THIS PROJECT IS ABOUTAGENCY BUSINESS MODEL COMPARISON OF SBI ANS OTHER LIFE INSURANCE. IT COMPARES SBI LIFE INSURANCE FROM OTHER LEADING INSURANCE COMPANIES IN THE PRIVETE SECTOR IN TERMS OF THEIR PRODUCTS, PRICES, PROMOTIONAS STRATEGIES, LIFE INSURANCE PRODUCTS AND PLANS, THEIR AGENCY FUNCTIONS AND OTHER SUCH TERMS. THE PROJECT IS EXPLAINED IN A VERY SIMPLE LANGUAGE WITH BEST POSSIBLE DIAGRAMS AND TABLES WHERE EVER POSSIBLE. THE BASIS THEME OF PREPARING THIS PROJECT IS TO GAIN KNOWELADGE ABOUT THE WORKING OF THE INSURANCE COMPANIS IN OUR COUNTRYAS WELL AS IN OUR PRACTICAL LIFE AS IT IS A PART OF OUR LIFE WHIS INSURES OUR LIFE IN CASE OF ANY LOSS AcknowledgementIt gives me pleasure to present this project on AGENCY BUSINESS MODEL COMPARATIVE ANALYSIS BETWEEN SBI AND OTHER LIFE INSURANCEto the student ofTYB.Com (Banking & Insuranc e).The subject matter is made more compact & logical.I am gratefully acknowledged the valuable efforts, suggestion & clarifications provided by many by making this project practical.It would be rather unfair on my part for not thanking my collegeS.K.Somaiya college Arts, Science & Commercefor having shown their continues faith in me.I extend my sincere gratitude to Prof. Aparna Jain, my project guide, for extending her support, guidance & co-operation in completing this project.I take this opportunity to express my sincere appreciation & gratitude to my college librarian who made the references and data available.I express my grateful thanks to everyone who have contributed even in a small way towards successful completion of this project.Last but not least, I would like to thank my parents for providing me with such good and me in the completion of this project.INTRODUCTION TO INSURANCEInsurance Market- Present:The insurance sector was opened up for private participation four years ago. For years now, the private players are active in the liberalized environment. The insurance market have witnessed dynamic changes which includes presence of a fairly large number of insurers both life and non-life segment. Most of the private insurance companies have formed joint venture partnering well recognized foreign players across the globe.There are now 29 insurance companies operating in the Indian market 14 private life insurers, nine private non-life insurers and six public sector companies. With many more joint ventures in the offing, the insurance industry in India today stands at a crossroads as competition intensifies and companies prepare survival strategies in a detariffed scenario.There is pressure from both within the country and outside on the Government to increase the foreign direct investment (FDI) limit from the current 26% to 49%, which would help JV partners to bring in funds for expansion.There are opportunities in the pensions sector where regulations are being framed. Less than 10 % of Indians above the age of 60 receive pensions. The IRDA has issued the first license for a standalone health company in the country as many more players wait to enter. The health insurance sector has tremendous growth potential, and as it matures and new players enter, product innovation and enhancement will increase. The deepening of the health database over time will also allow players to develop and price products for larger segments of society.State Insurers Continue To Dominatethere may be room for many more players in a large underinsured market like India with a population of over one billion. But the reality is that the intense competition in the last five years has made it difficult for new entrants to keep pace with the leaders and thereby failing to make any impact in the market.Also as the private sector controls over 26.18% of the life insurance market and over 26.53% of the non-life market, the public sector companies still call the shots.The countrys largest life insurer, Life Insurance Corporation of India (LIC), had a share of 74.82% in new business premium income in November 2005.Similarly, the four public-sector non-life insurers New India Assurance, National Insurance, Oriental Insurance and United India Insurance had a combined market share of 73.47% as of October 2005. ICICI Prudential Life Insurance Company continues to lead the private sector with a 7.26% market share in terms of fresh premium, whereas ICICI Lombard General Insurance Company is the leader among the private non-life players with an 8.11% market share. ICICI Lombard has focused on growing the market for general insurance products and increasing penetration within existing customers through product innovation and distribution.Reaching Out To CustomersNo doubt, the customer profile in the insurance industry is changing with the introduction of large number of divergent intermediaries such as brokers, corporate agents, and banc assurance.The industry now deals with customers who know what they want and when, and are more demanding in terms of better service and speedier responses. With the industry all set to move to a detoxified regime by 2007, there will be considerable improvement in customer service levels, product innovation and newer standards of underwriting.Intense CompetitionIn a de-tariff environment, competition will manifest itself in prices, products, underwriting criteria, innovative sales methods and creditworthiness. Insurance companies will vie with each other to capture market share through better pricing and client segmentation.SBI LIFE INSURANCEOVERVIEWSBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%. SBI Life Insurance has an authorized capital of Rest. 2,000 cores and a paid up capital of Rest 1,000 coresMISSIONTo emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer satisfaction and world class operating efficiency, and become a model life insurance company in India in the post liberalization period.VALUES Trustworthiness Ambition Innovation Dynamism excellenceMULTI BUISNESS MODELSBI Life has a unique multi-distribution model encompassing vibrant Banc assurance, Retail Agency, Institutional Alliance and Corporate Solutions distribution channels.SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. Sibs access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country, thus ensuring true financial inclusion. Agency Channel, comprising of the most productive force of over 65,000 Insurance Advisors, offers door to door insurance solutions to customersOne of our corporate ethoses, enhancing our SBI Life brand value, is about giving back to the society. In line with our Corporate Social Responsibility (CSR) initiatives, the cause of supporting our Elderly Citizens was initiated. Incidence of cataract blindness, annually at 3.28 million, is one of the most prevalent health ailments suffered by old people, particularly in rural pockets of our country.On the occasion of World Elders Day on 1st October, CSR initiative Gift Drastic (Restoring vision) was launched in partnership with Help Age India, a registered national level voluntary body, working for the cause of disadvantaged aged persons. Restoring vision is done through Intra Ocular Surgery (IOL). SBI Life employees made monetary contributions to the cause. SBI Life donated twice the sum contributed by its employees. Eye sight for thousands of elderly citizens was restored across the rural parts of the country. Reported a robust Net Profit of Rs.276 Cores Crossed Rs.10, 000 Cores in Gross Written Premium (GWP). Ranked No.1, in New Business Premium, amongst private life insurance companies. Assets under Management (AUM) grew by 96% to Rs.28, 551 Cores. Globally topped the prestigious MDRT 2009 for having Maximum number of MDRT Members. ICRA reaffirmed iota rating to SBI Life indicating highest claims paying ability.Awarded ISO Certification (ISO/IEC 27001:2005) for Information Security Management System (ISMS).Retained ISO 9001:2000 certificate for superior claim settlement process.FINANCIAL YEAR 08 09Bagged the coveted personal finance award-Outlook Money NDTV Profit Best Life Insurer 2008.Ranked among global top three in terms of number of Million Dollar Round Table (MDRT) members.Bagged the coveted personal finance award-Outlook Money NDTV Profit Best Life Insurer 2008. ICRA assigned iota rating indicating highest claims paying ability to SBI Life Insurance.Awarded ISO Certification (ISO/IEC 27001:2005) for Information Security. RetainedISO 9001:2000certificate for superior claim settlement process.Ranked among global top three in terms of number of Million Dollar Round Table (MDRT) members.Bagged the coveted personal finance award-Outlook Money NDTV Profit Best Life Insurer 2008.CRISIL, countrys leading rating agency, reaffirmed its highest financial rating AAA/Stable to SBI Life. In 2007, SBI Life became the first life insurer in India to receive this rating from CRISIL.ICRA assigned iota rating indicating highest claims paying ability to SBI Life Insurance.Retained ISO 9001:2000 certificate for superior claim settlement processRanked amongst global top five life insurance companies in the number of MDRT members.Rated as the The Most Trusted Private Life Insurer according to a survey conducted by Brand Equity in association with AC Nielsen ORG-MARG and the Economic Times Intelligence Bureau.Became first life insurer in India to receive the highest financial rating AAA from CRISIL, the countrys best known rating agency in 2007.Second consecutive year of ProfitabilitySBI Life Insurance, one of the leading insurers in India, is a joint venture between State Bank of India and BNP Paribas Assurance. While State Bank of India (SBI) is Indias largest banking franchise, on the other hand, BNP Paribas Assurance is a unit of the renowned BNP Paribas one of the leading banks in Euro zone. SBI Life Insurance follows a unique multi-distribution model that encompasses corporate solutions distribution channels, retail agencies, institutional alliances and banc assurance. It also uses the SBI Group as a platform to cross-sell insurance as well as banking product packages like personal loans and housing loans etc.SBI Life Insurance, with an authorized capital of Rest. 2,000 cores and paid-up capital of Rest. 1,000 cores, has become a substantial player in Indian insurance sector. The access to more than 100 million accounts of SBI has also acted as the driving force behind the success of the company. SBI Life Insurance also has an extensive network of agency channel where more than 68,000 insurance advisors work towards growth of the organization, offering door-to-door insurance solutions to the customers.In SBI Life Insurance, the State Bank of India holds 74% of the capital share, while BNP Paribas Assurance holds the remaining 26%.The Road to SuccessSBI Life Insurance has crafted its name by providing quality insurance services to its wide range of customers. Its ISO 9001:2000 certification speaks for its quality. SBI Life Insurance has also been assigned iota rating by the ICRA for its highest claims paying ability. In 2007, it became the first Indian life insurer to get AAA rating from CRISIL. In the next year, Outlook Money NDTV Profit adjudged it as the Best Life Insurer 2008. In 2009, SBI Life Insurance achieved the unique distinction to emerge as the global top in terms of Million Dollar Round Table (MDRT) members with 2,677 members.SBI Life Insurance became the first Life Insurer in India to make profits in the financial year 2005-06. It maintained the same record in the next year as well. In 2007-08, a survey by Brand Equity rated SBI Life as he Most Trusted Private Life Insurer in the same year, the company achieved CMMI Level 3 certification to become the first Indian insurer to have that.Age.SBI Life Shush Knives will be available for an investor who is at least 18 years or at most 60 years of age. The maximum life coverage is for 65 years, which could be increased up to 100 years by opting for a whole life add-on rider.The sources close to the company said that the product can be availed under both single and regular premium payment options at a sum assured starting at Rest 75,000 with no upper limit.Catering to the income needs arising out changing life stages, Shush Knives presents an attractive feature of deferred maturity payment options.PRODUCTS

