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  • 8/6/2019 Icici Prudential Imp




    "Insurance is a contract between two parties whereby oneparty called insurer undertakes in exchange for a fixed sum calledpremiums, to pay the other party called insured a fixed amount ofmoney on the happening of a certain event."

    Insurance is a protection against financial loss arising on thehappening of an unexpected event. Insurance companies collectpremiums to provide for this protection. A loss is paid out of thepremiums collected from the insuring public and the InsuranceCompanies act as trustees to the amount collected.

    For Example, in a Life Policy, by paying a premium to the Insurer,the family of the insured person receives a fixed compensation onthe death of the insured.

    Similarly, in a car insurance, in the event of the car meeting withan accident, the insured receives the compensation to the extentof damage.

    It is a system by which the losses suffered by a few are spreadover many, exposed to similar risks.


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    Life insurance is a critical part of your long term financialplanning. Every person with dependents should have life insurance.

    Life Insurance is particularly important if you are the sole breadwinnerfor your family. The loss of you and your income could devastate yourfamily. Life insurance will ensure that if anything happens to you, yourloved ones will be able to manage financially.

    Life insurance is all about making sure your family has adequatefinancial resources to make those plans and dreams come true. Itprovides financial protection to help your family or business tomanage after your death.


    Whole life policies - Cover the insured for life. The insured doesnot receive money while he is alive; the nominee receives the sumassured plus bonus upon death of the insured..

    Endowment policies - Cover the insured for a specific period. Theinsured receives money on survival of the term and is not coveredthereafter.

    Money back policies - The nominee receives money immediately

    on death of the insured. On survival the insured receives money atregular intervals during the term. These policies cost more thanendowment with profit policies.

    Annuities / Children's policies - The nominee receives aguaranteed amount of money at a pre-determined time and notimmediately on death of the insured. On survival the insuredreceives money at the same pre-determined time. These policiesare best suited for planning children's future education andmarriage costs.

    Pension schemes - are policies that provide benefits to theinsured only upon retirement. If the insured dies during the term ofthe policy, his nominee would receive the benefits either as a lumpsum or as a pension every month.

    Since a single policy cannot meet all the insurance objectives, oneshould have a portfolio of policies covering all the needs.

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    Every asset has a value and the business of general

    insurance is related to the protection of economic value of assets.Assets would have been created through the efforts of owner,which can be in the form of building, vehicles, machinery and othertangible properties. Since tangible property has a physical shapeand consistency, it is subject to many risks ranging from fire, alliedperils to theft and robbery.

    Concepts of insurance have been extended beyond the coverageof tangible asset. Now the risk of losses due to sudden changes incurrency exchange rates, political disturbance, negligence andliability for the damages can also be covered.

    But if a person judiciously invests in insurance for his property priorto any unexpected contingency then he will be suitablycompensated for his loss as soon as the extent of damage isascertained.


    Property Insurance: The home is most valued possession. Thepolicy is designed to cover the various risks under a single policy. Itprovides protection for property and interest of the insured andfamily.

    Health Insurance: It provides cover, which takes care of medicalexpenses following hospitalization from sudden illness or accident.

    Personal Accident Insurance: This insurance policy providescompensation for loss of life or injury (partial or permanent)caused by an accident. This includes reimbursement of cost oftreatment and the use of hospital facilities for the treatment.

    Travel Insurance: The policy covers the insured against variouseventualities while traveling abroad. It covers the insured against

    personal accident, medical expenses and repatriation, loss ofchecked baggage, passport etc.

    Liability Insurance: This policy indemnifies the Directors orOfficers or other professionals against loss arising from claimsmade against them by reason of any wrongful Act in their Officialcapacity.

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    Motor Insurance: Motor Vehicles Act states that every motorvehicle plying on the road has to be insured, with at least Liabilityonly policy. There are

    two types of policy one covering the act of liability, while othercovers insurers all liability and damage caused to one's vehicles.

    Since a single policy cannot meet all the insurance objectives, one should have

    a portfolio of policies covering all the needs


    TO know what is insurance, how it works and to get practical

    knowledge of work.

    To know what is ULIP and how it works.

