Birla Sun Life Insurance
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Aditya Birla Sun Life Insurance Company or ABSLI, formerly known as Birla Sun Life Insurance Co. Ltd. started its operations on January 17th, 2001 in India. The company is a joint venture between Aditya Birla Group, a global enterprise and Sun Life Financial, one of Canada's top financial service organizations. It offers a range of products including wealth protection plans, health plans, retirement and pension solutions, children plans, unit-linked insurance plans (ULIPs), and traditional term plans.
Aditya Birla Sun Life Insurance has a distribution network in over 500 cities with 560 branches and more than 140 partnerships with corporate agents, brokers, and banks. Moreover, Aditya Birla Life Insurance has a revenue of Rs. 12,140.23 Crore and a claim settlement ratio of 98.07%, and managed to touch a substantial customer base of over 17 lakhs.
To have your life insured is a crucial decision, especially if you have dependents. Knowing that your family and their financial needs are taken care of in your absence is one less thing to worry about.
However, before investing in any life insurance policy, your foremost priority should be to research the company, its performance in the previous years, and its reliability. Key parameters that you should consider noting are a company's annual premium income, its claim settlement ratio, solvency ratio and its network and reach.
In the next sections, we will discuss how Aditya Birla Sun Life Insurance Company has performed in recent years.
Highlights Of Aditya Birla Sun Life Insurance
| Annual Premium Income | Rs.3,657 Crores |
| Assets under Management | Rs.5,26,151 million |
| Claim Settlement Ratio | 98.07% |
| Solvency Ratio | 1.9 |
| No. of Branches | 397 |
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Let's quickly discuss the above-mentioned parameters.
The company generated the revenue worth Rs. 12,140.23 Crores in FY 2021-22. Currently, the gross annual premium income of the insurer sits at an enormous Rs. 97,752 million. Further, in the figure below, we have tried to depict the annual premium income of the company in the last four fiscal years.
Yearly Trend in Annual Premium of Aditya Birla Sun Life Insurance Company (Rs. in Crore)
**Data from IRDAI Annual Reports
Claim settlement ratio (CSR) is touted as the singular most important factor that defines the reliability of a life insurer. Anybody interested in purchasing a life insurance policy should be sure to factor in a company's CSR in their decision-making process.
Aditya Birla Sun Life Insurance has a CSR of 98.07%. As per the records, the company took an average of just 2.4 days to settle claims upon receiving all the requisites.
To give you an idea of how the company has performed in settling the claims throughout the years, we present to you its claim settlement ratios over the last 4 financial years.
Yearly Trend in Claim Settlement Ratio of Aditya Birla Sun Life Insurance
**Data from IRDAI Annual Reports
An important metric that indicates a life insurer's financial health is the solvency ratio. It essentially tells you it has the ability to meet long-term liabilities with its current cash flow. If you wish to ascertain a company's financial trustworthiness, you should know that IRDAI dictates every life insurance company to maintain a solvency ratio of 1.5 or up.
At present, the company has a solvency ratio of 1.9
Take a look at the below graph to get an insight of the solvency ratio of Aditya Birla form 2016-2020.
ABSLI has a robust network and a presence in PAN India. Its nationwide distribution network across 397 branches ensures that the services offered by the company reach a huge audience. Moreover, since its inception, it has established 8 bancassurance partnerships and 6 extensive distribution channels. As of today, over 80,000 direct selling agents, in addition to other corporate agents and brokers are actively promoting and assisting customers through their products and services.
Aditya Birla Sun Life Insurance has a wide-ranging portfolio of life insurance products and its offerings have been designed to cater to unique customer needs. These plans, in addition to offering life cover, also guarantee opportunities to grow savings to serve as a fallback option in case of future financial exigencies. Further, additional riders are offered with these plans that can be used to significantly improve coverage.
| Product Category | Names of Plans |
| Protection | ABSLI Saral Jeevan Bima ABSLI DigiShield Plan ABSLI Life Shield Plan |
| Children's Future | ABSLI Vision Star Plan |
| Retirement | ABSLI Immediate Annuity Plan ABSLI Empower Pension Plan ABSLI Empower Pension SP Plan |
| Wealth with Protection | ABSLI Wealth Max Plan ABSLI Wealth Secure Plan ABSLI Wealth Assure Plus ABSLI Fortune Elite Plan ABSLI Wealth Aspire Plan |
| Savings with Protection | ABSLI Vision MoneyBack Plus Plan ABSLI Vision LifeIncome Plan ABSLI Savings Plan ABSLI Vision LifeSecure Plan ABSLI Income Assured Plan ABSLI Vision Endowment Plus Plan ABSLI Guaranteed Milestone Plan ABSLI SecurePlus Plan ABSLI POS - Jeevan Bachat Plan ABSLI Monthly Income Plan |
| Micro Insurance | ABSLI Group Bima Yojana |
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Yes, it is possible to avail ECS facility for Aditya Birla Sun life insurance plan. You will be required to fill an auto-debit form and certify the same from your bank in which your bank account exists. This form will be then sent to the ABSLI branch and the process will take around 30 days to get activated. The ECS service can be enjoyed without paying any extra charges.
Yes, a mobile application named 'ABSLI mApp' is available for Aditya Birla Sun life insurance plans.
Yes, you can get a loan against Aditya Birla Sun life insurance plan on acquiring a surrender value. The minimum and maximum amount of the loan amount can be checked from your policy documents. Interest rates as declared by the company shall apply for the loan facility.
Yes, you can. However, you are not allowed to make a top-up premium payment during the last 3 and 5 years of the policy tenure.
To check the policy status for your Aditya Birla Sun life insurance plan, you can call at the company's toll-free number 1800 270 7000 or else write an email at care[dot]lifeinsurance[at]adityabirlacapital[dot]com Keep your policy details with you while calling the customer service.
EVA Benefit under Aditya Birla Sun Life Insurance Income Shield Plan is an exclusive benefit specially designed for women, where the premiums are waived off for 1 year in case the life assured (woman) delivers a baby during the policy tenure.
Aditya Birla Sun Life Insurance Vision Star Plan offers the following 6 rider options for additional protection:
Under the 'Income Benefit Option' of Aditya Birla Sun Life Insurance CritiShield Plan, 1% of the sum assured will be paid as a monthly income in major stages of cardiac or renal ailments. This option can be chosen during the inception of the policy and cannot be opted out once chosen.
No, you do not need to go for medical tests to apply for Aditya Birla Sun Life Insurance Immediate Annuity Plan.
The different premium payment modes available under Aditya Birla Sun Life Insurance Jeevan Bachat Plan are Single, Annual, Semi-annual, Quarterly and Monthly.
To buy an Aditya Birla Sun Life Insurance policy, one should be at least 18 years old and should be below 56 years. Moreover, the applicant should be self-employed, salaried, professional, or a business owner.
To generate an e-receipt, simply go to the Aditya Sun Life Insurance official website and click on the link for the premium paid certificate. You have to fill in all of the required details and the generated e-receipt will be sent to your registered e-mail address.
Birla Sun Life Insurance Company Limited offers 15 days free-look period in which the customer may return the policy within 15 days of receiving the documents if he or she does not agree with the policy's terms and conditions.
You can take a loan against the plan once it has reached the surrender value. The loan amount is determined by the insurer based on the type of policy.
You need to submit a letter to the insurer to add a rider to the policy.
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