Life Insurers Individual Claims Analysis and Life Insurers Group

Claims Analysis
CLAIMS PAID % (NO)
INDIVIDUAL CLAIM

GROUP CLAIMS

The above is the total no of claims paid in the year of individual claim and group claims. As per
the above data it is found that BSLI has paid 89.12% in the individual claim which is second in
the list of all the private players. It has paid the highest claims as compared to the competitors in
the group claims i.e. 99.63%.

OUTSTANDING CLAIMS %
INDIVIDUAL CLAIMS

GROUP CLAIMS

The above data is the outstanding claims of the year. As per the research we found that BSLI has
been efficient in clearing its claims and hence its outstanding claims have been the least as
compared to the others. In the individual claims it has outstanding of only 0.51% whereas in the
group claims it has been 0.00%.
The amount which is outstanding in the individual claim is processed and & were awaiting
rightful nomination details for disbursement.

Duration of Claim Settlement within 90 Days % (Nos.)

INDIVIDUAL CLAIM

G
GROUP CLAIM

It can be observed that the claims at Birla Sun Life are settled within 90 days. It is second to
Reliance in the individual claim. The no. of claims settled is 96.70%.
In the group claim BSLI is at the top position in paying the claims within 90 days. The no. of
claims settled is 99.26%.
This shows that BSLI is efficient enough to settle the claims within 90 days as compared to its
competitors.

COMPARATIVE ANALYSIS
Comparative analysis is the analysis of the products having similar features and of the same
industry.
The product of Birla Sun Life Insurance is compared with Kotak Life Insurance and Bajaj
Allianz Insurance.

The comparison will be done on two types of life insurance.

1. Unit Linked Life Insurance Plan(ULIP)
2. Term plans

COMPARISON OF PLANS

Birla
Platinum Premier
Plan
Minimum Premium
Minimum Term
Minimum Sum
Assured
Minimum age at
Entry
Maximum age at
Entry

Kotak
Kotak Single Invest

Bajaj Allianz
Bajaj Allianz Shield
Plus

Rs. 25,000
10 years
5* annual premium

Rs. 25,000
10 years
5* annual premium

8 years

0 years

Rs. 25,000
10 years
1.10 times of
the Single Premium
8 years

70 years

65 years

65 years

FUND MANAGEMENT CHARGES

Birla
Platinum Premier
Plan
Fund Management
charges
Creator & Magnifier
Assure, Protector,
Builder and
Enhancer
Shield Plus Fund,
Growth Plus Fund
Platinum Premier
Fund

Kotak
Kotak Single Invest

Bajaj Allianz
Bajaj Allianz Shield
Plus

1.35%
1.25%
1.00%

1.35%
1.50%

The Fund Management Charges are lowest of Birla of the Assure fund which is 1.00%

MORTALITY CHARGES
Birla

Kotak

Bajaj Allianz

Platinum Premier
Plan
Age25
Age35
Age45
Age55

1.328
1.535
2.822
7.105

Kotak Single Invest

Age25
Age35
Age45
Age55

1.688
1.994
3.898
10.333

Bajaj Allianz Shield

Plus
Age20
Age30
Age40
Age50

1.12
1.29
2.37
6.08

PLAN
Birla
Birla Sun Life
Insurance Premium
Back Term Plan
Minimum Term
10 years
Maximum Term
20 years
Minimum
Sum Rs. 2,00,000
Assured
Maximum Age at 50 Years of age for 20
Entry
years term plan and
55 Years for the 10
and 15 Years term
plan
Maximum age at 70 Years
Maturity
Yearly, Half Yearly,
Mode of Payment
Quarterly and
Monthly

Kotak
Kotak Preferred
Term Plan

Bajaj Allianz
Bajaj Allianz Term
Care Plan

5 years
30 years
Rs. 25,00,000

5 years
40 years
Rs. 1,00,000

65 years

50 years

70 Years

65 Years

Yearly, Half Yearly,

Quarterly and
Monthly

Yearly, Half Yearly,

Quarterly and
Monthly

Kotak
Kotak Preferred

Bajaj Allianz
Bajaj Allianz Term

BENEFITS
Birla
Birla Sun Life

Death benefit

Riders

Insurance Premium
Back Term Plan
Sum assured + 100%
premium back paid
till date for 100%
Premium Back, Sum
assured + 100%
premium back paid
till date for 125%
Premium Back
Accidental
Death
and Dismemberment,
Critical Illness and
Waiver of Premium

Term Plan RP

Care Plan

Sum Assured will be Sum Assured will be

paid
to
the paid
to
the
beneficiary
beneficiary

Permanent
Disability Benefit,
Accidental Death
Benefit and Critical
Illness Benefit

Findings

Accidental
Death
Benefit, Accidental
Permanent
Total/Partial
Disability Benefit,
Waiver of Premium
Benefit, Critical
Illness Benefit and
Hospital
Cash
Benefit

ULIP Single Plan

The Premium and the Term Period is the same of the plans of all the three companies.
The Fund Management charges are lowest of BSLI as compared to the other.

Term Insurance Plan

The minimum term of BSLI is 10 years whereas in the other companies it is 5 years.
The maximum term of BSLI is 20 years which is mostly accepted by the customers .
BSLI provides additional bonus to the sum assured in the death benefit which is not provided by
the others.