DSPM’S

K.V.PENDHARKAR COLLEGE OF ARTS,

COMMERCE AND SCIENCE

S.Y.B.COM (BANKING & INSURANCE)

SUBJECT

IIBI

PROJECT REPORT ON

LIC PENSION PLAN

TOPIC : Insurance.

GUIDED BY : Tejeshree Shejwalkar.

CONTENTS :

LIC PENSION PLAN..............................................................................2

MEANING OF PENSION :....................................................................5

TREAT INSURANCE AS JUST THAT : A LIFE COVER...................7

DIFFERENT PENSION PLANS BY LIC :.............................................9

NEW JEEVAN SURAKSHA – I & NEW JEEVAN DHARA – I........10

LIC's JEEVAN NIDHI..........................................................................14

FEATURES :.........................................................................................14

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS UNDER THIS PLAN:...........................................................................17

FOR TERM ASSURANCE RIDER OPTION:.....................................18

FOR CRITICAL ILLNESS RIDER OPTION:......................................19

REBATES:............................................................................................20

ANNUAL PREMIUM :.........................................................................23

JEEVAN AKSHAY – VI......................................................................24

THE FEATURES OF THIS POLICY ARE:.........................................25

LIC JEEVAN AKSHAY PENSION PLANS........................................25

ACKNOWLEDGEMENT :...................................................................32

NAME : ANAND VASANT CHAVAN.

STD : S.Y.Bcom (BANKING & INSURANCE).

ROLL NO. : 11-6154.

DIV : ‘A’.

LIC PENSION PLANS

Meaning of Pension :Pension is the payment made periodically to the employee by the employer post retirement. It is the benefit obtained by person for the services of the past years.Pension plan is the procedure in which the person starts investing a small amount before his retirement so that he can make use of the accumulated money, post retirement. Pension plans provide a high return and regular income compared to other investments. Pension plans prove to be more favorable as nowadays not all companies provide the pension facilities.

To ensure a comfortable retirement in India, you should consider the following instruments:

*Bank FDs — long tenure.*Monthly income plans such as those from UTI and the Post Office

*Life Insurance covers*Company fixed deposits*Dividend options of debt mutual funds*Debentures/ bonds of firms and financial institutions

Post offices really cannot be considered a good place to keep your money since the transaction process is extremely complicated. The savings banks of the post offices are outdated. Withdrawing money from a post office can take as long as 15 days. 

While it is preferable to have a mixed portfolio, parameters like convenience, efficiency, rate of return are variable. To ensure a hassle-free retirement it would be best to go in for a pension policy during the prime earning years.Don’t be sceptical of policies from LIC and UTI. These are more than a fallback of last resort — they are a good avenue for investment especially for those who want to play it ultra-safe.

LIC policies come with the additional benefit that risk on the life of the insured person is covered for the full sum. The person gets his pension so long as he is alive. At his death, the nominee gets the assured sum with the guaranteed additions. These instruments from LIC and UTI have an additional advantage in that they don’t require regular monitoring unlike other instruments such as company fixed deposits, debentures and the like.

Apart from the very obvious Public Provident Fund, other popular schemes are LIC’s Jeevan Dhara, Jeevan Akshay and Jeevan Suraksha, while UTI offers the Retirement Benefit Plan (RBP).

What you should know before taking Insurance cover for Retirement

TREAT INSURANCE AS JUST THAT : A LIFE COVER

Not as a nest egg for retirement or as a tax saving instrument. Life Insurance Corporation (LIC) sells a few plans, such as Jeevan Dhara, Jeevan Akshay and Jeevan Suraksha, as savings plans for retirement. The cover in all these schemes has two components - a monthly pension and a guaranteed lump-sum payment in the event of the insured person’s death. In other words, interest and return of capital. You have several options within each scheme, with minor variations in the design of pension periods and life cover. In some plans, LIC offers pension for life but gobbles up the capital.

You may also choose a plan without a life cover, offering only a pension. Should you go in for one of these? Not really, if your objective is to save, since the returns on these plans are unattractive compared with what you might get elsewhere. Consider this. Jeevan Suraksha, for example, has five options. The minimum age of entry to the policy is 25 years and the maximum, 60 years. You can opt to receive pension when you turn 55. Tax breaks are available under section 80 CC of the Income Tax Act on contribution to the pension plan.