SBI Life Insurance offers an extensive range of products to its customers. It has products for individuals as well as for the groups. It also offers a range of health products.Individual ProductsvUnit Lined Products SBI Life Horizon II SBI Life Unit Plus II SBI Life Unit Plus Child Plan SBI Life Unit Plus Elite Plan SBI Life Smart ULIP SBI Life MAHA ANANDvPension Products SBI Life Horizon II Pension SBI Life Unit Plus II Pension SBI Life Immediate AnnuityvPure Protection Products SBI Life Swathing SBI Life ShieldvProtection cum Savings Products SBI Life Scholar II SBI Life Shush KnivesvMoney Back Scheme Products SBI Life Money Back SBI Life Sanjeevan SupremevFor Brokers SBI Life SARAL ULIPvGroup ProductsvGroup Employee Benefit Products Retirement Solution SBI Life Cap Assure Gratuity SBI Life Cap Assure Superannuation SBI Life Cap Assure Leave Encashment SBI Life Dhanrashi SBI Life Saran Evan SBI Life Saran Gaga SBI Life Kalian ULIPvGroup Protection Plans SBI Life Sampson Suresh SBI Life Credit Guard SBI Life Suresh PlusvSpecialized Term Insurance SBI Life Shield Group Term with ROP SBI Life Swathing (Group)vGroup Loan Protection Products SBI Life Dhanaraksha Plus SP SBI Life Dhanaraksha Plus LPPTvGroup Savings Protection Products SBI Life Nidhi Raksha RP

INFRASTRUCTUREState Bank of India enjoys the largest banking franchise in India. Along with its 6 Associate Banks, SBI Group has the unrivalled strength of over 16,000 branches across the country, arguably the largest in the world. Agency Channel, comprising of the most productive force of more than 68,000 Insurance Advisors, offers door to door insurance solutions to customers. SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBIs access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country ensuring true financial inclusion.MISSIONAND AMBISSIONSBI Life Insurance Company Limited is a joint venture between the State Bank of India and BNP Paribas Assurance. SBI Life Insurance is registered with an authorized capital of Rest 2000 cores and a Paid-up capital of Rest 1000 Cores. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%.BNP Paribas Assurance is the life and property & casualty insurance unit of BNP Paribas Euro Zones leading Bank. BNP Paribas, part of the worlds top 6 group of banks by market value and a European leader in global banking and financial services, is one of the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life insurance company in France and a worldwide leader in Creditor insurance products offering protection to over 50 million clients. BNP Paribas Assurance operates in 41 countries mainly through the banc assurance and partnership model.SBI Life has a unique multi-distribution model encompassing vibrant Banc assurance, Retail Agency, Institutional Alliances and Corporate Solutions distribution channels.PRODUCTS OF SBI LIFE INSURANCE SBI Life INSURANCEIntroduction: SBI Life? Mahan an and II is a unique product created just for you, which provides you insurance cover without any medicals. With a wide array of funds, allows you to manage your investments according to your risk appetite thereby giving you the power to realize market related returns on your policy.SBI Life Smart ULIP Series IIIntroduction: duse to the unpredictable nature of the market, you need a plan which not only protects your investment, but also enables you to get market related returns. Sib life smart tulip (series ii) is the perfect answer to your need, and will give you not only guarantee on select naves during the first seven years, but also give you the added attraction of participating in the market upside!SBI Life Unit plusIIIIntroduction: sib life? Unit plus iii is an excellent and flexible non participating unit linked plan, specially designed to meet your changing requirements at various stages of life. With a wide array of funds, riders and other options, this product gives you the complete freedom to fulfill all your investment and insurance needs. And that? S not all; we now also offer you guaranteed additions and choice of payment options at a lower cost, giving you far superior value.RETIREMENT PLAN OF SBI LIFE INSURANCEIntroduction:Increasing life expectancy rate, rising health care costs, absence of social security system in India and disintegration of joint family system are some of the key reasons that makes retirement planning very critical.To help you continue celebrating your life post-retirement to the fullest, SBI Life presents you an array of pension plans which are simple and innovativeUnder SBI Horizon II Pension Plan, your money is invested in equity, bond or money pension funds. The investment plans also vary according to the proportion of money invested in equity funds. In case of SBI Unit plus II Pension Plans, you get to choose between pure pension and pension cum life cover plans with flexibility to increase regular contributions, top up payments and customize the plan by addition of riders. Investment in SBI Life Long Pension Plans helps you avail tax deduction of up to Rest. 1, 00, 000 p.a. with 4 % p.a. minimum guaranteed returns and tax-free withdrawals of up to 33 % from the Personal Pension Account.SBI health plansFinancial planning is incomplete without planning health insurance. Due to todays hectic lifestyle, improper diet, lack of exercise we are at higher risk of contingencies of untimely serious illnesses. Sudden health problems could have deep hole in your pockets. Medical science has advanced by leaps and bounds in the last few decades. Theres a definite need to cover for health insurance to reduce the financial burdenIntroductionSBI Life Group Criti9 is a traditional non participating Group Health Plan. This plan provides protection against 9 critical illnesses where Sum assured is paid in lump sum on diagnosis of any one of covered critical illnesses. So provides you money at time when you need it most.Key Features:

Simultaneous safety and protection against 9 Critical Illnesses

Simplified joining process

Guaranteed renew ability till 65 years of age

Tax benefit under section 80D of IT Act#, 1961

# Applicable when premiums are paid by the insured members. Subject to change in the tax laws. Please consult your tax advisor for details.

Critical Illnesses covered:

Cancer

Heart Attack (Myocardial Infarction)

Stroke

Coronary Artery Bypass Surgery

Kidney Failure (End Stage Renal Disease)

Major Organ Transplant

Coma

Multiple Sclerosis

Heart Valve Surgery

Please refer to the schedule of critical illnesses for further details

Eligibility:

This plan is offered to different groups like employee-employer relationship, credit life groups, customers of bank / financial institutions, depositors groups etc.

SBI Life will issue a Group Master Policy to the Group Master Policyholder based on details contained in the proposal form. Group Members may be enrolled either on a voluntary or compulsory participation basis as decided by master policyholder.Group Size:

Minimum 50 membersAge:

Entry from minimum age of 18 yrs till the maximum age of 55 yrs.Sum Assured:Sum assured can be selected in the following ways:Uniform for all membersAs a multiples of salaryAs grade wise coverMinimum sum assured is Rest. 25,000/- and maximum sum assured is Rest. 500,000/-.Benefits:

Sum Assured is payable in one lump sum on diagnosis of any one of covered critical illness provided:Survival for a period of 30 days after the date of diagnosisSubmission of necessary documentsWaiting Period:The insured member can avail the benefits after 90 days of the date of commencement or date of revivalOther Policy Details:Nomination is compulsoryLevel Premiums payable annually in advance for the cover term.Cover Term: Minimum of 2 yrs and maximum of 5 yrsCover can be renewed till 65 yrs of age subject to max cover term of 5 yrs and premium rates / age are reviewed at the time of renewal.Grace period of 30 days on annual renewal dateRevival facility is available within 6 months from the first unpaid premium due dateSib child plan (sib scholar II)Introduction:

A traditional participating plan, SBI Life Scholar II has guaranteed benefits which are payable at the regular intervals during the term of the policy. In an unfortunate event, your nominee would receive full sum assured along with vested bonus, plus regular guaranteed survival benefit.Key Features:Twin benefit of saving for your childs education and securing a bright future despite the uncertainties of life.

Full risk cover throughout the policy term irrespective of payment of survival benefits installments.

Option to receive the installments in lump sum at the due date of first installment of Survival benefit.

Attractive rider options.

Attractive rebate for Female lives and High Sum Assured.

15 days Free Look Period.

