Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., one of the leading international financial services company from Canada. Birla Sun Life Insurance has contributed to the growth and development of the life insurance industry and is currently one of the leadinglife insurancecompanies in the country. Their customer base comprises of over two million policy holders. The Company offers a complete range of plans comprising protection solutions, children’s future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions. Its distribution network is in over 500 cities, 560 branches, around 85,000 empanelled advisors and over 140 partnerships with corporate agents, brokers and banks. Its been a decade that has contributed significantly to the growth and development of the life insurance industry of our country. They have also pioneered in the launch of Unit Linked Life Insurance plans. Their vision is to be a leader and role model in integrated financial services. They value Integrity, commitment, Passion, Seamlessness and Speed.
Birla Sun Life Insurance – Latest News
Sun Lifes stake hike completed in the insurance joint venture launched Aditya Birla Birla Sun Life Insurance Company, held 6.9 % of the market shares for a period of 9 months ending on 31st December, 2015 and assets of Rs.30,421 Crore at the end of the calendar year 2015. Aditya Birla Nuvo Limited declared the successful accomplishment of financial stake increase of Sun Life in ABNLs insurance JV. The financial stake of Birla Sun Life Insurance Company, by the means of this transaction, became 49% from 26%. As stated by the company in a release, Aditya Birla Nuvo Limited will now be holding 51% controlling stake of the insurance JV. ABNL received a payment of Rs. 1,664 Crore from Birla Sun Life in exchange of an additional stake of 23%. The transaction has valued Birla Sun Life at a total of Rs. 7,235 Crore. Nearly a total of 437 million shares, which makes 23% of the paid up and issued equity share capital of Birla Sun Life, were sold to Sun Life Financial by Aditya Birla Nuvo Limited. ABNL stated that the funds generated by the stake sale will lead to a substantial decrease in the debt of the company. Also, as per the company release, the free cash flow generated by the transaction will help ABNL strengthen its growth plans. Birla Sun Life is currently catering to a minimum of 16 lakh policyholders. Birla Sun Life Insurance Company adapts cluster method to achieve sales targets Birla Sun Life Insurance, the private life insurance company, has switched to cluster method in order to analyze the usual issues faced by specific groups in the nation. This is being done with an intention to design solution-based products for those clusters. The company has also designed a lab to bring up design specific solutions for all the examined clusters and also recognize more of such clusters. “We are trying to do things differently for financial services. We realized that the trust in buying these products was going down. We started believing there has to be some core reason for this and then began looking at newer methods to deal with it,” said Pankaj Razdan, CEO, Birla Sun Life Insurance. Razdan explained the thought behind this concept, which is: to build trust in the consumer population, it is necessary to understand them and their needs. Keen vision of Birla Sun Life Insurance might prove profitable this year Jan 29, 2016: In this volatile quarter the big player Birla Sun Life Insurance is promising proper returns. The CIO of this big corporation, Sashi Krishnan suggests low returns this season. The market is suffering a low trench as China, one of the worlds largest economies is going through a setback which might have a consequence on the emerging market and capital outflows will be witnessed if not stabilised soon. Revenue growth will be flat. He also said that after watching the budgets very attentively investment spending will significantly give results. The year 2016 will also witness structural reforms that did not happen in the previous year although administrative reforms were significant. The company has its own USP. It provides attractive valuations for the investors and imparts proper corporate governance focus. Birla Sun Life Insurance outperforming the other players diverting its funds to some promising energy sectors for better returns. Both the company and the investors will be profited for the venture. Sun Lifes 23% stake ascend in Birla Sun Life Insurance approved by CCI JSun Life’s acquirement of 23% added stake in Birla Sun Life Insurance has been approved by the Competition Commission of India (CCI). Birla Sun Life Insurance is a joint venture between Sun Life Financial and Aditya Birla Nuvo. The company is a private life insurance competitor in India and holds new business premium market share of 7.9% as of September 30, 2015. Canada’s Sun Life’s stake in BSLI will rise from 26% to 49% due to this acquisition. “CCI approves acquisition of additional 23% equity of Birla Sun Life Insurance by Sun Life Financial (India) Insurance Investments,” said CCI on Monday. Also, this sale of 23% stake will fetch Aditya Birla Nuvo about Rs 1,664 crore. Birla Sun Life scripts another ‘buland’ story with a human touch A new film has been launched under Birla Sun Life Insurances ‘Khud ko kar buland’ campaign. Shot in a hospital ward, this film features an old gentleman who has recently had bypass heart surgery. When his boss comes to see him, he gets worried about his boss air travel ticket, and his replacement. On the other hand, the boss is concerned about his PA’s health and wants to know how soon he will get back to work. When the old mans wife tells the boss that the doctors have told him not to work, he supports his PA and offers the same job to his son. On this, the PA reveals that this would not be required, as his son has already left for the UK to do his masters. The boss happily congratulates the young man and his assistant proudly says that his son would not have to fix appointments, instead give them. As they all rejoice with laughter, a voice over says, that you cannot control the unavoidable, but