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SUMMER TRAINING REPORT ON

STUDY OF UNIK LINK PRODUCTS OF ICICI PRUDENTIAL

LIFE INSURANCE & HDFC-SLIC

In

SMC GLOBAL Gorakhpur

A summer training report submitted in partial fulfillment of the

Requirements forMaster of Business Administration of

Uttar Pradesh Technical Uniersit!

L"c#n$% Uttar Pradesh

Submitted To: - Submitted By:-

Pr$' Sandee( Shar)a S!ed Reh)an Na%a*

+ana,e)ent De(art)ent R$ll N$'./012/3

+I+T 4r'N$ida +'5'A' IIIrdSE+

+I+T 4r'N$ida

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Ta6le $ C$ntent

S.No Particulars Page No.

1. Declaration 1

2. Acknowledgement 2

3. Certifiate of !nstitute 3". Certifiate of Company "

#. !ntrodution of Company #-$%

&. '(euti)e Summery $$

*. Company +rofile $,-,%

. Aards / Ahie)ements ,$-3#

0. Reognitions / groth 3&-"0

$%. +rodut 1ffered by the o. "0-&3

$$. Comparison ith other o. &"-0$

$,. Researh Methodology 0,-0"

$3. S21T Analysis 0#-0*

$". Conlusion 0

$#. Reommendation 00

$&. imitations $%%

$*. Bibliography $%$

$. 'nd of report $%,

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DECLARATION

! hereby delare that the summer trainingreport entitled

STUDY OF UNIK LINK PRODUCTS OF ICICI PRUDENTIAL

LIFE INSURANCE & HDFC-SLIC

Submitted in partial fulfillment of the requirements for the degree of

+aster $ 5"siness Ad)inistrati$n

1f 4ttar +radesh Tehnial 4ni)ersity5 !67!A5

!s my original or8 and not submitted for the aard of any other

7egree5 diploma5 felloship5 or any other similar title or pri9es.

+lae:

7ate: SYED REH+AN NA7A8

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ACKNOWLEDGEMENT

I am thankful to my college for giving me opportunity to do this

management project

STUDY OF UNIK LINK PRODUCTS OF ICICI PRUDENTIAL LIFE

INSURANCE & DFC!SLIC"

I also like to thank my guide and Mentor #Pro$%San''p Shar(a) for

giving me necessary guidance, Assistance and support to prepare this

report.

I am privileged to be one of the students ho got an opportunity to do

my training ith SMC G*o+a* S',ur-.-'/ L.%My involvement in the

project has been very challenging and has provided me a platform to

leverage my potential in the most constructive ay.

I!I!I "rudential #ife insurance is one of India$s leading financial

institutions offering complete financial solutions that encompass every

sphere of life. In a short span of time, I!I!I has set an e%ample by

having a steady and confident journey to groth and success.

At last I&ll thank to my "arent ' All other faculty member of my college

for their support, direction and encouragement during%

(


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.

S+C AT A4LANCE

Overview

SMC Group, founded in 1990, is Indias leading share and stock broker,

provides a wide range of financial services and investent solutions! "

blend of e#tensive e#perience, diverse talent and client focus has ade

us the $th largest broking house in India %Source& 'un and (radstreet,

)00*+!

ver the -ears, SMC has e#panded its operations doesticall- as well

as internationall-! .#isting network includes regional offices at Mubai,

/olkata, Chennai, Cochin, "hedabad, aipur, -derabad, (angalore

plus a growing network of )1002 offices spread across $)3 cities4towns

in India!

5e offer a diverse range share and stock broker services whichincludes institutional and retail brokerage of e6uit-, currenc-,

coodities, derivatives, online trading, depositor- services, fi#ed

'eposits, I7s and utual funds distribution, dedicated desk

for 8Iand clients, insurance, clearing services, argin

funding, investent banking, portfolio anageent, wealth

advisor-: research! 5e have a highl- efficient workforce of over ;000

eplo-ees and over


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operations in the lucrative gulf arket, b- ac6uiring license for broking

and clearing eber with 'ubai Gold and Coodities e#change

%'GC=+!

>he SMC "dvantage&

?arge avenues of investent solutions and financial services

under one roof

7ersonali@ed solution and attention offered to each investors

esearch support and tiel- advice b- our highAtech research

wing

"n e#tensive network of branch offices

" perfect blend of latest technolog- and rich e#perience of over

)0 -ears

onest-, transparenc- and fairness ibibed in all our dealings

7roviders of one of the best trading platfors in ters of speed,convenience and risk anageent to trade in 8S., (S., B:, 8C'.=,

MC=,, MC=AS=, 8MC., IC.= : 'GC=

5elcoe to SMC for wise one- decisions!

Founders & Promoters

Subhash C. Aggarwal

Chairman & Managing Director: SMC Global Securities td.

Mr! "ggarwal is coAfounder and prooter of SMC Group! e has vaste#perience, inAdepth knowledge and strong understanding of various

*


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intricacies of the Securities Market and Binancial Services! e has

e#haustive and rich e#perience of securities business of ore than )0

-ears! is e#ceptional leadership skills and outstanding coitent

have ade this group one of the leading brokerage and distribution

houses of the countr-! nder his leadership, SMC has diversified its

business fro stock broking and arbitrage to Coodities (roking,

'istribution of Mutual Bunds, I7s, Insurance products, 5ealth

Manageent and "dvisor- Services! Mr! "ggarwal is a Bellow eber

of IC"I!

Mahesh C. Gu!ta

"ice#Chairman & Managing Director: SMC Global Securities td.

Mr! Gupta has coAfounded and prooted the SMC Group! e has rich

e#perience of ore than )0 -ears in the securities arket! is

e#ceptional leadership skills and outstanding coitent has ade

SMC as one of the leading investent solutions and services provider!

e possesses e#pertise in anaging and controlling the finance needs,

risk anageent and surveillance! is disciplined st-le of working is an

inspiration to the workforce of SMC! Mr! Mahesh C! Gupta is a fellow

eber of IC"I

Cor!orate $thos

Our "ision

>o be a global aDor in providing coplete investent solutions, withrelentless focus on investor care, through superior efficienc- and

coplete transparenc-

Core "alues

$thical deals: onest- is the onl- polic-!

$%!erience and trust: ver )0 -ears of e#perience has ade SMCearn the trust of ore than 3,


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$%!ertise: /nowAhow and skills to provide investors an edge!

Personalied Solutions: .ver- investor is uni6ue! .ver- solution is

uni6ue

Our A!!roach

"alue 'or investor(s trust: SMC values the trust reposed in b - the

clients and is coitted to uphold it at al l cost!

)ntegrit* and honest*: Integrit-, honest- and transparenc- are the

underl-ing principles in all our dealings!

Personalised attention: >he ost valued asset is our relationship

with the clients, which has been built over -ears b- giving personali@ed

attention!

+etwor, which wor,s: SMC has a vast network e#tending to

$)32cities and towns ensuring eas- accessibilit-, convenience and

hassle free trading e#perience!

-esearch based advisor* services: SMC offers proactive and tiel-

world class research based advice and guidance to its clients to enable

the to take infored decisions!

Our Credentials

$th largest broking house of India in ters of trading terinals

%Source& 'un and (radstreet, )00*+

3th largest subAbroker network in the countr- %Source& 'un and

(radstreet, )00


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8oinated aongst the top F, in the C8(C ptii# Binancial

Services "ward )00* under 8ational ?evel etail Categor-

"ongst the Birst Binancial Birs in India to e#pand operations in

the lucrative gulf arket, b- ac6uiring license for broking and

clearing eber with 'ubai Gold and Coodities e#change

%'GC=+

ne of the largest proprietar- desk for doing near riskAfree

arbitrage in e6uities and coodities

Institute of .conoic Studies %I.S+ has honored our Chairan with the

H7ride of India and Hd-og attan awards! "lso, IIBS has conferred

hi with HGlor- of India award recentl-

Membershi!s & -egistrations

>rading Meber of 8S., (S., 8C'.=, MC=, 'GC=, 8MC.,

IC.=,

MC=AS=, 8ational Spot .#change ?td! %8S.?+ : 8C'.= Spot

.#change ?td! %8S7>+!