Product Snapshot:

Term

Premium Payment Term ( PPT)18 Childs Age at entry

Policy Term21 Childs Age at entry ( You are covered till the child attains 21 years of age)

Premium

Premium ModeMonthly / Quarterly / Half Yearly / Yearly ( Single Premium also available)

Age ( As on Last Birthday)

Entry Age ( Life Assured )Minimum: 18 years ; Maximum: 60 years

Entry Age ( Child)Minimum: 0 years ; Maximum:15 years

Maximum Age at Maturity (Life Assured)70 years

Sum Assured

Minimum Sum AssuredRest 50,000/-

Maximum Sum AssuredRest 1 Core

Riders Available

SBI Life Dhanavantri Supreme Individual Critical Illness (CI Rider) (UIN : 111C004V02)

SBI Life Accidental Death and Permanent Disability (AD & PD ) Rider (UIN: 111C001V01)

SBI Life Premium Waiver Benefit (PWB) Rider ( Individuals) ( UIN : 111B005V01)

Benefits:Guaranteed payment at regular intervalsWhen the child attains 18 years of age, the parent has an option of:Receiving the Sum Assured in 4 installments:AgeGuaranteed Benefit Payment

18 years25 % of Sum Assured

19 years25 % of Sum Assured

20 years25 % of Sum Assured

21 years25 % of Sum Assured + Vested Bonus *

Receiving the Survival Benefits in a single installment along with the Vested Bonus* (Policy terminates thereafter)*Vested bonus is the total amount of bonus accrued till date, under the policy.DEATH BENEFIT :In the event of unfortunate incident of your early death during the term of the plan, your childs future remains secured in 3 ways:Child future educational needs:25% of Sum Assured is payable in 4 equal installments when the child attains the age 18 years to 21 years. This ensures the childs higher educational needs are met.Immediate Payment:The nominee receives the Sum Assured along with the bonus declared until that date.All future basic premiums need not be paid:Ensuring that your family is not financially burdened in your absence.Tax Benefits:Tax benefit u/s 80C and 10(10 D) of the Income Tax Act*

Premiums paid for Critical Illness Benefit qualify for tax exemption under Sec 80D*. SBI CHILD PLANIntroduction:Life begins afresh when you become a parent. Its a joy you never felt and a feeling you never experienced. When your child takes baby steps towards you, you wonder what else bliss could be?Amidst all this divine happiness, theres a new sense of responsibility that fills your heart. Like you may not really believe that lifes a rose bed or a tender cushion, but you certainly want it to be for your lovely children. At SBI Life, we understand and we provide you with a unique, flexible and all-encompassing solution through our SBI Life Smart Scholar Plan.Choose the one that suits you and your childs needs best. Our specially crafted Smart Scholar Plan is as accommodating as you are to your childKey Features:

Secure your childs futureby gaining from the financial markets and much more.

Dual protectionfor your family, in case you are not around

Payment of base Sum Assured and

Inbuilt Premium Payer Waiver benefit to ensure continuance of your benefits.

Accident Benefitwhich includes Accidental Death benefit and Accidental Total and Permanent Disability (Accidental TPD) benefit is anintegral partof the plan.Free allocation of units by way of regularLoyalty Additions, giving periodic boosts to your investments.Enhanced investment opportunity through9 varied fund optionsincluding P/E Managed Fund, Index Fund & Top 300 Fund.Twin benefitsof market linked return & insurance benefit.Liquiditythrough partial withdrawal(s).Tax benefitsas per prevailing tax laws.Product Snapshot :

Age at Entry *Child:Min: 0 yearsMax: 17 years

Propose:Min: 18 yearsMax: 57 years

Max. Age at Maturity65 years

Policy TermMin:8 yearsMax:25 years less childs age at entry(On Maturity, the age of child should be between 18 to 25 years)

Premium Payment Terms (PPT)Single Premium

5 to 25 years (subject to the limits of policy term)

Premium Amounts(x100)Minimum:

PPTFrequencyMinimum(Rest)

SPSingle75,000

5 years to 7 yearsYearly50,000

Half Yearly25.000

Quarterly12,500

Monthly4,500

8 years or moreYearly24,000

Half Yearly16,000

Quarterly10,000

Monthly4,000

Maximum :No Limit

Sum AssuredFor Single Premium:MinimumMaximum

Across all agesAge45 years

1.25 * SP5 * SP1.25 * SP

For other Pots:MinimumMaximum

Age45 yearsAcross all

Higher of: 10 * AP or * T * AP7 * AP20 * AP

Partial WithdrawalsUpton 15% of Fund Value can be withdrawn each year, from 6th year onwards, subject to conditions. 1 free partial withdrawal in a policy yearTax Benefits**Under Sec. 80C and Sec. 10(10D) of Income Tax Act,1961

* All the references to age are age as on last birthday.Loyalty Additions, by way of free allocation of units:

During the term of the policy loyalty units would be given for in-force policies on completion of specific durations. Loyalty additions depend on term of the policy.The loyalty addition at relevant policy year end will be equivalent to

1% x [Average fund value over the 1st day of the last 24 policy months]Loyalty additions are payable at the end of the year(s) as per the chart below:

Benefits:Basic Life Benefit:In the event of unfortunate death of life assured, a lump sum benefit equal to higher of the Sum Assured or 105% of all premiums paid till date of death will be payable.If on the date of death, the sum assured is less than 105% of all premiums paid, the amount in excess of the sum assured will be paid from your fund by disinvestment of units.In the event of death of child no sum assured is payable. Life assured will inform the Company regarding the event. In such case he/she can either continue the policy or terminate the contract. In case of termination of contract, the fund value (without any surrender charges), will be payable.If both the life assured and the child die during the term of the policy the policy will be automatically terminated and all due benefits will be paid along with the fund valueMaturity Benefit:On completion of the policy term, maturity benefit i.e. the fund value shall be paid to beneficiary in a lump sum or as per settlement option, if chosen.The beneficiary will be:The policyholder if he/she survives. ORChild, in case of death of the life assured during the policy term.Sib term planA year before, term plan insurance for a cover of Rest. 50 laky for a person aged 25-30 years attracted a premium of Rest. 12,000. The average cost of such a plan is now Rest. 6,500-7,000.A term insurance policy provides a stated benefit only upon the holders death, provided the death occurs within the policy period. There will be no stated benefits if the policy holder outlives the policy period.With the Insurance Regulatory and Development Authority cracking a whip on the sale of unit-linked insurance plans, almost all major life insurers have launched a number of new term plans in recent months, to boost their sales and diversify the product portfolio.Examples are Aviv Life Shield Platinum, ICICI Prudential protect, Kodak e-Term, Kodak e-Preferred Term plan, Met Suresh Plus, SBI Life Smart Shield and HDFC Term Insurance.ICICI PRUDENTIAL LIFE INSURANCEIntroduction:This report will give the Comparative Study of ICICI Prudential & HDFC Standard Life Insurance Company LimitedThe Objectives of this project report are:Objective 1:- To study the benefits of this product provided by HDFC Standard Life Insurance company.- To know the consumer feedback.Objective 2:- To know the marketing strategies adopted to promote these products.- To make the private players responsible to the investors and not to the government.- To increase the competition in this sector so that the common people has the advantage of enjoying quality services at a reasonable costObjective 3:- Insurance has a far-reaching effect in synchronizing between the various service sectors. So if this sector can grow, the prospects of the various other services sector remains to be promising.Number of Pages of Project Report:100Package Includes:Project ReportProject Format:Document (.doc)Table of Contents of Project Report:1. Executive Summary2. Introduction to the Company- About ICICI Bank- About Prudential- About the Company (ICICI Prudential)- Product Offered By Icecap Prudential- HDFC Standard Life Insurance Company Limited- Problem of the Organization- Competition Information- More products on the anvil- Plans of ICICI Prudential and HDFC Standard Life Insurance3. Research Methodology- Title Justification- Objective- Scope of the Study- Significance of the Study- Research Design- Sampling Methodology- Limitation4. Facts & Findings5. Data Analysis & Data Interpretations6.Recommendations & Conclusion7. Bibliography8. AnnexureICICI Prudential life insurance overviewICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500 Million. The Company is a joint venture of ICICI (74%) and prudential plc UK (26%).The Company was granted Certificate of Registration for carrying out Life Insurance business, by the Insurance Regulatory and Development Authority on November 24, 2000. It commenced commercial operations on December 19, 2000, becoming one of the first few private sector players to enter the liberalized arena.The Company is now operational in Mumbai, New Delhi, Pane, Chennai, Collate, Bangalore, Chandigarh, Headband, Hyderabad and Luck now.During this short period till March 31, 2001 the Company has issued 6387 polices translating into a Premium Income Rest. 59.7 Million and a sum assured of over Rs.1000 Million.The company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products, distribution channels and technology based delivery. The Company has already taken significant steps to achieve this goalVision and MissionOur vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the life insurance industry. This we hope to achieve through our commitment to excellence, focus on service, speed and innovation, and leveraging our technological expertise.The success of this organization will be founded on its strong focus on values and clarity of purpose. These include: Understanding the needs of customers and offering them superior products and service Building long lasting relationships with our partners Providing an enabling environment to foster growth and learning for our employeesAnd above all building transparency in all our dealings.We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.were always eager to hear from our customers and visitors. Please let us know what you think about our services and our website. Here are some ways to contact us:For comments, questions or suggestions about our services or our website:Send e-mail tolifeline@iciciprulife.comFor product enquiries and for appointments with an ICICI Peru Insurance Advisor:ICICI PRUDENTIAL LIFE INSURANCE PRODUCTSICICI Prudential Life Insurance | Growth | Products & Policies offeredICICI Prudential Life Insuranceis a joint venture company between ICICI Bank India Ltd. and Prudential PLC UK. The company started their operations in India in December 2000.Growth:ICICI Prudential Life Insurances has posted its maiden profit of Rest 258-crore for the financial year 2010. They have had huge profitability in this year due to cost cutting (of about Rest 350-crore) and launch of various low charging products while last year company had recorded a loss of Rest 780-crore.Their target is to achieve 10% market share by this year through innovative concepts and products. They even plan to open new branches to facilitate their growth.The ICICI Prudential Life Insurance chief highlighted the introduction of new products last year as a major growth-driver. The solvency ratio according to the regulatory requirement is to be of 150% whereas ICICI Perus is 290%.ICICI Prudential Products: ICICI Prudential Life Insurancehas a variety of plans to suit your financial requirements and give you complete security against unforeseen circumstances. ICICI Prudential Health Care Plansare designed to help you avail the best of medical facilities in times of crisis. ICICI Prudential Retirement Solutions and Pension Plansare innovative schemes to give you complete peace of mind after retirement from work. ICICI Prudential Asset Managementhelps you manage your funds in the most professional manner. ICICI Prudential Life time gold investment ICICI Prudential Tax saving plans is meant to provide you the benefits of tax savings and also to invest in long-term equity.ICICI Prudential Mutual fundslike ICICI Prudential Discovery Fund, Infrastructure Fund, Equity Fund, ELSSAGENCY FUNCATIONS OF ICICI PRUDENTIAL LIFE INSURANCEThe Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses. Mr.A.Ramaswami Mud liar elected as the first Chairman of ICICI Limited.ICICI emerges as the major source of foreign currency loans to Indian industry. Besides funding from the World Bank and other multi-lateral agencies, ICICI was also among the first Indian companies to raise funds from international markets. The Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses. Mr.A.Ramaswami Mud liar elected as the first Chairman of ICICI Limited.ICICI emerges as the major source of foreign currency loans to Indian industry. Besides funding from the World Bank and other multi-lateral agencies, ICICI was also among the first Indian companies to raise funds from international markets.1956:ICICI declared its first dividend of 3.5%.

