Overview:
Aditya Birla Sun Life Insurance is one of the reputed life insurance companies in India, offering a wide range of life insurance plans for individuals, groups, defence personnel, and SMEs. Birla Sun Life Insurance develops simple, relevant, and profitable insurance products that secure the present of its customers and strengthen their future. Aditya Birla Sun Life Insurance Company Limited (ABSLI) has contributed to the growth and development of the insurance industry in India.
Background of Aditya Birla Sun Life Insurance
Commenced in 2001, Aditya Birla Sun Life Insurance Company is a 51:49 venture between Aditya Birla Group and Sun Life Financial Inc. With all credibility, reliability, and trust, Birla Sun Life has secured the lives of over 18 lakh Indian families. The company offers its customers various types of life insurance products, such as term insurance, savings plans, ULIP plans, child plans, retirement plans, critical illness plans, wealth plus protection plans, and group life solutions. Customers can easily compare Aditya Birla SunLife insurance plans and buy a plan depending on their needs.
Aditya Birla Sun Life Insurance was the first to introduce the ‘Free Look Period’ to the insurance industry to enhance the flexibility for its customers. The distribution network of Aditya Birla Sun Life Insurance is spread over 500 cities with around 600 branches and 92,850 life insurance, expanding the reach of insurance products to touch a substantial customer base.
Aditya Birla Sun Life Insurance Awards and Accolades
Aditya Birla Sun Life has won many awards over the two decades of operation for its innovative, customer-centric, and cost-effective insurance products. Some of the awards and recognitions of Aditya Birla Sungroup Insurance are mentioned below
- Aditya Birla Sun Life Insurance won the ‘Best CSR Initiative Category’ in the FICCI Insurance Industry Awards 2020.
- Aditya Birla Sun Life Insurance won the ‘Customer Service Provider of the Year Award’ in the 5th Annual Insurance India Awards 2020.
- Aditya Birla Sun Life Insurance won the ‘Domestic Life Insurer of the Year’ by Insurance Asia Awards in 2019.
- Aditya Birla Sun Life Insurance won the ‘Best Fraud Intelligence Company of the Year’ in the Insurance India Summit and Awards 2018.
- Aditya Birla Sun Life Insurance won the ‘Best Risk Management Team’ by Insurance Business at the Legal Era Risk Award 2017.
- Aditya Birla Sun Life Insurance won the ‘Best Practices on Risk and Compliance’ in the Golden Peacock Award 2017.
- Aditya Birla Sun Life Insurance won the ‘Best Life Insurance Company’ in Asia Banking, Financial Service and Insurance Excellence Award 2017.
Aditya Birla Sun Life Insurance Company Specifications
Following are the key specifications of Aditya Birla Sun Life Insurance Company that help you make an informed decision while buying an insurance product.
Particulars | Specifications |
---|---|
Claim Settlement Ratio (2022-23) | 98.12% |
Group Death Claim Paid Percentage (2021-22) | 99.34% |
Branches in India | 600+ |
Customers Served | 18 Lac+ |
Solvency Ratio (March 22) | 1.88 |
Assets Under Management | Rs. 74,500 Crores |
Direct Selling Employees | 92,850 |
* Data has been sourced from the Annual Report 2021-22 of IRDAI and the official website of Aditya Birla Sun Life Insurance.
Key Features of Aditya Birla Sun Life Insurance
Buying a life insurance plan is a crucial decision in your life as you trust and share the responsibility with the life insurance companies to secure your family in your absence. Let’s look at the key features of Birla Sun Life to help you compare and buy life insurance plans comprehensively.
Comprehensive Protection
Aditya Birla Sun Life Insurance offers its customers a mix of online and offline life insurance products to make insurance accessible to everyone. Customers can plan their saving and investment or wealth creation goals by selecting a suitable product from the saving, protection, investment, and finance segments of Aditya Birla Sun Life Insurance.
Financial Stability
As a joint venture of Aditya Birla Group and Sun Life Financial Inc., Birla Insurance Company has a strong financial stability and reputation in the insurance industry. As per the IRDAI annual report of 2021-22, Aditya Birla Sun Life Insurance secured a solvency ratio of 1.88. The solvency ratio ensures the financial stability of Aditya Birla Sun Life to bear its short and long-term liabilities without any difficulties and settle the claim promptly.
Policy Customization with Riders
Aditya Birla Sun Life Insurance plans come with a customizable feature to add riders and enhance the base policy coverage depending on the risk appetite and requirements of the individuals. Birla Sun Life offer several riders, including ABSLI Accidental Death Benefit Rider, ABSLI Waiver of Premium Rider, ABSLI Hospital Care Rider, ABSLI Hospital Care Rider, ABSLI Critical Illness Rider, and ABSLI Accidental Death and Disability Rider.
Hassle-free Claim Settlement
Aditya Birla Sun Life Insurance boasts to settle 98.12% of individual death claims in FY 2022-23, which embarks a good CSR value for the company. With a high claim settlement ratio, Aditya Birla Sungroup Insurance promises a sense of security to safeguard your family in your absence in time of need.
