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BIRLA SUN LIFE INSURANCE
BACHELOR OF COMMERCE
BANKING & INSURANCE
SEMESTER V1
(2012-13)
SUBMITTED BY:
PRANOTI S. MALVANKAR
ROLL NO.57
PROJECT GUIDE:
DR. DEELIP PALSAPURE
K.J SOMAIYA COLLEGE OF ARTS, & COMMERCE,
VIDYAVIHAR (EAST), MUMBAI-400077
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K.J SOMAIYA COLLEGE OF ARTS, & COMMERCE,
VIDYAVIHAR (EAST), MUMBAI-400077
PROJECT ON:
BIRLA SUNLIFE INSURANCE
BACHELOR OF COMMERCE
BANKING AND INSURANCE
SEMESTER V1
(2012-13)
SUBMITTED
In Partial Fulfillment of the requirements
For the award of the Degree of
Bachelor of Commerce-Banking & Insurance
By
PRANOTI S. MALVANKAR
ROLL NO.57
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K.J SOMAIYA COLLEGE OF ARTS,& COMMERCE,
VIDYAVIHAR (EAST), MUMBAI-400077
CERTIFICATE
This is to certify that MISS. PRANOTI S. MALVANKARof B.Com.Banking & Insurance Semester V1 (Academic Year) 2012-13 hassuccessfully Completed Project On BIRLA SUNLIFEINSURANCE under the guidance ofDR. DEELIP PALSAPURE
_________________ _________________
(Mrs. SMITA DAYAL) (Dr. SUDHA VYAS)Course Coordinator Principal
_________________ _________________Internal Examiner External Examiner
_________________(DR. DEELIP PALSAPURE)
Project Guide
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DECLARATION
I, Miss. PRANOTI S. MALVANKAR the student of B.Com-
Banking & Insurance-SemesterVI (2012-13) hereby declare that I
have completed Project on BIRLA SUNLIFE INSURANCE.
Wherever the data/information has been taken from any book or
other sources have been mentioned in bibliography.
The information submitted is true and original to the best of my
knowledge
Students signature
_____________________
PRANOTI S. MALVANKAR
(ROLL NO.57)
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ACKNOWLEDGEMENT
On the event of completion of my project BIRLA SUNLIFE INSURANCE.I take the opportunity to express my deep sense of gratitude towards all those
people without whose guidance, inspiration, & timely help this project would
have never seen the light of day.
Heartily thanks to Mumbai University for giving me the opportunity to work
on this project. I would also like to thank my principal Dr. SUDHA VYAS for
giving us this brilliant opportunity to work on this project.
Any accomplishment requires the efforts of many peoples and this project isnot different. I find great pleasure in expressing my deepest sense of gratitude
Towards my project guide DR. DEELIP PALSAPUR. Whose guidance &
inspiration right from the conceptualization to the finishing stages proves to
be very essential & valuable in completion of the completion of the project. I
would like to thank library staff, all my classmates, & friends for their
invaluable suggestions & guidance for my project work.
Lastly I would like to thanks my parents without whose consent & support it
would have not been possible for me to this project.
Student Signature
______________
PRANOTI S. MALVANKAR
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SR.NO TOPIC PAGE
NO
1. EXECUTIVE SUMMARY 1
2. INTRODUCTION 2
3. LIFE INSURANCE 4
4. COMPANY PROFILE 6
5. VISION, MISSION AND VALUES 10
6. LIFE INSURANCE ARM OF BIRLA SUNLIFE INSURANCE 11
7. SWOT ANALYSIS 14
8. KEY PEOPLE OF ORGANISATION 16
9. DETAILS OF PRODUCTS 18
10. RECENT PRODUCTS LAUNCHED BY BIRLA SUNLIFE 46
11. SALES PROCEDURE OF INSURANCE IN BIRLA SUNLIFE
INSURANCE
55
12. CONCLUSION 58
13. RECOMMENDATIONS 59
14. BIBLIOGRAPHY 60
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Birla Sun Life Insurance
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EXECUTIVE SUMMARY
The Aditya Birla Group is led by its chairman- Mr. Kumar Manglam Birla. The Group has over
88000 employees across all its units worldwide. Some of the key organizations with the group
are Hindalco, Grasim, Aditya Birla Nuvo, etc. BSLI has contributed to the growth and
development of the Indian life insurance industry and currently is one of the leading life
insurance companies in the country
Birla Sun Life Insurance Company Limited operates as a private life insurance company in India.
It offers linked and non-linked life insurance, protection solutions, childrens future solutions,
health and wellness, retirement, and riders solutions; wealth with protection plans; rural
solutions; and NRI solutions. The company markets its products to individual, health, and group
businesses through individual agents, corporate agents, banks, brokers, and other intermediaries.
The company was founded in 2000 and is headquartered in Mumbai, India. Birla Sun Life
Insurance Company Limited is a subsidiary of Aditya Birla Nuvo Limited.
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INTRODUCTION
Insurance, in law and economics, is a form of risk management primarily used to hedge
against the riskof a contingent loss. Insurance is defined as the equitable transfer of the risk of a
loss, from one entity to another, in exchange for a premium. An insurer is a company selling the
insurance. The insurance rate is a factor used to determine the amount, called the premium, to
be charged for a certain amount of insurance coverage. Risk management, the practice of
appraising and controlling risk, has evolved as a discrete field of study and practice.
The evolution of human beings from the primordial wild stage to the cave dwelling stage is
nothing but their saga of search for security. Their quest for security is eternal. Life insurance is
a device invented by them to seek security against the most important hazards against which they
found themselves quite helpless. It will not be an exaggeration to say that progress of civilization
is due to human beings unending pursuit for security.
Life insurance in its modern form is a western concept. Although it started taking shape since
last 300 years, it came to India with the arrival of the Europeans .the first life insurance company
was established in India in 1818 as oriental life insurance company mainly by Europeans to
provide for widows of Europeans. The companies that followed mainly catered to Europeans and
charge extra premium on Indians lives. The first Indian company, insuring Indian lives at
standard rates, was Bombay mutual life insurance company, which was formed in 1870.this was
the year also when the first Insurance Act was passed by the British parliament. The years
subsequent to the Swedishi Movement saw the emerging of several insurance companies.
