Aditya Birla Sun Life Insurance (ABSLI) is a 51:49 joint venture between the Aditya Birla Group and Sun Life Financial Inc., a Canadian financial services organization. Incorporated on August 4, 2000, it commenced operations on January 17, 2001. ABSLI offers a wide array of life insurance products, including Protection Plans like ABSLI DigiShield Plan and ABSLI Life Shield Plan, providing financial security to the family in case of the policyholder’s death with options for tailored coverage and predictable payouts, and some plans like Return of Premium plans that may return premiums if the policyholder survives the term. Wealth with Protection Plans include Unit Linked Insurance Plans (ULIPs) such as ABSLI Wealth Max Plan and ABSLI Fortune Elite Plan, combining investment and insurance. Savings Plans like ABSLI Nishchit Aayush Plan and ABSLI Assured Savings Plan offer guaranteed income or additions along with life cover. They also provide Retirement and Pension Solutions designed for post-retirement income, Children’s Future Plans to secure financial futures, Health Plans covering hospitalization and critical illnesses, and Traditional Term Plans. ABSLI has a nationwide presence through a multi-channel distribution network including branches, bancassurance partners, direct selling agents, corporate agents, brokers, and its website. As of June 2022, it had over 340 branches, 8 bancassurance partners, and over 49,000 direct selling agents. As of June 2022, the total Assets Under Management (AUM) of ABSLI stood at around ₹606,604 million. In Q1 FY 2022-23, it recorded a gross premium income of ₹26,197 million, showing significant year-on-year growth. ABSLI serves over 1.6 million active customers and has a large employee base. The company boasts a high claim settlement ratio, indicating its commitment to honoring claims promptly; for individual business, the claim settlement ratio was reported as 98.40% in a recent report.
Aditya Birla Health Insurance (ABHICL) is a joint venture between Aditya Birla Group and MMI Holdings of South Africa. Incorporated in 2015, it commenced operations in October 2016. ABHICL focuses on offering a range of health insurance products with unique offerings, including chronic care and incentivized wellness programs. Their offerings include individual and family health insurance plans, critical illness insurance, personal accident insurance, and group health insurance. Some plans offer features like HealthReturns™ where policyholders can earn back a portion of their premium by staying healthy. They also cover modern treatments and a wide range of daycare procedures. ABHICL has a growing distribution presence across India through branches, partner offices, bancassurance partners, and direct selling agents, covering over 2800+ cities. As of Q1 FY22, ABHICL covered more than 22 million lives. ABHICL emphasizes a ‘Health First’ approach, motivating customers to engage in wellness activities through programs and digital platforms.
Latest News on Aditya Birla Insurance
New India Assurance and Aditya Birla Life Insurance’s Health Insurance Claim Settlements in Fiscal Year 2023
The Insurance Brokers Association of India has released data on health insurance claims paid by various insurance companies for the year ending March 2023. According to the data, New India Assurance Co. Ltd. ranked among the top players in terms of health claims paid, with an impressive 95% of claims paid. Aditya Birla Health Insurance came in second, with a claims paid ratio of 94.5%. In terms of the amount of claims paid, New India Assurance settled 98.7% of claims, while Oriental Insurance ranked second, settling 97.4% of claims.
The claims paid ratio is a key metric used to measure an insurance company’s efficiency in processing and settling claims. A higher claims paid ratio indicates that an insurer is doing an excellent job in settling claims in a timely and efficient manner. In contrast, a lower ratio may suggest that an insurer is taking longer to settle claims or is more likely to deny claims.
It’s worth noting that the claims paid ratio for the amount of claims is a separate metric that measures the proportion of the total amount of claims available for processing that has been paid out. This ratio provides a more comprehensive view of an insurer’s ability to settle claims in a timely and efficient manner.
Overall, these figures suggest that New India Assurance and Aditya Birla Health Insurance are among the top performers in terms of health insurance claims paid, with Oriental Insurance following closely behind. This information can be useful for consumers looking to choose the best health insurance provider for their needs, as it provides insight into an insurer’s reputation for settling claims promptly and efficiently.
