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LC Code: 01713
Apar India Institute of Management & Technology
Rohini, Sector - 8, New Delhi - 110085, Tel.: 011 45044000
www.aparindiacollege.com
A Comparatie !tudy of Inestment "lan of ICICI "rudential Life
Insurance and Life Insurance #ith other Companies
B:
Mahiuddin !hams
! pro"ect report #$%mitted in partial &$l&illment o& the re'$irement# &or the
degree o& (a#ter o& B$#ine## !dmini#tration o& Si))im (anipal *ni+er#it,
ND!
!i$$im Manipal %niersity
o& ealth, (edical and Technological Science#
Di#tance d$cation /ing, Sndicate ho$#e,
(anipal - 5104
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I hereby declare that the project entitled
A Comparatie !tudy of Inestment "lan of ICICI "rudential Life
Insurance and Life Insurance #ith other Companies
S$%mitted in partial &$l&illment o& the re'$irement# &or the degree o& (a#ter# o&B$#ine## !dmini#tration to Si))im (anipal *ni+er#it, ND!, i# m original
wor) and not #$%mitted &or the award o& an other degree, diploma, &ellow#hip,
or an other #imilar title or pri2e#.
3lace: New Delhi Mahiuddin !hams
Date: 0.0.00 Reg. No: 5106855
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The project report of
Mahiuddin !hams
A Comparatie !tudy of Inestment "lan of ICICI "rudential Life
Insurance and Life Insurance #ith other Companies
i# appro+ed and i# accepta%le in '$alit and &orm.
nternal 7aminer 7ternal 7aminer
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This is to certify that the project report entitled
A Comparatie !tudy of Inestment "lan of ICICI "rudential Life
Insurance and Life Insurance #ith other Companies
S$%mitted in partial &$l&illment o& the re'$irement# &or the degree o& (a#ter# o&
B$#ine## !dmini#tration to Si))im (anipal *ni+er#it o& ealth, (edical and
Technological Science#
Mahiuddin !hams
a# wor)ed $nder m #$per+i#ion and g$idance and that no part o& thi# report
ha# %een #$%mitted &or the award o& an other degree, diploma, &ellow#hip or
other #imilar title# or pri2e# and that the wor) ha# not %een p$%li#hed in an
"o$rnal or maga2ine.
Reg. No: 5106855 erti&ied
9$ide;# namei+ing too long can %e a# m$ch a pro%lem a# ding too o$ng. Both
are ri#)#, which need to %e #a&eg$arding again#t. n#$rance ta)e# care.
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The Business of Insurance
n#$rance companie# are called in#$rer#. The %$#ine## o& in#$rance i# to:-
a< Bring together per#on# with common in#$rance intere#t# 9#haring the
#ame ri#)#i&e in#$rance incl$de# all ri#)# related to the li+e# o& h$man %eing#
and general in#$rance co+er# the re#t. eneral in#$rance ha# three
cla##i&ication# +i2, Aire 9dealing with all &ire related ri#)#
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in#tr$ment &or the mo%ili2ation o& #a+ing# o& the people, partic$larl &rom the
middle and the lower income gro$p#. The#e #a+ing# are channeled into
in+e#tment# &or economic growth.
!ll good li&e in#$rance companie# ha+e h$ge &$nd#, acc$m$lated thro$gh the
pament# o& #mall amo$nt# o& premia o& indi+id$al#. The#e &$nd# are in+e#ted
in wa# that contri%$te #$%#tantiall &or the economic de+elopment o& the
co$ntrie# in which the do %$#ine##. The pri+ate in#$rer# in ndia are new and
had not %$ilt $p &$nd# in 00. B$t now the are al#o capa%le to contri%$te to
the co$ntr;# economic de+elopment.
Types of Insurance
I/ Classification on the asis of nature of usiness
i# Life Insurance
>i&e in#$rance ma %e de&ined a# a contract in which the in#$rer, in
con#ideration o& a certain premi$m, either in a l$mp #$m or % other periodical
pament#, agree# to pa to the a##$red, or to the per#on &or who#e %ene&it the
polic i# ta)en, the a##$red #$m o& mone F on the happening o& a #peci&iede+ent contingent on the h$man li&e.
! contract o& li&e in#$rance, a# in other &orm# o& in#$rance, re'$ire# that the
a##$red m$#t ha+e at the time o& the contract an in#$ra%le intere#t in hi# hal&
$pon which the in#$rance i# e&&ected. n a contract o& li&e in#$rance, $nli)e
other in#$rance intere#t ha# onl to %e pro+ed at the date o& the contract, and
not nece##aril pre#ent at the time when the polic &all# d$e.
! per#on can a##$re in hi# own li&e and e+er part o& it, and can in#$re &or an
#$m what#oe+er, a# he li)e#. Similarl, a wi&e ha# an in#$ra%le intere#t in her
h$#%and and +ice-+er#a. owe+er, mere nat$ral lo+e and a&&ection i# not
#$&&icient to con#tit$te an in#$ra%le intere#t. t m$#t %e #hown that the per#on
a&&ecting an a##$rance on the li&e o& another i# #o related to that other per#on
a# to ha+e a claim &or #$pport. Aor e7ample, a #i#ter ha# an in#$ra%le intere#t
in the li&e o& a %rother who #$pport# her.
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! per#on not related to the other can ha+e in#$ra%le intere#t on that other
per#on. Aor e7ample, a creditor ha# in#$ra%le intere#t in the li&e o& hi# de%tor to
the e7tent o& the de%t. ! creditor can in#$re the li&e o& hi# de%tor $p to the
amo$nt o& the de%t, at the time o& i##$e o& the polic.
!n emploee ha# an in#$ra%le intere#t in the li&e o& the emploer ari#ing o$t o&
contract$al o%ligation to emplo him &or a #tip$lated period at &i7ed #alar.
Similarl, &rom an emploer to the emploer, who i# %o$nd % the contract to
#er+e &or a certain period o& time.
owe+er, mere nat$ral lo+e and a&&ection i# not #$&&icient to con#tit$te an
in#$ra%le intere#t. t m$#t %e #hown that the per#on a&&ecting an a##$rance on
the li&e o& another i# #o related to that other per#on a# to ha+e a claim &or
#$pport. Aor e7ample, a #i#ter ha# an in#$ra%le intere#t in the li&e o& a %rother
who #$pport# her.
ii# 4ire Insurance
Aire in#$rance i# a contract to indemnit the in#$red &or di#tri%$tion o& or
damage to propert ca$#ed % &ire. The in#$rer $nderta)e# to pa the amo$nt
o& the in#$red?# i# lo## #$%"ect to the ma7im$m amo$nt #tated in the polic. Aire
in#$rance i# e##entiall a contract o& indemnit, not again#t accident, %$tagain#t lo## ca$#ed % accident, &t i# %ecoming +er common in &ire in#$rance
policie# to in#ert a condition, called the a+erage cla$#e, % which the in#$red i#
called $pon to %ear a portion o& the lo## him#el&. The main o%"ect o& thi# cla$#e
i# to chec) $nder-in#$rance and to enco$rage &or &$ll in#$rance. t impre##
$pon the propert-owner &or the need o& ha+ing hi# propert acc$ratel +al$ed
%e&ore in#$rance.
Regarding in#$ra%le intere#t, the in#$red m$#t ha+e in#$ra%le intere#t in the#$%"ect matter %oth at the time o& a&&ecting the polic and at the time o& lo##.
