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Aditya Birla Life Insurance
Jeevan ka vishwas, parivaar ki suraksha
Aditya Birla Life Insurance
Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a prominent Aditya Birla Capital Limited (ABCL) subsidiary. Established on August 4, 2000, ABSLI began its operations on January 17, 2001. This dynamic entity represents a strategic 51:49 joint venture between the esteemed Sun Life Financial Inc. and Aditya Birla Group.
ABSLI offers an extensive array of financial products tailored to meet the diverse needs of customers throughout various stages of their lives. This includes specialized plans focused on securing a child’s future, comprehensive wealth protection solutions, as well as retirement and pension plans designed to ensure financial stability in one’s later years. Additionally, they offer health plans to safeguard against unforeseen medical expenses, traditional term insurance plans for basic life cover and innovative Unit Linked Insurance Plans (ULIPs) that combine life insurance with investment options.
As of June 30, 2024, ABSLI’s total assets under management (AUM) reached an impressive 90,682 crore rupees, reflecting a year-on-year increase of 22%. In the first quarter of FY25, the company reported a gross premium income of 3,986 crore rupees, achieving a remarkable year-on-year growth of 28% in gross premiums. Individual business first-year premiums (FYP) from single premiums contributed to 10%, amounting to 644 crore rupees.
ABSLI boasts a robust nationwide distribution network with over 380 branches, 11 bancassurance partners, and 6 distribution channels, supported by more than 56,000 direct selling agents (DSAs), numerous corporate agents, and brokers accessible through its website. The company employs over 25,000 dedicated staff and serves 20.03 lakh active customers.
Awards And Achievement
Employee Engagement Leadership Summit 2019
Awarded for: Most Effective Strategy in Recruitment and Retention
Insurance Asia Awards
Recognized as: Domestic Life Insurer of the Year
NNQC Forum 2019
Six Sigma Project Recognition: Improved TAT Adherence for Legal Risk Mitigation
BSG UAT Automation
Acknowledged under the Project Evaluation and Recognition Program (PERP): Customer Value Leadership in the Service Sector
QIMPRO Convention 2019
Secured 2nd Runner-Up: Six Sigma Project on DM Persistency
Insurance India Summit and Awards 2018
Honored as: Best Fraud Intelligence Company of the Year
The SABRE Awards
Received: Certificate of Excellence in the Corporate Image Category
Kamikaze Customer Experience and Loyalty Awards
Awarded for: Best Customer Service Initiative
IMC Ramkrishna Bajaj National Quality Awards
Recognized for: Best Practice in Service Excellence
DL Shah Quality Awards
Earned Silver: Efforts in Reducing Leakages
Project Evaluation and Recognition Program (PERP)
Recognized for: Quality Enterprise Leadership
Quality Circle Forum of India - Mumbai Chapter (CCQC 2018)
Won Silver: Innovation in Contract Management Process
Quality Circle Forum of India (QCFI) 2017
Achievements: Four Golds for Kaizen Implementation, Five Silvers for Six Sigma Yellow Belt and Kaizen Projects
International Chapter Convention of Quality Concepts (ICCQC)
Honored with: One Gold and One Silver Award
Legal Era Risk Award 2017
Recognition in the Insurance Business: Best Risk Management Team
Golden Peacock Award 2017
Best Practices Acknowledgment: Risk and Compliance
Customer Loyalty Awards 2017
Awarded for: Best Loyalty Program in the Financial Sector - Non-Banking
Asia Banking, Financial Service, and Insurance Excellence Award 2017
Recognized as: Best Life Insurance Company
Customer Experience Awards 2018
Honored for: Best Use of Innovation to Enhance Customer Experience
Kamikaze CE and Loyalty Award 2018
Acknowledged for: Best Customer-Centric Culture
ET Now BFSI Awards 2018
Received Recognition in Various Categories:
- Innovative Product of the Year
- Underwriting Initiative of the Year
- Business and Process Excellence Team of the Year
- Consumer Education Initiative of the Year
Business Continuity Planning and Disaster Recovery Summit & Awards 2018
Inducted into the Hall of Fame for: Business Continuity, Resilience, and Risk Management
BFSI Digital Innovation Award
Awarded in the: Data Centers Category
Legal Era Risk Awards
Accolades include:
- CRO of the Year
- Risk Management Team of the Year
- UBS Best Risk Management Team
9th Loyalty Summit 2016
Bestowed with: Best Customer Experience Award in the Financial Sector
The Customer Loyalty Summit 2017
Recognitions:
- Best Loyalty Program in the Financial Sector - Non-Banking
- Best Use of Innovation to Enhance Customer Experience
6th Annual Indian Legal Awards 2017
Awarded as: Best Insurance In-House Legal Team
Company Specifications/Key Features of the Company
| Specification | Details |
|---|---|
| Company Name | Aditya Birla Sun Life Insurance Company Limited (ABSLI) |
| Headquarters | Mumbai, India |
| Year of Establishment | 2000 |
| Company Type | Private |
| Parent Company | Aditya Birla Capital Ltd |
| Joint Venture Partners | Aditya Birla Group and Sun Life Financial Inc. |
| MD and CEO | Kamlesh Rao |
| Number of Branch Offices | 900+ |
| Number of Direct Selling Agents | 90,000+ |
| Total Employees | Over 25,000 |
| Claim Settlement Ratio (2022-2023) | 98.12% |
| Total AUM (as of June 2024) | ₹90,682 Crore |
| Gross Premium Income (Q1 FY25) | ₹3,986 Crore |
| Types of Insurance Products Offered |
|
| Key Features of Term Plans |
|
| Popular Riders Available |
|
Aditya Birla Life Insurance Plans
Benefits of Choosing Aditya Birla Life Insurance
Opting for Aditya Birla Sun Life Insurance (ABSLI) offers a wealth of advantages for those in search of a life insurance option. Here are the primary benefits:
- Claim Settlement Ratio - ABSLI boasts an impressive 98.40% claim settlement ratio for individual policies, with a turnaround time of just 1.4 days. For group policies, the claim settlement ratio is an outstanding 99.59%, accompanied by a turnaround time of 2 days.
