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.
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Aditya Birla Sun Life Insurance has partnered with Equitas Small Finance Bank to increase accessibility to life insurance products, enhancing its reach to a broader customer base.
Aditya Birla Sun Life Insurance ( ABSLI) has entered into a partnership with Equitas Small Finance Bank to expand the accessibility of life insurance products to a wider audience. This collaboration aims to leverage the bank’s extensive network and customer base to offer a range of life insurance solutions to its customers.
Through this partnership, ABSLI will offer its suite of life insurance products, including term life, savings, retirement, and health insurance plans, to Equitas Small Finance Bank’s customers. The bank has a strong presence in rural and semi-urban areas, which will enable ABSLI to reach out to a larger segment of the population and increase insurance penetration in these regions.
The partnership will enable Equitas Small Finance Bank to offer its customers a comprehensive range of financial products, including life insurance, thereby enhancing their overall financial well-being. The bank’s customers will be able to purchase life insurance products through the bank’s branches, online platform, or through its mobile banking app.
ABSLI will provide training and support to Equitas Small Finance Bank’s staff to ensure that they are equipped to offer the right life insurance solutions to customers. The company will also provide customer support and service to policyholders, ensuring a seamless experience.
The partnership is expected to benefit both parties, with ABSLI gaining access to a larger customer base and Equitas Small Finance Bank being able to offer a more comprehensive range of financial products to its customers. This collaboration is also expected to contribute to the growth of the life insurance industry in India, particularly in rural and semi-urban areas where insurance penetration is currently low.
The CEO of Aditya Birla Sun Life Insurance, Kamlesh Rao, said, “We are excited to partner with Equitas Small Finance Bank, which has a strong presence in rural and semi-urban areas. This partnership will enable us to reach out to a larger segment of the population and increase insurance penetration in these regions.”
The MD and CEO of Equitas Small Finance Bank, Vasu Rao, said, “We are pleased to partner with Aditya Birla Sun Life Insurance, which has a strong reputation in the life insurance industry. This partnership will enable us to offer a comprehensive range of financial products to our customers, thereby enhancing their overall financial well-being.”
Overall, the partnership between Aditya Birla Sun Life Insurance and Equitas Small Finance Bank is expected to increase access to life insurance products for a wider audience, particularly in rural and semi-urban areas, and contribute to the growth of the life insurance industry in India.
Aditya Birla Capital has integrated its credit and insurance offerings on the Open Network for Digital Commerce (ONDC) platform.
Aditya Birla Capital Limited (ABCL) has become the first financial services company to integrate its three core services – lending, insurance, and investments – on the Open Network for Digital Commerce (ONDC). This move aims to simplify access to financial products on the platform and enhance user experience. ABCL’s offerings will be available on ONDC via multiple buyer apps, allowing users to access financial products directly without downloading additional applications.
The integration is a significant step towards financial inclusion, as it will enable consumers who previously lacked access to formal credit, insurance, and investment opportunities to access these services. ABCL CEO Vishakha Mulye stated that the company’s integration with ONDC will help reach “Bharat” and fulfill the financial needs and aspirations of consumers. ONDC CEO Thampy Koshy commented that ABCL’s integration demonstrates its commitment to democratizing financial products and strengthens ONDC’s mission of financial inclusion.
ONDC has been building infrastructure for credit, insurance, and investments, and has partnered with ABCL for an early pilot for credit integration. ABCL’s other entities, such as Aditya Birla Health Insurance and Aditya Birla Sun Life AMC, have also deployed health insurance and mutual fund offerings on the state-backed network. This development comes after ONDC reported a nearly three-fold increase in transactions since December last year, with plans to scale up further by December 2025.
Launched in 2021, ONDC is an open network for the exchange of goods and services over digital networks, currently online in over 611 cities with 200 apps. The platform has established a working committee to define a protocol for onboarding and integrating sellers and industry players. ONDC has also made its fintech foray with the launch of credit offerings in partnership with several companies, and has witnessed its first mutual fund transaction in partnership with Nippon India Mutual Fund and Appreciate.
The integration of ABCL’s services on ONDC is a significant milestone for the platform, and is expected to drive financial inclusion and democratize access to financial products. With this move, ONDC is poised to become a major player in the fintech space, providing a wide range of financial services to consumers across the country. The partnership between ABCL and ONDC is a testament to the growing importance of digital public infrastructure in India, and is expected to have a significant impact on the country’s financial landscape.