the unavoidable would not be able to control you either. Protect your loved ones and your dreams. Birla Sun Life ties up with Peerless Financial for Wider Distribution of Insurance Products Birla Sun Life insurance and Peerless financial Products distribution Ltd have signed a long-term agreement for a corporate agency tie-up. According to the Memorandum of Understanding signed between the two companies, Peerless, as a corporate agent, will now be selling all the products of Birla sun Life insurance. Birla Sun Life Insurance has been selling Life insurance products for the last 15 years now. But the Companys popularity was limited to the customers from Urban India. With this new business tie-up, it is expected that Birla Sun Life Insurance will have a more widespread reach among various socio-economic sectors in India. Since Peerless has touchpoints over urban, suburban, and rural areas of India, Birla Sun Life Insurance products will be available to all these touchpoints from now on. Birla Sun Life offers need-based life insurance solutions to its customers. This tie-up will further value add to their customer relationship. Birla Sun Life Introduces Resurgent India Fund-Series 3 Mumbai, March 6: Birla Sun Life Asset Management Company has recently introduced Resurgent India Fund-Series 3. The company belongs to Aditya Birla Financial Services Group (ABFSG) and is the investment manager for Birla Sun Life Mutual Fund. The Resurgent India Fund-Series 3 is an equity-linked scheme with a term of 3.5 years from (and including) the allotment date. The subscription for the new fund offer (NFO) began from February 23, 2017. With the unit price of the scheme at Rs. 10 per unit, the subscription window will close on March 9, 2017. The fund scheme intends to produce capital appreciation by promoting investments in equity-related securities and equity securities that are to be expected to reap benefits from renewal in the economy of India. According to the company release, 80-100 per cent of assets will be allotted in equity securities and equity-related securities under this scheme. However, the remaining 0-20 per cent will be allocated in the debt instruments and money market. Being a part of the investment strategy, the Resurgent India Fund-Series 3 also intends to earn profits at apt moments to enjoy the benefits of the instability in the market. Under the scheme, a tiny portion of the corpus can be invested in fixed income securities that include money market instruments so that the liquidity requirements can be managed. The scheme will consist of a direct plan and regular plan with separate NAVs and a common portfolio. Under the scheme, each of the direct and regular plans will have dividend option with payout, growth option and sweep facility. Women are More Under-insured than Men According to Birla Sun Life Insurance Survey Gurgaon, India, March 7: According to a report by Birla Sun Life Insurance, women are under-insured as compared to men in India. The report depicts that as of today; in urban internet population of the country only 50 percent of women are having life insurance coverage. However, the male statistics raises its line to 72 percent, i.e. 72 percent of males have got life insurance coverage. The statistics is way below that was anticipated, if we talk about the overall female population of India. Out of the overall customer portfolio of Birla Sun Life Insurance (BSLI), only 23 percent is comprised by the women. The MD and CEO of Birla Sun Life Insurance, Mr. Pankaj Razdan quoted, “The risks in a womens life are not given heed that is even more than a mans life at times.” As per the report, only 26 percent of the females began in investing in insurance early, i.e. at the age of 20s-30s. The trend has not seen any changes since the inception of various products of life insurance. According to the survey report, women who fall in the middle-income bar are more inclined towards buying life insurance products. Despite the fact that female of the middle-income group prefer investing in savings linked products, other females have a preference for investing their crumbs in wealth related products. However, wealth related products are mostly prevalent in the lower-income group. Birla Sun Life Insurance Introduces Chatbot to Tackle Customer Queries Mumbai, April 3: The life insurance wing of Aditya Birla Financial Services Group (ABFSG), Birla Sun Life Insurance (BSLI) has introduced a complete insurance Chatbot. This Chatbot intends to cater a superior customer experience and lets the customers correspond in a natural way, get instant quotes of their premium and resolve their issues and facilitate their basic needs on the go. Pankaj Razdan, MD and CEO of Birla Sun Life Insurance (BSLI) said, “At BSLI, we make attempt to constantly cater our customers with better solutions by making use of latest technology for picture perfect experience and effective engagement , as they reach out to achieve their financial objectives with us.” He further added, “The Chatbot will assist our customers to obtain any information allied to their policies, get their premium quotes and facilitate personalised and quick experience to their queries related to life insurance.” As per Razdans, with this chat process, customers will be able to ask their queries from any part of the country and get a quick and instantaneous response, through live chat. Subsequently, the simple jargon-free language of the bot will resolve queries associated with customers policies, cater recommendations and customise the right product that focuses on the specific needs of the customers. Now the BSLI customers will be able to put in their queries and the Chatbot will sort out your query real time. The bot will resolve queries on particular policies and will teach the customer on queries related to life insurance. Besides prompting awareness, it will also help in instant generation of a quote, registration of a claim, and can engage in a conversation with a customer in a natural way. Some of the Best Birla Sun Life Insurance Plans of 2015 Birla Sun Life Launches MySolutions Customized Insurance Plans