But the pension itself will be fully taxable. If you are in the 30% tax bracket and set aside Rs 250 a month in Jeevan Suraksha, it amounts to investing Rs 175 a

month, allowing for the tax break. This, over 30 years, according to LIC’s tables, will grow to a corpus of Rs 5.84 lacs, without a life cover and even less with one. On this capital, LIC pays about 13% a year as pension, fully taxable. If you check out the public provident fund, the Unit-Linked Insurance Plan of the Unit Trust of

India and systematic investment plan of a good mutual fund, you will find thereturn at least two-three percentage points higher.

DIFFERENT PENSION PLANS BY LIC :

LIC has been active for 50 years and it has been our country’s largest investor till date. LIC’s pension plans gazes into the future of the investor and provides the policies that give a secured future to the investors post retirement. The following are the pension plans by LIC:

New Jeevan Suraksha – I New Jeevan Dhara – I Jeevan Nidhi Jeevan Akshay – VI

NEW JEEVAN SURAKSHA – I & NEW JEEVAN DHARA – I

The features of these 2 policies are same. These are the plans which permit the policy holder to get regular income after selecting the required term. Jeevan Dhara, on the other hand, provides a regular income from a selected date with death benefits. It also participates in profits at the time of vesting of the annuity and then until the death of the annuitant after the vesting of the annuity.

New Jeevan Suraksha :

One needs to make financial provisions to cover both - the risk of dying early as well as the risk of living too long. Statistics prove that with increased longevity, a man's retired life today is nearly half of his active life. LIC's pension plan Jeevan Suraksha helps ensure a pleasant and self-reliant life, even after retirement.

PLAN TYPE :

Jeevan Suraksha is available in three types to suit individual needs

A. Pension with life coverB. Pension without life coverC. Pension with endowment type

PENSION OPTIONS :

The Pension will be payable monthly starting at the end of the chosen deferment period (waiting period) as per the option exercised by the purchased in all the above types of Plan. The following options are available in the plan.

Life Pension Guaranteed Pension Pension with return of Purchase price *

LIFE PENSION :

Pension for life during the life time of the purchaser. Pension to the purchaser for his/her life time. If the purchaser dies after the commencement of the pension, the spouse (nominated by the purchaser) will be paid pension at half of the rate during his/her life time.Pension for life time to the purchaser; purchase price will be returned to the legal heirs/nominee on death of the pensioner.

BENEFITS UNDER DIFFERENT PLAN TYPES :

Benefits under plan with life coverOn vesting date( at the time of start of pension)

1.Option to commute 25% of the notional cash option including terminal bonus, if any, free of tax.2.Pension as per the option selected on the balance notional amount, if commutation is exercised; otherwise full pension.

THE FOLLOWING ARE THE FEATURES OF NEW JEEVAN SURAKSHA-I & NEW JEEVAN DHARA –I:

NEW JEEVAN DHARA-IProduct summary :These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term.

Premiums :Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout the term of the policy or till earlier death. Alternatively, the premium may be paid in one lump sum (single premium).

Tax Benefits :Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.

Bonuses :These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.

NEW JEEVAN SURAKSHA-I

Product summary :These are Deferred Annuity plans that allow the policyholder to make provision for regular income after the selected term. 

Premiums :Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deduction, as opted by you, throughout the term of the policy or till earlier death. Alternatively, the premium may be paid in one lump sum (single premium). 

Tax Benefits :Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.

Bonuses :These are with-profit plans and participate in the profits of the Corporation’s annuity / pension business. Policies get a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided policy has run for a certain minimum period.

LIC's JEEVAN NIDHI

FEATURES :

LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On survival of the policyholder beyond term of the policy the accumulated amount (i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a pension (annuity) for the policyholder. The plan also provides a risk cover during the deferment period. The USP of the plan being the pension can commence at 40 years. The premiums paid are exempt under Section 80CCC of Income Tax Act.

SALIENT FEATURES

A). Guaranteed Additions : Guaranteed Additions @ Rs.50/- per thousand Sum assured for each completed year, for the first five years.

B). Participation in profits : The policy shall participate in profits of the Corporation from the 6th year onwards and shall be entitled to receive bonuses declared as per the experience of the Corporation.

C). Benefit On Vesting :

1. Option to commute :  up to 1/3rd of the amount available on vesting, which shall include the Sum Assured under the Basic Plan together with accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any.

2 . Annuity as per the option selected :   Annuity on the balance amount if commutation is exercised, otherwise annuity on the full amount.

D). Annuity Options : On vesting, the annuity instalment, mode of annuity payment and type of annuity which shall be made available to the Life Assured (Annuitant) / Nominee will depend upon the then prevailing Immediate Annuity plan of the Life Insurance Corporation of India and its terms and conditions.

Currently the following options are available under LIC’s immediate annuities:

1). Annuity for life: The annuity is paid to the life assured as long as he/she is alive.