Clearing Meber in 8S. %B:, Currenc-+, (S. %B:, Currenc-+,

MC= %Coodities+, 8C'.=, MC=AS=, IC.= : 'GC=

'epositor- 7articipant with C'S? : 8S'?

Categor- 1 Merchant banker

-


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Corporate Insurance (roker for ?ife : General Insurance

%egistered with I'"+

'istributor of I7s : Mutual Bunds %egistered with "MBI+

7ortfolio Manageent Services %7MS+ registered with S.(I

8on (anking Binancial Copan- %8(BC+ registered with (I

"ssociation with ?ondon based IC8 Capital,

%egistered under BS" : 8S", ?ondon+

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EXECUTIVE SUMMARY

ICICI Prudential Life Insurance co. is the biggest private life insurer in the world. In the first

step is eplained all the insurance products offered b! ICICI Prudential. I have chosen the

Pension plan as the! give twin advantage of saving and life cover. In this pro"ect I have

covered the Pension plan of ICICI with that of other insurance companies. #hese companies

are from private sector. #here are $D%C &tandard' Allian( )a"a"' #ata AI*' A+I+A Life

Insurance and )irla &un Life. #he compan! that I have chosen from the public sector is life

insurance corporation ,LIC-' A# )ank of India. %irst the Pension plan of ICICI

Prudential is eplained then a comparison is done between features of product offered b!

different pla!ers in the insurance industr! and that offered b! ICICI Prudential. A thorough

anal!sis of product being offered b! these insurance companies' benefits being provided and

other terms and conditions is done. #he prime ob"ective of the stud! is to compare the life

insurance policies on the basis of benefits provided.

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INTRODUCTION

ICICI Prudential Life Insurance Compan! is a "oint venture between ICICI )ank / one ofIndia0s foremost financial services companies/and prudential plc / a leading internationalfinancial services group headuartered in the nited 3ingdom. #otal capital infusion standsat 4s. 56.78 billion' with ICICI )ank holding a stake of 659 and Prudential plc holding 2:9.

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;e began our operations in December 2888 after receiving approval from Insurance4egulator! Development Authorit! ,I4DA-. #oda!' our nation/wide team comprises of over2188 branches ,inclusive of 1'11: micro/offices-' over 2


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;as )ranch ?anager / 5 months ago

ICICI Prue!tial "ife I!sura!ce

ICICI Prudential Life Insurance Compan! is a "oint venture between ICICI )ank' which isone of India0s foremost financial services companies' and Prudential plc' which is a leadinginternational financial services group headuartered in the nited 3ingdom. ICICI Prudential

began the operations in December 2888. #oda!' this compan! has over 2188 branches' whichinclude 1'11: micro/offices' over 2


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Life#ime *old

LifeLink &uper

Life&tage 4P

Pre#iu# 1uara!tee Pla!s

Invest&hield Life >ew

Invest&hield Cash )ank

Protectio! Pla!s

Pure Protect

Life *uard

&ave 0n0 Protect

Cashbook

$ome Assure

Retire#e!t Solutio!s

Life &tage Pension

Life#ime &uper Pension

LifeLink &uper Pension

%orever Life Plan

Immediate Annuit!

(ealt+ Co)erage Pla!s

$ealth &aver

?idi Assure

$ospital Care

Crisis Cover

Cancer Care

Diabetes Care Active

Diabetes Assure

ICICI Pru 1roup Solutio!s A)a!tage

*roup &uper Annuation

*roup *ratuit! Plan

Annuit! &olutions

*roup #erm Insurance Plan

1)


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*roup #erm Insurance in lieu of DLI

Rural Pla!s

ICICI Pru &uraksha

ICICI Pru &uraksha 3avach

Micro I!sura!ce Pla!s

ICICI Pru &arv Fana Plan

Co!tact Aress

ICICI Pru Life #owers187< Appasaheb ?arathe ?argPrabhadevi' ?umbai / 58882/e,site3www.iciciprulife.com

"ife i!sura!ceensures that !our famil! will receive financial support in !our absence. Putsimpl!' life insurance provides !our famil! with a sum of mone! should something happen to!ou. It protects !our famil! from financial crises.

In addition to serving as a protective cover' life i!sura!ceacts as a fleible mone!/savingscheme' which empowers !ou to accumulate wealth/to bu! a new car' get !our childrenmarried and even retire comfortabl!.

Life insurance also triples up as an ideal ta/saving scheme. #o know more' read the 0e$*e!efits of "ife I!sura!ce.

(ISTORY O2 T(E COMPANY

ICICI Prudential Life Insurance Compan! Limited ,ICICI Pru-

/ leading private life insurance compan! of India.

$istor!E

Incorporated on Ful! 28' 2888 it is aE 2:' "oint venture between ICICI and Prudential plc of

.3. In >ovember 2888' ICICI Prudential Life Insurance was granted Certification of

4egistration for carr!ing out life insurance business b! the Insurance 4egulator! 1*
http://www.iciciprulife.com/http://www.iciciprulife.com/public/Life-plans/Key-Benefits.htmhttp://www.iciciprulife.com/public/Life-plans/Key-Benefits.htmhttp://www.iciciprulife.com/public/Life-plans/Key-Benefits.htmhttp://www.iciciprulife.com/http://www.iciciprulife.com/public/Life-plans/Key-Benefits.htmhttp://www.iciciprulife.com/public/Life-plans/Key-Benefits.htm


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Development Authorit! of India. #he Compan! issued its first polic! on December 12' 2888.

Gear of review 288/2885E

ICICI Prudential has consolidated its position as the leading private life insurer in India.

ICICI Prudential0s annuali(ed premium grew more than three fold over the previous !ear.

Continuing with its 0Customer %irst0 philosoph!' ICICI Prudential has significantl! epanded

its presence to 2< operational )ranches ,2881/2882E 1:-' with the Advisor

%orce growing to over 17'888. Its has also strengthened its Alternate Distribution channels'

i.e. )anc assurance' Corporate Agents and Direct ?arketing' making purchase of insurance

more accessible. )anc assurance and Direct ?arketing channels have contributed to over

179 of the Annuali(ed Premium.

ICICI Prudential was amongst the first to identif! the emerging opportunit! in the Pension

segment and launched two linked pension products/ Lifetime Pension and Life Link Pension'

which have been well received in the market

A summar! of the financial performance of ICICI Prudential Life Insurance is as follows

, 4upees. in million -

Particulars for the period ended ?arch 1' 288

2885 288Premium Income 516:.88 11:.88

@ther Income 128.:8 228.61

#otal Income 5525.88 11et ProfitH,Loss- ,1561.72- ,188.


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currentl! has subsidiaries in the nited 3ingdom' Canada and 4ussia' branches in &ingapore

and )ahrain and representative offices in the nited &tates' China' nited Arab mirates'

)angladesh and &outh Africa.

ICICI )ank0s euit! shares are listed in India on the &tock change' ?umbai and the

>ational &tock change of India Limited and its American Depositar! 4eceipts ,AD4s- are

listed on the >ew Gork &tock change ,>G&-.

As reuired b! the stock echanges' ICICI )ank has formulated a Code of )usiness Conduct

and thics for its directors and emplo!ees.

At April 5' 288' ICICI )ank' with free float market capitali(ation of about 4s. 87.88

billion ,&J 6.88 billion- ranked third amongst all the companies listed on the Indian stock

echanges.

ICICI )ank was originall! promoted in 1


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ICICI and ICICI )A>3 approved the merger in Fanuar! 2882' b! the $igh Court of *u"arat

at Ahmedabad in ?arch 2882' and b! the $igh Court of Fudicature at ?umbai and the

4eserve )ank of India in April 2882. Conseuent to the merger' the ICICI group0s financing

and banking operations' both wholesale and retail' have been integrated in a single entit!.