    Proper understanding and analysis the ULIP PLANS OF ICICI


    To know the qualitative and quantitative benefits of different

    ULIP plans.

    To know who are the active competitors to ICICI PRUDENTIAL.

    To know the ULIP products offered by the competitors.

    To study how ICICI Prudentials ULIP products different from its

    competitors ULIP products.

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    In order to achieve the objective set out above, the following

    methodology was adopted and data will be collected from two sources,

    they are-

    PRIMARY DATA: data which is collected for the first time keeping in

    view the objective of study is known as primary data. It is collected

    from the respective Company Guide of ICICI Prudential and visited

    competitors company and discussed with Advisors of respective

    companies about the ULIP Plans offering by them.

    SECONDARY DATA: data available from certain publications or

    reports are called secondary data. Such data are already collected by

    some other agencies in the past for some other purpose but used for

    the investigation of current problem. The sources of secondary data

    are magazines, research papers, newspapers, government publication,

    Internet etc. For the current study it was collected from the respective

    company brochures and company website.

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    Collecting the information regarding ULIP plans is difficult.

    The numbers of ULIP Plans providing by all the companies is

    more, for the current study I have chosen 3 Products of ICICI

    Prudential and compared within the products and taken 2 more

    products of ICICI Prudential and compared 2 products with


    It is difficult to compare one ULIP plan with another ULIP plan.

    The given time for doing project is limited.

    The data collected for the study is inadequate.

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    As with so many things in so many things in so many facts of ourlife, insurance too was born out of a primal need and shaped by socio

    economic realities of the time. The story goes back to around 2100 BC,the time ancient civilization of Babylon and a business practice calledBottomry. For all practical purposes a form of marine insurance,bottomry enabled ship owners to borrow money against their ships topay for the trip. With piracy rampant of high seas, traders andseafarers were reluctant to sale to other lands for fear of their lives andgoods. Bottomry give them some semblance of security. Thearrangement was that only if their ship returned did trader have torepay the loan, along with interest, which was pegged at an abovemarket rate for risk covered. So, if their ship failed to make it back,they did not have to repay loan, there by covering some or the loss.

    The insurance sector in India has come a full circle from being anopen competitive market to nationalization and back to a liberalizedmarket again. Tracing the developments in the Indian insurance sectorreveals the 360 degree turn witnessed over a period of almost twocenturies.

    The business of life insurance in India in its existing form startedin India in the year 1818 with the establishment of the Oriental LifeInsurance Company in Calcutta.

    Some of the important milestones in the lifeinsurance business in India are:

    1912: The Indian Life Assurance Companies Act enacted as the firststatute to regulate the life insurance business.

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    1928: The Indian Insurance Companies Act enacted to enable thegovernment to collect statistical information about both life and

    non- life insurance businesses.

    1938: Earlier legislation consolidated and amended to by the InsuranceAct with the objective of protecting the interests of the insuringpublic.

    1956: 245 Indian and foreign insurers and provident societies takenover by the central government and nationalized. LIC formed by anAct of Parliament, viz. LIC Act,1956, with a capital contribution ofRs.5crore

    from the Government of India.

    The General insurance business in India, on the other hand, can

    trace its roots to the Triton Insurance Company Ltd., the first generalinsurance company established in the year 1850 in Calcutta by

    the British.

    Some of the important milestones in the generalinsurance business in India are:

    1907: The Indian Mercantile Insurance Ltd. set up, the first company totransact all classes of general insurance business.

    1957: General Insurance Council, a wing of the Insurance Associationof India, frames a code of conduct for ensuring fair conductand sound business practices.

    1968: The Insurance Act amended to regulate investments and setminimum solvency margins and the Tariff Advisory Committee setup.

    1972: The General Insurance Business (Nationalization) Act, 1972nationalized the general insurance business in India with

    effect from 1st January 1973.107 insurers amalgamated and grouped into four companies viz.

    the NationalInsurance Company Ltd., the New India Assurance Company Ltd.,

    theOriental Insurance Company Ltd. and the United India InsuranceCompany. GIC incorporated as a company.

