The deal between Birla Sun Life Insurance and IDBI Federal Life is unlikely to happen as per market reports. Birla Sun Life is said to have pulled out of the race to bag the insurance wing of IDBI Bank. IDBI Federal Life is a joint venture of the Aegis Group and Federal Bank along with IDBI Bank. The company even though has a wide network of nearly three thousand branches across the country has not done too well in the past couple of years. Apart from that, IDBI Bank itself is under pressure due to lack of performance and it has recently announced more than 5000 crores in losses in the fourth quarter. For this reason, it is planning to sell its non-core assets and get some capital to develop the business.
In this regard, the deal was set to happen at around 6000 crores as this was the valuation agreed even by Birla Sun Life. The projections from IDBI was set around 30% growth in the next 10 years. However, Birla Sun Life is expected to have asked some guarantee for the projected growth and it wanted an alternative if the growth was not achieved in future. This is said to be the main reason behind the fallout between the two companies. However, official declaration from Birla Sun Life has not yet come in this regard.
Let us take a close look into some of the plans offered by these companies and see how they can benefit customers in future. In the event of any takeover of IDBI Federal Life from another company, the policies will be continued with the new entity as they are mandated by IRDAI to provide uninterrupted service to customers.
IDBI Federal Life Insurance Company
The company provides various plans and you can even buy them online to secure your family.
If you are in need of a basic insurance policy, you can go for the term insurance plan that will provide complete security for your family members after your death.
On the other hand, when you want to invest your money for future use, you can choose the regular insurance plans that offer good returns in future.
It is also a good idea to invest in the pension plans offered by the company and this will help you to get regular income after your retirement.
You can even plan for the future of your children when you choose the child plans offered by the company. This will help your kids to complete their education without any financial hurdles when you plan your investment in the proper manner.
There is no need to worry about proper growth for your investment as you can get this with the help of ULIP plans and this will give you double benefits of market investment and security with one plan. In this manner, you will be able to get insurance cover and also take part in equity related investments.
These are some of the amazing plans offered by the company and you can get in touch with the customer care executives to know more about the plans available with the company.
Birla Sun Life Insurance Company
The company has been in this business for many years and it is well known for its good quality plans and excellent customer service. It offers numerous plans for the benefit of customers and you can easily get the best one suited for your financial needs in future. Let us consider some of the best investment and insurance plans offered by Birla Sun Life Insurance.
Term Insurance Plan
In this plan, you will be able to get a large amount of sum assured by investing only a small amount of money on a regular basis.
You can even choose the one time investment when you have bulk money or go with the regular investment options when you have regular income.
The family of the life insured will be completely secured from financial problems during the absence of policy holder. After the death of the policy holder, the entire benefits will be passed on to the nominee and this will help them to get through the situation with lot of comfort.
As the Birla Sun Life Insurance Term policy does not offer any survival benefits, the premium charged on the policy is very less and you can easily get to secure your family in this manner.
Remember that the rate of premium for the same amount of sum assured increases with age and it makes sense to begin your investment when you are still young.
You can use the online portal of the company to get a clear idea about the premium you need to pay for your desired sum assured amount.
Children’s Insurance Plan
It is your responsibility as a parent to secure the future of your children. For this reason, you need to get the child insurance plan that will provide financial benefits to your child even during your absence.
The name of the plan can be slightly misleading as the insured person is not the child in this policy and it is the parent who is getting insured and the beneficiary will be the child.
When the insured person does not survive the term, the benefits will still be passed on to the child at the designated period and there is no need to worry about their financial security in future.
Apart from that, there will be no financial burden on the family with regards to paying the premium amount when the insured person dies during the tenure of the plan. The remaining premium will be filled by the Birla Sun Life Insurance Company and the policy will continue to give benefits in future.
The best thing you can do with this policy is to plan the duration when your child gets ready for higher education. In this way, their educational needs will be taken care in future and you can fulfill your responsibility as a parent.
