ing vyasa life insu

7/28/2019 Ing Vyasa Life Insu.

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INDEX

ING VYSYA LIFE INSURANCE

SERIAL NO. TOPICS PAGE NO.

CHAPTER

I

INTRODUCTION

NEED FOR LIFE INSURANCE.

MANAGEMENT TEAM.

PARTNERS.

1-11

CHAPTER

II

PLANS

PROTECTION.

SAVINGS. INVESTMENT.

RETIREMENTS.

12-34

CHAPTER

III

RIDERS. 35-38

CHAPTER

IV

EMPLOYEE BENEFITS.

GROUP GRATUITY

GROUP SUPERANNUATION

39-50

CHAPTER

V

FAQ,S 50-65

CHAPTER

VI

SURVEY 66-67

CHAPTER

VII QUESTION,S ASKED TO SALES MANAGER 68

CHAPTER

VIII CONCLUSION 69

CHAPTER

IX METHODOLOGY 70

CHAPTER

X BIBLOGRAPHY 71

T.Y.B.B.I (SEM-VI) 1


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ING Vysya Life in India - An Overview

ING Vysya Life Insurance Company Private Limited (the Company) entered the

private life insurance industry in India in September 2001, and in a span of 5 years

has established itself as a distinctive life insurance brand with an innovative,

attractive and customer friendly product portfolio and a professional advisor sales

force.

It has a dedicated and committed advisor sales force of over 21,000 people,

working from 140 branches located in 74 major cities across the country and over

3,000 employees. It also distributes products in close cooperation with the ING

Vysya Bank network. The Company has a customer base of over 4,50,000 & is

headquartered at Bangalore. In 2005, ING Vysya Life earned a total income in

excess of Rs. 400 crore and also has a share capital of Rs. 440 crore.

The Company aims to make customers look at life insurance afresh, not just as a

tax saving device but as a means to add protection to life. The one thing we hold in

highest esteem is 'life' itself. We believe in enhancing the very quality of life, in

addition to safeguarding an individual's security. Our core values are therefore

defined as Professional, Entrepreneurial, Trustworthy, Approachable and Caring.

The Companys portfolio offers products that cater to every financial requirement,

at any life stage. We believe in continuously developing customer-driven products

and services and value being accessible and responsive to the needs of our

customers.



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In fact, the company has developed the LifeMaker. A simple method which can be

used to choose a plan most suitable to a specific customer based on his needs,

Requirements and current life stage. This tool helps you build a complete financial

plan for life, whether the requirement is Protection, Savings or Investment,

Retirement.

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Protection

First, life insurance helps you to protect your income and your familys

financial future in case you are not around.

Saving

Second, life insurance works as a long term saving, thus giving you the

financial strength to achieve your life goals. It also gives you tax benefits.

Retirement

Third, life insurance makes sure that you have regular income after you

retire and also helps you maintain your standard of living.



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Investment

Final, life insurance is a safe, long-term investment, free from the risk of

market swings. At the end of the term, you or your family can enjoy added

returns on investment.

Why Do I Need Life Insurance?

Thats a common question. Why would you need Insurance? Simply put, Life

brings with it many surprises, some pleasant and some not so and a Life Insurance

Plan ensures that you are better prepared to face uncertainties. How? In a number

of ways:

Protection

You need life insurance to be there and protect the people you love, making sure

that your family has a means to look after itself after you are gone. It is a

thoughtful business concept designed to protect the economic value of a human life

for the benefit of those financially dependent on him. Thats a good reason

.

Supposing you suffer an injury that keeps you from earning? Would you like to be

a financial burden on your family, already losing out on your salary? With a life

insurance policy, you are protected. Your family is protected.

Retirement



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Life insurance makes sure that you have regular income after you retire and also

helps you maintain your standard of living. It can ensure that your post-retirement

years are spent in peace and comfort.

Savings and Investments

Insurance is a means to Save and Invest. Your periodic premiums are like Savings

and you are assured of a lump sum amount on maturity. A policy can come in

really handy at the time of your childs education or marriage! Besides, it can be

used as supplemental retirement income!

Tax Benefits

Life insurance is one of the best tax saving options today. Your tax can be saved

twice on a life insurance policy-once when you pay your premiums and once when

you receive maturity benefits. Money saved is money earned!



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Management Team

Board of Directors (as on March 14th, 2006)

Mr. Rajan Raheja: Chairman.

Mr. Kshitij Jain : Managing Director & Chief Executive Officer.

Mr. Peter Alexander Smyth: Director.

Mr. N.N. Joshi: Director.

Mr. Jayesh Doshi: Director.

Mr. Satish Raheja: Director.

Mr. Rajesh Kapadia: Director.

Mr. S.B. Ganguly: Director.

Senior Management Team

Kshitij Jain : MD & CEO.

David Briscombe : Chief Finance Officer.

K R Subramanian : Chief Operating Officer.



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David Hatton : Director, Employee Benefits and Pensions.

Priya Gopalakrishnan : VP and Head of Human Resources.

Ramesh Dasary : Strategic HR Initiatives.

T K Uthappa : Head of Tied Agency.

R Vishnu Kumar : Sales Controller.

CEO Speak

At ING Vysya Life Insurance, in a span of 5 years of operations, we have established ourselves

as a distinctive life insurance brand in India. With an innovative, attractive and customer friendly

product portfolio backed by a professional advisor force, we are proudly serving over 4,50,000

customers today.

We are a part of the ING Group, the world's largest financial institution*, trusted by 60 million

people across 50 countries, with a heritage of over 150 years.

Our cornerstone is the trust that you've invested in us. We've always designed products with your

needs in mind and a communication model that speaks to you.



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Our website reflects our openness & dynamism. We speak a language that you will understand,

and not complicated jargon. What we tell you, we hope, will make it easier for you to choose

from our product portfolio, the policy that suits you best. For instance, we have developed a

dynamic new touch point between you and us -the LifeMaker

The LifeMaker is a complete financial planning tool. It takes in basic information from you and

offers you the policy that is best suited to your needs. In an interactive way, it gives you results

that are customized to you and empowers you to choose for yourself what is best for your

requirements.

It is our endeavor to serve you better & develop a greater understanding of your needs. And our

website is a step in the direction.

So please go ahead and explore our site.

Celebrate Life!

Kshitij Jain

MD & CEO,

ING Vysya Life Insurance Co Pvt Ltd.

Bangalore, INDIA.



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Partners

A glance at our equity partners:

ING Group Exide Industries Limited Gujarat Ambuja Cements Limited Enam Group

ING Group

ING Group is known for its philosophy of keeping it simple. This thought is the

result of ING Groups 150 years of understanding of customers needs and

fulfilling them.