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    In 1993, Malhotra Committee headed by former FinanceSecretary and RBI Governor R.N. Malhotra, was formed to evaluate theIndian insurance industry and recommend its future direction. TheMalhotra committee was set up with the objective of complementingthe reforms initiated in the financial sector.

    The reforms were aimed at creating a more efficient and competitivefinancial system suitable for the requirements of the economy keepingin mind the structural changes currently underway and recognizingthat insurance is an important part of the overall financial systemwhere it was necessary to address the need for similar reformsIn 1994, the committee submitted the report and some of the keyrecommendations included:

    i) Structure

    Government stake in the insurance Companies to be brought

    down to 50% Government should take over the holdings of GIC and its

    subsidiaries so that these subsidiaries can act as independentcorporations

    All the insurance companies should be given greater freedom tooperate

    ii) Competition

    Private Companies with a minimum paid up capital of Rs.1bnshould be allowed to enter the industry

    No Company should deal in both Life and General Insurancethrough a single entity

    Foreign companies may be allowed to enter the industry incollaboration with the domestic companies

    Postal Life Insurance should be allowed to operate in the ruralmarketOnly one State Level Life Insurance Company should be allowed to operate in each state

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    iii) Regulatory Body

    The Insurance Act should be changed

    An Insurance Regulatory body should be set up Controller ofInsurance (Currently a part from the Finance Ministry) should be

    made independent

    iv) Investments

    Mandatory Investments of LIC Life Fund in government securitiesto be reduced from 75% to 50%

    GIC and its subsidiaries are not to hold more than 5% in anycompany (There current holdings to be brought down to thislevel over a period of time)

    v) Customer Service

    LIC should pay interest on delays in payments beyond 30 days

    Insurance companies must be encouraged to set up unit linkedpension plans

    Computerization of operations and updating of technology to becarried out in the insurance industry The committee emphasizedthat in order to improve the customer services and increase thecoverage of the insurance industry should be opened up tocompetition. But at the same time, the committee felt the needto exercise caution as any failure on the part of new playerscould ruin the public confidence in the industry.

    Hence, it was decided to allow competition in a limited way bystipulating the minimum capital requirement of Rs.100 crores. Thecommittee felt the need to provide greater autonomy to insurancecompanies in order to improve their performance and enable them to

    act as independent companies with economic motives. For thispurpose, it had proposed setting up an independent regulatory body.

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    AUTHORITY ACT - 1999. (I.R.D.A)

    Mission: To protect the interests of the policyholders, to

    regulate, promote and ensure orderly growth of the

    insurance industry and for matters connected therewith

    or incidental thereto.

    Reforms in the Insurance sector were initiated with the passage of the

    IRDA Bill in Parliament in December 1999. The IRDA since itsincorporation as a statutory body in April 2000 has fastidiously

    stuck to its schedule of framing regulations and registering the

    private sector insurance companies.

    The other decisions taken simultaneously to provide the supporting

    systems to the insurance sector and in particular the life insurance

    companies was the launch of the IRDAs online service for issue and

    renewal of licenses to agents.The approval of institutions for imparting training to agents has also

    ensured that the insurance companies would have a trained workforce

    of insurance agents in place to sell their products.

    Since being set up as an independent statutory body the IRDA has put

    in a framework of globally compatible regulations. In the private sector

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    13 life insurance and 6 general insurance companies have been


    Duties, Powers and functions of Authority:

    The powers and functions of the authority include registration of

    insurers, intermediaries and agents regulations of terms and

    conditions of contract of insurance, promoting and regulating

    professional organizations connected with the insurance,

    monitoring investment of funds and solvency margin of insurance


    The authority is to be advised by a committee to be known as the

    insurance advisory committee, which shall consists of not more

    than 25 members including ex-officio members in the insurance

    sector. The insurance advisory committee is expected to advice the

    authority on matters relating to making of the regulations

    An Indian insurance company has been defined as a company

    incorporated under the Companies Act - 1956 and the paid capital

    of General Insurance business will have to be not less than Rs 100/-

    Crores and in case of companies wanting to transact reinsurance

    business the paid capital will have to not less than Rs 200/- Crores.