PROMOTERS

ICICI *AN0

ICICI )ank is IndiaKs second largest bank with total assets of about 4s. 112'825 Crore and a

network of about 58 branches and offices about 168 A#?s. It offers a wide range of

banking products and financial services to corporate retail customers through a variet! of

deliver! channels and through its speciali(ed subsidiaries and affiliates in the areas of

investment banking' life and non/life insurance' venture capital' asset management and

information technolog!. ICICI )ank posted a net profit of 4s. 1':6 Crore for the !ear ended

?arch 1' 2885. ICICI )ankKs euit! shares are listed in India on echanges at Chennai'

Delhi' 3olkata and +adodara' the &tock change' ?umbai and the >ational &tock

change of India Limited and its American Depositar! 4eceipts ,AD4s- are listed on the

>ew Gork &tock change ,>G&-.

PRUDENTIA" P"C

stablished in London in 1757' Prudential Plc' through its businesses in the 3 and urope'

the & and Asia' provides retail financial services products and services to more than 1:

million customers' polic!holder and unit holders worldwide. As of Fune 8' 2885' the

compan! had over & J 88 billion in funds under management. Prudential has brought to

market an integrated range of financial services products that now includes life insurance'

pensions' mutual funds' banking' investment management and general insurance. In Asia'

Prudential is the leading uropean life insurance compan! with a vast network of 25 life and

mutual fund operations in twelve countries China' $ong 3ong' India' Indonesia' Fapan'

3orea' ?ala!sia' the Philippines' &ingapore' #aiwan' #hailand and +ietnam.

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A%ards & Rec$,niti$ns

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A-ars

ICICI Prudential Life Insurance has won the first runner up award for the )est Defect

limination in &ervice #ransaction categor! at Asian &i &igma cellence &ummit

288


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O"r 4r$%th

!C!C! +rudential ife has retained its leadership position o)er the past eight years5 in the !ndian pri)ate

life insurane setor.

Some of the fators that distinguish us from other players in the mar8et are:

Assets held are o)er Rs. 3,5%%% ores as on Marh5 ,%%0

Total apital stands at Rs. "5*% ores as of Marh5 ,%%0; ith !C!C! Ban8 and +rudential pl

holding *"< and ,&< sta8e respeti)ely

+osted a groth of $3< April $5 ,%% to Marh 3$5 ,%%0; for garnering total reei)ed premium

ne business = reneal; of Rs $#53#& ores as against Rs $35#&3 ores in >?,%%

4nderritten o)er 0 million poliies sine ineption

Assets Held

Assets held as $n Oct$6er 9: 1. ;Rs' +ns "ife Ti#e Super

> "ife Ti#e Super Pe!sio!

> "ife Ti#e Plus

> "ife "i!& Super

> "ife 1uar

> Pre#ier "ife 1ol

> Sa)e ?!@ Protect

> S#art 0i

a S#art 0i BRP

, S#art 0i BSP

> Ca!cer Care

3*


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A regular premium unit/linked insurance polic! that offers power/packed features coupled

with fleible investment options along with the benefit of life insurance cover.

Lifetime as a product works as a one stop wholesome financial solution for the customer for

their lifetime' a product that gives the customers the control and fleibilit! to use it accordingto differing needs at their different life stages with different human life values.

"ife Ti#e is3

Q A 4egular premium product that has the option of the !earl!' half Gearl! and monthl!

modes.

Q An insurance product that works in the form of units' which are issued to the polic!holder

depending upon the unit value and investment done in the form of premium.

Q An insurance product where the three riders are attached namel! AD)' ?&A and CI.

Q An insurance product where the Death benefit is a multiple of the annual premium paid.

Deat+ *e!efit3

Death benefit would be a multiple of the !earl! premium. #he polic!holder has the fleibilit!

to choose the death benefit. #he maimum limits of death benefit can be found out from a

table that gives the multiple for different combinations of age and life cover opted b!

polic!holder.

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#he polic!holder has the option of decreasing of death benefit in the multiple of 4s.1' 88'888.

S-itc+ ,et-ee! t+e 2u!s3

#he polic!holder would have the control to direct his investment depending upon the market

conditions b! switching the mone! between the funds.

#here are four switches available to the polic!holder.

TopUps3

If the regular premium s is paid up to date &ingle premium top/ups can be made. #op/psgive the fleibilit! to the polic!holder of increasing the value of his investments over a long

term.

"oa!s3

After the polic! has acuired a surrender value' a loan can be available under the polic!' as

per the prevailing rate at that point of time. >o partial withdrawal can be made during the

loan period.

C+arges3 Initial Administrative ChargesE /

#he initial charges for premium R8'888 would be 289. $owever the charges would be

reduced to 179

2 !ear 6.9 of the premium

!ear 59 of the premium

I!sura!ce C+arges3

#his charge is basicall! towards the mortalit! and the riders. #hese are deducted b! the

cancellation of units on a monthl! basis.

A!!ual I!)est#e!t C+arges3

#his is 1.29 of the value of units for mai miser balancer.

"ife Ti#e Super at a 1la!ce3

?in Age at ntr! 8

?a Age at ntr! :8 !ears

?in Contribution Annual/ 4s.17' 888

$alf/ Gearl!/ 4s.


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A regular premium' unit/linked pension polic! that offers !ou the fleibilit! to invest in unit/

linked funds that generate potentiall! higher returns. #he accumulated value of !our polic!

provides !ou with a regular income ,pension- for life.

0e$ ,e!efits3

1. Accumulate savings and create a retirement kitt! b! investing regularl! in unit/linked

polic!.

2. *et regular income ,pension- post retirement.

. n"o! the fleibilit! to choose from pension options through which !ou can receive !our

pension.

5. Choose !our retirement date from which !ou0ll start receiving !our pension.

. Choose from 5 investment funds to invest !our mone!' based on !our risk appetite.

:. 4eceive up to one/third of the accumulated value as a ta/free lump sum on vesting

,retirement- date

6. @pt for a life insurance cover that will provide complete protection to !our famil!.

A regular premium unit/linked insurance polic! that offers the benefit of life insurance covers

along with fleible investment options.

0e$ ,e!efits3

1. #his polic! offers !ou the protection of &um Assured and %und +alue' in case of an

unfortunate event of death

2. Potentiall! higher returns over the long term b! investing in market/linked funds.

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. Additional allocation of units at regular intervals to enhance !our investment.

5. @ption to withdraw !our mone! s!stematicall! over a period of !ears on maturit! of the

polic!.

. Cover continuance option available which ensures continuance of life insurance cover even

if !ou take a break in premium pa!ment.

:. Automatic #ransfer Plan enables !ou to s!stematicall! increase the euit! component of

!our investment.

6. n"o! ta benefits on premiums paid and benefits received under this polic!' as per the

prevailing Income #a Laws.

Life link &uper is a uniue single premium plan that combines the securit! of a life insurance

polic! with the opportunit! to en"o! potentiall! high returns on !our investments.

"o- Allocatio! C+arges3

#he premium allocation charges are amongst the lowest across products. Allocation charge

for single Premium of 4s88' 888 or more is 89.

Deat+ *e!efit3

#here are 2 options for sum assured / 889 of the single premium or 129 of the single

premium. In the event of an unfortunate death' the beneficiar! will receive higher of the value

of units or the initial death benefit ,ad"usted for partial withdrawals-.

"i:uiit$3

In order to meet liuidit! reuirements' one can make partial withdrawals from the

accumulated value of the polic! after completion of three polic! !ears.

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2leo survival or maturit! benefits

Premier Life *old from ICICI Prudential Life Insurance is designed for preferred customers

like !ou. #his plan offers short premium pa!ment terms with the freedom to sta! invested for

longer periods. @ver and above' it provides !ou with fleible investment options' to help !ou

create wealth and en"o! insurance protection for a longer period of time.

(1


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Limited Premium Pa!ment termE /

Pa! for either or !ears @>LGS

%leible Polic! #ermE /

Choose to sta! invested with us for as long as 8 !ears

Low ChargesE /

@ne of the lowest priced products in the wealth creation cum insurance categor!

