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{{Short description|Insurance company}} |
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{{Infobox company |
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| name = Aditya Birla Sun Life Insurance Limited (ABSLI) |
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| type = [[Privately held company|Private]] |
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| industry = Financial services |
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| founded = {{Start date and age|2000|08|04}} |
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| hq_location = Mumbai, Maharashtra, India |
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| key_people = Kamlesh Rao<br> (CEO and managing director) |
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| revenue = {{Unbulleted list|{{Increase}} ₹15,06,969 lakh (2023)}}<ref name="00:">{{Cite web |title=Aditya Birla Sun Life Insurance Company Limited - Public Disclosure Forms |url=https://abcscprod.azureedge.net/-/media/Project/ABSLI/Public-Disclosures/2023-2024/Final-Collated-PD-Sep-4.webp?extension=webp&revision=3ade07e0-44d6-4b7f-9756-01d104ef3c5b&modified=20231127132748}}</ref> |
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| aum = {{Unbulleted list|{{Increase}} ₹70,05,109 lakh (2023)}} |
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| owner = [[Aditya Birla Capital]] (51%)<br> |
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| parent = Aditya Birla Capital Ltd (ABCL)<ref>{{Cite news |last=Shetty |first=Mayur |date=2023-09-06 |title=Aditya Birla Sun Life Insurance deploys artificial intelligence platform for underwriting policies |url=https://timesofindia.indiatimes.com/business/india-business/aditya-birla-sun-life-insurance-deploys-artificial-intelligence-platform-for-underwriting-policies/articleshow/103426122.cms?from=mdr |access-date= |work=The Times of India |issn=0971-8257}}</ref> |
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| website = {{URL|http://lifeinsurance.adityabirlacapital.com/}} |
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}} |
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'''Aditya Birla Sun Life Insurance Limited''' (ABSLI) is an Indian life insurance company headquartered in [[Mumbai|Mumbai, India]].<ref name=":1">{{Cite news |date=2023-07-29 |title=Aditya Birla Sun Life Insurance joins Metaverse |url=https://timesofindia.indiatimes.com/gadgets-news/aditya-birla-sun-life-insurance-joins-metaverse/articleshow/102230359.cms |access-date= |work=The Times of India |issn=0971-8257}}</ref> It was founded in 2000 as a joint venture between the [[Aditya Birla Group]],<ref name=":0">{{Cite news |date=2021-08-24 |title=Aditya Birla Sun Life Insurance announces up to 15% reduction in premium rates of DigiShield |url=https://economictimes.indiatimes.com/industry/banking/finance/insure/aditya-birla-sun-life-insurance-announces-up-to-15-reduction-in-premium-rates-of-digishield/articleshow/85586878.cms?from=mdr |access-date= |work=The Economic Times |issn=0013-0389}}</ref> a diversified Indian multinational conglomerate based in [[Mumbai|Mumbai, India]], and [[Sun Life Financial|Sun Life Financial Inc.]], a global financial services organization in [[Canada]].<ref>{{Cite web |last= |first= |date=2022-11-21 |title=Aditya Birla Sun Life Insurance threatens regulatory intervention for RCap due diligence |url=https://www.thehindubusinessline.com/money-and-banking/aditya-birla-sun-life-insurance-threatens-regulatory-intervention-for-rcap-due-diligence/article66165090.ece |access-date= |website=BusinessLine |language=en}}</ref> |
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The company has over 370 branches across India, with Kamlesh Rao serving as the CEO and managing director of the company.<ref name=":0" /> |
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== History == |
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Aditya Birla Sun Life Insurance was established on August 4, 2000, and began operations in 2001. It operates as a subsidiary of Aditya Birla Capital Ltd (ABCL),<ref>{{Cite web |last= |first= |date=2023-09-06 |title=Aditya Birla Sun Life Insurance & Artivatic.ai launches - AI based Smart Underwriting Platform |url=https://www.expresscomputer.in/artificial-intelligence-ai/aditya-birla-sun-life-insurance-artivatic-ai-launches-ai-based-smart-underwriting-platform/103240/ |access-date= |website=Express Computer |language=en-US}}</ref> the financial services arm of the Aditya Birla Group. ABSLI is a joint venture, with a 51% stake held by the Aditya Birla Group and a 49% stake owned by Sun Life Financial Inc.<ref>{{Cite web |title=Aditya Birla Sun Life Insurance Launches Nishchit Pension Plan: Here's How To Apply, Check Eligibility |url=https://www.india.com/business/aditya-birla-sun-life-insurance-launches-nishchit-pension-plan-heres-how-to-apply-check-eligibility-6130435/ |access-date= |website=www.india.com |language=en}}</ref> |