1958:Mr.G.L.Mehta appointed the second Chairman of ICICI Ltd.

1960:ICICI building at 163, Backbay Reclamation, inaugurated.

1961:The first West German loan of DM 5 million from Kredianstalt obtained.

1967:ICICI made its first debenture issue for Rs.6 crore, which was oversubscribed.

1969:The first two regional offices in Calcutta and Madras set up.

1972:The second entity in India to set up merchant banking services.Mr. H. T. Parekh appointed the third Chairman of ICICI.

1977:ICICI sponsored the formation of Housing Development Finance Corporation. Managed its first equity public issue

1978:Mr. James Raj appointed the fourth Chairman of ICICI.

1979:Mr.Siddharth Mehta appointed the fifth Chairman of ICICI.

1982:ICICI became the first ever Indian borrower to raise European Currency Units.ICICI commences leasing business.

1984:Mr. S. Nadkarni appointed the sixth Chairman of ICICI.

1985:Mr. N.Vaghul appointed the seventh Chairman and Managing Director of ICICI.

1986:ICICI became the first Indian institution to receive ADB Loans.ICICI, along with UTI, set up Credit Rating Information Services of India Limited, Indias first professional credit rating agency.ICICI promotes Shipping Credit and Investment Company of India Limited.

1987:The Corporation made a public issue of Swiss Franc 75 million in Switzerland, the first public issue by any Indian entity in the Swiss Capital Market.

1988:ICICI signed a loan agreement for Sterling Pound 10 million with Commonwealth Development Corporation (CDC), the first loan by CDC for financing projects in India.

1993:Promoted TDICI Indias first venture capital company.

1994:ICICI Securities and Finance Company Limited in joint venture with J. P. Morgan set up.

1996:ICICI Asset Management Company set up.ICICI Bank set up.ICICI Ltd became the first company in the Indian financial sector to raise GDR.

1997:SCICI merged with ICICI Ltd.Mr. K.V.Kamath appointed the Managing Director and CEO of ICICI Ltd.ICICI Ltd was the first intermediary to move away from single prime rate to three-tier prime rates structure and introduced yield-curve based pricing.

1998:The name The Industrial Credit and Investment Corporation of India Ltd changed to ICICI Ltd.ICICI Ltd announced the takeover of ITC Classic Finance.

1999:Introduced the new logo symbolising a common corporate identity for the ICICI Group.ICICI announced takeover of Anagram Finance.

2000:ICICI launched retail finance car loans, house loans and loans for consumer durables.ICICI becomes the first Indian Company to list on the NYSE through an issue of American Depositary Shares.

2001:ICICI Bank became the first commercial bank from India to list its stock on NYSE.ICICI Bank announces merger with Bank of Madura.The Boards of ICICI Ltd and ICICI Bank approved the merger of ICICI with ICICI Bank. 2002: ICICI Ltd merged with ICICI Bank Ltd to create Indias second largest bank in terms of assets.ICICI assigned higher than sovereign rating by Moodys. : ICICI Bank launched Indias first CDO (Collateralised Debt Obligation) Fund named Indian Corporate Collateralised Debt Obligation Fund (ICCDO Fund).E Lobby, a self-service banking centre inaugurated in Pune. It was the first of its kind in India.ICICI Bank launched Private Banking.1100-seat Call Centre set up in HyderabadICICI Bank Home Shoppe, the first-ever permanent aggregation and display of housing projects in the county, launched in Pune,ATM-on-Wheels, Indias first mobile ATM, launched in Mumbai.

2003:The first Integrated Currency Management Centre launched in Pune.ICICI Bank announced the setting up of its first ever offshore branch in Singapore.The first offshore banking unit (OBU) at Seepz Special Economic Zone, Mumbai, launched.ICICI Banks representative office inaugurated in Dubai.Representative office set up in China.ICICI Banks UK subsidiary launched.Indias first ever Visa Mini Credit Card, a 43% smaller credit card in dimensions launched.ICICI Bank subsidiary set up in Canada.Temasek Holdings acquired 5.2% stake in ICICI Bank.ICICI Bank became the market leader in retail credit in India.

2004:Max Money, a home loan product that offers the dual benefit of higher eligibility and affordability to a customer, introduced.Mobile banking service in India launched in association with Reliance Infocomm.Indias first multi-branded credit card with HPCL and Airtel launched.Kisaan Loan Card and innovative, low-cost ATMs in rural India launched.

2005:ICICI Bank and CNBC TV 18 announced Indias first ever awards recognising the achievements of SMEs, a pioneering initiative to encourage the contribution of Small and Medium Enterprises to the growth of Indian economy.ICICI Bank opened its 500th branch in India.ICICI Bank introduced partnership model wherein ICICI Bank would forge an alliance with existing micro finance institutions (MFIs). The MFI would undertake the promotional role of identifying, training and promoting the micro-finance clients and ICICI Bank would finance the clients directly on the recommendation of the MFI.ICICI Bank introduced 8-8 Banking wherein all the branches of the Bank would remain open from 8a.m. to 8 p.m. from Monday to Saturday.ICICI Bank introduced the concept of floating rate for home loans in India.First rural branch and ATM launched in Uttar Pradesh at Delpandarwa, Hardoi.Free for Life credit cards launched wherein annual fees of all ICICI Bank Credit Cards were waived off.ICICI Bank and Visa jointly launched mChq a revolutionary credit card on the mobile phone.Private Banking Masters 2005, a nationwide Golf tournament for high networth clients of the private banking division launched. This event is the largest domestic invitation amateur golf event conducted in India.First Indian company to make a simultaneous equity offering of $1.8 billion in India, the United States and Japan.Acquired IvestitsionnoKreditny Bank of Russia.ICICI Bank became the largest bank in India in terms of its market capitalisation.

2006:ICICI Bank became the first private entity in India to offer a discount to retail investors for its follow-up offer.ICICI Bank became the first Indian bank to issue hybrid Tier-1 perpetual debt in the international markets.ICICI Bank subsidiary set up in Russia.

2007:Introduced a new product NRI smart save Deposits a unique fixed deposit scheme for nonresident Indians.Representative offices opened in Thailand, Indonesia and Malaysia.ICICI Bank became the largest retail player in the market to introduce a biometric enabled smart card that allow banking transactions to be conducted on the field. A low-cost solution, this became an effective delivery option for ICICI Banks micro finance institution partners.Financial counseling centre Disha launched. Disha provides free credit counseling, financial planning and debt management services.Bhoomi puja conducted for a regional hub in Hyderabad, Andhra Pradesh.ICICI Banks USD 2 billion 3-tranche international bond offering was the largest bond offering by an Indian bank.Sangli Bank amalgamated with ICICI Bank.ICICI Bank raised Rs 20,000 crore (approx $5 billion) from both domestic and international markets through a follow-on public offer.ICICI Banks GBP 350 million international bond offering marked the inaugural deal in the sterling market from an Indian issuer and also the largest deal in the sterling market from Asia.Launched Indias first ever jewellery card in association with jewelry major Gitanjali Group.ICICI Bank became the first bank in India to launch a premium credit card The Visa Signature Credit Card.Foundation stone laid for a regional hub in Gandhinagar, Gujarat.Introduced SME Toolkit, an online resource centre, to help small and medium enterprises start, finance and grow their business.ICICI Bank signed a multi-tranche dual currency US$ 1.5 billion syndication loan agreement in Singapore.ICICI Bank became the first private bank in India to offer both floating and fixed rate on car loans, commercial vehicles loans, construction equipment loans and professional equipment loans.In a first of its kind, nation wide initiative to attract bright graduate students to pursue a career in banking, ICICI Bank launched the Probationary Officer Programme.Launched Bank@home services for all savings and current a/c customers residing in IndiaICICI Bank Eurasia LLC inaugurated its first branch at St Petersburg, Russia.