Potential high returnsE /

@ver the long term b! investing in market/linked funds

Automatic #ransfer PlanE /

nables !ou to s!stematicall! increase the euit! component of !our investment

Partial ;ithdrawalsE /

nsures liuidit! in the time of need

&witchesE /

Alter !our fund allocation depending on !our financial priorities

Settle#e!t Optio!s3

nable !ou to s!stematicall! withdraw !our funds after maturit!

Ta< ,e!efits3 As per the prevailing Income #a laws.

An ideal plan for those who want to accumulate funds on a regular basis while en"o!ing

insurance protection.

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1uara!tee *e!efits3

*uaranteed additions T .9 of the &um Assured' compounded annuall! for the first 5 !ears

of

the polic!.

E


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2. &mart 3id single premium ,&P-

both these plans offer !ouE

2i!a!cial *e!efits3

4egular pa!ments at critical stages in !our childKs life' like )oard eaminations'

*raduation and Post/graduation.

#otal peace of mind' even if !ou are not around

Q &um Assured is paid immediatel!E

nsures that !our loved ones sta! financiall! secure' even in !our absence.

Q All future premiums are waivedE

nsuring that !our famil! is not financiall! burdened' while the Compan! pa!s the future

premiums on !our behalf...

> Polic$ ,e!efits co!ti!ue3

#he educational benefits of the polic! continue' ensuring that !our child can reali(e his or her

dreams without an! hassles.

De)elop#e!t Allo-a!ce3

&mart 3id guarantees regular income to secure !our childKs educational career and also

ensures his or her all/round development' for a nominal additional amount. #he Income

)enefit 4ider takes care of this through an annual pa!ment of 189 of the sum assured' to

!our child' till the maturit! of the polic!' in the unfortunate event of the death of the parent.

SMART 0ID RE1U"AR PREMIUM BRP

((


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#his is a regular premium unit/linked child solution' which provides a number of fleible

options

to the consumers so as to match the product depending upon the reuirement of the child

education and future.

Su# Assure3

&um Assured in smart kid is a multiple of the annual contribution that is paid b! the

polic!holder. $owever there are limits on the multiple based on the age of the polic!holder.

%or polic!holder between the ages 28/58 !ears' the multiple are /8 times the annual

contribution.

%or polic!holder between the ages 51/:8 !ears' the multiple are /2 times the annual

contribution.

Deat+ *e!efit3

In this case polic! continues even after the death of the polic!holder. #herefore on the death

of the polic!holder' the product offers following benefitsE /

1. #he &um Assured chosen at the inspection b! the polic!holder is paid immediatel! on

death.

2. #he polic! keeps on continuing and hence the withdrawals from the plan can be made as

per the reuirements and appointee of the child would have the fleibilit! to do so.

A!!ual Co!tri,utio!3

#he polic!holder has the option to start with a contribution amount that he is comfortable

with and that would be reuired as per the financial reuirement of the persons. $owever' the

minimum contribution to be made is 4s.17888 per annum.

()


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S-itc+ ,et-ee! t+e 2u!s3



#here are four switches available to the polic!holder.

TopUps3

If the regular premium s is paid up to date &ingle premium top/ups can be made. #op/ps

give

the fleibilit! to the polic!holder of increasing the value of his investments over a long term.

SMART 0ID SIN1"E PREMIUM BSP

#his is a single premium unit/linked child solution' which provides a number of fleible

options to the consumers so as to match the product depending upon the reuirement of the

child education and future.

Su# Assure3

&um Assured in smart kid is a multiple of the annual contribution that is paid b! the

polic!holder. $owever there are limits on the multiple based on the age of the polic!holder.

#hus' &um Assured is U 889 of the &ingle Contribution

&witch between the %undsE /


(*


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T+ere are four s-itc+es a)aila,le to t+e polic$+oler.

#op/psE /

If the regular premium s is paid up to date &ingle premium top/ups can be made. #op/ps

give the fleibilit! to the polic!holder of increasing the value of his investments over a long

term.

A Comprehensive Cancer Insurance plan that covers most forms of cancer and is uniuel!

designed to provide benefits at both earl! and advanced stages of cancer.

0e$ *e!efits3

Q )esides covering the most common cancers among men and women' like lung' esophagus'

lar!n' stomach' breast' cervi and ovar!' it also covers a comprehensive list of cancers that

include stomach' large bowel' bladder' head and neck' liver' pancreas' gall bladder' brain'kidne! and l!mphoma .

Q Can be taken for a term from 18 !ears up to age of 68 !ears.

Q Provides benefit in the form of cash pa!outs at various stages for diagnosis' treatment and

surger!' to help !ou meet the epenses.

Q Pa!out independent of other medical insurance plan.

Q %uture premiums waived if advanced cancer is detected.

Ta< *e!efits3

Contributions under the plan are eligible for ta benefit under section 78D and claim benefitsare eligible uHs 18,18D- as per prevailing Income #a Laws

(+


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*e!efit3

#he following table shows the benefit that will accrue for coverage of 4s. 18 lakhs

Claim at earl! cancer stage Claim starts at advanced Cancer stage

Diagnosis of arl! Cancer 4s.1 Lakh ,189 of units- >A@ncological #reatment )enefit for arl! Cancer 4s.1 Lakh ,189 of units- >A

Diagnosis of Advanced Cancer 4s. . Lakhs ,9 of units- 4s. :. Lakhs ,:9 of units-

@ncological #reatment )enefit for Advanced Cancer 4s. 1 Lakh ,189 of units- 4s. 1.

Lakhs ,19 of units-

&urger! for Advanced Cancer 4s. 1. Lakhs ,19 of units- 4s. 2 Lakhs ,289 of units-

?aimum Cover 4s. 18 Lakhs ,1889 of units- 4s. 18 lakhs ,1889 of units-

Q Diagnosis of all forms of cancers must be on the basis of microscopic eamination of fied

tissue' supported b! a biops! and a histological report. Clinical' suspected or euivocaldiagnoses are not covered under this polic!. #he oncological treatmentHsurger! should take

place with in two !ears from the date of diagnosis of advanced cancer. %or actual terms and

conditions of the coverage and eclusions' please refer to the polic! document.

Premiums for coverage of 4s 18 lakh

Age at entr! ?ale %emale

Coverage till : Coverage till 68 Coverage till : Coverage till 68

2 2


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5 668 ::71


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'BC Standard ?ife, one of Indias leading private life insurance copanies, offers arange of individual and group insurance solutions! It is a Doint venture betweenousing 'evelopent Binance Corporation ?iited %'BC+, Indias leading housingfinance institution and Standard ?ife plc, the leading provider of financial services inthe nited /ingdo!

'BC ?td! holds


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>ea work

o- and Siplicit-

ur 7arentage

DFC imited

DFC imited, IndiaJs preier housing finance institution has assisted ore thanF!$ illion failies own a hoe, since its inception in 19


52/86

"wards : "ccolades

)010

)009

)00*

Best Companies to Work for in India in 2010

'BC Standard ?ife has been adDudged one of the (est Copanies to 5ork for inIndia in )010! >he copan- participated in the Great 7laces to 5orkP stud- for the

first tie and ranked first in the insurance categor-! It ranked F$th on the >op 30(est Copanies to 5ork for, in India )010 list! >he copan- was also awarded forits uni6ue eplo-ee initiative A Mission QinAGenius national 6ui@! >he stud- hasshown that 'BC Standard ?ife conscientiousl- develops eplo-ee talentprograers to keep engaging and otivating its eplo-ees! >he copan-provides soe uni6ue platfors such as JMission in GeniusJ national 6ui@! >heanageent is accessible to all at all ties and sincerel- seeks feedback fro itseplo-ees through prograers such as JSparshJ, the stud- said!