ING is a global financial institution of Dutch origin. It has 150 years of experience,

and provides a wide array of banking, insurance and asset management services in

over 50 countries and is trusted by over 60 million customers. Its 1,13,000

employees work daily to satisfy a broad customer base individuals, families,

small businesses , large corporations, institutions and governments. The ING

Group has gone from strength to strength year after year and is the world's 13th

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largest company*. The ING Group is the world's largest financial institution* with

over US $ 1 trillion# in assets and profits of US $ 8.5 billion in 2005#.

Over the last 150 years, ING Group has grown to become the largest insurer in the

world*. Today it touches the lives of millions of people across 50 countries.

ING Group has wide and deep experience in setting up companies in new markets,

which require substantial investments underlining ING's long-term commitment. In

the last 20 years, ING Group has established successful life insurance companies in

15 countries contributing to the development of insurance services in these

countries successfully.

Exide Industries Limited

With eight manufacturing plants strategically located across the country, Exide isIndias largest producer of automotive and industrial batteries. Its range of

products covers everything from the smallest batteries required in motorcycles to

the giant batteries powering submarines.

For the fiscal year 2004-05, the company registered a sales turnover of Rs. 1,482

crores and a net profit of Rs. 77 crores. Boasting an uninterrupted dividend

payment track record of 58 years, the company has a global presence through its

subsidiaries in Singapore, Sri Lanka and the United Kingdom.



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It is the market leader in the organised sector in both the automotive and industrial

segments. 'EXIDE' and SF (Standard Furukawa)', the flagship brands of the

Company, are also the leading battery brands in the country.

Gujarat Ambuja Cements Limited

Gujarat Ambuja Cements Ltd. is the fastest growing cement company in India and

considered one of the most reputed companies in India. GACLs brand Ambuja

Cement is considered a premium brand in the Indian market. Apart from domestic

sales, Ambuja Cement is also the largest seller of Indian cement in countries

including Sri Lanka, Dubai and Kuwait.

Its plants are some of the most efficient in the world, with environment protection

measures that are on par with the finest in the developed world. It is the most

profitable cement company in India, and the lowest cost producer of cement in the

world.

Enam Group

Enam Group is one of Indias leading financial service providers reputed for its

ability to perceive the true potential of businesses and enhance their value. The

culture at Enam Group is deeply rooted in ethics, innovation etc.

About ING Vysya



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ING Vysya (a group terminology) has 3 businesses in India, ING Vysya Life

Insurance, ING Vysya Bank and ING Vysya Mutual Fund. ING Vysya Bank is a

premier private sector bank with a 70-year heritage and 1.5 million satisfied

customers. ING Vysya Mutual Fund is a mid sized asset management company

with a retail investor focus.

PROTECTION PLANS

Conquering Life Critical Illness Plan

What can this plan do for me?

The Conquering Life Plan is a comprehensive critical illness cover that helps bear

the financial burden of a critical illness. This is a unique health insurance benefit

that helps you to protect yourself and your family against health and lifestyle risks.

The Conquering Life Plan is ideal because it provides protection to you and

safeguards your family's lifestyle through an easily affordable, pure risk life cover.

And more importantly, it covers you against ten life- threatening critical illnesses-



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Cancer, Heart Attack, Coronary Artery Bypass Graft, Stroke, Kidney Failure,

Major Organ Transplant, Brain Tumor, Paralysis, Coma and Blindness.

Key Features1. Complete Protection Against 10 Critical Illnesses And Death

2. Money When You Need it Most (Critical Illness Claims Paid on Diagnosis)

3. Free Life Cover After a Critical Illness Claim

Benefits

Illness Benefits

A critical illness cover of up to 50% of the sum assured is paid to you in the event

of a confirmed diagnosis of any one of the critical illnesses covered. This sum can

be up to a maximum of Rs. 20 lakhs.

The critical illness cover is only valid for the first critical illness suffered and not

any that follow.

In the event of critical illness, the remaining premium payments for the period of

the policy will be waived.

Death Benefits

. Your family will get the total sum assured, or



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Your family will receive the difference between the total sum assured and the

Critical illness claim paid, if any.

Additional Benefits

Rider Benefits

Increase your coverage at a nominal extra cost by opting for any of our riders

Term Rider, Accidental Death Rider, Accidental Death, Disability &

Dismemberment Rider.

Tax Benefits

Tax benefits under Section 88 and Section 10 (10D) are available on all our life

insurance plans and riders.

Look-in Period

This is a 15-day period for you to go through the terms and conditions and decide

upon taking or canceling the policy.

Product Features

Eligibility

Minimum age for application: 18 years

Maximum age for application: 50 years

Maximum age up to which premium can be paid: 65 years



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Premium Payment Term

Choose premium paying terms of 10-25 years

Coverage Term

Same as the Premium Payment Term

Premium Payment Options

Annual, half-yearly or quarterly

Minimum Premium Payable

Annual Rs. 2, 500

Half-Yearly Rs. 1, 500

Quarterly Rs. 1, 000

Processing Fee Rs. 700 (non-refundable one time fee)



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SAVINGS PLANS

Reassuring Life Endowment Plan

(With Cash Bonus)


An endowment plan that arms you for tomorrow. It helps you bear those heavy

expenses while building your home and providing for your children's education

and marriage. And while it helps make your post-retirement years carefree and

secure, it also takes care of your near and dear ones in the event of your untimely

death

Key Features

1. Lump Sum Benefit At Maturity



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2. Unique Annual Cash Bonus

3. Multiple Bonus Management Options (Re-invest, Withdraw, Offset

Premiums

Benefits

Survival BenefitsI. A large financial asset for you and your beneficiaries once the policy matures,

so you can meet large expenses like funding higher education for your kids,

building a house or even organizing your childs wedding.

Death Benefit

II. Financial support for your family in case anything were to happen to you.

III. Cash Bonus*

This plan has the advantage of annual cash bonus which you may

receive based upon the performance of the company. You have the option to

accumulate it, withdraw it or adjust it against payment of future premiums.

Bonuses are non-guaranteed and are based on the company's performance.

Additional Benefits

Rider Benefits



Dismemberment Rider and Waiver of Premiums Rider.



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Loan Benefit

After paying a premium for three years, you will be eligible for a loan.

Tax Benefits



Look-in Period



Product Features

Eligibility

Minimum age for application: 12 years

Maximum age for application: 55 years

Maximum maturity age: 65 years


You can choose premium paying terms from 10 - 30 years (i.e. 10, 11, 12...20...30)

Life Coverage Term

Same as the premium payment term


Annual, half-yearly, quarterly or monthly


Annual Rs. 4, 000



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Monthly Rs. 500

Reassuring Life Endowment Plan (Reversionary Bonus)


Ideally, once your protection needs are met, consider a saving plan. The

Reassuring Life Endowment Plan with reversionary bonus* is one such offering.

