icici prudential
DESCRIPTION
project reportTRANSCRIPT
RAKSHPAL BAHADUR MANAGEMENT
INSTITUTE
BAREILLY
ASUMMER PROJECT REPORT
ON
“A COMPARATIVE ANALYSIS BETWEEN ICICI PRUDENTIAL & BIRLA SUNLIFE INSURANCE”
(A CASE OF BAREILLY CITY)
For the partial fulfillment of two your full time MBA program from UPTU, Lucknow
Batch 2007-09
UNDERGUIDANCE OF SUBMITTED BYMAYANK BHADORIA PAVAN CHAUHAN
MBA 3RD SEMESTER
2007-09
RAKSHPAL BAHADUR MANAGEMENT INSTITUTE, BAREILLY
Contents
Preface
Acknowledgement
Certificate
1 Introduction of Company
2 Objective of Study
3 Product/Services offered
4 Research methodology
5 Topic introduction
6 Analysis
7 Findings
8 Suggestions
9 Conclusion
Bibliography
Appendix (questionnaires)
PREFACE
Research Report is a very important aspect in the study curriculum of our
institute. Marketing Research is an essential tool in the marketing planning and process
and plays in the business decision-making process. Its application is effective in all
industrial, commercial and consumer markets. More importantly, the results that can be
achieved from the marketing research process are the real objective of the business.
Today successful companies at all levels have one thing in common, they are
strongly customer focused and heavily committed to marketing. These companies share
an absolute dedication to understanding and satisfying the need of customers in well-
defined target markets. They motivate everyone in the organization to produce superior
value for their customers, leading to high levels of customer satisfaction.
Marketing, more than any other business function, deals with customers,
understanding, creating, communicating and delivering customer value and satisfaction
are at the very heart of modern marketing thinking and practice. In other words we say
that, “marketing is the delivery of customer satisfaction at a profit.”
It influences us each day in both our roles as providers of goods and services and
as a customer. In the role of providers of goods and services, we make such marketing
related decision as choosing who our customers are, what goods and services to offer,
where to sell our goods and services.
PAVAN CHAUHAN
ACKNOWLDGEMENT
There are many people in ICICI Prudential & BirlaSunlife Insurance who had helped me
during the course of the project. It is my duty to acknowledge and thank them for their
help. As a matter of course thanks are due to the following persons in the given order:
Sales manager: Mr. ABHISHEK CHAUDHARY of ICICI & my elder brother Mr.
MAYANK BHDOARIA (Agency manager in BirlaSunlife) has helped me a lot in
studying various policies of both the companies
Others: This part includes the day to day people whom I use to meet in the organization.
They are the advisors working there; this include the staff working out there and even the
people whom I met in the NCR, who were kind enough to spare a few minutes of their
precious time and to take part in the survey.
I am sincerely thankful to the above people who were very kind and co-operative with us
when ever we needed them
PAVAN CHAUHAN Date
Place:
RAKSHPAL BAHADUR MANAGEMENT INSTITUTEBAREILLY
CERTIFICATE
This is to certify that “PAVAN CHAUHAN” has successfully completed the dissertation project titled "COMPARATIVE ANALYSIS BETWEEN ICICI PRUDENTIAL & BIRLA SUNLIFE INSURANCE"as the partial fulfillment of the requirement for the award of degree of Masters of Business Administration (M.B.A.) by U.P. Technical University Lucknow during Academic year 2007-09.
The matter embodied in this project is a genuine work by the student & has not been submitted earlier for the award of any other degree.
Mr. PANKAJ DIXIT
(Co-ordinater of RBMI)
ABOUT INSURANCE INDUSTRY:
WHAT IS INSURANCE?
The business of insurance is related to the protection of the economic values of assets.
Every asset has a value; the assets would have been created through the efforts of the
owner. The asset is valuable to the owner, because he expects to get some benefits from
it. The benefit may be an income or something else. It is a factory or a cow, the product
generated by is sold and income generated. In the case of a motor car, it provides comfort
and convenience in transportation. There is no direct income.
Every asset is expected to last for a certain period of time during which it will perform.
After that, the benefit may not be available. There is a life-time for a machine in a factory
or a cow or a motor car. None of them will lose for ever. The owner is aware of this and
he can so manage his affairs that by the end of that period of life-time, a substitute is
made available. Thus, he makes sure that the value of income is not lost. However, the
asset may get lost earlier. An accident or some other unfortunate event may destroy it or
make it non financial. In that case, the owner and those deriving benefits there from,
would be deprived of the benefit and the planned substitute would not have been ready.
There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce
the effect of such adverse situation.
BRIEF HISTORY OF INSURANCE
The business of insurance started with marine business. Traders, who used to gather in
the Lloyd’s coffee house in London, agreed to share the losses to their goods while being
carried by ships. The losses used to occur because of pirates who robbed on the high seas
or because of bad weather spoiling the goods or sinking the ship. The first insurance
policy was issued in 1583 in England.
In India, insurance began in 1876 with life insurance being transacted by an English
company, the European and the Albert. The first Indian insurance company was the
Bombay Mutual Assurance Society Ltd, formed in 1870. This was followed by the
Oriental Life Assurance Co. in 1874, the Bharat in 1896 and the Empire of India in 1897.
Later, the Hindustan Cooperative was formed in Calcutta, the United India in Madras, the
Bombay Life in Mumbai, the National in Calcutta, the New India in Mumbai, the Jupiter
in Mumbai and the Lakshmi in New Delhi. These were all Indian companies, started as a
result of the swadeshi movement in the early 1900s. By the year 1956, when the life
insurance was nationalized and the Life Insurance Corporation of India (LIC) was formed
on 1st September 1956, there were 170 companies and 75 provident fund societies
transacting life insurance business in India. After the amendment to the relevant laws in
1999, the L.I.C. did not have the exclusive privilege of doing life insurance business in
India. By 31.3.2002, eleven new insurers had been registered and and had begun to
transact life insurance business in India.
PURPOSE AND NEED OF INSURANCE
Assets are insured, because they are likely to be destroyed, through accidental
occurrences. Such possible occurrences are called perils, Fire, floods, breakdown,
lightning, earthquakes, etc, are perils. If such perils can cause damage to the asset, we say
that the asset is exposed to that risk. Perils are the events. Risks are the consequential
losses or damages. The risk to a owner of a building, because of the peril of an
earthquake, may be a few lakhs or few crores of rupees, depending on the cost of the
building and the contents in it.
The risk only means that there is a possibility of loss or damage. The damage may or may
not happen. Insurance is relevant only if there are uncertainties. If there is no uncertainty
about the occurrence of an event, it cannot be insured against. In the case of a human
being, death is certain, but the time of death is uncertain, In the case of a person who is
terminally ill, the time of death is not uncertain, though not exactly known. He cannot be
insured.
Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril
cannot be avoided through insurance. The peril can sometimes be avoided, through better
safety and damage control management. Insurance only tries to reduce the impact of the
risk and the owner of the assets and those who depend on that asset. It only compensates
the losses – and that too, not fully.
Only economic consequences can be insured. If the loss is not financial, insurance may
not be possible. Examples of non economic losses are love and affection of parents,
leadership of managers, sentimental attachments to family heirlooms, innovative and
creative abilities, etc.
INTRODUCTION TO ICICI PRUDENTIAL:
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank, a premier financial powerhouse and Prudential Plc, a leading international
financial services group headquartered in the United Kingdom. This joint venture is
formed in the year Dec, 2000 and ICICI Prudential was amongst the first private sector
Insurance companies to begin operation in Dec, 2000 after receiving approval from the
Insurance Regulatory Development Authority (IRDA).
For the year ended March 31, 2006, the company garnered Rs 24.12 billion of
weighted new business premium and wrote 837,963 policies. The sum assured in force
stands at Rs 458.88 billion. The company has a network of over 72,000 advisors; as well
as 9 banc assurance partners and over 200 corporate agent and broker tie-ups. It is also
the only life insurer in India to be assigned AAA credit rating from Fitch Ratings. For the
past five years, ICICI Prudential has retained its position as the No. 1 private life insurer
in the country, with a wide range of flexible products that meet the needs of the
Indian customer at every step in life. ICICI Bank and Prudential Plc hold 74 percent and
26 percent stake respectively.
PARTNERS
ICICI and Prudential came together in 1993 to form Prudential ICICI Asset
Management Company, which has today emerged as one leading mutual funds in India.
Riding on the success of this relationship, the two companies joined hands ones more in
2000, to form ICICI Prudential Life Insurance, with a commitment to provide leading
edge life insurance solutions.
VISION
Our vision:
To make ICICI Prudential the dominant Life and Pensions player built on trust by world-
class people and service.
This we hope to achieve by:
Understanding the needs of customers and offering them superior products and service
Leveraging technology to service customers quickly, efficiently and conveniently
Developing and implementing superior risk management and investment strategies to
offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our employees
And above all, building transparency in all our dealings.
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the
values describes what the company stands for, the qualities of our people and the way we
work.
We do believe that we are on the threshold of an exciting new opportunity, where we can
play a significant role in redefining and reshaping the sector. Given the quality of our
parentage and the commitment of our team, there are no limits to our growth.
ABOUT BIRLA SUN LIFE INSURANCE:
Birla Sun Life Insurance Company Limited is a joint venture between The Aditya Birla
Group, one of the largest business houses in India and Sun Life Financial Inc., a leading
international financial services organisation. The local knowledge of the Aditya Birla
Group combined with the expertise of Sun Life Financial Inc., offers a formidable
protection for your future.
The Aditya Birla Group has a turnover close to Rs. 33000 crores with a market
capitalisation of Rs. 53400 crores (as on 31st March 2006). It has over 72000 employees
across all its units worldwide. It is led by its Chairman - Mr. Kumar Mangalam Birla.
Some of the key organisations within the group are Hindalco, Grasim, Aditya Birla Nuvo,
etc.
Sun Life Financial Inc. and its partners today have operations in key markets worldwide,
including Canada, the United States, the United Kingdom, Hong Kong, the Philippines,
Japan, Indonesia, India, China and Bermuda. Sun Life Financial Inc. had assets under
management of over US$343 billion, as on 31st March,2006. Sun Life Financial Inc. is a
leading performer in the life insurance market in Canada.
Birla Sun Life Insurance (BSLI) in its 5 successful years of operations has contributed
significantly to the growth and development of the life insurance industry in India. It
pioneered the launch of Unit Linked Life Insurance plans amongst the private players in
India. It was the first player in the industry to sell its policies through the Bancassurance
route and through the Internet. It was the first private sector player to introduce a pure
Term plan in the Indian market. This was supported by sales practices, which brought a
degree of transparency that was entirely new to the market. The process of getting sales
illustrations signed by customers, offering a free look period on all policies, which are
now industry standards were introduced by BSLI. Being a customer centric company,
BSLI has invested heavily in technology to build world class processing capabilities.