>he (est Copanies to 5ork in India is a stud- conducted b- the Great 7lace to5orkP Institute, India in partnership with >he .conoic >ies! >he )010 edition is

the seventh stud- in India, which received overwheling response fro ore than$00 copanies, aking it the largest such stud- in India! "nd onl- 30 copaniesade it to the (est Copanies to 5ork listR

'YoungStar Super' Voted 'Product of the Year 2010'

)2
http://www.hdfcinsurance.com/AboutUs/AwardsAccloadesNew.aspx#idTab3%23idTab3http://www.hdfcinsurance.com/AboutUs/AwardsAccloadesNew.aspx#idTab2%23idTab2http://www.hdfcinsurance.com/AboutUs/AwardsAccloadesNew.aspx#idTab1%23idTab1http://www.hdfcinsurance.com/AboutUs/AwardsAccloadesNew.aspx#idTab3%23idTab3http://www.hdfcinsurance.com/AboutUs/AwardsAccloadesNew.aspx#idTab2%23idTab2http://www.hdfcinsurance.com/AboutUs/AwardsAccloadesNew.aspx#idTab1%23idTab1


53/86

'BC Standard ?ifes oungStar Super has been voted H7roduct of the ear )010in the JInsuranceJ categor- b- ore than F0,000 consuers nationwide across F;arkets! oungStar Super is a unit linked Children 7lan with uni6ue benefits such asbuper additions, double and triples benefits, attractive allocations rates, and sevendifferent funds!

>he consuer stud- on product innovation in India was conducted b- " C 8ielsen,the leading global research fir! .ntries were accepted fro products that

deonstrate innovation in their product function, design, packaging or process oran- other specified for! .ntries were then filtered b- a Dur- of distinguished industr-professionals to ensure that the products eet the innovation criteria before the-were passed on to the consuer votes4surve- round! 7roduct of the ear is anInternationall- ecogni@ed Standard that celebrates and rewards the bestinnovations in consuer products and services! >he 7roduct of the ear is selectedthrough an independent consuer surve- across the countr- in ); countries for thepast )0 -ears!

(D2C STANDARD "I2E INSURANCE

PERSONA" PENSION P"AN

/OR0IN1 O2 PERSONA" PENSION P"AN3

#his participating ,with profits- plan is basicall! a savings contract' which is designed to

provide an income for life from retirement. It does this b! providing a notional lump sum on

retirement' comprising of sum assured plus an! attaching bonus. &ub"ect to the prevailing

regulations' part of this lump sum can be taken in form of cash and the rest converted to anannuit! at the rate then offered b! $D%C &tandard Life. Alternativel!' if it is permitted b! the

)3


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prevailing regulations' the notional lump sum can be used to bu! an annuit! with an! other

insurance compan! who will accept such business. @n earlier death after the first !ear' for

4egular

Premium policies all premiums paid to date will be returned with interest at 79 per annum'

sub"ect to a maimum of the sum assured plus bonuses declared to date. %or &ingle

premiums' it is sum assured plus bonuses declared to date.

>ormall!' we will declare a reversionar! bonus once a !ear. @nce added' it cannot be

reduced.

4eversionar! bonus will take the form of a simple addition to !our polic! benefits. In

addition' on maturit!' a terminal bonus might be pa!able. @n death' an interim bonus'

reflecting the period since the last addition of reversionar! bonus' might also be pa!able.

NOTIONA" "UMP SUM AS CAS( ON RETIREMENT3

&ub"ect to the prevailing legislation and regulations' part of this can be taken as a lump sum

and the rest used to bu! an immediate annuit!.

PAYIN1 PREMIUMS3

Gou can pa! either a single premium or pa! premiums in uarterl!' half/!earl! or annual

form b! cheue' in cash or b! bank drafts.

*ASIC *ENE2ITS3

Gour basic benefits will be paid b! cheue.

A"TER T(E *ASIC *ENE2ITS AND TERM O2 PO"ICY3

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Gou cannot increase !our benefits or term under this polic!. #o increase !our benefits' !ou

would need a new polic!. Gou should contact !our personal financial consultant. Gou ma! be

able to decrease the benefits. #he terms for so doing will be at our discretion.

COST3

#he cost of the plan depends on !our age' the amount of benefit !ou have chosen' the

premium

pa!ing freuenc! and the term of the polic!. #o give !ou an idea' here are the annual

premiums

in 4upees' pa!able on a polic! with sum assured of 4s. 188'888.

Age #erm

18 1 28

8 nHa 5'8o further premiums will be pa!able and the death

benefit will be eual to the balance in Accumulation Account.

"UMPSUM INECTIONS3

Gou can make lump/sum in"ections into !our polic! at an! time before retirement ,such

lump/sum in"ections during a !ear ma! not eceed 29 of the )asic &um Assured-. A

&upplementar! Accumulation Account will be created for this' and will be paid out in the

same manner as other benefits.

Gou ma! eercise the option of pa!ing premiums from the &upplementar! Accumulation

Account' created for Mlump/sum in"ectionsM' if the need arises.

%or a M;ith CoverM plan' !ou have the facilit! of Automatic Cover ?aintenance' which

ensures that the cover remains in force even when !ou miss the premium pa!ments. #his

facilit! is available after the first three !ears of the term.

Gou have the option of pa!ing premiums in uarterl!' half/!earl! or !earl! installments.

2REE "OO0 PERIOD3

Gou have the facilit! of a 1/da! free look period.

0OTA0 IMMEDIATE INCOME P"AN3

,@nl! with cover plan- %or eample !ou can currentl! avail of the 3otak Immediate Income

Plan' which gives the option of Life Annuit! with 4eturn of Purchase Price. #he annual

annuit! rate applicable for an immediate annuit! purchased now is :.119 of Purchase Price

,before deduction of charges-' for the age group : !ears to : !ears. #his' however' will

var! with prevailing market interest rates' but will be competitive.

*


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setors - Communiations and !nformation Tehnology5 'ngineering5 Materials5

Ser)ies5 'nergy5 Consumer +roduts and Chemials. The HroupLs , publily

listed enterprises ha)e a ombined mar8et apitali9ation of around E&% billion5

among the highest among !ndian business houses5 and a shareholder base of

,.0 million. The maJor ompanies in the Hroup inlude Tata Steel5 Tata Motors5

Tata Consultany Ser)ies TCS;5 Tata +oer5 Tata Chemials5 Tata Tea5 !ndian

@otels5 Tata Teleser)ies and Tata Communiations.

American )nternational Grou!1 )nc. 2A)G3

Amerian !nternational Hroup5 !n. A!H;5 a orld leader in insurane and

finanial ser)ies5 is the leading international insurane organi9ation ith

operations in more than $3% ountries and Jurisditions. A!H ompanies ser)e

ommerial5 institutional and indi)idual ustomers through the most e(tensi)e

orldide property-asualty and life insurane netor8s of any insurer. !n

addition5 A!H ompanies are leading pro)iders of retirement ser)ies5 finanial

ser)ies and asset management around the orld. A!HLs ommon sto8 is listed

on the 6e ?or8 Sto8 '(hange5 as ell as the sto8 e(hanges in !reland and

To8yo.

NIRVANA

VESTIN1 A1E3

Gou can choose !our retirement fund and !our retirement age ,an!where from 8 to : !ears-so

!ou choose the age from which !ou start getting !our pension.

1URANTEED RETURNS3

Like no other retirement plan in the market' it guarantees an additional 18 per cent of the sum

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Assured if !our polic! has been in force for 18 !ears. #hat0s how sure we are of our future

stabilit!. &o when !ou0re read! to put up !ou feet and rest' !ou worr! about !our garden' not

how !ou fund it. #his guaranteed addition is also pa!able on death.

NON1URANTEED RETURNS3

#o top all this' etras like our 4eversionar! and #erminal bonuses add up to a ver! attractive

package.

#he 4eversionar! bonus is pro"ected at an annual per cent ,compounded- from the th !ear

of !our polic!.

#he #erminal bonus / that can go up to 58 per cent / is paid at the time of retirement or death

,polic! must be in force for a minimum 18 !ears-.

