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Birla Sun Life Insurance

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Birla Sun Life Insurance

Overview
Aditya Birla Sun Life Insurance Company Limited has evolved towards becoming one of the leading insurance companies in the Indian market. The company is a joint venture between Sun Financial Inc. and Aditya Birla Capital Limited which is part of the Aditya Birla Group. The company has a vast network of 433 Indian branches in tandem with 6 bancassurance partners.

There are 7 distribution channels for the company in India along with 80, 000 direct selling agents. There are more than 16 lakh customers of the company in India and it offers insurance products like retirement, ULIP, wealth protection, child and health plans to customers.

Birla Sun Life Insurance at a glance
  • With respect to annual premium, 5th in India among the private life insurers
  • Gross premium income of Rs. 5,724 Crore in 2016-17
  • First to launch Unit Linked Life Insurance plans in India
  • First insurer in India to introduce the concept of a 'Free Look Period'

Birla Sun Life Insurance Co. Limited Pension Plans
Earn a steady monthly income after retirement with the right pension plans. These plans give you guaranteed monthly payouts along with financial independence even after retiring. These pension plans are excellent retirement solutions and you can take your pick from three such plans. These plans help you in building up a corpus that will last you all throughout the retirement years.

Documentation needed to apply for Birla Sun Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

Birla Sun Life Pension plans
  • BSLI Empower Pension Plan: A unit linked, non-participating pension plan with an accumulation phase from 5 to 30 years subject to a maximum vesting age of 80 years. The plan payouts the greater of the guaranteed vesting benefit or Fund Value on vesting date.
  • BSLI Immediate Annuity Plan: A pension plan tailor made to ensure a smooth second innings for the elderly. The plan offers a choice of 6 payout options with Annuity payable for life at a simple increasing rate of 3% per annum.
  • BSLI Empower Pension - SP Plan: A unit linked, non-participating pension single premium plan. The plan payouts the greater of the guaranteed vesting benefit or Fund Value on vesting date. Benefits in the form of additional units are available as guaranteed additions from the 6th policy anniversary onwards.

1: BSLI Empower Pension Plan: A unit linked, non-participating pension plan with an accumulation phase from 5 to 30 years subject to a maximum vesting age of 80 years.

Advantages and Benefits
  • Option to avail Smart Option to manage and administer your investment portfolio for the policyholder based on vesting date and risk factors accumulation period ranging from 5 to 30 years
  • Guaranteed additions in the form of additional units added periodically.
  • The greater of the guaranteed vesting benefit or Fund Value on vesting date as pay out.
Features Description
Entry Age (as per last birthday) 25 – 70 years
Accumulation Period 5 – 30 years, subject to maximum vesting age of 80 years
Premium Paying Term Regular Pay
Basic Premium Minimum Rs. 18,000 p.a. if paid annually
Minimum Rs. 24,000 p.a. if paid semi-annually
Minimum Rs. 30,000 p.a. if paid quarterly; or
Minimum Rs. 36,000 p.a. if paid monthly

2: BSLI Immediate Annuity Plan: The plan offers a choice of 6 payout options with Annuity payable for life at a simple increasing rate of 3% per annum.

Advantages and Benefits
  • Guaranteed income for your entire retired life
  • Single premium annuity plan tailor made for financial income in the later years of life
  • Option to choose your annuity payout mode from monthly, quarterly, semi-annual, annually
  • Flexibility to choose from 5 different payout options to receive your annuity
  • No medical tests required to purchase this plan
Features Description
Entry Age (as per last birthday) 30- 90 years
Eligibility requirements Must be able to purchase the annuity such that you can get a regular income of 1,000, 3,000, 6,000 or 12,000 for, monthly, quarterly, semi-annual and annual modes of annuity payment respectively.
Payout Options 1: Annuity payable for life at uniform rate. Upon the unfortunate death of the annuitant, the annuity payouts will cease.
2: Annuity payable for life with return of purchase price on death of annuitant
3: Annuity payable for the chosen term of 5/10/15/20 years is guaranteed and after that as long as annuitant is alive.
4: Annuity payable for life at a simple increasing rate of 3% per annum.
5: Joint Life, Last Survivor where the annuity is first paid to the primary annuitant. After the death of the primary annuitant, the second annuitant (spouse) continues to receive the annuity.
6: Joint Life Last Survivor with return of purchase price. Here the annuity is first paid to the primary annuitant. After the death of the primary annuitant, the second annuitant (spouse) continues to receive the annuity.

3: BSLI Empower Pension - SP Plan: The plan pay outs the greater of the guaranteed vesting benefit or Fund Value on vesting date. Benefits in the form of additional units are available as guaranteed additions from the 6th policy anniversary onwards.

Advantages and Benefits
  • Option to avail Smart Option to manage and administer your investment portfolio for the policyholder based on vesting date and risk factors accumulation period ranging from 5 to 30 years
  • Guaranteed additions in the form of additional units added periodically.
Features Description
Entry Age (as per last birthday) 25-70 years
Accumulation Period 5 – 20 years, subject to maximum vesting age of 80 years
Premium Paying Term Single Pay
Minimum Premium Rs. 1,00,000
Vesting Benefits Greater of (a) your Guaranteed Vesting Benefit or (b) the Fund Value.