Birla Sun Life Insurance: Comprehensive Coverage, Peace Of Mind

Birla Sun Life Insurance 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 based in Canada. Birla Sun Life Insurance offers a range of insurance products, including children's future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans, and unit-linked insurance plans (ULIPs). The company has a wide reach in India, with over 340 branches, 8 bancassurance partners, and a large network of agents and brokers. In addition to insurance, Birla Sun Life also provides investment insights and financial tools through its ABCD app.

Birla Sun Life Insurance is a joint venture between Aditya Birla Group and Sun Life Financial Inc

Birla Sun Life Insurance (BSLI) is a joint venture between Aditya Birla Group and Sun Life Financial Inc. BSLI is a leading insurance carrier in India's burgeoning life insurance premium market. It offers a range of products across the customer's life cycle, including children's future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans, and Unit Linked Insurance Plans (ULIPs).

The company was incorporated on August 4, 2000, and commenced operations on January 17, 2001. It is a 51:49 joint venture, with Aditya Birla Group holding the majority stake. BSLI has a wide reach across India, with 340+ branches, 8 bancassurance partners, over 49,000 direct selling agents, and other corporate agents and brokers. As of June 2022, BSLI's total assets under management (AUM) stood at approximately Rs.606,604 million.

The Aditya Birla Group is one of the largest business houses in India, with a turnover close to Rs.49,440 crores. The group has a strong presence in various sectors and is considered India's first multinational corporation. On the other hand, Sun Life Financial Inc. is a leading international financial services organisation providing asset management, wealth, insurance, and health solutions to clients worldwide. As of March 31, 2022, Sun Life had total assets under management of $1.35 trillion.

The joint venture between Aditya Birla Group and Sun Life Financial Inc. combines the local knowledge and expertise of these two established companies, offering a formidable protection for customers' future. BSLI has played a significant role in the growth and development of the life insurance industry in India, pioneering the launch of Unit Linked Life Insurance plans among private players and being the first to sell policies through the Bancassurance route and the Internet. The company has also invested heavily in technology to build world-class processing capabilities.

BSLI offers a diverse range of life insurance plans tailored to meet various financial goals and protection needs. These plans include term insurance, savings plans, ULIPs, retirement plans, and critical illness plans, among others. The company boasts a high claim settlement ratio of 98.40%, reflecting its commitment to honouring claims promptly.

The company offers a range of products across the customer's life cycle, including children's future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans, and unit-linked insurance plans (ULIPs)

Aditya Birla Sun Life Insurance (ABSLI) offers a diverse range of insurance products to cater to the needs of its customers across their life stages. The company provides a comprehensive suite of financial solutions, including protection, investment, and financing options. Here are the key products offered by ABSLI across the customer's life cycle:

Children's Future Plans

ABSLI offers child insurance plans to help secure a child's future and provide financial stability for important milestones such as education and marriage. The ABSLI Vision Star Plan and ABSLI Child's Future Assured Plan are designed to build a sufficient corpus for the child's future needs, ensuring their life goals can be achieved. These plans offer comprehensive financial protection to the family and provide peace of mind.

Wealth Protection Plans

ABSLI provides wealth protection plans, which are unit-linked insurance plans (ULIPs) that combine the benefits of investment and insurance. These plans offer market-linked returns and life protection, helping individuals grow their wealth while also providing financial security for their loved ones. ABSLI offers various ULIP plans such as ABSLI Wealth Max, ABSLI Wealth Secure, and ABSLI Fortune Elite, each with different features and benefits to suit the customer's needs.

Retirement and Pension Solutions

With pensions from employers becoming less common, ABSLI offers retirement plans to help individuals save for their golden years. These plans typically include life cover and regular income options to meet financial needs during retirement. The ABSLI Assured Income Plus Plan and ABSLI Empower Pension Plan are designed to provide guaranteed income and market-linked returns, ensuring individuals can maintain their standard of living and achieve their retirement goals.

Health Plans

ABSLI offers health insurance plans to cover medical and surgical expenses, providing financial protection against uncertainties. The ABSLI Cancer Shield Plan, ABSLI Hospital Plus Plan, and ABSLI CritiShield Plan are designed to provide comprehensive coverage for critical illnesses, hospitalisation, and surgical expenses. These plans ensure individuals can access the best medical care and provide financial peace of mind during difficult times.

Traditional Term Plans

ABSLI provides traditional term insurance plans that offer financial protection to the policyholder's family in the event of an untimely demise. These plans provide high coverage at low premiums and are meant to protect the family's financial stability during key life stages. ABSLI has several term insurance plans, including ABSLI Life Saral Jeevan Bima, ABSLI DigiShield Plan, and ABSLI UltimaTerm Plan, each with flexible coverage options and customisable features.