Besides being a savings option, it also acts as a highly reliable safety net for your

family in case something happens to you.

The Reassuring Life Plan is ideal because it gives you the incredible benefit of a

reversionary bonus* which enhances your life cover, and hence your sum assured,

dramatically, every year. So when the policy matures you can receive almost

double the initial sum assured.

Key Features

1. Lump Sum Benefit at Maturity

2. Customised Life Covers

3. Enhancing Life Cover (Attractive Reversionary Bonus)



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Benefits

Survival Benefits

I. A sizeable financial asset for you and your family once the policy

matures, so you can meet large expenses - like higher education for your kids,

investment in a house, or organizing your childs wedding.

II. A life cover that enhances rapidly, annually, thanks to the reversionary bonus*

feature. This basically means the bonus is earned not just on the original sumassured but also on the previously accumulated bonus - an amount which goes on

increasing every year.

III. A final additional bonus.

IV. Bonus are non-guaranteed and are based on the company's performance.

*Applicable if at least premiums for 15 years have been paid.

Death Benefit

V. Your family would receive a large sum which would include the sum assured and

the accumulated reversionary bonus and final additional bonus.

Additional Benefits

Rider Benefits




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Loan Benefit

After paying a premium for three years, you will be eligible for a loan

Tax Benefits



Look-in Period


upon taking or canceling the policy

Product Features

Eligibility

Minimum entry age: 12 years

Maximum entry age: 55 years



You can choose paying premium terms from

Payment Term 10-30 years. (i.e. 10, 11, 12...20...30)



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Life Coverage Term

Same as the Premium Payment Term


Annual, half-yearly, quarterly or monthly.


Annual: Rs. 6, 000

Half-Yearly: Rs. 3, 000Quarterly: Rs. 1, 500

Monthly: Rs. 750



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INVESTMENT

Rewarding Life Whole of Life Plan


Rewarding Life Whole of Life Plan is an offering that enables you to protect, save

and invest. With this plan, you can create a sizeable financial asset to pass on to

your family.

The Rewarding Life Plan covers you for 85 years even after the premium paying

term has ended. Your investment goes on increasing every year, thanks to a

compound reversionary bonus. This basically means that apart from the bonus

earned on the sum assured, your accumulated bonus earns you an additional bonus

Key Features

Wealth Accumulation with Reversionary Bonus and Final Additional

Bonus

Life Cover Till 85 Years

Flexible Premium Payment Options



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Benefits

I. Survival Benefit

A large lump sum payment to you and your family when you turn 85. This

includes the full sum assured the vested compound reversionary bonus and the

final additional bonus. The total amount could be as much as 10 times the sum

assured!

II. Death Benefit

Your family gets the sum assured, the compounded reversionary bonus** and

the final additional bonus*.

III. Final Additional Bonus

The additional bonus will be paid once the policy reaches its maturity benefit

stage (at 85 years of age or earlier death).

IV. Bonus are non-guaranteed and are based on the company's performance.

** Compound reversionary bonus: Apart from the bonus on the basic sum



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assured, the accumulated bonus on your policy will also earn an additional

bonus

Additional Benefits

Rider Benefits




Loan Benefit

After paying a premium for three years, you will be eligible for a loan.

Tax Benefits



Look-in Period

This is a 15 day period for you to go through the terms and conditions and decide


Product Features



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Eligibility



Maximum age up to which you can pay

your premium: 65 years

Flexible Premium Payment Term

Based upon your current age, you can choose premium payment terms of 15, 20 or25 years

Life Coverage Term

Up to the age of 85 years




Annual Rs. 6, 000



Monthly Rs. 750

The Powering Life Limited Payment

Endowment Plan




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For those who have achieved financial success, ensuring that success is well

protected and loved ones are cared for is an important necessity. The limited

payment endowment plan does just that by allowing you to pay for the policy in a

short period and to enjoy the life insurance coverage and maturity benefits for a

long period. ING Vysya Life Insurance can help you to ensure that your family's

future is safe and secure.

The Powering Life Plan is ideal because you get a life cover and your family

enjoys long term financial security. And thanks to a high reversionary bonus, yourinvestment grows over time. You can even customise your coverage term and

choose from a range of premium payment terms.

Key Features

Safe Investment with High Tax Free Returns

Customisable Premium Payment Term

Enhancing Life Cover

Benefits

I. Survival Benefits

. A large lump sum payment to you when the policy matures.

. A life cover that enhances rapidly with the addition of a reversionary

bonus* each year.

. A final additional bonus** at the end of the term.

. Flexible life-cover term.

. Flexible premium payment options.



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II. Death Benefit

Your beneficiaries will receive the accumulated reversionary bonus* and

final additional bonus** in addition to the sum assured.

III. Bonus are non-guaranteed and are based on the company's performance.

**Applicable if at least premiums for 15 years have been paid.

Additional Benefits

Rider Benefits


-Term Rider, Accidental Death Rider, Accidental Death, Disability &


Loan Benefit

After paying a premium for two years, you will be eligible for a loan.

Tax Benefits



Look-in Period


upon taking or cancelling the policy.

Product Features



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Eligibility







Annual Rs. 24,000

Half-Yearly Rs. 12,000

Quarterly Rs. 6,000

Monthly Rs. 3,000.



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RETIREMENTS

The Best Years Retirement Plan


As the name suggests, this plan can ensure that your post-retirement years are

spent in peace and comfort. And it extends the same comfort to your family by

standing as a financial asset, in case you are not around. This long-term investment

plan can truly ensure the best years of your life.

Key Features

1. Investment Amount And Returns Declared Are Guaranteed

2. Steady Returns With 80 CCC Balanced Fund

3. Flexibility in Fund Accumulation

4. Lower Management Fees

5. Lower Minimum Contribution Limit

Benefits



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I. Capital Guarantee:

. Your contributions are transferred to your Individual Pension

Amount(IPA). Charges as applicable will then be deducted.

. The balance in your IPA will be invested in the ING Vysya Capital

Guarantee Plan.

II. Flexibility:

. To chose the regular contribution to be made each year.

. With regard to timing and frequency of contributions

. To start the pension whenever you wish.

. To postpone the retirement date to make best use of market

conditions.

III. Spouse Pension Benefit:

. In case of death, your spouse can defer the purchase of annuity, if the

age is less than 45 years.

. To encash up to 5% of the outstanding benefit amount each year, upto

age 45,and then can purchase annuity from balance, if any.

