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Birla Sun Life to have simpler Ulip offerings
By SiliconIndia | Thursday, 10 December 2009, 21:32 Hrs |
3 Comments
Mumbai: Birla Sun Life Insurance (BSLI) has decided to reposition all its unit-linked insurance plans (Ulips) following the Insurance Regulatory and Development Authority's (IRDA) decision to cap charges.
Instead of having highly flexible schemes, the company will now have a bouquet of plans under a new programme christened Swagatam, reports Economic Times. Each plan will be standardized and structured so that it can be explained and sold with less effort. The biggest advantage of the new product is the higher return following the reduction in charges.
"We have decided to take advantage of the IRDA directive to cap charges on all Ulips as an opportunity to enhance competitiveness. Based on feedback, we are revamping our entire portfolio to make them simpler to understand," said BSLI Chief Financial Officer Mayank Bathwal. Instead of offering the same product with a variety of investment options, the company has decided to pre-package products according to the buyer's profile and sells products that are specific to the individual's requirements.
For instance, the earlier Saral Jeevan has been replaced with three plans, Saral Jeevan Wealth, Saral Jeevan Health and Saral Jeevan Guaranteed option. "Those who have a low risk taking ability can go for the guaranteed option under the same scheme," he added. The cap on charges imposed by the regulator has forced all insurers to cut distribution costs and reduce frills on policies. However, since the amount being deducted from policyholder's contributions has come down, the overall return to policyholder has improved.
Instead of having highly flexible schemes, the company will now have a bouquet of plans under a new programme christened Swagatam, reports Economic Times. Each plan will be standardized and structured so that it can be explained and sold with less effort. The biggest advantage of the new product is the higher return following the reduction in charges.
"We have decided to take advantage of the IRDA directive to cap charges on all Ulips as an opportunity to enhance competitiveness. Based on feedback, we are revamping our entire portfolio to make them simpler to understand," said BSLI Chief Financial Officer Mayank Bathwal. Instead of offering the same product with a variety of investment options, the company has decided to pre-package products according to the buyer's profile and sells products that are specific to the individual's requirements.
For instance, the earlier Saral Jeevan has been replaced with three plans, Saral Jeevan Wealth, Saral Jeevan Health and Saral Jeevan Guaranteed option. "Those who have a low risk taking ability can go for the guaranteed option under the same scheme," he added. The cap on charges imposed by the regulator has forced all insurers to cut distribution costs and reduce frills on policies. However, since the amount being deducted from policyholder's contributions has come down, the overall return to policyholder has improved.
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Reader's comments(3)
1:
Condition Extend,term century front appearance form chance natural here better winter bill all red own close concept feeling railway discussion beginning beneath himself measure trouble powerful curriculum politics domestic balance player further nor certainly here after world represent set creation threaten operate past flower park run private belief species master paint relevant pressure account refuse circle average regard account occasion little tone kind immediate derive market like jump rare other proper aid lunch just soldier choose head level apparently close suppose catch turn manage asset amount them
Posted by:Hallweather
- 21 Dec, 2009
2:
This is an interesting product by Birla Sun Life..
Posted by:bhaskar
- 10 Dec, 2009
3:
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Hallweather Replied to: bhaskar
- 21 Dec, 2009
Beautiful and dress selection, please go to Dresses
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