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Birla Sun Life Insurance launches its Group Insurance Business with its Group Term Plan - Birla Sun Life Group Protection Solutions

Mumbai: Birla Sun Life Insurance announced its entry into the group insurance business with the launch of Birla Sun Life Group Protection Solutions, providing companies with a new avenue to offer protection to their employees. It is the first of the group products to be launched by Birla Sun Life Insurance in this business category.

"Birla Sun Life Group Protection Solutions takes insurance to a new market segment. The product design puts both employers and employees in a win-win situation. I expect an enthusiastic response from the corporate sector, where we have established strong relationships through our other financial service ventures", said Mr. S.K.Mitra, Director, Financial Services for the Aditya Birla Group while addressing a well attended press conference.

Birla Sun Life Group Protection Solutions gives employers, the option of providing their employees life insurance cover at a very affordable cost. The plan is available to professional and borrower-lender groups as well.

Birla Sun Life Group Protection Solutions is a yearly renewable policy. It is a term plan with four riders: Accidental Death, Accidental Death and Dismemberment, Critical Illness and Term, and there are two options that can be added, which are the options to cover spouse and the option to convert to an individual policy.

The plan can be customised to suit the needs of each customer group. The cover could be uniform or graded according to the categories in the company or as a multiple of the salary. Some of the unique features of the Birla Sun Life Group Protection Solutions are:

  • Customisation based on the group's needs.
  • Wide range of riders and options.
  • A World-class integrated technology platform that helps provide exhaustive back end operations.
  • Phased implementation of the customer friendly interactive web enabling and common data warehousing, which will allow a person to check for any information regarding the insurance that the person has with the company.

"Birla Sun Life Group Protection Solutions is our well planned foray into the corporate sector. Once implemented, our technology platform will enable our customers, to get realtime information about the status of their plans. It gives corporates an affordable option of improving employer - employee relationships," said Mr. Vijay Singh, Director, Birla Sun Life Insurance.

In addition to offering protection to employees, Birla Sun Life Group Protection Solutions gives tax benefits as well. In the initial marketing drive undertaken by the company, the solutions have been well received. There are several proposals already advanced stages of finalisation with some of the well-known corporates.

Birla Sun Life Insurance will be adding Group Superannuation as well as Group Gratuity products shortly. A Group Term plan with a savings element is in the pipeline, as well.

Birla Sun Life Insurance Company is a Joint Venture between the Aditya Birla Group and Sun Life Financial.

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For media related enquiries, please contact:

Mr. Sandeep Gurumurthi Group Head, Communication & Brand
Aditya Birla Management Corporation Private Limited

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