Birla Sun Life launches two new plans
Leading private insurer Birla Sun Life today launched two variants of its recently launched savings plan, offering 20 per cent assured return at regular intervals.
Bachat Moneyback and Bachat Child plans follow the success of the Bachat Endowment Plan, launched this May, which contributed to over 10 per cent of overall sales in the first quarter of this fiscal, Birla Sun Life Insurance Chief Actuarial Officer Fabien Jeudy said here today.
"Our research shows that there is an increasing demand for products on the traditional platform that will help consumers save for their long-term goals through regular and affordable premia. We hope Bachat Moneyback and Bachat Child plans will address these consumer needs effectively," he said.
These plans offer regular money back of 20 per cent of the monthly base premia at every 5th, 10th and 15th policy year, Jeudy said.
In Q1 of this fiscal, the company reported a profit of Rs 9 crore against a loss of Rs 111 crore in Q1 last fiscal. Its asset under management grew 44 per cent to Rs 16,841 crore in Q1, on a total premium income of of Rs 1,143 crore, up 18 per cent. Its new premium grew 7 per cent to Rs 473 crore while renewal premium rose by 27 per cent to Rs 669 crore.
Birla Sun Life, a JV between the Aditya Birla Group and Sun Life Financial of Canada, has over 2.3 million customers.