The ri#) in &ire in#$rance polic commence# &rom the moment o& co+er note, or
the depo#it receipt, or the interim protection i# i##$ed, and contin$e# &or the
term co+ered % the contract o& in#$rance. t ma e+en date %ac)= i& the partie#
#o intend. The rate o& premi$m +arie# to the degree o& ha2ard or ri#) in+ol+ed.
iii#Marine insurance
! contract o& marine in#$rance i# an agreement where% the in#$rer
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$nderta)e# to indemnit the a##$red in a manner and to the e7tent there%
agreed, again#t marine lo##e#, that i#, the lo##e# incidental to marine
ad+ent$re. There i# a marine ad+ent$re when an in#$ra%le propert i#
e7po#ed to marine peril#= (arine peril# al#o )nown a# peril# o& the #ea#,
mean# the peril# con#e'$ent on, or incidental to, the na+igation o& the #ea or
the peril# o& the #ea#, #$ch a# &ire, war peril#, pirate#, ro+er#, thie+e#= capt$re#.
Cetti#on#, %arratr and an other peril# which are either o& the li)e )ind or ma
%e de#igned % the polic.
There are di&&erent tpe# o& marine policie# )nown % di&&erent name#
according to the manner o& their e7ec$tion or the ri#) the co+er. The are:
Goage polic, time polic, +al$ed polic, $n+al$ed polic, &loating polic, wager
or hono$r polic.
i"#!ocial insurance
Social in#$rance ha# %een de+eloped to pro+ide economic #ec$rit to wea)er
#ection# o& the #ociet who are $na%le to pa the premi$m &or ade'$ate
in#$rance 3en#ion plan#, di#a%ilit %ene&it#, $nemploment %ene&it#= #ic)ne##
in#$rance, etc. are the +ario$# &orm# o& #ocial in#$rance.
"# Miscellaneous Insurance
The proce## o& &a#t de+elopment in the #ociet ga+e ri#e to a n$m%er o& ri#)#
or ha2ard#. To pro+ide #ec$rit again#t #$ch ha2ard#, man other tpe# o&
in#$rance al#o ha+e %een de+eloped. The important among them are:
i< Gehicle in#$rance on %$#e#, tr$c)# motorccle#, etc.,
ii< 3er#onal accident in#$rance 9% pacing an ann$al premi$m o& R# 1F-
3olic worth R#. 1000F- can %e in#$red.< &or in+e#tment#
are 8L o& D3.
Till date, onl 0L o& the total in#$ra%le pop$lation o& ndia i# co+ered $nder
+ario$# li&e in#$rance #cheme#, the penetration rate# o& health and other non-
li&e in#$rance# in ndia i# al#o well %elow the international le+el. The#e &act#
indicate the o& immen#e growth potential o& the in#$rance #ector.
The ear 1 #aw a re+ol$tion in the ndian in#$rance #ector, a# ma"or
#tr$ct$ral change# too) place with the ending o& go+ernment monopol and the
pa##age o& the n#$rance Reg$lator and De+elopment !$thorit 9RD!< Bill,
li&ting all entr re#triction# &or pri+ate plaer# and allowing &oreign plaer# to
enter the mar)et with #ome limit# on direct &oreign owner#hip.
Tho$gh, the e7i#ting r$le #a# that a &oreign partner can hold L e'$it in anin#$rance compan, a propo#al to increa#e thi# limit to 4L i# pending with the
go+ernment. Since opening $p o& the in#$rance #ector in 1, &oreign
in+e#tment# o& R#. 8. %illion ha+e po$red into the ndian mar)et and 1
pri+ate companie# ha+e %een granted licen#e#.
nno+ati+e prod$ct#, #mart mar)eting, and aggre##i+e di#tri%$tion ha+e
ena%led &ledgling pri+ate in#$rance companie# to #ign $p ndian c$#tomer#
&a#ter than anone e7pected. ndian#, who had alwa# #een li&e in#$rance a# ata7 #a+ing de+ice, are now #$ddenl t$rning to the pri+ate #ector and #napping
$p the new inno+ati+e prod$ct# on o&&er.
The li&e in#$rance ind$#tr in ndia grew % an impre##i+e 6L, with premi$m
income &rom new %$#ine## at R#. 56.46 %illion d$ring the &i#cal ear 004-
005, %ra+ing #ti&& competition &rom pri+ate in#$rer#. Thi# report, Indian
n#$rance nd$#tr: New !+en$e# &or rowth 01J, &ind# that the mar)et
#hare o& the #tate %ehemoth, >, ha# cloc)ed 1.8L growth in %$#ine## at
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R#.1.8 %illion % #elling .4 %illion new policie# in 004-05. B$t thi# wa# #till
not eno$gh to arre#t the &all in it# mar)et #hare, a# pri+ate plaer# grew %
1L to mop $p R#. 55.5 %illion in 004-05 &rom R#. 4. %illion in 006-04.
Tho$gh the total +ol$me o& >?# %$#ine## increa#ed in the la#t &i#cal ear
9004-005< compared to the pre+io$# one, it# mar)et #hare came down &rom
8.04 to 8.0L. The 14 pri+ate in#$rer# increa#ed their mar)et #hare &rom
a%o$t 16L to a%o$t L in a ear?# time. The &ig$re# &or the &ir#t two month# o&
the &i#cal ear 005-0 al#o #pea) o& the growing #hare o& the pri+ate in#$rer#.
The #hare o& > &or thi# period ha# &$rther come down to 5 percent, while the
pri+ate plaer# ha+e gra%%ed o+er 4 percent.
There are pre#entl 1 general in#$rance companie# with &o$r p$%lic #ector
companie# and eight pri+ate in#$rer#. !ccording to e#timate#, pri+ate
in#$rance companie# collecti+el ha+e a 10L #hare o& the non-li&e in#$rance
mar)et.
"riate "layer of Life Insurance
1. 3r$dential >i&e n#$rance
. DA Standard >i&e6. SB >i&e n#$rance
4. Birla S$nli&e
5. Ba"a" !llian2 >i&e
. !+i+a >i&e n#$rance
. Oota) (ahindra >i&e n#$rance
8. Tata ! >i&e
. Reliance >i&e n#$rance ompan >imited
10. N Ga#a >i&e n#$rance11. (etli&e ndia >i&e n#$rance
1. (a7 New Kor) >i&e n#$rance
16. Shriram >i&e n#$rance
14. Bharti !M! >i&e n#$rance ompan >imited
Types of Insurance on The Basis of Business Point of /iew
i< >i&e n#$rance
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ii< eneral n#$rance
i#Life Insurance:
>i&e n#$rance i# $ni+er#all ac)nowledged to %e an in#tit$tion which eliminate#
?ri#)? and pro+ide# the timel aid to the &amil in the $n&ort$nate e+ent o& death
o& the %readwinner.
>i&e n#$rance i# a contract &or pament o& a #$m o& mone to the per#on
a##$red 9or nominee< on the happening o& the e+ent in#$red again#t. The
contract pro+ide# &or the pament o& premi$m periodicall to the n#$rance
ompan % the a##$red.
The contract pro+ide# &or the pament o& an amo$nt on the date o& mat$rit or
at #peci&ied date# at periodic inter+al# or at $n&ort$nate death, i& it occ$r#
earlier.
ii#.eneral Insurance:
eneral in#$rance %$#ine## re&er# to &ire, marine, and mi#cellaneo$#
in#$rance %$#ine## whether carried on #ingl or in com%ination with one or
more o& them, %$t doe# not incl$de capital redemption %$#ine## and ann$it
certain %$#ine##. P!ccording to Sec. 69g< o& the eneral n#$rance %$#ine##
9Nationali2ation< !ct, 1Q.
Aeat$re# o& ndian eneral n#$rance (ar)et:
1. >ow mar)et penetration.
. +er-growing middle cla## component in pop$lation.
6. rowth o& con#$mer mo+ement with an increa#ing demand &or %etter
in#$rance prod$ct#.
4. nade'$ate application o& in&ormation technolog &or %$#ine##.5. !de'$ate &illip &rom the o+ernment in the &orm o& ta7 incenti+e# to the
in#$red, etc.