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The end of the year 1955, there were 245 insurance companies and provident societies out of
which 16 were non-Indian companies. These companies were nationalized in 1956 and brought
under one umbrellathe life insurance corporation of India, which enjoyed monopoly of life
insurance business, till almost up to the end of year 2000.By enacting the IRDA Act 2000,the
government of India effectively ended LICs monopoly and opened the doors for private
insurance companies
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LIFE INSURANCE
Life InsurancePolicy is a form of security for the person who insures his life and his family.
Life insurance policies have helped trade and other economic activities to flourish in a great
manner. It has generated lots of job opportunities. It is looked upon as a lucrative career option.
Life insurance companies have also entered the international business scenario.
The following reasons substantiate why a life insurance policy should be taken:
A) Early Deaths
The mortality rate is experiencing a declining trend in many parts of the world. However it is
also important to note that the age at which People die is also ever decreasing. Some reasons for
this include unhealthy living style, stress, pollution, and some natural calamities. This
necessitates people to make adequate measures to yield income for their family and dependents.
This could be a serious concern if the insured happens to be the sole breadwinner. Some
individuals see this as an option to plan their retirement.
B) Advancements in Health Care
The mortality rate has declined rapidly even though the fact remains that the number of people
who die at an early age is on the increase. This is mainly due to the advancement in healthcare
and the awareness on medical facilities. This results in an increased spending at an old age. This
increased spending is also due to increase in the costs of living apart from paying expensive
medical bills. Unless they invest in Life insurance or other forms of insurance like health
insurance it becomes next only too impossible to meet the financial demands especially during
the old days.
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C) Increase in the Cost of Living and Spending Power
The purchasing power of the consumers and the standard of living has experienced a steep rise
over the years. The increase in National Income and gross domestic product are Partly
responsible for this. Individuals incur many unexpected expenses due to the growing needs.
Insurance comes in handy to meet such an unexpected expense. It also
Makes sure that an individual is able to meticulously plan his finances.
Insurance option is more or less an interest free loan. An individual can cancel his insurance
policy and obtain a huge amount if it is imperative in meeting an urgent expenses and he does
not have alternative sources for finance. Life insurance companies therefore do the needful to
consumers.
D) Tax Concessions
Income tax concessions are available to individuals and corporate houses that adopt insurance
policies. Many have been making investments in Insurance with the sole aim of enjoying tax
benefits. This naturally increases spending power. Since the investments increases the economic
activities in the country automatically increases.
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Birla Sun Life Insurance
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COMPANY PROFILE
Birla Sun LifeA Coming Together Of Values
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla
Group 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 value proposition to customers.
Sun Life Financial and its partners today have operations in key markets worldwide, including
India, Canada, the United States, the United Kingdom, Hong Kong, Philippines, Japan,
Indonesia, China and Bermuda. Sun Life Financial Inc. had assets under management of over
US$ 386.82 billion, as on 31 March 2007. Sun Life Financial Inc. is a leading performer in the
life insurance market in Canada.
BSLI in its five 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
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its policies through the Bank assurance route and through the internet. It was also 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 one and a half million lives since inception
and its customer base is spread across 100 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. Birla Sun Life Insurance (BSLI), one of the leading private life insurers in India today
announced the inimitable achiever, cricketer Kapil Dev as their corporate brand ambassador.
Birla Sun Life Insurance is a value-driven brand which has a national brand recall of 70 per cent.
The objective of appointing a brand ambassador is to grow its brand recall as it goes national in
its distribution reach and fuel business growth. As a brand ambassador, Kapil Dev will play a
key role in the brand and product marketing and promotional activities. BSLI has always used an
integrated marketing approach, which will be strengthened further.
Commenting on the association with Kapil Dev, Mr. S. K. Mitra, Director, Financial Services,
Aditya Birla Group and currently incharge of BSLI expressed, "The Birla Sun Life Insurance
business distribution network is national in nature covering more than 1000 points across the
country .We have made our entry in several tier I and tier II towns. It is therefore very important
for the brand to connect at the grassroot level and create trust. We believe that our association
with Kapil Dev as our brand ambassador will help us create this connect in a shorter period of
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time. We therefore now have two strong connects our parent brand Birla and our brand
ambassador Kapil Dev".
About Birla Sun Life Insurance
Birla Sun Life Insurance (BSLI), in its five 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 banc assurance 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 and 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 1000 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. The company's current capital base is Rs.520 crore.
About the Aditya Birla Group
The Aditya Birla Group has a turnover close to Rs.38,000 crore (as on 31 March 2008) 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.
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About Sun Life Financial Inc.
Sun Life Financial Inc. is a leading international financial services organisation 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 31
March 2008, the Sun Life Financial group of companies had total assets under management of
US$343billion.
Share Holding Pattern:
In Birla-Sun Life, the two companies are having shareholding pattern as follows:
74 %--> Aditya Birla Group
26 %--> Sun Life Financial Inc.
The group has 3 businesses:
1. Mutual Funds2. Wealth Management3. Life
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VISION
To be a world class provider of financial security to individuals and corporates and to be
amongst the top three private sector life insurance companies in India
MISSION
To be the first preference of our customers by providing innovative, need based life insurance
and retirement solutions to individuals as well as corporates. These solutions will be made
available by well-trained professionals through a multi channel distribution network and superior
technology.
Our endeavour will be to provide constant value addition to customers throughout their
relationship with us, within the regulatory framework. We will provide career development
opportunities to our employees and the highest possible returns to our shareholders.
VALUES
Integrity: Honesty in every action. Commitment: Deliver on the promise. Passion: Energized action. Seamlessness: Boundary less in letter and credit. Speed: One step ahead alwa
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Birla Sun Life Insurance co ltd. is the Life-Insurance arm of Birla-Sun Life
Birla Sun Life Insurance in its 7 successful years of operations has contributed significantly to
the growth and development of 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 covered more than a million lives since inception and its customer base is
spread across more than 1000 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. The company has a capital base of more than Rs.672 crores.
Many ONEs with Birla Sun Life Insurance:
BSLI is a company that has a very unique contribution in the history of Insurance sector. The
company not only has varying plans and funds, rather also is a pioneer in many aspects. These
pioneering features of BSLI are as follows:
1. Free Look Period: BSLI offers its policyholders with a free look period of 15 days.Client gets freedom to have an in-depth look over all the terms and conditions regarding
his/her life-insurance policy. If he finds policy not worth opting for, he can also return the
policy, but at BSLI, co. people ensures this not to happen.
