The Hindu Business Line : Birla Sun Life looks at Rs 205-cr premium income

BIRLA Sun Life Insurance is targeting a premium income of Rs 205 crore for this financial year as compared to Rs 36 crore last year, according to Mr Nani Javeri, CEO, Birla Sun Life Insurance.

Speaking at a press conference to announce the launch of the `Flexi SecureLife Retirement Plan,' Mr Javeri said that 50 per cent of the annual premium income would come from individual policies.

Birla Sun Life today launched the Flexi SecureLife Retirement Plan, which brings the benefits of its unit-linked plans along with annuities.

"Our research indicates that the percentage of individuals who have planned their retirement is very low. The Flexi SecureLife retirement plan is structured on the unit-linked platform providing the customer with efficient returns in the long term,'' according to Mr Javeri.

The flexi life plan is designed in two phases - - the build-up or accumulation phase and the annuity or the payout phase. In the accumulation phase, one makes regular contributions towards retirement. On the vesting date, one can utilise this amount to buy an annuity, which can take care of one's post-retirement needs.

The customer can choose from three investment options depending on the risk appetite during the accumulation phase of the plan. All the investment fund options provide minimum net-guaranteed overall return of three per cent at vesting and on death, but not on surrender. The three investment options are Nourish, Growth and Enrich.

Birla Sun Life Insurance is currently capitalised at a level of Rs 180 crore. Eighty eight per cent of the premium income has been achieved from sales of unit-linked products.

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