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Company Profile

Established in 2000, Birla Sun Life Insurance Company Limited (BSLI)


is a joint venture between the Aditya Birla Group, a well known and trusted
name globally amongst Indian conglomerates and Sun Life Financial Inc,
leading international financial services organization from Canada. The local
knowledge of the Aditya Birla Group combined with the domain expertise of
Sun Life Financial Inc., offers a formidable protection for its customers’
future.

With an experience of over 9 years, BSLI has contributed significantly to


the growth and development of the life insurance industry in India and
currently ranks amongst the top 5 private life insurance companies in the
country.

Known for its innovation and creating industry benchmarks, BSLI has
several firsts to its credit. It was the first Indian Insurance Company to
introduce “Free Look Period” and the same was made mandatory by IRDA
for all other life insurance companies. Additionally, BSLI pioneered the
launch of Unit Linked Life Insurance plans amongst the private players in
India. To establish credibility and further transparency, BSLI also enjoys the
prestige to be the originator of practice to disclose portfolio on monthly
basis. These category development initiatives have helped BSLI be closer to
its policy holders’ expectations, which gets further accentuated by the
complete bouquet of insurance products (viz. pure term plan, life stage
products, health plan and retirement plan) that the company offers.

Add to this, the extensive reach through its network of 600 branches and
1,75,000 empanelled advisors. This impressive combination of domain
expertise, product range, reach and ears on ground, helped BSLI cover more
than 2 million lives since it commenced operations and establish a customer
base spread across more than 1500 towns and cities in India. To ensure that
our customers have an impeccable experience, BSLI has ensured that it has
lowest outstanding claims ratio of 0.00% for FY 2008-09. Additionally,
BSLI has the best Turn around Time according to LOMA on all claims
Parameters. Such services are well supported by sound financials that the
Company has. The AUM of BSLI stood at Rs. 8165 crs as on February 28,
2009, while as on March 31, 2009, the company has a robust capital base of
Rs. 2000 crs.

Vision:

To be a leader and role model in a broad based and integrated financial


services business.
Mission:

Enhance the financial future of our customers including enterprises.

To help people mitigate risks of life, accident, health, and money at all
stages and under all circumstances.

Values:

Integrity
Commitment
Passion
Seamlessness
Speed
A US $28 billion corporation, the Aditya Birla Group is in the league of
Fortune 500 worldwide. It is anchored by an extraordinary force of 100,000
employees, belonging to 25 different nationalities. The group operates in 25
countries across six continents – truly India's first multinational corporation.

Aditya Birla Group through Aditya Birla Financial Services Group


(ABFSG), has a strong presence across various financial services verticals
that include life insurance, fund management, distribution & wealth
management, security based lending, insurance broking, private equity and
retail broking. The seven companies representing ABFSG are Birla Sun Life
Insurance Company, Birla Sun Life Asset Management Company, Birla Sun
Life Distribution Company, Birla Global Finance Company, Birla Insurance
Advisory & Broking Services, Aditya Birla Capital Advisors and Apollo
Sindhoori Capital Investment. In FY 2008-09, the consolidated revenues of
ABFSG from these businesses crossed Rs. 4763 crores, registering a growth
rate of 36%.

Sun Life Financial is a leading international financial services


organisation providing a diverse range of protection and wealth
accumulation products and services to individuals and corporate customers.
Chartered in 1865, Sun Life Financial and its partners today have operations
in key markets worldwide, including Canada, the United States, the United
Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India,
China and Bermuda. As of December 31, 2008, the Sun Life Financial group
of companies had total assets under management of $381 billion.

