RAKSHPAL BAHADUR MANAGEMENT

INSTITUTE

BAREILLY

ASUMMER PROJECT REPORT

ON

“A COMPARATIVE ANALYSIS BETWEEN ICICI PRUDENTIAL & BIRLA SUNLIFE INSURANCE”

(A CASE OF BAREILLY CITY)

For the partial fulfillment of two your full time MBA program from UPTU, Lucknow

Batch 2007-09

UNDERGUIDANCE OF SUBMITTED BYMAYANK BHADORIA PAVAN CHAUHAN

MBA 3RD SEMESTER

2007-09

RAKSHPAL BAHADUR MANAGEMENT INSTITUTE, BAREILLY

Contents

Preface

Acknowledgement

Certificate

1 Introduction of Company

2 Objective of Study

3 Product/Services offered

4 Research methodology

5 Topic introduction

6 Analysis

7 Findings

8 Suggestions

9 Conclusion

Bibliography

Appendix (questionnaires)

PREFACE

Research Report is a very important aspect in the study curriculum of our

institute. Marketing Research is an essential tool in the marketing planning and process

and plays in the business decision-making process. Its application is effective in all

industrial, commercial and consumer markets. More importantly, the results that can be

achieved from the marketing research process are the real objective of the business.

Today successful companies at all levels have one thing in common, they are

strongly customer focused and heavily committed to marketing. These companies share

an absolute dedication to understanding and satisfying the need of customers in well-

defined target markets. They motivate everyone in the organization to produce superior

value for their customers, leading to high levels of customer satisfaction.

Marketing, more than any other business function, deals with customers,

understanding, creating, communicating and delivering customer value and satisfaction

are at the very heart of modern marketing thinking and practice. In other words we say

that, “marketing is the delivery of customer satisfaction at a profit.”

It influences us each day in both our roles as providers of goods and services and

as a customer. In the role of providers of goods and services, we make such marketing

related decision as choosing who our customers are, what goods and services to offer,

where to sell our goods and services.

PAVAN CHAUHAN

ACKNOWLDGEMENT

There are many people in ICICI Prudential & BirlaSunlife Insurance who had helped me

during the course of the project. It is my duty to acknowledge and thank them for their

help. As a matter of course thanks are due to the following persons in the given order:

Sales manager: Mr. ABHISHEK CHAUDHARY of ICICI & my elder brother Mr.

MAYANK BHDOARIA (Agency manager in BirlaSunlife) has helped me a lot in

studying various policies of both the companies

Others: This part includes the day to day people whom I use to meet in the organization.

They are the advisors working there; this include the staff working out there and even the

people whom I met in the NCR, who were kind enough to spare a few minutes of their

precious time and to take part in the survey.

I am sincerely thankful to the above people who were very kind and co-operative with us

when ever we needed them

PAVAN CHAUHAN Date

Place:

RAKSHPAL BAHADUR MANAGEMENT INSTITUTEBAREILLY

CERTIFICATE

This is to certify that “PAVAN CHAUHAN” has successfully completed the dissertation project titled "COMPARATIVE ANALYSIS BETWEEN ICICI PRUDENTIAL & BIRLA SUNLIFE INSURANCE"as the partial fulfillment of the requirement for the award of degree of Masters of Business Administration (M.B.A.) by U.P. Technical University Lucknow during Academic year 2007-09.

The matter embodied in this project is a genuine work by the student & has not been submitted earlier for the award of any other degree.

Mr. PANKAJ DIXIT

(Co-ordinater of RBMI)

ABOUT INSURANCE INDUSTRY:

WHAT IS INSURANCE?

The business of insurance is related to the protection of the economic values of assets.

Every asset has a value; the assets would have been created through the efforts of the

owner. The asset is valuable to the owner, because he expects to get some benefits from

it. The benefit may be an income or something else. It is a factory or a cow, the product

generated by is sold and income generated. In the case of a motor car, it provides comfort

and convenience in transportation. There is no direct income.

Every asset is expected to last for a certain period of time during which it will perform.

After that, the benefit may not be available. There is a life-time for a machine in a factory

or a cow or a motor car. None of them will lose for ever. The owner is aware of this and

he can so manage his affairs that by the end of that period of life-time, a substitute is

made available. Thus, he makes sure that the value of income is not lost. However, the

asset may get lost earlier. An accident or some other unfortunate event may destroy it or

make it non financial. In that case, the owner and those deriving benefits there from,

would be deprived of the benefit and the planned substitute would not have been ready.

There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce

the effect of such adverse situation.

BRIEF HISTORY OF INSURANCE

The business of insurance started with marine business. Traders, who used to gather in

the Lloyd’s coffee house in London, agreed to share the losses to their goods while being

carried by ships. The losses used to occur because of pirates who robbed on the high seas

or because of bad weather spoiling the goods or sinking the ship. The first insurance

policy was issued in 1583 in England.

In India, insurance began in 1876 with life insurance being transacted by an English

company, the European and the Albert. The first Indian insurance company was the

Bombay Mutual Assurance Society Ltd, formed in 1870. This was followed by the

Oriental Life Assurance Co. in 1874, the Bharat in 1896 and the Empire of India in 1897.

Later, the Hindustan Cooperative was formed in Calcutta, the United India in Madras, the

Bombay Life in Mumbai, the National in Calcutta, the New India in Mumbai, the Jupiter

in Mumbai and the Lakshmi in New Delhi. These were all Indian companies, started as a

result of the swadeshi movement in the early 1900s. By the year 1956, when the life

insurance was nationalized and the Life Insurance Corporation of India (LIC) was formed

on 1st September 1956, there were 170 companies and 75 provident fund societies

transacting life insurance business in India. After the amendment to the relevant laws in

1999, the L.I.C. did not have the exclusive privilege of doing life insurance business in

India. By 31.3.2002, eleven new insurers had been registered and and had begun to

transact life insurance business in India.

PURPOSE AND NEED OF INSURANCE

Assets are insured, because they are likely to be destroyed, through accidental

occurrences. Such possible occurrences are called perils, Fire, floods, breakdown,

lightning, earthquakes, etc, are perils. If such perils can cause damage to the asset, we say

that the asset is exposed to that risk. Perils are the events. Risks are the consequential

losses or damages. The risk to a owner of a building, because of the peril of an

earthquake, may be a few lakhs or few crores of rupees, depending on the cost of the

building and the contents in it.

The risk only means that there is a possibility of loss or damage. The damage may or may

not happen. Insurance is relevant only if there are uncertainties. If there is no uncertainty

about the occurrence of an event, it cannot be insured against. In the case of a human

being, death is certain, but the time of death is uncertain, In the case of a person who is

terminally ill, the time of death is not uncertain, though not exactly known. He cannot be

insured.

Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril

cannot be avoided through insurance. The peril can sometimes be avoided, through better

safety and damage control management. Insurance only tries to reduce the impact of the

risk and the owner of the assets and those who depend on that asset. It only compensates

the losses – and that too, not fully.

Only economic consequences can be insured. If the loss is not financial, insurance may

not be possible. Examples of non economic losses are love and affection of parents,

leadership of managers, sentimental attachments to family heirlooms, innovative and

creative abilities, etc.

INTRODUCTION TO ICICI PRUDENTIAL:

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank, a premier financial powerhouse and Prudential Plc, a leading international

financial services group headquartered in the United Kingdom. This joint venture is

formed in the year Dec, 2000 and ICICI Prudential was amongst the first private sector

Insurance companies to begin operation in Dec, 2000 after receiving approval from the

Insurance Regulatory Development Authority (IRDA).

For the year ended March 31, 2006, the company garnered Rs 24.12 billion of

weighted new business premium and wrote 837,963 policies. The sum assured in force

stands at Rs 458.88 billion. The company has a network of over 72,000 advisors; as well

as 9 banc assurance partners and over 200 corporate agent and broker tie-ups. It is also

the only life insurer in India to be assigned AAA credit rating from Fitch Ratings. For the

past five years, ICICI Prudential has retained its position as the No. 1 private life insurer

in the country, with a wide range of flexible products that meet the needs of the

Indian customer at every step in life. ICICI Bank and Prudential Plc hold 74 percent and

26 percent stake respectively.

PARTNERS

ICICI and Prudential came together in 1993 to form Prudential ICICI Asset

Management Company, which has today emerged as one leading mutual funds in India.

Riding on the success of this relationship, the two companies joined hands ones more in

2000, to form ICICI Prudential Life Insurance, with a commitment to provide leading

edge life insurance solutions.

VISION

Our vision: 

To make ICICI Prudential the dominant Life and Pensions player built on trust by world-

class people and service.

This we hope to achieve by:

Understanding the needs of customers and offering them superior products and service

Leveraging technology to service customers quickly, efficiently and conveniently

Developing and implementing superior risk management and investment strategies to

offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our employees

And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the

values describes what the company stands for, the qualities of our people and the way we

work.

We do believe that we are on the threshold of an exciting new opportunity, where we can

play a significant role in redefining and reshaping the sector. Given the quality of our

parentage and the commitment of our team, there are no limits to our growth.

ABOUT BIRLA SUN LIFE INSURANCE: 

Birla Sun Life Insurance Company Limited is a joint venture between The Aditya Birla

Group, one of the largest business houses in India and Sun Life Financial Inc., a leading

international financial services organisation.  The local knowledge of the Aditya Birla

Group combined with the expertise of Sun Life Financial Inc., offers a formidable

protection for your future.

The Aditya Birla Group has a turnover close to Rs. 33000 crores with a market

capitalisation of Rs. 53400 crores (as on 31st March 2006).  It has over 72000 employees

across all its units worldwide. It is led by its Chairman - Mr. Kumar Mangalam Birla.

Some of the key organisations within the group are Hindalco, Grasim, Aditya Birla Nuvo,

etc.

Sun Life Financial Inc. and its partners today have operations in key markets worldwide,

including Canada, the United States, the United Kingdom, Hong Kong, the Philippines,

Japan, Indonesia, India, China and Bermuda. Sun Life Financial Inc. had assets under

management of over US$343 billion, as on 31st March,2006. Sun Life Financial Inc. is a

leading performer in the life insurance market in Canada.

Birla Sun Life Insurance (BSLI) in its 5 successful years of operations has contributed

significantly to the growth and development of the life insurance industry in India. It

pioneered the launch of Unit Linked Life Insurance plans amongst the private players in

India. It was the first player in the industry to sell its policies through the Bancassurance

route and through the Internet. It was the first private sector player to introduce a pure

Term plan in the Indian market. This was supported by sales practices, which brought a

degree of transparency that was entirely new to the market. The process of getting sales

illustrations signed by customers, offering a free look period on all policies, which are

now industry standards were introduced by BSLI. Being a customer centric company,

BSLI has invested heavily in technology to build world class processing capabilities.

