Birla Sun Life launches new product | india | Hindustan Times
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Birla Sun Life launches new product

BIRLA SUN Life Insurance has launched a new product in the life insurance segment ? ?Simply Life?. According to the company release, the plan has been structured to meet the requirements of mass market.

india Updated: Feb 04, 2006 13:39 IST

BIRLA SUN Life Insurance has launched a new product in the life insurance segment – ‘Simply Life’. According to the company release, the plan has been structured to meet the requirements of mass market.

The plan would be available at all branches of BSLI and its channel partners across the country. The buying process is simple as a customer needs to fill a two-page application form (including health declaration) and provide age proof along with a cheque for the premium amount.

The plan provides twin benefits of life insurance and savings, guaranteed issuance, minimum annual premium amount payable is Rs 10,000 and the maximum annual premium is Rs 1 lakh. The face amount under the plan would be five times the annual premium paid. Tax benefits are available under Section 80 C and Section 10 10D in addition with an investment fund option of a portfolio of up to 25 per cent in equities.

Birla Sun has also announced the implementation of Automated Underwriting and Risk Analysis (AURA) software, which is expected to streamline the process of Underwriting by automating most of the underwriting decision.

According to a company release, the system would improve operational effectiveness especially in handling peak volumes leading to speedy delivery of policies to customers and Quick Turn Around Times.

First Published: Feb 04, 2006 13:39 IST