All you need to know about Birla Sunlife Insurance

About Birla Sunlife Insurance

Birla Sun Life Insurance Company Limited is one of the largest life insurance companies in India having more than 2.5 million customers. It is a joint venture between India’s Aditya Birla Group and Canadian financial conglomerate Sun Life Financial Inc.. The Aditya Birla Group is trusted business group in India with decades of experience in diversified sectors ranging from financial services, metals, cement, textile, telecom and retail business. Sun Life Financial is a reputed financial services company with a history of more than 140 years in insurance domain and hence provides the expertise in the joint venture.

Birla Sun life Insurance company’s services are spread across India with more 600 branches in over 500 cities. Birla Sun Life Insurance was pioneer in launching Unit Linked Life Insurance plans. BSLI offers a complete range of insurance products including protection, wealth with protection solutions, health insurance, retirement solutions, children’s future products and corporate solutions like group insurance solutions for employees of organisations. There are reputed managers in Birla life insurance with expertise in a wide range of products including wealth management, lending, broking, consumer finance and private equity.

The aim of Birla Sun life Insurance is to give priority to people’s needs first and to protect what is valuable to the customer. Although life Insurance cannot prevent risk, it can surely compensate the financial losses arising in case of emergency.

In the financial industry, Aditya Birla Capital has presence across several sectors including NBFC, housing finance, asset management, health insurance, general insurance broking, private equity,  wealth management, pension fund management and personal finance management.

Key Highlights of Birla Sun life Insurance

Aditya Birla Sun life Insurance plans offer a good amount of flexibility and freedom to customers so that you can get the maximum returns from their invested money. You have the option to manage your funds on your own or take the expertise of fund managers of Aditya Birla Sun life Insurance.   They will handle your funds in a systematic manner to ensure that you get the maximum profits. In addition to this, these plans also give you the life coverage, so that the financial well being of your family is take care of, even in your absence.

You could be at any stage of your life stage, a judicious investment plan will always be helpful to fight out those difficult phases of life. The plans from Aditya Birla Sun life Insurance encourage you to save regularly when you are earning, so that in case of unforeseen emergency you have enough funds to support your family. Choosing to invest in a Unit Linked Insurance Plan of Aditya Birla insurance would help you accumulate wealth over a period of time and also provide you with protection.

Some of the highlights of Aditya Birla Sun life Insurance Plans are mentioned below:

1) Customers get the flexibility to do partial withdrawals.

2) Freedom to switch between different funds and also between investment options.

3) Assured death Benefit and Maturity Benefit

4) Option to redirect the premium

5) Flexibility to do top-ups and increase investment.

6) Customers can claim income Tax benefits.

Birla Sun life Insurance plans in India

If you wish to assure your family members a financially independent life, the best way is to take Birla Sun life Insurance plans. BSLI offer term insurance products that ensure financial security of your family with different types of term plans. The company with its innovative Birla Sun life Insurance plans has contributed greatly towards the development of the life insurance industry in India. It is considered a benchmark for its competitors. Birla Sunlife was the first one to introduce the concept of free-look period, much before Insurance Regulatory and Development Authority (IRDA) made it compulsory. Many people have started to prefer these plans over life insurance corporation of India plans.

Following are the minimum eligibility criteria for a Birla Sun life Insurance plans:

1) The applicant should be within the age limit as defined by the policy.

2) The individual should be able to make the timely premium payments as defined in the policy.

3) Individual must fulfil any other requirements as stated in the policy in question.

There are various types of BSLI plans in India like life protections solutions, retirement solutions, wealth solutions, rural solutions etc. We have explained each of them in detail in subsequent parts.

Birla Sun Life Protection Solutions

 They are the traditional Birla sun life term plans that pertains to pure life insurance policies. In this the insured person pays a fixed low premium over the policy duration, and receives high Sum Assured values. These type of insurance plans give benefit only in case of the death of insured person. They are amongst the best life insurance plans for people looking for only life cover.

BSLI Protector Plus Plan: It is a pure Birla sun life term plan with affordable premium amounts and high sum assured. It is best suited for those looking for affordable term plans which will secure their family’s future

BSLI Future Grand Plan: This Birla sun life insurance plan also gives the advantages of high sum assured with low premiums. It also has maturity benefits like return of 100% to 150% of the total amount of premiums paid.

BSLI Easy Protect Plan: It is a traditional birla sun life term plan plan that provides flexible insurance cover choices like constant or increasing term assurance amounts.

