Private insurer Birla Sun Life Insurance (BSLI) today launched protector plans in two variants.

BSLI Protector Plan and Protector Plus Plan offer flexibility to customers by giving them the option to hike their sum assured over a period arising out of increasing responsibilities and inflation, at no extra cost, the company said in a release here.

"Keeping the customer needs in mind for a term plan that can grow with growing responsibilities, BSLI has introduced Protector Plans that aim to ensure a family's financial security as per their evolving life cycle needs at affordable cost," BSLI Chief Financial Officer and Head - Institutional Sales Mayank Bathwal said.

Both plans offer customers the flexibility of opting for a constant or increasing sum assured at inception.

Customers, who opt for an increase in sum assured, will have the option of increasing it by 5 per cent or 10 per cent every year, in order to factor in growing needs and responsibilities. On every policy anniversary the sum assured increases by 5 per cent or 10 per cent, the release said.

BSLI is a joint venture between Aditya Birla Group and Canada-headquartered international financial services company Sun Life Financial Inc.

The private insurer's asset under management was Rs 19,760 crore and it has a capital base of over Rs 2,450 crore as of March 31.