BSLI has covered more than a million lives since inception and its customer base is
spread across more than 1000 towns and cities in India. All this has assisted the company
in cementing its place amongst the leaders in the industry in terms of new business
premium income. The company has a capital base of Rs 520 crores as on 31st July, 2006.
PRODUCTS OF ICICI PRUDENTIAL
SAVINGS PLANS
ICICI Prudential offers a variety of policies that give you the benefits of protection and
the opportunity to save for important assets or events, like a home, a car or a wedding.
INVEST SHIELD LIFE
A regular premium unit-linked insurance plan with an assurance of Capital Guarantee*
and the facility of extended insurance cover.
*The capital guarantee is applicable only on the invested premium and the declared
bonus interests.
INVEST SHIELD CASH
A regular premium unit-linked insurance plan with an assurance of Capital Guarantee*
along with flexible liquidity options.
INVEST SHIELD GOLD
A unit-linked insurance plan with an assurance of Capital Guarantee*, which offers you
the benefit of a limited premium payment and coverage term.
PREMIER LIFE
A market linked insurance plans that meets your Investment and Protection needs
LIFETIME LIFETIME II
Complete market-linked insurance plans that adapt itself to your changing protection and
investment needs, throughout a lifetime.
SECURE PLUS
An insurance plan that gives added protection savings and multiple options, all in one!
CASH PLUS
An insurance plan that gives added protection savings, multiple options, plus the power
of liquidity.
SAVE’N PROTECT
A traditional endowment savings plan that offers both high returns and protection.
CASH BAK
An endowment savings plan that allows you to get back substantial survival benefits
without having to wait till the maturity date.
PROTECTION PLANS
LIFE GUARD
ICICI Prudential Life Insurance offers LifeGuard - a set of pure protection plans.
Choose from amongst three different product structures to insure your life and provide
total security to your family, at a very affordable cost.
Level Term Assurance with return of premium
On death the entire sum assured will be paid.
On maturity, all the premiums paid will be returned.
Level Term Assurance without return of premium
On death the entire sum assured will be paid.
No survival or maturity benefits.
You can also enhance the above two policies by adding Accident & Disability Benefit
Rider and Waiver of Premium Rider (WOP).
Level Term Assurance - Single premium
On death the entire sum assured will be paid.
No survival or maturity benefits
CHILD PLANS
SMARTKID
As a responsible parent, you will always strive to ensure a hassle-free, successful life for
your child. However, life is full of uncertainties and even the best-laid plans can go
wrong. Here’s how you can give your child a 100% safe and assured tomorrow, whatever
the uncertainties. Smart Kid is especially designed to provide flexibility and safeguard
your child’s future education and lifestyle, taking all possibilities into account. For
further information on our SmartKid Education Plans
SmartKid regular premium
SmartKid unit-linked regular premium
SmartKid unit-linked regular premium II
SmartKid unit-linked single premium II
All these plans offer you:
Financial Benefits: Regular payments at critical stages in your child’s life, like Board
examinations, Graduation and Post-graduation.
Total peace of mind, even if you are not around
Sum Assured is paid immediately: Ensures that your loved ones stay financially secure,
even in your absence
All future premiums are waived: Ensuring that your family is not financially burdened
in your absence
Policy benefits continue: The educational benefits of the policy continue, ensuring that
your child can realize his or her dreams without any hassles.
Development Allowance: SmartKid guarantees regular income to secure your child’s
educational career and also ensures his or her all-round development, for a nominal
additional amount. The Income Benefit Rider takes care of this through an annual
payment of 10% of the sum assured, to your child, till the maturity of the policy, in the
unfortunate event of the death of the parent.
All SmartKid plans can be enhanced with the Accident & Disability Benefit Rider and
Income Benefit Rider.You can also an Accident Benefit Rider to a SmartKid Regular
Premium policy,and a Waiver of Premium Rider (WOP) to SmartKid unit-linked regular
premium policy.
RETIREMENT PLANS
RETIREMENT SOLUTIONS
Life Expectancy has been rising rapidly and today you can expect to live longer than your
earlier generations. For you, this increase will mean a longer retirement life, stretching
into a couple of decades. ICICI Prudential presents Retirement Solutions that combine
the best of insurance and investment. These solutions are developed to ensure your peace
of mind for the years to come.For further information on our Retirement Solutions.
GOLDEN YEARS
A flexible unit-linked retirement solution that offers flexibilities during the accumulation
as well as payout phase.
INVESTSHIELD PENSION
A regular premium unit-linked pension plan with an assurance of Capital Guarantee.
*The capital guarantee is applicable only on the invested premium and the declared
bonus interests
LIFETIME PENSION II
A regular premium linked pension plan that gives you the freedom to choose the amount
of premium, and invest in market-linked funds, to generate potentially higher returns.
LIFELINK PENSION II
A single premium linked pension plan that gives you the freedom to choose the amount
of premium, and invest in market-linked funds, to generate potentially higher returns.
SECUREPLUS PENSION
A regular premium pension plan that gives you the flexibility to choose between 3 levels
of sum assured for the same level of total annual contribution
FOREVERLIFE
A regular premium pension plan that helps you save for your retirement while providing
you with life insurance protection.
Choose from 5 Annuity options at the time of vesting
1. Life Annuity
2. Life Annuity with return of purchase price
3. Life Annuity guaranteed for 5, 10, 15 years
4. Joint Life, Last Survivor without return of purchase price
5. Joint Life, Last Survivor with return of purchase price
HEALTH PLAN
CANCER CARE
Comprehensive Cancer Protection Plan
HEALTH ASSURE
A Long-term Critical Illness Protection Plan.
HEALTH ASSURE PLUS
A Long-term Critical Illness Protection Plan with Life Cover.
INVESTMENT PLANS
LIFELINK SUPER
Lifelink Super is a unique single premium plan that combines the security of a life
insurance policy with the opportunity to enjoy potentially high returns on your
investments.
Low Allocation Charges:
The premium allocation charges are amongst the lowest across products. Allocation
charge for single Premium of Rs 500,000 or more
is 0%.
Death Benefit:
There are 2 options for sum assured - 500% of the single premium or 125% of the single
premium. In the event of an unfortunate death, the beneficiary will receive higher of the
value of units or the initial death benefit (adjusted for partial withdrawals*).
Liquidity:
In order to meet liquidity requirements, one can make partial withdrawals from the
accumulated value of the policy after completion of three policy years.
Flexibility:
Choose from four fund options, based on your investment objective and risk appetite. If
at a later stage your financial priorities change, you can switch between the various fund
options, absolutely free, 4 times a year.
GROUP SOLUTIONS
In an era of competitive parity, the only asset that makes a decisive difference between
corporate success and failure is the quality
of human capital. Employee benefits have proven to be an excellent tool to optimize the
retention of talent and improve an organisation’s bottomline. The quality of an
organisation’s employee benefits establishes and maintains a company's image as a
caring employer. Optimum care of employees is a long-term investment that results in a
sustained competitive advantage for an organisation in the times to come.
ICICI Pru Group Solutions Advantage
An integrated basket of employee benefit solutions that offer incomparable flexible
benefits.Sound investment management that focuses on safety, stability and profitability
of the portfolio.
Personalised financial planning for your employee that takes care of his/her changing
financial needs at every stage of life.
Quality service initiatives and transparency across all operations, promising superlative
operational efficiency.
Group Term Insurance : Helps provide affordable cover to members of a group.
Group Gratuity Plan : Helps employers fund their statutory gratuity obligation in a
flexible and hassle-free manner.
Group Superannuation Plan : A flexible scheme (defined benefit and defined
contribution) to provide a retirement kitty for each member of the group.
Group Term Insurance
ICICI Prudential's flexible group term solution helps provide affordable cover to
members of a group. The cover could be uniform or based on designation/rank or a
multiple of salary, and can be extended to all employees between the ages of 18 and 65
years. The benefit under the policy is paid on the event of the member’s death to the
beneficiary nominated by the member. It is a one-year renewable policy where one
master policy covers all proposed employees comprising the group, with a minimum
group size of 25 persons. New members can join the group and outgoing members can
leave the group at any point during the policy term. Highlights include:
Greater convenience for the employees with relaxed underwriting and medical
requirements.
"Free Cover Limits" with simplified underwriting depending upon the number of
employees in the group and the level of cover chosen.
Guaranteed benefit : On death during the term of the contract (while in service), the
sum assured will be paid to the beneficiary of the employee.
Choice of additional coverage in form an Accident and Disability Benefit Rider and
Critical Illness Cover
Premium is viewed as a business expense in the year of payment.
Group Gratuity Plan
ICICI Prudential's group gratuity plan helps employers fund their gratuity obligation in a
scientific manner. Employers can avail of the tax benefits as applicable to approved
gratuity funds. The plan can also be customized to structure schemes that can provide
benefits beyond the statutory obligations.
Highlights include:
Wider choice of investments with Market Linked Plans - to meet the diverse financial
goals. We offer the following investment options (short-term debt, debt, balanced,
growth and capital guarantee on the short-term debt plan) where investments will be
made in accordance with the fund objectives
Transparency through Daily disclosure of Unit Value and regular disclosure of the
portfolio of each of the investment option
Flexibility through switching and contribution redirection option to enable reshuffling of
portfolio
Bundled Life Cover greater value to the employee by packaging life insurance cover
with the gratuity, with minimal amount of underwriting.
Actuarial services to provide a scientific estimation of the gratuity liability.
Low explicit charge structure with the conditions for exit specified upfront.
Enhanced service levels through faster claim settlement, easier access to information
and regular statements
Complete end to end solution in the legal and regulatory approval process for
scheme set up or transfer
Employee Benefits
The contribution made by the employer is not included in the value of taxable perquisites
in the hands of the employee.
Gratuity received up to Rs 350000 is exempt from Income tax under Sec 10(10)
Employer Benefits
Annual contribution up to 8.33% of salary bill in a financial year is allowed a deduction
for the purpose of computation of profits and gains of business.
Contribution towards past service liability is allowed as deduction as per the Income Tax
rules.
Group Superannuation Plan
ICICI Prudential’s Superannuation Scheme (for both Defined Benefit and Defined
Contribution funds) offers substantial benefits to both employers and employees. The
employer and employee can avail of tax benefits applicable to an approved
superannuation trust. The scheme will provide for a retirement fund for each participating
employee. An employee would be able to choose from various annuity options or opt for
partial commutation of corpus at retirement.