Management Team

Mr. Ajay Srinivasan


Managing Director

Mr. Mayank Bathwal


Chief Financial Officer
Mr. Amitabh Verma
Chief Operating Officer

Mr. Fabien Jeudy


Chief Actuarial Officer & Appointed Actuary

Mr. Vikram Kotak


Chief Investment Officer
Board of Directors

Mr. Donald Stewart

Mr. Kumar Mangalam Birla

Mr. Birla is a Chartered Accountant and has also earned an MBA (Masters
in Business Administration) from the London Business School, London.
He is the Chairman of the Aditya Birla Group, which is among India's
largest business houses. Among its major companies in India are Grasim,
Hindalco, UltraTech Cement, Aditya Birla Nuvo and Idea Cellular and
globally — Novelis, Minacs, Aditya Birla Minerals, Aditya Birla
Chemicals. Its JV operations include Birla Sun Life Asset Management
Company, Birla Sun Life Distribution Co. Ltd and Birla Sun Life Insurance
Co. Ltd.
The media has showered various accolades on him. Between 1997 to-date,
India Today has named him among the top 5 in their "High and Mighty"
Power List and The Economic Times - among the top 10 most influential
Leaders. The NDTV, Star Plus "India Business Week" designated him as
"The Businessman of the Year". Global Finance has cited him among the
10 Super Stars of Corporate Finance. Business World ranked him among
the top 10 of India's most admired and respected CEOs and the top CEO of
the coming millennium, and Hindustan Times named him as "The
Businessman of the Year" as well. He is also on the Board of various
companies.
Mr. Ajay Srinivasan

Mr. Srinivasan holds a Bachelor of Arts degree with Honours in


Economics from St. Stephens College, University of Delhi and an MBA
from the Indian Institute of Management, Ahmedabad. He is the Chief
Executive, Financial Services and Director, Corporate Strategy and
Business Development at the Aditya Birla Group since July 2007.

In his role as Chief Executive, Financial Services, Aditya Birla Group, he


sets the strategic direction and vision and provides operational leadership
for the Group’s Financial Services business. In his role as Director,
Corporate Strategy and Business Development, he directs and strategies on
business portfolio issues for the Aditya Birla Group focusing on the long-
term sustainability, profitability and value creation of the Group’s
businesses.

Prior to joining the Aditya Birla Group, Mr. Ajay Srinivasan was
associated with Prudential Corporation Asia, Threadneedle Asset
Management, etc. at senior levels. With a proven track record for building
successful businesses, his experience in the financial services industry
spans almost two decades.
Mr. Bishwanath Puranmalka

Mr. Puranmalka is a commerce and law graduate and also a Fellow


member of the Institute of Chartered Accountants of India and Institute of
Company Secretaries of India. He is the Director of Aditya Birla Group’s
Financial Services and has a total working experience of more than 45
years. He has been associated with the Aditya Birla Group in various
capacities since the inception of his career.

He has a rich experience in implementation and running of several


manufacturing, training, service industry business and setting up
Greenfield manufacturing operations. He is on the Board of various
companies.
Mr. Dikran Ohannessian

Mr. Dikran Ohannessian completed his Harvard University Program for


Management Development at the Harvard University after a degree in
Science (mathematics) from McGill University. He joined as the President
of Sun Life Financial Asia in January 2010 and is responsible for the Asia
Regional Office and for Sun Life’s joint venture interests in India and
China. Dikran joined Sun Life Financial in 1976 and has held numerous
leadership positions within the organization. He has successfully led
Individual insurance and Group Benefits businesses in Canada. He
established and oversaw the joint venture life insurance operations in
China. He has worked in several markets including Canada, China, Hong
Kongand Philippines amongst others.

Mr. Dikran is well-versed with various facets of the life insurance


business including individual, group benefits, financial planning and
analysis, integration, corporate restructuring, shared services and joint
ventures; as well as the asset management company operations. Prior to
assuming leadership position, he worked in the individual life business
with special areas of focus being underwriting, policy issue and policy
administration. In Group Benefits, he worked in large case sales and
underwriting as well as Group Actuarial. He has led various functions in
Sun Life Financial, including the role of CFO of the Canadian operations;
the successful integration of Clarica Life Insurance Company (Canada); the
launch of Shared Services; the demutualization of the Company; review
and strengthening and business practices. He has also served terms on
joint ventures (JVs) such as SNS Shared Health Network Services Ltd.,
Preferred Vision Services; Dental Maintenance Organisation and Sun
Life Benefits Management Company amongst others.
Mr. Gian Gupta

Mr. Gupta holds a Masters in Commerce from University of Delhi. He is a


director on the Board of the Company and is the independent director on
the Board of Aditya Birla Nuvo Limited (holding company of BSLI). He
is also a member of the Audit Committee, Finance Committee and Share
Allotment Committee of the Company.

