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Birla Sun Life eyes SMEs

Special Correspondent

`The concept of Defined Contribution is at the core of the unit-linked plans'

MUMBAI: Birla Sun Life Insurance, a leader in group insurance business, is all set to redouble its thrust in this area by entering the small and medium enterprises (SMEs) sector.

Pointing out the growing importance of group insurance schemes in India at a press conference here on Wednesday, Jim Prieur, President and COO, Sun Life Financial, Canada, said, "The changes in regulations and competitive pricing of services are a phase, which every growing and newly opened economy like India will witness. However, the fact remains that employers can ill-afford to withdraw employee benefits since it is an effective way to attract and retain talent. Given this imperative, one would expect a definite shift from Defined Benefits to Defined Contribution plans as these help corporates manage costs and empower employees to manage their retirement savings better."

"Canada, in line with most other mature markets, has witnessed a robust growth in Defined Contribution retirement planning. In India too this trend is evident," he said.

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