)oth these bonuses are non/guaranteed and depend on the performance of the compan!.

COMMUTATION3

At the time of retirement or death we return 2 per cent of !our accumulated sum. ;ith the

other 6 per cent !ou ,or !our nominee- bu! an annuit! / an annuit! being something that

pa!s !ou a monthl! pension for the rest of !our life.

OPEN MAR0ET OPTION3

Gou can bu! this annuit! from us or from an! other insurance compan! in India.

TAX *ENE2ITS3

#he lump sum on retirement ,or death- is ta/free' and !ou get ta benefits on the premiumspaid

u!er Sectio! 5CCC B9.

RIDERS3

Gou can also attach Accident' #erm and Critical Illness riders to this polic! for added

protection.

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Hist$r!

5rie Hist$r! $ Ins"rance

the story of insurane is probably as old as the story of man8ind. The sameinstint that prompts modern businessmen today to seure themsel)es againstloss and disaster e(isted in primiti)e men also. They too sought to a)ert the e)ilonsequenes of fire and flood and loss of life and ere illing to ma8e somesort of sarifie in order to ahie)e seurity. Though the onept of insurane islargely a de)elopment of the reent past5 partiularly after the industrial era past fe enturies yet its beginnings date ba8 almost &%%% years.

ife !nsurane in its modern form ame to !ndia from 'ngland in the year $$.

1riental ife !nsurane Company started by 'uropeans in Calutta as the firstlife insurane ompany on !ndian Soil. All the insurane ompanies establishedduring that period ere brought up ith the purpose of loo8ing after the needsof 'uropean ommunity and !ndian nati)es ere not being insured by theseompanies. @oe)er5 later ith the efforts of eminent people li8e Babu MuttylalSeal5 the foreign life insurane ompanies started insuring !ndian li)es. But!ndian li)es ere being treated as sub-standard li)es and hea)y e(tra premiumsere being harged on them. Bombay Mutual ife Assurane Soiety heraldedthe birth of first !ndian life insurane ompany in the year $*%5 and o)ered!ndian li)es at normal rates. Starting as !ndian enterprise ith highly patriotimoti)es5 insurane ompanies ame into e(istene to arry the message of

insurane and soial seurity through insurane to )arious setors of soiety.Bharat !nsurane Company $0&; as also one of suh ompanies inspired by

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nationalism. The Sadeshi mo)ement of $0%#-$0%* ga)e rise to more insuraneompanies. The 4nited !ndia in Madras5 6ational !ndian and 6ational !nsuranein Calutta and the Co-operati)e Assurane at ahore ere established in $0%&.!n $0%*5 @industan Co-operati)e !nsurane Company too8 its birth in one of therooms of the Forasan8o5 house of the great poet Rabindranath Tagore5 inCalutta. The !ndian Merantile5 Heneral Assurane and Sadeshi ife laterBombay ife; ere some of the ompanies established during the same period.+rior to $0$, !ndia had no legislation to regulate insurane business. !n the year

$0$,5 the ife !nsurane Companies At5 and the +ro)ident >und At erepassed. The ife !nsurane Companies At5 $0$, made it neessary that thepremium rate tables and periodial )aluations of ompanies should be ertifiedby an atuary. But the At disriminated beteen foreign and !ndian ompanies

on many aounts5 putting the !ndian ompanies at a disad)antage.

The first to deades of the tentieth entury sa lot of groth in insuranebusiness. >rom "" ompanies ith total business-in-fore as Rs.,,."" Crore5 itrose to $*& ompanies ith total business-in-fore as Rs.,0 Crore in $03.7uring the mushrooming of insurane ompanies many finanially unsoundonerns ere also floated hih failed miserably. The !nsurane At $03 as

the first legislation go)erning not only life insurane but also non-life insuraneto pro)ide strit state ontrol o)er insurane business. The demand fornationali9ation of life insurane industry as made repeatedly in the past but itgathered momentum in $0"" hen a bill to amend the ife !nsurane At $03as introdued in the egislati)e Assembly. @oe)er5 it as muh later on the$0th of Fanuary5 $0#&5 that life insurane in !ndia as nationali9ed. About $#"!ndian insurane ompanies5 $& non-!ndian ompanies and *# pro)ident ereoperating in !ndia at the time of nationali9ation. 6ationali9ation asaomplished in to stagesN initially the management of the ompanies asta8en o)er by means of an 1rdinane5 and later5 the onership too by means ofa omprehensi)e bill. The +arliament of !ndia passed the ife !nsurane

Corporation At on the $0th of Fune $0#&5 and the ife !nsurane Corporation of!ndia as reated on $st September5 $0#&5 ith the obJeti)e of spreading lifeinsurane muh more idely and in partiular to the rural areas ith a )ie toreah all insurable persons in the ountry5 pro)iding them adequate finanialo)er at a reasonable ost.

!C had # 9onal offies5 33 di)isional offies and ,$, branh offies5 apart fromits orporate offie in the year $0#&. Sine life insurane ontrats are long termontrats and during the urreny of the poliy it requires a )ariety of ser)iesneed as felt in the later years to e(pand the operations and plae a branhoffie at eah distrit headquarter. Re-organi9ation of !C too8 plae and large

numbers of ne branh offies ere opened. As a result of re-organi9ationser)iing funtions ere transferred to the branhes5 and branhes ere madeaounting units. !t or8ed onders ith the performane of the orporation. !tmay be seen that from about ,%%.%% ores of 6e Business in $0#* theorporation rossed $%%%.%% ores only in the year $0&0-*%5 and it too8 another$% years for !C to ross ,%%%.%% Crore mar8 of ne business. But ith re-organi9ation happening in the early eighties5 by $0#-& !C had alreadyrossed *%%%.%% Crore Sum Assured on ne poliies.

Today !C funtions ith ,%" fully omputeri9ed branh offies5 $%0 di)isionaloffies5 9onal offies5 00, satellite offies and the orporate offie. !CKs 2ide

Area 6etor8 o)ers $%0 di)isional offies and onnets all the branhes througha Metro Area 6etor8. !C has tied up ith some Ban8s and Ser)ie pro)iders to

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offer on-line premium olletion faility in seleted ities. !CKs 'CS and ATMpremium payment faility is an addition to ustomer on)eniene. Apart fromon-line Oios8s and !RS5 !nfo Centers ha)e been ommissioned at Mumbai5Ahmedabad5 Bangalore5 Chennai5 @yderabad5 Ool8ata5 6e 7elhi5 +une andmany other ities. 2ith a )ision of pro)iding easy aess to its poliyholders5 !Chas launhed its SAT'!T' SAM+ARO offies. The satellite offies are smaller5leaner and loser to the ustomer. The digitali9ed reords of the satellite offiesill failitate anyhere ser)iing and many other on)enienes in the future.

!C ontinues to be the dominant life insurer e)en in the liberali9ed senario of!ndian insurane and is mo)ing fast on a ne groth traJetory surpassing itson past reords. !C has issued o)er one Crore poliies during the urrent year.!t has rossed the milestone of issuing $5%$53,50## ne poliies by $#th 1t5,%%#5 posting a healthy groth rate of $&.&*< o)er the orresponding period ofthe pre)ious year.

>rom then to no5 !C has rossed many milestones and has set unpreedentedperformane reords in )arious aspets of life insurane business. The samemoti)es hih inspired our forefathers to bring insurane into e(istene in this

ountry inspire us at !C to ta8e this message of protetion to light the lamps ofseurity in as many homes as possible and to help the people in pro)idingseurity to their families.

S$)e $ the i)($rtant )ilest$nes in the lie ins"rance 6"siness in Indiaare@

$$: 1riental ife !nsurane Company5 the first life insurane ompany on!ndian soil started funtioning.

$*%: Bombay Mutual ife Assurane Soiety5 the first !ndian life insuraneompany started its business.

$0$,: The !ndian ife Assurane Companies At enated as the first statute toregulate the life insurane business.

$0,: The !ndian !nsurane Companies At enated to enable the go)ernment toollet statistial information about both life and non-life insurane businesses.