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By 2001, ABSLI had become the largest private life insurance company in India. The company received the Bhartiya Shiromani Puraskar in 2006, the Silver award in the Insurance category at the ICAI Awards for Excellence in Financial Reporting in 2009, and [[BS 25999|BS 25999 Certification]] for its business continuity management system in 2010.<ref>{{Cite news |title=Birla Sun Life Insurance receives BS 25999 Certification |url=https://www.business-standard.com/article/press-releases/birla-sun-life-insurance-receives-bs-25999-certification-110030200072_1.html |access-date=January 21, 2013 |work=Business Standard}}</ref> In 2011, ABSLI rolled out the BSLI Foresight Plan, followed by its parent company ABCL launcing the BSLI Wealth Secure Life Plan in 2012.<ref>{{Cite news |date=2011-03-03 |title=Birla Sun Life launches unit-linked Foresight Plan |url=https://economictimes.indiatimes.com/wealth/personal-finance-news/birla-sun-life-launches-unit-linked-foresight-plan/articleshow/7620057.cms?from=mdr |access-date= |work=The Economic Times |issn=0013-0389}}</ref> In 2022, ABSLI teamed up with [[Gupshup]],<ref>{{Cite web |last= |first= |date=2022-10-31 |title=Aditya Birla Sun Life Insurance launches industry's first instant policy issuance service on WhatsApp |url=https://www.expresscomputer.in/news/aditya-birla-sun-life-insurance-launches-industrys-first-instant-policy-issuance-service-on-whatsapp/91331/ |access-date= |website=Express Computer |language=en-US}}</ref> [[WhatsApp]], and Karza Technologies for policy issuance services on WhatsApp.<ref>{{Cite web |last= |date=2022-10-26 |title=Aditya Birla Sun Life Insurance launches policy issuance service on WhatsApp |url=https://www.livemint.com/companies/news/aditya-birla-sun-life-insurance-launches-policy-issuance-service-on-whatsapp-11666768271689.html |access-date= |website=mint |language=en}}</ref> In June 2023, ABSLI introduced the ABSLI Nishchit Pension Plan,<ref>{{Cite web |date=2023-06-23 |title=Aditya Birla Sun Life Insurance rolls out guaranteed pension plan Nishchit |url=https://www.moneycontrol.com/news/business/personal-finance/aditya-birla-sun-life-insurance-rolls-out-guaranteed-pension-plan-nishchit-10849031.html |access-date= |website=Moneycontrol |language=en}}</ref> which was created to assist individuals in planning for their retirement.<ref>{{Cite web |last=Bhosale |first=Kaustubh |date=2023-06-25 |title=Aditya Birla Launches New Guaranteed Pension Plan - ABSLI Nishchit Pension Plan |url=https://www.livemint.com/mutual-fund/aditya-birla-sun-life-insurance-launches-new-guaranteed-pension-plan-absli-nishchit-pension-plan-11687699081904.html |access-date= |website=mint |language=en}}</ref> In August 2023, ABSLI announced the launch of the ABSLI Nishchit Laabh Plan, a non-linked, non-participating individual life insurance savings plan.<ref>{{Cite web |date=2023-08-16 |title=Aditya Birla Sun Life Insurance launches Nishchit Laabh Plan: Check key features |url=https://www.cnbctv18.com/personal-finance/aditya-birla-sun-life-insurance-launches-nishchit-laabh-plan-features-benefits-plans-17541201.htm |access-date= |website=CNBCTV18 |language=en}}</ref> |
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In September 2023, ABSLI collaborated with Artivatic.ai<ref>{{Cite web |date=2023-09-06 |title=Aditya Birla Sun Life Insurance collaborates with RenewBuy company Artivatic.ai |url=https://www.financialexpress.com/business/digital-transformation-aditya-birla-sun-life-insurance-collaborates-with-renewbuy-company-artivatic-ai-3234683/ |access-date= |website=Financialexpress |language=en}}</ref> to develop a platform aimed at assisting underwriting decisions through data analysis.<ref>{{Cite web |last= |first= |date=2023-09-07 |title=Aditya Birla Sun Life Insurance, Artivatic.ai Launch AI-Based Smart Underwriting Platform |url=https://www.ndtvprofit.com/technology/aditya-birla-sun-life-insurance-artivaticai-launch-ai-based-smart-underwriting-platform |access-date= |website=NDTV Profit |language=en}}</ref><ref>{{Cite news |date=2023-09-06 |title=Aditya Birla Sun Life Insurance deploys artificial intelligence platform for underwriting policies |url=https://timesofindia.indiatimes.com/business/india-business/aditya-birla-sun-life-insurance-deploys-artificial-intelligence-platform-for-underwriting-policies/articleshow/103426122.cms |access-date= |work=The Times of India |issn=0971-8257}}</ref> |
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== Financials == |
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As of September 30th, 2023, ABSLI's total [[assets under management]] (AUM) stood at Rs. 70,05,109 Crore. During H1 in FY24, ABSLI recorded a gross premium income of Rs. 6,827 Crore, with the Individual Business First Year Premium (FYP) with Single Premium reaching Rs. 1,347 Crore.<ref name="00:"/><ref>{{Cite web |title=Financial Results and Outcome of the Board Meeting |url=https://abcscprod.azureedge.net/-/media/Project/ABSLI/ABSLI-Media-Content/Public-Disclosures/Financial-Results-and-Outcome-of-the-Board-Meeting-held-on-updated-April-25-2023.webp?extension=webp&revision=d1dc1cff-958b-4baf-a2cf-b035a7ab80db&modified=20230724102114}}</ref> |
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== References == |
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{{reflist}} |
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== External links == |
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* [http://lifeinsurance.adityabirlacapital.com/ Official website] |
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{{Insurance in India}} |
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{{Aditya Birla Group}} |
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[[#Category:Insurance companies of India]] |
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[[#Category:Life insurance companies of India]] |
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[[#Category:Indian companies established in 2000]] |
Latest revision as of 06:43, 18 April 2024
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