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2. Bancassurance: BSLI pioneered Bancassurance in India. Bancassurance means toinclude Banks as one of the distribution channels with the company. BSLI is the first
company, which realized that banks, with their huge customer base and strong customer
loyalty, are a readymade platform to acquire new business on a more cost effective and
sustainable basis.
3. Unit Linked Life Insurance Plans: BSLI was the first in India to introduce Unit LinkedPlans. A ULIP is an auspicious coming together of security from life
4. insurance and earnings from investment. Which means, apart from securing the futurethey offer efficient returns. These plans provide the customer with a certain number of
units, in the same way as a mutual-fund holder gets units. ULIPs offer market-linked
returns to policyholders.
5. Sales Illustrations: BSLI is the first company to introduce Sales Illustrations in theInsurance Industry. Sales people of BSLI give demonstrations of fund
6. Performance on two points of projections i.e. on 6% and 10%. Now IRDA has also madeit mandatory to have sales illustrations.
BSLIs has launched Century SIP, a unique systematic investment plan offering an
opportunity to create wealth with as little as Rs 1000 per month plus a life insurance cover of up
to 100 times the monthly installment.
This plan comes along with free term insurance for an individual up to 55 years of age.
The life insurance cover comes at no extra cost to the investor. The cover is hassle free. The
investor need not go thru any medial test to avail of the life cover. All an investor needs to do is
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enroll for CSIP & sign a Declaration of Good Health. In case of unfortunate demise of investor
the insurance claim will be directly paid to the nominee by the insurance company (Birla Sun
Life Insurance Company).
Announcing the launch of Century SIP, Anil Kumar, CEO, and Birla Sun Life MF said,
This offering touches all aspects of an investors financial planning needs. We wish to
encourage the investment habit among investors by providing them life insurance cover.
Insurance cover to the investor would continue even after the SIPs minimum maturity tenor of 3
years. Any individual between 18 to 46 years of age may invest in this plan. Investment in this
plan may be made through Electronic clearing system (ECS), direct debits or post dated cheques.
7. Others: Some other ONEs with BSLI are: 1st to issue daily NAVs of funds for better transparency. 1st to have a distinct CRISIL benchmark. 1st to disclose portfolio on a monthly basis. Policyholders can view their policy details online; they can be accessed from
BSLI website using your unique password.
Out of every 100 claims intimated to BSLI 98.28 stands cleared. Also the average Turn Around Time (TAT) :
(i) From the receipt of the last requirement till dispatch of cheque is 5days and
(ii) From intimation of claim till its decision & dispatch of cheque is 36day
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SWOT ANALYSIS
STRENGTH :
Multi-channel distribution and one of the largest distribution networksin India.
Implementing Six-Sigma process. Customer centric products and services. Superior investment and risk management framework 1 Million Policies sold within 3 and half years. Company has maximum number of MDRT as well as good number of
HNI advisors.
Training process of the company is very strong. Different plan for different peoples According to the change in surrounding environment like changes in
customer requirement.
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WEAKNESS:
COMPANY does not penetrate on the rural market at a time. There is no plan for the low income group. Fees for the advisor is high than the other company.
OPPORTUNITY:
Insurance market is very big, where company can expand its horizon ininsurance industry.
Though good investment and insur ance it is easy to top Indian customers.
The huge insurance market (77%) is left so company has opportunity toexpand our products.
To associate with the more number of HNI.
THREATS:
OLD HABITS DIE HARD: Its still difficult task to win the confidence ofpublic towards private company.
The company is facing major threats from LIC -which is an onlygovernment company.
Plans for all income groups is not available which can create adverse effect later
on the market share of the company.
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BOARD OF DIRECTORS
MR. DONALD A. STEWART retiredfrom the position of Chief Executive
Officer of Sun Life Financial onNovember 30, 2011
Mr. Kumar Mangalam Birla
Mr. Ajay Srinivasan
Mr. Jayant Dua
Mr. Bishwanath Puranmalka
Mr. Kevin Strain
Mr. Gian Gupta
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DETAILS OF PRODUCTS
Individual Life
Protection
Birla Sun Life Term Plan
Premium Back Term Plan
Retirement
Flexi Secure Life Retirement Plan II
Children
Children's Dream Plan
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Saving
Birla Sun Life Insurance Gold-Plus
Supreme Life
Dream Plan
Classic Life Premier
Simply Life
Prime Life Premier
Prime Life
Life Companion
Flexi Cash Flow
Flexi Save Plus
Flexi Life Line
Single Premium Bond
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Rural
Bima Kavach Yojana
Riders
Accidental Death and Dismemberment Rider
Term Rider
Critical Illness Rider
Waiver of Premium
Critical Illness Plus Rider
Critical Illness - Woman Rider
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Retirement
Our Retirement Plans allow you to meet your expenses and build a nest egg, which gives you the
freedom to live life to the fullest even after retirement.
The post retirement years can be the best years of your life. Time to do things you couldn't have
done while you were working. A right financial planning makes your post retirement years truly
golden . Our Sun Life secure Life II assures you just that.
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PRODUCTS
Life is unpredictable. But in face of adversity, our responsibilities
towards our parents, children and loved ones need not be compromised.
Insurance planning equips you to smooth out the uncertainties and adversities
that life might send your way, so that the best that life has to offer, secure in the
knowledge that your beloved ones are well provided for. BSLI offers a
complete range of insurance products
1.Protection Plans
2.Savings Plans
3.Child Plans
4.Investment Plans
5.Retirement Plans
6.Group Plans
7.Rural Plans
8.Plans for NRIs
9.Keyman Plans
Insurance Plans
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BSLI offers LifeGuard - a set of pure protection plans. Choose from amongst
three different product structures to insure your life and provid e total security to
your family, at a very affordable cost.
Level Term Assurance with return of premium
On death the entire sum assured will be paid.
On maturity, all the premiums paid will be returned.
Level Term Assurance without return of premium
On death the entire sum assured will be paid.
No survival or maturity benefits.
You can also enhance the above two policies by adding Accident & Disability
Benefit Riderand Waiver of Premium Rider (WOP).