Digitally Enabled Processes
Aditya Birla Sun Life Insurance offers maximum convenience to its customers and allows policy purchase and after-purchase management via an online platform. The policyholder can update policy details, pay premiums, download forms, track applications, and manage claims online using the official website of Aditya Birla Sun Life (ABSLI) or a mobile application.
Excellent Customer Support
Aditya Birla Sun Life Insurance has a professional and digitally advanced team to provide excellent customer support. Reaching the help desk and connecting with the company is hassle-free. The professionals follow the people-first approach and actively listen to customer queries, empathize, and solve the problems of customers in the minimum time possible.
Benefits of Aditya Birla Sun Life Insurance
With over 165 years of business excellence, Aditya Birla provides long-term financial protection to its customers at a competitive interest rate. The following are the key benefits of the Aditya Birla Sun Life Insurance Company.
Life Cycle Planning
Aditya Birla Sun Life Insurance offers various types of life insurance category plans to protect different life stages of the policyholder. The policyholder can compare and buy a Birla Sun Life insurance plan to achieve their financial goals without hassle, including child education, marriage, home, loan, collecting funds for retirement days, or another financial goal.
Loan Facility
Aditya Birla Sun Life Insurance offers some plans that allow the policyholder to avail of loan facilities and fulfil their short-term goals. Once the policy has acquired the surrender value, the policyholder can apply for loans without termination or policy surrender.
Saving and Protection Benefits
Aditya Birla Sun Life Insurance policies offer the policyholder the opportunity to enjoy the life cover option, including the saving component. Aditya Sun Life policies allow you to stay stress-free about the financial security of your family as well as help save a good amount that can be used for multiple purposes.
Tax Benefits
As per Section 80C of the Income Tax Act, 1961, the policyholder can save on the premium paid towards Aditya Birla Sungroup Insurance policies. Additionally, under Section 10 (10D) of the Income Tax Act, 1961, the death or maturity benefits received may be tax exempted. Birla Sun Life Critical Illness insurance also provides tax benefits under Section 80D of the Income Tax Act.
High Coverage at an Affordable Price
Since the Birla Sun term life insurance doesn’t offer any investment benefit, the premium cost is comparatively less to avail high coverage. Aditya Birla Sun Life Insurance provides various life term insurance policies at an affordable cost. These policies protect the life of the policyholder against any uncertain life events.
Flexible Premium Payment & Payout
Aditya Birla Sun Life Insurance has a robust and innovative plan list to suit the financial requirements of the life assured. The policyholder can pay the premium monthly, quarterly, half-yearly, or annually, depending on the needs and financial suitability. The policyholder can also receive the maturity or death benefits as per their financial need.
Life Insurance Plans Offered by Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance offers various types of life insurance plans to ensure that you and your dependents get financial security and an independent future. Below is the list of various Birla Sun life plans with their key features and eligibility criteria.
Endowment Plans
Saving Plans
Term Insurance
Retirement Plans
Critical Illness Insurance
Child Plans
ULIP Plans
Plans for Defence Personnel
Group Insurance Plans Offered By Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance offers various group insurance plans to cover the needs of financial protection and retirement solutions for a group. Some of the group insurance plans offered by Aditya Birla Sun Life are mentioned below
Protection Solutions
Protection Solutions
Riders Offered by Aditya Birla Sun Life Insurance
Aditya Birla Sun Life allows the customization option to add on riders and enhance the benefits to increase the base coverage of specific plans. The ABSLI riders only apply for a life-assured age 18 years or above. We suggest you look for the policy features to compare and buy a life plan. Below is the list of riders offered by Aditya Birla Sun Life.
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ABSLI Accidental Death Benefit Rider Plus
In case of death caused by an accident of life assured, ABSLI Accidental Death Benefit Rider Plus provides 100% of the rider sum assured and return of premium with interest collected after the date of the accident till death.
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ABSLI Accidental Death and Disability Rider
The rider provides 100% of the Rider Sum Assured in case of death or disability due to an accident of life insured.
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ABSLI Critical Illness Rider
In case of a specified critical illness diagnosis, the company provides a lump sum only if the life insured survives 30 days from the diagnosis.
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ABSLI Surgical Care Rider
If opted for the rider with base policy, the life assured gets a lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing surgery in India.
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ABSLI Hospital Care Rider
ABSLI Hospital Care Rider provides the daily cash benefit in case of hospitalization for at least 24 hours for critical illness or injury medication.
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ABSLI Waiver of Premium Rider
For a life assured below 18 years, all the future base premiums and rider premiums are waived off in case of diagnosis of critical illness, disability, or death.
Exclusions Under Aditya Birla Sun Life Insurance
With all the attractive features and benefits of Aditya Birla Sun Life, specific exclusions restrict the policyholder from receiving benefits as mentioned in the Birla Sun Life insurance policies. While comparing Aditya Birla Sun life insurance plans, it is important to be aware of these exclusions. Let’s have a look at the exclusions under BSLI Way.