BSLI has covered more than a million lives since inception and its customer base is

spread across more than 1000 towns and cities in India. All this has assisted the company

in cementing its place amongst the leaders in the industry in terms of new business

premium income. The company has a capital base of Rs 520 crores  as on 31st July, 2006.

PRODUCTS OF ICICI PRUDENTIAL

SAVINGS PLANS

ICICI Prudential offers a variety of policies that give you the benefits of protection and

the opportunity to save for important assets or events, like a home, a car or a wedding.

INVEST SHIELD LIFE

A regular premium unit-linked insurance plan with an assurance of Capital Guarantee*

and the facility of extended insurance cover.

*The capital guarantee is applicable only on the invested premium and the declared

bonus interests.

INVEST SHIELD CASH

A regular premium unit-linked insurance plan with an assurance of Capital Guarantee*

along with flexible liquidity options.

INVEST SHIELD GOLD

A unit-linked insurance plan with an assurance of Capital Guarantee*, which offers you

the benefit of a limited premium payment and coverage term.

PREMIER LIFE

A market linked insurance plans that meets your Investment and Protection needs

LIFETIME LIFETIME II

Complete market-linked insurance plans that adapt itself to your changing protection and

investment needs, throughout a lifetime.

SECURE PLUS

An insurance plan that gives added protection savings and multiple options, all in one!

CASH PLUS

An insurance plan that gives added protection savings, multiple options, plus the power

of liquidity.

SAVE’N PROTECT

A traditional endowment savings plan that offers both high returns and protection.

CASH BAK

An endowment savings plan that allows you to get back substantial survival benefits

without having to wait till the maturity date.

PROTECTION PLANS

LIFE GUARD

ICICI Prudential Life Insurance offers LifeGuard - a set of pure protection plans.

Choose from amongst three different product structures to insure your life and provide

total security to your family, at a very affordable cost.

Level Term Assurance with return of premium

 

 On death the entire sum assured will be paid.

 On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium

 

On death the entire sum assured will be paid.

 No survival or maturity benefits.

You can also enhance the above two policies by adding Accident & Disability Benefit

Rider and Waiver of Premium Rider (WOP).

Level Term Assurance - Single premium

 

 On death the entire sum assured will be paid.

 No survival or maturity benefits

CHILD PLANS

SMARTKID

As a responsible parent, you will always strive to ensure a hassle-free, successful life for

your child. However, life is full of uncertainties and even the best-laid plans can go

wrong. Here’s how you can give your child a 100% safe and assured tomorrow, whatever

the uncertainties. Smart Kid is especially designed to provide flexibility and safeguard

your child’s future education and lifestyle, taking all possibilities into account. For

further information on our SmartKid Education Plans

SmartKid regular premium 

SmartKid unit-linked regular premium 

SmartKid unit-linked regular premium II 

SmartKid unit-linked single premium II 

All these plans offer you:

Financial Benefits: Regular payments at critical stages in your child’s life, like Board

examinations, Graduation and Post-graduation.

Total peace of mind, even if you are not around

Sum Assured is paid immediately: Ensures that your loved ones stay financially secure,

even in your absence

All future premiums are waived: Ensuring that your family is not financially burdened

in your absence

Policy benefits continue: The educational benefits of the policy continue, ensuring that

your child can realize his or her dreams without any hassles.

Development Allowance: SmartKid guarantees regular income to secure your child’s

educational career and also ensures his or her all-round development, for a nominal

additional amount. The Income Benefit Rider takes care of this through an annual

payment of 10% of the sum assured, to your child, till the maturity of the policy, in the

unfortunate event of the death of the parent.

All SmartKid plans can be enhanced with the Accident & Disability Benefit Rider and

Income Benefit Rider.You can also an Accident Benefit Rider to a SmartKid Regular

Premium policy,and a Waiver of Premium Rider (WOP) to SmartKid unit-linked regular

premium policy.

RETIREMENT PLANS

RETIREMENT SOLUTIONS

Life Expectancy has been rising rapidly and today you can expect to live longer than your

earlier generations. For you, this increase will mean a longer retirement life, stretching

into a couple of decades. ICICI Prudential presents Retirement Solutions that combine

the best of insurance and investment. These solutions are developed to ensure your peace

of mind for the years to come.For further information on our Retirement Solutions.

GOLDEN YEARS

A flexible unit-linked retirement solution that offers flexibilities during the accumulation

as well as payout phase.

INVESTSHIELD PENSION

A regular premium unit-linked pension plan with an assurance of Capital Guarantee.

*The capital guarantee is applicable only on the invested premium and the declared

bonus interests

LIFETIME PENSION II

A regular premium linked pension plan that gives you the freedom to choose the amount

of premium, and invest in market-linked funds, to generate potentially higher returns.

LIFELINK PENSION II

A single premium linked pension plan that gives you the freedom to choose the amount

of premium, and invest in market-linked funds, to generate potentially higher returns.

SECUREPLUS PENSION

A regular premium pension plan that gives you the flexibility to choose between 3 levels

of sum assured for the same level of total annual contribution

FOREVERLIFE

A regular premium pension plan that helps you save for your retirement while providing

you with life insurance protection.

Choose from 5 Annuity options at the time of vesting

    1. Life Annuity

    2. Life Annuity with return of purchase price

    3. Life Annuity guaranteed for 5, 10, 15 years

    4. Joint Life, Last Survivor without return of purchase price

    5. Joint Life, Last Survivor with return of purchase price

HEALTH PLAN

CANCER CARE

Comprehensive Cancer Protection Plan

HEALTH ASSURE

A Long-term Critical Illness Protection Plan.

HEALTH ASSURE PLUS

A Long-term Critical Illness Protection Plan with Life Cover.

INVESTMENT PLANS

LIFELINK SUPER

Lifelink Super is a unique single premium plan that combines the security of a life

insurance policy with the opportunity to enjoy potentially high returns on your

investments.   

Low Allocation Charges:

The premium allocation charges are amongst the lowest across products. Allocation

charge for single Premium of Rs 500,000 or more

is 0%.

 

Death Benefit:

There are 2 options for sum assured - 500% of the single premium or 125% of the single

premium. In the event of an unfortunate death, the beneficiary will receive higher of the

value of units or the initial death benefit (adjusted for partial withdrawals*).

 

Liquidity:

In order to meet liquidity requirements, one can make partial withdrawals from the

accumulated value of the policy after completion of three policy years.

Flexibility:

Choose from four fund options, based on your investment objective and risk appetite. If

at a later stage your financial priorities change, you can switch between the various fund

options, absolutely free, 4 times a year.

 

GROUP SOLUTIONS

In an era of competitive parity, the only asset that makes a decisive difference between

corporate success and failure is the quality

of human capital. Employee  benefits have  proven to be an excellent tool to  optimize the

retention  of talent and improve an organisation’s bottomline. The quality of an

organisation’s employee benefits establishes and maintains a company's image as a

caring employer. Optimum care of employees is a long-term investment that results in a

sustained competitive advantage for an organisation in the times to come.

ICICI Pru Group Solutions Advantage

An integrated basket of employee benefit solutions that offer incomparable flexible

benefits.Sound investment management that focuses on safety, stability and profitability

of the portfolio.

Personalised financial planning for your employee that takes care of his/her changing

financial needs at every stage of life.

Quality service initiatives and transparency across all operations, promising superlative

operational efficiency.

Group Term Insurance : Helps provide affordable cover to members of a group.

Group Gratuity Plan : Helps employers fund their statutory gratuity obligation in a

flexible and hassle-free manner.

Group Superannuation Plan : A flexible scheme (defined benefit and defined

contribution) to provide a retirement kitty for each member of the group.

Group Term Insurance

ICICI Prudential's flexible group term solution helps provide affordable cover to

members of a group. The cover could be uniform or based on designation/rank or a

multiple of salary, and can be extended to all employees between the ages of 18 and 65

years. The benefit under the policy is paid on the event of the member’s death to the

beneficiary nominated by the member. It is a one-year renewable policy where one

master policy covers all proposed employees comprising the group, with a minimum

group size of 25 persons. New members can join the group and outgoing members can

leave the group at any point during the policy term. Highlights include:

Greater convenience for the employees with relaxed underwriting and medical

requirements.

"Free Cover Limits" with simplified underwriting depending upon the number of

employees in the group and the level of cover chosen.

Guaranteed benefit : On death during the term of the contract (while in service), the

sum assured will be paid to the beneficiary of the employee.

Choice of additional coverage in form an Accident and Disability Benefit Rider and

Critical Illness Cover

Premium is viewed as a business expense in the year of payment.

Group Gratuity Plan

ICICI Prudential's group gratuity plan helps employers fund their gratuity obligation in a

scientific manner. Employers can avail of the tax benefits as applicable to approved

gratuity funds. The plan can also be customized to structure schemes that can provide

benefits beyond the statutory obligations.

Highlights include:

Wider choice of investments with Market Linked Plans - to meet the diverse financial

goals. We offer the following investment options (short-term debt, debt, balanced,

growth and capital guarantee on the short-term debt plan) where investments will be

made in accordance with the fund objectives

Transparency through Daily disclosure of Unit Value and regular disclosure of the

portfolio of each of the investment option

Flexibility through switching and contribution redirection option to enable reshuffling of

portfolio

Bundled Life Cover greater value to the employee by packaging life insurance cover

with the gratuity, with minimal amount of underwriting.

Actuarial services to provide a scientific estimation of the gratuity liability.

Low explicit charge structure with the conditions for exit specified upfront.

Enhanced service levels through faster claim settlement, easier access to information

and regular statements

Complete end to end solution in the legal and regulatory approval process for

scheme set up or transfer

Employee Benefits

The contribution made by the employer is not included in the value of taxable perquisites

in the hands of the employee.

Gratuity received up to Rs 350000 is exempt from Income tax under Sec 10(10)

Employer Benefits

Annual contribution up to 8.33% of salary bill in a financial year is allowed a deduction

for the purpose of computation of profits and gains of business.

Contribution towards past service liability is allowed as deduction as per the Income Tax

rules.

Group Superannuation Plan

ICICI Prudential’s Superannuation Scheme (for both Defined Benefit and Defined

Contribution funds) offers substantial benefits to both employers and employees. The

employer and employee can avail of tax benefits applicable to an approved

superannuation trust. The scheme will provide for a retirement fund for each participating

employee. An employee would be able to choose from various annuity options or opt for

partial commutation of corpus at retirement.