Highlights include:
Wider choice of investments with Market Linked Plans - to meet the diverse financial
goals.We offer the following investment options (short-term debt, debt, balanced,
growth and capital guarantee options on short-term debt, debt and balanced) where
investments will be made in accordance with the fund objectives.
Control - Each member/employer can exercise greater control over investments by
choosing one or more of the investment options.
Multiple Annuity Options - 5 annuity options and open market option
Transparency - Transparency through Daily disclosure of Unit Value and regular
disclosure of the portfolio of each of the investment option.
Flexibility - Flexibility through switching and contribution redirection option to enable
reshuffling of portfolio
Low explicit charge structure with conditions for exit specified upfront.
Enhanced service levels through faster claim settlement, easier access to information
and regular statements.
Complete end to end solution in the legal and regulatory approval process for
scheme set up or transfer
RURAL PLANS
ICICI PrudentialLife Rural Products are designed to meet the needs of the rural
consumers. These products offer the following features:
Low and Affordable Premiums
Life Cover
Savings Option
Hassle free procedure
ICICI Prudential offers 2 specially designed rural plans.
ICICI Pru Mitr – Endowment Plan
ICICI Pru Suraksha - Regular Premium
1. ICICI Pru Mitr – Endowment Plan
ICICI Pru Mitr offers the following features:
1 Life Cover and Savings
2 Regular Premiums
3 Age at entry : 18 - 45 Yrs
4 Premium Mode : Half Yearly / Yearly
5 Term : 5,10,15 Yrs
6 Sum Assured : Rs.5,000 -20,000
7 Premium / Year : Rs. 507 - 553 ( SA: Rs.10,000)
8 Maturity/Death benefit : Sum Assured
2. ICICI Pru Suraksha - Regular Premium
ICICI Pru Suraksha is a regular premium policy with the following features:
1 Individual policy
2 Only Life cover
3 Term - 3 & 5 Yrs
4 Age independent premium
5 Age at entry : 18 - 45 Yrs
6 Sum Assured : Single
7 Premium / Year : Rs 50 – 200
8 Maturity/Death benefit : Rs.5,000 - 20,000
9 Death Benefit : Sum Assured
NRI PLANS
Being away from India doesn't mean you have to compromise the safety and security of
your loved ones. In fact, your savings from your time overseas can be easily channelised
to meet your family's needs - now and in the future. So, whether its your dream to retire
in your hometown; to secure
funds for your children's education; or to build assets, ICICI Prudential has a range of
solutions that can be customized to meet your needs.
1 Investment Plans
2 Savings Plans
3 Retirement Plans
4 Child Plans
Investment Plans
You can hedge your investments with investment like LifeLink Super vehicles that
provide you with a diversified portfolio.
Savings Plans
Endowment policies are a good way of putting aside your savings today for a future goal
- whether it's to buy a house in India or fund your entrepreneurial vision. Our savings-
oriented policies are designed to make your savings grow and have them available to you
at the end of a fixed number of years or through the term of the plan.
SecurePlus - an insurance plan that gives added protection savings and multiple options,
all in one!
CashPlus - an insurance plan that gives added protection savings, multiple options, plus
the power of liquidity.
LifeTime II - a complete market-linked insurance plan that adapts itself to your changing
protection and investment needs, throughout a lifetime.
Save'n'Protect - a traditional endowment savings plan that offers both high returns and
protection.
CashBak - an endowment savings plan that allows you to get back substantial survival
benefits without having to wait till the maturity date.
Premier Life - A market linked insurance plans that meets your Investment and
Protection needs.
Retirement Plans
Many of us picture ourselves enjoying the fruits of our labour after retirement - going on
a dream vacation, or helping our child's career take wing. Financing all this will depend
on our personal savings and investments, so its important to save for the future from
today. Our retirement plans are designed to help you systematically save, so that you can
enjoy all the things you have dreamed of when you retire.
LifeTime Pension II : A regular premium linked deferred pension plan that gives you the
freedom to choose the amount of premium, and invest in market-linked funds, to generate
potentially higher returns.
SecurePlus Pension : A regular premium deferred pension plan that gives you the
flexibility to choose between 3 levels of sum assured for the same level of total annual
contribution.
LifeLink Pension II : A single premium linked deferred pension plan that gives you the
freedom to choose the amount of premium, and invest in market-linked funds, to generate
potentially higher returns.
ForeverLife : A regular premium deferred pension plan that helps you save for your
retirement while providing you with life insurance protection.
Child Plans
As a responsible parent, you want to ensure a hassle-free, successful life for your child.
However, life is full of uncertainties and even the best-laid plans can go wrong. SmartKid
Education Plans are designed to provide flexibility and to safeguard your child's future
education and lifestyle, taking all possibilities into account.
SmartKid Child Plans has a bouquet of three products which can help you secure your
child’s education.
1 Unit-linked Regular Premium
2 Unit-linked Single Premium
3 Regular Premium SmartKid
KEYMAN INSURANCE PLANS
A keyman is an individual who directly affects the profitability and the continuity of a
business and whose absence may have an adverse effect on the health and continuity of
the business. Keyman insurance is a life insurance policy taken by the company on the
life of such a key person.
The objective of the keyman insurance is to provide the company with money so that the
financial losses to the company can be protected, in absence of the keyman. The aim is to
indemnify the company of these losses and to allow business continuity.
All premiums paid for securing a keyman life insurance policy are treated as business
expenditure u/s 37 (1).
Our Lifeguard plan is ideally suited for the purpose of keyman insurance
RIDERS
ICICI Prudential gives you the freedom to form your very own comprehensive insurance
policy by adding the rider benefits to the basic life insurance policy. Add from the
following list of benefits to increase the scope of your policy, at a nominal cost.
Critical Illness Rider
Accident & Disability Benefit Rider
Accident Benefit Rider
Income Benefit Rider
Waiver of Premium Rider (WOP)
Critical Illness Benefit Rider
This rider provides protection against 9 critical illnesses, namely: Major organ
transplants, complete renal failure, Stroke, Paralysis, Heart attack, Valve replacement
surgery, Major surgery of the aorta, CAGS (Bypass) and Cancer.
Benefits paid on contracting the illness
Accelerated benefits (available with Save n’ Protect and CashBak) : If the
policyholder is diagnosed with any of the specified illnesses, then the policyholder is paid
the entire sum assured under the rider. The policy along with all the riders (to the extent
of the Rider Sum Assured) is then terminated. However, the remainder of the base policy
continues till the end of the term. The policyholder will have to continue paying his
premiums for the remainder of the policy.
Accelerated benefits (available with SecurePlus, CashPlus and SecurePlus Pension) :
If the policyholder is diagnosed with any of the specified illnesses, then the policyholder
is paid the entire sum assured under the rider. The life cover along with all the riders is
then terminated. However, the policy value accumulation continues till the end of the
term or death, whichever is earlier.
Standalone benefits (available with Golden Years, PremierLife, LifeTime, LifeTime
II, ForeverLife, Group Term Plan, InvestShield Life, InvestShield Cash and
InvestShield Gold) : If the policyholder is diagnosed with any of the specified illnesses,
he/she is paid the rider Sum Assured and the rider terminates. However, the base policy
continues till maturity.
Premiums paid under this rider are eligible for tax benefits under Section 80D.
Accident & Disability Benefit Rider
Benefits payable on death due to an accident
If the policyholder dies due to an accident, 100% of the rider sum assured is paid in
addition to the basic sum assured.
In case the policyholder dies in a land surface, mass public transport system wherein the
policyholder was traveling as a fare-paying passenger, then 200% of the rider sum
assured is paid.
Benefits payable in case of permanent disability due to an accident
If the policyholder survives an accident but becomes permanently disabled then the
premium for the basic plan is completely waived off to the extent of the rider sum
assured.
Plus, 10% of the rider sum assured is paid for the next 10 years, which helps in providing
that extra money and takes care of sudden financial set back that occurs after a tragic
disability.
Accident & Disability Benefit rider is available with Save n’ Protect, Cashbak, SmartKid
Child Plans, Golden Years, PremierLife, LifeTime, LifeTime II, LifeTime Pension II,
ForeverLife, SecurePlus, CashPlus, SecurePlus Pension, LifeGuard ROP, LifeGuard
WROP, Group Term Plan, InvestShield Life, InvestShield Cash, InvestShield Gold and
InvestShield Pension . In case of Golden Years, PremierLife, Lifetime II, Lifetime
Pension II, SecurePlus, CashPlus, LifeGuard ROP and LifeGuard WROP, the waiver of
premium benefit is not available.
Premiums paid under this rider are eligible for tax benefits under Section 80C.
Accident Benefit Rider
If the policyholder dies due to an accident, 100% of the rider sum assured is paid in
addition to the basic sum assured.
Accident Benefit rider is available with Save’n’Protect, CashBak, SmartKid regular
premium, ForeverLife, SecurePlus, CashPlus and SecurePlus Pension.
Premiums paid under this rider are eligible for tax benefits under Section 80C.
Income Benefit Rider
In case of death of the life assured during the term of the policy, 10% of the rider sum
assured is paid annually to the beneficiary, on each policy anniversary till maturity of the
rider.Income Benefit rider is available with SmartKid Child Plans, SecurePlus and
CashPlusPremiums paid under this rider are eligible for tax benefits under Section 80C.
Waiver of Premium Rider (WOP)
On total and permanent disability due to an accident, all future premiums for both the
base policy and rider(s) will be waived till the end of the term of the rider or death of the
life assured, if earlier.Waiver of Premium rider is available with SecurePlus, CashPlus,
LifeGuard ROP, LifeGuard WROP, SmartKid Unit-linked regular premium II, Lifetime
II, LifeTime Pension II, SecurePlus Pension, InvestShield Life, InvestShield Cash and
InvestShield Pension.
Premiums paid under this rider are eligible for tax benefits under Section 80C.
PRODUCTS OF BIRLASUNLIFE
PRIMELIFE
Unique Benefits
1 The plan is a unit linked non participating plan.
2 The plan offers a choice of six Investment Fund Options to choose from
depending on your risk profile and the flexibility to switch between Funds twice a
year without any additional cost.
3 A one-time premium payment with the option to top up your Fund Value
whenever you have additional savings.
4 Guaranteed Addition in the form of additional units added to the Fund Value at
the end of 10 years and every 5 years thereafter.
5 High liquidity in the form of partial withdrawals and surrender benefits.
6 Death benefits which are favorable at all times to the customer (higher of Sum
Assured or Fund Value)*.