The Board will make an announcement by the end of March regarding our acquisition of a significant stake in a leading health insurance company, with myself, as MD and CEO, overseeing the transaction.
Life Insurance Corporation of India (LIC) is planning to acquire a stake in a standalone health insurance company by the end of the current financial year, according to Siddhartha Mohanty, the company’s Managing Director and Chief Executive Officer. The decision is contingent on regulatory approvals, which are expected to be obtained by the end of March 31. The acquisition is a natural step for LIC to diversify its portfolio and expand its presence in the insurance market.
While discussing the details, Mr. Mohanty hinted that the company is not planning to acquire a majority stake, but rather will be open to exploring all possible options. He also emphasized that as a long-term investor, LIC has contractual obligations to manage its investments and asset-liability management, citing the example of Western countries with long-term bonds.
The acquisition is expected to be a strategic move to tap into the growing health insurance market in the country. The health insurance sector is expected to be a major priority for the Indian government, with the aim of increasing penetration and coverage.
There are currently seven standalone health insurance companies operating in the market, including Star Health & Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, ManipalCigna Health Insurance, Narayana Health Insurance, and Galaxy Health Insurance.
Meanwhile, LIC has reported a 17% year-on-year increase in net profit for the October-December quarter, but its net premium income has seen a decline of 8.6% year-on-year. Despite this, the company plans to expand its portfolio by acquiring a stake in a health insurance company, which is expected to be a significant step in the company’s growth strategy.
The IRDA has appointed a new insurance advisory panel, comprising four members, including former heads of LIC and SBI.
The Insurance Regulatory and Development Authority of India (IRDAI) has reconstituted its Insurance Advisory Committee (IAC), appointing new members from diverse backgrounds. The IAC advises IRDAI on regulatory matters related to the insurance industry. The new members include:
* MR Kumar, former chairman of Life Insurance Corporation (LIC)
* Dinesh Kumar Khara, former chairman of State Bank of India (SBI)
* Vishakha Mulye, CEO of Aditya Birla Capital
* Nilesh Shah, MD of Kotak Mahindra Asset Management Company
* Alice Geevarghese Vaidyan, former chairman and MD of General Insurance Corporation Re (GIC Re)
The IAC’s roles and structure are crucial in providing expert recommendations to IRDAI on regulatory matters. The committee can have up to 25 members, excluding the chairperson and other ex-officio members. IRDAI has also proposed changes to the IAC’s operations, including:
* Shifting from a calendar year to a financial year format for meetings
* Reducing the notice period for meetings from seven days to 24 hours, subject to the chairperson’s approval
* Renaming the “designated officer” to “secretary to the authority”
* Introducing provisions for the resignation and removal of committee members
* Allowing the chairperson to determine the mode, place, and timing of meetings
These changes aim to streamline the advisory process and enhance the effectiveness of regulatory decision-making. The reconstitution of the IAC reflects IRDAI’s commitment to leveraging expertise from across the financial and insurance sectors. With this development, the regulator seeks to improve the efficiency and effectiveness of the insurance industry’s regulatory framework.
Will LIC Offer Health Insurance? The CEO Has Spoken
The Life Insurance Corporation of India (LIC) may acquire a stake in a health insurance company by the end of March, CEO Siddhartha Mohanty has revealed. While the CEO did not provide further details on the potential deal, he clarified that the company is not looking to take a majority stake. This marks a significant move for LIC, which currently only offers life insurance policies, pension plans, and investment-linked insurance products, but not health insurance.
The Indian insurance sector has become increasingly competitive, with private insurers expanding their offerings in the health insurance space to capitalize on growing consumer demand. If LIC enters the health insurance market, it will face competition from major players such as Star Health Insurance, Aditya Birla Health Insurance, Niva Bupa Health Insurance, and Care Health Insurance. However, the company’s reputation and brand recognition could give it an edge in the market.
In addition to exploring health insurance, LIC is also in discussions with the Reserve Bank of India (RBI) on the issuance of longer-term bonds. The company is looking to invest in bonds with maturity periods of 50 years or even 100 years, which is longer than the current range of 20-40 years. The CEO noted that the company’s people are discussing this with the RBI and considering the option. This move is likely to have a significant impact on the Indian bond market and the country’s financial landscape.