Level Term Assurance - Single pr emium:
On death the entire sum assured will be paid. No survival or maturity benefits
Protection Plans
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BSLI offers a variety of policies that give you the benefits of protection and the
opportunity to save for important assets or events, like a home, a car or a
wedding.
A regular premium unit-linked insurance plan with an assurance of Capital
Guarantee with the added advantage of flexible liquidity option. An ideal plan
for long term planning with the benefit of liquidity.
The key features of the plan are:
Flexibility to choose a specific level of protection (Sum Assured), basedon a multiple of the annual premium. You can also choose the term of the
plan.
At the end of the term, the higher of the value of units or the guaranteedvalue is paid. On death, Sum Assured along with the higher of value of
units or the guaranteed value is payable.
Facility to make withdrawals from the 6th policy year onwards till theend of the policy term. Every year withdraw up to 10% of the value of
units.
Additional credits payable as a percentage of the initial annual premiumare paid along with the death or maturity benefit.
Savings Plans
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Additional insurance for 10 years after the maturity, for an amount of50% of the Sum Assured.
Flexibility to make additional investment with the help of the top-upfacility.
Flexibility to increase / decrease your annual premiu m amount Facility of Automatic Premium Payment- With this facility you can take a
temporary break from premium payment. **
Total transparency with the premium allocations, and other chargesdeclared upfront.
The guaranteed value of the unit fund is the value of all investedpremiums (premiums net of all charges) along with the declared bonus
interests.
With Automatic Premium Payment facility, you can avail a temporary break
from premium payment for a maximum of 1 year. This facility is available
once if the premium paying term is less than 15 years and twice, if it is 15
years or more.
You can also enhance your policy by adding Accident & Disability Benefit
Rider, Waiver of Premium Rider and Critical Illness Rider.
A regular premium unit-linked insurance plan with an assurance of Capital
Guarantee. An ideal plan for your long-term savings and protection requirement.
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The key features of the plan are :
Flexibility to choose a specific level of protection ( Sum Assured), based ona multiple of the annual premium. You can also choose the term of the plan.
At the end of the term, the higher of the value of units or the guaranteedvalue* is paid. On death, Sum Assured along with the higher of value of
units or the guaranteed value is payable
Additional credits payable as a percentage of the initial annual premium arepaid along with the death or maturity benefit.
Additional insurance for 10 years after the maturity, for an amount of 50% ofthe Sum Assured.
Flexibility to make additional investment with the help of the top-upfacility.
Flexibility to increase / decrease your annual premium amount Facility of Automatic Premium Payment- With this facility you can take a
temporary break from premium payment.
Total transparency with the premium allocations, and other charges declaredupfront.
The guaranteed value of the unit fund is the value of all invested premiums
(premiums net of all charges) along with the declared bonus interests.
With Automatic Premium Payment facility, you can avail a temporary break
from premium payment for a maximum of 1 year. This facility is available
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once if the premium paying term is less than 15 years and twice, if it is 15
years or more.
The capital guarantee is applicable only on the invested premium and the
declared bonus interests.
You can also enhance your policy by adding Accident & Disability Benefit
Rider, Waiver of Premium Rider and Critical Illness Rider.
A unit-linked insurance plan with an assurance of Capital Guarantee which
offers you the benefit of a limited premium payment term. An ideal plan for
protection with wealth creation that offers the flexibility of a limited premium
paying term.
Flexibility to choose a premium payment term of 5, 7 or 10 years for amaturity term of 10, 15 or 20 years respectively.
Flexibility to choose a specific level of protection (Sum Assured), based on amultiple of the annual premium.
At the end of the term (maturity), the higher of the value of units or theguaranteed value* is paid. On death, Sum Assured along with the higher of
value of units or the guaranteed value is payable.
Additional credits payable as a percentage of the initial annual premium arepaid along with the death or maturity benefit.
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Facility to make withdrawals from the 6th policy year onwards till the end ofthe policy term. Every year withdraw up to 10% of the value of units
Flexibility to make additional investment with the help of the top-up facility. Flexibility to increase / decrease your annual premium amount Total transparency with the premium allocations, and other charges declared
upfront.
The guaranteed value of the unit fund is the value of all invested premiums(premiums net of all charges) along with the declared bonus interests.
The capital guarantee is applicable only on the invested premium and the
declared bonus interests.
You can also enhance your policy by adding Accident & Disability Benefit
Rider and Critical Illness Rider.
Presenting Premier Life The Preferred plan for the Preferred Customer. The
key features of the plan are:
Limited premium payment option: Choose from among a 3, 5, 7 or 10 yearpremium payi ng term.
Choice of sum assured: Choose a sum assured, which is a minimum multipleof 1 and a maximum multiple of 25 times the annual contribution.
Additional allocation of units on a periodic basis. Facility to top-up your investment an y time you have surplus funds.
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Choose from among four funds, based on your investment objective and riskappetite.
Choice to switch between investments options (4 free switches every policyyear).
Flexibility to decrease your sum assured.
Add-on riders to protect you against any eventuality. Loans against the policy.
You can also enhance your policy by adding Critical Illness Rider, Accident &
Disability Benefit Rider.
Presenting Life Timeunitlinked plans that meets your changing needs over a lifetime. These
solutions have been developed to meet your savings, protection and investment needs at every
stage in life.
Protection
Choose a specified level of protection (availabl e only with LifeTime). Two levels of Sum Assured to choose from (available only with LifeTime II). Flexibility to increase or decrease your sum assured . Add-on riders to protect you against any eventuality.
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Savings
Flexibility to increase or decrease your contribution. Facility of Premium Holiday, wherein the policy continues even if there is a
temporary break in the payment of annual contribution (available only with
Life Time).
Facility of Automatic Cover Continuance, wherein the policy continues evenif there is a temporary break in the payment of annual contribution
Facility to top-up your investment an y time you have surplus funds. Additional allocation of units on a periodic basis. Loans against the policy.
Investment:
Choose from among four funds, based on your investment objective and riskappetite.
Choice to switch between investments options (4 free switches every policyyear).
You can also enhance your policy by adding Critical Illness Rider, Major
Surgical Assistance Rider, Accident & Disability Benefit Rider, Accident
Benefit Rider (available onl y with Life Time) and Waiver of Premium Rider
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.
An insurance plan that gives added protection, savings and multiple options, all
in one!