. ndia i# one o& the lea#t in#$red co$ntrie# %$t the potential &or &$rther
growth i# phenomenal.
. Rate# o& claim #ettlement were earlier in ndia the highe#t in the world,
0 per cent in general in#$rance, compared to aro$nd 40 per cent
internationall.
8. Non-li&e premi$m ha# a 0.1 per cent #hare o& D3.
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. eneral n#$rer# 93ri+ate ompanie#< ha+e earned aro$nd R#.1000-cr
income.
10. al& o& the c$rrent demand &or come# &rom the corporate #egment.
Benefits of 'eneral Insurance:
1. n#$rance i# the in#tr$ment o& Sec$rit, #a+ing and peace o& mind. t
pro+ide# #e+eral %ene&it# % paing a #mall amo$nt o& premi$m to an
in#$rance compan.
. Sa&eg$ard# one;# a##et#.
6. 3eace o& mind-in ca#e o& &inancial lo##.
4. nco$rage #a+ing.
5. Ta7 re%ate.
. 3rotection &rom the claim made % creditor#.
. Sec$rit again#t a per#onal loan, ho$#ing loan or other tpe# o& loan.
Products of 'eneral Insurance
The !##$rance ompan >td. and the *nited ndia n#$rance ompan. The
o+ernment o& ndia #$%#cri%ed to the capital o& . , in t$rn, #$%#cri%ed
to the capital o& the &o$r companie#. !ll the &o$r companie# are go+ernmentcompanie# regi#tered $nder the ompanie# !ct. i# into the rein#$rance
%$#ine## wherea# it# #$%#idiarie# are into the in#$rance o& Non >i&e prod$ct#.
"roduct 'ange
i# Motor Insurance:
(otor in#$rance i# mandator &or all +ehicle# in ndia. There are two tpe# o&
motor in#$rance Third 3art- onl in#$re# the part 9partie#< other than the owner in an
incident.
omprehen#i+e- that in#$re# the owner a# well a# the third part
in+ol+ed. The premi$m &or motor Gehicle# i# decided on the +al$e o& the
+ehicle and location where it i# to %e regi#tered. The premi$m &or hea+
commercial +ehicle i# decided on the +al$e o& the +ehicle and gro##
laden weight.
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ii# Property Insurance:
3ropert in#$rance co+er# land, %$ilding and the content# o& the %$ilding.
iii# Bur%lary:
B$rglar in#$rance co+er# all lo##e# ari#en o$t o& %$rglar committed in one;#
premi#e#.
i"# 0ire Insurance:
Aire n#$rance i# a omprehen#i+e polic. Thi# polic %e#ide# co+ering lo## on
acco$nt o& &ire al#o co+er# lo## on acco$nt o& the &ollowing arth'$a)e, Riot#,
Stri)e#, (alicio$# intent, Alood#.
"# Health Insurance:
ealth in#$rance police# en#$re g$arding one# health again#t an calamitie#
that ma ca$#e long term harm to hi#Fher li&e and can hamper one# earning
a+aila%le &or a%ilit &or a li&etime. The#e health policie# are indi+id$al# and
gro$p#.
"i# &ia(ility Insurance:
Thi# polic indemni&ie# the Director# or &&icer# or other pro&e##ional# again#t
lo## ari#ing &rom claim# made again#t them % rea#on o& an wrong&$l !ct intheir &&icial capacit.
"ii# 1arine Insurance
argo in tran#it
argo declaration 3olic
(arine $ll n#$rance: nland +e##el# ocean going +e##el#, &i#hing @
#ailing +e##el#, &reight at ri#), con#tr$ction o& #hip#, +oage in#$rance o&
+ario$# +e##el#, #hip %rea)ing, in#$rance !waiting %rea) $p, n#$rance
il @ nerg in re#pect o& on#hore @ o&hore ri#)# incl$ding con#tr$ction
ri#).
"iii# Tra"el Policy:
!n to$ri#t ma die or lo## their %aggage;#, pa##port etc. while tra+eling. Tra+el
policie# are de#igned to care o& all the pro%lem# that generall occ$r while
tra+eling.
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ix# Business policy:
! B$#ine## polic co+er# the ri#)# o& lo## o& %$#ine## good#, plant and
machiner etc.
x# 2ther 'eneral Policy:
!part &rom other main general n#$rance there are #e+eral other#
eneral police# and more are going to introd$ce, #$ch a#:
Bhaga#hree hild /el&are 3olic-co+er# girl child in the age gro$p o& 0
to 18 ear#.
Ra" Ra"e#hwari (ahila Oalan Go"an#.
rop n#$rance Scheme.
Cald Rahat Ko"ana.
!+*T A)AL!I! *4 I)!%'A)C, !,CT*'
$tren%ths:
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i# Consumer .rieance 'edressal
The n#$rer# ha+e to &ace the redre##al o& the con#$mer#, grie+ance# &or
de&icienc in prod$ct# and #er+ice#. The n#$rance Reg$lator De+elopment
!$thorit 9RD!
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inno+ati+e prod$ct# to the con#$mer# and %ringing more prod$ct# wo$ld
re'$ire good amo$nt o& capital in+e#tment.
2pportunities:
i# 5ast country
ndia i# a +a#t co$ntr with more than 5, ,000 +illage# ha+ing a pop$lation o&
at lea#t 500-00 per +illage. The companie# co$ld recogni2e the &act that i& it
ta)e# the whole 2illa a# one, it wo$ld con#i#t a pop$lation more than 5000-
10000. ne 2illa co$ld gi+e them a good amo$nt o& %$#ine##. The compan
co$ld ha+e thi# opport$nit and tap it and reap re+en$e#.
ii# 8o opportunities
Since the #ector ha# opened $p, man new companie# ha+e alread #tarted it#
operation and &ew are "$#t a%o$t to %egin, (a"or area# o& emploment in thi#
#ector are the agent#. ! compan can appoint an n$m%er o& agent# anwhere
within the co$ntr on commi##ion %a#i#. (oreo+er, the pro&e##ional #ta&& and
the peon# and cler)#; appointment al#o increa#e. Th$# thi# #ector ha#
tremendo$# #cope on emploment.
Threats:
i# Lac$ of a#areness
Ger #oon the mar)et will %e &looded % a large n$m%er o& prod$ct# % a &airl
large n$m%er o& in#$rer# operating in the ndian mar)et. +en with limited
range o& prod$ct# o&&ered % > and , there i# chao# a# &ar a# the
con#$mer# are concerned. Their con&$#ion will &$rther increa#e in the &ace o& a
large n$m%er o& prod$ct# in the mar)et. The e7i#ting le+el o& awarene## o& the
con#$mer# &or in#$rance prod$ct# i# +er low. Thi# i# %eca$#e onl L o& thepop$lation o& ndia i# literate and onl 10L are well ed$cated. +en the
ed$cated con#$mer# are ignorant a%o$t the +ario$# prod$ct# o& in#$rance.
/ith new companie# coming in the mar)et, the prod$ct# wo$ld %e
comparati+el more, which wo$ld again create con&$#ion in the mind# o& the
c$#tomer# #o a# to which polic %e#t #$it# the need#.
Insurance 'egulatory and -eelopment Authority Act= 1>>> ?I'-A@
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ndian parliament pa##ed RD! in the ear 1. t i# headed % the chairmen.
t wa# #et$p on interim RD! &or monitoring @controlling o& the in#$rance
%$#ine##. RD! wa# #ole a$thorit re#pon#i%le &or awarding o& licen#e#. There
i# no re#triction &or new licen#e# @ no compo#ite licen#e# &or li&e @ non li&e
%$#ine##. RD! ha# #ome re#triction &or new licen#e# #$ch li)e new plaer
#ho$ld commence it# %$#ine## within 15-18 month. Share# are not allowed to
tran#&er witho$t appro+al.