You will have flexibility with regards to choosing the sum assured and you can select it as per your capacity to pay the premium amount for the policy.
Unit Linked Insurance Plans
Most people consider insurance as an expense and not as an investment. However, it need not be the case always and you need not have to choose between insurance and investment. You can now get the combined benefits of both security as well as growth when you choose the ULIP plans offered by Birla Sun Life Insurance.
This will allow you to put your money in the equity market and a certain portion of the fund will go towards providing insurance for the policy holder.
You need to understand that different funds will have different levels of allocation towards equity and insurance. In this regard, you can go through the entire list of funds and choose the suitable option as per your risk profile.
This can give you added protection apart from your term insurance plan and you will also be able to get good growth for your money in future.
Note that some of the plans may come in with a certain lock-in period and it may also provide you tax benefits. Make sure that you understand all the features of the plan before you invest your money.
The advantage of choosing such funds is that you will have different options to invest your money as per your future needs and it is also possible to get the funds that provide partial withdrawal facility. In this way, you can meet your emergency financial needs whenever you want by withdrawing your investment.
Health Insurance Plans
You will be glad to know that you can get complete security for the health of your family members when you choose the health insurance plans from Birla Sun Life Insurance. This has provision to buy the individual policy or the group policy for all the family members.
It can cover hospitalization expenses and reduce your financial burden by a huge margin during emergency situation in future.
You can even get coverage for pre-existing diseases after few years of continuing the policy. This is a good option for aged people as they will get some relief from financial problems due to health conditions.
When you choose the family health cover plans, your entire family will be covered and the sum assured can be used for the treatment of any member in the family.
There is no need to worry if you have used all the cover before the completion of tenure as it provides top-up facility. In this way, your coverage will be loaded again and you can continue to live peacefully without worrying about health expenses.
This is the best choice for working professionals and they can carefully plan their pension earnings in this manner.
When you save some money on a regular basis, you will be able to get good pension after your retirement.
The retirement plan from Birla Sun Life Insurance provides multiple options to invest your money in these funds and you can even choose them according to your risk appetite.
This will build a good amount of money till your retirement and you can reap the benefits after that period.
As usual, it makes sense to start early as this will mean that your savings will be good enough to give you decent amount of pension after your retirement.
You can get in touch with your financial advisor to select the best plan suited for your financial needs.
Amazing services offered by Birla Sun Life Insurance
You can access the online portal of the company and get various services without depending on any person. In this manner, there is no need to visit the office to know about the different plans offered by Birla Sun Life Insurance
You can even call the toll free number and get assistance from the customer support team. They will guide you properly and help you to select the best plans that will meet all your requirements in future.
Apart from that, you can even call the company executives to your place after fixing an appointment and they will come and explain the best plans available with the company. In this manner, you can get personal guidance and this will help you to plan your finances for your future.
Make sure that you split your investment among different insurance schemes as each one has its own advantages and you need to have some investment in every form of insurance plan. Never neglect the term insurance and the health insurance plans as they are the basic plans that will secure your life in future.
In the same manner, you will need some guidance when it comes to deciding the amount of pension needed after your retirement. Remember that you need to start early when it comes to saving money for retirement and your financial advisor will help you to determine this amount by calculating your investment and savings.
Every person has to have a basic term insurance plan along with health and retirement plans. These are the basic pillars of insurance and once you have them in place, you can think about investing in ULIPs and other market related assets. Remember that inflation and other factors can reduce the overall worth of your savings when it is not invested in proper assets. For this reason, proper planning is essential and you can get in touch with the executives of Birla Sun Life Insurance to get clarity in this regard. They will help you to understand the advantages of investing in various schemes and even suggest the suitable ones after considering your requirement. When you have good savings and proper health coverage for your entire family, you need not worry about financial needs after your retirement and this makes it possible for you to enjoy the retired life without any tensions. You will also be able to plan this way for the future of your children by investing in the suitable plans.