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands the highest AUM of Rs. 44 lakh crore, accounting for 72% of the total AUM.
Private players have a total AUM of Rs. 18 lakh crore, with SBI Life and HDFC Life taking the second and third positions, managing AUM of Rs. 3.85 lakh crore and Rs. 2.87 lakh crore, respectively. ICICI Prudential Life is at the fourth position with assets of Rs. 2.86 lakh crore. Other notable players include Max Life, Bajaj Allianz Life, Tata AIA Life, and Aditya Birla Sunlife.
The data also reveals that 18 out of 25 life insurers have reported double-digit growth in their AUM over the last year. Tata AIA Life Insurance has reported the highest growth of nearly 39%, followed by Star Union Dai-ichi Life Insurance with a growth of 28%, and SBI Life Insurance with a growth of 26%.
New entrants in the life insurance industry include Go Digit Life, Credit Access Life, and Acko Life. Go Digit Life reported the highest AUM of Rs. 399 crore among the three, followed by Credit Access Life with Rs. 216 crore, and Acko Life with Rs. 159.25 crore.
The top 10 life insurers in terms of AUM are:
1. LIC – Rs. 44,23,580 crore
2. SBI Life – Rs. 3,85,095 crore
3. HDFC Life – Rs. 2,87,137 crore
4. ICICI Prudential Life – Rs. 2,86,820 crore
5. Max Life – Rs. 1,47,428 crore
6. Bajaj Allianz Life – Rs. 1,07,800 crore
7. Tata AIA Life – Rs. 96,799 crore
8. Aditya Birla Sunlife – Rs. 85,763 crore
9. Kotak Mahindra Life – Rs. 79,227 crore
10. PNB Metlife India – Rs. 47,420 crore
The growth in the life insurance industry is a positive sign for the sector, indicating increasing awareness and demand for life insurance products among consumers. The data also highlights the dominance of LIC in the market, as well as the growing presence of private players.
Aditya Birla Capital partners with Open Network for Digital Commerce (ONDC) to provide financial services.
Aditya Birla Capital Limited (ABCL) has achieved a significant milestone by becoming the first BFSI company to go live on the Open Network for Digital Commerce (ONDC) platform for all three core financial services: lending, insurance, and mutual fund investments. This move reinforces ABCL’s commitment to leveraging India’s Digital Public Infrastructure (DPI) to increase financial inclusion and provide open network access to financial products, especially in underserved markets.
Through the ONDC network, various buyer apps will be able to offer ABCL’s personal loans, health insurance, and mutual funds to their customers, simplifying their financial journeys and providing a seamless user experience. This eliminates the need for customers to download or access multiple apps, making it easier for them to access financial products and services.
ABCL has played a pivotal role in developing the ONDC ecosystem for financial services, being one of the early adopters of the credit integration pilot phase and among the first to integrate health insurance and mutual fund investments on the network. The company’s integration with the ONDC network will help it reach out to a wider audience, including those who previously lacked access to formal credit, insurance, and investment opportunities.
According to Ms. Vishakha Mulye, CEO of Aditya Birla Capital Limited, this integration will enable the company to fulfill the financial needs and aspirations of consumers across the country, making its comprehensive range of financial services easily accessible to every Indian. Mr. T. Koshy, MD & CEO of ONDC, commented that ABCL’s integration across all three channels demonstrates its commitment to democratizing financial products and making them more accessible and inclusive through the ONDC network.
This development is a significant leap towards deepening financial inclusion in India, in line with the overall vision and mandate of digital inclusion. By enabling financial products to be live on the ONDC network, ABCL is diversifying the types of services offered and making strides towards achieving its goal of simplifying finance and making its offerings accessible to every Indian. With this milestone, ABCL has reinforced its position as a leader in the financial services sector, committed to leveraging technology and innovation to drive financial inclusion and economic growth.
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays out during a certain period. A higher claim settlement ratio indicates that the insurer is more efficient in settling claims.
According to the data, Navi General Insurance has the highest claim settlement ratio of 99.97% within 3 months in FY23-24, followed by Acko (99.91%), HDFC Ergo (99.16%), Reliance General (99.57%), and Universal Sompo (98.11%). However, while these insurers have a high claim settlement ratio, their incurred claims ratio, which refers to the proportion of premiums paid out as claims, varies. For instance, Navi General Insurance has an incurred claims ratio of 52.40%, while Acko has an incurred claims ratio of 69.57%.