2008:ICICI Bank enters US, launches its first branch in New York.ICICI Bank enters Germany, opens its first branch in Frankfurt.ICICI Bank launched iMobile, a breakthrough innovation in banking where practically all internet banking transactions can now be simply done on mobile phones.ICICI Bank concluded Indias largest ever securitisation transaction of a pool of retail loan assets aggregating to Rs. 48.96 billion (equivalent of USD 1.21 billion) in a multi-tranche issue backed by four different asset categories. It is also the largest deal in Asia (ex-Japan) in 2008 till date and the second largest deal in Asia (ex-Japan & Australia) since the beginning of 2007.

ICICI Prudential Life Insurance awarded Indias Most Customer Responsive Insurance Company. AGC Networks Economic Times, Customer Responsiveness Awards, 2010.ICICI Lombard awarded Most Preferred General Insurance Brand at CNBC Awash Consumer Awards 2010.ICICI Bank amongst the top 3 to receive the FE- EVI Green Business Leaders Award, in the banking industry.>>InstaBanking

Go GreenBranch free bankingOnline Bill PayInstep InsureMotor InsuranceICICI Bank immobile

1955:The Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses. Mr.A.Ramaswami Mudaliar elected as the first Chairman of ICICI Limited.ICICI emerges as the major source of foreign currency loans to Indian industry. Besides funding from the World Bank and other multi-lateral agencies, ICICI was also among the first Indian companies to raise funds from international markets.

1956:ICICI declared its first dividend of 3.5%.

1958:Mr.G.L.Mehta appointed the second Chairman of ICICI Ltd.

1960:ICICI building at 163, Backbay Reclamation, inaugurated.

1961:The first West German loan of DM 5 million from Kredianstalt obtained.

1967:ICICI made its first debenture issue for Rs.6 crore, which was oversubscribed.

1969:The first two regional offices in Calcutta and Madras set up.

1972:The second entity in India to set up merchant banking services.Mr. H. T. Parekh appointed the third Chairman of ICICI.

1977:ICICI sponsored the formation of Housing Development Finance Corporation. Managed its first equity public issue

1978:Mr. James Raj appointed the fourth Chairman of ICICI.

1979:Mr.Siddharth Mehta appointed the fifth Chairman of ICICI.

1982:ICICI became the first ever Indian borrower to raise European Currency Units.ICICI commences leasing business.

1984:Mr. S. Nadkarni appointed the sixth Chairman of ICICI.

1985:Mr. N.Vaghul appointed the seventh Chairman and Managing Director of ICICI.

1986:ICICI became the first Indian institution to receive ADB Loans.ICICI, along with UTI, set up Credit Rating Information Services of India Limited, Indias first professional credit rating agency.ICICI promotes Shipping Credit and Investment Company of India Limited.

1987:The Corporation made a public issue of Swiss Franc 75 million in Switzerland, the first public issue by any Indian entity in the Swiss Capital Market.

1988:ICICI signed a loan agreement for Sterling Pound 10 million with Commonwealth Development Corporation (CDC), the first loan by CDC for financing projects in India.

1993:Promoted TDICI Indias first venture capital company.

1994:ICICI Securities and Finance Company Limited in joint venture with J. P. Morgan set up.

1996:ICICI Asset Management Company set up.ICICI Bank set up.ICICI Ltd became the first company in the Indian financial sector to raise GDR.

1997:SCICI merged with ICICI Ltd.Mr. K.V.Kamath appointed the Managing Director and CEO of ICICI Ltd.ICICI Ltd was the first intermediary to move away from single prime rate to three-tier prime rates structure and introduced yield-curve based pricing.

1998:The name The Industrial Credit and Investment Corporation of India Ltd changed to ICICI Ltd.ICICI Ltd announced the takeover of ITC Classic Finance.

1999:Introduced the new logo symbolising a common corporate identity for the ICICI Group.ICICI announced takeover of Anagram Finance.

2000:ICICI launched retail finance car loans, house loans and loans for consumer durables.ICICI becomes the first Indian Company to list on the NYSE through an issue of American Depositary Shares.

2001:ICICI Bank became the first commercial bank from India to list its stock on NYSE.ICICI Bank announces merger with Bank of Madura.The Boards of ICICI Ltd and ICICI Bank approved the merger of ICICI with ICICI Bank. 2002: ICICI Ltd merged with ICICI Bank Ltd to create Indias second largest bank in terms of assets.ICICI assigned higher than sovereign rating by Moodys. : ICICI Bank launched Indias first CDO (Collateralised Debt Obligation) Fund named Indian Corporate Collateralised Debt Obligation Fund (ICCDO Fund).E Lobby, a self-service banking centre inaugurated in Pune. It was the first of its kind in India.ICICI Bank launched Private Banking.1100-seat Call Centre set up in HyderabadICICI Bank Home Shoppe, the first-ever permanent aggregation and display of housing projects in the county, launched in Pune,ATM-on-Wheels, Indias first mobile ATM, launched in Mumbai.

2003:The first Integrated Currency Management Centre launched in Pune.ICICI Bank announced the setting up of its first ever offshore branch in Singapore.The first offshore banking unit (OBU) at Seepz Special Economic Zone, Mumbai, launched.ICICI Banks representative office inaugurated in Dubai.Representative office set up in China.ICICI Banks UK subsidiary launched.Indias first ever Visa Mini Credit Card, a 43% smaller credit card in dimensions launched.ICICI Bank subsidiary set up in Canada.Temasek Holdings acquired 5.2% stake in ICICI Bank.ICICI Bank became the market leader in retail credit in India.

2004:Max Money, a home loan product that offers the dual benefit of higher eligibility and affordability to a customer, introduced.Mobile banking service in India launched in association with Reliance Infocomm.Indias first multi-branded credit card with HPCL and Airtel launched.Kisaan Loan Card and innovative, low-cost ATMs in rural India launched.

2005:ICICI Bank and CNBC TV 18 announced Indias first ever awards recognising the achievements of SMEs, a pioneering initiative to encourage the contribution of Small and Medium Enterprises to the growth of Indian economy.ICICI Bank opened its 500th branch in India.ICICI Bank introduced partnership model wherein ICICI Bank would forge an alliance with existing micro finance institutions (MFIs). The MFI would undertake the promotional role of identifying, training and promoting the micro-finance clients and ICICI Bank would finance the clients directly on the recommendation of the MFI.ICICI Bank introduced 8-8 Banking wherein all the branches of the Bank would remain open from 8a.m. to 8 p.m. from Monday to Saturday.ICICI Bank introduced the concept of floating rate for home loans in India.First rural branch and ATM launched in Uttar Pradesh at Delpandarwa, Hardoi.Free for Life credit cards launched wherein annual fees of all ICICI Bank Credit Cards were waived off.ICICI Bank and Visa jointly launched mChq a revolutionary credit card on the mobile phone.Private Banking Masters 2005, a nationwide Golf tournament for high networth clients of the private banking division launched. This event is the largest domestic invitation amateur golf event conducted in India.First Indian company to make a simultaneous equity offering of $1.8 billion in India, the United States and Japan.Acquired IvestitsionnoKreditny Bank of Russia.ICICI Bank became the largest bank in India in terms of its market capitalisation.

2006:ICICI Bank became the first private entity in India to offer a discount to retail investors for its follow-up offer.ICICI Bank became the first Indian bank to issue hybrid Tier-1 perpetual debt in the international markets.ICICI Bank subsidiary set up in Russia.

2007:Introduced a new product NRI smart save Deposits a unique fixed deposit scheme for nonresident Indians.Representative offices opened in Thailand, Indonesia and Malaysia.ICICI Bank became the largest retail player in the market to introduce a biometric enabled smart card that allow banking transactions to be conducted on the field. A low-cost solution, this became an effective delivery option for ICICI Banks micro finance institution partners.Financial counseling centre Disha launched. Disha provides free credit counseling, financial planning and debt management services.Bhoomi puja conducted for a regional hub in Hyderabad, Andhra Pradesh.ICICI Banks USD 2 billion 3-tranche international bond offering was the largest bond offering by an Indian bank.Sangli Bank amalgamated with ICICI Bank.ICICI Bank raised Rs 20,000 crore (approx $5 billion) from both domestic and international markets through a follow-on public offer.ICICI Banks GBP 350 million international bond offering marked the inaugural deal in the sterling market from an Indian issuer and also the largest deal in the sterling market from Asia.Launched Indias first ever jewellery card in association with jewelry major Gitanjali Group.ICICI Bank became the first bank in India to launch a premium credit card The Visa Signature Credit Card.Foundation stone laid for a regional hub in Gandhinagar, Gujarat.Introduced SME Toolkit, an online resource centre, to help small and medium enterprises start, finance and grow their business.ICICI Bank signed a multi-tranche dual currency US$ 1.5 billion syndication loan agreement in Singapore.ICICI Bank became the first private bank in India to offer both floating and fixed rate on car loans, commercial vehicles loans, construction equipment loans and professional equipment loans.In a first of its kind, nation wide initiative to attract bright graduate students to pursue a career in banking, ICICI Bank launched the Probationary Officer Programme.Launched Bank@home services for all savings and current a/c customers residing in IndiaICICI Bank Eurasia LLC inaugurated its first branch at St Petersburg, Russia.