Particulars
Detailed Benefits of PrimeLife
Entry Age
30 days - 60 years
Max. Maturity Age
100 yrs
Minimum Duration
40 years
Premium Term
Single Pay
Minimum Premium
Rs.20,000
Sum Assured
150% of the single premium amount, minimum Sum Assured will be Rs.30,000
Top-ups
Whenever you have additional savings during the tenure of the policy, you can top up the
Investment Fund. The minimum amount of top ups will be Rs. 10,000. The maximum
amount of Top Up Premium in any Policy Year will be the Policy Premium or Rs. 5,00,
000 whichever is lower. The life insurance coverage will increase if the cumulative top
up paid till date exceeds 25% of the single premium amount. The additional Sum Assured
will be 125% of the excess top up premium and is subject to the prevailing administrative
and underwriting rules of the company. Any top up premium made during the period of
the contract cannot be withdrawn for three years from the date of payment of that top up
premium except the top up premiums paid in the last three years of the policy tenure.
Investment Fund Options
Assure, Protector, Builder, Enhancer, Creator and Magnifier.
Amount due to nominee in event of death of the life insured
Higher of 'Fund Value' or 'Sum Assured' less all applicable Partial Withdrawals in the 24
months preceding the death of the life insured. In the event of death of the Insured, till the
age of five only Fund value is paid. In case of death at the age of 60 yrs or above, the
Sum assured will be reduced by the applicable Partial Withdrawals made since the life
insured attained the age of 58.
On Maturity
Fund Value
Surrender Benefits
The policy can be surrendered any time during the tenure of the policy. The surrender
charges will be zero after the 4th policy year. In case of surrender in the first 3 policy
years the benefits will be paid out only after the 3rd policy year.
Guaranteed Benefits
Guaranteed additions in the form of additional units will be added to the Fund Value at
the end of 10th Policy year and every 5 years thereafter while your policy is in effect.
The guaranteed additional units will be equivalent to 2% of the average Fund Value at the
preceding sixty monthly policy dates.
Partial Withdrawal
Partial withdrawals can be made anytime after three Policy Years or when the Life
Insured attains 18 years of age , whichever is later. The minimum Partial Withdrawal
amount is Rs.10,000. The maximum amount of Partial Withdrawal is any amount subject
to the condition that the minimum Fund Value is Rs.25,000 and Surrender Charges
applicable in the year of Partial Withdrawal or the sum of Top Up Premiums made, if
any, in the preceding 3 years, whichever is higher.
Switch between Investment Funds
You can switch between Investment Funds anytime during the Policy term. In a year two
switches are free*
# In a year only 4 withdrawals are permitted. Two withdrawals in every policy year will
be free of charge. And every additional withdrawal will be subject to a charge of 0.5% of
the amount withdrawn. This charge shall not exceed 1% of the amount withdrawn.
PRIMELIFE PREMIER
Benefits
1 The plan is a unit linked non participating plan
2 It offers a choice of six Investment Fund Options to choose from depending on
your risk profile and the flexibility to allocate the premiums (including top ups) in
varying proportions into the different funds.
3 A one time premium payment with the option to top up your Investment Fund
whenever you have additional savings
4 Guaranteed Addition in the form of additional units added to the Fund Value at
the end of 10 years and every 5 years thereafter
5 High liquidity in the form of partial withdrawals and surrender benefits
6 Death benefits which are favorable at all times to the customer (higher of Sum
Assured or Fund Value)*
THE PLAN
Entry Ages
30 days - 65yrs
Maturity Age
70yrs
Premium Term
Single premium
Minimum Duration
5yrs
Minimum Premium
Rs. 50,000
Sum Assured
“5” times of the Life Insurance premium. Minimum Sum Assured will be Rs.2,50,000
Top-ups
You can top up the Fund whenever you have additional savings during the tenure of the
policy. The minimum amount of top ups will be Rs.10,000. The maximum amount of top
up premium in any Policy Year will be the policy premium or Rs.5,00,000 whichever is
lower. The life insurance coverage will increase if the cumulative top ups exceed 25% of
the single premium amount. The additional Sum Assured will be 125% of the excess top
up premium and is subject to the prevailing administrative and underwriting rules of the
company.
Any top up premium made during the period of the contract cannot be withdrawn for
three years from the date of payment of that top up premium except the top up premiums
paid in the last three years of the policy tenure.
Investment Fund Options
Assure, Protector, Builder, Enhancer, Creator & Magnifier.
Amount due to nominee in event of death of life insured
Higher of 'Fund Value' or 'Sum Assured' less all applicable Partial Withdrawals in the 24
months preceding the death of the life insured. In the event of death of the life insured,
till the age of five only Fund value is paid. In case of death at the age of 60 or above, the
Sum assured will be reduced by the applicable Partial Withdrawals made since the life
insured attained the age of 58.
Surrender benefits
The policy can be surrendered any time during the tenure of the policy. The surrender
charges will be zero after the 4th policy year. In case of surrender in the first 3 policy
years the benefits will be paid out only after the 3rd policy year.
Maturity benefits
Fund Value
Guaranteed benefits
Guaranteed additions in the form of additional units will be added to the Fund Value at
the end of the 10th policy year and every 5yrs thereafter while your policy is in effect.
The additional units will be equivalent to 2% of the average Fund Value at the preceding
sixty monthly policy dates.
Partial Withdrawals
Partial Withdrawals can be made after three Policy Years or when the Life Insured attains
18 Years of age whichever is later. You can make two Partial Withdrawals free of charge
in every policy year.
The minimum Partial Withdrawal amount is Rs.25,000. The maximum Partial
Withdrawal amount in a Policy Year is any amount subject to the Policy having a balance
Fund Value of Rs.25,000 and Surrender Charges applicable in the year of Partial
Withdrawal or the sum of Top Up premiums made, if any, in the preceding three years,
whichever is higher.
Switch between Investment Funds
You can switch between Investment Fund anytime during the Policy term. In a year two
switches are free. Any additional switch will be charged at a nominal rate.
Riders available
Accidental Death & Dismemberment, Critical illness, Critical Illness for Women & Term
Rider.
Tax Benefits
You can avail of tax benefits under Sec 80C and Sec 10(10 D) of the Income Tax Act
1961, and under Sec 80 D on premiums paid towards Critical Illness Rider.
.
SIMPLY LIFE
THE PLAN
Entry Ages
8 years - 50 years age as on last birthday
Maximum Maturity Age
60 years
Duration of the Plan
10 years
Minimum Annual Premium
Rs. 10,000
Maximum Annual Premium
Rs. 1,00,000
Payment Frequency
Monthly (ECS), Quarterly, Semi Annually & Annually
Maturity Benefit
The higher of the Fund Value or the aggregate of all the premiums paid subject to
following conditions
• All Premiums are paid; and
• Each premium is paid on or before the expiry of a period of 60 days from the due date
Face Amount
5 times the annual premium amount
Investment Fund
Choice of two investment funds – Balancer and Enhancer
Death Benefit
Upon the death of the Life Insured we will pay to the Nominee or the Policy Owner as
the case may be an amount equal to the total of the Sum Assured and the Fund Value
Surrender option
Any time during the tenure of the policy. There are no surrender charges from the 7th
policy year onwards. However if the policy is surrendered in the first 3 years the
surrender value will be paid out after the third policy year
Free Look Period
You have a period of 15 days from the date of receipt of the policy document to review
the terms and conditions of the policy. If you disagree to any of these terms or conditions,
you have the option to return the policy stating the reasons for your objection. You will
be entitled to a refund of the premium paid, subject only to a deduction of a proportionate
risk premium for the period on cover and the expenses incurred by us for the medical
examination, if any, and stamp duty charges.
Tax Benefit
Under Sec 80(C) and Sec 10(10D) of the Income Tax act 1961*(Please consult your tax
advisor for specific suitability
SINGLE PREMIUM BOND'
is a unit-linked non-participating investment oriented insurance plan wherein you pay a
single premium and the policy pays a lump sum at maturity. It is the ideal plan for you if
you have received a large amount/bonus or have a surplus and are in search of an avenue
to invest your money. This plan is available for two tenures of 5 and 10 years. In the case
of the 10-year plan, you have a choice between three Investment Fund Options with
different investment patterns - Protector, Builder and Enhancer. This gives you the option
to invest your money in a fund based on your risk profile. In the 5 year plan the
Investment Fund Option available is only Protector. You can switch between the
Investment Fund Options during the term of the policy ensuring that your money works
harder andprovides you with more efficient returns.
The features of the plan are given in the table below:
Single Premium Bond
Entry Age
13 years for the 5 year term, 8 years for the 10 year term - 70 years
Maximum Maturity Age
75 or 80 years depending on the benefit term chosen
Benefit terms available
5 years and 10 years
Minimum Duration of plan
5 years
Minimum premium amount
Rs. 20,000
Sum Assured
125% of the single premium amount; minimum sum assured will be Rs. 25000
Benefits
a) You get dual benefits :
'SINGLE PREMIUM BOND' caters to the twin needs of Life Insurance and Investment.
The premium contribution in the plan is guaranteed on maturity.
b) There are no medical requirements :
You don't require any medical test to buy this plan
c) It's so convenient:
Simple documention
Simple one time payment saves you the hassle of regular investments.
d)You have the option of 3 Investment Funds (in the 10 year plan):
Three Investment Fund Options are available under the 10 year plan. You can allocate
your premiums in varying ratios between these 3 Funds. You also have the choice of
switching between the various Funds twice a year free of cost. For the 5 yr plan the
Investment Fund available is Protector.
e) Maturity Benefits :
The maturity benefit would depend upon the contribution made, and the term of the
policy decided by you. On maturity the higher of the Fund Value or the policy premium
will be payable to you.
f) Death Benefit :
In case of the unfortunate death of the life insured, Fund Value or 125% of the single
premium (Sum Assured), whichever is higher, is payable to the policyholder's nominee.
Let us take an example:
A male aged 25 years buys this plan for a premium amount of Rs 50,000.The benefit
period is 10 years. The death benefit for this plan would be higher of the Fund Value or
125% of 50,000 that is Rs.62, 500.
g) Surrender Benefit :
The policy can be surrendered any time after 3 policy years without any charges. The
amount payable will be the Fund Value.