The flexibility to choose your premium contribution. The flexibility to choose amongst three levels of cover (in the form of sum
assured) for the same amount of total annual contribution.
The flexibility of shifting between the three l evels of cover, as you require. The flexibility of receiving your maturity proceeds as a lump sum or in equal
annual installments over 3 or 5 years.
You can also enhance your policy by adding Variety of Riders
An insurance plan that gives you added protection, savings, multiple options,
plus the power of liquidity.
The flexibility to choose your premium contribution. The flexibility to choose amongst three levels of cover (in the form of sum
assured) for the same amount of total annual contribution.
The flexibility of shifting between the three levels of cover, as you require . The flexibility of receiving your maturity proceeds as a lump sum or in equal
annual installments over 3 or 5 years.
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The flexibility of withdrawing up to 10% of the accumulated value of yourpolicy, after the first 5 policy years.
You can also enhance your policy by adding Variety of Riders
An ideal plan for those who want to accumulate funds on a regular basis while
enjoying insurance protection.
Guaranteed Benefits: Guaranteed additions @ 3.5% of the Sum Assured,compounded annu ally for the first 4 years of the policy.
Extended Life Cover: An extended cover for 5 years after the maturity of thepolicy, for 50% of the sum assured, at no extra cost.
Maturity Benefit: At the end of the term, the policyholder receives the fullsum assured, the guaranteed additions and the vested bonuses.
Death Benefit: The beneficiary receives the sum assured, the guaranteedadditions and the vested bonuses incase the life assured were to meet with an
unfortunate event. In case the life assured is aged 7 years or less, the basic
premium paid wil l be returned.
You can also enhance your policy by adding Critical Illness Rider, Major
Surgical Assistance Rider, Accident & Disability Benefit Rider, Waiver of
Premium Rider (WOP)
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As a responsible parent, you will always strive to ensure a hassle-free,
successful life for your child. However, life is full of Uncertainties and even the
best-laid plans can go wrong. Heres how you can give your child a 100% safe
and assured tomorrow, whatever the uncertainties. Smart Kid is especially
designed to provide flexibility and safeguard your childs future education and
lifestyle, taking all possibilities into account. Choose from amongst a basket of
4 plans:
Smart Kid regular premium Smart Kid unit-linked regular premium Smart Kid unit-linked regular premium II Smart Kid unit-linked single premium II
Child Plans
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All these plans offer you:
Financial Benefits: Regular payments at critical stages in your childslife, like Board examinations, Graduation and Post-graduation.
Total peace of mind, even if you are not around Sum Assured is paid immediately: Ensures that your loved ones stay
financially secure, even in your absence.
All future premiums are waived: Ensuring that your family is notfinancially burdened in your absence.
Policy benefits continue: The educational benefits of the policy continue,ensuring that your child can realize his or her dreams without an y hassles.
Development Allowance: Smart Kid guarantees regular income to secure
your childs educational career and also ensures his or her all -round
development, for a nominal additional amount. The Income Benefit Rider
takes care of this through an annual payment of 10% of the sum assured,
to your child, till the maturity of the policy, in the unfortunate event of
the death of the parent.
All SmartKid plans can be enhanced with the Accident & Disability
Benefit Rider and Income Benefit Rider. You can also an Accident
Benefit Rider to a SmartKid Regular Premium policy, and a Waiver of
Premium Rider (WOP) to SmartKid unit-linked regular premium policy.
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Life Link II is a unique plan that combines the security of a life insurance
policy with the opportunity of enjoying high returns on yo ur investments,
without the market risks compromising on the protection of your family!
Death Benefit: The Sum Assured under the product has 2 options, either 500%
of the initial premium or 105% of the initial premium. In the event of an
unfortunate death, the be neficiary will receive higher of the value o f units or the
initial death benefit, less any withdrawals.
Withdrawal Benefit: One can make partial withdrawals from the accumulated
value of the policy after completion of one polic y year.
Flexibility: Choose from four fund options, based on your investment objective
and risk appetite. If at a later stage your financial priorities change, you can
switch between the various fund options, absolut ely free, 4 times a year.
Investment Plans
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Life Expectancy has been rising rapidly and today you can expect to live
longer than your earlier generations. For you, this increase will mean a longer
retirement life, stretching into a couple of decades. BSLI Retirement Solutions
that combine the best of insurance and investment. These solutions are
developed to ensure your peace of mind for the years to come.
1. Why plan for retirement?2. How much should I set aside for retirement?3. The impact of inflation on your retirement savings4. Why plan early?5. About Annuities
Why plan for retirement?
For too many people, the joy of retirement after years of hard work is
eclipsed by the financial uncertainties that it brings. Despite all the planning
and saving, you can never sure whether your money will last a lifetime.
Retirement planning offers a way to ensure a more enjoyable, stress free
tomorrow. A prudent plan will ensure that increasing life expectancy, higher
inflation and increasing taxes do not eat awa y into your hard earned savings.
Retirement Plans
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How much must I set aside for retirement?
To ensure a comfortable retired life, you would be wise to invest money
into additional avenues like pension plans. How much you need to invest can be
answered by answering some questions such as:
1. How long do you have to save th at amount before retirement?2. Where can you invest your retirement mone y?3. How much risk are you willing to take on your investments?
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In an era of competitive parity, the only asset that makes a decisive difference
between corporate success and failure is the quality of human capital. Employee
benefits have proven to be an excellent tool to optimize the retention of talent
and improve an organizations bottom - line. The quality of an organizations
employee benefits establishes and maintains a company's image as a caring
employer. Optimum care of employees is a long-term investment that results in a
sustained competitive advantage for an organization in the times to come.
BSLI Group Solutions Advantage:
An integrated basket of employee benefits solutions that offerincomparable flexible benefits.
Sound investment management that focuses on safety, stability andprofitabil ity of the portfolio.
Personalized financial planning for your employee that takes care ofhis/her changing financial needs at every stage of life.
Quality service initiatives and transparency across all operations,promising superlative operational efficiency.
Group Solutions
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Group Term Assurance : Helps provide affordable cover to members of a
group.
Group Gratuity Plan : Helps employers fund their statutory gratuity obligation
in a flexible and hassle-free manner.
Group Superannuation Plan : A flexible scheme (defined benefit and defined
contribution) to provide a retirement kitty for each member of the group.