Mr. Gian Prakash Gupta has been the former Chairman and Managing
Director of Industrial Development Bank of India & Chairman of Unit
Trust of India. He has wide and rich experience in Project Financing
including Infrastructure projects, Capital Market, Financial Management
and General Management. He is on the Board of various companies.
Dr. Rakesh Jain

Born in January 1961, Dr Jain is an M.Tech from IIT, Kharagpur and has
done his Ph.D in Polymer Science & Engineering from Akron University
(USA), 1988.

Dr. Jain has been associated with the Aditya Birla Group since 2003 and
brings to the table an enriching experience across industries. Heis currently
the Managing Director of Aditya Birla Nuvo Limited and a Business
Director of Business Process Outsourcing & Software at Aditya Birla Nuvo
Limited since July 1, 2009. Prior to this he served as Joint Managing
Director of Aditya Birla Nuvo Limited for the period December 17, 2008 -
June 30, 2009.

He has served as Executive President of Indo Gulf Fertilisers at Aditya


Birla Nuvo Limited and also as the Business Director of Hi-tech Carbon at
Aditya Birla Nuvo Limited in the capacity of a Whole Time Director of
Aditya Birla Nuvo Ltd. since April 3, 2006. In addition to this, he also
acted as the Head of Carbon Black Business at Aditya Birla Group Co.
(alternate name Aditya Birla Management Corporation Ltd.) for the period
March 2005 - June 30, 2009.

Before joining Aditya Birla Group, Dr Jain held the position of President
and CEO of GE Plastic, India & South Asia in 2001. He spearheaded the
digitization effort at Global GE Plastics in 2000 after working at senior
positions in various departments of the company. He had joined GE
Plastics in its advanced technology group in 1988.
Mr. Suresh Talwar

Mr. Talwar is a commerce graduate and has done his L.L.B. He practices
as a solicitor. He is a partner of M/s Talwar, Thakore & Associates, a law
firm he has founded in partnership with Shobhan Thakore. He was also
associated with M/s. Crawford Bayley & Company prior to his forming his
firm of Advocates. He also acts as a legal counsel to numerous Indian
companies, multinational corporations, Indian & foreign banks. His
professional specialisation is in corporate law, corporate tax, foreign
exchange laws, Monopolies & Restrictive Trade Practices laws, &
international issue of securities by Indian companies. He also holds the
directorship in several eminent public & private limited companies.
Mrs. Tarjani Vakil
Ms. Vakil holds an M.A from the University of Mumbai and has over four
decades of experience in development banking.Ms. T. M. Vakil (presently
Additional Director, Aditya Birla Trustee Company Pvt. Ltd.) has held
directorship of several renowned public sector companies such as LIC,
GIC, ECGC and BHEL amongst others.

Ms.Vakil started her career with Maharashtra State Finance Corporation


(MSFC) in 1958 and assumed several responsibilities till she was assigned
the responsibilities for the post of Assistant Secretary in 1965. She moved
from MSFC to join Industrial Development Bank of India (IDBI) in 1965.
After an illustrious seven-year stint at IDBI in the capacity of a Deputy
General Manager, she joined EXIM Bank of India as General Manager in
1982. After a long - distinguished tenure of 16 years in EXIM Banks, she
retired as Chairman and Managing Director (CMD ) in 1996 and was soon
inducted on the board of several private sector companies .

Post her retirement, she chose to join Asian Paints as a Director in


December 1998 . This was followed by DSP Blackrock Trustee Company
Pvt. Ltd. (earlier DSP Merrill Lynch) in February 1999 ; Mahindra
Intertrade Ltd . in April 2000 ; Aditya Birla Nuvo Ltd. in July 2000;
Oracle Financial Services Software Ltd. (earlier known as i-flex Solutions
Ltd.) in May 2004; Alkyl Amines Chemicals Ltd. in January 2005; Idea
Cellular Ltd. in September 2006 . The journey continues by partnering
Aditya Birla Trustee Company Pvt. Ltd. Since January 2009.