SUPREME-LIFE
Superior Benefits
1 The plan is a unit linked non participating plan
2 It offers a choice of 6 investment fund options to invest your premiums into,
depending on your risk profile
3 Additionally you have the flexibility to allocate the premiums (including top ups)
in varying proportions into the different funds to create your own fund option
4 The opportunity to top up your Fund Value whenever you have additional savings
5 High liquidity in the form of partial withdrawals and surrender benefits
6 A choice of 2 death benefits to opt from based on the benefits you would like your
nominees to receive
7 An Accidental Total Permanent Disability benefit in the event of Total Permanent
Disability (TPD) caused by accident, injury or illness
The Plan
Supreme-Life
Entry Ages
Min - 8 years age as on last birthday for 10 years term, 3 years age as on last birthday for
15 years term, 30 days for other benefit terms; Max- 60 years
Maturity Age
70 yrs
Tenures
10 yrs, 15 yrs, 20 yrs, 25 yrs, 30 yrs, 35 yrs & 40 yrs
Minimum Premium
Rs. 25,000
Premium Paying
3 yrs, 5yrs and throughout the benefit period for 10 year benefit term. 3 yrs, 5yrs, 10yrs
and through out the benefit period for 15 year benefit term. Throughout the benefit term
for 20 yrs, 25 yrs, 30 yrs, 35 yrs & 40 yrs benefit term
Sum Assured
The minimum sum assured will be annualized premium * 0.5* benefit period not below
Rs.200,000 Maximum Sum Assured: No Maximum.
Top-ups
You can top up the fund whenever you have additional savings during the tenure of the
policy. The minimum
amount of top ups will be Rs. 10,000. The maximum amount of Top Up Premiums in any
Policy Year will be limited to lower of one Annual Policy Premium or Rs. 5,00,000. The
life insurance coverage will increase if the cumulative top up amount exceeds 25% of the
annualised premiums paid till date. The additional Sum Assured will be 125% of the
excess top up premium and is subject to the administrative and underwriting rules of the
company.
Investment Fund Options
Assure, Protector, Builder, Enhancer, Creator, Magnifier
Death Benefits
There are 2 benefits to choose from: Death Benefit ‘A’ – The Sum Assured plus the Fund
Value Death Benefit ‘B’– The Sum Assured increasing at 25% (of Sum Assured at
inception) every five years plus Fund Value. The two different types of death benefits
will offer the customer
• Different types of benefits to suit his Risk Appetite
• Flexibility in Death Benefit
These choices will have to be made at inception of the policy. No changes can be made
midway. If the death of the life insured takes place before the commencement of the
Policy Anniversary, coinciding with or immediately following the date when the Life
Insured attains the age of five, only the fund value shall be payable to the Policy Owner.
Surrender Benefits
Fund value less surrender charges. The surrender charges are nil after the 6th Policy
Year. However if the policy is surrendered in the first 3 years the surrender value will be
paid out after the third policy year.
Maturity Benefits
Fund value
Partial Withdrawal Benefits
Partial withdrawals can be made anytime after the third policy year. Four withdrawals
will be allowed in a Policy Year. Two withdrawals in a Policy year will be free. All
others will be charged an amount of 0.5% of the funds withdrawn. This charge shall not
exceed 1% of the funds withdrawn.
Switch between Investment Funds
You can switch between Investment Fund Options anytime during the Policy term. In a
year two switches are free. Any additional switch will be charged
Accidental TPD Benefit
In the event of occurrence of Accidental Total Permanent Disability* (TPD), Benefit the
Sum Assured at inception of the policy will be paid and the future premiums payable on
the policy will be waived till the Life Insured reaches age 60yrs provided “Total and
Permanent Disability” takes place due to accident between the age of 20yrs and 50yrs.
The benefit is applicable only to life insured above 18 years of age at the inception. The
maximum amount paid under this benefit cannot exceed Rs.5 million.
“Total and permanent disability” means a condition - directly and solely caused by an
accident to which the assured has not exposed himself negligently or wilfully - as a result
of which the assured is, on the strength of
medical and other evidence as required at the Company’s reasonable discretion, totally &
permanently and continuously unable:
(a) to use the following
Both eyes; or both hands; or both feet; or one hand and one foot;
or
(b) to do the following
(i) the normal actions and functions with regard to the care of his body or the care of his
personal interests; or
(ii) if the assured engages in an occupation for remuneration or profit, any occupation;
Provided that the assured’s inability shall not qualify as being total and permanent and
continuous if it can be substantially removed by surgery or any other medical treatment
which assured, with due allowance for the risk the and prognosis of success of such
treatment, can reasonably be expected to undergo;
The permanence of the disability will only be establ ished 26 weeks following the date of
the event causing the disability.
Tax Benefit
Tax benefits are available under Sec 80 C and Sec 10(10D) of the Income Tax Act 1961
CLASSICLIFE
How does the ClassicLife Premier ensure me superior benefits?
The plan is a unit linked non participating plan
You have the choice of six Investment Fund Options with the flexibility to allocate the
premiums in varying proportions into the different Fund Options or even switch* from
one or more Investment Fund(s) to other Investment Fund(s).
You can top up your Fund Value whenever you have additional savings. The minimum
amount of top ups will be Rs. 10,000
The plan offers you further benefits in the form of additional units, which will be added
to the Fund Value at the end of the 10th policy year and at the end of every 5th year
thereafter
There is high liquidity in the form of Partial Withdrawals and surrender benefits.
Death benefits, which will be higher of the Fund Value or Sum Assured, reduced by the
applicable partial withdrawals
The Plan
What are the options available in the product?
Entry Age
Minimum Entry Age : 30 days for 20 and 30 term, 8 years for the 10 term and 30
years for Whole Life
Maximum Entry Age: For 10 yrs term - 60yrs
: For 20yrs term - 50yrs
: For 30yrs term - 40yrs
: For Whole Life - 60yrs
Duration of the product
You have the option of taking the plan for 10 yrs, 20yrs, 30yrs or Whole Life.
Minimum Duration:10yrs
Maximum Duration: 70yrs
(Please note that Whole Life is assumed to be 100 yrs )
Maturity age
70 yrs for the terms - 10, 20, 30 yrs
:100 yrs for Whole Life
Minimum Sum Assured:
Rs. 2,00,000
Premium Payment Term
The premium is payable for the payment term that you opt for. You have the following
option to choose from:
For 10 yrs term: 3yrs, 5yrs or regular Coverage Paying Period.
For 20 yrs, 30 yrs term and Whole Life: 5yrs, 10yrs or regular Coverage Paying Period
What are the premiums that I need to pay and the various payment options?
1 Premium Amount
The premium amount is entirely flexible subject to a minimum annual premium
amount of Rs. 25,000 and minimum Sum Assured of Rs. 2,00,000.There is no
limit for the maximum premium amount. To give you an idea of the flexibility in
the premium payment, the plan allows you t
Pay top up premiums whenever you have additional savings
You can pay additional amounts over and above the regular premium amount
from inception whenever you have additional savings. These amounts, which you
deposit, get added to your Fund Value so that you do not have to look for other
investment opportunities for your money. The minimum amount of top up will be
Rs. 10,000. The maximum amount of top up in a policy year can not exceed one
annualised premium or Rs.5,00,000 whichever is lower.
If the amount of top up premiums paid exceeds 25 percent of the Annual Policy
Premiums paid till date it will result in a proportionate increase in the Sum
Assured subject to then prevailing underwriting and administrative rules. The
amount of additional Sum Assured will amount to 125% of the excess top up
premium.
Pay your premiums at your convenience
You have the option of paying the premiums on a monthly (through ECS only),
quarterly, semiannual and annual basis. (Please note that the minimum annual
premium should be Rs 25000/- for any mode of premium payment.)
Choose the mode for paying your premiums
You have an option to pay your premiums through Cash, Cheque, Credit Card,
Salary Deduction, ECS, Direct Debit
How much life insurance cover is available in the plan?
Sum Assured
The Sum Assured can be any multiple of your choice of the annualized premium
amount that you choose to pay subject to a minimum multiple of 5 times and the
minimum Sum Assured of Rs. 2,00,000. The minimum Sum Assured will be as
per the formula 0.5*Benefit Term* annualized premium subject to the following
multiples
Term
Multiple of Annual Premium
10 years
5 times annual premium*
20 years
10 times annual premium
30 years
15 times annual premium
Whole Life
30 - 39 years
20
40 - 49 years
15
50 - 54 years
10
55 - 60 years
8
*However, the minimum Sum Assured for 10 years term will be five times the
annual premium or Rs. 2,00,000 whichever is higher. The maximum multiple is
dependent on your age and Coverage Paying Period chosen by you.
Investment Fund Particulars
Choice of Investment Fund Options
You can choose from six Investment Fund Options to match your risk profile and
help you earn efficient returns on your funds.
If you wish to diversify your risk, you can choose to allocate your
premium in varying proportions amongst the available Investment Fund Options.
You can switch* between the Investment Fund Options or change the Premium
Allocation Percentage into the various Investment Fund Options@ anytime during
the tenure of the policy.
The portfolio of the different Investment Fund is given below
Min/Max limit of Percentage of assets in:
Investment Fund Options Particulars
Assure
Protector
Builder
Enhancer
Creator
Magnifier
Government and government approved securities
30%-90%
30%-100%
25%-90%
20%-80%
20%-60%
10%-50%
Corporate bonds rated AA or above by CRISIL or any equivalent rating by
any approved rating agency
10%-50%
0%-30%
0%-30%
0%-30%
10%-30%
0%-25%
Money market and other liquid assets
0%-20%
0%-20%
0%-20%
0%-20%
0%-20%
0%-20%
Infrastructure sector as defined by the IRDA
Nil
0%-25%
0%-25%
0%-25%
Nil
Nil
Listed equities
Nil
0%-10%
10%-20%
20%-35%
30%-50%
50%-90%
You can select the Investment Fund Options based on your risk preference and
switch between the Investment Funds based on market performance. See the
risk profile of each Asset Class at the end of the brochure.
FLEXI CASHFLOW
Unique Features
2 The plan is a unit linked non-participating plan to give you efficient returns
3 Tax free lump sum pay-outs, to take care of recurring needs
4 A choice of three Investment Fund Options: Protector, Builder and Enhancer,
with the freedom to switch between the Investment Fund Options anytime
during the policy tenure
5 Flexibility to make additional lump sum investments (top ups) to increase the
savings portion of your policy
6 Minimum Guaranteed returns of 3% p.a. on your premium and any top up
amounts, net of all Policy Charges. More importantly the entire upside in the
performance of the Investment Fund is passed on to you.
7 Options to make tax-free Partial Withdrawals**from your Fund Value
anytime after three years
8 Surrender of the policy without penalty after 4 policy years
9 Increase the Sum Assured during the premium paying period any time
depending on your needs
10 Convenient premium payment options: Short or Regular Premium Payment
Period
Flexi Cash Flow PlanEntry Age 13 to 65 years of ageMaturity Age 75 yearsMinimum Sum Assured Rs.1,00,000Durations 10, 15, 20 or 25 yearsPremium Paying Period 10, 15, 20 years or Regular Premium Payment
Period. In case of 25 years term, the premium payment period will be 20 years or regular or 15 years.