Group Term Assurance:
BSLI flexible group term solution helps provide affordable cover to
members of a group. The cover could be uniform or based on designation/rank
or a multiple of salary, and can be extended to all employees between the ages
of 18 and 65 years. The benefit under the policy is paid on the event of the
members death to the beneficiary nominated by the member. It is a one -year
renewable policy where one master policy covers all proposed employees
comprising the group, with a minimum group size of 25 persons. New members
can join the group and outgoing members can leave the group at any point
during the policy term.
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Highlights include:
Greater convenience for the employees with relaxed underwriting andmedical requirements.
"Free Cover Limits" with simplified underwriting depending upon thenumber of employees in the group and the level of cover chosen.
Guaranteed benefit: On death during the term of the contract (while inservice), the sum assured will be paid to the beneficiary of the employee.
Choice of additional coverage in form an Accident and Disability BenefitRider and Critical Illness Cover
Premium is viewed as a business expense in the year of payment.
Group Gratuity Plan:
BSLI group gratuity plan helps employers fund their gratuity obligation in a
scientific manner. Employers can avail of the tax benefits as applicable to
approved gratuity funds. The plan can also be customized to structure schemes
that can provide benefits beyond the statutory obligations.
Highlights include:
Wider choice of investments with Market Linked Plans - to meet thediverse financial goals. We offer 4 investment options (short-term debt,
debt and balanced and capital guarantee plan) where investments will be
made in accordance with the fund objectives.
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Transparency through Daily disclosure of Unit Value and regulardisclosure of the portfolio of each of the investment option
Flexibility through switching and contribution redirection option to enablereshuffling of portfolio
Bundled Life Cover greater value to the employee by packaging lifeinsurance cover with the gratuity, with minimal amount of underwriting.
Actuarial services to provide a scientific estimation of the gratuityliability.
Low explicit charge structure with the conditions for exit specifiedupfront.
Enhanced service levels through faster claim settlement, easier access toinformation and regular statements.
Complete end to end solution in the legal and regulatory approvalprocess for scheme set up or transfer
Employee Benefits:
The contribution made by the employer is not included in the value oftaxable perquisites in the hands of the employee.
Gratuity received up to Rs 350000 is exempt from Income tax under Sec10(10)
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Employer Benefits:
Annual contribution up to 8.33% of salary bill in a financial year isallowed a deduction for the purpose of computation of profits and gains of
business.
Contribution towards past service liability is allowed as deduction as perthe Income Tax rules.
Group Superannuation Plan:
BSLI Superannuation Scheme (for both Defined Benefit and Defined
Contribution funds) offers substantial benefits to both employers and
employees. The employer and employee can avail of tax benefits applicable to
an approved superannuation trust. The scheme will provide for a retirement fund
for each participating employee. An employee would be able to choose from
various annuity options or opt for partial commutation of corpus at retirement.
Highlights include:
Wider choice of investments with Market Linked Plans - to meet the diversefinancial goals. We offer 5 investment options (short-term debt, debt,
balanced, growth and capital guarantee plan) where investments will be
made in accordance with the fund objectives.
Control - Each member/employer can exercise greater control overinvestments by choosing one or more of the investment options.
Multiple Annuity Options - 5 annuity options and open market option
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Transparency - Transparency through Daily disclosure of Unit Value andregular disclosure of the portfolio of each of the investment option
Flexibility - Flexibility through switching and contribution redirection optionto enable reshuffling of portfolio
Low explicit charge structure with conditions for exit specified upfront. Enhanced service levels through faster claim settlement, easier access to
information and regular statements.
Complete end to end solution in the legal and regulatory approval processfor scheme set up or transfer
BSLI Rural Products are designed to meet the needs of the rural consumers.
These products offer the following features:
1. Low and Affordable Premiums
2. Life Cover
3. Savings Option
4. Hassle free procedure
BSLI offers 2 specially designed rural plans.
a) BSLI Endowment Planb) BSLI - Regular Premium
Rural Plans
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BSLI Endowment Plan:
BSLI offers the following features:
Life Cover and Savings Regular Premiums Age at entry 18 - 45 Yrs Premium Mode Half Yearly / Yearly Term 5,10,15 Yrs Sum Assured Rs.5,000 -20,000 Premium / Year Rs. 507 - 553 ( SA: Rs.10,000) Maturity/Death benefit Sum Assured
BSLI - Regular Premium:
BSLI is a regular premium policy with the following features:
Individual policy Only Life cover Term - 3 & 5 Yrs Age independent premium Age at entry 18 - 45 Yrs Sum Assured Single Premium / Year Rs 50 200 Maturity/Death benefit Rs.5,000 - 20,000 Death Benefit Sum Assured
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NRI Plans:
Being away from India doesn't mean you have to compromise the safety and
security of your loved ones. In fact, your savings from your time overseas can
be easily canalized to meet your family's needs - now and in the future. So,
whether its your dream to retire in your hometown; to secure funds for your
children's education; or to build assets, BSLI has a range of solutions that can
be customized to meet your needs
Plans for NRIs
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RECENT PRODUCTS LAUNCHED BY BIRLA SUNLIFE
INSURANCE
Birla Sun Life Insurance launches New Whole Life PlanBSLI
Wealth Secure
The plan allows customers to secure their familys future for an entire lifetime and maximize
wealth with unique investment strategies
Birla Sun Life Insurance Company, a joint venture between the Aditya Birla Group, Indias
leading transnational conglomerate and Sun Life Financial Inc, one of the leading international
financial services organizations from Canada, has announced the launch of its new whole life
plan, BSLI Wealth Secure. The plan enables customers to meet their financial goals according
to their changing life stages with equity market participation, and also provides them financial
security throughout their entire lives.
Niall OHare, Chief Actuarial Officer, Birla Sun Life Insurance, says, With three investment
options to choose from, the plan can meet the demands of the diverse investors. BSLI Wealth
Secure plan combines long-term savings and whole life cover in such a way that it allows
customers to focus on their goals and maximize savings for their future. He adds, With a built-
in savings component, BSLI Wealth Secure plan can help accumulate sizable returns with every
premium paid, owing to its long tenure and equity market participation.
