Get covered at unbelievably low premiums for high sums. It can't get any better.

Birla Sun Life Insurance

Birla Sun Life Insurance is one of the leading life insurance companies in India. BSLI started its operation in the year 2002 and is a joint venture between Aditya Birla Group, a globally trusted multinational company and Sun Life Financial Inc., one of the top international financial services companies in Canada.

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

The company with its innovative ideas has contributed towards the growth and development of the life insurance sector in India and has set a benchmark for its competitors. The company first introduced the concept of free-look period, even before Insurance Regulatory and Development Authority (IRDA) made it mandatory.

Interesting Facts about Birla Sun Life Insurance

  • BSLI pioneered the launch of Unit Linked Insurance plans.
  • BSIL has a policy of disclosing their portfolio on a monthly basis to establish its credibility and add additional transparency.
  • 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.
  • BSLI has an extensive distribution reach of over 500 cities through its network of about 600 branches, 10500 empanelled advisors and over 150 partnerships with corporate agents, brokers and banks.

Benefits of Birla Sun Life Insurance

  • Vast variety of 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.
  • Premiums – You can enjoy flexibility in paying premiums by opting for monthly or annually premium paying option.
  • Payouts – You can opt for Annual Income or Lump Sum benefit payout option.
  • Tax Benefits - Tax saving benefits under Section 80C and 10(10D).

Types of Life Insurance Plans by Birla Sun Life Insurance

Birla Sun Life Insurance helps you protect your loved ones against any financial contigenencies caused due to your death. The company offers you various life insurance plans at affordable rates.

Protection Solutions

The term insurance plans by Birla Sun Life Insurance offer you term insurance plans that provide you sizeable life coverage at low premiums. The BSLI protection solutions consist of three types of term insurance plans that safeguard your family’s financial future in your absence.

BSLI Protector Plus Plan: This plan is a pure death benefit plan offered by BSLI. On the death of the insured, death benefit is paid to the nominee. This basic term-plan offered by BSLI requires you to chose your sum assured and plan option (Increasing/ Level term) and then you need to choose your policy term and premium pay term. In level term insurance, the sum assured remains fixed for the entire term. Under increasing term insurance, you can increase your sum assured with an increase in responsibilities. Without an increase in premium, you can increase the sum assured by 5% to 10%. The plan rewards you for a healthy lifestyle and you can enhance your insurance with rider.

BSLI Future Guard Plan: This plan lets your family enjoy complete financial freedom on the account on your unfortunate demise. While also providing financial protection to your family, this plan also returns the premium paid on maturity. So if in case you survive the term, the plan offers you all the premiums that you have paid.The minimum age required is 18 and maximum is 65. The policy term can vary from 10, 15, 20, 25 to 30 years, provided the maximum age of the policyholder is 75 years. On the basis of payout on maturity, you can choose from the below two plans: Plan A – 100% return on premium is paid, Plan B- 10% to 150% return of your premiums paid depending on your policy term.

BSIL Protect@Ease: This plan lets you give your family the benefit they deserve by letting you customize the plan all by yourself. The plan offers you joint life protection which means that you and your spouse are covered under the same policy. The sum assured applicable for your spouse shall be equal to 50% of your applicable sum assured. And this option is available only when the sum assured is greater than or equal to 60,00, 000. The minimum entry age for this plan is 18 and maximum is 65. The plan offers you two options-Level term insurance and increasing term insurance

Savings with Protection

With your periodic incremental savings, money back insurance policy by lets you secure your family’s and your financial future in an easy way. It offers you a chance to save money in small amounts, while also offering you large life cover and tax free returns. BSIL offers you money back plans mentioned below:

BSIL Vision MoneyBack Plus Plan:Helping you regularly to meet your financial requirements while also providing you with adequate life cover, this plan is a traditional participating plan that lets you secure yourself and your loved ones.

BSIL Vision LifeIncome Plan: This plan provides you with comprehensive benefits i.e. of securing your famly financially while also providing you with whole life cover till the age of 100. This plan is a perfect blend of income and financial protection as the survival benefits are payable every year from the end of the premium paying term till maturity and a life insurance benefit. For added financial protection, you can also enhance the plan with rider.

BSIL Vision Endowment Plan: This plan offers you more than what you expect by securing your savings and providing your family with comprehensive financial protection. The plans ensures a growth in your savings with accrued bonuses starting from first year and also giving you return of your money, thereby offering you healthy financial protection to you and your family.

BSIL Savings Plan: Helping you gain peace of mind by letting you build a healthy financial future for you and your family, this plan helps you save regularly by also enabling its steady growth.

BSLI Vision LifeSecure Plan: A plan that secures the lives of your loved ones and also provides with the maturity benefit on the survival of the term. The policyholder receives the sum assured, accrued regular bonuses and Terminal Bonus (if any).You can also enhance the protection with riders such as BSLI Accidental Death and Disability Rider, BSLI Critical Illness Rider, BSLI Waiver of Premium and others.

BSLI Income Assured Plan: This plan offers you secured savings, regular income and comprehensive financial protection for your family. This plan is a traditional non-participating savings with protection plan.

BSLI Vision Regular Returns Plan: This plan is a perfect blend of liquidity, savings financial protection for your family. This is a traditional participating endowment plan under which survival benefits payable every year from 5th policy anniversary till maturity and life insurance benefit.