2). Annuity Guaranteed for certain periods: The annuity is paid to the life assured for periods of 5 or 10 or 15 or 20 years as chosen by him/her, whether or not he/she survives that period. After the chosen period, the annuity is paid to the life assured as long as he/she is alive.

3). Annuity with return of purchase price on death: The annuity is paid to the life assured as long as he/she is alive. On the death of the life assured, the purchase price of the annuity is paid as death benefit. The purchase price includes the Sum Assured under the Basic Plan, the accrued Guaranteed Additions and any accrued bonuses, excluding the commuted value, if any.

4). Increasing annuity: The annuity is paid to the life assured as long as he/she is alive. The amount of annuity increases every year at a simple rate of 3% per annum.

5). Joint Life Last Survivor Annuity: The annuity is paid to the life assured as long as he/she is alive. On death of the life assured, 50% of the annuity is payable to the nominated spouse as long as the spouse is alive.

6). Death Benefit on death before annuity vests: On the death of the Life Assured during the deferment period of the policy, i.e. before the annuity vests, an amount equal to the Sum Assured under the Basic plan along with the accrued Guaranteed Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid in a lump sum to the appointed nominee, provided the policy is in force for full Sum Assured. Nominee will also have the option to purchase an annuity with this amount.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS UNDER THIS PLAN:

FOR BASIC BENEFIT:

a)Minimum age at entry:

18 years (completed)

b)Maximum age at entry:

65 years

c)Minimum age at vesting:

40 years

d)Maximum age at vesting

75 years

e) Policy terms:6 to 35 years under Single Premium policies and 5 to 35 years under Regular Premium policies

f)Modes of premium payment:

Yearly, Half-yearly, Quarterly, SSS & Single Premium

g)Sums Assured allowed:

Rs.50,000/- and in multiples of Rs.5,000/- thereafter, with no upper limit.

h)Minimum Annual Premium:

Rs.3,000/-

i)Minimum Single premium:

Rs.10,000/-

FOR TERM ASSURANCE RIDER OPTION:

a)Minimum age at entry:

18 years (completed)

b)Maximum age at entry:

50 years

c)Maximum age at vesting

60 years

d)Policy terms:

6 to 35 years under Single Premium mode and 10 to 35 years under regular premium mode

e)Minimum Sum Assured:

Rs.1,00,000/-

f)Maximum Sum Assured:

An amount equal to the Sum Assured under the Basic plan subject to a limit of Rs.25,00,000/- taking all Term Assurance Rider Sum Assured under all policies of a life assured.

g)Multiples of Sum Assured:

Rs.25,000/-

FOR CRITICAL ILLNESS RIDER OPTION:

a)Minimum age at entry:

20 years (completed)

b)Maximum age at entry:

50 years

c)Maximum age at vesting

60 years

d) Policy terms: 10 to 35 years

e)Minimum Sum Assured:

Rs.50,000/-

f)Maximum Sum Assured:

An amount equal to the Sum Assured under the Basic plan subject to a limit of Rs.5,00,000/- taking all Critical Illness Rider Sum Assured under all policies of a life assured

g)Multiples of Sum Assured:

Rs.10,000/-

REBATES:

Rebate for Mode of Premium Payment :

Yearly 2% of tabular premium

Half-Yearly 1% of tabular premium

Quaterly Nil

Monthly 5% extra of tabular premium

Large Sum Assured Rebates :

For Regular Premium Policies

Sum Assured Rebate

50,000 to 1,00,000 Nil

1,05,000 to 3,00,000

1%o S.A.

3,05,000  and above 2%o S.A.

For Single Premium Policies

Sum Assured Rebate

50,000 to 1,00,000 Nil

1,05,000 to 3,00,000

5%o S.A.

3,05,000  and above 10%o S.A.

1). Grace Period : A grace period of 30 days will be available for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.

2). 15 – days Cooling-off period:If policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to us within 15 days.

3) Paid-up Value:The policy will acquire paid-up value after at least 3 full year’s premiums have been paid.

4). Guaranteed Surrender Value:Before the annuity vests, the policy can be surrendered at any time after the completion of 3 policy years. Fora regular premium policy, the Guaranteed Surrender value is available provided 3 years’ premiums are paid, and it is 30% of the premiums paid excluding premiums paid in the first year. For a Single Premium policy, the Guaranteed Surrender Value available after completion of 3 policy years is 90% of the Single Premium. Any extra premiums and premiums for Term Assurance Rider Option, Critical Illness Rider option and Accident Benefit, if any will be excluded.

