Financial Daily from THE HINDU group of publications
Wednesday, Jun 26, 2002
Money & Banking - Life Insurance
Birla Sun Life AMC's gesture to `Elite Circle'
Mr Nani Javeri, CEO, Birla Sun Life Insurance (left), with Mr S.K. Mitra, Director, Financial Services, Aditya Birla group, at a press conference in Mumbai on Tuesday.
MUMBAI, June 25
BIRLA Sun Life Asset Management Company Ltd (BSLAMC) has introduced a facility for its large investors called the `Elite Circle'.
The membership of the `Elite Circle' entitles investors to a free life insurance policy of Rs 5 lakh for the first year (Birla Sun Life one-year renewable group term insurance plan) for which, the AMC will provide the life cover from the Birla Sun Life Insurance Company, said Mr S.K. Mitra, Director, Group Financial Services, The Aditya Birla Group, addressing a press conference here today.
Investors can become members of the `Elite Circle' when the current investment value of their unit holding in all existing schemes of Birla Mutual Fund (excluding Birla Cash Plus and Birla Bond Plus) is at least Rs 5 lakh as on June 30, 2002.
The life insurance cover will be offered only to the first holder, irrespective of the number of holders in any investment. All investors between 18 and 40 years of age qualify for this policy.
Mr Nani Javeri, CEO, Birla Sun Life Insurance, said, "As both companies are constituents of the same group, we were able to synergise our strengths and deliver value for our customers.''
Birla Sun Life Asset Management Company has 14 schemes including two offshore funds and over Rs 4,500 crore of assets under management.
Birla Sun Life Insurance is targeting sales of around 9,000 policies in the current year.
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