Birla Sun Life Insurance

Birla Sun Life Insurance Company Ltd or BSLI  is an amalgamation between Aditya Birla Group and the Canadian financial firm, Sun Life Financial Inc. With more than 2.5 million customers, BSLI is one of the prominent life insurance companies and fund managers in India.
The company has more than 600 branches spread over 500 cities and it has pioneered in the launch of ULIPs. BSLI offers a wide array of insurance services such as wealth with protection, children’s future solutions,  protection solutions, health and retirement solutions, life stage products and the customized group insurance solutions for the employees of various organizations.

Eligibility for Birla Sun Life Insurance

• Minimum age requirement for Birla Sun Life Insurance is 18 years.

• Maximum age for Birla Sun Life Insurance should be 56 years old.

Occupational eligibility for Birla Sun Life Insurance

Either the applicants should be either Salaried, Self- employed, a professional or should have their own business.

Documentation required to apply for a Birla Sun Life Insurance:

• Identity Proof
• Age Proof
• Income Proof
• Address Proof
• PAN Number

Insurance Plans of Birla Sunlife in India

Protection plans

1.ABSLI DigiShield Plan

2.ABSLI Income Shield Plan

3.ABSLI Life Shield Plan

Wealth with protection plans

1.ABSLI Wealth Max Plan

2. ABSLI Wealth Secure Plan

3. ABSLI Wealth Assure Plan

4. ABSLI Fortune Elite Plan

5. ABSLI Wealth Aspire Plan

Children’s future plans

ABSLI Vision Star Plan

Health plans

1. ABSLI Cancer Shield Plan

2. ABSLI Hospital Plus Plan

3. ABSLI CritiShield Plan

Retirement plans

1. ABSLI Empower Pension Plan

2. ABSLI Immediate Annuity Plan

3. ABSLI Empower Pension - SP Plan

Savings with protection plans

1. ABSLI SecurePlus Plan

2. ABSLI Vision MoneyBack Plus Plan

3. ABSLI Vision Life Income Plan

4. ABSLI Savings Plan

5. ABSLI Vision LifeSecure Plan

6. ABSLI Income Assured Plan

7. ABSLI Vision Endowment Plus Plan

8. ABSLI Guaranteed Milestone Plan

9. ABSLI POS – Jeevan Bachat Plan

Protection Plans of Birla Sun Life

This plan ensures the financial security of policyholders and their family during a crisis.

Plan	Basic Amount Assured	Tenure
1. ABSLI DigiShield plan	Minimum amount assured: Rs.30 lakh Maximum amount assured: No limit	5 to 40 years
2. ABSLI Income shield plan	Minimum amount assured: Rs.5 lakh Maximum amount assured: No fixed limit	10 to 40 years
3. ABSLI Life shield plan	Minimum amount assured: Rs.25 lakh Maximum amount assured: No fixed limit	Minimum policy mandate: 10 years or 20 years Maximum policy period: 50 years

Savings With Protection Plans

This plan helps the individual in saving money along with tax benefits.

Plan	Basic Amount Assured	Tenure of Policy
ABSLI Secure Plus Plan	The amount assured for a policyholder is determined on the basis of entry age and the affirmed premium amount to be paid in a policy year. The minimum assured amount is Rs.5.22 lakh	13 years
ABSLI Vision Money Back Plus Plan	Minimum amount assured: Rs.1 lakh	20, 24, and 25 yrs
ABSLI Vision Life Income Plan	Minimum amount assured: Rs.2 lakh	Whole life, up to 100 yrs of age
ABSLI Savings Plan	Minimum amount assured: Rs.30,000 Maximum amount assured: Rs.10 lakh	10, 15, and 20 yrs
ABSLI Vision Life Secure Plan	Minimum amount assured: Rs.2 lakh Maximum amount assured: Rs.12,000 paid per annum	15 to 35 yrs
ABSLI Income Assured Plan	Minimum amount assured: Rs.1 lakh	15, 22, and 25 yrs
ABSLI Vision Endowment Plus Plan	Minimum amount assured: Rs.1 lakh	10-40 years
ABSLI Guaranteed Milestone Plan	Minimum amount assured: Rs.2.25 lakh Maximum maturity amount assured: Rs.90,000	12, 14, 16, 18, 20, 22, 24 & 26 yrs
ABSLI POS – Jeevan Bachat Plan	Minimum amount assured - a. For single pay policies - Rs.12,500 b. For limited pay policies - Rs.50,000 Maximum sum assured - a. For single pay policies - Rs.10 lakh B. For limited pay policies - Rs.5 lakh	For Single Pay & Six Pay: 10, 15, and 20 yrs For Nine & 12 Pay: 15 and 20 yrs

 

Health Insurance Plans of Birla Sun Life

The health insurance covers the hospitalization, injuries and major critical illness of the insured individuals.
 

Plans	Basic Amount Assured	Tenure
ABSLI Cancer Shield Plan	Minimum amount assured: Rs.10 lakh Maximum amount assured: Rs.50 lakh	Min policy tenure: 5 yrs Max policy tenure: 20 yrs
ABSLI Hospital Plus Plan	Benefit option A: Rs.75,000/life Benefit option B: Rs.2.25 lakh/life Benefit option C: Rs.3.75 lakh/life Benefit Option D: Rs.5.63 lakh/life	5 years along with the guaranteed renewal.
ABSLI CritiShield Plan	Minimum amount assured: Rs.10 lakh Maximum amount assured: Rs.50 lakh	Minimum policy period: 5 years Maximum policy period: 20 years

Child Plans of Birla Sun Life

Birla Sun Life Child Plans ensures the security of a child’s future.