Premium Payment Frequency
Annually, Semi-annually, Quarterly (for annual premium more than Rs.20,000 only), Monthly(through ECS only) .
Premium Payment ModeCash (upto Rs. 20,000), Cheque, Credit Card, Salary Deduction, ECS, Direct debit
Top up Premium You can top up$ the fund whenever you have additional savings during the tenure of the policy. The minimum amount of top ups will be Rs. 5,000. The maximum amount of top up in any Policy Year will be Rs. 50,000 or the Annual Premium whichever is higher.
The Sum Assured in the plan will increase if the cumulative top up amount exceeds 25% of the Annual premium paid till date. The additional Sum Assured will be 125% of the excess top up premium and is subject to the administrative and underwriting rules of the company.
Guaranteed Returns /Guaranteed Funds
A minimum guaranteed return of 3% p.a. applies on premiums and top-up premium, net of policy charges and survival benefits. This total will constitute the Guaranteed Fund Value. The guaranteed returns are applicable in case of all exits.
Survival benefits /Regular Pay-outs
These benefits are payable at the end of every 5 policy years.The amount that will be available is the minimum of the 'Guaranteed Fund' at the time or the 'Percentage of the Sum Assured' applicable for your policy. The percentages are as under:• 30% for policy with duration of 10 years•25% for policy with duration of 15 years•20% for policy with duration of 20 years•15% for policy with duration of 25 years
Maturity Benefits The higher of the ‘Fund Value’ or the ‘Guaranteed Fund Value’ (based on 3% net returns)
Amount due to nominee Higher of ‘Fund Value’ or ‘Guaranteed Fund
in event Of death of the life insured
Value’ or Sum Assured less all applicable Partial Withdrawals in the 24 months preceding the death of the life insured.
Where the policy is bought on or prior to the 1st birthday of the life insured, higher of the Fund Value or the Guaranteed Fund Value is payable to the policy owner in the event of death of life insured within the first policy year.
In case of death at the age of 60 years or above then the Sum Assured will be reduced by the applicable Partial Withdrawals made since the life insured attained the age of 58.
Partial Withdrawals In a year two Partial Withdrawals are free of charge.
Partial Withdrawals are allowed after three policy years or on attaining the age of 18 years (in case of minors) whichever is later.
The Partial Withdrawal is subject to the condition that the minimum balance in the Fund Value after the Partial Withdrawal is equal to the 'Guaranteed Fund' or 'One Annual Policy Premium plus Surrender Charges' applicable in that year, whichever is higher.
Surrender Benefits
The policy can be surrendered any time during the tenure of the policy. The surrender charges will be zero after the 4th policy year. In case of surrender in the first 3 policy years the benefits will be paid out only after the 3rd policy year
Free Look Period
You have a period of 15 days from the date of receipt of the policy document to review the terms and conditions of the policy. If you disagree to any of these terms or conditions, you have the option to return the policy stating the reasons for your objection. You will be entitled to a refund of the premium paid, subject only to a deduction of a proportionate risk premium for the period on cover and the expenses incurred by us for the medical examination, if any, and stamp duty charges.
Tax Benefits Under Sec 80C and 10(10D) of the I.T ACT 1961
FLEXI LIFELINE
Unique Features
1 The plan is a unit linked non-participating plan which gives you efficient earnings
in the long term.#
2 Lifelong Insurance cover till age 100 years^ in addition to other durations
available.
3 A choice of three Investment Fund Options: Protector, Builder and Enhancer,
with the freedom to switch between the Investment Fund Options anytime during
the policy tenure
4 Flexibility to make additional lump sum investments (top ups) to increase the
savings portion of your policy
5 Minimum Guaranteed returns of 3% p.a. on your premium and any top up
amounts, net of all Policy Charges. More importantly the entire upside in the
performance of the Investment Fund is passed on to you
6 Options to make tax free Partial Withdrawal**from your Fund Value anytime after
three years
7 Surrender the policy without penalty any time after 4 policy years
8 Increase the Sum Assured during the premium-paying period depending on your
life insurance requirements
9 Convenient premium payment options: Short or Regular paying period
FLEXI LIFE LINE PLAN
Minimum Entry Age 30 days
Maximum Entry Age 65 years, 59 years for 10 pay.
Minimum Sum Assured Rs. 5,00,000 for 10 yrs Premium Paying Period
for all ages
Rs. 3,00,000 for 15, 20, 25 yrs and Regular
Premium Paying Period for minors.
Rs. 2,00,000 for 15, 20, 25 yrs and Regular
Premium Paying Period for majors.
Maximum Maturity Age 70 years for minors for all pay options
70 years for all ages for 10 pay option.
100 years for majors for 15,20,25 or regular pay.
Premium Paying Period 10, 15, 20, 25 years or Regular Premium Paying
Period
Premium Payment
FrequencyAnnually, Semi-annually, Quarterly (for annual
premium more than Rs. 20,000 only),
Monthly(through ECS only) .
Premium Payment Mode Cash (upto Rs. 20000), Cheque, Credit Card,
Salary Deduction, ECS, Direct debit
Top up Premium You can top up$ the fund whenever you have
additional savings during the tenure of the policy.
The minimum amount of top ups will be Rs.
5,000. The maximum amount of top up in any
policy year will be Rs. 50,000 or the Annual
Premium whichever is higher.
The Sum Assured in the plan will increase if the
cumulative top up amount exceeds 25% of the
Annual premium paid till date. The additional
Sum Assured will be 125% of the excess top up
premium and is subject to the administrative and
underwriting rules of the company.
Guaranteed Returns/
Guaranteed Funds
A minimum guaranteed return of 3% p.a. applies
on premiums and top-up premium, net of policy
charges and survival benefits. This total will
constitute the Guaranteed Fund Value. The
guaranteed returns are applicable in case of all
exits.
Maturity Benefits The higher of the ‘Fund Value’ or the ‘Guaranteed
Fund Value’ (based on 3% net returns)
Amount due to nominee in
event of death of the life
insured
Higher of ‘Fund value’ or ‘Guaranteed Fund’ or
‘Sum Assured’ less all applicable Partial
Withdrawals in the 24 months preceding the death
of the life insured.
In case of death at the age of 60 yrs or above then
the Sum assured will be reduced by the applicable
Partial Withdrawals made since the life insured
attained the age of 58 yrs.
Where the policy is bought on or prior to the 1st
birthday of the life insured, higher of the Fund
Value or the Guaranteed Fund Value is payable to
the policy owner in the event of death of life
insured within the first policy year.
Partial Withdrawals In a year two Partial Withdrawals are free of
charge.
Partial Withdrawals are allowed after three policy
years or on attaining the age of 18 years (in case
of minors) whichever is later.
The Partial Withdrawal is subject to the condition
that the minimum Fund Value after the Partial
Withdrawal is equal to the 'Guaranteed Fund' or
'One Annual Policy Premium plus Surrender
Charges' applicable in that year, whichever is
higher.
Surrender Benefits The policy can be surrendered any time during the
tenure of the policy. The surrender charges will be
zero after the 4th policy year. In case of surrender
in the first 3 policy years the benefits will be paid
out only after the 3rd policy year
Free Look Period You have a period of 15 days from the date of
receipt of the policy document to review the terms
and conditions of the policy. If you disagree to any
of these terms or conditions, you have the option
to return the policy stating the reasons for your
objection. You will be entitled to a refund of the
premium paid, subject only to a deduction of a
proportionate risk premium for the period on
cover and the expenses incurred by us for the
medical examination, if any, and stamp duty
charges.
Tax Benefits Under Section 80C and 10 (10D) of the Income
Tax Act, 1961 **
FLEXI SAVEPLUS
Unique Features
1 The plan is a unit linked non participating plan giving you efficient earnings in the
long term
2 A choice of three Investment Fund Options: Protector, Builder and Enhancer,
with the freedom to switch between the Investment Fund Options anytime during
the policy tenure
3 Flexibility to make additional lump sum investments (top ups) to increase the
savings portion of your policy
4 Minimum Guaranteed returns of 3% p.a. on your premium and any top up
amounts, net of all Policy Charges. More importantly the entire upside in the
performance of the Investment Fund is passed on to you
5 Options to make tax free Partial Withdrawals ** from your Fund Value, any time
after three years
6 Surrender of the policy without penalty any time after 4 policy years
7 Increase the Sum Assured during the premium paying period depending on your
requirements.
8 Convenient premium payment options: Single, Short or Regular Premium Paying
Period
Flexi Save Plus Plan
Entry Age 30 days - 60 years
Maximum
Maturity Age70 years
Durations As per policy term - 10,15,20,25 or 30 yrs or as per
maturity age:
To age 20,25,30,35 yrs for minors and 60,65,70 yrs for
majors.
Minimum
Duration
6yrs for To age variant for minors and 10yrs for all other
options.
Maximum
Duration
35yrs for To age variant for minors, 52yrs for To age
variant for majors and 30yrs for all other options.
Minimum Sum
Assured
Rs. 2,00,000 for To age 70 years and Rs.1,00,000 for all
other terms.
Premium Paying
Period
10, 15, 20 years or Regular Premium Payment Period. In
case of 25 years term, the premium payment period will be
20 years or regular or 15 years.
Premium Payment
Frequency
Single pay, Annually, Semi-annually, Quarterly (for
annual premium more than Rs.20,000 only), Monthly
(through ECS only).
Premium Payment
Mode
Cash (upto Rs. 20000), Cheque, Credit Card, Salary
Deduction, ECS, Direct debit
Top up Premium You can top up $ the fund whenever you have additional
savings during the tenure of the policy. The minimum
amount of top ups will be Rs. 5,000. The maximum
amount of top up in any policy year will be Rs. 50,000 or
the Annual Premium whichever is higher.
The Sum Assured in the plan will increase if the
cumulative top up amount exceeds 25% of the Annual
premium paid till date. The additional Sum Assured will
be 125% of the excess top up premium and is subject to
the administrative and underwriting rules of the company.
Guaranteed
Returns/
Guaranteed Funds
A minimum guaranteed return of 3% p.a. applies on
premiums and top-up premium, net of policy charges and
survival benefits. This total will constitute the Guaranteed
Fund Value. The guaranteed returns are applicable in case
of all exits.
Maturity Benefits The higher of the ‘Fund Value’ or the ‘Guaranteed Fund
Value’ (based on 3% net returns)
Amount due to
nominee in event
of death of the life
insured
Higher of 'Fund Value' or 'Guaranteed Fund' or 'Sum
Assured’ less applicable Partial Withdrawals in the 24
months preceding the death of the life insured.
