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Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance Company Limited (ABSLI) is one of the leading private sector life insurance companies in India. A subsidiary of Aditya Birla Capital Ltd, it is a joint venture between the Aditya Birla Group of India and the Sun Life Financial Inc. of Canada. The company has contributed significantly towards the growth and development of the life insurance sector in India and has set a benchmark for its competitors. The company was the first to introduce the concept of free-look period, even before the Insurance Regulatory and Development Authority (IRDA) made it mandatory.

In India, the company enjoys the trust of over 2.5 million customers.

ABSLI offers a complete range of protection solutions to help secure your family's future and ABSLI’s various innovative insurance plans cater to provide financial support for your child's education, wealth with protection solutions, health and wellness solutions, retirement solutions and savings with protection solutions, to help you stay financially secure in the future with an additional provision of small disciplined savings at regular intervals. Note: The Company was formerly known as Birla Sun Life Insurance Company Limited (BSLI).

Highlights of Aditya Birla Sun Life Insurance

  • ABSLI pioneered the launch of Unit Linked Insurance Plans (ULIPS).

  • ABSIL has a policy of disclosing their portfolio on a monthly basis to establish its credibility and add additional transparency.

  • Aditya Birla Sun Life ranks among the top seven private sector life insurance companies in India and was conferred with ‘Good Corporate Citizen Award’ for the year 2009-10 in Mumbai under the Banking and Financial Institutions category.

  • ABSLI recorded a gross premium income of INR. 24331 million in H1 FY 2017-18.

  • The company registered a year on year (y-o-y) growth of 21% in First Year Premium and posted a net profit of INR. 70 Crore in H1 FY 2017-2018.

  • ABSLI has a nation-wide distribution presence through 433 branches, 6 bancassurance partners, 7 distribution channels, over 80,000 direct selling and corporate agents, all which can be accessed online as well.

  • The company has over 8,000 employees and more than 16 lac active customers.

Benefits of Birla Sun Life Insurance

  • Multiple Plans: Birla Sun Life Insurance offers you a host of life insurance products - Term Insurance, Endowment policy, ULIP, Money Back Life Insurance and Whole Life Insurance.

  • Flexible Premiums: You can enjoy flexibility in paying premiums by opting for monthly or annually premium paying option.

  • Payouts and Benefits: You can opt for Annual Income or Lump Sum benefit payout option.

  • Tax Benefits: You are entitled to Tax saving benefits under Section 80C, 80CCC, 80CCE, 80D, Sec 3 of 10(10A) and 10(10D) under the Income Tax Act, 2016.

Documentation needed to apply for an Aditya Birla Sun Life Insurance Policy

Every policy is taken for different types of needs, therefore documentation for your policy will vary according to the type of plan applied for. The initial documents include:

  • Duly filled applicable proposal form and photographs.
  • Know Your Customer (KYC) documents i.e. Address Proof and Identity proof.
  • Income Proof.

Address Proof, Identity Proof, Age Proof and Income Proof should be self-attested at the time of submission.

Note: A Standard requirement of an identity and address proof is mandatory for applying for a life insurance policy. The following documents are considered valid:

  • Aadhaar card, a biometric, digital and physical identity system.
  • Indian passport or an Overseas Passport.
  • Electoral Photo Identity Card (EPIC) issued by the Election Commission of India.
  • Overseas Citizenship of India Document.
  • Person of Indian Origin Card.
  • Permanent account number (PAN) card (income tax).
  • Driving license in India issued by the states.
  • Ration card issued by the Government of India.
  • Identity Certificate for non-citizens or stateless people.
  • A Birth certificate issued by the Registry of Births and Deaths (RBD) or from a Municipality within the provisions of the RBD Act.
  • Transfer/School leaving/Matriculation Certificate.

Products and Services offered by Aditya Birla Sun Life Insurance

Claims Process of Aditya Birla Sun Life Insurance

ABSLI offers you a swift and hassle-free claim process. In just a few steps, you can file your claim online. For online claim intimation, you need to register your policy number and date of birth of the life insured by sending an email to care.lifeinsurance@adityabirlacapital.com. You can also visit the claims department at the nearest branch office.

Additionally, you can visit the official website of Aditya Birla Sun Life Insurance lifeinsurance.adityabirlacapital.com/customer-service/claim-procedure/online-claim.aspx or contact at the following numbers mention below:

Toll free (Within India): 1800 270 7000

Outside India: +91 22 66917777 (Call charges apply)

Between 9 am to 9 pm, all 7 Days.

