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| Key Emerging Trends in the Birla Sun Life Insurance policy holder base. |
Mumbai, March 27, 2008 :–
Birla Sun Life Insurance Company Ltd.(BSLI), the pioneer of Unit Linked
Life Insurance plans amongst the private life insurers in India, has
registered a 500% increase in its policy holder base since the year
2005.
An
analysis of its policyholders conducted by BSLI recently throws light
on three interesting trends amongst customers over the last three years
based on gender, age & income group, which are as follows:
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The
number of female BSLI policy holders has increased 5 times over the
last three years. The study reveals that more number of women are
owners of BSLI life insurance policies, as compared to those in
2005. The trend is therefore, that an increasing number of women
are buying BSLI policies. |
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There
has been a substantial rise of over 28% in the age group of customers
of 45 years and above. This is due to new plans brought out by
BSLI over the last one year that cater to higher age groups. |
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In
the income classification, number of customers with an annual income of
below Rs.1 lakh has shown a considerable increase from 25% as on 2005
to 33% as on 2008. This is largely due to BSLI’s
penetration into 2-tier & 3-tier towns & cities. |
“With
increasing awareness for life insurance, the customer base & mix is
changing rapidly. Birla Sun Life Insurance has been on a high growth
path & our research helps us identify market trends. The
report clearly shows how BSLI is emerging as the preferred life
insurance provider for higher age brackets. An increase in
customers in the less than 1 lakh income group validates our efforts in
increasing spread and reach. We are happy to note the increase in
number of women policy holders” said Mr.Vikram Mehmi, President & CEO, Birla Sun Life Insurance.
For YTD January 2008. BSLI’s New Business Premium stood at Rs.1259.20
crores, a 117% increase over same period last year. The AUM for
Birla Sun Life Insurance is in excess of Rs.6590 crores as on 29th
February, 2008. Its Outstanding Claims Ratio is 0.41%. BSLI
has a pan-India branch presence of 339 branches with over 1,00,000
advisors nationally, out of which over 500 advisors are members of the
prestigious Million Dollar Round Table (MDRT). BSLI has insured
over 2 million lives since inception, comprising over 1.5 million
through its individual business and the rest through its Group business.
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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 7 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 2 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 |
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The
Aditya Birla Group is a US $24 billion conglomerate with a market
capitalization of US $31.5 billion (as on 31st December 2007) and is
one of the largest business houses in India. It enjoys a leadership
position in all the sectors in which it operates. It is anchored
by a force of 100,000 employees, belonging to 25 nationalities. Its
operations span 20 countries across six continents and is reckoned as
India's first multinational corporation. Headquartered in Mumbai,
India, over 50 per cent of the Group’s revenues flow from its overseas
operations. The Group nurtures a work culture where success is built on
learning and innovation.
The Aditya
Birla Group was recently 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. |
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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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