Birla Sun Ventures Into Group Risk Line

Birla Sun Life Insurance has launched Birla Sunlife Group Protection Solutions, a yearly renewable policy, which marks its entry into the group insurance business.

Under this insurance category, business groups (with minimum 50 employees) have the option of providing their employees life insurance cover.

The plan will be available also to professional and borrower-lender groups. The company is also planning to launch group superannuation and group gratuity products shortly.

S K Mitra, director financial services at Aditya Birla group said, "We have established strong relationships with the corporates through our other financial service ventures. So we expect a good response. The product design puts both employers and employees in a win-win situation."

 

The term plan comes with four riders, including accidental death and critical illness. Birla Sun Life's associate director (group insurance and pensions), Jaskirat Kaur said, "The plan could be customised to suit the needs of each group. The cover could be uniform or graded according to the categories of the company or as a multiple of the salary."

According to Vijay Singh, director at Birla Sun Life, the scheme will give corporates an affordable option to improve the employer-employee relationship. Currently, the company is in the process of planning group superannuation and group gratuity products, he said.