Additional Benefits

Term Rider Benefits

The cover shall be equal to the lower of 5 times the regular contribution or Rs.

1,00,000.



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The sum assured under this rider will be used to increase the benefit amount under

the basic policy.

Term Rider Premium

Premium will be paid by way of deduction from the IPA on each due date.

Tax Benefit

Under Section 80 CCC. Any lump sum received at chosen retirement date or on

death is exempted from tax, under Section 10(10A) of the IT Act.

Product Features

Eligibility

Minimum entry age: 18 yrs

Maximum entry age: 65 yrs

Minimum deferment period: 5 yrs

Maximum deferment period: 52 yrs

Minimum vesting age: 45 yrs

Maximum vesting age: 70 yrs

Applicable Charges

Initial one-time charge Rs. 700

Contribution Related Charges

All first year contributions 10%

All subsequent contributions 3%



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Annual Management fee will be levied on each 31st March on the IPA after

crediting bonus interest. The Annual Management fee will depend on the size of

balance in the IPA and will be as follows:

Balance in IPAAnnual Management Fee

p.a.

Upto Rs. 50,000 2.5%

50,001-75,000 2%

75,001-1,00,000 1.75%Above 1,00,000 1.5%

New Future Perfect


Life is not always picture perfect. Its making the right choice from the various

choices available that makes life perfect. The decisions you make now, when you

are young, have an enduring effect, even after retirement. What you need is a

flexible plan that allows you to override the unexpected wave that you may face in

future, with ease, while still allowing you to make the most of the situation,

financially. An ING Vysya Life Plan does just that by allowing you to choose how

you want your post-retirement future to be with a tax-free investment plan based

on your idea of risks versus returns.

How does this plan work?



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The ING Vysya Life New Future Perfect Unit Linked Plan has been carefully put

together to enable you get the maximum benefits from your investment plan. It not

only provides you with flexibility in terms of premium amounts and frequency, but

also offers you an investment opportunity thats just perfect for your long-term

financial future.

The ING Vysya Life New Future Perfect Unit Linked Plan offers you flexibility in

terms of how much you want to pay, how often you want to pay and the choice ofinvestment pattern. After all, what you are looking for is not just life cover but

something that covers all of what life has to offer.

What are the features of this plan?

The plan comes with its own three unique features:

Protect your Future: Even after retirement, you and your family are well

provided and protected with continued life cover.

Survival Benefits: Apart from the regular yearly systematic withdrawal benefits

starting from age 60 till 80, you will also receive maturity benefit at the age 80.

Manage your investments: You can choose from any of the five investment

options - Debt, Secure, Balanced, Equity or Growth Fund, depending upon your

appetite for risks and returns. Review the performance of your investments and

switch between the plans or top up with additional funds.



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RIDERS

What Are Riders?

Riders are the optional contracts, which offer additional benefits for policyholders.

They are always attached to a basic policy. They cannot be bought separately or

independently of a basic policy. Each Rider will have its own premium rate and

separate policy conditions.

We offer the following Riders with our products:

Term Rider

This Rider amount is payable only on death during the application term. This

amount will be in addition to the Sum Assured, under the basic policy to which this

Rider is attached. However this benefit is not payable, in case of occurrence of

death due to suicide, within one year of commencement of risk.

Features

Entry Age

18 years (last birth date)



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Last Premium Paying Age


Premium Paying Term

Same as base policy

Payment Mode

For individuals: yearly, half yearly, quarterly

For group billing as a single cheque from a company: monthly facility availability

Modal Factor

Yearly: 10.86

Half yearly: 5.61

Quarterly: 2.895

Exclusion

This Rider shall not cover death caused directly or indirectly due to suicide, while

sane or insane, where such death occurs within one year of the Effective Date of

the Rider.

Maximum Cover

Equal to the Sum Assured under the basic policy, subject to an overall maximum

of Rs. 20,00,000/-

Tax Benefit

Rebate under Section 88 and maturity benefit under Section 10(10 D)



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Waiver of Premium Rider

Waiver of Premium Rider under the basic policy and all other Riders - in case of

total disability occurring due to sickness or accident. The total disability should last

for at least 6 consecutive months. No disability covers during the first 6 months of

the policy.

Total Disability

Resulting from accident or sickness and disability occurring within 180 days of the

accident or sickness. The disability should last for at least 180 consecutive days.

Applicable only when the disability completely and continuously prevents the life

assured from engaging in any occupation to earn any wages.

Features

Entry Age


Last Premium Paying Age


Premium Paying Term

Same as base policy

Payment Mode

For Individuals: Yearly, Half-yearly, Quarterly

For group billing as a single cheque from a company: monthly facility availability



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Modal Factor

Yearly: 10.86

Half yearly: 5.61

Quarterly: 2.895

Exclusions

This Rider shall not cover any disability caused directly or indirectly by any of the

following:

1. Intentional self-inflicted injury, suicide or attempted suicide, while sane or

insane.

2. Life Assured being under the influence of alcohol, narcotics, psychotropic

substances or drugs unless taken in accordance with the lawful directions

and prescription of a qualified and registered medical practitioner.

3. War (declared or undeclared), war-like operations, invasion, civil

commotion, riots or revolution.

4. Participation in any flying activity, except as a bonafide passenger in a

commercially licensed aircraft.

5. Participation is a criminal or unlawful act.

6. Any injury sustained before the Effective Date of this Rider.

Any physical/ medical condition not disclosed but found existing before theEffective date of this Rider.

7. Participation in hazardous sports, hobbies or pastimes including (but not

limited to) racing, parachuting, mountaineering etc.



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8. No premiums shall be waived if the sickness leading to disability occurs

within 180 days after the Effective date of this Rider.

9. Atomic energy explosion or radiation of any kind.

Tax Benefit

Rebate under Section 88 and maturity benefit under Section 10(10 D)

Employee Benefits - a definite advantage for bothemployers and employees.

Most management follows an integrated method of arriving at compensation and

benefit plans for their employees. Life insurance, health and pension benefits are

viewed today as an important component of a company's remuneration structure.

Organizations wanting to attract and retain employees have given these benefits a

special place in their compensation structure.

Traditionally, medical insurance was offered as a critical part of employee

compensation. However, the new focus is to provide a comprehensive cover. It is

now possible to provide this through Group Life and Critical Illness insurance in

the most cost effective and efficient manner.

Further, emerging demographics pose concerns of disability and living too long,

making it necessary to address these issues during the earning years of life. To

design, administer and manage compensation and benefit package to meet all such

needs requires core competence and preparedness, which a life insurance company

can provide.



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Group Gratuity

Financial Protection.