 

Highlights include:

Wider choice of investments with Market Linked Plans - to meet the diverse financial

goals.We offer the following investment options (short-term debt, debt, balanced,

growth and capital guarantee options on short-term debt, debt and balanced) where

investments will be made in accordance with the fund objectives.

Control - Each member/employer can exercise greater control over investments by

choosing one or more of the investment options.

Multiple Annuity Options - 5 annuity options and open market option

Transparency - Transparency through Daily disclosure of Unit Value and regular

disclosure of the portfolio of each of the investment option.

Flexibility - Flexibility through switching and contribution redirection option to enable

reshuffling of portfolio

Low explicit charge structure with conditions for exit specified upfront.

Enhanced service levels through faster claim settlement, easier access to information

and regular statements.

Complete end to end solution in the legal and regulatory approval process for

scheme set up or transfer

RURAL PLANS

ICICI PrudentialLife Rural Products are designed to meet the needs of the rural

consumers. These products offer the following features:

Low and Affordable Premiums

Life Cover

Savings Option

Hassle free procedure

ICICI Prudential offers 2 specially designed rural plans.

ICICI Pru Mitr – Endowment Plan

ICICI Pru Suraksha - Regular Premium

1. ICICI Pru Mitr – Endowment Plan

ICICI Pru Mitr offers the following features:

1 Life Cover and Savings

2 Regular Premiums

3 Age at entry : 18 - 45 Yrs

4 Premium Mode : Half Yearly / Yearly

5 Term : 5,10,15 Yrs

6 Sum Assured : Rs.5,000 -20,000

7 Premium / Year : Rs. 507 - 553 ( SA: Rs.10,000)

8 Maturity/Death benefit : Sum Assured

2. ICICI Pru Suraksha - Regular Premium

ICICI Pru Suraksha is a regular premium policy with the following features:

1 Individual policy

2 Only Life cover

3 Term - 3 & 5 Yrs

4 Age independent premium

5 Age at entry : 18 - 45 Yrs

6 Sum Assured : Single

7 Premium / Year : Rs 50 – 200

8 Maturity/Death benefit : Rs.5,000 - 20,000

9 Death Benefit : Sum Assured

NRI PLANS

Being away from India doesn't mean you have to compromise the safety and security of

your loved ones. In fact, your savings from your time overseas can be easily channelised

to meet your family's needs - now and in the future. So, whether its your dream to retire

in your hometown; to secure

funds for your children's education; or to build assets, ICICI Prudential has a range of

solutions that can be customized to meet your needs.

1 Investment Plans

2 Savings Plans

3 Retirement Plans

4 Child Plans

Investment Plans

You can hedge your investments with investment like LifeLink Super vehicles that

provide you with a diversified portfolio.

Savings Plans

Endowment policies are a good way of putting aside your savings today for a future goal

- whether it's to buy a house in India or fund your entrepreneurial vision. Our savings-

oriented policies are designed to make your savings grow and have them available to you

at the end of a fixed number of years or through the term of the plan.

SecurePlus - an insurance plan that gives added protection savings and multiple options,

all in one!

CashPlus - an insurance plan that gives added protection savings, multiple options, plus

the power of liquidity.

LifeTime II - a complete market-linked insurance plan that adapts itself to your changing

protection and investment needs, throughout a lifetime.

Save'n'Protect - a traditional endowment savings plan that offers both high returns and

protection.

CashBak - an endowment savings plan that allows you to get back substantial survival

benefits without having to wait till the maturity date.

Premier Life - A market linked insurance plans that meets your Investment and

Protection needs.

Retirement Plans

Many of us picture ourselves enjoying the fruits of our labour after retirement - going on

a dream vacation, or helping our child's career take wing. Financing all this will depend

on our personal savings and investments, so its important to save for the future from

today. Our retirement plans are designed to help you systematically save, so that you can

enjoy all the things you have dreamed of when you retire.

LifeTime Pension II : A regular premium linked deferred pension plan that gives you the

freedom to choose the amount of premium, and invest in market-linked funds, to generate

potentially higher returns.

SecurePlus Pension : A regular premium deferred pension plan that gives you the

flexibility to choose between 3 levels of sum assured for the same level of total annual

contribution.

LifeLink Pension II : A single premium linked deferred pension plan that gives you the

freedom to choose the amount of premium, and invest in market-linked funds, to generate

potentially higher returns.

ForeverLife : A regular premium deferred pension plan that helps you save for your

retirement while providing you with life insurance protection.

Child Plans

As a responsible parent, you want to ensure a hassle-free, successful life for your child.

However, life is full of uncertainties and even the best-laid plans can go wrong. SmartKid

Education Plans are designed to provide flexibility and to safeguard your child's future

education and lifestyle, taking all possibilities into account.

SmartKid Child Plans has a bouquet of three products which can help you secure your

child’s education.

1 Unit-linked Regular Premium

2 Unit-linked Single Premium

3 Regular Premium SmartKid

KEYMAN INSURANCE PLANS

A keyman is an individual who directly affects the profitability and the continuity of a

business and whose absence may have an adverse effect on the health and continuity of

the business. Keyman insurance is a life insurance policy taken by the company on the

life of such a key person.

The objective of the keyman insurance is to provide the company with money so that the

financial losses to the company can be protected, in absence of the keyman. The aim is to

indemnify the company of these losses and to allow business continuity.

All premiums paid for securing a keyman life insurance policy are treated as business

expenditure u/s 37 (1).

Our Lifeguard plan is ideally suited for the purpose of keyman insurance

RIDERS

ICICI Prudential gives you the freedom to form your very own comprehensive insurance

policy by adding the rider benefits to the basic life insurance policy. Add from the

following list of benefits to increase the scope of your policy, at a nominal cost.

Critical Illness Rider

Accident & Disability Benefit Rider

Accident Benefit Rider

Income Benefit Rider

Waiver of Premium Rider (WOP)

Critical Illness Benefit Rider

This rider provides protection against 9 critical illnesses, namely: Major organ

transplants, complete renal failure, Stroke, Paralysis, Heart attack, Valve replacement

surgery, Major surgery of the aorta, CAGS (Bypass) and Cancer.

Benefits paid on contracting the illness

Accelerated benefits (available with Save n’ Protect and CashBak) : If the

policyholder is diagnosed with any of the specified illnesses, then the policyholder is paid

the entire sum assured under the rider. The policy along with all the riders (to the extent

of the Rider Sum Assured) is then terminated. However, the remainder of the base policy

continues till the end of the term. The policyholder will have to continue paying his

premiums for the remainder of the policy.

Accelerated benefits (available with SecurePlus, CashPlus and SecurePlus Pension) :

If the policyholder is diagnosed with any of the specified illnesses, then the policyholder

is paid the entire sum assured under the rider. The life cover along with all the riders is

then terminated. However, the policy value accumulation continues till the end of the

term or death, whichever is earlier.

Standalone benefits (available with Golden Years, PremierLife, LifeTime, LifeTime

II, ForeverLife, Group Term Plan, InvestShield Life, InvestShield Cash and

InvestShield Gold) : If the policyholder is diagnosed with any of the specified illnesses,

he/she is paid the rider Sum Assured and the rider terminates. However, the base policy

continues till maturity.

Premiums paid under this rider are eligible for tax benefits under Section 80D.

Accident & Disability Benefit Rider

Benefits payable on death due to an accident

If the policyholder dies due to an accident, 100% of the rider sum assured is paid in

addition to the basic sum assured.

In case the policyholder dies in a land surface, mass public transport system wherein the

policyholder was traveling as a fare-paying passenger, then 200% of the rider sum

assured is paid.

Benefits payable in case of permanent disability due to an accident

If the policyholder survives an accident but becomes permanently disabled then the

premium for the basic plan is completely waived off to the extent of the rider sum

assured.

Plus, 10% of the rider sum assured is paid for the next 10 years, which helps in providing

that extra money and takes care of sudden financial set back that occurs after a tragic

disability.

Accident & Disability Benefit rider is available with Save n’ Protect, Cashbak, SmartKid

Child Plans, Golden Years, PremierLife, LifeTime, LifeTime II, LifeTime Pension II,

ForeverLife, SecurePlus, CashPlus, SecurePlus Pension, LifeGuard ROP, LifeGuard

WROP, Group Term Plan, InvestShield Life, InvestShield Cash, InvestShield Gold and

InvestShield Pension . In case of Golden Years, PremierLife, Lifetime II, Lifetime

Pension II, SecurePlus, CashPlus, LifeGuard ROP and LifeGuard WROP, the waiver of

premium benefit is not available.

Premiums paid under this rider are eligible for tax benefits under Section 80C.

Accident Benefit Rider

If the policyholder dies due to an accident, 100% of the rider sum assured is paid in

addition to the basic sum assured.

Accident Benefit rider is available with Save’n’Protect, CashBak, SmartKid regular

premium, ForeverLife, SecurePlus, CashPlus and SecurePlus Pension.

Premiums paid under this rider are eligible for tax benefits under Section 80C.

Income Benefit Rider

In case of death of the life assured during the term of the policy, 10% of the rider sum

assured is paid annually to the beneficiary, on each policy anniversary till maturity of the

rider.Income Benefit rider is available with SmartKid Child Plans, SecurePlus and

CashPlusPremiums paid under this rider are eligible for tax benefits under Section 80C.

Waiver of Premium Rider (WOP)

On total and permanent disability due to an accident, all future premiums for both the

base policy and rider(s) will be waived till the end of the term of the rider or death of the

life assured, if earlier.Waiver of Premium rider is available with SecurePlus, CashPlus,

LifeGuard ROP, LifeGuard WROP, SmartKid Unit-linked regular premium II, Lifetime

II, LifeTime Pension II, SecurePlus Pension, InvestShield Life, InvestShield Cash and

InvestShield Pension.

Premiums paid under this rider are eligible for tax benefits under Section 80C.

PRODUCTS OF BIRLASUNLIFE

PRIMELIFE

Unique Benefits

1 The plan is a unit linked non participating plan.

2 The plan offers a choice of six Investment Fund Options to choose from

depending on your risk profile and the flexibility to switch between Funds twice a

year without any additional cost.

3 A one-time premium payment with the option to top up your Fund Value

whenever you have additional savings.

4 Guaranteed Addition in the form of additional units added to the Fund Value at

the end of 10 years and every 5 years thereafter.

5 High liquidity in the form of partial withdrawals and surrender benefits.

6 Death benefits which are favorable at all times to the customer (higher of Sum

Assured or Fund Value)*.