BSLI Protect @ Ease Plan: It offers flexibility in Sum Assured, tenure and other options so that all your insurance needs are met.

Plan Type Basic Sum Assured Tenure
Protector Plus Rs.30 lacs 5 to 30 years
Future Grand Rs.5 lacs 10,15,20,25,30 years
Easy Protect Rs.50 lacs 5 to 30 years
Protect@Ease Rs.50 lacs 5 to 30 years

Birla Sun Life Retirement Plans

At present times, pensions from employers after retirement has become rare. Therefore, retirement planning has become a priority for every person. At some point in your life, you will stop working and your earning will stop. It is essential to build up substantial savings to manage your daily expenses once you retire. In addition to that you have to take care of rising inflation which in turn erodes your savings.

The Birla Sun Life retirement plans offer steady income for senior citizens who are no longer working. The insurance plan pay out fixed benefits at policy maturity and also pays death benefits as mentioned in the particular policy. Mentioned below are different types of retirement planning options.

1) BSLI Empower Pension Plan: It is a unit-linked non-participating plan for a comfortable time after retirement. In this plan, your premiums will get added up into a corpus; thus after retirement you can have a relaxed and worry-free life. The age eligibility for this plan is between 30 to 60 years old. Customers get guaranteed income per month after retirement and there are options of five different payout options of annuity and flexibility. There is a flexibility to pay Annuity monthly, quarterly, semi-annually or annually. Also, no medical tests are needed to avail this policy.

2) BSLI Immediate Annuity Plan: This Birla sun life retirement plan allows you to invest lump sum amounts into the account to ensure guaranteed income after retirement, at your disposal when you want to have it. The age eligibility is between 30 to 60 years

3)BSLI Empower Pension- SP Plan: It is a unit linked, non-participating and single pay pension insurance policy that allows you to accrue your corpus over a time period with a single premium. On vesting you become eligible for regular returns. The age eligibility is between 25 to 70 years. You are free to choose how much premium you want to pay and can also choose your vesting date as per your retirement planning.

Birla Sun Life Wealth With Protection Plans

 Birla Sun Life insurance gives its customers the opportunity to invest in wealth with protection plans that not only protect the future of their families but also generate wealth. It helps them to create wealth and plan their major expenses in future like buying a house or a car. Mentioned below are the wealth protections plans offered by Birla Sun life insurance.

BSLI Wealth Max Plan : It is a single premium and unit linked insurance plan that gives you the flexibility to invest in multiple funds. It allows you to accumulate wealth, so you can fulfil your financial dreams. It also provides financial protection for your family, in case of an unforeseen event.

BSLI Wealth Secure Plan: It is a non-participating unit linked life insurance plan that helps you to maximize the savings and attain the long term goals. BSLI Wealth Secure Plan also gives the whole life insurance coverage till the age of 100 years.

BSLI Wealth Assure Plan: The Wealth Assure is a ULIP plan that gives individuals the opportunity to grow their investments to sizeable amounts over a period of time.

BSLI Wealth Aspire Plan: The Birla Sun life wealth aspire plan is a non-participating unit-linked plan that helps greatly in wealth creation. Birla Sun life wealth aspire allows you to accumulate corpus amount and also provides a life insurance cover.

Birla Sun Life Rural Insurance Plans

India’s majority of the population lives in rural areas. In several rural regions of the country basic infrastructure for food, health and banking is still lacking. Therefore, the risks associated with health and life expectancy are much more in rural areas compared to urban.

Aditya Birla Sun Life Insurance offers unique rural life insurance programme to provide a much-needed set of insurance products to the villagers of India. At present there are four rural insurance plans that are being offered. Here is the list of Birla Sunlife rural insurance plans.

BSLI Bima Dhan Sanchay: This insurance plan gives the security of life insurance cover and also assures the refund of premiums paid by an individual on maturity.

BSLI Bima Suraksha Super: It is a convenient life insurance plan with no requirement of medical tests and having simple documentation that helps an individual secure his/her family’s future.

BSLI Bima Kavach Yojana: It is a short term plan of three years having death, maturity and surrender benefits. It is designed considering the needs of rural population.

BSLI Grameen Jeevan Raksha Plan: It is designed not only to cater to protection needs of rural population but also socially weaker sections from semi urban/urban areas. It is a pure term insurance plan.