    It has also been notified that every insurance company will have to

    appoint an Actuary to be approved by I.R.D.A. The duty of the

    Actuary is to insure that

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    The assets are valued in appropriate manner

    The liabilities are evaluated as required

    The prescribed margin for maintaining solvency is complied

    with.The I.R.D.A also issued regulations with regards to advertisement so

    as to include almost any public communication for a sale of

    insurance policy


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    AMP SANMAR 0.55

    SBI LIFE 1.72

    TATA AIG LIFE 2.00




    AVIVA LIFE 1.11



    MET LIFE 0.38

    SAHARA LIFE 0.02

    LIC 75.71

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    Recent developments


    Brand values


    About the History of BSLI





    About the HDFC and partnership



    Incorporation of HDFC life insurance


    ICICI Prudential Life Insurance Company is a joint venture between

    ICICI Bank, a premier financial powerhouse and Prudential plc, a

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    leading international financial services group headquartered in the

    United Kingdom. ICICI Prudential was amongst the first private sector

    insurance companies to begin operations in December 2000 after

    receiving approval from Insurance Regulatory Development Authority


    ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank

    and Prudential plc holding 74% and 26% stake respectively. In the

    financial year ended March 31, 2005, the company garnered Rs 1584

    crore of new business premium for a total sum assured of Rs 13,780

    crore and wrote nearly 615,000 policies. The total sum assured crossed

    30000 crores. The total policies are 1.4 million. The company has a

    network of about 80,000 advisors; as well as 7 banc assurance and 150

    corporate agent tie-ups. For the past four 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.


    To make ICICI Prudential the dominant Life and Pensionsplayer built on trust by world-class people and service.

    This we hope to achieve by:

    Understanding the needs of customers and offering themsuperior products and service

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    Leveraging technology to service customers quickly, efficientlyand conveniently

    Developing and implementing superior risk management andinvestment strategies to offer sustainable and stable returnsto our policyholders

    Providing an enabling environment to foster growth and learningfor our employees And above all, building transparency in all our dealings.

    The success of the company will be founded in its unflinchingcommitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describes what thecompany 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 andreshaping the sector. Given the quality of our parentage and thecommitment of our team, there are no limits to our growth.


    ICICI Prudentials ultimate promise is financial security. A strongbrand certainly boosts sales but without customer friendly innovativeproducts, even the best brand would not last long.

    ICICI Prudentials product range has been developed on theunderstanding that different people have their own sets of needs atvarious stages of their lives. It has thus built a flexible portfolio ofproducts that can be customized to cater to varying needs of people ateach life stage, and thus ensure protection in every step of life. Thecompanys philosophy has been to help customers understand theirfinancial needs and work closely with them to customize a product thatwould meet this need.

    Insurance Solutions for Individuals

    ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage.Its 20 products can be enhanced with up to 6 riders, to create acustomized solution for each policyholder.

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    Savings Solutions

    Secure Plus is a transparent and feature-packed savings planthat offers 3 levels of protection.

    Cash Plus is a transparent, feature-packed savings plan that

    offers 3 levels of protection as well as liquidity options. Save?n?Protect is a traditional endowment savings plan that

    offers life protection along with adequate returns. Cash Bakis an anticipated endowment policy ideal for meeting

    milestone expenses like a child?s marriage, expenses for a child?s higher education or purchase of an asset.

    LifeTime & LifeTime II offer customers the flexibility andcontrol to customize the policy to meet the changing needs atdifferent life stages. Each offer 4 fund options ? Preserver,Protector, Balancer and Maxi miser.

    Life Link II is a single premium Market Linked Insurance Plan

    which combines life insurance cover with the opportunity to stayinvested in the stock market.

    Premier Life is a limited premium paying plan that offerscustomers life insurance cover till the age of 75.

    Invest Shield Life is a Market Linked plan that provides capitalguarantee on the invested premiums and declared bonusinterest.

    Invest Shield Cash is a Market Linked plan that provides capital

    guarantee on the invested premiums and declared bonusinterest along with flexible liquidity options.

    Invest Shield Gold is a Market Linked plan that provides capitalguarantee on the invested premiums and declared bonusinterest along with limited premium payment terms.