5). Revival: The policyholder can revive his lapsed policy by paying arrears of premium together with interest within a period of five years from the date of first unpaid premium subject to satisfactory evidence of health. The rate of interest for this purpose will be decided by the Corporation from time to time. The present rate of interest is 9% pa.

Loan / Assignment:No Loan/Assignment will be available by the Corporation to the policyholders under this plan.

EXCLUSIONS:

Suicide:  This policy shall be void if the Life Assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office in which the policy is being serviced, at least one calendar month prior to death.

Specimen Premium Rates per Rs.1000/- Sum AssuredSingle Premium :

Age at entryPolicy Term

10 15 20 25 30 35

20 - - 616.40 523.40 446.50 384.35

25 - 727.30 617.30 525.35 450.30 390.70

30 856.45 728.05 619.25 529.40 457.45 401.85

35 857.10 730.10 623.70 537.50 470.35 420.80

40 858.40 733.85 631.60 550.95 490.95 450.35

45 860.70 740.35 644.15 571.80 522.35 -

50 864.55 750.40 663.30 603.10 - -

55 869.95 764.85 691.20 - - -

60 878.30 787.25 - - - -

65 892.25 - - - - -

Annual Premium :

Age at entry

Policy Term

5 10 15 20 25 30 35

20 - - - 52.45 40.30 32.35 26.90

25 - - 72.75 52.55 40.55 32.75 27.45

30 - 113.05 72.90 52.90 41.05 33.45 28.40

35 231.90 113.40 73.45 53.60 42.05 34.80 30.15

40 232.35 114.05 74.40 54.95 43.80 37.05 33.05

45 233.05 115.25 76.10 57.15 46.65 40.70 -

50 234.45 117.40 78.85 60.75 51.30 - -

55 236.55 120.45 83.05 66.40 - -

60 239.55 125.40 90.15 - - - -

65 245.00 134.55 - - - - -

JEEVAN AKSHAY – VI

It is a policy in which the pension plan can be purchased immediately by paying a large amount. Annuity is payable here according to the plan chosen by the policy holder. Jeevan Akshay is a voluntary pension plan meant for employees retiring with inadequate pension benefits or none at all. A monthly pension is paid to the purchaser and on his death, a guaranteed insurance sum (GIS) equal to the purchase price is paid to the nominee. The final bonus, depending on the surplus generated during the period of pension, is also payable in addition to GIS.

The Different Types Of Annuity Available Are:

Annuity at uniform rate. Annuity for 5, 10, 15, 20 years and will be paid as long as the policy holder

is alive. Annuity for whole life along with the return of the purchase price after the

death of policy holder Annuity of whole life along with an option of transferring 50% payment

made to spouse after the death of policy holder. Annuity of whole life along with an option of transferring 100% payment

made to spouse after the death of policy holder.

THE FEATURES OF THIS POLICY ARE:

Premium has to be paid in a large amount. There is no requirement for medical examination under this plan. There is no specific maximum limit mentioned for annuity and purchase

price. Age proof is necessary to apply for this policy.

These policies are very beneficial as it suits the policies are made according the requirements of policy holder. Choosing the suitable plan depends on the investor.

LIC JEEVAN AKSHAY PENSION PLANSIt is an Immediate Annuity plan from LIC's   , which can be purchased by paying a lump sum amount. The plan provides for annuity (pension) payments of a declared amount throughout the life time of the annuitant. The type and mode of payment of annuities comes in various options.

Type of Annuity:• Annuity payable for life at a uniform rate.• Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.• Annuity for life with return of purchase price on death of the annuitant.• Annuity payable for life increasing at a simple rate of 3% p.a.• Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.• Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.You may choose any one. Once chosen, the option cannot be altered.

Annuity can be paid monthly, quarterly, half yearly or yearly intervals. Any mode of payment of Annuity can be opted.

Salient features• Premium is to be paid in a lump sum.• Minimum purchase price: Rs.50,000/= or such amount which may secure a minimum annuity of Rs.3,000/- p.a.• No medical examination is required.• No maximum limits for purchase price, annuity etc.• Minimum age 40 years last birthday, Maximum age 79 years last birthday.• Age proof necessary.

Cooling-off periodIf not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond.

Paid-up valueThe policy does not acquire any paid-up value.

Surrender ValueNo surrender value will be available under the policy.

LoanNo loan will be available under the policy.

Annuity Rate:Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

cooling-off period

If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond.

Incentives for high purchase priceIf your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity

Paid-up valueThe policy does not acquire any paid-up value.

Surrender ValueNo surrender value will be available under the policy.

