Birla Sun Life Insurance Co

Birla Sun Life Insurance Co. Ltd

Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited (BSLI) was established in 2000, and is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc., offers a formidable protection for its customers’ f uture. With an experience of over 9 years, BSLI has contributed significantly to the growth and development of the life insurance industry in India and currently ranks amongst the top 5 private life insurance companies in the country. Following are the Life Insurance plans offered by Birla Sun life Insurance Company Ltd. Protection Solution – Currently available products to purchase



Birla Sun Life Insurance Term Plan : This plan can take care of your financial commitments of yours towards your family by providing large cover at low cost. Minimum age of entry for this plan is 18-55 and maximum maturity age is 70 years.



Birla Sun Life Insurance Premium Back Term Plan : This is a low cost life cover promises you to refund the entire premium on maturity or death. Two options are also there to choose 100% premium back or 125% premium back. Maximum term period for this plan is 20 years



Birla Sun Life Insurance High Networth Term Plan : Its gives your family total financial security while allowing you to modify the plan and also rewards you for leading a healthy lifestyle. Child Insurance Plan

  

Birla Sun Life Insurance (Bachat) Child Plan : Its plan that secures your child's future even in the event of an untimely demise of the life insured. Birla Sun Life Insurance Children's Dream Plan : It’s a unit-linked policy, which provides you guaranteed returns, 0% allocation charges, and option to double or triple the guaranteed maturity. Birla Sun Life Insurance Classic Child Plan : It is a plan that secures your child’s future, and gives you the freedom to direct your savings to our range of 10 Investment Funds. Wealth with Protection Solutions



BSLI Rainbow :An insurance plan that gives you a guaranteed return on maturity that is tax free and the financial security of a life cover.



Birla Sun Life Insurance Platinum Advantage Plan : This Plan gives you the advantage to choose from 2 Investment Options – Guaranteed Option and Self-Managed Option. With the Guaranteed Option your investments in the Platinum Advantage Fund are safeguarded from any downsides in the capital markets.

 

Birla Sun Life Insurance Dream Endowment Plan : A plan that gives you a Guaranteed Savings Amount on the date of your choice along with a range of options to provide for your family's future financial protection. Birla Sun Life Insurance Money Back Plus Plan : This is also a non-participating endowment plan, which gives you maturity and survival both benefits. One remarkable point is that on every policy anniversary it increases your cover by an equal amount of your base premium.



Birla Sun Life Insurance Guaranteed Bachat Plan : It’s an non participating endowment plan offers you guaranteed returns and chance to earn survival benefit from the 3rd year onwards. You can withdraw this benefit each tear or can use it as to pay the premium dues.

 

Birla Sun Life Insurance Bachat Endowment Plan : Its provide for your child’s education, to buy a house or other needs in the future. Birla Sun Life Insurance Bachat Money back Plan :This·insurance plan·secures your family’s future by not just growing your regular savings, but by providing you money at regular intervals as well. You also get the security of a life cover through the tenure of the policy.



Birla Sun Life Insurance Classic Endowment Plan : Its plan that lets you channel your savings to our range of ten investment funds, to suit your investment needs, and also provides financial protection for your family. Health & Wellness Solutions

 

Birla Sun Life Insurance Health Plan : Its plan allows you to spend time cheering up your loved ones and not worry about paying for the best care. Birla Sun Life Insurance Universal Health Insurance : Its provide your entire family with the best medical care without putting a strain on your long-term savings. Retirement Solutions

  

Birla Sun Life Insurance Immediate Income Plan : BSLI Immediate Income Plan that puts your savings into an annuity to give you a regular income in your retirement years. Birla Sun Life Insurance Secure 58 Plan :You can be rest assured that you have a guaranteed corpus of funds at the threshold of retirement, plus the accumulated survival benefit that you collect over the years. Birla Sun Life Insurance Classic Life Plan:It is a plan that gives you complete control over your investments by directing your premiums to our range of 10 Investment Funds along with a range of rider options to give your family the security of financial protection.



Birla Sun Life Insurance Dream Life Plan : It is a plan that suits your needs and gives you the freedom to live life confidently. Birla Sun Life Insurance - Old products not available for fresh purchase



Birla Sun Life Insurance Gold-Plus II : It’s an investment plan offering nine-funding option to choose and 100% equity fund option also. Free unlimited switches are given to you to manage your investments. This plan offers good liquidity to you.

 

Birla Sun life insurance Platinum Plus : It is a unit linked, non participating insurance plan. In this plan, the investment risk is borne by the policyholder but not if this policy is detained till maturity. Birla Sun Life Insurance Saral Jeevan Plan : In today’s fast life it’s really easy to buy an insurance plan, which you immediately can purchase just by providing three health statements to the company. Bsli Saral Jeevan is the best option to go for.

  

Birla Sun Life Insurance Supreme-Life : It’s a unit linked non-participating plan providing 8-fund options to choose. It gives a choice of two death benefits. Birla Sun Life Insurance Dream Plan : It’s a unit-linked policy, which provides you guaranteed returns, 0% allocation charges, and option to double or triple the guaranteed maturity. Birla Sun Life Insurance ClassicLife Premier : It will give you guaranteed additions in the form of guaranteed units and a good choice of 8 investment funds are also there. You are free to choose the term period of 10,20,30 or whole life.