- Comprehensive Coverage - ABSLI provides an expensive array of plans, catering to every requirement, whether you seek pure protection, wealth accumulation or retirement planning solutions.
- Customization and Flexibility - These plans offer customizable coverage, flexible premium payment terms and adaptable benefit payouts, allowing them to seamlessly align with your changing life stages and financial aspirations.
- Innovative Products - ABSLI is recognized for its groundbreaking life insurance products, meticulously crafted to provide optimal benefits while adapting to the evolving market dynamics and customer demands.
- Customer-Centric Approach - ABSLI's commitment to customer service shines through in our straightforward policies, clear processes and attentive customer support, ensuring a truly customer-centric approach.
Trusted Brand - As a key player within a highly regarded conglomerate, ABSLI has gained the confidence of millions, embodying its unwavering dedication to excellence and customer satisfaction.
Aditya Birla Life Insurance Tax Benefits
Investing in Aditya Birla Life Insurance offers numerous tax benefits under the Income Tax Act of 1961, particularly 80C, 80D and 10(10D). Below is a comprehensive overview of these advantages -
Tax Benefits Under Section 80C
- Premium Deductions: Individuals are eligible to claim deductions on life insurance premiums paid for themselves, their spouses, children or any member of the Hindu Undivided Family (HUF). the maximum deduction permitted is 1.5 lakh rupees per financial year.
- Eligibility: To be eligible for this deduction, the premium paid cannot surpass 10% of the sum assured for policies issued after April 1, 2012. In contrast, for policies issued before this date, the maximum limit is set at 20%.
Rider Premiums: You can also claim the additional premiums paid for riders (extra coverage options) under Section 80C, adhering to the same limits.
Tax Benefits Under Section 80D
- Health Insurance Premiums: Taxpayers can avail of deductions on health insurance premiums paid for themselves and their family members (spouse and children) up to 25,000 rupees each year. Furthermore, if the taxpayer is covering their parents’ health insurance, they are eligible for an additional deduction of up to 25,000 rupees. For senior citizens aged 60 and above, this limit is raised to 50,000 rupees, providing substantial financial relief.
- Preventive Health Check-ups: A maximum of ₹5,000 can be claimed for preventive health check-ups within the overall limit of Section 80D.
Tax Exemption on Maturity Proceeds
Section 10(10D): this section states that the maturity proceeds from a life insurance policy are tax-exempt, as long as the premium remains within the specified limits outlined earlier. This exemption applies to both individual and group policies.
How to File Aditya Birla Life Insurance Claim?
This table offers a detailed guide on filing a claim with Aditya Birla Life Insurance, outlining the necessary steps, required documents and methods for submission.
| Online Claim Process | Offline Claim Process |
|---|---|
1. Claim Intimation
| 1. Download and Fill Out Forms
|
2. Claim Processing
| 2. Gather Required Documents
|
3. Claim Decision
| 3. Submit Your Claim
Claims Grievance Redressal Committee Aditya Birla Sun Life Insurance Company Limited, G Corp Tech Park, 5th & 6th Floor, Kasar Wadavali, Ghodbunder Road, Thane – 400 601
|
Required Documents for Aditya Birla Life Insurance Claim
Listed below is the list of documents required to be submitted if you want to raise a claim against your Aditya Birla life insurance policy.