Ms. Vakil, today holds additional positions as member or chairperson in


committees formed by eminent corporate entities such as Asian Paints
(Chairperson- Audit Committee and Member- Remuneration Committee) ,
DSP Black Rock Trustee Company P.L ( Member- Audit Committee) ,
Mahindra Intertrade Ltd. (Chairperson- Audit Committee) , Aditya Birla
Nuvo Ltd. (Chairperson-Audit Committee and Risk Management
Committee) , Oracle Financial Services (Chairman- Shareholders
Grievance Committee, Share Transfer Committee, ESOP Allotment
Committee and Member Audit Committee) and Idea Cellular Ltd.
(Chairperson –Remuneration Committee and Member- Audit Committee).
Mr. Venkatesh Mysore

COMMITIES:
Asset Liability Management Committee

Mr. Ajay Srinivasan; Managing Director


Mr. Bishwanath N. Puranmalk; Non - Executive Director
Mr. Fabien Jeudy; Chief Actuarial Officer & Appointed
Actuary
Ms. Keerti Gupta; Head - Investment Risk Management &
Operations
Mr. Mayank Bathwal; Chief Financial Officer
Mr. Venkatesh Mysore; Non - Executive Director
Mr. Vikram Kotak; Chief Investment Officer

Audit Committee
Mr. Gain P Gupta - Independent Director & Committee
Chairman
Mr. Ajay Srinivasan; Managing Director
Mr. Bishwanath N. Puranmalka; Non - Executive Director
Mr. Dikran Ohannessian ; Non - Executive Director
Mrs. Tarjani Vakil ; Independent Director
Mr. Venkatesh Mysore; Non - Executive Director

Investment Committee

Mr. Ajay Srinivasan; Managing Director


Mr. Bishwanath N. Puranmalka; Non - Executive Director
Mr. Fabien Jeudy; Chief Actuarial Officer & Appointed
Actuary
Ms. Keerti Gupta; Head - Investment Risk Management &
Operations
Mr. Mayank Bathwal; Chief Financial Officer
Mr. Venkatesh Mysore; Non - Executive Director
Mr. Vikram Kotak; Chief Investment Officer

Risk Management Committee

Mr. Gain P Gupta - Independent Director & Committee


Chairman
Mr. Ajay Srinivasan; Managing Director
Mr. Venkatesh Mysore; Non - Executive Director

Finance Committee

Mr. Ajay Srinivasan; Managing Director


Mr. Bishwanath N. Puranmalka; Non - Executive Director
Mr. Gian P. Gupta; Independent Director
Mrs. Tarjani Vakil ; Independent Director
Mr. Venkatesh Mysore ; Non - Executive Director

Share Allotment Committee

Mr. Bishwanath N. Puranmalka; Non - Executive Director


Mr. Gian P. Gupta; Independent Director
Mr. Suresh N. Talwar; Independent Director
Mr. Venkatesh Mysore; Non - Executive Director

Awards

At Birla Sun Life Insurance, winning is a way of life. Our innovative


solutions and customer-friendly services have been admired, appreciated and
rewarded by customers and the industry at large.

Awards showcase

Recruiting and Staffing Best in


Class Awards.

2.
OOutlook Money Awards 2004
BSLI - Best Life Insurer
(Runner Up) 2004 TROPHY.

Outlook Money Awards 2004 BSLI - Best Life Insurer


(Runner Up) 2004 CERTIFICATE.

1.

Recruiting and Staffing Best in


Class Awards.

3.

Outlook Money Awards 2004


BSLI - Best Life Insurer
(Runner Up) 2004 TROPHY.
5.

Outlook Money Awards 2004


BSLI - Best Life Insurer
(Runner Up) 2004
CERTIFICATE.

7.

The 8th Asia Insurance Industry


Awards 2004 - Birla Sun Life
Insurance was among the top
five nominees in the category.

Business Continuity Plan


Birla Sun Life Insurance is one of the few Indian companies to have a fully
operational Business Continuity Plan (BCP) to ensure minimal impact to the
organisation, its people, and most importantly, its customers. Our Business
Continuity Planning (BCP) Program is a response plan which would ensure
that in the event of a disaster we would be able to restore and recover
operations for critical processes within a predetermined time after the
disaster.