On the other hand, New India Assurance and National Insurance, both public insurers, have lower claim settlement ratios of 92.70% and 91.18%, respectively. However, they have higher incurred claims ratios, with National Insurance reporting an incurred claims ratio of 95.9% and New India Assurance reporting an incurred claims ratio of 97.36%.
Among stand-alone health insurers, Star Health has the lowest claim settlement ratio of 82.31% within 3 months, while Aditya Birla Health Insurance has the highest claim settlement ratio of 92.97%. Care Health has the lowest incurred claims ratio of 57.69%, while Aditya Birla Health Insurance has an incurred claims ratio of 68.31%.
When choosing an insurance policy, it’s essential to consider not just the claim settlement ratio but also other factors such as customer service, policy exclusions, benefits, and solvency ratio. Experts recommend an incurred claims ratio between 70% and 90% to be an indicator of a good insurer in terms of claim experience and sustainability. A combination of a high claim settlement ratio and an incurred claims ratio can help narrow down a good insurance policy.
In conclusion, the claim settlement ratio is an essential metric to consider when choosing an insurance policy, but it’s not the only factor. Policyholders should also look at other benefits, customer service, and financial health of the insurer to make an informed decision.
Stock Market Updates for Aditya Birla Insurance
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Aditya Birla Capital Introduces Lending, Insurance, and Investments on Open Network for Digital Commerce (ONDC)
Aditya Birla Capital (ABCL) has become the first BFSI company to go live with three core financial services – lending, insurance, and mutual fund investments – on the Open Network for Digital Commerce (ONDC) platform. This development reinforces ABCL’s commitment to leveraging India’s Digital Public Infrastructure (DPI) to democratize open network access to financial products, especially in underserved markets, and enhance financial inclusion across the country.
Through the ONDC Network, various live Buyer Apps will be able to offer ABCL’s personal loans, health insurance, and mutual funds to their customers, simplifying their financial journeys and ensuring a seamless user experience. This eliminates the need for customers to download or access multiple apps on their devices. ONDC has been building the infrastructure for three broad segments of products: credit, insurance, and investments, and Aditya Birla Finance was one of the early adopter lenders in the pilot phase of its credit integration.
Vishakha Mulye, CEO of Aditya Birla Capital, stated that the integration with the ONDC Network will help the company reach out to previously underserved consumers and provide them with access to formal credit, insurance, and investment opportunities. This milestone is a significant step in ABCL’s commitment to simplifying finance and making its offerings accessible to every Indian across the country.
Koshy, MD & CEO of ONDC, added that ABCL’s integration across all three channels shows their commitment and faith in the democratization of financial products. This integration marks a significant leap in making financial services more accessible and inclusive through the ONDC Network, and is in line with the overall vision and mandate of digital inclusion.
The ONDC Network aims to provide a platform for buyers and sellers to connect and transact seamlessly, without the need for intermediaries. By integrating with the ONDC Network, ABCL is able to expand its reach and provide its financial services to a wider audience, promoting financial inclusion and democratization of financial products. This development is expected to have a significant impact on the Indian financial services sector, and is a major step towards achieving the goal of digital inclusion.
Policybazaar introduces 100% claim settlement option for planned hospitalizations on select health insurance policies.
Policybazaar, a leading insurance platform, has introduced a 100% claim promise on planned hospitalizations for select health insurance policies. This initiative aims to provide a hassle-free and financially secure experience for policyholders, ensuring that they can focus on their recovery without worrying about hospital bills. The benefit is available on specific plans from Bajaj Allianz, Niva Bupa, and Aditya Birla Health Insurance (ABHI).
To be eligible for the 100% claim promise, policyholders must complete certain pre-admission steps and meet policy conditions. These steps include informing the Third-Party Administrator (TPA) 48 hours before hospitalization and selecting a hospital from the insurer’s network. The network includes over 10,000 partner hospitals for Bajaj Allianz, over 2,100 hospitals for Niva Bupa, and a panel of hospitals for ABHI.
The policy-specific details vary among the insurers. Bajaj Allianz offers the benefit to both new and port policies with any sum insured, provided a consumables rider is added. Aditya Birla Health Insurance requires a minimum sum insured of ₹10 lakh and pre-admission intimation, after which the insurer connects the customer with a panel of doctors. Niva Bupa also requires a minimum sum insured of ₹10 lakh and 48-hour prior notification to the claim team.
Policybazaar aims to streamline documentation and coordination with hospitals, reducing delays and enhancing the cashless experience. However, claims will not be paid in cases of non-disclosure, waiting periods, or exclusions as per policy terms. The initiative does not apply to emergency hospitalizations, which will continue to be processed under standard policy terms.
