Birla Sun Life Insurance announces launch of BSLI SecurePlus Plan

BANKING / FINANCE

by Shrutee K/DNS

Mumbai, May 24, 2016: Birla Sun Life Insurance (BSLI), the life insurance arm of the Aditya Birla Financial Services Group (ABFSG), a significant non-bank financial services company, has announced the launch of BSLI SecurePlus Plan, a non-participating traditional insurance plan that provides customers a guaranteed second income (during the payment period) which is twice the annual premium paid along with a life cover.

Speaking on the launch, Pankaj Razdan, MD & CEO, Birla Sun Life Insurance said,  “At Birla Sun Life Insurance, our brand ethos is to help our customers self-realize and partner them co-create solutions that can help them achieve their financial objectives and secure their and their families well-being with us”. He further added “On this journey and promise of building a relationship of ‘Trust’ with our customers, our offering in the form of BSLI SecurePlus Plan is aimed at giving them a simple product offering that combines the best of both worlds, security of life cover on one hand and the guaranteed income, twice the premium paid on the other. This product helps customers multiply their money and earn 2x income on their premiums which can be used by the customer to meet several life goals. We hope that this offering will be able to touch the lives of our customers as they realize their protection needs with us.”

BSLI SecurePlus Plan offers life cover for the policyholder during the policy term. At the end of the policy term, this plan gives two Income benefits options. In option A the customer will receive increasing Income of 1x to 6x in 6 years . For example a customer who has paid Rs. 1 lac per annum for 12 years will receive Rs. 1 lac in 14^th year followed by 2 lacs, 3 lacs, 4 lacs, 5 lacs and 6 lacs in 15^th, 16^th, 17^th, 18^th and 19^th year respectively.  In Option B the customer shall receive double the premiums paid for 12 years. For instance customer who has paid Rs. 1 lac per annum for 12 years shall receive Rs. 2 lacs every year for 12 years starting from the 14^th year. The return in both these cases is totally tax free. In the event of premature death during the Payment Period, the Income Benefit Pay-outs as scheduled are provided to the nominee . The plan thus ensures that your family’s finances are protected even in your absence. The policy also offers life cover with sum assured ranging from 14.5 to 19 times the premium paid during the policy term. The policy has a built in accidental death benefit which ensures that the nominee receives double the sum assured.

BSLI SecurePlus Plan is best suited for individuals who are looking at life insurance as option to meet their dual needs to security and guaranteed income. This plan can help customers who are looking at securing their families financial well-being, looking at building a fund for themselves or their children's education and ensuring additional post-retirement income for themselves or their parents. This plan will be available for customers in all metros and tier I, tier II and tier II cities.

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Nuvo Limited, a leading Indian conglomerate, and Sun Life Financial Inc., one of the leading international financial services organisations from Canada.  BSLI ranks 4^th in India among the private life insurers in terms of annual premium equivalent, with a market share of 7.6% for FY16. During 2015-16, it recorded a gross premium income of Rs. 5, 580 Crore, registering a y-o-y growth of 7% and posted a net profit of Rs. 140 Crore. Its assets under Management at Rs. 30, 811 Crore as on FY 16. BSLI has a nation-wide distribution presence through 489 branches, 3 bancassurance partners, over 55,000 direct selling agents and more than 150 corporate agents and brokers. BSLI is meeting its growth capital and solvency requirements through internal accruals and has not required any capital infusion during past five years. The company offers a complete range of protection solutions, children's future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions. For more information, please visit www.insurance.birlasunlife.com.

Aditya Birla Financial Services Group (ABFSG) ranks among the top 5 fund managers in India (excluding LIC) with an AUM of INR 184,276 Crore as on 31^st March 2016. Having a strong presence across the life insurance, asset management, private equity, general insurance broking, wealth management, broking, online personal finance, housing finance, pension fund management and NBFC, ABFSG is committed to serve the end-to-end financial services needs of its retail and corporate customers. ABFSG is in the process of seeking a licence from IRDAI for launching health Insurance business in a joint venture with MMI Group of South Africa. As on FY16, ABFSG reported consolidated revenue from these businesses at Rs. 9,192 Crore and earnings before tax of Rs. 1,110 Crore. Anchored by about 11,500 employees and trusted by over 7.8 million customers, ABFSG has a nationwide reach through 1,350 points of presence and about 112,000 agents / channel partners. For more information, please visit www.abfsg.com.

Aditya Birla Nuvo Ltd. is a USD 4.4 billion conglomerate operating in the services and the manufacturing sectors, where it commands a leadership position. Its service sector businesses include Financial Services, Fashion & Lifestyle and Telecom. It is a leading player in Linen, Agri, Rayon and Insulators businesses. ABNL is foraying into the Health Insurance and the Solar Power businesses. It has received an in-principle approval from Reserve Bank of India to set up a Payments Bank in joint venture with Idea Cellular. For more information please visit www.adityabirlanuvo.com. Aditya Birla Nuvo is a part of the Aditya Birla Group, a USD 41 billion Indian multinational. The Aditya Birla Group is in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 36 countries across the globe. Over 50 per cent of its revenues flow from its overseas operations. For more information please visit www.adityabirla.com.

Sun Life Financial Inc, Canada is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2015, the Sun Life Financial group of companies had total assets under management of $891 billion. For more information please visit www.sunlife.com. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.