Birla Sun Life Insurance on Thursday announced the launch of two investment-cum-insurance plans, seeking to woo individuals who view life insurance as a long-term savings option.
Entry age and face amount for Flexi Long Term Savings Plan and Flexi Access Money Plan are an identical 20 to 45 years, and Rs 1 lakh, Rs 2 lakh and Rs 3 lakh, BSLI's chief manager (product development), Sanjay Parikh told reporters.
However, term for the first plan is 20 and 25 years and for the second, it's 20 years, Parikh said.
BSLI is a joint venture between the Aditya Birla Group and New York Stock Exchange-listed Sun Life Financial Inc.
BSLI said in the usage and attitude study conducted by it, it was found that life insurance competes very well with bank FDs and saving schemes as a desirable long term savings option.
"The study shows that life insurance is top on investment options across all segments; even those not insured have a positive outlook towards life insurance as an investment option", it said.