    Protection Solutions

    Lifeguard is a protection plan, which offers life cover at very low cost.It is available in 3 options ? level term assurance, level term assurancewith return of premium and single premium.Child PlansSmart Kid education plans provide guaranteed educational benefits toa child along with life insurance cover for the parent who purchases

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    the policy. The policy is designed to provide money at importantmilestones in the childs life. Smart Kid plans are also available in unit-linked form ? both single premium and regular premium.

    Retirement Solutions

    Forever Life is a retirement product targeted at individuals intheir thirties.

    Secure Plus Pension is a flexible pension plan that allows oneto select between 3 levels of cover.

    Market-linked retirement products

    LifeTime Pension II is a regular premium market-linkedpension plan

    Life LinkPension II is a single premium market-linked pensionplan.

    Invest Shield Pension is a regular premium pension plan witha capital guarantee on the ingestible premium and declaredbonuses.

    ICICI Prudential also launched ?Salaam Zindagi?, a social sector

    group insurance policy targeted at the economically underprivilegedsections of the society.

    Group Insurance Solutions

    ICICI Prudential also offers Group Insurance Solutions for companiesseeking to enhance benefits to their employees.

    ICICI Pru Group Gratuity Plan: ICICI Pru?s group gratuity plan helpsemployers fund their statutory gratuity obligation in a scientificmanner. The plan can also be customized to structure schemes that

    can provide benefits beyond the statutory obligations.

    ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexibledefined contribution superannuation scheme to provide a retirementkitty for each member of the group. Employees have the option ofchoosing from various annuity options or opting for a partialcommutation of the annuity at the time of retirement.

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    ICICI Pru Group Term Plan: ICICI Pru?s flexible group term solutionhelps provide affordable cover to members of a group. The cover couldbe uniform or based on designation/rank or a multiple of salary. Thebenefit under the policy is paid to the beneficiary nominated by themember on his/her death.


    In keeping with the belief that a happy customer is the bestendorsement .ICICI Prudential has embraced the Six Sigma approachto quality, an exercise that begins and ends with the customer fromcapturing his voice to measuring and responding to his experiences. This initiative is currently helping the company improve processes,

    turnaround times and customer satisfaction levels. Another novelintroduction is the ICICI Prudential Lifestyle rewards Club, Indias firstrewards programme for Life Advisors it allows ICICI Prudential Advisorsto redeem points for items ranging from kitchenware to gold, whitegoods, and even international holidays.


    ICICI Prudential is a case study in how advertising and marketingcan play a vial role in re shaping an industry. It has demonstrated howan industry where the customer was nothing more than a policy

    number has changed to one where customer preference rules theroost.

    Brand building in a complex category like life insurance is anuphill and multi faceted task. At the time of launching operations, thecommunications task was to build credibility, so as to give thecustomer the confidence that it was a company that could be trustedto invest funds with . the aim was to encourage people to viewinsurance not as a compulsory tax saving instrument , but as a meansto lead a worry-free , secure life and in the process, create thedifferentiator for brand ICICI Prudential.

    The brand proposition for all the campaigns was reflected in theline: Suraksha: Zindagi ke har kadam par. The campaign featured asignificant competitive advantage, the sound financial backing andcredentials of ICICI and Prudential, and showcased products fromdifferent segments. The advertising idea was encapsulated in thesymbol of protection-the Sindoor. This campaign contributed

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    extensively to raising brand awareness and creating a distinctiveidentity for the company.

    At the same time the theme of protection was carried forwardwith ICICI Prudentials Safe Puja contest where Puja Pandals

    contested to be the Safest Puja Pandal. This beautifully tied in theconcept of protection with the popular local event of Durga Puja. Therefreshingly different Retire from work, not life campaign succeededin bringing retirement planning into the consideration set of a youngertarget audience, and won a Silver Effie for its efforts. The mediacampaign was complemented by seminars to spread awareness aboutthe need for retirement planning.