Individual Claim
| Documents to be Submitted | Non-Early Claim | Early Claim |
|---|---|---|
Claimant’s Statement Form | Yes | Yes |
Death Certificate (Issued by Municipal Authority/Gram Panchayat | Yes | Yes |
Cancelled Cheque (with pre-printed name) / Bank Passbook (with photograph, stamp, and signature of authorized signatory) / Online Bank Statement (last 3 months transactions) | Yes | Yes |
| Original Policy Document or Indemnity Bond (if Policy Document is lost) | Yes | Yes |
| KYC Documents of Claimant/Beneficiary/Nominee (ID Proof, Address Proof, Photograph, and Relationship Proof) | Yes | Yes |
| Medical Attendant's Certificate (if available) | No | Yes |
| Employer's Certificate (if employed) | No | Yes |
| Medical Records (e.g., admission notes, discharge/death summary, treatment records, etc.) | No | Yes |
| Additional Requirements for Accidental/Unnatural Death | Non-Early Claim | Early Claim |
| FIR & Final Police Closure Report | Yes | Yes |
| Post Mortem Report | Yes | Yes |
| Policy Inquest Report/Inquest Panchnama | Yes | Yes |
| Newspaper Cutting (if available) | Yes | Yes |
Group Claim
Life Insurance Premium Calculator
Frequently Asked Questions (FAQs)
Q: Is Aditya Birla Life Insurance safe?
A: Aditya Birla Life Insurance is widely regarded as a secure choice, supported by the esteemed Aditya Birla Group - a prominent conglomerate in India known for its robust financial health and adherence to regulatory standards. This backing instills confidence in policyholders regarding their investments and the claims process.
Q: How can I check my Aditya Birla policy status?
A: You can easily check the status of your Aditya Birla policy through various convenient methods, such as the official website, mobile app, customer service helpline or by visiting a local branch. Just log in with your credentials or enter your policy number to view your details effortlessly.
Q: What is the price of Aditya Birla Sun Life Insurance?
A: The cost of Adity Birla Sun Life Insurance depends on the type of policy, the coverage amount and personal factors like age and health. You can easily obtain specific quotes by visiting their website or speaking with an insurance advisor.
Q: How to withdraw money from Aditya Birla Life Insurance?
A: To withdraw funds from Aditya Birla Life Insurance, you generally need to complete a withdrawal request form and provide the required documents to the company. The procedure may differ based on the specific type of policy and its terms and conditions.
Q: What is the claim settlement ratio for Aditya Birla Life Insurance?
A: Aditya Birla Life Insurance bosts an impressive claim settlement ratio of around 98%, showcasing its exceptional reliability in efficiently and effectively processing claims. This remarkable performance significantly bolsters customer trust in their services.
Q: Which is the best life insurance company in India?
A: Aditya Birla Sun Life Insurance is widely recognized as one of India’s top life insurance providers, thanks to its extensive range of products, impressive claim settlement ratio and excellent reputation for customer service.
Q: Can I surrender Aditya Birla's policy?
A: Yes, you can surrender your Aditya Birla policy, but keep in mind that the surrender value will vary based on the type of policy and the length of time you have been paying premiums.
Q: How can I get my Aditya Birla policy details?
A: You can easily ccess your Aditya Birla policy details by visiting their official website or using their mobile app. If you prefer, you can also reach out to customer service for further assistance.
Q: Who is the owner of Aditya Birla?
A: Kumar Mangalam Birla is the chairman and owner of the Aditya Birla Group, a diverse conglomerate that spans multiple sectors, including financial services and insurance.
Q: Is it good to invest in Aditya Birla Sun Life?
A: Aditya Birla Sun Life Insurance is widely regarded as a trustworthy investment choice, boasting an impressive claim settlement ratio of 98.08%. With a diverse portfolio of products designed to meet various financial objectives, it stands out as an attractive option for long-term investors.
Q: How old is Aditya Birla Sun Life Insurance?
A: Aditya Birla Sun Life Insurance, founded in 2000, celebrates over 24 years of operation in 2024. Since its inception, it has emerged as a key player in the India insurance industry.
Q: How to claim the maturity amount from Birla Sun Life Insurance?
A: To receive the maturity amount from aditya Birla Sun Life Insurance, policyholders are required to submit a completed maturity claim discharge form along with the original policy document to the company. Claims can be initiated either online or at a local branch office.
Q: What is the death claim settlement ratio?
A: The death claim settlement ratio of Aditya Birla Life Insurancestands at an impressive 98.40% for individual plicies and an outstanding 99.59% for group policies, s per the audited data for FY 2023-24. This demonstrates a remarkable reliability in their claims settlement process.
Q: How to redeem Aditya Birla Sun Life Insurance?
A: To redeem your Aditya Birla Sun Life Insurance, reach out to their customer service or visit a nearby branch to begin the process. Be prepared to submit redemption form along with the required documents to finalize your claim.
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