BSLI Vision Endowment Plus Plan: This plan helps you build a safe and financially sound future for your family. It provides you return of premium along with accrued bonuses on maturity and also offers financial protection for your family.

BSLI Guaranteed Future Plan: This plan assures you that your dreams are secured under all the circumstances. It helps you save money for the significant events in your life such as your child's education, marriage, your parents' golden innings, or even the exotic family holidays that you dream of.

Children’s Future Solutions

From helping you fund your child’s foreign education to cover the expenses for a lavish wedding, Birla Sun Life provides you with a special plan for securing your child’s future and turn his dream into a reality. This plan provides you with a high life cover along with an opportunity to earn guaranteed returns on the investment. It also gives you the freedom to manage your fund to maximize your earnings as per need.

BSLI Vision Star Plan: Helping you keep pace with your changing goals, this plan gives you the confidence to pursue and discover his/her real passion. Throughout the term, you have the flexibility to get the benefits of your payouts as per your child's need, and deferring the payouts if required. During this time, if you face any unfortunate event, then the policy continues in your absence and your child receives the amount he is eligible for, at the time of payouts as decided by you.

Retirement Solutions

Birla Sun Life Retirement solutions plan is a retirement plan that helps you face every financial obligation that retirement may pose. With its three excellent plans, you can accumulate a sizeable amount of wealth that can help you all through your post-retirement stage. To reap the benefits of this plan, you don't need to wait till the age of 60. You can choose your retirement age and spend the best years of your life, without having to worry about any financial help.

BSLI Empower Pension Plan: This plan helps you enhance your savings for a secure future. This plan is a unit-linked, non-participating pension plan that is simple and hassle-free. It helps you accumulate the premium and offer you investment returns at the time of your retirement.

BSLI Immediate Annuity Plan: This plan enables you to convert your savings or lump sum amount into an instantly guaranteed lifetime income source that you can avail anytime. No medical tests are required for availing this plan.

Health & Wellness

Understanding the need to financially protect you in times of health crisis, Birla Sun Life Insurance comes to your rescue with its Health & Wellness solution plans.The health and wellness plans are curated to insure you and your family with high sum at affordable premium rates.

BSLI Hospital Plus Plan: This plan offers you with a fixed cash amount in the event of your hospitalization. This plan helps you enhance your health policy by helping you mitigate the additional expenses incurred. This plan offers you additional benefit in hospitalization resulting due to an accident. Tax benefits are as per section 80D of the Income Tax Act, 1981.

BSLI Cancer Shield Plan: This plan by Birla Sun Life Insurance covers all stages of cancer i.e. early stage and major stage cancer. You have an option to receive income for 5 policy years on diagnosis of major stage of cancer. It also gives you waiver of premium for 5 years on diagnosis of early stage cancer.

BSLI CritiShield Plan: This plan protects your savings and lifestyle against sudden expenses resulting from heart and kidney ailments. It covers all stages of conditions and rental conditions and also lets you chose either of the two. It gives you an option to choose level or increasing cover. Waiver of Premium for 5 years on diagnosis of early stage conditions is also provided.

Wealth with Protection

Helping you turn your dreams into a reality, Birla Life Wealth with Protection plans provide you with a sizeable life cover while also helping you save money for the future.

BSLI Wealth Max Plan: This single premium unit linked insurance gives you the flexibility to add top-ups whenever you have additional savings. If you have any emergency requirements then you can procure the option of partial withdrawals.

BSLI Wealth Secure Plan: This plan offers you a blend of long term savings and whole life coverage. It requires you to pay premium for a limited term and get cover for whole life. It gives you the flexibility of partial withdrawals along with adding top-ups when you have additional savings.

BSLI Wealth Assure Plan: This is a protection and savings plan that provides you with a secure financial future, while also enabling to grow your wealth. This investment cum insurance plan allows you partial withdrawals in emergency situations and also lets you add top-ups when you have additional savings.

BSIL Fortune Elite Plan: This plan lets you decide how to invest your premiums in one of the three investment options-systematic transfer option, return optimiser option or the self-managed option.

BSLI Wealth Aspire Plan: This is a personalized wealth plan that gives you the flexibility to choose plan options, policy term, premium paying terms and 4 investment options. You have the flexibility of partial withdrawals and adding top-ups in case of additional savings.

Claim Process of Birla Sun Life Insurance

BSLI offers you a swift and hassle-free claim process. In just a few steps, you can file your claim online. Claim Intimation: For online claim intimation, you need to register your policy number and date of birth of the life insured. You can intimate the company regarding your claims in the following ways. Online Email: You can visit the claims department at the nearest branch office Or you can call on the toll-free number 1-800-270-7000

Claim Assessment: On receiving all the required documents, the claim team will each claim in detail

Documents required: Documents in case of 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

Documents in case of accidental death claim:

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

Claim Decision: 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 is rejected

Review of Birla Sun Life Insurance

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 an extensive distribution reach in over 500 cities through its network of over 550 branches, more than 1,05,000 empanelled advisors and over 100 partnerships with corporate agents, brokers and banks. Company claim settlement ratio surged by 8.58% from 87.76% in FY13-14 to 95.29% in FY14-15, highlighting the company’s commitment to offer convenience to its customer.

Contact Details of Birla Sun Life Insurance

Address: 1st floor, Shanta Sadan, Ghokhale road, Naupada, Thane West, Thane, Maharashtra 400602

Phone: 022 2536 8173

Leave a rating!
1.0 (0 votes)