Where the policy is brought on or prior to the 1st birthday
of the life insured, higher of the Fund Value or the
Guaranteed Fund Value is payable to the policy owner in
the event of death of life insured within the first policy
year.
In case of death at the age of 60 yrs or above then the Sum
assured will be reduced by the applicable Partial
Withdrawals made since the life insured attained the age
of 58.
Partial
Withdrawals
In a year two Partial Withdrawals are free of charge.
Partial Withdrawals are allowed after three policy years or
on attaining the age of 18 years (in case of minors)
whichever is later.
The Partial Withdrawal is subject to the condition that the
minimum Fund Value after the Partial Withdrawal is equal
to the ‘Guaranteed Fund’ or ‘One Annual Policy Premium
plus Surrender Charges’ applicable in that year, whichever
is higher. For the Single Pay option, the maximum limit
on Partial Withdrawal is any amount subject to the Policy
having a Fund Value equivalent to the Guaranteed Fund or
Rs. 25000 and the Surrender Charges applicable in the
year of the Partial Withdrawal, whichever is higher.
Surrender
Benefits
The policy can be surrendered any time during the tenure
of the policy. The surrender charges will be zero after the
4th policy year. In case of surrender in the first 3 policy
years the benefits will be paid out only after the 3rd policy
year
Free look Period You have a period of 15 days from the date of receipt of
the policy document to review the terms and conditions of
the policy. If you disagree to any of these terms or
conditions, you have the option to return the policy stating
the reasons for your objection. You will be entitled to a
refund of the premium paid, subject only to a deduction of
a proportionate risk premium for the period on cover and
the expenses incurred by us for the medical examination,
if any, and stamp duty charges.
Tax BenefitsUnder Sec 80C and Sec 10 (10D) of the Income Tax Act
1961**
LIFE COMPANION ENDOWMENT
The Plan
Any person, male or female, in the age group as specified in the table is eligible to apply
for the LifeCompanion Endowment plan
Particulars Endowment Plan
Entry Ages 30 days (3 years for the 15 year term) - 60 yrs age
at last birthday, for all durations except “To age
60” plan where maximum entry age is 40 yrs.
Maximum Maturity Age 75 years
Minimum Life Insurance
CoverRs. 75, 000
Maximum Life Insurance
Cover
No Limit
Maximum Accidental
Death BenefitRs. 10 lacs
Duration of the Plan 15, 20, 25, 30 years or “To age 60”.
Premium Payment Period 20 years in case of “To age 60” and throughout the
term of the policy for other durations
Premium Payment Annual, Semi annual, Monthly (through ECS
Frequency only)
Premium Payment Mode Cash (upto Rs. 20,000), Cheque, Credit Card,
Salary Deduction, ECS, Direct Debit etc.
Who should buy the plan?
The plan is ideally suited for any person looking for life insurance protection and savings
over the long term. The plan protects those who depend on your earnings, such as your
spouse, children and quite possibly, your parents. If any unfortunate event were to take
place prematurely, the plan can provide emergency support for education, marriage and
medical costs
Benefits
The plan offers excellent benefits, which are as detailed below
A Maturity Benefits
On completion of the policy duration, you will receive a minimum guaranteed amount
equal to the Sum Assured. In case the Fund Value on maturity is higher, then Fund Value
will be paid instead of Sum Assured.
The Sum Assured is guaranteed on maturity only if the following conditions are satisfied:
1) All Coverage Premiums are paid by you; and
2) Each Coverage Premium is paid by you on or before the expiry of a period of 60 days
from the due date.
If these conditions are not satisfied, or in case policy is revived then only the Fund Value
will be paid to you.
B. Death Benefits
The death benefit is the amount payable to your nominees in case of death. The benefit
amount will be equal to the sum of the Sum Assured and the entire Fund Value at the
time of death
C. Additional Benefits
In case of death as a result of an accident an additional amount equal to the Sum Assured
chosen by you will be payable to your nominee. The maximum amount will be Rs.10
lakh across all LifeCompanion Endowment policies owned by you. This benefit is
available only in case of death in an accident between the ages of 18 and 65 years
D. Waiver of Premium Rider
This rider waives payment of future premiums on the happening of any of any of the
unforeseen events as covered under this rider. For further details please refer to detailed
brochure on riders.
Please note that the riders are not available if you are an NRI investor.
E. Guaranteed Additions
You stand to gain an additional 5% of the Fund Value as Guaranteed Additions in your
maturity benefits, provided of course, that the two conditions for Guaranteed Maturity
Benefit mentioned in the paragraph on maturity benefits above are satisfied
F. Tax Benefits
The premium that you pay and all the benefits payable to you under the plan are eligible
for tax benefits under Section 80 C and Section 10(10D) of the Income Tax Act of 1961.
LIFE COMPANION MONEYBACK
The Plan
Who can apply for the LifeCompanion Money Back Plan?
Any person, male or female, in the age group of 30 days to 59 years is eligible to apply
for the LifeCompanion Money Back plan.
Who should buy the plan?
The plan is ideally suited for any person looking for a life insurance protection and
regular savings for meeting the milestone needs. The plan protects those who depend on
your earnings, such as your spouse, children and quite possibly, your parents. If any
unfortunate event were to take place prematurely, the plan can provide emergency
support for their life's needs such as education, marriage and medical costs.
What are the various durations for which this plan is available?
The plan is available for the durations of 16 years, 20 years, 24 years and 30 years
Particulars MoneyBack Plan
Entry Ages
30 days (14 years for 16, 20 and 24 year
terms) - 59 yrs age at last birthday for all
durations.
Maximum Maturity Age 75 years
Minimum Life Insurance Cover Rs. 75, 000
Maximum Life Insurance Cover No Limit.
Maximum Accidental Death: Rs. 10 lacs
Duration of the Plan 16, 20, 24 and 30 years
Premium Payment Period Throughout the term except in the case
of plan with duration of 30 years where
the payment period will be 20 years
Premium Paying Frequency Annual, Semi annual, Monthly (through
ECS only)
Premium Paying Mode Cash (upto Rs. 20,000), Credit Card,
Salary Deduction, ECS, Direct Debit
etc.
Policy Payouts during the term
of the Policy
Regular Benefits are payable every 4
years in the 16, 20 & 24 yrs duration
plans. In case of the 30 yrs duration, the
benefits will be an amount equal to 5%
of Sum Assured paid every year from
21st year till the 29th year.
Benefits
The plan offers excellent benefits under each option. The benefits are as detailed below:
A Survival Benefits
The plan pays you fixed amounts at regular intervals depending on the duration of a your
plan. These amounts will be a percentage of the life insurance coverage Sum Assured as
shown in the payout table below. This can help you to take care of your financial needs at
important occasions in your life
Payout Schedule
Survival Benefits in
4th
year
8th
year
12th
year
16th
year
20th
year
16 10% 20% 20% - - 50%
20 10% 10% 15% 15% - 60%
24 10% 10% 10% 10% 10% 80%
30 5% each year from 21st to 29th year 55%
The Survival Benefit is guaranteed at the specified period if the following conditions are
satisfied:
1) All premiums are paid by you; and
2) Each premium is paid by you on or before the expiry of a
period of 60 days from the due date
B Maturity Benefits
On completion of the policy duration, you will receive a guaranteed amount equal to a
percentage of the life insurance cover (Sum Assured). The maturity amounts for various
durations are shown in the Payout table given above. If the Fund Value (described in the
next question) is higher than the amount shown in the Payout table, then the Fund Value
will be paid.
The Maturity Benefits are guaranteed on maturity if the following conditions are
satisfied:
1) All Premiums are paid by you; and
3) Each Premium is paid by you on or before the expiry of a period of 60 days from the
due date.
C Death Benefits
The death benefit is the amount payable to your nominees in case of death. The benefit
amount will be equal to the sum of the Sum Assured and the entire Fund Value at the
time of death.
D Additional Benefits
In case of death as a result of an accident an additional amount equal to the Sum Assured
chosen by you will be payable to your nominee. The maximum amount will be Rs.10
lakh across all LifeCompanion Money Back policies owned by you. This benefit is
available only in case of death due to accident between the ages of 18 and 65 years.
E Waiver of Premium Rider
This rider waives payment of future premiums on the happening of any of any of the
unforeseen events as covered under this rider. This rider is available only with 20-year
premium payment term option. For further details please refer to detailed brochure on
riders.
Please note that the riders are not available if you are an NRI investor.
F Guaranteed Additions
You stand to gain an additional 5% of the Fund Value, as Guaranteed Additions in your
maturity benefits, provided of course, that the two conditions for guaranteed Maturity
Benefit as mentioned in the paragraph on maturity benefits above are satisfied
G Tax Benefits
The premium that you pay and all the benefits payable to you under the plan are eligible
for tax benefits under Section 80 C and Section 10(10D) of the Income Tax Act of 1961.
:
RESEARCH METHODOLOGY
QUANTITATIVE RESEARCH
The objectives of the first phase of this project lent themselves very well to a
structured survey approach. Several open-ended questions were also included to explore
why consumers hold particular attitudes.
The aim of this phase of the research was to gain an understanding of the attitudes
of the general community, so the target population was defined as all people aged 18
years or older. A short questionnaire was designed in conjunction with Insurance
industry. An hypothesized mediator of consumer attitudes to life Insurance Company and
its policies. That is, it was felt that, if consumers had a basic understanding of some of the
factors influencing the cost of life insurance premiums, they would be more likely to
agree that life insurance companies should be able to gain access to pertinent information
such as results of genetic tests. To this end, a random 50 % of respondents were read a
brief description of life insurance risk assessment procedures at the beginning of the
interview.
The exploratory nature of the second phase of the research meant that a
qualitative group discussion approach was most appropriate. Details of the groups were
as follows:
The groups contained a mix of males and females. A research was designed to
study perceptions of consumers about Life Insurance market. Also secondary data was
collected from Libraries and news papers and websites.
In the absence of such a working hypothesis or theory , How do we acquire a
more fundamental understanding of why the pie ( or pyramid or any other) is shaped the
way it is- in other words, why do consumers in the category behave the way they do?
What is their stance or mental attitude towards the category itself? What motivations,
expectations and behaviors are seen in particular with respect to the Insurance by the
relevant sub- groups? Here the emphasis on building numbers is very little. My
suggestions regarding a proposed method follow.
Survey Interview
Interview surveys – face- to- face – offer distinct advantages over self-reported
data collection. The “presence” of an interviewer can increase cooperation rates and
make it possible for respondents to get immediate clarifications.