ING Vysya Life's Group Gratuity Plan is a special way to reward your employee's

loyalty. Absence of a good gratuity funding mechanism can prove to be a financial

strain if you have to pay out huge amounts in any year. Having a group gratuity

plan enables you to meet your legal obligations of providing gratuity in a hassle

free manner. It not only helps you build healthy corpus, but also offers additional

insurance cover, to provide enhanced gratuity benefits in the event of unfortunate

death of your employee. This can be done in a tax efficient and hassle free manner

through this plan.

The Flexibility

You can decide the type of investment strategy to accumulate adequate corpus to

provide for your employees gratuity benefits. For your convenience, we provide

various investment options. You can invest in one or more of such plans.

Investment options being,

Liquid 100% of the available funds are invested in Provides for liquidity and



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plan short term(with in one year of maturity)debt and money market instruments

safety

Debt plan 100% of the available funds are invested indebt instruments (3 to 7 years)

Provides safety andgrowth with minimumrisk

Secureplan

Up to a maximum of 20% of the availablefunds are invested in equity and the rest indebt instruments

Provides for growth withlow risk

Balancedplan

Up to maximum of 40% of the availablefunds are invested in equity and the rest indebt instruments

Provides for highergrowth with reasonablesecurity

Growthplan

Up to a maximum of 60% of the availablefunds are invested in equity and the rest indebt instruments

Provides for opportunityof high growth

You also have the flexibility to review investments periodically and switch

investments from one plan to another. Two switches per policy year are offered

free of cost.

You have the advantage of additional insurance cover to provide full service

gratuity in the event of an employees' unfortunate death before retirement.

Lion Advantages

For you

It is a hassle free process. Reduces administrative work, as we take care of it

Better returns of being part of the huge ING Vysya Life's investment

portfolio

We offer actuarial help in assessing periodic liability to enable you to have

proper funding plan



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It provides additional insurance at a little extra cost, which will enhance

benefits in case of unfortunate death of employee

An opportunity to design tax efficient employee benefits* with inputs from

experts in various fields like HR, investments and actuaries

It helps build customized solutions to meet specific needs

It helps you in being a good corporate citizen

*Income tax benefits: You can contribute upto 8.33% of annual wage bill and

claim tax exemption for the same under Sec 36(1)V of Income Tax Act, 1961.

Investment income on such investments are exempt from tax under Sec 10(25)iii of

Income Tax Act, 1961.

For your employees

1. Enhanced gratuity benefits by way of additional insurance cover in case of

death before retirement - it means full gratuity even in case of early death.

2. Safety of the funds - being managed by experts

3. Periodic valuation of the Gratuity Fund by our actuaries to ensure adequate

fund is available to pay benefits - a reassurance that fund is secure

Specifications

Minimum Entry Age 18 years

Maximum Entry Age As per the Scheme rules

Contributions and Premium Initial Contribution This Contribution is

payable in respect of members who have to



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their credit, past service with the Employer.

The contribution can be paid in lump sum

or in annual installments not exceeding 5

years or as agreed between the Policyholder

and the Company.

Ordinary contributions This is the regular

contribution payable each year to secure the

gratuity benefits on account of future

service.

Premium This is the amount payable to

secure the life cover. The life cover shall be

as per the scheme rules and can either be

flat cover or future service gratuity. The

Initial and Ordinary Contributions will be

expressed as a % of the salary bill and

subject to limit of 8.33% of total salary

including PF according to Income Tax

Rules 87 and 88 (part XIII of IT Rules

1962).

Contribution and premium

frequency

The Ordinary contribution and Premium are

generally payable in advance. We may

allow the contribution and Premium to be

paid half yearly, quarterly or monthly. The

Initial Contribution is payable in lump sum



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or in flexible installments as agreed by the

company over a period not exceeding 5

years.

Switches Two switches per policy year offered free

of cost.

Section 41 of the Insurance Act, 1938 states:

1. No person shall allow or offer to allow, either directly or indirectly, as an

inducement to any person to take out or renew or continue an insurance in

respect of any kind of risk relating to lives or property in India, any rebate of

the whole or part of the commission payable or any rebate of the premium

shown on the Policy, nor shall any person taking out or renewing or

continuing a Policy accept any rebate, except such rebate as may be allowed

in accordance with the published prospectuses or tables of the insurer.2. Any person making default in complying with the provisions of this section

shall be punishable with fine that may extend to five hundred rupees.

Group SuperAnnuation

Financial protection for your employees.

ING Vysya Life's Group Superannuation Plan is a special way to safeguard your

employees financial interests. It enables you to take care of your employees post

retirement needs by providing timely and hassle free support. It helps you build

healthy corpus to provide essential financial support for retiring employees, whom



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you wish to include in the group. This can be done in a tax efficient and hassle free

manner through the plan.

The Flexibility

You can decide the type of investment strategy to accumulate adequate corpus to

provide for your employee's retirement benefits. For your convenience, we providevarious investment options. You can invest in one or more of such plans.

Investment options being,

Liquid

plan

100% of the available funds are invested in

short term(with in one year of maturity) debt

and money market instruments

Provides for liquidity and

safety

Debt plan 100% of the available funds are invested indebt instruments (3 to 7 years)

Provides safety andgrowth with minimum

risk

Secure

plan

Up to a maximum of 20% of the available

funds are invested in equity and the rest in

debt instruments

Provides for growth with

low risk

Balanced

plan

Up to a maximum of 40% of the

available funds are invested in equity and the

rest in debt instruments

Provides for higher

growth with reasonable

security

Growth

plan

Up to a maximum of 60% of the available

funds are invested in equity and the rest in

Provides for opportunity

of high growth



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debt instruments

You also have the flexibility to review investments periodically and switch

investments from one plan to another. Two switches per policy year are offered

free of cost.

The Schemes

Share Concern. Partner with your employees

If you choose, you can make your employees partners in this plan by allowing

them to voluntarily contribute to build higher retirement benefits. It helps them

save taxes and invest their retirement savings to maximize returns by investing in

debt and equity instruments without having to bother about investment

management.



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Lion Advantages

For you

It is a hassle free process. Reduces administrative work, as we take care of it

Better returns of being a part of the huge ING Vysya Life's investment

portfolio

It is a one stop solution for fund management and annuity provision

An opportunity to design tax efficient employee benefits with inputs fromexperts in various fields like HR, investments and actuaries

It helps build customized solutions to meet specific needs

It gives convenient investment options, with a choice to review as and when

you choose

It helps retain employees longer

It helps you be a good corporate citizen

It provides support in completing all legal formalities of setting up a

superannuation plan

For your employees

Long term income protection, which provides for regular income even after

retirement

Provides different annuity options to suit individual needs

Once the annuity starts, the returns are guaranteed

Tax exemption under Section 88 of Income Tax Act, for employees'

contribution



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Specifications

Minimum Entry Age 18 years

Maximum Entry Age As per scheme rules

Contributions 1. Initial

Contr****************************i

bution This Contribution is payable in

respect of members who have to theircredit, past service with the Employer.