2008:ICICI Bank enters US launches its first branch in New York.ICICI Bank enters Germany opens its first branch in Frankfurt.ICICI Bank launched immobile, a breakthrough innovation in banking where practically all internet banking transactions can now be simply done on mobile phones.ICICI Bank concluded Indias largest ever securitization transaction of a pool of retail loan assets aggregating to Rest. 48.96 billion (Equivalent of USD 1.21 billion) in a multi-trance issue backed by four different asset categories. It is also the largest deal in Asia (ex-Japan) in 2008 till date and the second largest deal in Asia (ex-Japan & Australia) since the beginning of 2007.Business model of ICICI prudential life insuranceICICI Prudential Life Insurance, the countrys second-largest life insurer, has turned profitable during the year-ended March 2010.The companys net profit was estimated at Rest 258 core against a loss of around Rest 780 core in the previous financial year. Low operational costs, high renewal premiums and a decline in capital-consuming new sales helped the life insurer swing to profit.Click here to visit SME Buzz

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This is the first time the company has reported profits since it started operations in 2001.We have significantly brought down our management expenses. Reduction in cost and increase in renewal premium income helped us report profits, said a senior executive of ICICI Prudential. There was no capital infusion during the last financial year.The management expense ratio for the insurer came down from 11.78 per cent in 2008-09 to 9.5 per cent in 2009-10.There are only a handful of profitable life insurance companies which includes SBI Life, Baja Aliens, Sahara Life and Kodak Life Insurance. In recent months, most insurance companies have turned their attention to turning profitable and the list is expected to grow this year.In order to bring down costs, ICICI Prudential has consolidated its business. We have rebooked at our operations and focused on profitable areas. We have completely reworked our business model and closed branches which were not productive, the executive added. In addition, the insurer did not open any branch last year.A drop in new business income also helped the insurer boost profit. During 2009-10, the insurer registered a 7 per cent decline in new income collection over 2008-09. Compared to the Rest 6,813 core collected from the sale of new policies in 2008-09, the insurer collected Rest 6,334 core in 2009-10. Insurers have to set aside extra capital to meet solvency requirements. The renewal premium grew 19 per cent during the year.Insurance companies need capital to expand business and distribution network.Is the decrease in net interest income (NII) a worry?No. The decrease in NII is much less than that in the size of the balance sheet. The margins have improved and as our balance sheet grows, NII will also improve.You said the loan book would grow by zero to 5 per cent, but there has been a contraction. So, when do we see a reversal in the trend?We have resumed growth. If you look at the quarter-on-quarter numbers, there is an increase. This year, we hope to grow the loan book by 15-20 per cent.What is the retail-corporate loan mix and will that change this year?Retail loans are around 43 per cent of the loan book, while wholesale and the international loans account for another 43 per cent. That mix will remain roughly the same.You have said there have been repayments from overseas branches. Is the loan book growing and what is the plan?The overseas book will grow around 10 per cent, while the domestic will grow over 20 per cent. Indian companies have just about started going overseas once again, but the level of activity is nowhere close to the 2007 level.Your operational expenses have decreased, but there is a limit to belt tighteningCosts may go up, but the ratios will remain the same. Out cost to average assets was 1.6 per cent.You planned to open 600 branches last year. How many have you opened and what are the reasons for the delay?

There is no delay. We have opened around 350 branches. The rest are in advanced stages of opening. They should be ready by next month.Are you seeking permission to open more branches? What will be your strategy?No, we have not sought permission for more branches. The strategy is to capitalize on the branches that we have. Last year, we opened 500 branches and, in two years, we would have opened 1,000 branches. We want to capitalize on them.What is the outlook on the net interest margin, given the impact of the change in the interest rate regime for savings accounts and the base rate mechanism?On the savings bank side, there will be some impact on cost of funds, of the order of 12-15 basis points. We are drawing a strategy to increase the Casa (current account and savings bank account) ratio so that NIM is not affected.But the base rate will push up the yield on advances?Yield will not go up. What is going to change is the method of calculation.Will you be able to meet the deadline for 70 per cent provision coverage ratio and have you got an extension from RBI?We will meet the deadline, which has been revised to March 2011.How much loan restructuring did you undertake in the fourth quarter and are you seeing slippages in the accounts that were restructured last year?No, there are no slippages. We restructured loans of around Rest 250 core, but there a similar amount waiting for up gradation. So, the restructured amount remained around Rest 5,300 core.How many people are you looking to recruit this year?We will hire anywhere between 5,000 and 7,000.Asset management of icecap prudential life insurance.ICICI Prudential Asset Management Company Ltd. is a joint venture between ICICI Bank, Indias second largest commercial bank & a well-known and trusted name in the financial services in India, & Prudential Plc, one of the United Kingdoms largest players in the financial services sectors.In a span of just over 12 years, the company has forged a position of preeminence as one of the largest Asset Management Companys in the country, contributing significantly towards the growth of the Indian mutual fund industry.Our Average Assets under Management (AAUM) as on Dec 2010 month-end in Mutual Fund Schemes stood at Rest. 65876.5 Cores. This is in addition to our Portfolio Management Services, inclusive of EPFO*, and International Advisory Mandates for clients across international markets in asset classes like Debt, Equity and Real Estate with primary focus on risk adjusted returns.As an Asset Management Company, we have over 15 years of experience and are currently managing a comprehensive range of schemes of more than 46 Mutual funds and a wide range of PMS Products for our investors, spread across the country. We service this investor base with our own branch network of over 160 branches and a distribution reach of over 42,000 channel partners.Funds of ICICI prudential life insurance Equity fundsEquity schemes endeavor to provide potential for high growth and returns with a moderate to high risk by investing in shares. Such schemes are either activelyBalanced schemesHybrid Schemes or balanced schemes bridge the gap between equity and debt schemes. This category is characterized by a portfolio that is made up of a mix of eFixed income scheme fundsFixed Income Schemes primarily invests in bonds and other debt instruments, and will suit investors who want to optimize current income assuming low to modernAdvisory schemes of icecap prudential.Advisory Series is an open ended asset allocation fund, in the nature of a Fund of Funds. Its five investment plans have been specifically designed to suit the.Agency functions of ICICI prudential life insurance.The ICICI prudential life insurance has a tie up with the Post Office Savings Bank (POSB) that constitutes the mainstay of the Financial Services provided by the Department of Posts. The Post Office Savings Bank is the oldest and largest banking institution in the country. It operates more than 20.50 core savings accounts. The Post Office Savings bank Scheme is an agency function performed by the Department of Posts on behalf of the Ministry of Finance, Government of India. Savings Bank facilities are provided through a network of more than 1, 54,000 post offices. There are number of schemes provided by the Post Office Savings Bank and these include Savings Account Schemes, Recurring Deposit Schemes, Time Deposit Schemes, Monthly Income Schemes, Public Provident Fund Schemes, Kinas Vices Parts, National Savings Certificates and Senior Citizens Savings Scheme.The salient features of all these Small Savings Schemes are as under:SCHEMEInterest Payable, Rates, Periodicity etc.Investment Limits and DenominationsSalient features including Tax Rebate