Particulars

Detailed Benefits of PrimeLife

Entry Age

30 days - 60 years

Max. Maturity Age

100 yrs

Minimum Duration

40 years

Premium Term

Single Pay

Minimum Premium

Rs.20,000

Sum Assured

150% of the single premium amount, minimum Sum Assured will be Rs.30,000

Top-ups

Whenever you have additional savings during the tenure of the policy, you can top up the

Investment Fund. The minimum amount of top ups will be Rs. 10,000. The maximum

amount of Top Up Premium in any Policy Year will be the Policy Premium or Rs. 5,00,

000 whichever is lower. The life insurance coverage will increase if the cumulative top

up paid till date exceeds 25% of the single premium amount. The additional Sum Assured

will be 125% of the excess top up premium and is subject to the prevailing administrative

and underwriting rules of the company. Any top up premium made during the period of

the contract cannot be withdrawn for three years from the date of payment of that top up

premium except the top up premiums paid in the last three years of the policy tenure.

Investment Fund Options

Assure, Protector, Builder, Enhancer, Creator and Magnifier.

Amount due to nominee in event of death of the life insured

Higher of 'Fund Value' or 'Sum Assured' less all applicable Partial Withdrawals in the 24

months preceding the death of the life insured. In the event of death of the Insured, till the

age of five only Fund value is paid. In case of death at the age of 60 yrs or above, the

Sum assured will be reduced by the applicable Partial Withdrawals made since the life

insured attained the age of 58.

On Maturity

Fund Value

Surrender Benefits

The policy can be surrendered any time during the tenure of the policy. The surrender

charges will be zero after the 4th policy year. In case of surrender in the first 3 policy

years the benefits will be paid out only after the 3rd policy year.

Guaranteed Benefits

Guaranteed additions in the form of additional units will be added to the Fund Value at

the end of 10th Policy year and every 5 years thereafter while your policy is in effect.

The guaranteed additional units will be equivalent to 2% of the average Fund Value at the

preceding sixty monthly policy dates.

Partial Withdrawal

Partial withdrawals can be made anytime after three Policy Years or when the Life

Insured attains 18 years of age , whichever is later. The minimum Partial Withdrawal

amount is Rs.10,000. The maximum amount of Partial Withdrawal is any amount subject

to the condition that the minimum Fund Value is Rs.25,000 and Surrender Charges

applicable in the year of Partial Withdrawal or the sum of Top Up Premiums made, if

any, in the preceding 3 years, whichever is higher.

Switch between Investment Funds

You can switch between Investment Funds anytime during the Policy term. In a year two

switches are free*

# In a year only 4 withdrawals are permitted. Two withdrawals in every policy year will

be free of charge. And every additional withdrawal will be subject to a charge of 0.5% of

the amount withdrawn. This charge shall not exceed 1% of the amount withdrawn.

PRIMELIFE PREMIER

Benefits

1 The plan is a unit linked non participating plan

2 It offers a choice of six Investment Fund Options to choose from depending on

your risk profile and the flexibility to allocate the premiums (including top ups) in

varying proportions into the different funds.

3 A one time premium payment with the option to top up your Investment Fund

whenever you have additional savings

4 Guaranteed Addition in the form of additional units added to the Fund Value at

the end of 10 years and every 5 years thereafter

5 High liquidity in the form of partial withdrawals and surrender benefits

6 Death benefits which are favorable at all times to the customer (higher of Sum

Assured or Fund Value)*

THE PLAN

Entry Ages

30 days - 65yrs

Maturity Age

70yrs

Premium Term

Single premium

Minimum Duration

5yrs

Minimum Premium

Rs. 50,000

Sum Assured

“5” times of the Life Insurance premium. Minimum Sum Assured will be Rs.2,50,000

Top-ups

You can top up the Fund whenever you have additional savings during the tenure of the

policy. The minimum amount of top ups will be Rs.10,000. The maximum amount of top

up premium in any Policy Year will be the policy premium or Rs.5,00,000 whichever is

lower. The life insurance coverage will increase if the cumulative top ups exceed 25% of

the single premium amount. The additional Sum Assured will be 125% of the excess top

up premium and is subject to the prevailing administrative and underwriting rules of the

company.

Any top up premium made during the period of the contract cannot be withdrawn for

three years from the date of payment of that top up premium except the top up premiums

paid in the last three years of the policy tenure.

Investment Fund Options

Assure, Protector, Builder, Enhancer, Creator & Magnifier.

Amount due to nominee in event of death of life insured

Higher of 'Fund Value' or 'Sum Assured' less all applicable Partial Withdrawals in the 24

months preceding the death of the life insured. In the event of death of the life insured,

till the age of five only Fund value is paid. In case of death at the age of 60 or above, the

Sum assured will be reduced by the applicable Partial Withdrawals made since the life

insured attained the age of 58.

Surrender benefits

The policy can be surrendered any time during the tenure of the policy. The surrender

charges will be zero after the 4th policy year. In case of surrender in the first 3 policy

years the benefits will be paid out only after the 3rd policy year.

Maturity benefits

Fund Value

Guaranteed benefits

Guaranteed additions in the form of additional units will be added to the Fund Value at

the end of the 10th policy year and every 5yrs thereafter while your policy is in effect.

The additional units will be equivalent to 2% of the average Fund Value at the preceding

sixty monthly policy dates.

Partial Withdrawals

Partial Withdrawals can be made after three Policy Years or when the Life Insured attains

18 Years of age whichever is later. You can make two Partial Withdrawals free of charge

in every policy year.

The minimum Partial Withdrawal amount is Rs.25,000. The maximum Partial

Withdrawal amount in a Policy Year is any amount subject to the Policy having a balance

Fund Value of Rs.25,000 and Surrender Charges applicable in the year of Partial

Withdrawal or the sum of Top Up premiums made, if any, in the preceding three years,

whichever is higher.

Switch between Investment Funds

You can switch between Investment Fund anytime during the Policy term. In a year two

switches are free. Any additional switch will be charged at a nominal rate.

Riders available

Accidental Death & Dismemberment, Critical illness, Critical Illness for Women & Term

Rider.

Tax Benefits

You can avail of tax benefits under Sec 80C and Sec 10(10 D) of the Income Tax Act

1961, and under Sec 80 D on premiums paid towards Critical Illness Rider.

.

SIMPLY LIFE

THE PLAN

Entry Ages

8 years - 50 years age as on last birthday

Maximum Maturity Age

60 years

Duration of the Plan

10 years

Minimum Annual Premium

Rs. 10,000

Maximum Annual Premium

Rs. 1,00,000

Payment Frequency

Monthly (ECS), Quarterly, Semi Annually & Annually

Maturity Benefit

The higher of the Fund Value or the aggregate of all the premiums paid subject to

following conditions

• All Premiums are paid; and

• Each premium is paid on or before the expiry of a period of 60 days from the due date

Face Amount

5 times the annual premium amount

Investment Fund

Choice of two investment funds – Balancer and Enhancer

Death Benefit

Upon the death of the Life Insured we will pay to the Nominee or the Policy Owner as

the case may be an amount equal to the total of the Sum Assured and the Fund Value

Surrender option

Any time during the tenure of the policy. There are no surrender charges from the 7th

policy year onwards. However if the policy is surrendered in the first 3 years the

surrender value will be paid out after the third policy year

Free Look Period

You have a period of 15 days from the date of receipt of the policy document to review

the terms and conditions of the policy. If you disagree to any of these terms or conditions,

you have the option to return the policy stating the reasons for your objection. You will

be entitled to a refund of the premium paid, subject only to a deduction of a proportionate

risk premium for the period on cover and the expenses incurred by us for the medical

examination, if any, and stamp duty charges.

Tax Benefit

Under Sec 80(C) and Sec 10(10D) of the Income Tax act 1961*(Please consult your tax

advisor for specific suitability

SINGLE PREMIUM BOND'

is a unit-linked non-participating investment oriented insurance plan wherein you pay a

single premium and the policy pays a lump sum at maturity. It is the ideal plan for you if

you have received a large amount/bonus or have a surplus and are in search of an avenue

to invest your money. This plan is available for two tenures of 5 and 10 years. In the case

of the 10-year plan, you have a choice between three Investment Fund Options with

different investment patterns - Protector, Builder and Enhancer. This gives you the option

to invest your money in a fund based on your risk profile. In the 5 year plan the

Investment Fund Option available is only Protector. You can switch between the

Investment Fund Options during the term of the policy ensuring that your money works

harder andprovides you with more efficient returns.

The features of the plan are given in the table below:

Single Premium Bond

Entry Age

13 years for the 5 year term, 8 years for the 10 year term - 70 years

Maximum Maturity Age

75 or 80 years depending on the benefit term chosen

Benefit terms available

5 years and 10 years

Minimum Duration of plan

5 years

Minimum premium amount

Rs. 20,000

Sum Assured

125% of the single premium amount; minimum sum assured will be Rs. 25000

Benefits

a) You get dual benefits :

'SINGLE PREMIUM BOND' caters to the twin needs of Life Insurance and Investment.

The premium contribution in the plan is guaranteed on maturity.

b) There are no medical requirements :

You don't require any medical test to buy this plan

c) It's so convenient:

Simple documention

Simple one time payment saves you the hassle of regular investments.

d)You have the option of 3 Investment Funds (in the 10 year plan):

Three Investment Fund Options are available under the 10 year plan. You can allocate

your premiums in varying ratios between these 3 Funds. You also have the choice of

switching between the various Funds twice a year free of cost. For the 5 yr plan the

Investment Fund available is Protector.

e) Maturity Benefits :

The maturity benefit would depend upon the contribution made, and the term of the

policy decided by you. On maturity the higher of the Fund Value or the policy premium

will be payable to you.

f) Death Benefit :

In case of the unfortunate death of the life insured, Fund Value or 125% of the single

premium (Sum Assured), whichever is higher, is payable to the policyholder's nominee.

Let us take an example:

A male aged 25 years buys this plan for a premium amount of Rs 50,000.The benefit

period is 10 years. The death benefit for this plan would be higher of the Fund Value or

125% of 50,000 that is Rs.62, 500.

g) Surrender Benefit :

The policy can be surrendered any time after 3 policy years without any charges. The

amount payable will be the Fund Value.