The contribution can be paid in lump

sum or in annual installments not

exceeding 5 years or as agreed between

the Policyholder and the Company.

2. Ordinary contributions This is the regular

contribution payable each year to provide

for pension. The Initial and Ordinary

3. Contributions will be expressed as a % of

the salary bill and subject to limit of 27%

of total salary including PF according to

Income Tax Rules 87 and 88 (part XIII of

IT Rules 1962).

Contribution and frequency 1. The Ordinary contribution is generally

payable annually in advance. We may



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allow the contribution to be paid half

yearly, quarterly or monthly or at any

time during the Policy year.

2. The Initial Contribution is payable in

lump sum or in flexible installments as

agreed by the company over a period not

exceeding 5 years.

Allocation Charges Maximum Allocation charges, varying by

contribution type and policy year are as follows

1. Initial Contribution: 5%

2. First Year Ordinary Contribution: 5%

3. Renewal Year Contribution: 3%

Allocation charges will be specified for each

Policy.

Switching Two switches per policy year offered free of

cost.

Section 41 of the Insurance Act, 1938 states:

1. No person shall allow or offer to allow, either directly or indirectly, as an

inducement to any person to take out or renew or continue an insurance inrespect of any kind of risk relating to lives or property in India, any rebate of



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2. the whole or part of the commission payable or any rebate of the premium

shown on the Policy, nor shall any person taking out or renewing or

continuing a Policy accept any rebate, except such rebate as may be allowed

in accordance with the published prospectuses or tables of the insurer.

3. Any person making default in complying with the provisions of this section

shall be punishable with fine that may extend to five hundred rupees.



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FAQS

1. What is life insurance?

Life insurance is a contract in which the insurer, in consideration of certain

payment to be made to it (called the premium), either in a lump sum or in any

other periodical payments, agrees to pay the assured, his nominee or any person

for whose benefit the policy is taken, a stated sum of money on the happening

of a particular event contingent on the duration of human life.

2. Why do you need life insurance?

Uncertainty of death is inherent in human life. It is this risk, which gives rise to

the necessity for some form of protection against the financial loss arising from

death. Insurance attempts to alleviate this uncertainty by providing financial

security should such an event happen and therefore provides for

1. family protection and/ or

2. provision for old age and/or

3. Investment options, depending on the nature of the insurance product.

3. What are the advantages of a life insurance policy?

Life insurance plan is said to be superior to an ordinary savings plan. Unlike

many other savings or investment plans, life insurance offers a combination of

three benefits viz., income protection, savings and investment options,

depending on the policy chosen. In the event of death, a life insurance policy

offers the full sum assured, whereas other savings/ investment plans would



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make available only the accumulated savings with interests/ returns. Insurance

encourages and forces thrift: A savings deposit can be too easily withdrawn.

Many may not be able to resist the temptation of using the balance for some less

worthy purpose. On the other hand the payment of life insurance premiums

becomes a habit and comes to be viewed with the same seriousness as the

payment of interest on a mortgage. Thus, insurance in effect brings about

compulsory savings.

Ready marketability and suitability for quick borrowing: After the specifiedinitial period, if the policyholder finds himself unable to continue payment of

premiums he can surrender the policy for a cash sum, alternatively, he can tide

over a temporary difficulty by taking a loan on the sole security of the policy

without delay. Further, a life insurance policy is sometimes accepted as a

security for a commercial loan.

Tax relief: Subject to certain limits and conditions prescribed by the Income

Tax Act, 1961 (the Income Tax Act), a life insurance plan offers tax benefits

in the form of deductions from income/ rebate on income tax and also exempt

from tax the amounts received under a life insurance policy. When the tax relief

is taken into account it will be found that the assured is in effect paying a lower

premium for his insurance.



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4. How much insurance cover do you need?

Answer to this question depends on various factors including (i) the reasons for

seeking insurance viz., as an income-protection, savings or investment tool, (ii)

income sources and amounts other than salary/earnings; (iii) whether or not the

individual is married and, if so, what is the spouse earning capacity; (iv) the

number of individuals who are financially dependent on the life to be insured;

(v) benefits to accrue from an employer-sponsored life insurance plan if

available; (vi) whether any special life insurance needs exist (e.g., mortgage

repayment, education fund, estate planning need); (vii) whether the life to beinsured has any other old-age or super-annuation benefits etc. Rough estimates

suggest an amount of life insurance equal to four to five times of ones annual

earnings.

5. When does the coverage on the policy begin?

Coverage under a life insurance policy begins once the proposal made to the life

insurance company is accepted and communicated and the person making the

proposal has paid the first premium. Most companies provide some temporary

conditional coverage during the application process assuming certain conditions

are met. This temporary coverage is limited in time and amount. The

availability, amount and conditions are described in the application and vary

from company to company. If you are replacing existing coverage, you should

never drop your existing coverage until your new policy has been approved, and

your first premium has been paid.



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6. When could a person cover the lives of spouse and children?

There is no single guidance or rule for this. Initially, life insurance for

appropriate amounts should be effected on the family breadwinner(s). It is of

utmost importance that the income earning capacity of the primary breadwinner

be fully protected, if possible, through the purchase of the required amount of

life insurance before contemplating the purchase of life insurance on children or

on a non-wage earning spouse. In a dual-earning household, it is important to

protect the income earning capacity of both spouses. Life insurance on a non-

wage earning spouse is often recommended for the purpose of paying forhousehold services lost at this individuals death.

7. What is premium?

Premium is the consideration (price) payable periodically to the life insurance

company for the risk undertaken by it under the insurance policy

8. Who is a proposer?

The person who proposes to enter into a contract of insurance with a life

insurance company to insure himself or another life on whose life he has

insurable interest

9. Who is a life insured?

The person whose life is covered under the contract of insurance.



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10.What is a claim?

Demand presented for payment of the benefit due under the terms of an

insurance policy .

11.What is lapse of policy?

The termination of policy caused by the policyholders failure to pay the

premiums within the stipulated period.

12.What is maturity date?

The date on which the policy comes to on end and on which the survivalbenefits are payable.

13.What is maturity value?

The amount payable under a life insurance policy on its maturity date.

14.What is a life insurance policy?