Plan Type Basic Sum Assured Tenure
Bima Dhan Sanchay Rs.5000 5,10 and 15 years
Bima Suraksha Super Rs.5000 5,10 and 15 years
Bima Kavach Yojana Rs.50 3 years
Grameen Jeevan Raksha 20 times single premium 5 years

Birla Sun Life Insurance Claims Process

With an objective of giving its customers a smooth claims process, Birla Sun Life Insurance has designed a simple and detailed process. Individuals can file a claim either online or offline, as per their convenience. Birla sun life claim settlement ratio is amongst the highest in the industry. Lets understand each of the modes of claim in detail.

Online Claims Process:

1) Policyholders who want to get their claim online can inform the company by sending an email to the Claims Department, clearly mentioning the policy number as well as the personal details like name, address, date of birth etc. There is another way to notify claims department and that is by visiting the website and filling an online claim intimation. After landing on the homepage of Birla Sun Life Insurance, policyholders need to click on the ‘Claims’ option and then select the ‘Claims Process’ tab, they can file an online intimation here.

2) After the claim file has been verified by the Claims department, it takes a decision whether to accept the claim or reject. You can also check birla sun life insurance claim status online.

3) Once the claim is accepted, payouts are generated and the beneficiary is sent an intimation and the payout. Be assured of getting your claim as the Birla sun life term plan claim ratio is pretty good.

Offline Claims Process:

1)You can visit the Birla Sun Life Insurance branch or office and file a claim by filling out the Claim Form.

2) Your claim form and relevant documentation would be checked and verified by the Claims department, post which a decision would be taken.

3) Once the claim is accepted by the department, the payout would be released and the policyholder would be intimated regarding the same. Birla sun life term plan claim ratio is high since most claims are processed by the company.

Documents Required for Birla Sun Life Insurance

People who wish to avail a Birla Sun Life Insurance policy need to submit a list of documents to get their identity and personal details verified. The documentation to be submitted is as follows:

Recent passport-sized photograph.

Identity: Any one of government issued documents like Voter’s ID, Driving licence, Aadhar card.

PAN card, Passport copy.

Proof of address: Any one of the valid documents showing your residence details including passport, Voters Id, Property tax or municipal tax receipt, Rent agreement, utility bills etc

Checking Birla Sun Life Insurance Policy Status

A policyholder can check the Birla Sun Life Insurance policy status through both online and offline mode.

Checking Birla Sun Life Insurance policy status Online:

1)Policyholders can easily see the status of their Birla Sun Life Insurance policies online by registering on the official website of the company.

2)Once the registration is done, policyholders need to sign in to their accounts and click on the ‘Policy Details’ tab from the listed options.

3) The present status of the ongoing policy will be displayed onscreen.

Policyholders can also write an email to do Birla sun life insurance policy status checking. They must provide information such as the their name, date of birth, address, policy number etc. in the email.

Checking Birla sun life policy status offline:

Policyholders can also call on the toll-free number provided by Birla Sun Life Insurance to get details on the current status of their life insurance policies. The toll-free number can be utilized during official working hours from Monday to Friday.

Policyholders will have to provide their name, policy number and additional information for authentication purposes.

Birla Sun Life Insurance Online Payment

Birla Sun Life Insurance allows policyholders to do their premium payments online through a secure payment channel. Through Birla sun life insurance online payment facility, policyholders can do their premium payments conveniently and quickly and ensure they do not miss a payment. The process of online premium payment is explained below:

1) To avail the Birla sun life insurance online payment facility, go to the official website and click on the ‘Pay Premium’ tab under the ‘Quick Links’ segment.

2) Enter the policy number and the Date of birth of policyholder, email address and mobile number and then click on ‘Submit’.

3) Check the Birla sun life premium payment amount to be paid and select a premium payment option.

4) Finish the transaction through the payment option selected by you.

5) An acknowledgement of the successful transaction will be shown on the screen, confirming the Birla sun life insurance payment.

Birla Sun Life Insurance Premium Calculator

Birla Sun Life Insurance has designed a premium calculator to ensure that policyholders know the amount of Birla sun life premium payment through the policy term. The calculator uses certain variables to compute the amount that has to be paid as premium for a particular policy.

This helps policyholders to plan for their budget and regular expense, and choose the policy terms that is appropriate for their financial condition.

The Birla sun life insurance premium payment calculator can be found on the official website. The individual needs to enter basic details such as date of birth, gender, desired life cover and if they are a smoker/no-smoker. The calculator will then compute the amount required for Birla sun life premium payment based on the information provided. Birla sun life insurance online premium payment can also be done through the official website.