Birla Sun Life Insurance launches LifeCompanion plan targeted at the masses
20th July, 2005
Birla Sun Life Insurance (BSLI) announced the launch of its LifeCompanion plan. Ms. Shabana Azmi launched the plan by handing over the first policy in Mumbai.
The LifeCompanion plan is aimed at the middle market segment. This plan is simple to understand, buy and administer. Besides being very simple and affordable, it satisfies the twin needs of protection and long-term savings.
Speaking on the occasion of the launch Mr Nani Javeri, CEO, BSLI said, "India has a large population of close to 200 million in the middle market besides its vast rural population. The LifeCompanion plan is targeted at this segment to help us meet the objectives of increasing penetration of life insurance within the country. With our increased distribution network the launch of this product makes imminent sense."
The LifeCompanion plan has two variants - money back and endowment. The plan offers customers the following common benefits in both variants:
- Death benefits, which will be equal to the face amount (sum assured) plus the policy value.
- 5 per cent of the maturity benefits as loyalty addition if all the premiums are paid and every premium is paid within 60 days from the due date.
- Market-linked returns with an equity component of 25 per cent in the investment fund.
- Additional accidental death benefits, equal to the life cover (subject to a maximum of Rs.10 lakh) between 18 to 65 years.
- Higher surrender value with no surrender penalty after 3 policy years.
- Entry ages of 30 days to 65 years.
The key highlights of the two variants are as given below:
LifeCompanion (Money back plan)
- Policy terms of 16, 20 and 24 years with shorter money back intervals of four years, ideal for life cycle planning.
- Option of a 30 year term where the customer pays premiums in the first 15 years after which an amount equal to five per cent of the face amount is paid to the customer every year and 30 per cent of the face amount is paid on maturity. This plan is ideal for minors and young adults.
LifeCompanion (Endowment plan)
- Guaranteed face amount on maturity and all the upside in the performance of the investment fund.
- Choice of plan duration of 15, 20, 25 and 30 years and up to age 60.
About the Aditya Birla Group
The Aditya Birla Group has a turnover close to Rs. 33,000 crore (as on 31 March 2005) and is one of the largest business houses in India. It enjoys a leadership position in all the sectors in which it operates. With over 75 business units spanning the South East Asian belt, Africa, Canada and the UK among others, it is reckoned as India's first multinational corporation. The group is anchored by 72,000 employees and has seven lakh shareholders, with a market capitalization of Rs.30,500 crore.
Additional information is available at www.adityabirla.com
About Sun Life Financial Inc.
Sun Life Financial Inc. is a leading international financial services organisation providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of 31 December 2004, the Sun Life Financial group of companies had total assets under management of USD 298 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol "SLF".
Additional information can be found at: www.sunlife.com
For further information kindly contact:
Ms. Anjana Grewal,
Vice President - Marketing & Communication,
Birla Sun Life Insurance Company Limited,
Tel: 022-5678 3333.