According to Siddharth Singhal, Head of Health Insurance at Policybazaar, the 100% claim promise is designed to alleviate financial worries during hospitalization, allowing policyholders to focus on their recovery. With this initiative, Policybazaar aims to provide a more customer-centric and secure experience for its policyholders, making it an attractive option for those seeking comprehensive health insurance coverage.
Best insurance company in India: 90% claims settled each by Aditya Birla, New India, HDFC ERGO; Bajaj, Star, Shriram lowest.
A recent report by the Insurance Brokers Association of India (IBAI) for the financial years 2023-24 and 2022-23 has revealed that four insurance companies in India have consistently cleared more than 90% of claims made by beneficiaries. The top performers include Aditya Birla Health, HDFC Ergo, and New India Assurance, which achieved claim clearance rates of 91.88%, 92.1%, and 93.13%, respectively.
The data shows that Aditya Birla Health received over 8.5 lakh claims in 2023 and settled 91.88% of them, up from 89.96% in 2022. HDFC Ergo handled 52 lakh claims and settled 94.32% of them in 2023, an improvement from 92.10% the previous year. New India Assurance, a public sector company, processed over 1.5 crore claims with a settlement rate of 93.13%, marginally up from 93.04% in 2022.
On the other hand, some private insurance companies, including Bajaj Allianz, Star Health, and Shriram, performed poorly in terms of claim settlement. Bajaj Allianz handled 47 lakh claims but managed to clear only 73.38%, the lowest settlement rate among the analyzed insurers. Star Health processed 19 lakh claims but settled just 74%, while Shriram’s performance was the weakest, with a clearance rate of only 70% for its 2 lakh claims.
The report highlights the disparity in claim settlement rates among insurance companies in India. While some companies have consistently demonstrated a high level of claim settlement, others have struggled to settle claims in a timely and efficient manner. The data suggests that policyholders should carefully evaluate the claim settlement record of an insurance company before purchasing a policy.
The IBAI report provides valuable insights into the performance of insurance companies in India and can help policyholders make informed decisions when choosing an insurance provider. The report’s findings also underscore the need for insurance companies to prioritize claim settlement and improve their processes to ensure that beneficiaries receive timely and fair compensation. Overall, the report highlights the importance of transparency and accountability in the insurance industry and the need for companies to prioritize the needs of their policyholders.
According to a report by the brokers association, the Indian insurance companies that reject claims the least are revealed, providing insight into the claims settlement records of various insurers.
A recent report by the Insurance Brokers Association of India (IBAI) has revealed that the claim-to-settlement ratio for general insurance in India has decreased to 86% in 2022-23, down from 87% in the previous fiscal year. This means that 14% of claims were rejected by insurance companies. The report also found that the claims repudiation ratio, which is the proportion of claims rejected by insurers, rose to 6% for general insurance, including motor, health, fire, and marine cargo.
The report analyzed data from various insurance companies and found that public sector insurer New India Assurance had the lowest claims repudiation ratio of 0.2%. Other private insurers with lower rates of claims rejection include HDFC Ergo, Future Generali, Aditya Birla Health, and Shriram. The Insurance Regulatory and Development Authority of India (IRDAI) makes it mandatory for insurance companies to publish settlement and rejection data on their websites, which helps policyholders make informed choices.
The report categorized general insurers into four categories: public sector general insurers, large private sector general insurers, other private sector insurers, and standalone health insurers. In the health insurance category, New India Assurance had a claim-settlement ratio of 95%, followed by Aditya Birla Health with a ratio of 95%. Iffco Tokio and Bajaj Allianz were among the top large private sector general insurers with a claims-to-settlement ratio of 90% or more.
However, experts point out that the data is combined for group and individual policies, and claim-rejection rates are historically lower for corporate policies. They argue that separate claim-settlement data for individual health insurance policies is needed to get a true picture. Incomplete or false disclosure at the time of policy purchase also contributes to claim rejections.
The report also highlighted the low insurance penetration in India, which is at 30%, compared to developed countries like the US, where it is over 90%. The high 18% tax on insurance premiums is also a concern, as it makes insurance unaffordable for many people. Experts suggest that reform measures are needed to reduce taxes and provide segregated data on claim-settlement ratios to help people make informed choices. Additionally, there is a need for better infrastructure and social security nets to support the growth of the insurance industry and provide relief to policyholders.
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.
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.
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.