Why doesn Birla Sun Life Insurance have any traditional products in its portfolio?
A customer research was undertaken to understand what aspects they were looking for from private players. The key differentiator for consumers was seen to be global product offerings and superior customer service compared to what was available at that time in the market. BSLI, as a part of its entry strategy, applied the experience of Sun Life Financial to introduce unitlinked plans. The early acceptance created a paradigm shift resulting in the markets shifting to ULIPs. We keep reviewing the need for traditional plans. We have a term plan and premium-back term plan for individual investors and group term plan and Credit Guard (a mortgage plan) for a group of investors (especially corporates). However, the advantages that ULIPs offer have kept the spotlight on it. Is there anything different that a Birla Sun Life Insurance ULIP offers over competitor products? Our Flexi products offer 3% guarantees, net of charges, and this we see as a key differentiator. The customer gets the base of