Thi# !ct wa# pa##ed % 3arliament in Decem%er 1 and it recei+ed
pre#idential a##ent in Can$ar 000. Thi# !ct pro+ide# &or the e#ta%li#hment o&
the !$thorit to protect the intere#t o& holder# o& in#$rance policie#, to reg$late,
promote and en#$re orderl growth o& in#$rance ind$#tr and &or matter#
connected therewith or incidental thereto. t amended the n#$rance !ct, 168,
which ha# %een noted a%o+e. t al#o amended the >i&e n#$rance orporation
!ct, 15 and the eneral n#$rance B$#ine## 9Nationali2ation< !ct, 1,
th$# opening $p the in#$rance #ector to pri+ate participation.
*nder thi# !ct, an a$thorit called RD! ha# %een e#ta%li#hed. Thi# i# a
corporate %od e#ta%li#hed &or the p$rpo#e and o%"ect# a# #et o$t in the
e7planation to the title. The I!$thoritH replace# HontrollerH $nder n#$rance
!ct 168. The &ir#t #ched$le amend# n#$rance !ct 168. t #tate# that i&H!$thoritH i# #$per#eded % the entral o+ernment, the Hontroller o&
n#$ranceH ma %e appointed till #$ch time a# I!$thoritH i# recon#tit$ted.
n line with the economic re&orm# that were $#hered in ndia in earl ninetie#,
the o+ernment #et $p a ommittee on Re&orm# 9pop$larl called the (alhotra
ommittee< in !pril 16 to #$gge#t re&orm# in the in#$rance #ector. The
ommittee recommended throwing open the #ector to pri+ate plaer# to $#her
in competition and %ring more choice to the con#$mer. The o%"ecti+e wa# toimpro+e the penetration o& in#$rance a# a percentage o& D3, which remain#
low in ndia e+en compared to #ome de+eloping co$ntrie# in !#ia. Re&orm#
were initiated with the pa##age o& n#$rance Reg$lator and De+elopment
!$thorit 9RD!< Bill in 1. RD! wa# #et $p a# an independent reg$lator
a$thorit, which ha# p$t in place reg$lation# in line with glo%al norm#. So &ar in
the pri+ate #ector, 1 li&e in#$rance companie# and general in#$rance
companie# ha+e %een regi#tered.
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ottlenec$s .oernment 'egulations
The RD! %ill propo#e# to$gh #ol+enc margin# &or pri+ate
in#$rance &irm#, a L cap on &oreign e'$it and a minim$m capital
o& R# 100crore# &or li&e and general in#$rance and R# 00crore# &or
rein#$rance &irm# #ection ! o& in#$rance !ct #tip$late# that > i#
re'$ired to in+e#t 5L o& it# accretion# thro$gh a controlled &$nd in
mandated go+ernment #ec$ritie# > ma in+e#t the remaining 5L in
pri+ate corporate #ector, con#tr$ction and ac'$i#ition o& immo+a%le
a##et# %e#ide# #anctioning o& loan# to polic holder.
The#e #tip$lation# impo#ed on the in#$rance companie# had re#$lted in
lac) o& &le7i%ilit in the optimi2ation o& ri#) and pro&it port&olio. & thi#
in&le7i%ilit contin$e# the in#$rance companie# will ha+e +er little
le+erage to earn more on their in+e#tment# and the might not %e a%le
to o&&er a# &le7i%le prod$ct# a# o&&ered a%road.
The go+ernment might pro+ide more a$tonom to =in#$rance
companie# % allowing them to in+e#t 50L o& their &$nd# a# per
their own di#cretion#.
Recentl RB ha# i##$ed #ti&& g$ideline# which had death a #e+ere %low
to the plan# o& %an)# and &inancial in#tit$tion# to enter the in#$rance
#ector. t #a# that non per&orming a##et# 9 N3!< le+el# o& the
pro#pecti+e l plaer# will ha+e to %e 1L point lower than the ind$#tr
a+erage 9pre#entl .5L
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in#tit$tion# ha+e to enter the new %$#ine##. The in#$rance emploee#
$nion i# o&&ering #ti&& re#i#tance to an pri+ate entr.
ICICI "rudential Life Insurance
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C*M"A) "'*4IL,
"'*4IL, *4 ICICI "rudential Life Insurance Company
0act sheet
The Company
ICICI "rudential Life Insuranceompan i# a "oint +ent$re %etween
Ban), a premier &inancial powerho$#e, and pr$dential plc, a leading
international &inancial #er+ice# gro$p head'$artered in the *nited Oingdom.
3r$dential wa# among#t the &ir#t pri+ate #ector in#$rance companie# to
%egin operation# in Decem%er 000 a&ter recei+ing appro+al &rom n#$rance
Reg$lator De+elopment !$thorit 9RD!i&e?# capital #tand# at R#. 4. %illion 9a# o& C$ne 60, 008i&e i# al#o the onl pri+ate li&e in#$rer in ndia to recei+e a
National n#$rer Ainancial Strength rating o& !!! 9nd< &rom Aitch rating#. The
!!! 9nd< rating i# the highe#t rating, and i# a clear a##$rance o&
3r$dential?# a%ilit to meet it# o%ligation# to c$#tomer# at the time o& mat$ritor claim#.
Aor the pa#t #e+en ear#, 3r$dential >i&e ha# retained it# leader#hip
po#ition in the li&e in#$rance ind$#tr with a wide range o& &le7i%le prod$ct# that
meet the need# o& the ndian c$#tomer at e+er #tep in li&e.
!istri(ution
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3r$dential >i&e ha# one o& the large#t di#tri%$tion networ)# among#t
pri+ate li&e in#$rer# in ndia. t ha# a #trong pre#ence acro## ndia with o+er
000 %ranche# 9incl$d$ng 1,05 micro-o&&ice#< and an ad+i#or %a#e o& o+er
1,000 9a# on !$g$#t 61, 008imited 9NKS:BN< i# ndia?# large#t pri+ate #ector %an) and the#econd large#t %an) in the co$ntr, with con#olidated total a##et# o& 11
%illion a# o& Septem%er 60 , 008. Ban);# #$%#idiarie# incl$de ndia;#
leading pri+ate #ector in#$rance companie# and among it# large#t #ec$ritie#
%ro)erage &irm#, m$t$al &$nd# and pri+ate e'$it &irm#. Ban);# pre#ence
c$rrentl #pan# 1 co$ntrie#, incl$ding ndia.
"rudential "lc
#ta%li#hed in >ondon in 1848, 3r$dential plc, thro$gh it# %$#ine##e# in the*O, $rope, *S, !#ia and the (iddle a#t, pro+ide# retail &inancial #er+ice#
prod$ct# and #er+ice# to more than 1 million c$#tomer#, policholder and $nit
holder# and manage# o+er 5 %illion o& &$nd# worldwide 9a# o& C$ne 60,
008
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008< and operation# in ten mar)et# incl$ding hina, ong Oong, ndia, Capan,
Oorea, (ala#ia, Singapore, Taiwan, Gietnam and *nited !ra% mirate#
1ana%ement Team
The ICICI "rudential Life Insuranceompan >imited (anagement team
compri#e# rep$ted people &rom the &inance ind$#tr %oth &rom ndia and
a%road.
(#. Shi)ha Sharma, (anaging Director @
(r. N. S. Oannan, 7ec$ti+e Director
(r. Bharga+ Da#g$pta, 7ec$ti+e Director
(#. !nita 3ai, 7ec$ti+e Gice 3re#ident $#tomer Ser+ice @ Technolog
Dr. !+i"it hatter"ee, !ppointed !ct$ar
(r. 3$neet Nanda, 7ec$ti+e Gice 3re#ident @ hie& n+e#tment &&icer
Board of !irector
The ICICI "rudential Life Insurance ompan >imited Board compri#e#
rep$ted people &rom the &inance ind$#tr %oth &rom ndia and a%road.