A comprehensive insurance plan catering to expectant mothers: ‘PregnancyGuard’ – Providing tailored coverage for prenatal care, hospital stays, and newborn care, starting at $99 per month.
This article provides an overview of maternity insurance plans in India, which cover pregnancy-related expenses, including prenatal care, delivery, and postpartum care. The article highlights the importance of having maternity insurance, as these plans can help with the significant medical expenses associated with pregnancy and childbirth.
The article then reviews some of the best maternity insurance plans available in India, including Aditya Birla Activ Health Platinum – Enhanced Plan with Maternity Cover, Bajaj Allianz Health Guard Family Floater Health Insurance Plan with Maternity Cover, Care Health Joy Health Insurance Plan with Maternity Cover, Chola MS Family Healthline Insurance Plan with Maternity Cover, and Bharti AXA Smart Super Health Insurance Plan with Maternity Cover.
The article also provides a list of factors to consider when selecting a maternity insurance plan, including the level of coverage, waiting periods, premium costs, network of hospitals, and exclusions. Additionally, it highlights the importance of reviewing the plan’s terms and conditions, including waiting periods and exclusions.
The article concludes by emphasizing the importance of having the right maternity health insurance plan, which can provide comfort and financial stability during this critical time.
Overall, the article is informative and provides a comprehensive overview of the best maternity insurance plans available in India, as well as the factors to consider when selecting a plan. This information is valuable for expectant or new parents who are looking to purchase a maternity insurance plan to cover their medical expenses.
Stock Market Updates for Aditya Birla Insurance
Recent Updates
Aditya Birla Sun Life Insurance introduces the country’s first AI-powered digital billboard, revolutionizing outdoor marketing with its interactive display.
Platinum Outdoor, a unit of Madison World, has launched India’s first-ever AI-powered, real-time, interactive digital billboard at Juhu Beach for Aditya Birla Sun Life Insurance. The campaign, part of the brand’s #BoodheHokeKyaBanoge initiative, allows participants to upload selfies to see a glimpse of their future selves. What sets this campaign apart is the real-time display of these AI-generated images on digital billboards, creating a highly personalized and engaging experience for the audience.
This innovative execution has captivated onlookers and set a new benchmark in the digital out-of-home (DOOH) sector, demonstrating the potential of blending AI with outdoor media. This campaign goes beyond displaying content and instead creates dynamic, personalized experiences that evolve with every moment. By incorporating AI-generated, real-time images on digital billboards, Platinum Outdoor is leading the way in outdoor advertising and redefining how brands interact with their audiences in imaginative and memorable ways.
The CEO of Platinum Outdoor, Dipankar Sanyal, expressed his excitement about this development, stating, “We are proud to lead the way in outdoor advertising with this groundbreaking innovation. This first-of-its-kind technology marks a new era in how brands connect with audiences, and we are excited to be at the forefront of this transformation.” This campaign has firmly established Platinum Outdoor as a leader in the DOOH space, and its success has the potential to revolutionize the way brands connect with their audiences.
Aditya Birla Sun Life Insurance opens its inaugural all-female branch in Mulund, Mumbai.
Aditya Birla Sun Life Insurance, a joint venture between Aditya Birla Group and Sun Pharmaceuticals, has launched its first-ever all-women branch in Mulund, Mumbai. This new branch is specifically designed to cater to the unique needs of women, providing them with a dedicated and exclusive space to address their financial planning and insurance needs.
According to a press statement, the all-women branch is staffed entirely by women advisors, who have undergone comprehensive training to understand the specific needs and concerns of women. The branch is equipped with state-of-the-art technology and personalized services to offer customized solutions to its female clients.
The branch is also equipped with facilities like a play area for kids, a nursery, and a kitchen, making it an ideal destination for young mothers who need to take care of their children while availing insurance services. The branch is open from 9:30 am to 8:00 pm on weekdays and 9:30 am to 5:30 pm on Saturdays, making it convenient for women to visit the branch at a time that suits their schedule.
