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Birla Sun Life simplifies its procedures

Anjana Grewal (right), senior Vice-president (Marketing), at a press meet in Bhubaneswar on Saturday.

BHUBANESWAR: Birla Sun Life Insurance (BSLI) Company Ltd. on Saturday said the company has simplified procedures for its newly launched product, Saral Jeevan Plan (SJP), which would provide immediate life insurance cover.

Speaking to reporters here on Saturday, BSLI’s Senior Vice-President Anjana Grewal said the SJP was an over-the-counter plan and process-simplification was based on special risk-mitigation strategies developed in partnership with the re-insurers.

“No premium allocation charge will be deducted from the policy premium if one switch from one fund to another,” she said.

SJP has a simple three-step process involving completion of a simple application form, including signing the sales illustration, agreement to insurability, declaration, payment of policy premium and submission of required documentation, the company said.

“The company is targeting to garner four lakh to five lakh policies valuing Rs. 600 crore by March across the country,” Ms. Grewal said.

She claimed the company was enjoying 2.1 per cent of the market share in life insurance segment and its growth rate was higher than of market.

The business premium of BSLI, which has stepped into its seven years of operation, stands at approximately Rs. 398 crore marking a 60 per cent growth.

The senior vice president said the company had plans to enhance its presence in Orissa by opening more branches in the near future.She said company’s growth in the State accounted 80 per cent to 90 per cent last year. Its premium touched Rs. 10 crore last fiscal in the State, a company official said.

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