Birla Sun to use group network for rural reach

Birla Sun Life Insurance (BSLI), belonging to the Aditya Birla group (ABG), has drawn up a marketing strategy to leverage the dealer network of another ABG company, Indo-Gulf Fertilisers, to reach out to rich farmers in Uttar Pradesh, Bihar, Jharkhand and West Bengal.

"We will be promoting our flexi-line of products to this group of customers," BSLI Director S K Mitra said, adding that the company has targeted 20 per cent of its rural sales through its savings-linked policies.

Incidentally, BSLI had launched its rural operations six years back from ABG's Hindalco unit, which has a well-developed rural network. Thereafter, it had utilised the networks of seven more ABG companies to spread its presence in the rural areas.

"With the Insurance Regulatory and Development Authority (Irda) revising the definition of rural areas, the total population falling into the rural category has increased from 42 per cent to 72 per cent and BSLI is best placed among all the private players to reap the benefits," Mitra said.

Till now, he said, BSLI through its distribution partners had reached 2,956 villages in 61 districts across 15 states in the country. In the last financial year, it sold 63,934 policies accounting for nearly 24 per cent of the total individual policies sold by the company.