    Very recently, the company launched a new corporate campaign-an extension of the Sindoor communication which aims at reassuringcustomers that the company is committed to staying with them

    through all the ups and downs in life, using marriage and the sevenvows or Saat Pheras as a metaphor for commitment. The campaignaims at strengthening the brand by memorably bringing out thecommitment for life element continuous efforts to reach out tocustomers in new and innovative ways, the company recently tied upwith the Forbes Six Sigma rated Dabbawalla organization in Mumbai fora direct marketing exercise.

    In a unique effort to create awareness about a tax-savingproduct, the company attached a creative of a bitten apple toMumbais ubiquitous lunchboxes. It worked wonderfully with Mumbais

    office-goers and one that translated into substantial business for thecompany.


    Market research reveals that the values people associate withICICI Prudential are, indeed, those that the company hopes to project:lifelong protection and value for money. The core value is protectingyour loved ones, throughout lifes ups and downs. It is a powerfulproposition: one, which ICICI Prudential, is taking into the marketplace.


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    The logo is the combination of ICICI Banks I-man and Prudentials ladyprudence. The I-man signifies the dynamic individual with drive andconviction, while Prudence epitomizes wise conduct.Every three minutes ICICI Prudential protects one more Indian life.ICICI Prudential is the only Indian life insurance company to have an

    equity base of more than rupees 5bn.ICICI Prudential is the only life insurance company to implement a sixsigma quality programme.Of the companys 2000+ employees, less than 5% have priorexperience in the life insurance industry.The average age of its employees is 29 years.



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    HDFC and Standard Life first came together for a possible jointventure, to enter the Life Insurance market, in January 1995. It wasclear from the outset that both companies shared similar values and

    beliefs and a strong relationship quickly formed. In October 1995 thecompanies signed a 3 year joint venture agreement.

    Around this time Standard Life purchased a 5% stake in HDFC, furtherstrengthening the relationship.

    The next three years were filled with uncertainty, due to changes ingovernment and ongoing delays in getting the IRDA (InsuranceRegulatory and Development authority) Act passed in parliament.Despite this both companies remained firmly committed to theventure.

    In October 1998, the joint venture agreement was renewed andadditional resource made available. Around this time Standard Lifepurchased 2% of Infrastructure Development Finance Company Ltd.(IDFC). Standard Life also started to use the services of the HDFCTreasury department to advise them upon their investments in India.

    Towards the end of 1999, the opening of the market looked verypromising and both companies agreed the time was right to move theoperation to the next level. Therefore, in January 2000 an expert teamfrom the UK joined a hand picked team from HDFC to form the core

    project team, based in Mumbai.

    Around this time Standard Life purchased a further 5% stake in HDFCand a 5% stake in HDFC Bank.

    In a further development Standard Life agreed to participate in theAsset Management Company promoted by HDFC to enter the mutualfund market. The Mutual Fund was launched on 20th July 2000.


    The company was incorporated on 14th August 2000 under the nameof HDFC Standard Life Insurance Company Limited.

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    Our ambition from as far back as October 1995, was to be the firstprivate company to re-enter the life insurance market in India. On the23rd of October 2000, this ambition was realised when HDFC StandardLife was the only life company to be granted a certificate ofregistration.

    HDFC are the main shareholders in HDFC Standard Life, with 81.4%,while Standard Life owns 18.6%. Given Standard Life's existinginvestment in the HDFC Group, this is the maximum investmentallowed under current regulations.

    HDFC and Standard Life have a long and close relationship built uponshared values and trust. The ambition of HDFC Standard Life is tomirror the success of the parent companies and be the yardstick bywhich all other insurance company's in India are measured.


    We aim to be the top new life insurance company in the market.

    This does not just mean being the largest or the most productivecompany in the market, rather it is a combination of several thingslike-

    Customer service of the highest order

    Value for money for customers Professionalism in carrying out business Innovative products to cater to different needs of different

    customers Use of technology to improve service standards Increasing market share

    Company profile

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    Bajaj allianz life insurance company ltd

    Bajaj allianz life insurance company limited is a union between AllianzAG, the worlds leading insurer and Bajaj Auto one of Indias mostrespected names.

    Allianz is a leading insurance conglomerate globally and the largestasset manager in the world, managing assets worth 996 billion euros