A written document issued by a life insurance company to a policyholder,

which expresses the insurance contract between the company and the

policyholder.

15.Who is a policyholder?

A person that has entered into a contract of insurance with the insurance

company.



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16.Can you have more than one insurance policy? Why would you need

multiple policies?

Yes. When one is purchasing an insurance policy to cover the entire risk, it

might be prudent to break the policy into smaller units. Though this increases

the cost of insurance, as the discount in premium for larger sum assured may

not be available, the benefit may offset this cost. Having multiple policies

allows you to discontinue some policies while continuing the others, in case

there is a financial crisis because of which you suddenly find yourself in a tight

spot. After the financial crisis is over, you may reactivate the other discontinuedpolicies, subject to the terms of those policies.

17.Are moneys payable under a life insurance policy free from attachment?

Section 60(1)(kb) of the Code of Civil Procedure, 1908 states that all moneys

payable under a policy of insurance on the life of the judgment debtor will be

free from attachment. This places an assigned policy outside the reach of the

creditors.

18.What is underwriting?

Underwriting is the process through which a life insurance company takes a

decision whether to accept the risk and if so at what rate of premium, after

considering relevant facts disclosed to it.

19.What is group insurance policy?

An insurance policy that provides coverage for a number of people under one

contract, called a master contract. In a Group insurance policy, the policy holder

is usually the employer who contributes premium which is a certain percentage



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of the salary of the employees in the Employers organization. However, the

employees are the beneficiary in such Group insurance policies. In general, in a

group insurance policy the insurance company ordinarily cannot turn down

any applicant that is a member of the defined group.

20.What are with profit policies?

Policies, where the policyholders receive bonuses, upon the insurance company

generating surplus and declaring them to the policyholder. Only a "with profit"

policy is eligible to bonus. The bonus that may be receivable may vary year toyear according to the surplus generated by the insurance company. With profit

policies are more popular because of the possibility of getting increasing bonus

every year even though the premium payable is higher than the premium paid in

without profit policies.

21.What is a paid up policy?

Once the premium on a life insurance policy for a specified period is paid in

full, the policy may not lapse even if no subsequent premiums are paid. Such

policies are known as paid-up policies. In such cases, the sum originally assured

is reduced to a sum bearing the same ratio to the sum originally assured as the

number of premiums actually paid to total number of premiums originally

stipulated as payable under the policy. By way of example, if 6 out of the

originally stipulated 30 premiums are paid, the sum assured under a paid-up

policy could still be 20 percent of the original sum assured by the policy.



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22.What is a material fact?

A fact that would influence the judgment of a prudent insurer in deciding

whether to insure a particular risk, or the terms on which to insure it would be

considered material. Generally, all information required in the proposal form

are considered material and a non-disclosure or misrepresentation in relation to

such information sought could give rise to a right in favour of the insurance

company to repudiate the claim.

23.What is reinsurance?The practice of insurance companies insuring the risk insured by them is called

reinsurance.

24.What is nomination?

Nomination is a right conferred on the holder of the policy of life insurance on

his own life to appoint a person or persons to receive the policy moneys in the

event of the policy becoming a claim by death.

25.Who is a nominee?

The person designated by the policyholder to receive the proceeds of an

insurance policy, upon the death of the insured.

26.Who can nominate?

Any policyholder, who is a major and the life insured under a policy can make a

Nomination. Nomination is not effective in a policy taken on the life of another

person.



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27.When can nomination be done?

Nomination can be done at the inception of the policy itself. All that a

policyholder has to do is to provide the details of the nominee in the proposal

form. If a nomination was not done at the time of filing the proposal, it can be

done at a later date either by an endorsement made at the back of the policy

document or by making the endorsement of nomination on a piece of paper

pasted on the policy.

28.How can nomination be changed?Subject to the provisions contained in Section 39 of the Insurance Act, 1938,

there are no restrictions on the policyholder regarding changing his nomination

at any point of time, any number of times. The life-assured is free to change or

cancel a nomination and make a fresh nomination any number of times during

the currency of the policy. Transfer or assignment of a policy (except when it is

made to an insurer in specified cases) automatically cancels a nomination.

29.What is successive nomination?

Successive nomination means that money should be paid to nominee A; failing

him, to nominee B; failing whom, to nominee C, etc. Such a nomination is

treated in favour of one individual in the order mentioned and is acceptable in

law.

30.What are the details to be provided about the nominee(s)?

The following precautions are necessary at the time of filling in the proposal:

Mention the Full Name, Address, age, relationship to yourself of the nominee.



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31.What is transfer or assignment of a life insurance policy?

Transfer or Assignment is a method of transferring ones transferable interest in

a life insurance policy to another person or institution including as security for

repayment of loans.

32.What is the difference between nomination and assignment?

While the nomination is an authorization to receive the policy moneys in the

event of the death of the life assured, it does not give the nominee an absolute

right over the money received to the exclusion of other legal heirs. Further, theNomination can be revoked or cancelled at any time during the lifetime of the

policyholder at his will and pleasure or by a subsequent assignment. On the

other hand, assignment of an insurance policy is a transfer or assignment of all

rights and liabilities to the insurance policy in favour of the assignee.

33.How to make an assignment or transfer of a life insurance policy?

Assignment or transfer of a life insurance policy may be made by simply

making an endorsement to that effect in the policy document. Another way of

transferring or assigning the life insurance policy is by getting a separate

assignment deed executed. The former case is a preferred mode of assignment

as it is exempt from further stamp duty. An assignment should be signed by the

Assignor or his duly authorised agent specifically stating the fact of transfer or

assignment and attested by at least one witness.



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34.What are the advantages of raising loans on an insurance policy?

One of the advantages of a life insurance policy is the facility of loan that it

offers in times of need. At a time when there is a dire necessity and no other

funds are available, it is best to go in for loan on your life insurance policy.

However, most policies stipulate a limit as to the amount that could be taken on

loan. Generally the limit is 90 percent of the available cash surrender value on

the policy. It is much easier and a more economical source of borrowing. And

above all, it does not hurt your self-esteem. It is after all your own money that

your are withdrawing

35.What are the tax benefits on purchasing policies?

Subject to certain limits and conditions prescribed by the Income Tax Act,

premiums paid to effect or to keep in force an insurance policy on the life of the

assesses or on the life of the wife or husband or any child (whether minor or

major) of the assessed irrespective of the status of the child, enjoys tax rebate

under section 88 of the income tax act. In the case of contribution to pension

funds, deduction is available under Section 80CCC of the Income Tax Act

36.Does a beneficiary on receipt of death benefits or when an individual

receives maturity benefits pay taxes?