(r. O.G. Oamath, hairman(#. handa Oochhar, Director
(r. Barr Stowe, Director
(r. !drian ;onnor, Director
3ro&. (arti . S$%rahmanam, Director
(r. (ahe#h 3ra#ad (odi, Director
(#. Rama Bi"ap$r)ar, Director
(r. Oe)i Dadi#eth, Director
(#. Shi)ha Sharma, (anaging Director(r. N.S. Oannan, 7ec$ti+e Director
(r. Bharga+ Da#g$pta, 7ec$ti+e Director
I)I)I Prudential 1arket $hare ises To 3-4
New Delhi, Can$ar 1: : ICICI "rudential Life Insurance hi)ed it# mar)et
#hare to 4. per cent in the cto%er-No+em%er period la#t ear, $p &rom
6. per cent in &ir#t '$arter and 68.85 per cent in the #econd '$arter o& the
c$rrent &i#cal.
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t# total #hare o& the R# 46.-crore premi$m collected % pri+ate plaer#
d$ring the !pril-No+em%er period #tood at 6. per cent. t# aggregate
e#timated premi$m income amo$nted to R# 14. crore a# at the end o&
No+em%er. !ccording to o&&icial#, while the premi$m mop-$p % pri+ate
companie# in !pril-C$ne 00 wa# a%o$t R# 11 crore, the corre#ponding
&ig$re# &or the C$l-Septem%er and cto%er-No+em%er period# were R# 01.6
crore and R# 10.8 crore. $t o& thi#, ;# premi$m income #tood at R# 44.4
crore, R# 8. crore and R# 51. crore, re#pecti+el.
The cited rda #tati#tic# #aing the total premi$m income o& the li&e #ector wa#
R# 1,11 crore in !pril-C$ne, 00, and R# 6,51.8 crore $ptil Septem%er.
Performance $ummary
"erformance !ummary as on *ctoer 31= i&e V 8.0L 8.56L 06 Can 05
n+e#tShield 3en#ion V 8.50L 8.5L 06 Can 05
New n+e#t Shield U N! 4.1L 1 !$g 0
Ale7i rowth N! -11.40L 0 (ar 0
3en#ion Ale7i rowth N! -16.8L 0 (ar 0
Ale7i Balance VV N! -5.L 0 (ar 03en#ion Ale7i Balance VV N! -.4L 0 (ar 0
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Performance "5s Benchmark
1arket 2"er"iew
(ey Mar$et Leels ?as on *ctoer 31=
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9#emi ann$alarge ompan categor
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ndia?# (o#t $#tomer Re#pon#i+e n#$rance ompan !+aa lo%al onnect
- conomic Time#. $#tomer Re#pon#i+ene## !ward#, 00
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Be#t >i&e n#$rer 006. $tloo) (one !ward# 006 @ 004/ision 6 /alues
*ur ision:
To %e the dominant >i&e, ealth and 3en#ion# plaer %$ilt on tr$#t % world-
cla## people and #er+ice. Thi# we hope to achie+e %:
*nder#tanding the need# o& c$#tomer# and o&&ering them #$periorprod$ct# and #er+ice
>e+eraging technolog to #er+ice c$#tomer# '$ic)l, e&&icientl and
con+enientl
De+eloping and implementing #$perior ri#) management and in+e#tment
#trategie# to o&&er #$#taina%le and #ta%le ret$rn# to o$r policholder#
3ro+iding an ena%ling en+ironment to &o#ter growth and learning &or o$r
emploee#
!nd a%o+e all, %$ilding tran#parenc in all o$r dealing#
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The #$cce## o& the compan will %e &o$nded in it# $n&linching commitment to 5
core +al$e# -- ntegrit, $#tomer Air#t, Bo$ndarle##, wner#hip and 3a##ion.
ach o& the +al$e# de#cri%e what the compan #tand# &or, the '$alitie# o& o$r
people and the wa we wor).
/e do %elie+e that we are on the thre#hold o& an e7citing new opport$nit,
where we can pla a #igni&icant role in rede&ining and re#haping the #ector.
i+en the '$alit o& o$r parentage and the commitment o& o$r team, there are
no limit# to o$r growth.
*ur alues:
+er mem%er o& the 3r$dential team i# committed to 5 core +al$e#:
ntegrit, $#tomer Air#t, Bo$ndarle##, wner#hip, and 3a##ion. The#e
+al$e# #hine &orth in all we do, and ha+e %ecome the )e#tone# o& o$r
#$cce##.
Products
3r$dential ha# a wide arra o& in#$rance plan# that ha+e %een de#igned
with the philo#oph that di&&erent indi+id$al# are %o$nd to ha+e di&&ering
in#$rance need#.
The ideal in#$rance plan i# one that addre##e# the e7act in#$rance need# o&
the indi+id$al that will depend on the age and li&e #tage o& the indi+id$al apart&rom a ho#t o& other &actor#.
Life Insurance India= 9ealth Insurance= 'etirement !olutions
Brochures
1 ancer are
ancer are 3l$#
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6 a#hBa)
4 ri#i# o+er
5 Dia%ete# are
Dia%ete# !##$re Dia%ete#are !cti+e
8 Aore+er>i&e
ealth!##$re 3l$#
10 o#pital are
11 mmediate !nn$it
1 n+e#tShield a#hBa)
16 n+e#tShield >i&e New
14 >i&e$ard
15 >i&e>in) S$per 3en#ion
1 >i&e>in) S$per
1 >i&eStage R3
18 >i&eStage !##$re
1 >i&eTime old
0 >i&eTime 3l$#
1 >i&eStage 3en#ion
>i&eTime S$per 3en#ion
6 (edi!##$re
4 3remier>i&e old
5 3remier>i&e 3en#ion
3$re 3rotect
SmartOid New *>R3
8 SmartOid New *>S3
SmartOid R3
60 Sa+e?N?3rotect
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Life Insurance "lans
>i&e in#$rance prod$ct# a##$re o$r &amil will recei+e &inancial #$pport, e+en
in o$r a%#ence. 3$t #impl, when o$ %$ in#$rance o$ pro+ide o$r &amil
with a #$m o& mone, #ho$ld #omething happen to o$. t th$# permanentl
protect# o$r &amil &rom &inancial cri#e#.
n addition to #er+ing a# a protecti+e co+er, when o$ %$ in#$rance o$ create
a &le7i%le mone-#a+ing #cheme, which empower# o$ to acc$m$late wealth to%$ a new car, get o$r children ed$cational #ol$tion#, and e+en retire
com&orta%l.
Toda, there i# no #hortage o& in+e#tment option# &or a per#on to choo#e &rom.
i+en the plethora o& choice#, it %ecome# imperati+e to ma)e the right choice
when in+e#ting o$r hard-earned mone, and online in#$rance i# an ideal
choice in toda;# technolog dri+en world. B$ing >i&e in#$rance online i# a
wa to ma)e a $ni'$e in+e#tment that help# o$ to meet o$r d$al need# -#a+ing &or li&e?# important goal#, and protecting o$r a##et#.
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Arom an in+e#tor?# point o& +iew, an in+e#tment can pla two role# - a##et
appreciation or a##et protection. /hile mo#t &inancial in#tr$ment# ha+e the
$nderling %ene&it o& a##et appreciation, %$ing li&e in#$rance online get# o$
the $ni'$e rea##$rance o& a##et protection, along with a #trong element o&
a##et appreciation.