Type of Plan	Basic Assured Amount	Period
Vision Star	Rs.1,00,000	14 & 16 yrs

Retirement Plans of Birla Sun Life

The objective of retirement plans is to provide secure and consecutive income or pension to the retired citizens. This plan offers death benefits as well.

There are three types of retirement plans provided by Birla Sun Life:

1. BSLI Empowered Insurance Plan

2. Immediate Annuity Insurance Plan

3. Empower Pension-SP Plan

Wealth with Protection Plans

Plan Type	Basic Amount Assured	Tenure
Wealth Max	1.25/5/10 times basic premium	5,10,15 & 20 yrs
Wealth Assure	Rs.1 lakh( if annual payments are made) Rs.1.80 lakh(if monthly payments are made)	10,15,20,25 & 30 yrs
Fortune Elite	Rs.4 lakh	5,10,15 & 20 yrs
Wealth Aspire	Rs.3 lakh	10-40 yrs

 

Rural Insurance Plans

Type of Plan	Basic Amount Assured	Tenure of Plan
A. Bima Dhan Sanchay	Rs.5,000	5,10 & 15 yrs
B. Bima Suraksha Super	Rs.5,000	5,10 & 15 yrs
C. Bima Kavach Yojana	Rs.50	3 yrs
D. Grameen Jeevan Raksha	20 times single premium	5 yrs

Claim Settlement Ratio for Past Financial Years

Year	2013-14	2014-15	2015-16	2016-17
Claim Settlement Ratio (%)	87.76	95.30	88.45	94.69
Total Premium (in crs)	4,833.05	5,233.22	5,579.71	5,723.96

Documents Required for Applying for the Birla Sun Life Insurance

Following are the documents required to buy a Birla Sun Life Insurance policy:

• Passport size photograph.
• Proof of Identity:  Following are the documents needed to be submitted towards proof of identity:
  • Passport
  • PAN card
  • Voter’s identity card
  • Driving license
• Job card issued by the NREGA, signed by a State Government officer and Aadhaar card
• Proof of Residence: Any of the documents given below are to be submitted as the proof of residency:
  • Bank account or the post office account statement.
  • Property tax or the municipal tax receipt.
  • Utility bills (electricity, gas, telephone), not older than two months.
  • Letter of allotment or accommodation from the State or Central government, financial institutions or the listed companies.
  • Rent agreement

Policy Status of Birla Sun Life
Policy status of the Birla Sun Life insurance policy can be tracked through different channels, depending on the convenience.
The BSLI has made the provision for both online as well as the offline modes through which the policyholders can check the current status of the life insurance policy.

Online Method for Policy Status Check
The policyholders can visit the BSLI website and log in to the customer portal. After logging in, the current status of the existing policy will be displayed on the screen.
The policyholders can alternatively check the policy status by sending an email to the Customer Care Team of Birla Sun Life, quoting their name, address, policy number, and the mobile number. The current status of the policy and any other required information will be mailed to them.

Offline Method of Policy Check

• The policyholders can track the status of the policies offline by visiting a nearest Birla Sun Life insurance branch and enquiring there.
• The customers can also contact at the toll-free number and check the status of their policy.
• Birla Sun Life has introduced an SMS facility to check the status of policy and other details.

Online Premium Payment of Birla Sun Life
The customers who want to make online payments will have to register themselves on the website of Birla Sun Life. The process to pay online is provided below:

• Visit the official website of the Birla Sun Life and log on to the Customer Portal.
• Click on the ‘Pay Your Premium’ option.
• Enter the policy number, date of birth, email ID, and mobile number.
• After this, click on the ‘Pay Premium’ option.
• Select the payment mode from the provided options- credit card, net banking, and complete transaction.
• On the successful payment, an acknowledgment will appear on the screen confirming the payment.

The calculator of Birla Sun Life Policy Premium
To enable the prospective policyholders to check the premium payable amount, the Birla Sun Life has designed the premium calculator.
This calculator will show the calculations that the person will have to set aside for the premium payments depending on requirements such as the policy term, the age of policyholder and general health.
The premium calculator also calculates the amount that will be received by an insured person at the time of maturity of policy and any additional bonus payouts, so that the individual can take an informed decision while purchasing the policy.
Depending on the need of the policyholder, Birla Sun Life has various calculators that will compute the premium amounts according to the specific plans.

Customer Care of BSLI
BSLI has been dedicatedly fulfilling their promise for several years with the objective of providing affordable life insurance solutions to the masses. To enable the customers to contact the customer support team, the BSLI has set up multiple channels such as the dedicated helpline number on which the customers can call, an email ID which directly connects the company with the customer support team, and an SMS service using which they can get policy-related information. Furthermore, the customers can also fill up a simple form on the BSLI website and receive the callback or locate the BSLI branch. Along with this, the policyholders can easily check and access the policy related options such as the manage the policy, download the premium paid certificate or fund transaction notice, pay policy premiums, file claims, view fund performance,  access the feedback form, and request for the unclaimed claim amount on the website. Customers can also check about the various policies and purchase a BSLI online as well.