$03: 'arlier legislation onsolidated and amended to by the !nsurane At iththe obJeti)e of proteting the interests of the insuring publi.

$0#&: ,"# !ndian and foreign insurers and pro)ident soieties are ta8en o)er bythe entral go)ernment and nationali9ed. !C formed by an At of +arliament5)i9. !C At5 $0#&5 ith a apital ontribution of Rs. # Crore from theHo)ernment of !ndia.

The Heneral insurane business in !ndia5 on the other hand5 an trae its rootsto the Triton !nsurane Company td.5 the first general insurane ompanyestablished in the year $#% in Calutta by the British.

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S$)e $ the i)($rtant )ilest$nes in the ,eneral ins"rance 6"siness inIndia are@

$0%*: The !ndian Merantile !nsurane td. set up5 the first ompany to transatall lasses of general insurane business.

$0#*: Heneral !nsurane Counil5 a ing of the !nsurane Assoiation of !ndia5frames a ode of ondut for ensuring fair ondut and sound business praties.

$0&: The !nsurane At amended to regulate in)estments and set minimumsol)eny margins and the Tariff Ad)isory Committee set up.

$0*,: The Heneral !nsurane Business 6ationali9ation; At5 $0*, nationali9edthegeneral insurane business in !ndia ith effet from $st Fanuary $0*3.

$%* insurers amalgamated and grouped into four ompanyKs )i9. the 6ational

!nsurane Company td.5 the 6e !ndia Assurane Company td.5 the

1riental !nsurane Company td. and the 4nited !ndia !nsurane Company

td. H!C inorporated as a ompany.

"I2E INSURANCE CORPORATION

NE/ EEVAN SURA0S(A 9

A1E E"I1I*I"ITY3

?inimum Age at entr!E 17 !ears' ?aimum age at entr!E 68 !ears

VESTIN1 A1E3

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68/86

?inimum vesting ageE 8 !ears' ?aimum vesting ageE 6< !ears

MINIMUM PERIOD3

?inimum deferment periodE 2 !ears.

PURC(ASE PRICE3

?inimum >otional Cash optionE 4s. 8'888 for regular premium policies ,>otional Cash

@ption / #his is an amount based on which annuit!Hpension is calculated. #he

polic!holder will not get this amount-.

MINIMUM ANNUA" PREMIUM3

?inimum amount of Annual PremiumE 4s. 288

?inimum &ingle PremiumE 4s. 18'888H/

?aimum deferment periodE !ears.

COMMUTATION3

#he >otional Cash @ption together with 4eversionar! )onuses and %inal additional

)onuses ,if an!- with or without 29 commutation will be compulsoril! converted into

annuit! having following options.

ANNUITY OPTIONS3

Q Annuit! for life with guaranteed period of ' 18' 1' 28 !ears.

Q Foint life and last survivor annuit! to the annuitant and hisHher spouse under which

annuit! pa!able to the spouse on death of the purchaser will be 89 of that pa!able to the

annuitant.

Q Life annuit! with return of purchase price.

Q Life annuit! with annuities increasing at a simple rate of 9 per annum.

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#he annuit! rates will be that available under the version of the >ew Feevan Aksha!a Plan

current at the date of vesting. A rebate of 9 will be available on the purchase price of the

>ew

Feevan Aksha!a Polic!. @ption for the annuit! t!pe is to be eercised at least : months

before the date of vesting.

DURIN1 DE2ERMENT3

A term rider option will be available. @n the death of the polic!holder who has opted for the

term Assurance rider ,provided the polic! is in/force-' the #erm Assurance &um Assured

along with all premiums ,ecluding term Assurance premium and etra premium if an!- paid

up to the date of death accumulated at the rate of 9 p.a. compounding or at such rates asdecided b! the Corporation from time to time will be paid to the nominee. ;hen the polic! is

not in/force' onl! return of premiums with interest as stated above will be available.

%or those not opting for the #erm Assurance 4ider' in respect of policies which are in/force

or in a paid up condition' all premium accumulated at 9 p.a. compounding or at such rates

as decided b! the Corporation from time to time' will be paid to the nominee. #erm 4ider

@ption will be available onl! on the Annual Premium Plan.

RE*ATES3

Premium will be pa!able !earl!' half/!earl!' uarterl! or monthl! ,including &&&- or b!

single premium. ?ode rebates T 2.:9' 1.9 and 8.9 of the tabular annual premium will

be available for !earl!' half/ !earl! and uarterl! premiums.

%or large cash option the rebates available areE

A?@># ,4s- WU1'88'888 R 2'88'888 WU2'88'888 R '88'888 WU '88'888

4ebates Available for &ingle Premium 9 59 9

4ebates Available for Annual Premium :9 69 79

)oth rebates will be applied separatel! on the #abular Premium and not after the other has

been applied.

SURRENDER VA"UE3

%or Annual Premium PlansE #he *uaranteed &urrender +alue will be eual to


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premiums paid ecluding the first !ear premium' all #erm Assurance premium and etra

premium ,if an!-. #his will be allowed after at least two full !earsK premiums have been paid

and will be available after two full !ears have been completed from the date of

commencement.

$owever' the polic! can not be surrendered after the annuit! vests. %or &ingle Premium PlanE

#he *uaranteed &urrender +alue will be


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STATE *AN0 O2 INDIA

"I2E"ON1 PENSION

1URANTEED RETURNS3

*uaranteed 4eturns @n top of a guarantee of the principal corpus' our plan gives a minimum

guaranteed return on the savings. LI%L@>* Pensions guarantees !ou a minimum return of

59 per annum during the first seven !ears of !our subscribing to the Pension Plan and the

return is compounded annuall! ,#ill 1/?arch/2818-. In addition' !ou will be entitled for an!

annual bonus that might be declared b! &)I Life ever! !ear based on the net surplus from the

pension fund investments. &)I Life would announce the minimum rate from time to time' so

that at an! point of time there is a minimum guaranteed rate that !our retirement savings will

accumulate with us. @n top of a guarantee of the principal corpus' our plan gives a minimum

guaranteed return on the savings.

TAX SAVIN13

All contributions !ou make under our Pension Plan ualif! for ta eemption under &ection

78 annum-. #he deduction is available to ever!one irrespective of the ta bracket the! come

under

E"I1I*I"ITY3

An! person between the ages of 17 to : can subscribe to this uniue Pension plan.

PREMIUM3

#he pension Account $older can invest an! amount of regular contribution towards

retirement savings' with a minimum of "ust 4s. '888 per !ear. $eH&he can increase or lower

the annual contribution during hisHher working life' sub"ect to this minimum amount.

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"UMP SUM PAYMENT3

#he Pension Account holder can also have the option of making a one/time lump sum

pa!ment.

Fust pa! a lump sum amount at an! time during !our working life' watch the amount grow

with &)I Life' and choose the suitable pension option when !ou opt to en"o! the retired life.

+3


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AVIVA "I2E INSURANCE

PERSONA" P"US

PREMIUM3

Pension Plus is a regular savings personal pension plan.

E"I1I*I"ITY A1E3

It can be purchased for an! life between 17 to : !ears of age.

VESTIN1 A1E3

#he minimum age at maturit! is 8 !ears and the maimum age at maturit! is 68 !ears.

MINIMUM PREMIUM3

#he minimum annual premium is 4s. :'888.

TERM3

#he minimum polic! term is !ears.

PREMIUM TOPUPS3

Gou have the fleibilit! of increasing !our regular premiums ,minimum increase of 4s.

1'888-.

$owever' regular premium once increased cannot be reduced.

+(


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C(AN1E O2 VESTIN1 A1E3

Gou have the option of increasing the polic! term through a written communication at least

three months prior to the maturit! date. #he minimum increase allowed in the polic! term is

one !ear.

#his option can be eercised onl! once during the term of the polic!.

OPTION O2 RETIAININ1 T(E PO"ICY3

Gou also have the option of retaining the polic! ,after the epir! of the polic! term- with the

Compan! b! converting it into a paid/up polic! till !ou attain 68 !ears of age.