/hen o$ %$ li&e in#$rance online the core %ene&it i# that the &inancial
intere#t# o& one;# &amil remain protected &rom circ$m#tance# #$ch a# lo## o&
income d$e to critical illne## or death o& the policholder. Sim$ltaneo$#l,
%$ing li&e in#$rance online gi+e# a #trong in%$ilt wealth creation propo#ition.
The c$#tomer there&ore %ene&it# on two co$nt# and online in#$rance prod$ct#
occ$p a $ni'$e #pace in the land#cape o& in+e#tment option# a+aila%le to a
c$#tomer.
!# o$r li&e #tage and there&ore o$r &inancial goal# change, the in#tr$ment in
which o$ in+e#t #ho$ld o&&er corre#ponding %ene&it# pertinent to the new li&e
#tage. nline in#$rance prod$ct# are the onl in+e#tment option that o&&er
#peci&ic prod$ct# tailor-made &or di&&erent li&e #tage#. Ko$ are th$# en#$red that
the %ene&it# o&&ered to the c$#tomer re&lect the need# o& the c$#tomer at that
partic$lar li&e #tage, and hence en#$re# that the &inancial goal# o& that li&e #tageare met.
n the %a#i# o& which li&e #tage o$ are in and the corre#ponding in#$rance
need#, 3r$dential plan# can %e categori2ed into the &ollowing &o$r tpe#:
d$cation n#$rance 3lan#
/ealth reation 3lan#
3remi$m $arantee plan#
3rotection 3lan#
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9ealth Insurance
ealth in#$rance policie# in#$re o$ again#t #e+eral illne##e# and g$arantee
o$ #ta &inanciall #ec$re #ho$ld o$ e+er re'$ire treatment. The #a&eg$ard
o$r peace o& mind, eliminate all worrie# a%o$t treatment e7pen#e#, and allowo$ to &oc$# o$r energ on more important thing#, li)e getting %etter. >et?#
learn more a%o$t the +ario$# tpe# o& health in#$rance a+aila%le, and what the
%e#t polic &or o$ might %e. ealth n#$rance policie# in ndia - !n +er+iew
There i# #e+eral health in#$rance or medical in#$rance plan# in ndia. The#e
can %e di+ided into the &ollowing categorie# %a#ed on the co+erage o&&ered:
9ospitaliation "lans: The#e health in#$rance plan#co+er o$r e7pen#e# inca#e o$ need to %e ho#pitali2ed. /ithin thi# categor, prod$ct# ma ha+e
di&&erent pao$t #tr$ct$re# and limit# &or +ario$# head# o& e7pendit$re. The
ho#pitali#ation co+erage ma %e reim%$r#ement %a#ed plan# or &i7ed %ene&it
plan#. The#e plan# aim to co+er the more &re'$ent medical e7pen#e#. lic) to
)now a%o$t o$r ho#pitali#ation in#$rance plan 9o#pital arein)ed
Reg$lar 3remi$m *nit >in)ed
SmartOid New *nit >in)ed
Single 3remi$m *nit >in)ed
SmartOid Reg$lar 3remi$m Traditional
$a"in%s 6 Wealth )reation $olutions
Sa+e?n?3rotect i# a traditional endowment #a+ing# plan that o&&er# li&e
protection along with ade'$ate ret$rn#.
a#hBa) i# an anticipated endowment polic ideal &or meeting mile#tone
e7pen#e# li)e a child?# marriage, e7pen#e# &or a child?# higher ed$cation
or p$rcha#e o& an a##et. t i# a+aila%le &or term# o& 15 and 0 ear#.
>i&eTime old i# a $nit-lin)ed plan that o&&er# c$#tomer# the &le7i%ilit and
control to c$#tomi2e the polic to meet the changing need# at di&&erent
li&e #tage#. t o&&er# &$nd option# - 3re#er+er, 3rotector, Balancer, Ale7i
Balanced ($ltiplier, R... and Ale7i rowth.
>i&eStage R3 i# $nit lin)ed plan that pro+ide# o$ with an option o&
li&eccle-%a#ed port&olio #trateg that contin$o$#l re-di#tri%$te# o$r
mone acro## +ario$# a##et cla##e# %a#ed on o$r li&e #tage. Thi# will
help o$ achie+e the right !##et !llocation to meet o$r de#ired &inancial
goal#.
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>i&e>in) S$per i# a #ingle premi$m $nit lin)ed in#$rance plan which
com%ine# li&e in#$rance co+er with the opport$nit to #ta in+e#ted in the
#toc) mar)et.
3remier >i&e old i# a limited premi$m paing plan #peciall #tr$ct$red
&or long-term wealth creation.
n+e#tShield >i&e New i# a $nit lin)ed plan that pro+ide# premi$m
g$arantee on the in+e#ted premi$m# and en#$re# that the c$#tomer
recei+e# onl the %ene&it# o& &$nd appreciation witho$t an o& the ri#)# o&
depreciation.
n+e#tShield a#h%a) i# a $nit lin)ed plan that pro+ide# premi$m
g$arantee on the in+e#ted premi$m# along with &le7i%le li'$idit option#.
>i&eStage !##$re a $nit lin)ed in#$rance plan that pro+ide $pto 450 L o&&ir#t ear premi$m g$arantee on mat$rit, with the additional ad+antage
o& a li&eccle %a#ed port&olio #trateg that allocate# the in+e#tor;# mone
acro## +ario$# a##et cla##e# %a#ed on hi# li&e #tage and ri#) appetite.
etirement $olutions
Aore+er>i&e i# a traditional retirement prod$ct that o&&er# g$aranteed ret$rn# &or
the &ir#t 4 ear# and then declare# %on$#e# ann$all.
>i&eTime S$per 3en#ion i# a reg$lar premi$m $nit lin)ed pen#ion plan
that help# one acc$m$late o+er the long term and o&&er# 5 ann$it
option# 9li&e ann$it, li&e ann$it with ret$rn o& p$rcha#e price, "oint li&e
la#t #$r+i+or ann$it with ret$rn o& p$rcha#e price, li&e ann$it g$aranteed
&or 5, 10 and 15 ear# @ &or li&e therea&ter, "oint li&e, la#t #$r+i+or ann$it
witho$t ret$rn o& p$rcha#e price< at the time o& retirement.
>i&eStage 3en#ion i# a reg$lar premi$m $nit lin)ed pen#ion plan thatpro+ide# o$ with a $ni'$e li&eccle-%a#ed #trateg that contin$o$#l re-
di#tri%$te# o$r mone acro## +ario$# a##et cla##e# %a#ed on o$r li&e
#tage, e+ent$all pro+iding o$ with a c$#tomi2ed retirement #ol$tion.
>i&e>in) S$per 3en#ion i# a #ingle premi$m $nit lin)ed pen#ion plan.
mmediate !nn$it i# a #ingle premi$m ann$it prod$ct that g$arantee#
income &or li&e at the time o& retirement. t o&&er# the %ene&it o& 5 pao$t
option#.
3remier>i&e 3en#ion i# a $ni'$e and con+enient retirement #ol$tion witha limited premi$m paing term o& three or &i+e ear#, to #$it pro&e##ional#
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and %$#ine##men, e#peciall tho#e who re'$ire more &le7i%ilit and
c$#tomi2ation while planning their &inance#.
Premium 'uarantee Plans
The late#t addition to the li&e in#$rance prod$ct port&olio o& 3r$dential i#
the 3remi$m $arantee plan - n+e#tShield >i&e New. 3remi$m $arantee
plan# are the ideal in#$rance-c$m-in+e#tment option &or c$#tomer# who want
to en"o the potentiall higher ret$rn# o& a mar)et lin)ed in#tr$ment, %$t witho$t
ta)ing an mar)et ri#).
