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RAKSHPAL BAHADUR MANAGEMENT INSTITUTE BAREILLYA SUMMER PROJECT REPORT ONA 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 MAYANK BHADORIA

SUBMITTED BY PAVAN CHAUHAN MBA 3RD SEMESTER 2007-09

RAKSHPAL BAHADUR MANAGEMENT INSTITUTE, BAREILLY

Contents

Preface Acknowledgement Certificate

1 2 3 4 5 6 7 8 9

Introduction of Company Objective of Study Product/Services offered Research methodology Topic introduction Analysis Findings Suggestions 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 welldefined 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 INSTITUTE BAREILLYCERTIFICATE

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 Lloyds 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 worldclass 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. SAVEN 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. Heres 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 childs 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 childs 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 childs 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 organisations bottomline. The quality of an organisations 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 members 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 Prudentials 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 2 3

Life Cover and Savings Regular Premiums Age at entry : 18 - 45 Yrs

4 5 6 7 8

Premium Mode : Half Yearly / Yearly Term : 5,10,15 Yrs Sum Assured : Rs.5,000 -20,000 Premium / Year : Rs. 507 - 553 ( SA: Rs.10,000) Maturity/Death benefit : Sum Assured

2. ICICI Pru Suraksha - Regular Premium ICICI Pru Suraksha is a regular premium policy with the following features:

1 2 3 4 5 6 7 8 9

Individual policy Only Life cover Term - 3 & 5 Yrs Age independent premium Age at entry : 18 - 45 Yrs Sum Assured : Single Premium / Year : Rs 50 200 Maturity/Death benefit : Rs.5,000 - 20,000 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 2 3 4 Investment Plans Savings Plans Retirement Plans 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 savingsoriented 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 childs education.

1 2 3

Unit-linked Regular Premium Unit-linked Single Premium 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 SavenProtect, 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 BIRLASUNLIFEPRIMELIFE

Unique Benefits 1 2 The plan is a unit linked non participating plan. 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 4 5 6 A one-time premium payment with the option to top up your Fund Value whenever you have additional savings. Guaranteed Addition in the form of additional units added to the Fund Value at the end of 10 years and every 5 years thereafter. High liquidity in the form of partial withdrawals and surrender benefits. 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 2 The plan is a unit linked non participating plan 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 4 5 6 A one time premium payment with the option to top up your Investment Fund whenever you have additional savings Guaranteed Addition in the form of additional units added to the Fund Value at the end of 10 years and every 5 years thereafter High liquidity in the form of partial withdrawals and surrender benefits 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 2 3 4 5 6 7 The plan is a unit linked non participating plan It offers a choice of 6 investment fund options to invest your premiums into, depending on your risk profile 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 The opportunity to top up your Fund Value whenever you have additional savings High liquidity in the form of partial withdrawals and surrender benefits A choice of 2 death benefits to opt from based on the benefits you would like your nominees to receive 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 Companys 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 assureds 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 [email protected] 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 CASHFLOWUnique Features 2 3 4 The plan is a unit linked non-participating plan to give you efficient returns Tax free lump sum pay-outs, to take care of recurring needs 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 6 Flexibility to make additional lump sum investments (top ups) to increase the savings portion of your policy 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 8 9 Options to make tax-free Partial Withdrawals**from your Fund Value anytime after three years Surrender of the policy without penalty after 4 policy years 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 Plan Entry Age

13 to 65 years of age

Maturity Age Minimum Sum Assured Durations Premium Paying Period

Premium Payment Frequency Premium Payment Mode Top up Premium

75 years Rs.1,00,000 10, 15, 20 or 25 years 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. Annually, Semi-annually, Quarterly (for annual premium more than Rs.20,000 only), Monthly(through ECS only) . Cash (upto Rs. 20,000), Cheque, Credit Card, Salary Deduction, ECS, Direct debit 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. 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. 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 The higher of the Fund Value or the Guaranteed Fund Value (based on 3% net returns) Higher of Fund Value or Guaranteed Fund Value or Sum Assured less all applicable Partial Withdrawals in the 24 months preceding the death

Guaranteed Returns / Guaranteed Funds

Survival benefits / Regular Pay-outs

Maturity Benefits Amount due to nominee in event Of death of the life insured

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

Partial Withdrawals

Surrender Benefits

Free Look Period

Tax Benefits

FLEXI LIFELINE

Unique Features 1 2 3 The plan is a unit linked non-participating plan which gives you efficient earnings in the long term.# Lifelong Insurance cover till age 100 years^ in addition to other durations available. 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 5 Flexibility to make additional lump sum investments (top ups) to increase the savings portion of your policy 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 7 8 9 Options to make tax free Partial Withdrawal**from your Fund Value anytime after three years Surrender the policy without penalty any time after 4 policy years Increase the Sum Assured during the premium-paying period depending on your life insurance requirements 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 Premium Payment Frequency 10, 15, 20, 25 years or Regular Premium Paying Period Annually, Semi-annually, Quarterly (for annual premium more than Rs. 20,000 only), Monthly(through ECS only) . Premium Payment Mode Top up Premium Cash (upto Rs. 20000), Cheque, Credit Card, Salary Deduction, ECS, Direct debit 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 Guaranteed Returns/ Guaranteed Funds underwriting rules of the company. 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 Maturity Benefits exits. The higher of the Fund Value or the Guaranteed