UNIT PURC(ASE3

#he premium !ou pa! is used to purchase units at their current price on the date of allocation.

Gou earn investment returns through increases in unit price.

INVESTMENT OPTIONS3

Pension Plus offers two investment fund options /

Q ;ith Profits %und

with the Profits %und provides a guarantee that the selling price of the units will never fall.

Crediting bonuses on dail! compounding basis increases the unit value of this fund. A final

bonus' if an!' ma! also be pa!able at maturit!' death' or at the time of surrender. #he fund

provides investment securit! to !our capital.

"UMSUM INVESTMENT3

Pension Plus also offers !ou the fleibilit! of making lump sum investments through

additional single premiums' apart from the regular premiums' as often as !ou reuire over the

duration of the polic!. #hese increase the savings value of the polic! besides maimi(ing ta

benefits.

#he minimum lump sum investment through additional single premium is 4s. 18'888H/ at

present but ma! var! sub"ect to reviews b! the Compan!.

#he additional single premium units can be surrendered onl! on full surrender of the polic!.

+)


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MINIMUM RE1U"AR PREMIUM3

Pa!ment of at least the minimum specified regular premium up to the stipulated age.

+*


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RESEARC( MET(ODO"O1Y

>o pro"ect is completed without a research framework. &o I have also gone through a

s!stematic procedure of research methodolog!.

4&A4C$ ?#$@D@L@*G

++


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4esearch methodolog! is a wa! to s!stematicall! solve the research problems. It ma! be

understood as science of stud!ing how research is done scientificall!.

RESEARC( MET(ODO"O1Y PROCEDURE

1. D%I>I>* 4&A4C$ P4@)L?.

2. 4+I;I>* #$ LI#4A#4.

. %@4?LA#I>* $GP@#$&I&.

5. 4&A4C$ D&I*>I>*.

. DA#A C@LLC#I@>.

:. A>ALG&I>* DA#A.

6. I>#4P4#I>* A>D 4P@4#I>*...

9. DE2ININ1 RESEARC( PRO*"EM3 #here are two t!pes of research problems that are

those which relates to state of nature and those which relate to relationship between variables.

@ur research is the former one and the problem in precise wa! is

Mffective ?arketing of life insuranceM

4. REVIE/IN1 T(E "ITERATURES3I undertook etensive literature stud! from the

website of ICICI Prulife' "ournals' newspapers and previous research findings about

insurance.

7. 2ORMU"ATION O2 (YPOT(ESIS3$!pothesis is a tentative assumption made in

order to draw out and test its logical and empirical conseuences. @ur assumptions areE

Q People have at least basic knowledge of insurance.

Q I have assumed certain priorities as per annees.

Q ;e have limited our research unto Panipat onl!.

. RESEARC( DESI1NE 4esearch design is a conceptual structure within which research

is conducted. 4esearch design can be of various t!pes.

a. Descriptive

b. plorator!

c. perimental

d. Anal!tical

?! research is plorator!.

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8. SAMP"E DESI1N3&ample is a part of population' which represent the whole

population. +arious t!pe of sample design isE

a. Deliberate &ampling

b. Convenience &ampling

c. Fudgment &ampling

d. &imple 4andom &ampling

e. &!stematic &ampling

f. &tratified &ampling

g. Xuota &ampling

h.Cluster &ampling

i. ?ultistage &ampling

". &euential &ampling

#he &ample Design' which I opted' was Fudgment &ampling

9. DATA CO""ECTION3I have collected data b!E

Q Personal InterviewQ #elephone Interview

Q XuestionnairesHneed Anal!(ers.

+-


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which led them to progress in toda!Ks challenging environment. #hough with its ecellence

performance and ever! efforts has been made to present the most authentic and trul!

representative findings' but some deviations and hurdles in progress. &o' with its strength and

good ualit!' the compan! is having some weakness' and threats and opportunities. &;@#

anal!sis is eplained belowE

Stre!gt+s

Q ICICI Prudential is the largest private pla!er in the insurance industr! in India.

Q cellent services.

Q Customi(ation of products as per customerKs needs.

Q )rand image.

Q )usiness perience.

Q &trong %inancial )ase.

Q Innovative Products' #echnolog!' @rgani(ation culture and climate.

Q #he compan! has a large network of branches' which is helpful to customer for the

pa!ment.

/EA0NESSES

Q Lot of competitors are in the market offer same product offered b! the difference in the

premium and offering.

Q #arget onl! higher income group whereas other companies are tr!ing to catch middle/class

people.

Q $igher premium as compared to other companies.

Q Clients face problems to get insured due to large number of formalities.

Q $igh targets for financial advisors and for the sales department.

OPPURTUNITIES

Q $uge market is literall! untapped. @ut of estimated 28 million insurable markets onl! 289

of the population is insured.

Q In a conservative societ! of India where people are most inclined towards risks free

investment such as )ank %DKs and saving rather than euit! and high risk investment

insurance offers the best of both worlds #he securit! with high returns.

Q In the pension field where people want good life after their retirement.

Q Indian people are more emotional towards their' thatKs wh! children plans are selling like

hot cakes.Q $ealth insurance and pension schemes as estimated market potential of approimatel! J1

dollars

T(REATS

Q ;eak perception of private pla!ers in the mind of Indian people due to freuent financial

scams.

Q Large number of insurance pla!ers.

Q isting wrong business practices of companies like LIC first premium is paid b! their

agents where as I4DA suggests that even forms to be filled b! the clients themselves.

Q Pla!ers like Allian( )a"a" and )irla &un Life with low premium for the similar plans.

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Q ntr! of man! other private companies with euall! strong eperience and financial

strength of foreign partners making the competition difficult and saturating the urban

markets.

Q LIC has woken up from sleep and is following competitive strategies. Its huge surplus in

life fund gives a capabilit! to lodge price war.

Q %or the insurance sector *ovt. set the authorit! that is I4DA which is undertaken to track

record of all the companies and change the rules da! b! da! more rigid' which is ver!

difficult for the companies.

CONC"USION

it is clear from the above stud! that insurance business is mushrooming in the countr!. #oda!

there are number of insurance companies offering different insurance plans with differentadded advantages. LIC is leading compan! in the insurance business in India with a market

share of 769 followed b! ICICI Prudential with a market share of .59.

#oda! more and more private entrepreneurs are coming to deal in life insurance

products. It is not an eas! task for a compan! to sta! stable and survive with rapidl! growth

in

the tough competition. $ence a compan! dealing in life insuranceKs products needs ualif!

and

2


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persuasive insurance advisors. Compan! must provide world/class training and promotional

opportunities to their advisors to better performance.

SU11ESTIONS

Q ICICI Prudential should provide the home services to its customers.

Q ICICI Prudential should reduce its minimum polic! pa!ment in the first

installment.

Q #o educate the clientHcustomer' the interaction with the client should be

improved b! conducting seminar' client meetings and workshops.

Q #o increase the market share' ICICI Prudential should increase its branch

network' especiall! in the rural areas.3


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"IMITATIONS

this summer training will alwa!s remain one of the best eperiences of m! life. )ut no stud!

is complete in itself' however good it ma! be and ever! stud! has some limitations' some of

the limitations which I have confronted are as followsE/Q #ime period for covering the pro"ect was short.

Q It was not eas! to convince the professionals.

Q Companies were not read! to give address of their respective customers to conduct a

surve!.

(


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*I*"IO1RAP(Y

Q &tud! ?aterial of ICICI P4D>#IAL LI% I>&4A>C

Q &tud! ?aterial of $D%C A>DA4D LI% I>&4A>C

Q &tud! ?aterial of LI% I>&4A>C C@4P@4A#I@>

)


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#N# )@@3E /

4esearch ?ethodolog! / C. 4. 3othari

;)&I#&E /

www.iciciprulife.com

www.icicibank.com

www.lic.com

www.birlasunlife.com

rehman project (autosaved)

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