The main requirement for good interviewers is an ability to approach strangers in
person or on the telephone and persuade them to participate in the survey. Once a
respondent’s cooperation is acquired, the interviewers must maintain it, while collecting
the needed data – data that must be obtained in exact accordance with instructions. For
high – quality data to be collected, interviewers must be carefully trained through
classroom instruction, self study, or both. Good interviewer techniques are stressed, such
as … how to make initial contacts … how to conduct interviews in a professional manner
… an how to avoid influencing or biasing responses. Training generally involves practice
interviews to familiarize the interviewers with the variety of situations they are likely to
encounter. Time must be spent going over survey concepts, definitions, and procedures.
A question – by – question approach is needed to be sure the interviewers can deal with
any misunderstanding that may arise.
In most reputable survey organizations, the interviewers are also required to take
a strict oath of confidentiality before beginning work. Surveys materials must be prepared
and issued to the interviewers. For traditional paper and pencil in – person interviews,
ample copies of the questionnaire, plus a reference manual, information about the
identification and location of the households, and any cards or pictures to be shown to the
respondents must be given to the interviewers.
Before conducting in-person interviews, survey organizations frequently send an
advance letter to the sample respondents, explaining the purpose of the survey and that an
interviewer will be calling soon. In many surveys, especially those sponsored by the
federal government, information must be given to the respondents regarding the
voluntary or mandatory nature of the survey and how the answers are to be used.
After Data Collection
No matter what type of data collection is used, there are a number of “back-end”
processes that may be needed to get the data in a form so that aggregated totals, averages,
or other statistics can be computed.
For mail surveys and conventional paper and pencil interviews, this may involve
coding after the questionnaires have been completed. Coded paper questionnaires are
entered into a computer (e.g., being keyed onto a disk) so that a computer file can be
created. At this point, most of the remaining back-end steps are common to all surveys,
whether or not a computer was used initially for data collection.
Once a computer file has been generated, additional computer editing, separate
from clerical editing, can be accomplished to alter inconsistent or impossible entries.
Decisions are usually needed on how to handle missing items – cases in which the
respondent did not know the answer … refused to provide one … or in which the
question was simply not asked. Preferred practice for missing items is to provide special
codes indicating why the data are not included. When resources are available, the “filling
in” or imputation of these missing data items should be undertaken to reduce any biases
arising from their absence.
When there is a “clean” file the survey data are ready for analysts to begin
summarizing what has been learned. It is a good idea to use commercially available
software packages to carry out this step rather than using your own specially written
computer programs. Often the best way to start the analysis is with simple counts and
related percentages for each question. Next, it is common to produce tables of growing
complexity. Eventually, there may be a need for even more sophisticated forms of data
presentation to address the concerns outlined when the survey was initially conceived.
SAMPLE DESIGN
Sample Selection:
Interviews were conducted in a manner to target about the same proportion of
both sex within all age groups. After qualifying as a possible survey candidate, the person
was asked the question related to car market.
When and Where
Interviews for survey were conducted during June 2006 with 100 randomly
selected male and female residing within the City Limits.
How
Of those contracted, a 10-12 minute interview included questions about what they
have, factors that might affect their decision latest features of car, their service options,
were asked. Demographic data for the respondent was also collected.
Interviews were conducted on basis of consumer opinion. Afterwards the
computer tabulation of the survey responses was done. Professional Tutor guided the
questionnaire design, coordination of the data collection and coding, analysis of the data,
and preparation of this report. The sample of respondents was obtained using a random
system to select people in a cinema hall or buying Malls in markets.
Many questions were asked in an close-end format with suggested responses
supplied by the interviewers. Thus, the responses for many of the questions accurately
reflect what was on peoples’ minds at the time they were surveyed, as they were aware of
all possible options ready in their minds. People were allowed to answer the questions
without any prompting or suggestions. Responses were coded based upon the patterns in
the answers.
DATA COLLECTION
Data collection in social sciences often involves surveys or experiments, where
respondents are asked to answer questions. Researchers should have ability to run
questionnaires or experiments via the computer. It has easy ways to create different
experimental conditions, branch questions, record answers to both open-ended and closed
questions , use previous answers to set up later questions, randomize manipulations,
import pictures, and so on. Author ware is visually oriented, which makes it very
accessible, also for researchers without strong programming skills. It should be noted that
it is not very well suited for reaction time research or subliminal priming, where very
short time intervals are involved.
No matter how trivial the volume of data we generate with a survey or
experiment, we are unlikely to be able to make sense of it by looking at all the data.
Whenever we collect significant quantities of data it becomes essential to
summarize the data in some way.
Why is summarizing data important?
One subtle but important reason is that when we look at data in the raw we give too much
emphasis to extreme values, which in statistics are called outliers. If you look at 20
numbers and all but one are between 20 and 23, and the other is 47, you will give too
much weight to the 47. In interpreting the data it is much more important that all the
others are very similar to each other, but we say ‘Why is that one 47?’ and focus on that
instead of the others. When we summarize this set of values the mean is going to be (say)
21.9, not 46, so the emphasis is shifted to the mass of the data.
DATA PRESENTATION
1. Age:
Below 25 49%
25 – 30 33%
30 – 35 11%
Above 35 7%
Below 25
25 – 30
30 – 35
Above 35
2. Marital Status:
Yes57%
No43%
Yes
No
3. Occupation:
Business28%
Govt Service15%Private Jobs
38%
Retired13%
Housewife6%
Business
Govt Service
Private Jobs
Retired
Housewife
4. Educational Background:
10+2 16%
Graduation47%
Post Graduation
17%
Professional16%
Other4% 10+2
Graduation
Post Graduation
Professional
Other
5. Annual Family Income:
Below 2 lacks64%
2 – 5 lacks25%
5 – 8 lacks 11%
Above 8 lacks 0%
Below 2 lacks
2 – 5 lacks
5 – 8 lacks
Above 8 lacks
6. Interest About Insurance:
0%
10%
20%
30%
40%
50%
60%
70%
Yes No May be
7. Which different Insurance Companies are you aware of:
LIC
ICICI
HDFC
Birla Sunlife
Tata AIG
SBI-Life
Aliaz Bajaj Life
Kotak Mahindra
AMP Sanmar
Aviva Life
ING Vysya
DATA ANALYSIS
On the basis of data collected through the questionnaire I came to the following analysis.
1 The most of the people who were interested in insurance sector were above 25.
2 The married people were more interested in compression to the unmarried
people.
3 The people who were on the government job and having own business was
making good response in compression to others.
4 Most of the individual who were simple graduate were making more interest in
insurance sector in compression to the Post graduate and professional people.
5 The people whose family income was annually more than 5 lake were showing
aggressive interest towards insurance policies in compression to the advisor ship.
6 The interest in policies was more in compression to the advisor ship.
7 Lot of people was making negative response about the interest in insurance
sector.
FINDINGS OF THE STUDY
1 Most of the people believe in ICICI because it is largest private insurance Company.
2 Bajaj Allianz in new Insurance Corporation while LIC is old one so people prefers
LIC.
3 Influence of Media is high on ICICI product rather than Birla Sunlife product.
4 ICICI gives more return than Birla Sunlife in most of the cases.
5 Management of Birla Sunlife is good than ICICI
Why ICICI
5 reasons to select ICICI as your preferred insurance company.
1 Customer Satisfaction- many of our customers who have bought an insurance policy
with us have bought a second one.
2 Financially sound with over a 10 years of Banking experience, when you trusted us
with your money, why would you trust somebody else with your protection needs.
3 Affordability
4 Easy to Buy (accessibility)
5 Trust and Reliability.
SUGGESTIONS AND RECOMMENDATION
1. Birla Sunlife should launch more varities of policies.
2. Birla Sunlife should concentrate on the promotional activities.
3. Birla Sunlife need to open more branches in order to reach large number of
customers.
4. ICICI must introduce new policies regularly in order to maintain its position.
5. ICICI must improve its management.
CONCLUSION
Through this research study I tried to make comparison between ICICI Prudential &
BirlaSunlife insurance.In order to compare between them I has taken their policies
offered to public, the benefits & the return which the investor can get by investing in it.
ICICI Prudential has more policies for the investors than BirlaSunlife.
It gives more options to the investors to invest & cover the risk of their life.
BirlaSunlife gives better return on the investments. The main drawback of BirlaSunlife is
that their branches are not in every city on the other side ICICI Prudential has branches in
almost all the cities.
Insurance industry in INDIA is very large.There is big market to capture. Insurance
industry is growing at very high rate year by year and still it has lots of opportunities for
the companies.
LIC is market leader in the insurance sector.it is a semi-government corporation.while
ICICI is maket leader among the private insurance companies.
By making this report I interact with lots of people & finds out through insurance they
not only cover the risk but also gets the return at minimum risk.
BIBLIOGRAPHY
Books and Magazine
1 IC 33 Life Insurance (Revised), Insurance Institute of India
2 4Ps Business & Marketing, Vol-1, Issue-4, 28 April-11 May, 2006
3 Marketing Management, Philip Kotler
4 Research Methodology, C.R Kothari
Web sites
1 www.icici.com
2 www.iciciprulife.com
3 www.prudential.com
4 www.birlasunlife.com
QUESTIONNAIRE
Please Help Us Know You Better
[A]
1. NAME: ………………………………
2. GENDER: Male [ ] Female [ ]
(Please Tick)
3. AGE: Below 25 [ ] 25-30 [ ]
30-35 [ ] 35& above [ ]
4. ADDRESS: ………………………………………………………
……………………………………………………....
……………………………………………………….
5. NUMBER OF YEARS LIVING IN BAREILLY:
2-3Yr [ ] 3-4Yr [ ]
4-5Yr [ ] 5 & above [ ]
6. PHONE NO……………………… MOBILE NO………………
7. MARITIAL STATUS:
Single [ ] Married [ ]
8. OCCUPATION: ……………………………………
9. EDUCATIONALBACKGROUND:.......……………………………..
10. ANNUAL INCOME:
i. Below 2 Lakh [ ]
ii. 2 Lakh – 5 Lakh [ ]
iii. 5 Lakh – 8 Lakh [ ]
iv. 8 Lakh & above [ ]
11. ARE YOU INTERSTED KNOWINING MORE ABOUT INSURANCE?
Yes [ ] No [ ] May be [ ]
12. WHICH DIFFERENT INSURANCE COMPANIES YOU
ARE AWARE OF?
1. LIC
2. ICICI
3. HDFC
4. BIRLA SUNLIFE
5. TAT AIG
6. SBI LIFE
7. BAJAJ ALLIANZ
8. AMP SANMAR
9. KOTAK MAHINDRA
10. AVIVA LIFE
13. which company you think is providing better policies
& returns?
11. ICICI PRUDENTIAL
12. BIRLA SUNLIFE