BSLI’s Business Continuity Management Policy

To have a planned response in the event of any contingency ensuring


recovery of critical activities at agreed levels within agreed timeframe
thereby complying with various regulatory requirements and minimizing the
potential business impact to BSLI. Additionally to create a system that
fosters continuous improvement of business continuity management

Business Continuity Management System Objectives (BCMS):

The objectives of BSLI's BCMS are as follows


Ensuring a Proactive response to any contingency
Ensuring recovery of identified critical activities within
agreed timeframe.
Ensuring that we adhere to our clients, contractual, legal
& regulatory requirements.

Programme Overview

As part of our Business Continuity Plan, we have a documented crisis


response and recovery procedure for quick response and stabilization of the
situation, and a business continuity procedure to ensure recovery.

Highlights of our Plan Document:

Crisis Management & incident response


Data back-up, data and system recovery
Recovery of all mission-critical business functions and
supporting systems
Alternate recovery sites if primary location is unavailable
Communication with customers, employees and other
stakeholders
Assurance to customers that they will continue to receive
optimum customer services at all times

Our Commitment

Risk Assessment & Business Impact Analysis (BIA)


annually.
Business Continuity Plan for HO & its Critical branches.
Crisis Management Plan & Pandemic Response Plan at a
corporate Level.
Business Continuity Plan Testing ensuring viability of all
its plans.
The activities set forth above may evolve as business and
regulatory needs require.

Products & Solutions/ Individual Solutions:

Individual Solutions
At Birla Sun Life Insurance, we look at life from your perspective.
Hence, no matter what your dreams are - be it long term protection, wealth
creation, health, retirement security or your children’s education, we provide
you customised insurance solutions to meet all your Life needs successfully.

Our Protection Solutions for your


family's life insurance needs.

Our Children’s Future Solutions To


take care of your children's need.

Our Wealth with Protection


Solutions To help you create long term
wealth & protect your family.
Our Health & Wellness Solutions To
cover you & your family's current &
future health need.

Our Retirement Solutions To


financially secure a happy retired life.
Group Insurance

We believe that employee benefit plans provided by employers to their


employees play a very important role in increasing employee loyalty and
productivity. Birla Sun Life uses its vast expertise in helping organizations
and groups design customized solutions to their employees.

Retirement Solutions:-

Our employee benefit solutions are designed to enable organizations and


groups to offer superior benefits to their employees to meet both statutory
requirements like gratuity and retirement solutions.

 Gratuity:-

 While Gratuity is a statutory obligation it is also a very important tool


today to create employee loyalty. A comprehensive gratuity plan can
help organizations reduce both business costs and corporate tax. Birla
Sun Life’s gratuity solution manages your gratuity liability effectively
and also helps you release resources for other business activities.

 SuperAnnuation:-

 Today while there is a high awareness of the impact of inflation


and its affect on retirement savings among employees, very few
would have adopted a systematic and disciplined savings plan to
counter its effect. Organizations can play a key role in helping
employees to build the desired retirement corpus while at the same
time increasing employee loyalty. Birla Sun Life’s solutions can be
customized to effectively meet both employer and employee
requirements.

 Leave Encashment:-

 Leave encashment liabilities for organization keep growing with


time thus straing the organizations resources. These liabilities can bee
effectively met through the management of a dedicated fund for leave
encashment. Birla Sun Life vast experience in effectively managing
funds and delivering superior returns can help organizations
effectively manage these liabilities.
Protection Solutions:

Birla Sun Life Insurance Group Protection Solutions provide the benefit
of an insurance cover to an entire group of people as a single unit.

This can be Employer – Employee Groups, Affinity Groups and Mortgage


Groups.

• Employer employee:-

• At Birla Sun Life Insurance (BSLI), our goal is to help you ensure
your employees’ well being so that they can enhance their
performance & potential. Our protection solutions combine new
innovations in organizational benefits with the traditional strength of
employee assistance to help you:

Protect your investment in your people Reduce the liability, cost


and negative impact of mental ressures in the work place Maintain
your position as employer of choice; and Incorporate employer
protection & wellness into your core business practices.

• Affinity:-

• An affinity group is a group consisting of persons who assemble


together with a commonality of purpose or engaging in a common
economic activity.
In Insurance parlance Non-employer-employee groups like
employee welfare associations, borrowers of a bank, professional
associations or societies may also be treated as affinity groups
provided the president/ secretary/ manager/ group organizer in his
capacity as organizer of the group has an authority from majority of
the members of the group to arrange insurance on their behalf.