Speaking on the occasion, Mr. Kulsum Shaikh, Director, Sales and Distribution, Aditya Birla Sun Life Insurance, said, “We are thrilled to launch our first-ever all-women branch in Mulund, Mumbai. This is a significant step towards empowering women to take control of their financial future, and we are committed to providing them with personalized and tailored solutions to address their unique needs and concerns.”
The company is of the view that women are increasingly becoming the primary decision-makers for financial planning, and there is a growing need for more personalized services that cater to their specific requirements. The all-women branch is designed to bridge this gap, providing women with a platform to address their insurance needs, plan their financial future, and secure their families’ well-being.
The launch of the all-women branch is part of the company’s strategy to strengthen its presence in the western region of Mumbai and to cater to the growing demand for insurance services among women. The company has planned to expand this concept to other cities and locations in the future.
Consumer Court Rules in Favor of Policyholder, Orders Aditya Birla Health Insurance to Pay ₹69,000 in Compensation for Unjustified Claim Rejection
The District Consumer Disputes Redressal Commission-2 in Chandigarh has delivered a significant verdict against Aditya Birla Health Insurance, ordering the company to pay ₹69,228 to policyholder Sanjeev Rana. Rana had filed a complaint after his health insurance claim was unfairly denied, resulting in medical expenses of ₹54,228, as well as compensation for mental harassment and litigations costs.
Rana was hospitalized at Max Super Specialty Hospital in Mohali in April 2024 due to severe dehydration and elevated creatinine levels. Despite providing necessary documentation to Aditya Birla Health Insurance, the company rejected the claim, arguing that his hospitalization was unnecessary and that his condition could have been managed in an outpatient setting. However, the consumer court disagreed, ruling that the insurer’s decision was arbitrary and without merit.
The court’s investigation found that the hospitalization was necessary and that the insurance provider’s promptness in collecting premiums was inconsistent with their reluctance in settling claims. The court ordered Aditya Birla Health Insurance to reimburse Rana’s medical expenses and pay him an additional ₹15,000 for causing mental distress and covering legal expenses.
The verdict highlights the importance of insurances’ responsibilities towards their policyholders and the consequences of disregarding them. The court’s ruling reinforces the idea that the treating physician is best qualified to determine the necessity of hospital admission. The decision serves as a warning to insurance companies to refrain from denying claims unfairly and to prioritize settling claims in a timely and judicious manner.
Aditya Birla Sun Life Insurance opens its first-ever all-female branch in Mulund, Maharashtra.
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has opened its first all-women branch in Mulund, Mumbai, with a goal of empowering women through meaningful career opportunities. The branch is staffed by 50 women and plans to onboard additional employees in the coming months. The all-women branch offers a supportive environment for professional growth and work-life balance, with a dedicated play area for employees and advisors to work with their children present. The move is in line with Aditya Birla Capital’s commitment to diversity, equity, and inclusion, which is also reflected in their Diversity, Equity, and Inclusion initiatives across various businesses.
The company’s Managing Director and CEO, Kamlesh Rao, stated that the launch of the all-women branch is a reflection of their commitment to creating opportunities for women to build sustainable careers and achieve financial independence. The branch’s opening coincides with International Women’s Day and Aditya Birla Capital’s efforts to celebrate the power of allyship, empowerment, respect, and equal opportunity for women.
As a joint venture between Aditya Birla Group and Sun Life Financial Inc, Aditya Birla Sun Life Insurance Company Limited offers a range of products across the customer’s life cycle, including children’s future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans, and unit-linked insurance plans. As of December 2024, the company had a total asset under management of Rs. 97,286 crore and gross premium income of Rs. 13,605 crore, with a year-on-year growth of 10% in individual business premiums.
Aditya Birla Sun Life Insurance inaugurates its first-ever all-female branch in Mulund, Mumbai, marking a significant milestone in its commitment to empowering women in the insurance industry.
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has opened its first-ever all-women branch in Mulund, Mumbai, aimed at empowering women through career opportunities and creating a supportive environment for their professional growth. The branch, staffed by 50 women, features a dedicated play area where employees and advisors can work while their children are engaged nearby. This initiative is part of ABSLI’s commitment to creating opportunities for women to build sustainable careers and achieve financial independence.