The plan enables a customer to fulfill his familys dreams with prudent investments and also
financially secure their future with a whole Life cover. Many customers tend to stay away from
the equity market opportunity due to lack of knowledge, thereby compromising on their long-
term wealth creation goals. The company is positive that the product will induce many more
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customers to achieve a balanced growth on their investments while they benefit from advanced
investment strategies and also a whole life cover.
The plan offers customers a choice to select the premium amount. Based on his/her current age
and the premium amount that the customer opts for, the company will determine the life cover
applicable on the policy. This is also the minimum Basic Sum Assured.
Key features of BSLI Wealth Secure plan include
Insurance cover for whole life. Option to select from three investment strategies - Systematic Transfer Option, Life Cycle Option and Self-Managed Option. Systematic Transfer Option mitigates the risk arising from the volatility in the equity
market by averaging out a customers cost of purchase. This option allows customers to
enter the equity market not at once, but slowly at different times and at different levels,
thus reducing the overall risk to their portfolio.
Life Cycle Option is meant for individuals who want their investments to changeaccording to their changing age and risk profile.
Self-Managed Option is meant for individuals who seek complete freedom and flexibilityto manage their investments by allocating the premiums across investment funds of their
choice in varying proportions. Self- managed Option gives customers access to BSLIs
well established suite of 13 investment funds with complete control on how to invest
premiums, and the independence to switch from one investment fund to another.
Option of increasing life cover by up to 300% of the minimum Basic Sum Assured.
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Advantage of enhanced financial security with BSLI Riders. Flexibility to make partial withdrawals to meet any financial emergencies after
completion of five policy years.
Additional boost to Fund Value in the form of Guaranteed Additions. Payment of Sum Assured or fund value to the nominee, whichever is higher, in the
unfortunate event of death of the Life Assured during the term of the policy.
Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
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Birla Sun Life Insurance presents BSLI Foresight Plan
~Maximizes wealth~
~ Secures familys future ~~ Manages the portfolio during market highs and lows ~
Birla Sun Life Insurance Company Ltd., a subsidiary of Aditya Birla Nuvo Ltd.,announced the
launch of BSLI Foresight Plan, a cutting-edge solution that provides customers the upside of
market returns while completely shielding their investments from downside risks. This medium-
term unit linked savings plan is apt for a volatile market providing the perfect blend of guarantee,
flexibility and liquidity options.
Commenting on the launch, Fabien Jeudy, Chief Actuarial Officer, Birla Sun Life Insurance said
Equity markets have a huge potential towards meeting customers long-term wealth creation
needs. However, many customers tend to stay away from this attractive opportunity due to the
lack of knowledge on timing the market and the resultant fear of loosing their money. This
behavior brings forth the need for a product offering that can eliminate this fear and give
customers the confidence of not just optimizing investments when the markets are low but also
locking the gains, when the markets are at a high.
He further adds Keeping this unfelt customer need in mind, we have designed BSLI Foresight
Plan, an innovative investment avenue that addresses this requirement. We are positive that this
product will induce many more customers to take the first step towards participating in the
equity markets, help them protect their investment downside and lock their gains.
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BSLI Foresight Plan can be customized for different investors. It offers the following flexibility:
Choice of Basic Premium: Entire premium to be paid once/at the beginning of everypolicy year
Choice of Basic Sum Assured: Choice of Investment Option : Self -Managed Option or Guaranteed Option Choice of Premium Pay Term : Single-Pay/ 5-Pay
Other key highlights of BSLI Foresight Plan:
Provides upside of market related returns while shielding investments from downsiderisks
Full freedom to switch from one fund to another From amongst 10 investment fundsunder Self Managed Option
Option to increase protection by choosing higher sum assured multiple Option to pay all 5 years premium in advance Tax benefits under Sections 80C and 10(10D) of the Income Tax Act,1961
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Birla Sun Life Insurance launches Platinum Advantage Plan
~A plan that provides highest daily NAV protection along with flexibility of
managing investments~
Birla Sun Life Insurance Company Ltd., a subsidiary of Aditya Birla Nuvo Ltd., has introduced
BSLI Platinum Advantage Plan, a non participating ULIP that will help customers build wealth
through participation in the equity markets while protecting their returns. BSLI Platinum
Advantage Plan is a sequel to the former BSLI Platinum Premier plan and is packed with a bevy
of additional benefits. One of the pioneering advantages of the BSLI Platinum series is that it
safeguards against the potential downsides of the equity market through a guarantee of highest
daily NAV over 7 years. The new plan also offers choices like Enhanced Sum Assured option
and Riders that allow customers to increase their financial security at a nominal additional cost.
Commenting on the launch, Fabien Jeudy, Chief Actuarial Officer, Birla Sun Life Insurance said
Equity markets have a huge potential towards meeting customers long-term wealth creation
needs. Through BSLI Platinum Advantage plan we offer customers protection along with an
excellent investment proposition that not only helps them participate in the equity market but
also safeguard their investments through a highest daily NAV guarantee.
He further added Given the overwhelming response to BSLI Platinum Premier Plan and the
benchmark that it created for the industry, we have now launched BSLI Platinum Advantage
Plan with the objective of meeting consumers evolving needs efficiently through its enhanced
product features.
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This plan gives customers the advantage of 2 Investment Options of their choice Guaranteed
Option and Self-Managed Option. The Guaranteed Option allows customers to safeguard their
investments from any downsides in the capital markets while the Self-Managed Option gives
customers complete access to invest premiums in a well established suite of 10 Inv estment
Funds, ranging from 100% debt to 100% equity.
Customers also enjoy full freedom to switch from one Investment Fund to another, as per their
changing requirements. In addition to this, customers have the flexibility to invest additional
amounts in the form of top-up premiums, anytime during the policy term, except in the five years
prior to maturity date.