      

Birla Sun Life Insurance SimplyLife : It ensures a lifetime of tax-free investments to fulfill the needs of your dear ones. It’s a market related plan provides you a good death benefit amount. Birla Sun Life Insurance PrimeLife Premier - It’s a single time investment with top up options. It keeps you hassle free and provides you guaranteed returns at regular intervals. Birla Sun Life Insurance PrimeLife : It is a single premium policy gives you the benefit of life insurance and investments as well. It’s a non-participating ULIP policy. Birla Sun Life Insurance Flexi Cash Flow - For this policy you can pay lump sum premium payment at regular intervals. It will give you 3% guaranteed returns on net policy charges. Birla Sun Life Insurance Flexi Save Plus - This plan will give you the choices of 3 fund options, maturity ages & guaranteed returns of 3%. Birla Sun Life Insurance Flexi Life Line - This would provide you a life long cover till 100 years of age and will give you the option of tax-free partial withdrawals. Birla Sun Life Insurance Single Premium Bond - This plan gives you the opportunity to make one time investment with no medical tests and will also gives you the facility of high entry age. It’s a short term investment plan provides you the option of 5 years or 10 years term period.

 

Birla Sun Life Insurance Freedom 58 - It’s a non- participating ulip plan. It helps you accumulate your premiums and the investment return there of into a corpus of your retirement. Birla Sun Life Insurance Flexi Secure Life Retirement Plan II - This will provide you the option to take a life cover or not. You can choose your retirement age yourself whether you want to prepone/postpone it.

Mutual Fund
Introduction

As you probably know, mutual funds have become extremely popular over the last 20 years. What was once just another obscure financial instrument is now a part of our daily lives. In fact, to many people, investing means buying mutual funds. After all, it's common knowledge that investing in mutual funds is (or at least should be) better than simply letting your cash waste away in a savings account. Definition A mutual fund is nothing more than a collection of stocks and/or bonds. You can make money from a mutual fund in three ways:

  

Income is earned from dividends on stocks and interest on bonds. A fund pays out nearly all income it receives over the year to fund owners in the form of a distribution. If the fund sells securities that have increased in price, the fund has a capital Gain. Most funds also pass on these gains to investors in a distribution. If fund holdings increase in price but are not sold by the fund manager, the fund's shares increase in price. You can then sell your mutual fund shares for a profit

Advantages of Mutual Fund

    

Professional Management - A mutual fund is a relatively inexpensive way for a small investor to get a full-time manager to make and monitor investments. Diversification - By owning shares in a mutual fund instead of owning individual stocks or bonds, your risk is spread out. Economies of Scale - Because a mutual fund buys and sells large amounts of securities at a time, its transaction costs are lower than you as an individual would pay. Liquidity - Just like an individual stock, a mutual fund allows you to request that your shares be converted into cash at any time. Simplicity - Buying a mutual fund is easy! Most Companies have their own line of mutual funds, and the minimum investment is small.

Creating wealth through mutual funds what is wealth creation? In the simplest sense - a desire to be rich, a desire to have control over the aspects that effect our financial life, a desire to command respect with the control, our money path and having more than sufficient funds to cater all are needs in future. Through mutual funds we can create wealth and also forgo the market risk factor by a technique called averaging which can be achieved through Systematic Investment plan (SIP) and Systematic Transfer Plan (STP)

History of insurance in India

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu ( Manusmrithi ), Yagnavalkya (Dharmasastra ) and Kautilya ( Arthasastra ). The writings talk in terms of pooling of resources that could be redistributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular. 1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay Residency. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance Companies in India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers. The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business. An Ordinance was issued on 19 January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth th of sea-faring trade and commerce in the 17 century. It came to India as a legacy of British occupation. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of general insurance business. 1957 saw the formation of the General Insurance Council, a wing of the Insurance Associaton of India. The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices. In 1968, the Insurance Act was amended to regulate investments and set minimum solvency margins. The Tariff Advisory Committee was also set up then. In 1972 with the passing of the General Insurance Business (Nationalisation) Act, general insurance business was st nationalized with effect from 1 January, 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1sst 1973. This millennium has seen insurance come a full circle in a journey extending to nearly 200 years. The process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been opened up substantially. In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector.The objective was to complement the reforms initiated in the financial sector. The committee submitted its report in 1994 wherein , among other things, it recommended that the private sector be permitted to enter the insurance industry. They stated that foreign companies be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of p olicyholders’ interests. In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and at the same time GIC was converted into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002. Today there are 24 general insurance companies including the ECGC and Agriculture Insurance Corporation of India and 23 life insurance companies operating in the country. The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the country’s GDP. A well -developed and evolved insurance sector is a
th

boon for economic development as it provides long- term funds for infrastructure development at the same time strengthening the risk taking ability of the country.