The new branch is a significant step forward in the company’s efforts to increase its presence in the suburban districts of Mumbai and provide better customer service. The move is also a reflection of ABSLI’s commitment to diversity, equity, and inclusion, which is part of its global strategy to celebrate the power of allyship, empowerment, respect, and equal opportunity.
As a joint venture between the Aditya Birla Group and Sun Life Financial Inc., ABSLI offers a range of products across customer life cycles, including children’s plans, wealth protection plans, retirement and pension solutions, health plans, and unit-linked insurance plans. The company has a strong distribution network with over 380 branches, 11 bancassurance partners, six distribution channels, and over 62,000 direct selling agents.
The opening of the all-women branch is a significant milestone in ABSLI’s journey to create a more inclusive and diverse workforce. The company’s commitment to empowering women is in line with its values and mission to make a positive impact on society. With this initiative, ABSLI aims to create a more balanced and diverse workforce, which will help the company to grow and succeed in the long run.
TripJack and Aditya Birla Health Insurance join forces to offer comprehensive travel protection solutions.
TripJack, a B2B travel platform in India, has launched TripSafe, a comprehensive global assistance package designed to protect international travelers from unexpected disruptions. The package includes medical, baggage, and trip cancellation coverage, as well as travel insurance under a group policy from Aditya Birla Health Insurance Company Limited (ABHICL). TripSafe offers three coverage tiers: Silver Plus, Super, and Gold Plus, each with varying levels of assisted services and insurance coverage.
The package includes medical emergency assistance, medical consultation, hospital expenses, and medical treatment for illnesses or injuries abroad. It also provides assistance and compensation for lost, stolen, or damaged luggage. Additionally, it offers coverage for non-refundable expenses if a trip is cancelled or disrupted due to unforeseen events.
TripJack has partnered with industry leaders to enhance the services offered by TripSafe. ABHICL provides the travel insurance benefits under a group insurance policy, while the company has also collaborated with global leaders for baggage tracking and cyber protection services.
According to Hussain Patel, Director at TripJack, “In today’s fast-paced world, travelers face challenges that can disrupt their plans. TripSafe provides a holistic solution, ensuring travelers embark on their journeys with confidence.” With TripSafe, travelers can enjoy a more secure and stress-free travel experience.
According to IRDA’s 2025 report, Navi, Acko, and Reliance General Insurance topped the list with the highest claim settlement ratio among health and general insurance companies.
In today’s world, having a solid health insurance policy is crucial to bear the burden of medical expenses. General insurance companies also offer health insurance coverage, among other types of insurance. However, it’s essential to evaluate the effectiveness of your health or general insurer in settling claims on time. One way to do this is by checking the claim settlement ratio, which refers to the proportion of claims paid out of the total number of claims received. According to the Insurance Regulatory and Development Authority of India (IRDAI), the claim settlement ratio is a significant indicator of an insurer’s credibility. For instance, a health insurer with a claim settlement ratio of 93% means it typically pays around 93 out of every 100 claims it receives.
IRDAI releases a list of claim settlements done by all health and general insurers every year. In 2023-2024, over 71,200,854 claims were paid out, with 81.13% of these paid within 3 months of claim intimation. Among private general insurers, Acko General Insurance led the pack with a claim settlement ratio of 99.91%, while Navi General Insurance Ltd. was close behind with 99.97%. Public sector insurers like National Insurance Co. Ltd. and The New India Assurance Co. Ltd. also performed well, with settlement ratios of 91.18% and 92.70%, respectively.
Amongstand-alone health insurers, Aditya Birla Health Insurance Company had the highest claim settlement ratio within 3 months at 92.97%. Care Health Insurance and Niva Bupa Health Insurance also performed well, with settlement ratios of 92.77% and 92.02%, respectively. On the other hand, Star Health and Allied Insurance Co. Ltd. had the lowest claim settlement ratio within 3 months, but it paid out the most claims (16,80,171) in less than 3 months. Overall, it’s essential to evaluate an insurer’s claim settlement ratio, as well as other factors such as sum insured, waiting period, and network of hospitals, before finalizing a health insurance policy.