1. Post Office Savings Account

3.5% per annum on individual/ joint accounts.Minimum INR50/-. Maximum INR1, 00,000/- for an individual account. INR2, 00,000/- for joint account.Cherub facility available. Interest Tax Free.2. 5-Year Post Office Recurring Deposit AccountOn maturity INR10/- account fetches INR728.90/-. Can be continued for another 5 years on year to year basis.Rate of interest 7.5% (quarterly compounded)Minimum INR10/- per month or any amount in multiples of INR5/-. No maximum limit.One withdrawal unto 50% of the balance allowed after one year. Full maturity value allowed on R.D. Accounts restricted to that of INR50/- denomination in case of death of depositor subject to fulfillment of certain conditions. 6 & 12 months advance deposits earn rebate.3. Post Office Time Deposit AccountInterest payable annually but calculated quarterly.Period Rate1 yr. A/c 6.25%2 yr. A/c 6.50%3 yr. A/c 7.25%5 yr. A/c 7.50%Minimum INR200/- and in multiple thereof. No maximum limit.Account may be opened by individual. 2, 3 & 5 year account can be closed after 1 year at discount. Account can also be closed after six months but before one year without interest. The investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.4. Post Office Monthly Income Account8% per annum payable i.e. INR80/- will be paid every month on a deposit of INR12000/-.In multiples of INR1500/- Maximum INR4.5 lakes in single account and INR9 lakes in joint account.Maturity period is 6 yean Can be prematurely encased after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.) A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on or after 8.12.075. 15 year Public Provident Fund Account8% per annum (compounded yearly).Minimum INR500/- Maximum INR70,000/- in a financial year. Deposits can be made in lump sum or in 12 installments.Deposits qualify for deduction from income under Sec. 80C of IT Act. Interest is completely tax-free. Withdrawal is permissible every year from 7th financial year. Loan facility available from 3rd Financial year. No attachment under court decree order.6. Kinas Vices PetraMoney doubles in 8 years & 7 months. Facility for premature encashment.Rate of interest 8.4% (compounded yearly)No limit on investment. Available in denominations of INR100/-, INR500/-, INR1000/-, INR5000/-, INR10,000/-, in all Post Offices and INR50,000/- in all Head Post Offices.A single holder type certificate may be issued to an adult for himself or on behalf of a minor or to a minor, can also be purchased jointly by two adults7. National Savings Certificate (VIII issue)8% Interest compounded six monthly but payable at maturity. INR 100/- grows to Rest 160.10 after 6 yeanMinimum INR100/- No maximum limit available in denominations of INR100/-, 500/-, 1000/-, 5000/- & INR10,000/-.A single holder type certificate can be purchased by an adult for himself or on behalf of a minor or to a minor. Deposits quality for tax rebate under Sec. 80C of IT Act.The interest accruing annually but deemed to be reinvested will also qualify for deduction under Section 80C of IT Act.8.Senior Citizens Savings Scheme9% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st DecemberThere shall be only one deposit in the account in multiple of INR 1000/- maximum not exceeding INRfifteen laky.Maturity period is 5 yeanA depositor may operate more than an account in individual capacity or jointly with spouse. Age should be 60 years or more, and 55 years or more but less than 60 years who has retired on superannuation or otherwise on the date of opening of account subject to the condition that the account is opened within one month of receipt of retirement benefits. Premature closure is allowed after one year on deduction of 1.5% interest & after 2 years 1% interest. TDS is deducted at source on interest if the interest amount is more than INR 10,000/- p.a. The investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.Electronic Money OrderElectronic Money Order (memo) launched on 10.10.2008It is a system that facilitates remittance of MOs electronically, for which post offices should have Connectivity by WAN/ Broadband. These Connected Hoes and Sops will transmit emus for other connected Hoes and Sops (including Sops and Boss in account with them).Salient FeaturesThe tariff structure would be the same as that for ordinary MO with the following features:* Messages in standard Codes* Tracking facility through 18 digit PNR No* Bulk booking of emus on the basis of lists provided by the Bulk Remitter; uploading data available in soft copy.* Payment of bulk emus through consolidated list* MIS for sender and payee in the case of bulk booking / payment.* After payment, the post office of payment to upload payment particulars to the central server. Payment details for non-connected post offices to be updated by its Head Post Office.* Payment information can be obtained through SMS.Instant Money Order (imp)Instant Money Order (imp) is an online domestic money transmission service intended for a market clientele requiring instant money remittance. This service enables the customer to receive money in minutes from any of the post offices providing imp service. The service was introduced on 20th January 2006. Under this service, a person can send amount from INR1000/- up to INR50,000/- in one transaction. Money will be disbursed to the payee at any of the imp Post Offices in India other than the office of booking on presentation of 16 digit imp number and photo identity proof. At present imp service is available from more than 2100 locations across the country.International Money Transfer ServiceThis service, operated in association with Western Union Financial Services International, provides the customers the facility of receiving remittances from 205 countries and territories on a real time basis. The service is currently available more than 8500 post offices.Electronic Clearing Service (ECS) The Electronic Clearing Service (ECS) provides an alternative method of effecting bulk payment transactions like periodic (monthly/quarterly) payments of interest/salary/pension by Banks/Companies/Government Departments. The transactions under this scheme move from a single User source (i.e. Banks/Companies/Government Departments) to a large number of Destination Account Holders (Customers/Investors). This scheme obviates the need for issuing and handling paper instruments and thereby facilitates improved customer service by the Banks and Companies/Corporations/Government Departments effecting bulk payments. The Electronic Clearing Service is being offered in the Department of Posts in connection with payment of monthly interest under Monthly Income Scheme (MIS), which offers depositors the facility of getting MIS interest automatically transferred and credited into their SB account on due date at the designated Bank of their choice. It is a value addition to MIS interest payment, which provides more comfort level to MIS account holders, as it eliminates the requirement for issuing and handling paper instruments. Currently, the service is available in the Department of Posts at following 36 locations:1. Headband (Gujarat)19. Hubble (Karnataka)

2. Bangalore (Karnataka)20. Jabalpur (MP)

3. Bhubaneshwar (Orison)21. Jodhpur (Rajasthan)

4. Collate (West Bengal)22. Kohekohe (Calico) (Karalla)

5. Chandigarh (Punjab)23. Natick (Maharashtra)

6. Chennai (TN)24. Punjabi (Maharashtra)

7. Gujarat (Assam)25. Pond cherry (TN)

8. Hyderabad (AP)26. Soapier (Maharashtra)

9. Japer (Rajasthan)27. Sutra (Gujarat)

10. Kaptur (UP)28. Thrice (Karalla)

11.Mumbai Maharashtra29. Tiruchirapally (TN)

12. Napery (Maharashtra)30. Torpor (Karalla)

13. New Delhi31. Sheila (HP)

14. Patina (Bihar)32. Salinger (West Bengal)

15. Thiruvananthapuram (Karalla)33. Burden (West Bengal)

16. Baroda (Gujarat)34. Draper (West Bengal)

17. Defraud (Astrakhan)35. Rapier (Chattisgarh)

18. Galion (MP)36. Rancho (Harahan)

Note: For further details, Post Offices at these locations may be contacted.Distribution of Pension Products of ICICI Prudential Life Insurance Company Ltd.:Department of Post has tied-up with ICICI Prudential Life Insurance Company Ltd. in September, 2008 to retail their products through select Post Offices on Referral Model. Initially, Post Offices started distributing Pension Products only. Now, products of more solution categories such as Education, Health & Protection and Wealth Creation have also been added in the distribution basket. Currently, these products are available from all the 817 Head Post offices of the country.Note: For further details, any Head Post Office may be contacted.Retailing of Non-life Insurance Products of Oriental Insurance CompanyDepartment of Posts is retailing following 15 Oriental Insurance Companys Products through its post offices in all over the country:-1.Personal Accident Insurance

2.Junta Personal Accident Insurance

3.Medicaid Insurance

4.Householders Insurance

5.Shopkeepers Insurance

6.Sweet Home Insurance

7.Fire Insurance

8.Cattle Insurance

9.Kiss an Agricultural Pump set Insurance

10. Rajrajeshwari Manila Kalian Bema Yoga

11.Bhagyashree Child Welfare Policy

12. Universal Health Insurance

13. Kiss an Package Policy

14. Nark Suresh Policy

15. Jan Arroyo Policy

Details about the above Oriental Insurance Company can be obtained from the nearest Post Office.Postal Life Insurance Postal Life Insurance (PLI), introduced in 1884, is the oldest life insurance scheme for the benefit of Government employees. Initially meant only for the Postal employees, today it caters to employees of the civil and military personnel of the central and state governments, local bodies, government aided educational institutions, universities, nationalized banks, many autonomous and financial institutions, and public sector undertakings of the central and state governments. In a major innovation, Rural Postal Life Insurance (RPLI) scheme was also introduced in 1995 for the benefit of the entirerural populace.PLI offers the following types of policies: -

I)Whole Life Assurance (Suresh)

ii)Convertible Whole Life Assurance (Susitna)

iii)Endowment Assurance(Santos)

iv)Anticipated Endowment Assurance for 15 & 20 years (Seminal)

v)Joint Life Endowment Assurance (Yoga Suresh)

Under RPLI, there are first four common plans and one additional plan 10 year RPLI. Their trade names are as indicated below: -

I)Whole Life Assurance (Gram Suraksha)

ii)Convertible Whole Life Assurance (Gram Susitna)

iii)Endowment Assurance (Gram Santos)

iv)Anticipated Endowment Assurance for 15 & 20 years (Gram Seminal)

v)10 year RPLI (Gram Praia)

