Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), announces reduction in the premium rates in ABSLI DigiShield Plan by up to 15% thereby making it one of the most competitive offering in the Term Insurance space. This plan caters to the unique protection needs of customers and can be personalized to suit specific protection needs.
Unlike traditional term plans, ABSLI DigiShield plan allows a customer to enjoy a guaranteed recurring income starting from age 60 years through the Survival Benefit Option. Further, it provides a unique flexibility to reduce the sum assured at a pre-defined retirement age, allowing customers to align their cover as per their outstanding liabilities and the life stage.
ABSLI DigiShield Plan offers extensive flexibility to cater to one’s varied protection needs across life stages by offering multiple plan options to choose from, joint life protection, critical illness cover, and rider options to tailor-make a distinctive protection solution for the customers and their loved ones.
Commenting on the premium price reduction of ABSLI DigiShield Plan, Mr. Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, “The pandemic lasted longer than expected with people experiencing strains on their personal finances. We have been meticulously observing the pandemic experience before making any price revisions in our products. With a rise in demand for term plans, we have consciously announced reduction in premium for ABSLI DigiShield Plan, a hyper-personalized term plan offering, to suit our customer’s ever evolving monetary needs. We urge customers to take benefit of this reduced premium pricing of this holistic term plan, providing financial protection for self and loved ones.”
This plan also provides various premium payment terms, policy tenures and death benefit pay-out options to satisfy unique customer requirements. This holistic plan mitigates liabilities, provides protection to loved ones, and supports retirement and legacy goals.
About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company
Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a part of Aditya Birla Capital Ltd. (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organization in Canada.
ABSLI offers a range of products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”).
As of June 2021, total AUM of ABSLI Stood at Rs. 543,656 million. ABSLI recorded a gross premium income of Rs. 17,628 million in Q1 FY 2021-22 and registering a y-o-y growth of 4% in Gross Premium with Individual Business FYP at Rs. 3,691 Mn. ABSLI has a nation-wide distribution presence through 370+ branches, 7 bancassurance partners, 6 distribution channels, over 90,000 direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 13,000 employees and more than 17 lac active customers.
About Aditya Birla Capital
Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group.
ABCL’s subsidiaries have a strong presence across Protecting, Investing and Financing solutions, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages. Powered by more than 23,500 employees, the subsidiaries of ABCL have a nationwide reach with 900+ branches and more than 2,00,000 agents/channel partners and several bank partners.
As of June 30th, 2021, Aditya Birla Capital Limited manages aggregate assets under management over Rs. 3,430 billion, has a consolidated lending book of approx. Rs. 572 billion, and an active customer base of over 25 million, through its subsidiaries and joint ventures.
Aditya Birla Capital Limited is a part of the Aditya Birla Group, in the league of Fortune 500. Anchored by an extraordinary force of over 140,000 employees, belonging to 100 nationalities, the Aditya Birla Group operates in 36 countries across the globe.
About Sun Life Financial Inc., Canada
Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2021, Sun Life Financial had total assets under management of CAD 1,361 billion.