Rural Insurance

A large population of India lives in the rural areas. The impact of risks
associated with life and health are far more severe on this population as
compared to the urban population with higher levels of income.

Birla Sun Life launched its rural program in 2001 to provide insurance to
the rural populace of India. This includes the endowment product that
provides life cover and guarantees returns to the insured on maturity. By
virtue of the benefits it provides, this product has been very well accepted
and has gone on to become the most popular product in the rural areas.

With changing times and with increasing disposable incomes in rural


areas, we improved our solutions to the rural population and launched two
Micro Insurance Products in 2008 which include a pure term and return of
premium products. One of the unique features of these products is that they
provide a grace period of 180 days as opposed to 30 days for other similar
plans in the market. This gives policyholders the flexibility to pay
premiums.

 Birla Sun Life Insurance Bima Dhan Sanchay

 Birla Sun Life Insurance Bima Suraksha Super

 Birla Sun Life Insurance Bima Kavach Yojana.

NRI Solutions

In today's globalized work environment we often find ourselves staying


away from our loved ones in a different country. However, our hopes,
dreams and aspirations to provide them the best of life do not change. Birla
Sun Life's unique NRI solutions can help you ensure that your dreams and
aspirations are not compromised even while you stay away from your
family. Our solutions can help you plan and fulfil all your goals like
planning for your child's education, planning for your retirement, building a
house, caring for your parents back home and more.
Retirement Insurance Solutions:-

With the change in social structure it is uncommon for people to live


together in joint families. The growing trend is for retired people to live by
themselves. Living independently in your retirement can mean incurring
monthly expenses but without no monthly income from a job.

So whether you have planned a hectic retirement where you will start the
business venture of your dreams or a leisurely retirement just tending to your
backyard garden; you do need the resources to ensure that your golden years
are the best part of your life.

The cost of retirement can be considerable, a cost that you need to start
planning as early as possible. Each year the cost of living increases and as
you get older this cost will only get higher. You need to account for the price
rise so that your savings can support you in your retirement.

In India it is routine for most people to fund their own retirement.


Planning for life after work is not so difficult once you follow a few simple
steps:
 Determine an amount that is required
 Determine how much additional is needed
 Allocate investments
 Wait, review and reallocate.

Retirement planning is all about knowing what you want and being
disciplined towards achieving it. These days, with life expectancy being
higher, life’s goals being wider, you need to ensure that you have enough in
your account to take care of you in those days of leisure.

Unit linked retirement plans offer you flexibility to choose the investment
tenure, investment portfolio (fund options) and the amount that you pay
regularly. You should choose your investment portfolio depending on your
risk appetite and years remaining in your retirement. Ideally as you get
nearer to the day when you would quit working you should reduce your
exposure to risky investments for example equity and equity associated
funds. Choosing the right retirement fund ensures that you can remain worry
free when the time comes to enjoy your golden period.
Health & Wellness Solutions

A sudden medical emergency has the potential to derail even a well made
financial plan and throw your finances into complete disarray. Lack of
instant access to funds could, at times, force you to compromise on the
quality of medical treatment, which would be an unfortunate but easily
avoidable situation.

Health costs are rising at alarming rates and consuming a larger share of
your monthly expenses than ever before. It is then, only wise to have a plan
to ensure that you and your family are never left in the want of funds, when
a contingency arises.

Things to remember while buying a health insurance policy

 Insure yourself and your family for an adequate amount


 Make sure you are insured against major illnesses and injuries.
 Go for those policies that offer you cash less facility

Health is one of the fundamental determinants of your family’s happiness


and shouldn’t you strive to give them the best?
CONTENTS
 Company Profile
 Product & Solutions
 Group Insurance
 Retirement Solutions
 Protection Solutions
 Rural Insurance
 N.R.I. Solutions
 Bibliography.
Bibliography

Secondary Sources:-
www.birlasunlifeinsuranceindia.com
www.birlasunlifeinsurance.co.in
Bibliography
Company Profile
Protection Solutions
Rural Insurance

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