Fund Value (based on 3% net returns) Amount due to nominee in Higher of Fund value or Guaranteed Fund or event of death of the life insured 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 Partial Withdrawals insured within the first policy year. 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 Surrender Benefits higher. 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 Free Look Period out only after the 3rd policy year 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 Tax Benefits charges. Under Section 80C and 10 (10D) of the Income Tax Act, 1961 ** FLEXI SAVEPLUS Unique Features 1 2 The plan is a unit linked non participating plan giving you efficient earnings in the long term 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 4 Flexibility to make additional lump sum investments (top ups) to increase the savings portion of your policy 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 6 7 8 Options to make tax free Partial Withdrawals ** from your Fund Value, any time after three years Surrender of the policy without penalty any time after 4 policy years Increase the Sum Assured during the premium paying period depending on your requirements. Convenient premium payment options: Single, Short or Regular Premium Paying Period

Flexi Save Plus Plan Entry Age 30 days - 60 years Maximum 70 years Maturity Age 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 Minimum Duration Maximum Duration Minimum Sum Assured Premium Paying Period Premium Payment Frequency majors. 6yrs for To age variant for minors and 10yrs for all other options. 35yrs for To age variant for minors, 52yrs for To age variant for majors and 30yrs for all other options. Rs. 2,00,000 for To age 70 years and Rs.1,00,000 for all other terms. 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. Single pay, Annually, Semi-annually, Quarterly (for annual premium more than Rs.20,000 only), Monthly

(through ECS only). Premium Payment Cash (upto Rs. 20000), Cheque, Credit Card, Salary Mode Top up Premium Deduction, ECS, Direct debit 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. A minimum guaranteed return of 3% p.a. applies on Guaranteed Returns/ premiums and top-up premium, net of policy charges and survival benefits. This total will constitute the Guaranteed of all exits. The higher of the Fund Value or the Guaranteed Fund Value (based on 3% net returns) Higher of 'Fund Value' or 'Guaranteed Fund' or 'Sum Assured less applicable Partial Withdrawals in the 24

Guaranteed Funds Fund Value. The guaranteed returns are applicable in case Maturity Benefits Amount due to nominee in event 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 Partial Withdrawals 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 of 58. In a year two Partial Withdrawals are free of charge.

of death of the life months preceding the death of the life insured.

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. The policy can be surrendered any time during the tenure Surrender Benefits 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 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. Under Sec 80C and Sec 10 (10D) of the Income Tax Act 1961**

Free look Period

Tax Benefits

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 Entry Ages

Endowment Plan 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 Minimum Life Insurance Cover Maximum Life Insurance Cover Maximum Accidental Death Benefit Duration of the Plan Premium Payment Period Rs. 10 lacs 15, 20, 25, 30 years or To age 60. 20 years in case of To age 60 and throughout the term of the policy for other durations Premium Payment Frequency Premium Payment Mode Annual, Semi annual, Monthly (through ECS only) Cash (upto Rs. 20,000), Cheque, Credit Card, Salary Deduction, ECS, Direct Debit etc. 75 years Rs. 75, 000 No Limit

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 Entry Ages Maximum Maturity Age Minimum Life Insurance Cover Maximum Life Insurance Cover Duration of the Plan Premium Payment Period

MoneyBack Plan 30 days (14 years for 16, 20 and 24 year terms) - 59 yrs age at last birthday for all durations. 75 years Rs. 75, 000 No Limit. Maximum Accidental Death: Rs. 10 lacs 16, 20, 24 and 30 years Throughout the term except in the case of plan with duration of 30 years where the payment period will be 20 years Annual, Semi annual, Monthly (through ECS only) Cash (upto Rs. 20,000), Credit Card, Salary Deduction, ECS, Direct Debit etc. 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.

Premium Paying Frequency Premium Paying Mode

Policy Payouts during the term of the Policy

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 4th 16 20 24 30 year 10% 10% 10% Survival Benefits in 8th 12th 16th 20th 50% 60% 80% 55%

year year year year 20% 20% 10% 15% 15% 10% 10% 10% 10% 5% each year from 21st to 29th year

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 respondents 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 Mal