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Birla Sun Life to have simpler Ulip offerings
By
SiliconIndia,Thursday, 10 December 2009, 21:32 Hrs
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
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them
Posted by: Hallweather - 21 Dec, 2009
2: This is an interesting product by Birla Sun
Life..
Posted by: bhaskar - 10 Dec, 2009
3: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
Hallweather replied to: bhaskar
post - 21 Dec, 2009
post - 21 Dec, 2009
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