Leading private insurer Birla Sun Life Insurance launched two variants of its just launched savings plan, offering 20(%) per cent assured return at standard intervals.
Bachat Moneyback and Bachat Child plans follow the achievement of the Bachat Endowment Plan, launched this May, which contributed to over 10(%) per cent of overall sales in the first quarter of this financial, Birla Sun Life Insurance Chief Actuarial Officer Fabien Jeudy said.
"Our research shows that there is rising a demand for products on the traditional platform that will help consumers save for their long-term goals during regular and affordable premia. We hope Bachat Moneyback and Bachat Child plans will address these consumer needs effectively," he said.
These plans offer regular money back of 20(%) per cent of the monthly stand premia at every 5th, 10th and 15th policy year, Jeudy said.
In Q1 of this financial, the company reported a profit of Rs 9 crore against a loss of Rs 111 crore in Q1 last financial. Its asset under management grew 44(%) per cent to Rs 16,841 crore in Q1, on a total premium income of Rs 1,143 crore, up 18 per cent. Its new premium grow 7(%) per cent to Rs 473 crore while renewal premium rise by 27(%) per cent to Rs 669 crore.
Birla Sun Life, a JV between the Aditya Birla Group and Sun Life Financial of Canada, has over 2.3 million customers.
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