Coverage Exclusion
- Any pre-existing condition, injury, disease, or ailment (not mentioned in the policy document) diagnosed by the physician within 48 months before the policy issue or revival date.
- Any disease diagnosed during the waiting period.
- Any congenital condition.
- Damage/ death due to alcohol or solvent abuse.
- Damage caused due to war, invasion, armed or unarmed truce, civil war, insurrection, military, riots or strikes.
- Damage caused by nuclear contamination, radioactive, or explosive.
Self-Inflicted Act Exclusion
- Any injury for self-harm or attempted suicide (sane or insane).
- Taking part in any professional sport or hazardous pursuits.
- Participating in the naval, military, or air force operations during peacetime.
- Damage caused due to participation in a criminal or unlawful act.
Buy Life Insurance Online from Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance is one of the best life insurance companies in India, and purchasing a plan is highly beneficial. To enhance the maximum customer experience, Aditya Birla Sun Life allows you to purchase a life plan online and offline via the official website or by directly visiting the nearby Birla Sun Life branch office. Below is the buying process of Aditya Birla Sun Life plan.
Buy from the Official Aditya Birla Sun Life Insurance Website
- Go to the official website of Aditya Birla Sun Life Insurance.
- Hover over the ‘All Insurance’ section available on the top menu bar.
- Select an Aditya Birla Sun Life insurance plan from a suitable category.
- Click on the ‘Buy Now’ button.
- Provide the relevant information and click on ‘Buy Online Now’.
- Compare and calculate the premium, and select any rider (if required).
- Upload the required information and documents.
- Proceed with the payment using a suitable mode.
- You will receive the documents in your registered email.
Buy from RenewBuy
- Go to the official website of RenewBuy.
- Hover over the ‘Life Insurance’ tab available on the top menu bar.
- Go to the ‘Life Insurance Companies’ option and select the preferable life insurance company.
- Select the best life insurance plan or other.
- Provide the necessary information.
- Choose your preferred plan and click on the ‘Buy Now’ button.
- Select the policy term and premium amount, and add riders to enhance the coverage.
- Proceed with payment.
- Upon successful payment, you will receive your policy documents on the registered email.
Aditya Birla Sun Life Insurance Claim Process
Aditya Birla Sun Life Insurance has an online claim procedure to help life assured or nominee file the claim conveniently and get the claim within time. Follow the step-by-step process to file a claim for Aditya Birla Sun Life policies.
Claim Intimation
The first thing is to inform the company about the death claim or maturity claim by reaching out to customer care at 1800 270 7000 or writing to Aditya Birla Sun Life Insurance at [email protected]. You can also visit the nearest Birla Sun Life office if required.
Document Submission
Submit the required documents as mentioned by the company to support the claim.
To File an Individual Death Claim
- Claimant Statement
- Medical attendant certificate
- Employer certificate
- Critical illness claimant form
- Attending physician certificate
To File an Individual Death Claim
- Group death claim form
- Affinity claim form
- Medical attendant certificate
To File a Health Claim
- Claim form
- Preauthorization request form
- Medication report
Mandatory Documents
- ID proof
- Address proof
- Bank passbook of the claimant
- FIR copy (in case of unnatural/ accidental death)
- Post Mortem report copy by concerned Police Authority (in case of unnatural/ accidental death)
- NEFT mandate form
Claim Evaluation
Once all the documents are submitted, Aditya Birla Sun Life Insurance starts the claim verification and evaluation process. Any additional documents required may be asked by the company that need to be submitted on time.
Claim Settlement
After successful verification, the authorities will start claim processing. Aditya Birla Sun Life Insurance Company distributes the claim amount to the nominee or beneficiaries to their submitted account details.
Aditya Birla Sun Life Insurance Contact Details
Aditya Birla Sun Life Insurance is one of the widely trusted life insurance companies in India for top-notch customer support and excellent communication networks. For any queries regarding policy details, issuance or claims, you can directly reach Aditya Birla Sun Life on the following details.
Registered Office | One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013 |
Toll-free no. | 1800-270-7000 |
[email protected] | |
Official Website | https://lifeinsurance.adityabirlacapital.com/ |
Report escalation | [email protected] |
WhatsApp Contact | 8828800040 |
Conclusion
We have discussed the features and benefits of buying a life insurance policy online from Aditya Birla Sun Life Insurance. You can compare and buy different types of life insurance products offered by Aditya Birla Sun Life Insurance that fulfil your financial goals. The policyholder can follow the convenient buying process and claim process discussed above.
To make the Aditya Birla Sun Life insurance buying process easy, we highly recommend you search for an Aditya Birla Insurance agent nearby or a life insurance agent near you. Take expert assistance with RenewBuy POSP Advisor or directly explore Advisor Connect for a more extended experience.