SUPREME-LIFE

Superior Benefits

1 The plan is a unit linked non participating plan

2 It offers a choice of 6 investment fund options to invest your premiums into,

depending on your risk profile

3 Additionally you have the flexibility to allocate the premiums (including top ups)

in varying proportions into the different funds to create your own fund option

4 The opportunity to top up your Fund Value whenever you have additional savings

5 High liquidity in the form of partial withdrawals and surrender benefits

6 A choice of 2 death benefits to opt from based on the benefits you would like your

nominees to receive

7 An Accidental Total Permanent Disability benefit in the event of Total Permanent

Disability (TPD) caused by accident, injury or illness

The Plan

Supreme-Life

Entry Ages

Min - 8 years age as on last birthday for 10 years term, 3 years age as on last birthday for

15 years term, 30 days for other benefit terms; Max- 60 years

Maturity Age

70 yrs

Tenures

10 yrs, 15 yrs, 20 yrs, 25 yrs, 30 yrs, 35 yrs & 40 yrs

Minimum Premium

Rs. 25,000

Premium Paying

3 yrs, 5yrs and throughout the benefit period for 10 year benefit term. 3 yrs, 5yrs, 10yrs

and through out the benefit period for 15 year benefit term. Throughout the benefit term

for 20 yrs, 25 yrs, 30 yrs, 35 yrs & 40 yrs benefit term

Sum Assured

The minimum sum assured will be annualized premium * 0.5* benefit period not below

Rs.200,000 Maximum Sum Assured: No Maximum.

Top-ups

You can top up the fund whenever you have additional savings during the tenure of the

policy. The minimum

amount of top ups will be Rs. 10,000. The maximum amount of Top Up Premiums in any

Policy Year will be limited to lower of one Annual Policy Premium or Rs. 5,00,000. The

life insurance coverage will increase if the cumulative top up amount exceeds 25% of the

annualised premiums paid till date. The additional Sum Assured will be 125% of the

excess top up premium and is subject to the administrative and underwriting rules of the

company.

Investment Fund Options

Assure, Protector, Builder, Enhancer, Creator, Magnifier

Death Benefits

There are 2 benefits to choose from: Death Benefit ‘A’ – The Sum Assured plus the Fund

Value Death Benefit ‘B’– The Sum Assured increasing at 25% (of Sum Assured at

inception) every five years plus Fund Value. The two different types of death benefits

will offer the customer

• Different types of benefits to suit his Risk Appetite

• Flexibility in Death Benefit

These choices will have to be made at inception of the policy. No changes can be made

midway. If the death of the life insured takes place before the commencement of the

Policy Anniversary, coinciding with or immediately following the date when the Life

Insured attains the age of five, only the fund value shall be payable to the Policy Owner.

Surrender Benefits

Fund value less surrender charges. The surrender charges are nil after the 6th Policy

Year. However if the policy is surrendered in the first 3 years the surrender value will be

paid out after the third policy year.

Maturity Benefits

Fund value

Partial Withdrawal Benefits

Partial withdrawals can be made anytime after the third policy year. Four withdrawals

will be allowed in a Policy Year. Two withdrawals in a Policy year will be free. All

others will be charged an amount of 0.5% of the funds withdrawn. This charge shall not

exceed 1% of the funds withdrawn.

Switch between Investment Funds

You can switch between Investment Fund Options anytime during the Policy term. In a

year two switches are free. Any additional switch will be charged

Accidental TPD Benefit

In the event of occurrence of Accidental Total Permanent Disability* (TPD), Benefit the

Sum Assured at inception of the policy will be paid and the future premiums payable on

the policy will be waived till the Life Insured reaches age 60yrs provided “Total and

Permanent Disability” takes place due to accident between the age of 20yrs and 50yrs.

The benefit is applicable only to life insured above 18 years of age at the inception. The

maximum amount paid under this benefit cannot exceed Rs.5 million.

“Total and permanent disability” means a condition - directly and solely caused by an

accident to which the assured has not exposed himself negligently or wilfully - as a result

of which the assured is, on the strength of

medical and other evidence as required at the Company’s reasonable discretion, totally &

permanently and continuously unable:

(a) to use the following

Both eyes; or both hands; or both feet; or one hand and one foot;

or

(b) to do the following

(i) the normal actions and functions with regard to the care of his body or the care of his

personal interests; or

(ii) if the assured engages in an occupation for remuneration or profit, any occupation;

Provided that the assured’s inability shall not qualify as being total and permanent and

continuous if it can be substantially removed by surgery or any other medical treatment

which assured, with due allowance for the risk the and prognosis of success of such

treatment, can reasonably be expected to undergo;

The permanence of the disability will only be establ ished 26 weeks following the date of

the event causing the disability.

Tax Benefit

Tax benefits are available under Sec 80 C and Sec 10(10D) of the Income Tax Act 1961

CLASSICLIFE

How does the ClassicLife Premier ensure me superior benefits?

The plan is a unit linked non participating plan

You have the choice of six Investment Fund Options with the flexibility to allocate the

premiums in varying proportions into the different Fund Options or even switch* from

one or more Investment Fund(s) to other Investment Fund(s).  

You can top up your Fund Value whenever you have additional savings. The minimum

amount of top ups will be Rs. 10,000

The plan offers you further benefits in the form of additional units, which will be added

to the Fund Value at the end of the 10th policy year and at the end of every 5th year

thereafter

There is high liquidity in the form of Partial Withdrawals and surrender benefits.

Death benefits, which will be higher of the Fund Value or Sum Assured, reduced by the

applicable partial withdrawals

The Plan

What are the options available in the product?

Entry Age

Minimum Entry Age : 30 days for 20 and 30 term, 8 years for the 10 term and 30

years for Whole Life

Maximum Entry Age: For 10 yrs term - 60yrs

                                    : For 20yrs term - 50yrs

                                    : For 30yrs term - 40yrs

                                    : For Whole Life - 60yrs

Duration of the product

You have the option of taking the plan for 10 yrs, 20yrs, 30yrs or Whole Life.

Minimum Duration:10yrs

Maximum Duration: 70yrs

(Please note that Whole Life is assumed to be 100 yrs )

Maturity age

70 yrs for the terms - 10, 20, 30 yrs

                        :100 yrs for Whole Life

Minimum Sum Assured:

Rs. 2,00,000

Premium Payment Term

The premium is payable for the payment term that you opt for. You have the following

option to choose from:

For 10 yrs term: 3yrs, 5yrs or regular Coverage Paying Period.

For 20 yrs, 30 yrs term and Whole Life: 5yrs, 10yrs or regular Coverage Paying Period

What are the premiums that I need to pay and the various payment options?

1 Premium Amount

The premium amount is entirely flexible subject to a minimum annual premium

amount of Rs. 25,000 and minimum Sum Assured of Rs. 2,00,000.There is no

limit for the maximum premium amount. To give you an idea of the flexibility in

the premium payment, the plan allows you t

Pay top up premiums whenever you have additional savings

You can pay additional amounts over and above the regular premium amount

from inception whenever you have additional savings. These amounts, which you

deposit, get added to your Fund Value so that you do not have to look for other

investment opportunities for your money. The minimum amount of top up will be

Rs. 10,000. The maximum amount of top up in a policy year can not exceed one

annualised premium or Rs.5,00,000 whichever is lower.

If the amount of top up premiums paid exceeds 25 percent of the Annual Policy

Premiums paid till date it will result in a proportionate increase in the Sum

Assured subject to then prevailing underwriting and administrative rules. The

amount of additional Sum Assured will amount to 125% of the excess top up

premium.

Pay your premiums at your convenience

You have the option of paying the premiums on a monthly (through ECS only),

quarterly, semiannual and annual basis. (Please note that the minimum annual

premium should be Rs 25000/- for any mode of premium payment.)

Choose the mode for paying your premiums

You have an option to pay your premiums through Cash, Cheque, Credit Card,

Salary Deduction, ECS, Direct Debit

How much life insurance cover is available in the plan?

Sum Assured

The Sum Assured can be any multiple of your choice of the annualized premium

amount that you choose to pay subject to a minimum multiple of 5 times and the

minimum Sum Assured of Rs. 2,00,000. The minimum Sum Assured will be as

per the formula 0.5*Benefit Term* annualized premium subject to the following

multiples

Term

Multiple of Annual Premium

10 years

5 times annual premium*

20 years

10 times annual premium

30 years

15 times annual premium

Whole Life

30 - 39 years

20

 

40 - 49 years

15

 

50 - 54 years

10

 

55 - 60 years

8

*However, the minimum Sum Assured for 10 years term will be five times the

annual premium or Rs. 2,00,000 whichever is higher. The maximum multiple is

dependent on your age and Coverage Paying Period chosen by you.

Investment Fund Particulars

Choice of Investment Fund Options

You can choose from six Investment Fund Options to match your risk profile and

help you earn efficient returns on your funds.

If you wish to diversify your risk, you can choose to allocate your

premium in varying proportions amongst the available Investment Fund Options.

You can switch* between the Investment Fund Options or change the Premium

Allocation Percentage into the various Investment Fund Options@ anytime during

the tenure of the policy.

The portfolio of the different Investment Fund is given below

Min/Max limit of Percentage of assets in:

Investment Fund Options Particulars

Assure

Protector

Builder

Enhancer

Creator

Magnifier

Government and government approved securities

30%-90%

30%-100%

25%-90%

20%-80%

20%-60%

10%-50%

Corporate bonds rated AA or above by CRISIL or any equivalent rating by

any approved rating agency

10%-50%

0%-30%

0%-30%

0%-30%

10%-30%

0%-25%

Money market and other liquid assets

0%-20%

0%-20%

0%-20%

0%-20%

0%-20%

0%-20%

Infrastructure sector as defined by the IRDA

Nil

0%-25%

0%-25%

0%-25%

Nil

Nil

Listed equities

Nil

0%-10%

10%-20%

20%-35%

30%-50%

50%-90%

You can select the Investment Fund Options based on your risk preference and

switch between the Investment Funds based on market performance. See the

risk profile of each Asset Class at the end of the brochure.

   FLEXI CASHFLOW

Unique Features

2 The plan is a unit linked non-participating plan to give you efficient returns

3 Tax free lump sum pay-outs, to take care of recurring needs

4 A choice of three Investment Fund Options: Protector, Builder and Enhancer,

with the freedom to switch between the Investment Fund Options anytime

during the policy tenure

5 Flexibility to make additional lump sum investments (top ups) to increase the

savings portion of your policy

6 Minimum Guaranteed returns of 3% p.a. on your premium and any top up

amounts, net of all Policy Charges. More importantly the entire upside in the

performance of the Investment Fund is passed on to you.

7 Options to make tax-free Partial Withdrawals**from your Fund Value

anytime after three years

8 Surrender of the policy without penalty after 4 policy years

9 Increase the Sum Assured during the premium paying period any time

depending on your needs

10 Convenient premium payment options: Short or Regular Premium Payment

Period

Flexi Cash Flow PlanEntry Age 13 to 65 years of ageMaturity Age 75 yearsMinimum Sum Assured Rs.1,00,000Durations 10, 15, 20 or 25 yearsPremium Paying Period 10, 15, 20 years or Regular Premium Payment

Period. In case of 25 years term, the premium payment period will be 20 years or regular or 15 years.