LoanNo loan will be available under the policy.

Benefits :

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies? If the annuitant dies:1. Under option (i) annuity ceases.2. Under option (ii)3. On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.4. On death after the guaranteed period - annuity ceases.5. Under option (iii) annuity ceases and the purchase price is paid to the nominee.6. Under option (iv) annuity ceases.7. Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.8. Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.

UTI'S RETIREMENT BENEFIT PLAN(RBP)

UTI’s RBP provides an option between a monthly pension from the age of 58 years or a lump sum saving and withdrawal. How do these schemes rate on parameters such as liquidity, tax benefits and so on?

Under the RBP, you can start with a minimum investment of Rs 10,000 at one time or investment in installments of Rs 500 for a maximum four times a year upto the age of 52 years in not more than 20 installments.

For those between 53 and 60, a minimum investment of Rs 10,000 must be made at one go. There is no maximum limit. Similarly the Jeevan Suraksha policy has a minimum installment premium of Rs 150 per month, Rs 450 per quarter, Rs 900 per six months and Rs 1,800 per year for someone who wants a minimum annuity of Rs 250 per month.

PUBLIC PROVIDENT FUND SCHEME

The Central Government has established the Public Provident Fund for the benefit of the general public to mobilize personal savings any member of the public (whether a salaried employee or a self-employed person) can participate in the fund by opening an PPF a/c in a post office, any branch of State Bank of India or its subsidiaries or in specified nationalized bank. A PPF account can also be opened by NRIs.

A minimum of Rs 100 per year and a maximum of Rs 60,000 per annum can be deposited in this account.

The PPF Account carries a compound interest at the rate of 9.5 %, p.a. The accumulated sum is repayable after 15 year. Conditions apply to the withdrawal of money during the period of 15 years.

Withdrawal of money from the PPF Account can be made only after the 5th year. Thereafter for each subsequent year one single withdrawal is permissible. The amount that can be withdrawn cannot exceed half of the balance at the end of the 4th year immediately before withdrawal or at the end of the preceding year, whichever is lower. 

CALCULATE YOUR RETURNS-PF CALCULATOR :

Year Opening Balance (Rs)

Amt. Invested p.a. (Rs)

Total (Rs)

Interest 9.5 % p.a. (Rs)

Grand Total (Rs)

( 1 ) ( 2 ) ( 3 ) ( 4 )[ 2 + 3 ]

( 5 ) [ 4 x 0.09 ]

( 6 ) [ 4 + 5 ]

1 0 10,000 10,000 950 10950

2 10950 10,000 20950 1990 22940

3 22940 10,000 32940 3129 36069

4 36069 10,000 46069 4376 50445

5 50445 10,000 60445 5742 66187

6 66187 10000 76187 7237 83424

7 83424 10000 93424 8875 102299

8 102299 10000 112299 10668 122967

9 122967 10000 132967 12631 145598

10 145598 10000 155598 14781 170379

11 170379 10000 180379 17136 197515

12 197515 10000 207515 19713 207515

13 207515 10000 217515 20663 238178

14 238178 10000 248178 23576 271754

15 271754 10000 281754 26766 308520

An investment of Rs 10,000 every year for the next 15 years, is made in the PPF account, it will mature after 15 years at Rs 308520.00.

REVIEW YOUR INSURANCE NEEDS REGULARLY :

You can’t afford to forget about life insurance, just because you have taken a life insurance policy. It’s only too tempting to do so, particularly if your bank deducts premium regularly from your account and sends it to LIC. Since life insurance is a long-term product, over the years, you might get so used to this routine deduction that you may tend take it for granted and ignore reviewing life insurance cover in your financial planning exercises in the future. Assumptions concerning the financial needs of your family, the state of your health, anticipated inflation rate and the financial performance of your other investments may all change a few years later.

You must remember that these are variables and are closely linked to your risk cover. Ideally, you should review your life insurance cover every year and check whether any of these variables has changed. Also, an increase in the number of dependents in your family on your income is going to raise the stake. For example, if you had one child when you took an insurance policy but now have another, you may have to rework the numbers and take an additional cover.

ACKNOWLEDGEMENT :

This is a great pleasure for us that we got an opportunity to do project on subject Inovation in Banking & Insurance(IIBI).

Our topic is about the Insurance products. In this project work, valuable information as well as guidance is provided by Tejeshree Shejwalkar. We thanks her for giving this opportunity to us.

We are also grateful to Mr. Omkar Datar Co-ordinator of BANKING AND INSURANCE DEPARTMENT.

Date of Submission : 21-02-2012

- Tejeshree Shejwalkar