Birla Sun Life Insurance Company (BSLI), a joint venture between Aditya Birla Group and Sun Life Financial Inc., is banking upon process simplification and immediate life insurance cover to drive sales of its new product, "Saral Jeevan Plan", an over-the counter" and unit linked life insurance plan.The plan has a "Multiplier" fund option, which would invests in mid cap stocks, with an option to invest 30 per cent in large cap stocks as well.BSLI is an early entrant in the mid cap segment for investments, amongst private life insurers.According to Vikram Mehmi, president and CEO, BSLI, "We have examined aspects of our processes that can be simplified to make purchase of a life insurance policy easier. The simplification process has been brought about by closely working with our re-insurers. We have developed special risk-mitigating strategies that allow us to simplify the process. Saral Jeevan Plan is an 'over-the-counter' plan launched with the objective of simplifying the buying experience of the customer."As on August 2007, BSLI's new business premium was approximately Rs 398 crore.The total AUM (assets under management) for the company crossed Rs 5,100 crore as on September 30, 2007. Its premium persistency ratio was 97.7% and outstanding claims ratio was 0.41%. The company's capital base was Rs 877 crore as on September 26, 2007.
