Aditya Birla Sun Life Plans G-Sec-linked Guarantee Product
Money & Banking
New Delhi |
Updated on
June 23, 2020
Published on
June 23, 2020
Sees protection and guarantee products as growth drivers
Aditya Birla Sun Life Insurance (ABSLI) sees both protection and guarantee products as growth drivers for the company as well as the life insurance industry this year in the post-Covid-19 world, a top official said.
The private life insurer uses product innovation and technology to ride demand in these segments and plans to roll out at least 2 to 3 new products over the next six months, Kamlesh Rao, Managing Director and CEO, ABSLI, told BusinessLine.
Rao said that talks are at an advanced stage with the insurance regulator IRDAI to see if a guarantee product linked to an external benchmark such as G-Sec could be introduced in the market.
“We already have one of the largest range of guarantee products. Only a week back we launched an innovative product for child plan, which is called ‘child future assured plan’. This child plan is a very interesting combination of both protection and guarantee. Now, in next 45 days or two months, we want to launch the next product on guarantee side (G-sec linked). We are yet to get the approval and hope we will be the first ones to get it,” he said.
Rao also said that ABSLI is aspiring to move up the industry league by one or two ranks over the next 18 months. The private life insurer is now at the 7th position in the industry league.
Bancassurance
On bancassurance, Rao said the company was open to expand the number of banks with which it has banca tie-ups. As on date it has 8 banca tie-ups with HDFC Bank being the biggest. “We are constantly looking for more banks and are in talks with two of them right now,” he said.
As for claim settlement ratio, the private life insurer is aspiring for claim settlement ratio of 98 to 99 per cent levels. Last year, it ended up with claim settlement ratio of 97.5 per cent.
Rao highlighted that ABSLI was one of the few companies that actually grew (10 per cent) in May this year.
“June is looking better than May, and we will definitely be higher than June of last year. The reason why we are able to do well is we have digitally enabled everything. What we have done is we have completely digitised the journey of all our products,” he said.
Published on
June 23, 2020
A letter from the Editor
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The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
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New Delhi |
Updated on
Sees protection and guarantee products as growth drivers
Aditya Birla Sun Life Insurance (ABSLI) sees both protection and guarantee products as growth drivers for the company as well as the life insurance industry this year in the post-Covid-19 world, a top official said.
The private life insurer uses product innovation and technology to ride demand in these segments and plans to roll out at least 2 to 3 new products over the next six months, Kamlesh Rao, Managing Director and CEO, ABSLI, told BusinessLine.
Rao said that talks are at an advanced stage with the insurance regulator IRDAI to see if a guarantee product linked to an external benchmark such as G-Sec could be introduced in the market.
“We already have one of the largest range of guarantee products. Only a week back we launched an innovative product for child plan, which is called ‘child future assured plan’. This child plan is a very interesting combination of both protection and guarantee. Now, in next 45 days or two months, we want to launch the next product on guarantee side (G-sec linked). We are yet to get the approval and hope we will be the first ones to get it,” he said.
Rao also said that ABSLI is aspiring to move up the industry league by one or two ranks over the next 18 months. The private life insurer is now at the 7th position in the industry league.
Bancassurance
On bancassurance, Rao said the company was open to expand the number of banks with which it has banca tie-ups. As on date it has 8 banca tie-ups with HDFC Bank being the biggest. “We are constantly looking for more banks and are in talks with two of them right now,” he said.
As for claim settlement ratio, the private life insurer is aspiring for claim settlement ratio of 98 to 99 per cent levels. Last year, it ended up with claim settlement ratio of 97.5 per cent.
Rao highlighted that ABSLI was one of the few companies that actually grew (10 per cent) in May this year.
“June is looking better than May, and we will definitely be higher than June of last year. The reason why we are able to do well is we have digitally enabled everything. What we have done is we have completely digitised the journey of all our products,” he said.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
Support Quality Journalism
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