Premium Payment Frequency

Annually, Semi-annually, Quarterly (for annual premium more than Rs.20,000 only), Monthly(through ECS only) .

Premium Payment ModeCash (upto Rs. 20,000), Cheque, Credit Card, Salary Deduction, ECS, Direct debit

Top up Premium You can top up$ the fund whenever you have additional savings during the tenure of the policy. The minimum amount of top ups will be Rs. 5,000. The maximum amount of top up in any Policy Year will be Rs. 50,000 or the Annual Premium whichever is higher.

The Sum Assured in the plan will increase if the cumulative top up amount exceeds 25% of the Annual premium paid till date. The additional Sum Assured will be 125% of the excess top up premium and is subject to the administrative and underwriting rules of the company.

Guaranteed Returns /Guaranteed Funds

A minimum guaranteed return of 3% p.a. applies on premiums and top-up premium, net of policy charges and survival benefits. This total will constitute the Guaranteed Fund Value. The guaranteed returns are applicable in case of all exits.

Survival benefits /Regular Pay-outs

These benefits are payable at the end of every 5 policy years.The amount that will be available is the minimum of the 'Guaranteed Fund' at the time or the 'Percentage of the Sum Assured' applicable for your policy. The percentages are as under:• 30% for policy with duration of 10 years•25% for policy with duration of 15 years•20% for policy with duration of 20 years•15% for policy with duration of 25 years

Maturity Benefits The higher of the ‘Fund Value’ or the ‘Guaranteed Fund Value’ (based on 3% net returns)

Amount due to nominee Higher of ‘Fund Value’ or ‘Guaranteed Fund

in event Of death of the life insured

Value’ or Sum Assured less all applicable Partial Withdrawals in the 24 months preceding the death of the life insured.

Where the policy is bought on or prior to the 1st birthday of the life insured, higher of the Fund Value or the Guaranteed Fund Value is payable to the policy owner in the event of death of life insured within the first policy year.

In case of death at the age of 60 years or above then the Sum Assured will be reduced by the applicable Partial Withdrawals made since the life insured attained the age of 58.

Partial Withdrawals In a year two Partial Withdrawals are free of charge.

Partial Withdrawals are allowed after three policy years or on attaining the age of 18 years (in case of minors) whichever is later.

The Partial Withdrawal is subject to the condition that the minimum balance in the Fund Value after the Partial Withdrawal is equal to the 'Guaranteed Fund' or 'One Annual Policy Premium plus Surrender Charges' applicable in that year, whichever is higher.

Surrender Benefits

The policy can be surrendered any time during the tenure of the policy. The surrender charges will be zero after the 4th policy year. In case of surrender in the first 3 policy years the benefits will be paid out only after the 3rd policy year

Free Look Period

You have a period of 15 days from the date of receipt of the policy document to review the terms and conditions of the policy. If you disagree to any of these terms or conditions, you have the option to return the policy stating the reasons for your objection. You will be entitled to a refund of the premium paid, subject only to a deduction of a proportionate risk premium for the period on cover and the expenses incurred by us for the medical examination, if any, and stamp duty charges.

Tax Benefits Under Sec 80C and 10(10D) of the I.T ACT 1961

FLEXI LIFELINE

Unique Features

1 The plan is a unit linked non-participating plan which gives you efficient earnings

in the long term.#

2 Lifelong Insurance cover till age 100 years^ in addition to other durations

available.

3 A choice of three Investment Fund Options: Protector, Builder and Enhancer,

with the freedom to switch between the Investment Fund Options anytime during

the policy tenure

4 Flexibility to make additional lump sum investments (top ups) to increase the

savings portion of your policy

5 Minimum Guaranteed returns of 3% p.a. on your premium and any top up

amounts, net of all Policy Charges. More importantly the entire upside in the

performance of the Investment Fund is passed on to you

6 Options to make tax free Partial Withdrawal**from your Fund Value anytime after

three years

7 Surrender the policy without penalty any time after 4 policy years

8 Increase the Sum Assured during the premium-paying period depending on your

life insurance requirements

9 Convenient premium payment options: Short or Regular paying period

FLEXI LIFE LINE PLAN

Minimum Entry Age 30 days

Maximum Entry Age 65 years, 59 years for 10 pay.

Minimum Sum Assured Rs. 5,00,000 for 10 yrs Premium Paying Period

for all ages

Rs. 3,00,000 for 15, 20, 25 yrs and Regular

Premium Paying Period for minors.

Rs. 2,00,000 for 15, 20, 25 yrs and Regular

Premium Paying Period for majors.

Maximum Maturity Age 70 years for minors for all pay options

70 years for all ages for 10 pay option.

100 years for majors for 15,20,25 or regular pay.

Premium Paying Period 10, 15, 20, 25 years or Regular Premium Paying

Period

Premium Payment

FrequencyAnnually, Semi-annually, Quarterly (for annual

premium more than Rs. 20,000 only),

Monthly(through ECS only) .

Premium Payment Mode Cash (upto Rs. 20000), Cheque, Credit Card,

Salary Deduction, ECS, Direct debit

Top up Premium You can top up$ the fund whenever you have

additional savings during the tenure of the policy.

The minimum amount of top ups will be Rs.

5,000. The maximum amount of top up in any

policy year will be Rs. 50,000 or the Annual

Premium whichever is higher.

The Sum Assured in the plan will increase if the

cumulative top up amount exceeds 25% of the

Annual premium paid till date. The additional

Sum Assured will be 125% of the excess top up

premium and is subject to the administrative and

underwriting rules of the company.

Guaranteed Returns/

Guaranteed Funds

A minimum guaranteed return of 3% p.a. applies

on premiums and top-up premium, net of policy

charges and survival benefits. This total will

constitute the Guaranteed Fund Value. The

guaranteed returns are applicable in case of all

exits.

Maturity Benefits The higher of the ‘Fund Value’ or the ‘Guaranteed

Fund Value’ (based on 3% net returns)

Amount due to nominee in

event of death of the life

insured

Higher of ‘Fund value’ or ‘Guaranteed Fund’ or

‘Sum Assured’ less all applicable Partial

Withdrawals in the 24 months preceding the death

of the life insured.

In case of death at the age of 60 yrs or above then

the Sum assured will be reduced by the applicable

Partial Withdrawals made since the life insured

attained the age of 58 yrs.

Where the policy is bought on or prior to the 1st

birthday of the life insured, higher of the Fund

Value or the Guaranteed Fund Value is payable to

the policy owner in the event of death of life

insured within the first policy year.

Partial Withdrawals In a year two Partial Withdrawals are free of

charge.

Partial Withdrawals are allowed after three policy

years or on attaining the age of 18 years (in case

of minors) whichever is later.

The Partial Withdrawal is subject to the condition

that the minimum Fund Value after the Partial

Withdrawal is equal to the 'Guaranteed Fund' or

'One Annual Policy Premium plus Surrender

Charges' applicable in that year, whichever is

higher.

Surrender Benefits The policy can be surrendered any time during the

tenure of the policy. The surrender charges will be

zero after the 4th policy year. In case of surrender

in the first 3 policy years the benefits will be paid

out only after the 3rd policy year

Free Look Period You have a period of 15 days from the date of

receipt of the policy document to review the terms

and conditions of the policy. If you disagree to any

of these terms or conditions, you have the option

to return the policy stating the reasons for your

objection. You will be entitled to a refund of the

premium paid, subject only to a deduction of a

proportionate risk premium for the period on

cover and the expenses incurred by us for the

medical examination, if any, and stamp duty

charges.

Tax Benefits Under Section 80C and 10 (10D) of the Income

Tax Act, 1961 **

FLEXI SAVEPLUS

Unique Features

1 The plan is a unit linked non participating plan giving you efficient earnings in the

long term

2 A choice of three Investment Fund Options: Protector, Builder and Enhancer,

with the freedom to switch between the Investment Fund Options anytime during

the policy tenure

3 Flexibility to make additional lump sum investments (top ups) to increase the

savings portion of your policy

4 Minimum Guaranteed returns of 3% p.a. on your premium and any top up

amounts, net of all Policy Charges. More importantly the entire upside in the

performance of the Investment Fund is passed on to you

5 Options to make tax free Partial Withdrawals **  from your Fund Value, any time

after three years

6 Surrender of the policy without penalty any time after 4 policy years

7 Increase the Sum Assured during the premium paying period depending on your

requirements.

8 Convenient premium payment options: Single, Short or Regular Premium Paying

Period

Flexi Save Plus Plan

Entry Age 30 days - 60 years

Maximum

Maturity Age70 years

Durations As per policy term - 10,15,20,25 or 30 yrs or as per

maturity age:

To age 20,25,30,35 yrs for minors and 60,65,70 yrs for

majors.

Minimum

Duration

6yrs for To age variant for minors and 10yrs for all other

options.

Maximum

Duration

35yrs for To age variant for minors, 52yrs for To age

variant for majors and 30yrs for all other options.

Minimum Sum

Assured

Rs. 2,00,000 for To age 70 years and Rs.1,00,000 for all

other terms.

Premium Paying

Period

10, 15, 20 years or Regular Premium Payment Period. In

case of 25 years term, the premium payment period will be

20 years or regular or 15 years.

Premium Payment

Frequency

Single pay, Annually, Semi-annually, Quarterly (for

annual premium more than Rs.20,000 only), Monthly

(through ECS only).

Premium Payment

Mode

Cash (upto Rs. 20000), Cheque, Credit Card, Salary

Deduction, ECS, Direct debit

Top up Premium You can top up $ the fund whenever you have additional

savings during the tenure of the policy. The minimum

amount of top ups will be Rs. 5,000. The maximum

amount of top up in any policy year will be Rs. 50,000 or

the Annual Premium whichever is higher.

The Sum Assured in the plan will increase if the

cumulative top up amount exceeds 25% of the Annual

premium paid till date. The additional Sum Assured will

be 125% of the excess top up premium and is subject to

the administrative and underwriting rules of the company.

Guaranteed

Returns/

Guaranteed Funds

A minimum guaranteed return of 3% p.a. applies on

premiums and top-up premium, net of policy charges and

survival benefits. This total will constitute the Guaranteed

Fund Value. The guaranteed returns are applicable in case

of all exits.

Maturity Benefits The higher of the ‘Fund Value’ or the ‘Guaranteed Fund

Value’ (based on 3% net returns)

Amount due to

nominee in event

of death of the life

insured

Higher of 'Fund Value' or 'Guaranteed Fund' or 'Sum

Assured’ less applicable Partial Withdrawals in the 24

months preceding the death of the life insured.

