financial Inc., offers a
formidable protection for your future.
Birla
Sun Life Insurance (BSLI) in its 6 successful years of operations has
contributed significantly to the growth and development of the life
insurance industry in India. It pioneered the launch of Unit Linked
Life Insurance plans amongst the private players in India. It was the
first player in the industry to sell its policies through the
Bancassurance route and through the Internet. It was the first private
sector player to introduce a pure Term plan in the Indian market. This
was supported by sales practices, which brought a degree of
transparency that was entirely new to the market. The process of
getting sales illustrations signed by customers, offering a free look
period on all policies, which are now industry standards were
introduced by BSLI. Being a customer centric company, BSLI has invested
heavily in technology to build world class processing capabilities.
BSLI has covered more than a million lives since inception and its
customer base is spread across more than 1500 towns and cities in
India. All this has assisted the company in cementing its place amongst
the leaders in the industry in terms of new business premium income.
Additional information is available at www.birlasunlife.com |
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| About Aditya Birla Group |
The
Aditya Birla Group has a turnover close to Rs.49,440 crores (as on
March 31st, 2007) and is one of the largest business houses in India.
It enjoys a leadership position in all the sectors in which it
operates. With over 75 business units, spanning the South East Asian
belt, Africa, Canada and the UK among others, it is reckoned as India's
first multinational corporation. The group is anchored by 88,000
employees and has 7 lakh shareholders, with a market capitalization of
Rs.82,400 crores. In India, the Group has been adjudged “The Best
Employer in India and among the top 20 in Asia” by the Hewitt-Economic
Times and Wall Street Journal Study 2007
Additional information is available at www.adityabirla.com |
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| About Sun Life Financial Inc. |
Sun
Life Financial Inc. is a leading international financial services
organization providing a diverse range of wealth accumulation and
protection products and services to individuals and corporate
customers. Tracing its roots back to 1865, Sun Life Financial and its
partners today have operations in key markets worldwide, including
Canada, the United States, the United Kingdom, Hong Kong, the
Philippines, Japan, Indonesia, India, China and Bermuda. As of
March 31st, 2007, the Sun Life Financial group of companies had total
assets under management of US$386.82 billion. Sun Life Financial Inc.
trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock
exchanges under ticker symbol "SLF".
Additional information can be found at www.sunlife.com |
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For further information kindly contact:
Ms. Anjana Grewal,
Sr. Vice President - Marketing & Communication,
Birla Sun Life Insurance Company Limited, Ph: 022-6678 3333.
E-mail: anjana@birlasunlife.com |
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