Section 10(10D) of the Income-tax Act, 1961, provides total exemption on any

sum received under a life insurance policy, including the sum allocated by way

of bonus on such policy, other than any sum received under Sub-section (3) of

Section 80 DD or sub-section (3) of Section 80DDA, any sum received under a

Keyman Insurance Policy, or under a policy issued in respect of which the



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premium payable for any of the years during the term of the policy exceeds

20% of the actual capital sum insured.

37.What does Add-on Benefits or Riders mean?

The additional benefits, over and above the benefits available under the

insurance policy that a policyholder may be entitled to at an extra cost are

called Add - on Benefits or Riders. One could opt for any one or more of the

benefits at a little extra cost. This additional protection for your loved ones

ensures that you receive a sum additional to the assured sum in case of anyuntoward event in your life.

38.When are the benefits of the Life Insurance plan withheld?

Suicide: No benefits will be payable if death occurs due to suicide, within a

specified period from the date of commencement of risk. In addition benefits

under a life insurance policy may not be granted if the insurer has the right to

repudiate the claim

39.What is Survival Benefit?

Survival benefit is a benefit payable on survival of the life assured to a

particular pre-defined point of time in the insurance contract. For example, in

the Money-Back Policy, the life assured is paid a certain percentage of the sum

assured every few years. This survival benefit is payable only when the life

assured is alive. It does not matter if the life assured is suffering from any

illness or not. However, if the life assured dies, the benefit payable is Death

Benefit and not survival benefit.



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40.What is the Death Benefit?

In the event of death during the plan term, your family would receive the full

sum assured.

41.What is Accidental Death Benefit?

This benefit is an Add-on (Rider) benefit. When you opt for this benefit, the

amount payable in the unfortunate event of death due to accident, would be

substantially higher than the basic sum assured that may be payable in the case

of a policy that merely provides for death benefit. As an illustration, if a personMr. A has opted for Accidental Death Benefit along with the basic cover on life

dies in an accident, then his nominee would be paid an extra benefit called the

Accidental Death Benefit which is additional to the benefit receivable under

the basic policy

42.What is Accidental Death, Disability and Dismemberment Benefit?

If you want more than regular accident death protection, you can choose this

add-on benefit. A helping hand for the family, the assured sum would be

paid to you or to your beneficiary in the event of your death, disability or

dismemberment due to an accident. The percentage of the sum assured you

receive would depend on the extent of disability. This amount would be over

and above the basic assured sum. For instance, If Mr. A has opted for the

Accidental Death, Disability and Dismemberment Benefit then the life

assured will receive a certain percentage of the rider benefit if the life

assured has suffered on his earning capacity by loss of his limb, sight,

hearing capacity, speech, etc due to an accident. While the regular accident



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43.death protection rider provides the assured certain increased sum after death,

it does not provide any benefit if the life assured survives an accident but

suffers from dismemberment or disability due to the accident. The rider in

Accidental Death Disability and Dismemberment covers situations, in

addition to covering Accidental Death, where the life assured survives an

accident but suffers from disability and/or dismemberment.

44.What is Waiver of Premiums benefit?

In the unfortunate case that you become totally disabled, thisadd on benefitwaives off all future premiums both on the basic cover and on all add-on

benefits during the disability period. All benefits of the original insurance plan

would remain valid until maturity, without your being required to continue to

pay the premiums for the base policy or the Add-ons.

45.What is term Benefit?

For a small additional premium, the amount received on death would be higher.

The additional sum assured could be upto the amount assured by the basic plan.

46.What does Accidental disability mean ?

A person who has opted for the add-on benefit called Accidental Death,

Disability and Dismemberment Benefit, suffers from Total and Permanent

Disability due to an accident, then he eligible for certain benefits under the

rider. A person would be said to be suffering from Total and Permanent

Disability when the disability results from bodily injury caused by accident

within 180 days of the accident. Further the disability prevents the life assured



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from engaging in any work continuously, completely and permanently.

Depending on the extent of disability, the life assured will receive a certain

percentage of the sum assured under this Rider.



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SHRI CHINAI COLLEGE OF COMMERCE & ECONOMICS

Questionnaire for Survey of Ing Vysya Life Insurance

NAME:-

DESIGNATION: - CONTACT NO.:-

1. Are You Aware Of Insurance?Yes No

2. Do You Have Life Insurance Plan Of Any Company?

If Yes Than Which Co. _______________________________Reason: - ________________________________________

3. Did you benefit yourself from this policy?Yes No

4. Do You Have Any Ing Vysya Life Insurance Plan?Yes No

Reason: - _________________________________________

5. Which Type Of Policy You Have Taken?Reason: - ____________________________________

6. At What Age You Have Taken Insurance Policy?__________________________________________________

7. Give Your Comments On Ing Vysya Life Insurance?____________________________________________________

Project Guide: - Prepared By:-PROF.NISHIKANT JHA Mohd Yunus Shaikh



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Survey report

ING VSYAS position in life insurance business

78%

18%

4%

LIC

other companies

ing vysya

As per the findings:-

Majority of people have policies ofLIC. The reason why people have taken

policies ofLIC is that it is a government company and it is very old, thereforepeople have trust in it.

18% of people are covered by policies of other companies.

4% of people have policies ofING VYSYA.



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Questions asked to the sales manager ROY.

1. Where is the head office?

Bangalore.

2. How many branches?

At present we have three branches in Mumbai.

By December 2007 more 10 branches will come up.

3. How many agents do you have?

500.

4. Which are the best selling policies?

All are best.

5. Why a person should go for ING VYSYA?

Its worlds largest conglomerate.

6. You concentrate mostly on which age group?

Younger generation

7. What are the marketing strategies used?

From 1st February advertisement are going to roll in 60 channels throughout

the country.



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CONCLUSION

After completing this project, it can be concluded that even though LIC is

the major player of life insurance in Indian market, which has not only

gained market share but also got strong public confidence.

HoweverING VYSYA

is a good company which gives better returns but stillas they do not promote their product their market share is 0.55%.

If they promote their company and product they can certainly have a good

growth in future.



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METHODOLOGY

VISITED AT: - ING VYSYA LIFE INSURANCE

CHAKALA BRANCH, OPP TO WESTERN EXPRESS HIGHWAY

ANDHERI (E) MUM: 69.

INFORMATION PROVIDED BY: SALES MANAGER ROY.



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BIBLIOGRAPHY

WEBSITES OF

WWW.INGVYSYALIFE.COM

WWW.GOOGLE.COM

BOOKS REFERRED

IC-33 ISSUED BY IRDA

http://www.ingvysyalife.com/http://www.google.com/http://www.ingvysyalife.com/http://www.google.com/


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ing vyasa life insu

Documents