The official website also has an option where you can schedule a home or office visit with an advisor form the ABSLI.

Documents required in case of a death claim

  • Copy of Death certificate duly attested by the authorised person in the Branch.
  • Original Policy document.
  • Claimant’s Statement.
  • Legal requirements (in case where title to policy monies is not clear).
  • Death Abroad Questionnaire (if death has taken place outside India in a foreign country).
  • Medical Attendant’s Certificate.
  • Employer’s Certificate, if applicable.
  • Copies of Medical Reports of last and previous hospitalizations, if any.
  • Any other requirement as warranted by the facts of the claim.

On receiving all the required documents, the claim team will each claim in detail.

Documents required in case of an accidental death claim:

  • First Information Report.
  • Post Mortem Report.
  • Police Inquest Report.
  • Newspaper Cuttings, if any.

In case of claim acceptance, the payment is made to the beneficiary via NEFT. In case of rejection, the beneficiary is communicated the grounds on which the claim was rejected.

Achievements of Aditya Birla Capital

  1. Among the Top 5 Private Diversified NBFCs in India.
  2. One of the largest Private Life Insurance Companies in India.
  3. One of the largest General Insurance Brokers in the country.
  4. Registered an AUM of INR. 2463 billion and 34% y-o-y growth as of 31st March, 2017.
  5. Consolidated Lending Book has grown over 40% y-o-y to Rs 388 billion as of 31st March, 2017.

Aditya Birla Sun Life Claim Settlement Ratio

Aditya Birla Sun Life Insurance is the 3rd most trusted life Insurance company in the ‘Most Trusted Brands’ survey 2013 conducted by Brand Equity (The Economic Times Group) with Neilsen. The company has 433 branches, 6 bancassurance partners, 7 distribution channels, and over 80,000 direct selling and corporate agents across PAN India. Company claim settlement ratio stands at 96.4% for individuals and 99.3% for group-business. (As per the Audited Claims figures published to IRDAI for F.Y. 2017-18).

Contact Details of Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance Company Limited

One Indiabulls Centre Tower 1, 16th Floor

Jupiter Mills Compound, 841, Senapati Bapat Marg

Elphinstone Road, Mumbai - 400013

CIN: U99999MH2000PLC128110

Registration No. 109

FAQ's of Aditya Birla Sun Life Insurance

What is the minimum eligibility criteria when applying for an Aditya Birla Sun Life Insurance policy?

The minimum eligibility criteria when applying for an Aditya Birla Sun Life Insurance Policy varies from policy to policy. The policy term for a plan varies from 10, 15, 20, 25, and 30 years and is subjected to a max age on maturity of 75 years.

What is a free look period? Does Aditya Birla Sun Life Insurance provide a free look period?

A free look period is the time during which you can hold a particular insurance policy and then give it back if you want to. This period lasts for 15 days since the time you receive the policy. It is applicable to all types of policies. Yes, Aditya Birla Sun Life Insurance offers a free look period. The company was the first insurer to introduce the concept of free-look period, even before the Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory.

How do I cancel my Aditya Birla Sun Life Insurance policy online?

If the policyholder wants to cancel their respective policy, they need to submit a ‘Reason for Surrender’ along with the Surrender or Cancellation Form at the Nearest Aditya Birla Sun Life Branch.

How do I generate the e-receipt for my Birla Sun Life Insurance policy?

You can get premium paid certificate (e-receipt) online at lifeinsurance.adityabirlacapital.com/premium-paid-certificate.aspx by just filling your policy details, date of birth and registered email id.

How can a loan be taken against an Aditya Birla Sun Life policy?

In order to take a loan against your Aditya Birla Sun Life Policy, ensure that your policy has reached its surrender value. Then, simply visit loanagainstsecurities.adityabirlacapital.com/Pages/Individual/Products/Loan_Against_Life_Insurance_Policy.aspx to download an application Form or call +91 1800 270 7000

Under Birla Sun Life Insurance, what are payouts?

Payouts is the facility that lets you take a loan against your policy or make partial withdrawal from your coverage in case of emergency.

How is the service tax charged under Aditya Birla Sun Life Insurance?

For ULIPs, service tax is charged on all the charges that are levied on your policy. In case of traditional endowment, health and term insurance plans, service tax is charged on the total premium that you pay.

How can I get a loan on my Aditya Birla Sun Life Insurance?

Once your policy has reached its surrender value, you can avail a loan against it. You will have to refer to your policy document to find out about the minimum and maximum loan amount that you can apply for.

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