Building a financially inclusive India

Aditya Birla Capital's innovative and new-age products reflect the changing mindset of the modern Indian consumer towards financial inclusivity

In the era of consumerism, consumers today have far more options than at any time in history - whether it is gadgets, food, cars or clothes. This wealth of choice is also witnessed in the financial services market. As globalisation and changing lifestyles impact consumers' needs and expectations, companies are responding with a wider basket of offerings that allow users to achieve their financial goals and aspirations better.

Aditya Birla Capital (ABCL), the financial services arm of Aditya Birla Group, is leading the charge when it comes to product innovation in its sector. It has a strong presence across Protecting, Investing, Financing and Advising that is often referred as PIFA offerings. With a slew of smart, personalised, and digital-first products, ABCL is ensuring it gives consumers plenty of choice and flexibility in chasing their financial goals. Here are some of the company's recent new-age financial offerings that cater to the dynamic needs of the modern Indian.

Beyond traditional health insurance

Aditya Birla Health Insurance Co. Limited, one of ABCL's subsidiaries, recently launched Activ Health + Multiply Fit Combo, an industry-first 4-in-1 health insurance plan that combines health coverage with wellness benefits.

The plan offers health cover against four chronic ailments — asthma, diabetes, high cholesterol and high blood pressure. However, its uniqueness lies in the fact that it goes beyond traditional health insurance and incentivises customers to adopt a healthy and active lifestyle through Multiply, India's first wellness rewards programme.

Developed by Aditya Birla Wellness, Multiply rewards users for healthy habits. Customers can earn reward points by completing 'Activ Days' through physical activities such as reaching 10,000 steps a day, burning 300 calories, etc. These rewards further enable customers to earn back up to 30% of their premium, creating a strong financial incentive to adopt these habits. For this, Aditya Birla Wellness has partnered with popular brands such as Amazon, Decathlon, EaseMyTrip, Samsung, Uber, Zomato, and PVR Cinemas which offer consumers exclusive offers, discounts and rewards.

Embracing the blockchain revolution

Blockchain is one of the technologies changing our world. It's also a field that has evoked interest among investors, many of whom are keenly watching its progress.

To offer an investment avenue for people interested in blockchain and virtual digital assets, Aditya Birla Sun Life Mutual Fund, one of India's largest fund houses, filed an offer document with the Securities and Exchange Board of India (SEBI) in April 2022 for a Blockchain & Virtual Digital Assets ETFs Fund of Fund.

This open-ended fund of funds scheme will invest in exchange traded funds (ETFs) focused on the global blockchain theme and will be benchmarked against the MSCI ACWI IMI Blockchain Economy Index. The index includes large, mid and small-cap securities across 23 developed markets and 25 emerging markets.

Customer centricity at core

Last year, Aditya Birla Sun Life Insurance (ABSLI), launched India's first instant policy issuance service on WhatsApp. For this, ABSLI partnered with Gupshup (a leading conversational engagement platform), Meta-owned WhatsApp and Karza Technologies (one of the largest data analytics, automation and decisioning solution provider to Financial institutions) to launch this service for insurance applicants.

ABCL has also recently announced its foray into digital payments space. In collaboration with National Payments Corporation of India (NPCI), it aims to develop and promote digital payment methods through its subsidiaries to its customers.

These are only some of the many new-age financial solutions offered by Aditya Birla Capital. With an innovative range of offerings tailored to the needs and aspirations of the new-age Indian consumer, Aditya Birla Capital is revolutionising the financial services sector and securing its position as an industry leader.