*nder the 3remi$m $arantee 3lan# plat&orm, 3r$dential %ring# to o$
the &ollowing prod$ct#:
"lan )ame "lan Type
n+e#tShield >i&e New *nit >in)ed
n+e#tShield a#hBa) *nit >in)ed
3rotection Sol$tion#
>i&e$ard i# a protection plan, which o&&er# li&e co+er at low co#t. t i#
a+aila%le in 6 option# - le+el term a##$rance, le+el term a##$rance withret$rn o& premi$m @ #ingle premi$m.
ome!##$re i# a mortgage red$cing term a##$rance plan de#igned
#peci&icall to help c$#tomer# co+er their home loan# in a #imple and
co#t-e&&ecti+e manner.
'roup Insurance Plans
ne S$re Shot /a Aor !n mploer To Retain i# Team. mploee# the#eda# are con#tantl on the prowl &or H%etter opport$nitie#H. ow then do o$
get them to &oc$# on o$r "o% and #ta committed &or long ten$re#W
$man Re#o$rce e7pert# agree that emploee# wor) with $tmo#t dedication
when the %elie+e their organi2ation tr$l care# a%o$t their well%eing.
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ne wa o& #howing o$r concern &or o$r emploee# i# to #ho$lder the two
re#pon#i%ilitie# the worr a%o$t mo#t: Sec$rit o& and Sa+ing# &or their
&amilie#.
ro$p n#$rance 3lan# &rom 3r$dential ena%le o$ to e&&ortle##l pro+ide
o$r emploee# with %oth, #a+ing# and #ec$rit, #o the can pa## on the
%ene&it# to their lo+ed one#.
Ko$r )ind ge#t$re to #a&eg$ard their &amil?# &$t$re will $ndo$%tedl #er+e a#
great enco$ragement &or o$r emploee#, and the will gladl o&&er o$ their
whole-hearted commitment. Top 6 Rea#on# /h Ko$ Sho$ld n+e#t n
3r$dential?# ro$p n#$rance 3lan# /ith 3r$dential?# ro$p n#$rance
3lan# o$r emploee# get:
ncompara%le &inancial %ene&it# that g$arantee their #a&et and &inancial
#ta%ilit.
So$nd &inancial planning that empower# them to meet their changing
&inancial o%"ecti+e#.
X$alit #er+ice initiati+e# and tran#parenc acro## all operation#.
'roup Insurance $olutions
3r$dential >i&e al#o o&&er# ro$p n#$rance Sol$tion# &or companie#
#ee)ing to enhance %ene&it# to their emploee#.
ro$p rat$it 3lan: 3r$dential >i&e?# gro$p grat$it plan help#
emploer# &$nd their #tat$tor grat$it o%ligation in a #cienti&ic manner
and al#o a+ail o& ta7 %ene&it# a# applica%le to appro+ed grat$it &$nd#.
ro$p S$perann$ation 3lan: 3r$dential >i&e o&&er# a &le7i%le mar)et
lin)ed #cheme that pro+ide# #$%#tantial %ene&it# to %oth emploer# and
emploee#. Both de&ined contri%$tion 9D< and de&ined %ene&it 9DBi&e reali#e# the importanceo& pr$dent retirement planning. /ith thi# in mind, we ha+e de+eloped a
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#$ite o& ann$it prod$ct# that not onl gi+e o$ an income &or li&e %$t al#o
pro+ide o$ option# to match o$r need#. n addition to the ann$itie#
o&&ered to e7i#ting #$perann$ation c$#tomer#, we o&&er immediate
ann$itie# to #$perann$ation &$nd# not managed % $#.
ro$p Term 3lan: 3r$dential >i&e?# &le7i%le gro$p term #ol$tion
help# pro+ide an a&&orda%le co+er to mem%er# o& a gro$p. The co+er
co$ld %e $ni&orm or %a#ed on de#ignationFran) or a m$ltiple o& #alar.
The %ene&it $nder the polic i# paid to the %ene&iciar nominated % the
mem%er on hi#Fher death.
0lexi(le ider 2ptions
3r$dential >i&e o&&er# &le7i%le rider#, which can %e added to the %a#ic
polic at a marginal co#t, depending on the #peci&ic need# o& the c$#tomer.
1. !ccident @ di#a%ilit %ene&it: & death occ$r# a# the re#$lt o& an accident
d$ring the term o& the polic, the %ene&iciar recei+e# an additional
amo$nt e'$al to the rider #$m a##$red $nder the polic. & an accident
re#$lt# in total and permanent di#a%ilit, 10L o& rider #$m a##$red will %e
paid each ear, &rom the end o& the 1#t ear a&ter the di#a%ilit date &or
the remainder o& the %a#e polic term or 10 ear#, whiche+er i# le##er. &
the death occ$r# while tra+elling in an a$thori2ed ma## tran#port +ehicle,
the %ene&iciar will %e entitled to twice the #$m a##$red a# additional
%ene&it.
. ritical llne## Bene&it: protect# the in#$red again#t &inancial lo## in the
e+ent o& #peci&ied critical illne##e#. Bene&it# are paa%le to the in#$red
&or medical e7pen#e# prior to death.
6. /ai+er o& 3remi$m: n ca#e o& total and permanent di#a%ilit d$e to an
accident, the &$t$re premi$m# contin$e to %e paid % the compan till the
time o& mat$rit. Thi# rider i# a+aila%le with SmartOid, >i&eTime 3l$#,
>i&eTime S$per and >i&eTime S$per 3en#ion.
4. ncome %ene&it rider: n ca#e o& death o& the li&e a##$red d$ring the term
o& the polic, 10L o& the #$m a##$red i# paid ann$all to the nominee on
each polic anni+er#ar till the mat$rit o& the rider.
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Types of Insurance "lans D Traditional or %nit Lin$ed ?%LI": %nit Lin$ed
Insurance "lan@
Insurance Plans 7 At a %lance
Broadl, in#$rance plan# can %e di#tinctl di+ided into *>39*nit >in)ed
n#$rance 3lan#< and traditional plan#. ! %rie& detail o& %oth #egment#:
%LI"s ?%nit Lin$ed Insurance "lans@
*>3#, or *nit >in)ed n#$rance 3lan#, ha+e gained high acceptance d$e to
the attracti+e &eat$re# the o&&er. Bene&it# incl$de &le7i%ilit, Tran#parenc,
>i'$idit, and A$nd ption#.
4le6iility
! *>3 o&&er# the c$#tomer an ac$te degree o& &le7i%ilit: the &le7i%ilit to
choo#e the S$m !##$red, and to choo#e the de#ired premi$m amo$nt. *>3#gi+e the c$#tomer the option o& changing the le+el o& 3remi$mFS$m !##$red
e+en a&ter the plan ha# #tarted, and the &le7i%ilit to change a##et allocation %
#witching %etween &$nd# with ea#e.
Transparency
*>3S o&&er a high degree o& tran#parenc, where all charge# in the plan a#
well a# the entire net amo$nt in+e#ted i# made )nown to the c$#tomer. *>3#al#o o&&er the con+enience o& trac)ing o$r in+e#tment per&ormance on a da to
da %a#i#, #o o$ can decide in#tantl where o$ want o$r a##et# allocated.
Li;uidity
! *>3 o&&er# o$ the option o& withdrawing mone a &ew ear# into the plan,
allowing &or the e7igencie# o& li&e. !lternati+el, a *>3 will al#o allow &or
partialF##tematic withdrawal #ho$ld the need ari#e.
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4und *ptions
! *>3 will o&&er o$ a wide choice o& &$nd#, ranging thro$gh e'$it, de%t, ca#h,
or a com%ination o& the three. The c$#tomer i# al#o a&&orded the option o&choo#ing o$r &$nd mi7 %a#ed on o$r de#ired a##et allocation.
