Birla Sun Life starts business in Andhra
25 February 2002
Birla Sun Life Insurance continues to expand its presence
across the country. In less than one year, it has established
a presence in all the major metros in India. Birla Sun
Life Insurance has now launched its insurance business
in the state of Andhra Pradesh.
Says Aditya Birla group director (financial services) S K Mitra: "The Aditya Birla group and Sun Life Financial are committed to provide all the necessary support and infrastructure to make the insurance company among the best in the country."
Says Birla Sun Life Insurance CEO Nani Javeri: "Our expansion plans are proceeding as envisaged and we have already commenced selling policies to customers in Hyderabad. Our distribution network is growing and we are glad to bring our entire range of individual, group, rural and social solutions to the city of Hyderabad."
South India contributes 31 per cent of the total life insurance policies sold in the country. Andhra Pradesh contributes 30 per cent of south India, of which Hyderabad contributes 25 per cent.
Birla Sun Life Insurance solutions
The Birla Sun Life Insurance solutions for individuals are packaged under the Flexi umbrella brand. These solutions offer a world-class package of flexibility, liquidity and transparency in life insurance.
The company has three flexi-benefit plans:
- Flexi Save Plus Endowment Plan.
- Flexi Cash Flow Money Back Plan.
- Flexi Life Line Whole Life Plan.
Birla Sun Life Insurance solutions offer several customer-oriented features. Some of them are:
- Three investments options with a different mix of equity and fixed-income investments, with a flexibility to change options, over the life of the individuals policy. These investment options provide guaranteed plus market-linked returns.
- A 14-day free-look period, during which a customer can cancel his or her policy and ask for a full premium refund in case the customer is not satisfied with the policy.
- Individual accounts showing the customers insurance coverage and the results of your customers investment choice.
- Preferred rates for female coverage.
- Customised illustrations showing premiums and the benefits for each year of the policy.
- Customers can purchase any or all of three riders: Accidental Death and Dismemberment Benefit, Term Rider and Critical Illness.
In October 2001, Birla Sun Life Insurance launched its rural initiative Birla Sun Life Bima Kavach Yojana at Renukoot, Uttar Pradesh. It has already sold over 2,000 policies in the IRDA-defined rural areas. This is a special three-year endowment plan.
The Birla Sun Life Group Protection Solution is a one-year renewable term plan, designed to provide life insurance cover to the employees of an organisation at an affordable cost. Various riders and options can be added to the plan. Customisation, based on group requirements, can be carried out, as well. This plan has been well received in the market.
Young Scholar Package
The Young Scholar Package is designed to help parents build on education fund for their children. It is aimed at parents having young children aged eight and below. This plan gives guaranteed return of 6 per cent on the investible part of the premium paid. The minimum face value is Rs 75,000 and the maximum is Rs 10,00,000.
Web-based insurance services
The Birla Sun Life website (www.birlasunlife.com) offers a variety of online services to its customers and insurance advisors. Through a secured login section, the customers can avail of a whole range of facilities from tracking their policy details, subscribing to e-mail alerts, downloading forms, taking online tests, tracking their health record to chatting online with the customer service officer.
In addition, insurance advisors can check the status of policies they have sourced or converted and check their line details as well. Insurance advisors also have an e-learning opportunity through the online training school option.
About The Aditya
The Aditya Birla group has a turnover exceeding Rs 26,000 crore 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, the Africas, Canada, the UK among others, it is reckoned as Indias first multinational corporation. The group is anchored by 72,000 employees and has 7 lakh shareholders with an asset base of Rs 18,000 crore.
About Sun Life
Sun Life Financial is a leading international financial services organisation that provides a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1871, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the US, the UK, Hong Kong, the Philippines, Japan, Indonesia, India and Bermuda.
As of 31 December 2001, the Sun Life Financial group of companies has total assets under management of US $221 billion. Sun Life Financial Services of Canada trades on the stock exchanges of New York, Toronto and the Philippines under the ticker symbol SLC and on the London Stock Exchange under the ticker symbol SFC.