Strengthening organizational commitment to financial inclusion and long-term security, this partnership aims to enable the bank’s customers to seamlessly integrate life insurance into their financial planning ensuring protection, wealth creation and post-retirement security.

Aditya Birla Sun Life Insurance has a suite of best-in-class products and services across protection, savings, retirement, that are aligned with the unique needs and aspirations of Indians across the corporate sector as well as rural India.

This collaboration, opens a range of opportunities for both new and existing bank customers to access ABSLI’s diverse product offerings tailored to their life stages, including the recently introduced protection and savings offerings like Salaried Term Plan, Nishchit Aayush Plan, Assured Savings Plan etc.

Mr. Kamlesh Rao, MD & CEO Aditya Birla Sun Life Insurance said, “At ABSLI, we believe in empowering individuals with the right financial solutions for every stage of life. Our partnership with Equitas Small Finance Bank will help us extend our insurance expertise to more customers, ensuring they have access to robust financial protection that aligns with their aspirations. Moreover, this partnership will enable ABSLI to further expand the arch of financial inclusion and align its efforts with the industry agenda of Insurance for All by 2047.” 

Commenting on the partnership with Aditya Birla Sun Life Insurance, Mr. Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said, “Equitas Small Finance Bank believes in building strong partnerships that deliver greater value to our customers. To add to our range of saving products across segments, we collaborate with third-party providers to offer insurance cover to our customers through open market architecture. ABSLI and Equitas will offer products that encompass diverse plans that range from protection, savings, endowment and ULIP. We hope this tie-up will enable our customers to access the depth and range of financial services without any hassle”. 

Key features  

      I.        Leading Small Finance Bank: Equitas Small Finance Bank is a key player in India’s banking sector, catering to individuals, small businesses, and underserved communities.

    II.        Simplified Access to Insurance: Customers can now avail of ABSLI’s life insurance products directly through Equitas Small Finance Bank’s extensive branch network, making the process hassle-free.

III.        Wide Range of Insurance Solutions: Equitas Bank customers will gain access to ABSLI’s life insurance products, covering protection, wealth creation, and retirement planning.

  IV.        Reaching the Underserved: With a strong presence in semi-urban and rural markets, Equitas serves millions of customers who previously had limited access to formal financial services.

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Addressing India’s Rising Retirement Savings Gap: The campaign captures the essence of India’s rising retirement savings gap, where most individuals start planning their retirement quite late in life. With the retirement population steadily rising in India and the gap pertaining to retirement related savings widening, ABSLI’s campaign aims to encourage people to plan early on to turn their golden years into a brighter and stress-free chapter of life. By prioritizing early financial planning, the campaign shows that retirement can be a period of personal fulfilment. The campaign’s inspiration stems from the rising life expectancy in India, which, according to the World Bank, reached 70.19 years in 2022, reflecting improvements in health and longevity. The campaign will be aired on television channels, broadcast on YouTube, OTT and digital media platforms as well as amplified through outdoor and regional print media advertising.

A Simple yet Profound Question: The #BoodheHokeKyaBanoge campaign stands out for its emotionally compelling narrative and direct messaging. Drawing inspiration from the familiar Indian childhood question, “Bade Hoke Kya Banoge?” (What will you become when you grow up?), the campaign cleverly reimagines this question for adults, asking, “Aap Boodhe Hoke Kya Banoge?” (What will you become in your old age?). This thought-provoking twist encourages individuals to envision a fulfilling and meaningful post-retirement life, emphasizing the pursuit of passions and newer possibilities. 

Mr. Kamlesh Rao, MD & CEO, ABSLI, comments, “At Aditya Birla Sun Life Insurance, we believe, retirement should be a time of fulfilment and joy. Our #BoodheHokeKyaBanoge campaign encourages people to reimagine their golden years, focusing on their passion and living life to the fullest. However, delayed retirement planning can lead to financial insecurity and limited choices during this important phase of life. Early and thoughtful planning is therefore essential to create a future that aligns with one’s aspirations and ensures peace of mind. This initiative marks a bold step in redefining retirement, celebrating life’s moments and shifting focus from conventional legacies to a journey of purpose. ABSLI’s suite of innovative financial products supports a lifestyle that transcends financial needs, helping retirees to live joyfully and independently.”

The campaign consists of 3 ad films, showcasing the importance of proactive and early retirement planning, challenging adults to reimagine their future. Each of the films capture heartfelt narratives underscoring the importance of proactive retirement planning and the excitement it can bring along.

• Ad film 1 – A young girl asks her father what he hopes to do when he grows old, sparking a moment of introspection.