Where the policy is brought on or prior to the 1st birthday

of the life insured, higher of the Fund Value or the

Guaranteed Fund Value is payable to the policy owner in

the event of death of life insured within the first policy

year.

In case of death at the age of 60 yrs or above then the Sum

assured will be reduced by the applicable Partial

Withdrawals made since the life insured attained the age

of 58.

Partial

Withdrawals

In a year two Partial Withdrawals are free of charge.

Partial Withdrawals are allowed after three policy years or

on attaining the age of 18 years (in case of minors)

whichever is later.

The Partial Withdrawal is subject to the condition that the

minimum Fund Value after the Partial Withdrawal is equal

to the ‘Guaranteed Fund’ or ‘One Annual Policy Premium

plus Surrender Charges’ applicable in that year, whichever

is higher. For the Single Pay option, the maximum limit

on Partial Withdrawal is any amount subject to the Policy

having a Fund Value equivalent to the Guaranteed Fund or

Rs. 25000 and the Surrender Charges applicable in the

year of the Partial Withdrawal, whichever is higher.

Surrender

Benefits

The policy can be surrendered any time during the tenure

of the policy. The surrender charges will be zero after the

4th policy year. In case of surrender in the first 3 policy

years the benefits will be paid out only after the 3rd policy

year

Free look Period You have a period of 15 days from the date of receipt of

the policy document to review the terms and conditions of

the policy. If you disagree to any of these terms or

conditions, you have the option to return the policy stating

the reasons for your objection. You will be entitled to a

refund of the premium paid, subject only to a deduction of

a proportionate risk premium for the period on cover and

the expenses incurred by us for the medical examination,

if any, and stamp duty charges.

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

1961**

LIFE COMPANION ENDOWMENT

The Plan

Any person, male or female, in the age group as specified in the table is eligible to apply

for the LifeCompanion Endowment plan

Particulars Endowment Plan

Entry Ages 30 days (3 years for the 15 year term) - 60 yrs age

at last birthday, for all durations except “To age

60” plan where maximum entry age is 40 yrs.

Maximum Maturity Age 75 years

Minimum Life Insurance

CoverRs. 75, 000

Maximum Life Insurance

Cover

No Limit

Maximum Accidental

Death BenefitRs. 10 lacs

Duration of the Plan 15, 20, 25, 30 years or “To age 60”.

Premium Payment Period 20 years in case of “To age 60” and throughout the

term of the policy for other durations

Premium Payment Annual, Semi annual, Monthly (through ECS

Frequency only)

Premium Payment Mode Cash (upto Rs. 20,000), Cheque, Credit Card,

Salary Deduction, ECS, Direct Debit etc.

Who should buy the plan?

The plan is ideally suited for any person looking for life insurance protection and savings

over the long term. The plan protects those who depend on your earnings, such as your

spouse, children and quite possibly, your parents. If any unfortunate event were to take

place prematurely, the plan can provide emergency support for education, marriage and

medical costs

Benefits

The plan offers excellent benefits, which are as detailed below

A Maturity Benefits

On completion of the policy duration, you will receive a minimum guaranteed amount

equal to the Sum Assured. In case the Fund Value on maturity is higher, then Fund Value

will be paid instead of Sum Assured.

The Sum Assured is guaranteed on maturity only if the following conditions are satisfied:

1) All Coverage Premiums are paid by you; and

2) Each Coverage Premium is paid by you on or before the expiry of a period of 60 days

from the due date.

If these conditions are not satisfied, or in case policy is revived then only the Fund Value

will be paid to you.

B. Death Benefits

The death benefit is the amount payable to your nominees in case of death. The benefit

amount will be equal to the sum of the Sum Assured and the entire Fund Value at the

time of death

C. Additional Benefits

In case of death as a result of an accident an additional amount equal to the Sum Assured

chosen by you will be payable to your nominee. The maximum amount will be Rs.10

lakh across all LifeCompanion Endowment policies owned by you. This benefit is

available only in case of death in an accident between the ages of 18 and 65 years

D. Waiver of Premium Rider

This rider waives payment of future premiums on the happening of any of any of the

unforeseen events as covered under this rider. For further details please refer to detailed

brochure on riders.

Please note that the riders are not available if you are an NRI investor.

E. Guaranteed Additions

You stand to gain an additional 5% of the Fund Value as Guaranteed Additions in your

maturity benefits, provided of course, that the two conditions for Guaranteed Maturity

Benefit mentioned in the paragraph on maturity benefits above are satisfied

F. Tax Benefits

The premium that you pay and all the benefits payable to you under the plan are eligible

for tax benefits under Section 80 C and Section 10(10D) of the Income Tax Act of 1961.

LIFE COMPANION MONEYBACK

The Plan

Who can apply for the LifeCompanion Money Back Plan?

Any person, male or female, in the age group of 30 days to 59 years is eligible to apply

for the LifeCompanion Money Back plan.

Who should buy the plan?

The plan is ideally suited for any person looking for a life insurance protection and

regular savings for meeting the milestone needs. The plan protects those who depend on

your earnings, such as your spouse, children and quite possibly, your parents. If any

unfortunate event were to take place prematurely, the plan can provide emergency

support for their life's needs such as education, marriage and medical costs.

What are the various durations for which this plan is available?

The plan is available for the durations of 16 years, 20 years, 24 years and 30 years

Particulars MoneyBack Plan

Entry Ages

30 days (14 years for 16, 20 and 24 year

terms) - 59 yrs age at last birthday for all

durations.

Maximum Maturity Age 75 years

Minimum Life Insurance Cover Rs. 75, 000

Maximum Life Insurance Cover No Limit.

Maximum Accidental Death: Rs. 10 lacs

Duration of the Plan 16, 20, 24 and 30 years

Premium Payment Period Throughout the term except in the case

of plan with duration of 30 years where

the payment period will be 20 years

Premium Paying Frequency Annual, Semi annual, Monthly (through

ECS only)

Premium Paying Mode Cash (upto Rs. 20,000), Credit Card,

Salary Deduction, ECS, Direct Debit

etc.

Policy Payouts during the term

of the Policy

Regular Benefits are payable every 4

years in the 16, 20 & 24 yrs duration

plans. In case of the 30 yrs duration, the

benefits will be an amount equal to 5%

of Sum Assured paid every year from

21st year till the 29th year.

Benefits

The plan offers excellent benefits under each option. The benefits are as detailed below:

A Survival Benefits

The plan pays you fixed amounts at regular intervals depending on the duration of a your

plan. These amounts will be a percentage of the life insurance coverage Sum Assured as

shown in the payout table below. This can help you to take care of your financial needs at

important occasions in your life

Payout Schedule

Survival Benefits in

4th

year

8th

year

12th

year

16th

year

20th

year

16 10% 20% 20% - - 50%

20 10% 10% 15% 15% - 60%

24 10% 10% 10% 10% 10% 80%

30 5% each year from 21st to 29th year 55%

The Survival Benefit is guaranteed at the specified period if the following conditions are

satisfied:

1) All premiums are paid by you; and

2) Each premium is paid by you on or before the expiry of a

period of 60 days from the due date

B Maturity Benefits

On completion of the policy duration, you will receive a guaranteed amount equal to a

percentage of the life insurance cover (Sum Assured). The maturity amounts for various

durations are shown in the Payout table given above. If the Fund Value (described in the

next question) is higher than the amount shown in the Payout table, then the Fund Value

will be paid.

The Maturity Benefits are guaranteed on maturity if the following conditions are

satisfied:

1) All Premiums are paid by you; and

3) Each Premium is paid by you on or before the expiry of a period of 60 days from the

due date.

C Death Benefits

The death benefit is the amount payable to your nominees in case of death. The benefit

amount will be equal to the sum of the Sum Assured and the entire Fund Value at the

time of death.

D Additional Benefits

In case of death as a result of an accident an additional amount equal to the Sum Assured

chosen by you will be payable to your nominee. The maximum amount will be Rs.10

lakh across all LifeCompanion Money Back policies owned by you. This benefit is

available only in case of death due to accident between the ages of 18 and 65 years.

E Waiver of Premium Rider

This rider waives payment of future premiums on the happening of any of any of the

unforeseen events as covered under this rider. This rider is available only with 20-year

premium payment term option. For further details please refer to detailed brochure on

riders.

Please note that the riders are not available if you are an NRI investor.

F Guaranteed Additions

You stand to gain an additional 5% of the Fund Value, as Guaranteed Additions in your

maturity benefits, provided of course, that the two conditions for guaranteed Maturity

Benefit as mentioned in the paragraph on maturity benefits above are satisfied

G Tax Benefits

The premium that you pay and all the benefits payable to you under the plan are eligible

for tax benefits under Section 80 C and Section 10(10D) of the Income Tax Act of 1961.

:

RESEARCH METHODOLOGY

QUANTITATIVE RESEARCH

The objectives of the first phase of this project lent themselves very well to a

structured survey approach. Several open-ended questions were also included to explore

why consumers hold particular attitudes.

The aim of this phase of the research was to gain an understanding of the attitudes

of the general community, so the target population was defined as all people aged 18

years or older. A short questionnaire was designed in conjunction with Insurance

industry. An hypothesized mediator of consumer attitudes to life Insurance Company and

its policies. That is, it was felt that, if consumers had a basic understanding of some of the

factors influencing the cost of life insurance premiums, they would be more likely to

agree that life insurance companies should be able to gain access to pertinent information

such as results of genetic tests. To this end, a random 50 % of respondents were read a

brief description of life insurance risk assessment procedures at the beginning of the

interview.

The exploratory nature of the second phase of the research meant that a

qualitative group discussion approach was most appropriate. Details of the groups were

as follows:

The groups contained a mix of males and females. A research was designed to

study perceptions of consumers about Life Insurance market. Also secondary data was

collected from Libraries and news papers and websites.

In the absence of such a working hypothesis or theory , How do we acquire a

more fundamental understanding of why the pie ( or pyramid or any other) is shaped the

way it is- in other words, why do consumers in the category behave the way they do?

What is their stance or mental attitude towards the category itself? What motivations,

expectations and behaviors are seen in particular with respect to the Insurance by the

relevant sub- groups? Here the emphasis on building numbers is very little. My

suggestions regarding a proposed method follow.

Survey Interview

Interview surveys – face- to- face – offer distinct advantages over self-reported

data collection. The “presence” of an interviewer can increase cooperation rates and

make it possible for respondents to get immediate clarifications.