Unit-Linked Insurance Plans (ULIPs)

In addition to its wealth protection plans, ABSLI offers a range of ULIPs that combine life insurance with investment opportunities. These plans allow individuals to benefit from market-linked returns while also enjoying life coverage. ABSLI's ULIPs include the ABSLI Fortune Wealth Plan, ABSLI Platinum Gain Plan, and ABSLI Wealth Infinia, which offer various investment options, customisable features, and tax benefits to meet the diverse needs of customers.

ABSLI's diverse range of products demonstrates its commitment to providing comprehensive financial solutions for its customers across their life journeys. The company's high claim settlement ratio and flexible premium payment options further reflect its dedication to customer satisfaction and financial security.

Birla Sun Life Insurance has a strong presence across India with over 340+ branches, 8 bancassurance partners, and a wide network of agents and brokers

Aditya Birla Sun Life Insurance (ABSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a Canadian international financial services organisation. ABSLI offers a wide range of insurance products, including children's future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans, and Unit Linked Insurance Plans (ULIPs). The company has a strong presence across India, with a nation-wide distribution network that includes:

• More than 340 branches
• 8 bancassurance partners
• Over 49,000 direct selling agents
• Other corporate agents and brokers
• An extensive online presence

This extensive network of branches, partners, agents, and brokers enables ABSLI to provide its insurance products and services to customers across India. The company also has a substantial number of employees, with over 19,500 staff members, ensuring that it has the necessary manpower to support its wide reach.

ABSLI's parent company, Aditya Birla Capital Ltd. (ABCL), further strengthens its presence in the market. ABCL is a universal financial solutions group that caters to diverse customer needs across their life stages. With more than 33,500 employees, ABCL's subsidiaries have a nationwide reach, with over 1,094 branches and a network of more than 200,000 agents, channel partners, and bank partners. This extensive network allows ABSLI to leverage the resources and reach of its parent company, further enhancing its presence and accessibility in the Indian market.

The company provides financial security and peace of mind by offering life insurance plans that cater to different needs, such as term insurance, savings plans, and retirement plans

Aditya Birla Sun Life Insurance (ABSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a Canadian international financial services organisation. ABSLI offers a diverse range of life insurance plans tailored to meet various financial goals and protection needs. The company provides financial security and peace of mind by offering life insurance plans that cater to different needs, such as term insurance, savings plans, and retirement plans.

Term insurance plans offered by ABSLI include the ABSLI DigiShield Plan, which provides comprehensive coverage with multiple options, and the ABSLI Salaried Term Plan, which is specifically designed for salaried individuals with affordable premiums and substantial life cover. These plans ensure that your loved ones will be financially secure in the event of your untimely demise.

ABSLI also offers savings plans such as the ABSLI Assured Savings Plan, which guarantees maturity corpus with loyalty additions and the option to cover your spouse. The ABSLI Nishchit Aayush Plan is another savings plan that provides a lump sum benefit at maturity and life cover throughout the policy term. These plans help you build wealth over time while also providing protection for your family.

When it comes to retirement plans, ABSLI has options like the ABSLI Guaranteed Annuity Plus, which offers guaranteed income with annuity options to suit individual needs, and the ABSLI Fortune Elite Plan, which provides flexible policy terms and investment opportunities. These plans ensure that you have a steady income stream during your retirement years, allowing you to maintain your standard of living.

With a wide range of life insurance products, ABSLI is committed to providing financial security and peace of mind to its customers. By offering term insurance, savings plans, and retirement plans, ABSLI caters to different needs and helps individuals secure their future and that of their loved ones.

Customers can avail of tax benefits on premiums paid and death benefit payouts under the applicable income tax laws

Birla Sun Life Insurance is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organisation based in Canada. The company offers a range of insurance products, including children's future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans, and unit-linked insurance plans (ULIPs).

One of the key features of Birla Sun Life Insurance is the tax benefits that customers can avail of. Under the applicable income tax laws, specifically Section 80C and Section 10(10D) of the Income Tax Act, 1961, customers can claim tax deductions on the premiums paid for their Birla Sun Life Insurance policies. The death benefit payouts received by the beneficiaries are also generally exempt from tax under Section 10(10D).

The tax benefits offered by Birla Sun Life Insurance provide customers with significant financial advantages. By availing of these tax benefits, customers can reduce their tax liability and maximise their savings. This makes Birla Sun Life Insurance policies an attractive option for individuals looking to protect their families financially while also enjoying tax efficiencies.

It is important to note that the tax laws and regulations may change over time, and customers are advised to consult with a tax professional or financial advisor to stay updated on the latest tax benefits and eligibility criteria. Additionally, there may be specific conditions or limitations mentioned in the Income Tax Act that customers should be aware of to ensure compliance and avoid any unexpected tax liabilities.

Overall, the tax benefits offered by Birla Sun Life Insurance provide customers with a valuable opportunity to secure their financial future and that of their loved ones while also taking advantage of the tax efficiencies provided under the applicable income tax laws.

Frequently asked questions