An Extra Departmental Agents Group Insurance Scheme was introduced with effect from 01.04.1992 and a monthly subscription of INR10/- is deducted from the salary of its beneficiaries. As on 31.03.2004 there were 2, 57,695 members under thisscheme. In the event of death of its beneficiary, an amount of INR10,000/- is paid out of the insurance fund, in addition to accretion in the savings and the interest on it. On 31.03.04 the balance in this scheme was INR530.1 Million.International Relations India Post is a member of the Universal Postal Union (UPU) which isa specialized agency of the United Nations Headquartered at Berne, Switzerlandwith 190 member countries. India is its member since 1876 and holds an important position in the various organs of the UPU viz. Congress, Council of Administration, Postal Operations Council and InternationalBureau. India Post offers letter mail, parcel, money order and international speed post services to its customizingCustomer CareIndiaPost lays maximum stress on customer care in rendering its services and also to sort out the grievances that arise in the course of providing these services. Customers can lodge their complaints about our services at there nearby post office which are authorized to collect them. The complaints are consolidated at a customer care centre which registers these cases on the website to obtain a reply online for afinalreply at the earliest. There are 1116 computerized customer care centers to handle public grievances online. The Department also provides the facility of online registration and response to complaints at its website others like 28-year-old Narrate Sondheim, a Delhi-based middle-level, general insurance marketing professional, found the prospect of growing with a newly established company irresistible. As companies expand, better opportunities will arise, says Sondheim, who joined a leading private general insurance company in 2002.There are many such enthusiasts who belie the dull-dog image that insurance carried so far. Amy Sabena, 29, Bangalore-based zonal manager for ICICI Prudential, moved into insurance from a sales job with paint multinational. This is a growth industry with a proven revenue model, says Sabena, who signed up as sales manager in 2000. The good news is that many more insurance jobs continue to be created even as you read this. Is there a job out there for you? Find out.Life insurance.With private players still establishing themselves, the sales function is crucial and openings abound at the entry level, both for insurance advisors/agents and in banc assurance. Many of the jobs are in franchises of insurance companies, where you need to be a graduate with two years experience, says Tarn Sheath of Shiplaps Consultants, Mumbai-based human resource consultants. The compensation: Rest 48,000-96,000 per annum plus sales-linked incentives.As many as 30 insurance advisors report to one unit manager, who, in turn, reports to the sales manager, says Rona Nair, consultant, Ma Foil, Chennai-based HR services provider. Unit managers are employed directly by insurance companies at the entry level. For such positions, graduates with 5-6 years experience in managing sales teams in industries like FMCG, consumer durables and pharmacy are required, says Subaru Mira, chief, human resources, ICICI Prudential. The salary is likely to be Rest 2-5 laky per annum plus incentives.commissions tend to be heftier in life insurance, though experience and salaries are roughly the same. General insurance also provides opportunities for people working in related fields. For instance, people in the automobile industry can move into auto insurance, explains Sheath.m waMiddle and senior levels.Middle-level managers are in great demand, and this is likely to increase as companies grow. Sales managers are poached in large numbers by competition orother financial services companies, says Pooja Gupta, consultant, Watson Wyatt, international consultants.For agency sales, you need 10-13 years experience, while for bancassurance, its three-five years. Companies look for experience in financial institutions, consumer durable and FMCG companies, or organisations with strong direct sales functions. Middle-level salaries in the banc assurance functions can go up to Rest 4 laky per annum, and in agency sales unto Rest 7 laky per annum.Most jobs at the senior level involve setting up internal processes and systems for sales and marketing, and creating distribution channels. For instance, 30-year-old Bin yak Data has been setting up a distribution infrastructure for ICICI Prudential for alternative distribution routes to agency sales. This involves developing channels like banc assurance. Like Data, you need 6-15 years experience in similar tasks. Salaries can go up to Rest 15 laky per annum or more.This is the next category where a lot of jobs are being created both in the general and life insurance sectors. But the best is yet to come. After a reasonable number of policies are sold, therell be more openings in operations, says Ramachandran. At the moment, jobs are available in areas like underwriting and claims processing.At the entry level, most companies look for people with 1-2 years in back-end functions from industries like BPO and telecom. But as companies grow, they are recruiting fresher who are trained on the job, says Mira. For some jobs, a pharmacy background is preferred: for instance, in the underwriting area.At the middle level, jobs involve managing entry-level employees. They have to ensure that all policies relating to quality and adherence to global standards are met, says Gupta. You need 4-5 years experience in financial institutions or Bops. At the senior level, the jobs mostly involve heading regions or functions.At the entry level, salaries range from Rest 1.2 laky to Rest 2.5-3 laky per annum. At the first supervisory level, salaries are Rest 2.5-4 laky, plus performance bonus. In the middle level, with 2-4 years experience, salaries can go up to Rest 4-6 laky. At the senior level, starting with regional heads, salaries are Rest 15-22 laky.Functional jobs: Old FavoriteAs in other industries, insurance companies too need people in finance, accounting and HR. Most are going to B-schools or hiring people with about two years in these jobs, says Gupta. Salaries at the entry level can go up to Rest 3.5 laky per annum. At the mid-level, with 4-7 years experience, you can get Rest 4-7 laky. Senior-level pays go up to Rest 12 laky or more.Actuarial jobs.The actuarial area is bound to open up. Since actuaries are in short supply, the market is giving a premium for such individuals, says Sheath. You can join a life insurance company as an actuarial trainee. An actuarial trainee should be a member of the Actuarial Society of India or a similar institution and have completed at least 2-3 papers of the course, says Nair. In some large companies, you can even join up with a degree in statistics and complete the course as you work. While the starting salary for trainees is up to Rest 3 laky per annum, with 5-7 years experience, the salary shoots up to Rest 5-8 laky.Positions grow in this industry. Every year, the number of advisors trebles, says Sabena, whos been promoted twice in two years. Aside from the sheer number of jobs, which have boomed with the arrival of private players, attitudes to jobs in the insurance sector have changed as well, the babes of yore are making room for wannabe corporate hotshots. Its not even just the pays, the perks and the prospects.

BIRLA SUNLIFE INSURANCEIntroduction:-The Birla Sunlife Insurance Company was established in theyear 2006, with a joint venture of two leading companies likelyAditya Birla group and Sunlife financials(USA). Birla Sun LifeInsurance pioneered the unique Unit Linked Life Insurance Solutionsin India. Within 4 years of its launch, Birla Sunlife Insurance hascemented its position as a leading player in the Private LifeInsurance IndustryBirla Sunlife insurance has been focus on Investment LinkedInsurance Products, supported with protection products to maintainleadership in product innovation. Multi distribution channels- DirectSales Force, Alternate Channels and Group offering convenientchannels of purchase to customers. It has established Web-enabledIT systems for superior customer services to have issued policiesover the Internet. Corporate governance and a high degree oftransparency in all business practices and procedures to have anoperational Business Continuity Plan and all Strong fundamentalsbased on the Aditya Birla groups local insight and Sun Lifefinancialss global expertise.Vision:-To create long term value along with market leadershipMissions:-To help people mitigate risks of life, accident, health andmoney at all stages and under all circumstancesEnhance the financial future of our customers, includingenterprises.Values:-IntegrityCommitmentPassionSeamlessnessSpeedBSLI has contributed significantly to the growth and development of thelife insurance industry in India by introducing unique Unit Linked LifeInsurance Solutions, pure term plan and a slew of innovative products. Byadopting multi-distribution channels such as Direct Sales Force, alternatechannels and convenient points of purchase, including selling its policiesthrough the ban assurance route and through the internet, BSLI hasrevolutionized the entire insurance policy-buying experience.Corporate governance and a high degree of transparency in all itsbusiness practices and procedures, besides world-class processingcapabilities and well-prepared business continuity planning, have broughtabout the credibility that BSLI enjoys among its patrons. The process ofgetting sales illustrations signed by customers, offering a free look period onall policies, which are now standard norms followed by the insurance industry,were introduced by BSLIBSLI offers a spectrum of products to meet the growing needs ofindividuals and group insurance through a multi channel distribution network.The company has quadrupled its distribution network to over 600 branchesand more than 10000 advisors. With rapidly growing national footprint. The company is now positoned to capture an increased market share in the growing life insurance market.SWOT ANALYSISSTRENGTHS:-vQuality productvLarge networksvLeading companies in the insurance sectorvStrong brand name Aditya BirlavOver all market share 7% and above.WEEKNESSvLess awareness about most of the products of insurance in the marketvLow advertisingvFocus only on urban segmentsOPPORTUNITIESvScope for opening new branches in state/countryvMore branches will help in expanding buisnessvIncrease in population will lead to increase in buisnessvRecruitment canditates helps to increase the buisnessTHREATSvMarket uncertanity (Recession)v .Consumers do not invest easilyConsumer perception of Birla sunlife insurance companey is purely privatePLANS OF BIRLA SUNLIFE LIFE INSURANCEBSLI Term Plan

Your BSLIs Term Plan is a low premium, pure risk coverage plan, which takes care of your financial commitments and secures your familys future should anything unfortunate happen to you.

Low Costs, High Cover

This plan provides you all the benefits of life insurance at affordable costs.

Riders

The plan offers three riders at nominal costs Accidental Death and Dismemberment Rider, Critical Illness Rider and Waiver of Premium Rider.

Sum Assured Rebates

The plan offers attractive rebate for face value amounts equal to or greater than Rest. 5 Laky for regular pay. In case of single pay, this rebate is available for amount greater than or equal to Rest. 7 Laky.

Tax benefits

Investments in this plan are eligible for tax benefits under Sections 80Cand 10(10D) of the Income Tax Act.

More Benefits

Maturity Benefit NIL

Death Benefit -In the event of your unfortunate death, the nominee receives the Sum Assured. Special benefits for women -The plan offers favorable premium rates for female clients.BIRLA SUNLIFE HEALTH PLANSPlan Summary

Entry Age18 55 years

Minimum Face Amount (Sum Assured)Rest. 2, 50,000 in case of single premium & Rest. 2,00,000 in case of regular premium for a person fulfilling the eligibility criteria

Benefit periodAs per policy terms 5,10,15,20 or 25 years

Premium Paying PeriodSingle pay or over the duration of the plan

Premium Payment FrequencyAnnually, semi-annually, quarterly, monthly (through ECS) or one-time payment

Grace PeriodPay your premium within 30 days after the premium due dates

Amount due to nominee in event of death of the life insuredSum Assured

Maturity benefitNil

RidersAccidental Death and Dismemberment Rider and Critical Illness Rider, Waiver of Premium Riders, but only at the time of purchase of policy

Tax BenefitsUnder Sec 80C and Sec 10(10D) of the Income Tax Act, 1961

BIRLA SUNLIFE CHILDRENS PLANA child is a source of joy for every parent. You work towards ensuring that you have the means to meet the big future expenses of your child, be it for higher education, marriage or any other dreams that you have for your child.Burlap Sun Life Insurance