The main requirement for good interviewers is an ability to approach strangers in

person or on the telephone and persuade them to participate in the survey. Once a

respondent’s cooperation is acquired, the interviewers must maintain it, while collecting

the needed data – data that must be obtained in exact accordance with instructions. For

high – quality data to be collected, interviewers must be carefully trained through

classroom instruction, self study, or both. Good interviewer techniques are stressed, such

as … how to make initial contacts … how to conduct interviews in a professional manner

… an how to avoid influencing or biasing responses. Training generally involves practice

interviews to familiarize the interviewers with the variety of situations they are likely to

encounter. Time must be spent going over survey concepts, definitions, and procedures.

A question – by – question approach is needed to be sure the interviewers can deal with

any misunderstanding that may arise.

In most reputable survey organizations, the interviewers are also required to take

a strict oath of confidentiality before beginning work. Surveys materials must be prepared

and issued to the interviewers. For traditional paper and pencil in – person interviews,

ample copies of the questionnaire, plus a reference manual, information about the

identification and location of the households, and any cards or pictures to be shown to the

respondents must be given to the interviewers.

Before conducting in-person interviews, survey organizations frequently send an

advance letter to the sample respondents, explaining the purpose of the survey and that an

interviewer will be calling soon. In many surveys, especially those sponsored by the

federal government, information must be given to the respondents regarding the

voluntary or mandatory nature of the survey and how the answers are to be used.

After Data Collection

No matter what type of data collection is used, there are a number of “back-end”

processes that may be needed to get the data in a form so that aggregated totals, averages,

or other statistics can be computed.

For mail surveys and conventional paper and pencil interviews, this may involve

coding after the questionnaires have been completed. Coded paper questionnaires are

entered into a computer (e.g., being keyed onto a disk) so that a computer file can be

created. At this point, most of the remaining back-end steps are common to all surveys,

whether or not a computer was used initially for data collection.

Once a computer file has been generated, additional computer editing, separate

from clerical editing, can be accomplished to alter inconsistent or impossible entries.

Decisions are usually needed on how to handle missing items – cases in which the

respondent did not know the answer … refused to provide one … or in which the

question was simply not asked. Preferred practice for missing items is to provide special

codes indicating why the data are not included. When resources are available, the “filling

in” or imputation of these missing data items should be undertaken to reduce any biases

arising from their absence.

When there is a “clean” file the survey data are ready for analysts to begin

summarizing what has been learned. It is a good idea to use commercially available

software packages to carry out this step rather than using your own specially written

computer programs. Often the best way to start the analysis is with simple counts and

related percentages for each question. Next, it is common to produce tables of growing

complexity. Eventually, there may be a need for even more sophisticated forms of data

presentation to address the concerns outlined when the survey was initially conceived.

SAMPLE DESIGN

Sample Selection:

Interviews were conducted in a manner to target about the same proportion of

both sex within all age groups. After qualifying as a possible survey candidate, the person

was asked the question related to car market.

When and Where

Interviews for survey were conducted during June 2006 with 100 randomly

selected male and female residing within the City Limits.

How

Of those contracted, a 10-12 minute interview included questions about what they

have, factors that might affect their decision latest features of car, their service options,

were asked. Demographic data for the respondent was also collected.

Interviews were conducted on basis of consumer opinion. Afterwards the

computer tabulation of the survey responses was done. Professional Tutor guided the

questionnaire design, coordination of the data collection and coding, analysis of the data,

and preparation of this report. The sample of respondents was obtained using a random

system to select people in a cinema hall or buying Malls in markets.

Many questions were asked in an close-end format with suggested responses

supplied by the interviewers. Thus, the responses for many of the questions accurately

reflect what was on peoples’ minds at the time they were surveyed, as they were aware of

all possible options ready in their minds. People were allowed to answer the questions

without any prompting or suggestions. Responses were coded based upon the patterns in

the answers.

DATA COLLECTION

Data collection in social sciences often involves surveys or experiments, where

respondents are asked to answer questions. Researchers should have ability to run

questionnaires or experiments via the computer. It has easy ways to create different

experimental conditions, branch questions, record answers to both open-ended and closed

questions , use previous answers to set up later questions, randomize manipulations,

import pictures, and so on. Author ware is visually oriented, which makes it very

accessible, also for researchers without strong programming skills. It should be noted that

it is not very well suited for reaction time research or subliminal priming, where very

short time intervals are involved.

No matter how trivial the volume of data we generate with a survey or

experiment, we are unlikely to be able to make sense of it by looking at all the data.

Whenever we collect significant quantities of data it becomes essential to

summarize the data in some way.

Why is summarizing data important?

One subtle but important reason is that when we look at data in the raw we give too much

emphasis to extreme values, which in statistics are called outliers. If you look at 20

numbers and all but one are between 20 and 23, and the other is 47, you will give too

much weight to the 47. In interpreting the data it is much more important that all the

others are very similar to each other, but we say ‘Why is that one 47?’ and focus on that

instead of the others. When we summarize this set of values the mean is going to be (say)

21.9, not 46, so the emphasis is shifted to the mass of the data.

DATA PRESENTATION

1. Age:

Below 25 49%

25 – 30 33%

30 – 35 11%

Above 35 7%

Below 25

25 – 30

30 – 35

Above 35

2. Marital Status:

Yes57%

No43%

Yes

No

3. Occupation:

Business28%

Govt Service15%Private Jobs

38%

Retired13%

Housewife6%

Business

Govt Service

Private Jobs

Retired

Housewife

4. Educational Background:

10+2 16%

Graduation47%

Post Graduation

17%

Professional16%

Other4% 10+2

Graduation

Post Graduation

Professional

Other

5. Annual Family Income:

Below 2 lacks64%

2 – 5 lacks25%

5 – 8 lacks 11%

Above 8 lacks 0%

Below 2 lacks

2 – 5 lacks

5 – 8 lacks

Above 8 lacks

6. Interest About Insurance:

0%

10%

20%

30%

40%

50%

60%

70%

Yes No May be

7. Which different Insurance Companies are you aware of:

LIC

ICICI

HDFC

Birla Sunlife

Tata AIG

SBI-Life

Aliaz Bajaj Life

Kotak Mahindra

AMP Sanmar

Aviva Life

ING Vysya

DATA ANALYSIS

On the basis of data collected through the questionnaire I came to the following analysis.

1 The most of the people who were interested in insurance sector were above 25.

2 The married people were more interested in compression to the unmarried

people.

3 The people who were on the government job and having own business was

making good response in compression to others.

4 Most of the individual who were simple graduate were making more interest in

insurance sector in compression to the Post graduate and professional people.

5 The people whose family income was annually more than 5 lake were showing

aggressive interest towards insurance policies in compression to the advisor ship.

6 The interest in policies was more in compression to the advisor ship.

7 Lot of people was making negative response about the interest in insurance

sector.

FINDINGS OF THE STUDY

1 Most of the people believe in ICICI because it is largest private insurance Company.

2 Bajaj Allianz in new Insurance Corporation while LIC is old one so people prefers

LIC.

3 Influence of Media is high on ICICI product rather than Birla Sunlife product.

4 ICICI gives more return than Birla Sunlife in most of the cases.

5 Management of Birla Sunlife is good than ICICI

Why ICICI

5 reasons to select ICICI as your preferred insurance company.

1 Customer Satisfaction- many of our customers who have bought an insurance policy

with us have bought a second one.

2 Financially sound with over a 10 years of Banking experience, when you trusted us

with your money, why would you trust somebody else with your protection needs.

3 Affordability

4 Easy to Buy (accessibility)

5 Trust and Reliability.

SUGGESTIONS AND RECOMMENDATION

1. Birla Sunlife should launch more varities of policies.

2. Birla Sunlife should concentrate on the promotional activities.

3. Birla Sunlife need to open more branches in order to reach large number of

customers.

4. ICICI must introduce new policies regularly in order to maintain its position.

5. ICICI must improve its management.

CONCLUSION

Through this research study I tried to make comparison between ICICI Prudential &

BirlaSunlife insurance.In order to compare between them I has taken their policies

offered to public, the benefits & the return which the investor can get by investing in it.

ICICI Prudential has more policies for the investors than BirlaSunlife.

It gives more options to the investors to invest & cover the risk of their life.

BirlaSunlife gives better return on the investments. The main drawback of BirlaSunlife is

that their branches are not in every city on the other side ICICI Prudential has branches in

almost all the cities.

Insurance industry in INDIA is very large.There is big market to capture. Insurance

industry is growing at very high rate year by year and still it has lots of opportunities for

the companies.

LIC is market leader in the insurance sector.it is a semi-government corporation.while

ICICI is maket leader among the private insurance companies.

By making this report I interact with lots of people & finds out through insurance they

not only cover the risk but also gets the return at minimum risk.

BIBLIOGRAPHY

Books and Magazine

1 IC 33 Life Insurance (Revised), Insurance Institute of India

2 4Ps Business & Marketing, Vol-1, Issue-4, 28 April-11 May, 2006

3 Marketing Management, Philip Kotler

4 Research Methodology, C.R Kothari

Web sites

1 www.icici.com

2 www.iciciprulife.com

3 www.prudential.com

4 www.birlasunlife.com

QUESTIONNAIRE

Please Help Us Know You Better

[A]

1. NAME: ………………………………

2. GENDER: Male [ ] Female [ ]

(Please Tick)

3. AGE: Below 25 [ ] 25-30 [ ]

30-35 [ ] 35& above [ ]

4. ADDRESS: ………………………………………………………

……………………………………………………....

……………………………………………………….

5. NUMBER OF YEARS LIVING IN BAREILLY:

2-3Yr [ ] 3-4Yr [ ]

4-5Yr [ ] 5 & above [ ]

6. PHONE NO……………………… MOBILE NO………………

7. MARITIAL STATUS:

Single [ ] Married [ ]

8. OCCUPATION: ……………………………………

9. EDUCATIONALBACKGROUND:.......……………………………..

10. ANNUAL INCOME:

i. Below 2 Lakh [ ]

ii. 2 Lakh – 5 Lakh [ ]

iii. 5 Lakh – 8 Lakh [ ]

iv. 8 Lakh & above [ ]

11. ARE YOU INTERSTED KNOWINING MORE ABOUT INSURANCE?

Yes [ ] No [ ] May be [ ]

12. WHICH DIFFERENT INSURANCE COMPANIES YOU

ARE AWARE OF?

1. LIC

2. ICICI

3. HDFC

4. BIRLA SUNLIFE

5. TAT AIG

6. SBI LIFE

7. BAJAJ ALLIANZ

8. AMP SANMAR

9. KOTAK MAHINDRA

10. AVIVA LIFE

13. which company you think is providing better policies

& returns?

11. ICICI PRUDENTIAL

12. BIRLA SUNLIFE