Key highlights of the new plan are:
1. Investment flexibility 2 Investment Options of their choiceGuaranteed Option and Self-
Managed Option
2. Flexibility to choose the premium amount (payable annually for 5 years)
3. Option of Enhanced Sum Assured to increase financial security
4. Benefit of additional 5 riders
5. Tax benefits under section 80C and section 10(10D) of the Income Tax Act, 1961
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Birla Sun Life Insurance Launches BSLI Vision Life Income
Birla Sun Life Insurance has announced the launch of its first participating plan,
BSLI Vision LifeIncome. The traditional whole -life plan offers an ideal
combination of regular guaranteed payouts, long-term savings and life insurance
benefit. By way of its guaranteed regular income, bonus a ccumulation, and life
insurance benefit, this product offers a three-way solution for customers
financial needs. Key features of BSLI Vision LifeIncome plan include:
Guaranteed regular income for life post-premium paying term; Complete
security of customer's loved ones through life insurance cover; Secured growth
of customer's investment through bonus accumulation; Premium discount on
high sum assured; Premium rebate on annual and semi-annual mode of payment
and ECS method of payment; Option to customize the plan by adding five riders;
Convenience of reduced paid up benefit option; Option to avail loan against the
policy; and Tax benefi ts under Sections 80C, 80D and 10(10D) of the Income
Tax Act, 1961.
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Birla Sun Life Insurance Company Limited Launches BSLI
Empower Pension
Birla Sun Life Insurance Company Limited has announced the launch of its non-
participating ULIP pension plan, BSLI Empower Pension. The simple, easy to
understand plan helps customers accumulate their premiums and the investment
returns into a corpus for their retirement needs. This period of retirement corpus
generation is known as the accumulation phase. Once the customers decide to
vest their policy, they enter the income phase, where their corpus will be used
to purchase annuity, which ensures a stream of regular income payable for the
rest of their lives. Key features of BSLI Empower Pension Plan: Guaranteed
additions from the 6th policy anniversary onwards to boost the customers
retirement corpus. Smart option that allows BSLI to manage and administer
customers investment portfolio on their behalf, based on their chosen vesting
date and risk profile to meet their retirement objectives. Guarantee at exits like
vesting and death. On vesting date, the customer will receive the greater of
Guaranteed Vesting Benefit or the Fund Value. Death Benefit in the unfortunate
event of death of the policyholder, the nominee is paid the greater of the
Guaranteed Death Benefit or Fund Value as on date of intimation of death. Tax
benefits under Section 80CCC and Section 10 (10A) of the In come Tax Act,
1961.
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Sales Procedure of Insurance in BSLI:
BSLI ensures that its policyholders get the best out of the policy offered to them by their Advisors. For
this, BSLI follows a set procedure of selling Insurance to the clients. The sales procedure can be
diagrammatically presented as follows:
SUSPECTING
PROSPECTING
APPOINTMENT
FIRST SALES
CALL
FOLLOW UPS
SALES CLOSED
OFFICE WORK
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This procedure can be stepped down as follows:
1. Pitching the customer: The first and foremost thing is that, client should be ready to purchase
the Insurance plan. Insurance is not a very preferable product yet in India. And,
thus, co. has to be very vigilant. Advisors, at BSLI, maintain relationships and make the most of
their Goodwill. Insurance is a Relationship oriented business. Keeping this in mind BSLI also
initiated Bancassurance, where Banks image of being loyal to the customers, plays a major role
in pitching the customer to buy Insurance. BSLI uses following routes for distributing their
Product to general public:
a. Direct Personal Contacts (through Advisors)
b. Bancassurance (through Banks)
c. Personal Relations (through co. employees)
d. Existing Policyholders.
2. Sales Illustration: BSLI is the first company to give demonstration of the fund performance
i.e. how a certain policy will perform or will give returns. BSLI Advisors give sales illustration.
Fund performance is shown on 6% and 10% projections. If client find these projected returns
suitable to his/her risk profile, he go for purchasing the policy.
3. Proposal Form: Now as client is ready to get insured, advisor gives him the proposalform and asks for all the documents required. Proposal form is a 4 page document that
contains all the necessary information related to the Insured and the Owner of the policy.
Documents required along with the proposal form are:
Date-Of-Birth Proof Address & ID Proof Income Certificate
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Medical Certificates (only if Insurer is a senior citizen)
4. After Sales Service: Now after the Insurance is sold, follow-ups are required.Advisorneeds to maintain good relations with the policyholder. Insurance co. can
Generate further business, only if, existing policyholders are satisfied with the services being
provided by the advisor of the co. Thus, BSLI keeps this in mind and Business Development
Executives continuously track the needs of the policyholders. BSLI provides the
policyholders with monthly updates of the fund performance and also discloses the asset
portfolio of the fund. This assists the policyholders to manage their policy according to their
risk profile. They can, thus, change their fund allocation as well as the asset allocation in any
fund, chosen by them.
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CONCLUSION
Insurance sector today playing a major role in everyones life lot more than ever before life
currently there is a comprehensive range of products covering each type of policy available in
the market. Most insurance plans block money for certain period of time; a BSLI plan gives the
double benefit of life insurance along with easy liquidity through lump sum cash. BSLI also
gives various Riders, which provides extra benefits to the customers.
Birla Sun Life Insurance (BSLI), one of the largest private life insurers, is gearing itself to take
advantage of the vast rural opportunity that has opened up as a result of the revised definition of
rural areas by the IRDA. Over the last four years, BSLI has painstakingly built its rural
infrastructure to create a cost-effective distribution network across the country.
The market potential for private insurance companies is found to be greater in the long run as
most of the Indians are of the opinion that, private insurance companies would be able to
perform well in the future. The private and foreign insurance companies have to take immediate
steps in appointing more number of agents and/or advisors in addition to the employees as it has
been found out that agents are the best channel to reach the general public regarding selling of
insurance products. The private and foreign insurance companies have to concentrate on the
factors like 'Prevention of Loss', 'Assured Returns' and 'Long term Investment'. They can also
focus on an insurance amount of Rs. 1 2 lakhs with 'money back policies'. Hence, the market
has potential. The private and foreign insurance companies that are taking immediate steps can
tap it easily & rapidly.
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RECOMMENDATIONS
1) Even though most of the policy holders are satisfied with policies, plans they have but somenew attractive insurance plans should be introduce to bind them not to switch over to other
companies insurance plans.
2) The Company should find out the no. of people who are not having any of the insuranceplans through an intensive market research and motivate them to get insured.
3) Leveraging technology to service customers quickly, efficiently and conveniently.4) Developing and implementing superior risk management and investment strategies to offer
sustainable and stable returns to our policyholders.
5) Company should target each and every class of the society .6) Company should provide full information to the customers before targeting so they can take
interest
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BIBLIOGRAPHY
http://www.birlasunlife.com/ Company brochure http://insurance.birlasunlife.com Birlasunlife New Advisor Book