Birla Sun Life Insurance offers Saral Jeevan Plan

PFW Bureau / Oct 24

Birla Sun Life Insurance (BSLI) has launched “Saral Jeevan Plan”, a unit-linked life insurance plan, that provides immediate life insurance cover.

The main features of Saral Jeevan Plan are:

1. It is an “Over-the Counter” (OTC) plan. Immediate life insurance cover, made possible through process-simplification.
2. Process-simplification is based on special risk-mitigation strategies developed in partnership with the re-insurers.
3. No medical tests.
4. Launch of “Multiplier” fund option, which invests predominantly in mid-cap stocks, with an option to invest 30% in large-cap stocks as well, in order to diversify the portfolio. BSLI is an early entrant in the mid-cap segment for investments, amongst private life insurers.

Commenting on the launch of the plan, Vikram Mehmi, CEO, BSLI said, “The simplification process has been brought about by closely working with our re-insurers. We have developed special risk-mitigating strategies that allow us to simplify the process. Saral Jeevan Plan is an ‘over-the-counter' plan launched with the objective of simplifying the buying experience of the customer.”

Saral Jeevan Plan has a simple 3-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 documents. The customer then gets a life insurance cover from BSLI immediately, through the issuance of a cover note which is followed by a policy document, the company said in a statement.
Saral Jeevan Plan also offers an additional fund option, the “Multiplier” fund, where investments are made pre-dominantly in mid-cap stocks, with an option to invest 30% in large-cap stocks as well. Over the long-term, mid-caps have the potential of generating superior returns as compared to large-cap stocks. Since this segment is relatively under researched, it offers an excellent opportunity, thus enabling the spotting of winners ahead of the market. Policy holders now have the option of diversifying their risk by allocating their premiums in varying proportions among 8 fund options.

Key benefits of Saral Jeevan Plan:

1. An easy and simple plan: An easy life insurance plan to buy due to simple processes.
2. Earn efficient returns – New Multiplier Fund: Choose from a wide range of 8 fund options including the new Multiplier fund for allocating investor's premiums, depending on his or her risk profile.
3. Match risk profile at every stage: Free unlimited switches and premium redirection give you an opportunity to always have control of investor's fund and optimise his or her returns.
4. Tax benefits: Avail of tax benefits under Section 80C and Section 10 (10 D).
5. Choose your mode of premium payment: Pay premiums at convenience through the various payment options on an annual, semi-annual, quarterly or monthly mode.
6. Death benefit with a PLUS: Investor's nominee will receive both sum assured and fund value in the unfortunate event of death of the life insured.
7. Unmatched Liquidity: Free unlimited partial withdrawals are allowed from your fund value after 3 policy years. Also, zero surrender charges after 3 policy years.