Link:https://www.youtube.com/watch?v=jgBswsGPnXA&list=PLF2or_dJ0YGSfOh-fmAIpRiLs3octQn9Y&index=2

• Ad film 2 – Another vignette takes place during a lively carpool ride, where children prompt their uncle to imagine a life beyond work, inspiring him to dream of future aspirations.

Link:https://www.youtube.com/watch?v=o7SvIU2eH24&list=PLF2or_dJ0YGSfOh-fmAIpRiLs3octQn9Y&index=1

•  Ad film 3 – A teacher, encouraged by her students’ curiosity about her future, begins to picture herself pursuing a PhD as a retirement goal.

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Bengaluru, September 04, 2024: Aditya Birla Sun Life Insurance Company Limited (“ABSLI”), the life insurance subsidiary of Aditya Birla Capital, India’s leading financial services conglomerate, has unveiled ‘A-Nishchit Index 2024’. The comprehensive survey highlights the pervasive sense of uncertainty among Indians about their financial future.

Based on the responses gathered from ~7,978 participants, the survey reveals that 88%of respondents anticipate high or very high levels of financial uncertainty over the next five years, with economic factors emerging as the primary source of uncertainty among respondents.35.11% of participants cited economic uncertainty, such as potential job loss, as their top worry. Technological advancements, including AI and tools like ChatGPT, followed close at 33.95%, reflecting anxieties about the potential impact of these technologies in changing the nature of work.

Despite these challenges, many Indians are proactively seeking to safeguard their financial future:

76. 76.57% have taken insurance policies as a financial safeguard
77. 69.28% have a savings account for emergencies.

iii.        48.95% have kept fixed deposits for financial uncertainties

34. However, a significant 34.87% never engage in financial planning or review, relying on professional guidance.

Mr. Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance Company Limited, said, “The A-Nishchit Index 2024 underscores the widespread concern among Indians about their financial future. With 88% of respondents anticipating significant financial uncertainty, it’s clear that many are feeling the pressure of today’s volatile environment. Our commitment at Aditya Birla Sun Life Insurance is to provide individuals with the insights and tools they need to navigate these uncertainties effectively and build a more secure financial future.”

Additional findings from the survey include:

1. 83% believe financial planning helps manage financial uncertainty
2. 47% believe investing in FDs is better than buying an expensive new phone
3. 77% prefer steady investments like bank FDs, valuing security over high returns

iii.        40% of investors are drawn to high-risk, high-return options despite a preference for stability

1. 72% diversify into traditional assets like Gold and real estate, maintaining faith in time-tested investments
2. 68% seek investments with dual benefits, blending financial growth with protection
3. 70% favour long-term investments over short-term gains, signalling a trend towards patience and growth

vii.        75% feel confident in their investment choices, thanks to experience and a positive mind-set

viii.        73% rely on recommendations from friends and family when choosing insurance investments

1. 68% trust their intuition when making investment decisions, highlighting the role of gut feelings in finance.

Financial Planning for Higher Studies:

39. 39.69% of females and 45.22% of males think financial planning for higher studies is crucial due to education inflation and lack of finances.
40. 42.24% of females and 38.13% of males believe it’s important to ensure funds for children’s higher studies.

iii.        14.68% of females and 13.37% of males motivate their children for scholarships or education loans.

3. 3.39% of females and 3.28% of males think financial planning is unnecessary and everything will work out on its own.

Work Schedule Description:

41. 41.84% of females and 42.96% of males are always uncertain about new tasks or issues.
42. 27.61% of females and 25.94% of males have packed schedules with urgent deadlines.

iii.        19.47% of females and 19.65% of males work flexible hours based on convenience.

11. 11.08% of females and 11.45% of males work in shifts like 9 AM to 6 PM.

If You Had One Extra Hour at Work:

26. 26.76% of females and 24.12% of males would take breaks or leave work early.
27. 28.26% of females and 30.14% of males would connect with co-workers for coffee breaks.

iii.        20.07% of females and 21.99% of males would use it for career building.

15. 15.68% of females and 15.25% of males would use social media to explore passions.
16. 9.24% of females and 8.50% of males find having one free hour at work unrealistic

Health-Related Uncertainties:

59. 59.81% of females and 62.88% of males worry about serious illness or injury.
60. 55.62% of females and 54.23% of males are concerned about access to healthcare services.

iii.        53.42% of females and 56.00% of males have mental health concerns.

40. 40.54% of females and 38.39% of males worry about genetic predispositions to diseases.
41. 39.04% of females and 36.28% of males are concerned about aging-related health issues.

The A-Nishchit Index 2024 offers valuable insights for policymakers, businesses, and individuals as they navigate an increasingly complex and unpredictable economic landscape.

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