Traditional "lans
The#e are the olde#t tpe# o& in#$rance plan# a+aila%le. The#e plan# cater to
c$#tomer# with a low ri#) appetite. Some o& the common &eat$re# o& traditional
plan# are:
1. Stead n+e#tment
(a"or ch$n) o& in+e#ti%le &$nd# are in de%t in#tr$ment#.
Stead and almo#t a##$red ret$rn# o+er the long term.
. Aeat$re#
Death %ene&it i# S$m !##$red Y g$aranteed @ +e#ted %on$#.
elp# in a##et creation a# the are &or a long ten$re.
3remi$m to S$m !##$red ratio# are &i7ed &or each plan and age.
enerall withdrawal# are not allowed %e&ore mat$rit.
!ection 0CCC
-,-%CTI*) I) ',!",CT *4 C*)T'I%TI*) T* C,'TAI) ",)!I*)
4%)-!
91< /here an a##e##e# %eing an indi+id$al ha# in the pre+io$# ear paid or
depo#ited an amo$nt o$t o& hi# income chargea%le to ta7 to e&&ect or)eep in &orce a contract &or an ann$it plan o& >i&e n#$rance
orporation o& ndia &or recei+ing pen#ion &rom the &$nd re&erred to in
cla$#e 96!!B< o& #ection 10, he #hall, in accordance with, and #$%"ect
to, the pro+i#ion# o& thi# #ection, %e allowed a ded$ction in the
comp$tation o& hi# total income, o& the whole o& the amo$nt paid or
depo#ited 9e7cl$ding intere#t or %on$# accr$ed or credited to the
a##e##ee?# acco$nt, i& an< a# doe# not e7ceed the amo$nt o& ten
tho$#and r$pee# in the pre+io$# ear.
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9< /here an amo$nt #tanding to the credit o& the a##e##ee in a &$nd,
re&erred to in #$%-#ection 91< in re#pect o& which a ded$ction ha# %een
allowed $nder #$%-#ection 91
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pro+i#ion# o& thi# #ection #hall ha+e e&&ect a# it &or the word# Hten tho$#and
r$pee#H, the word# H&i&teen tho$#and r$pee#H had %een #$%#tit$ted=
9< The #$m re&erred to in #$%-#ection 91< #hall %e the &ollowing, namel:
. where the a##e##e# i# an indi+id$al, an #$m paid to e&&ect or to
)eep in &orce an in#$rance on the health o& the a##e##ee or on the
health o& the wi&e or h$#%and, dependent parent# or dependent
children o& the a##e##e#=
. where the a##e##e# i# a ind$ $ndi+ided &amil, an #$m paid to
e&&ect or to )eep in &orce an in#$rance on the health o& an mem%er
o& the &amil:
96< 3ro+ided that #$ch in#$rance #hall %e in accordance with a #cheme
&ramed in thi# %ehal& %-
. the eneral n#$rance orporation o& ndia &ormed $nder #ection
o& the eneral n#$rance B$#ine## 9Nationali#ation< !ct, 1 95
o& 1< and appro+ed % the entral o+ernment in thi# %ehal&= or
. an other in#$rer and appro+ed % the n#$rance Reg$lator and
De+elopment !$thorit e#ta%li#hed $nder #$%-#ection 91< o& #ection
6 o& the n#$rance Reg$lator and De+elopment !$thorit !ct, 1
941 o& 1SS 9e'$it lin)ed #a+ing# #cheme#
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$mall sa"in%s schemes
The#e incl$de the p$%lic pro+ident &$nd 933A< and National Sa+ing# erti&icate
9NS
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The other important con#ideration when e+al$ating ret$rn# i# to ad"$#t &or
in&lation.
n other word#, i& o$r in+e#tment generate# a ret$rn o& 8 per cent and in&lation
i# per cent, then o$r in&lation-ad"$#ted ret$rn i# onl one per cent. /hen
in&lation mo+e# into do$%le digit# o$ are act$all ma)ing a negati+e in&lation-
ad"$#ted ret$rn, a# i# happening c$rrentl. Thi# i# a &$ndamental pro%lem with
an in+e#tment prod$ct that o&&er# a &i7ed ret$rn at a time o& high and ri#ing
in&lation.
B contra#t #toc)# are a %etter hedge again#t in&lation e#peciall in the long
r$n. Tho$gh in&lation increa#e# the co#t# o& &irm# it al#o allow# them to charge
a higher price to their c$#tomer# there% protecting pro&it# to #ome e7tent. Thi#
in t$rn mean# that #toc) price# and e'$it-%a#ed prod$ct# can o&&er %etter
protection &rom in&lation o+er a n$m%er o& ear# tho$gh not nece##aril in the
#hort r$n.
/hat a%o$t the element o& timing when it come# to e'$it #cheme#W Aor
in#tance, #toc)# ha+e clearl ta)en a po$nding in the la#t #i7 month#. owe+er
thi# doe#n?t nece##aril mean it?# a %ad time to in+e#t in #toc)#= +al$ation# in
#ome companie# loo) '$ite attracti+e now and o+er a three-ear hori2on o$co$ld #ee decent ret$rn#.
Arom the point o& +iew o& the a+erage in+e#tor it?# pro%a%l %e#t to ta)e timing
o$t o& the pict$re % &ollowing a ##tematic in+e#tment plan which mean# o$
in+e#t a &i7ed amo$nt e+er month.
Small #a+ing# #cheme# and >SS each ha+e their ad+antage# and
di#ad+antage#. Ba#ed on o$r in+e#tment #trateg and partic$larl o$rattit$de toward# ri#) o$ ha+e to choo#e how m$ch to in+e#t in them a# part o&
o$r Section 80 in+e#tment#.
,6planation of Ta6 enefits
3remi$m# paid &or >i&e in#$rance - Ded$ction $nder Section 80
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1< ategor o& a##e##e# allowed ded$ction: ndi+id$al a##e##ee and ind$
*ndi+ided Aamil a##e##e#.
< ligi%le Sa+ing#: 3remi$m# paid or depo#ited % a##e##ee to e&&ect or to
)eep in &orce in#$rance on the li&e o& &ollowing per#on#:
n ca#e o& indi+id$al a##e##ee im#el&Fer#el&, #po$#e, children
o& #$ch indi+id$al
n ca#e o& *A a##e##ee an mem%er
6< 0L limit: & the amo$nt o& premi$m paid in a &inancial ear &or a polic i#
in e7ce## o& 0L o& the act$al capital #$m a##$red, then ded$ction will
%e allowed onl &or premi$m# $pto 0L o& the #$m a##$red.
4< >imit on amo$nt o& ded$ction: Ded$ction will %e re#tricted to in+e#tment#
$pto R# 100,000 in #a+ing# #peci&ied $nder Section 80 9incl$ding li&e
in#$rance premi$m#
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n ca#e o& indi+id$al a##e##ee im#el&Fer#el&, #po$#e,
dependant children and parent#. The condition o& dependenc o&
parent ha# %een remo+ed &rom AK 008-0. n other word#, e+en i&
the parent i# independent, the indi+id$al can pa the premia and
claim the ded$ction.
n ca#e o& *A a##e##ee an mem%er o& *A
6< Ded$ction and $pper limit: The '$ali&ing amo$nt# $nder Section 80D &or
#el&, #po$#e and dependent children i# $pto R#. 15,000F- and additional
ded$ction $pto R#. 15,000F- &or the parent# 9&rom AK 008-0 onward#
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The rates of incomeDta6 for 4
Total Income ?'s/@'ate of Ta6
!enior Citien+omen elo#
EF years*thers
*pto R# 150,000F- Nil Nil Nil
!%o+e R# 150,000F- to180,000F-
Nil Nil 10L
!%o+e R# 180,000F- to5,000F-
Nil 10L 10L
!%o+e R# 5,000 to R#600,000
10L 10L 10L
!%o+e R# 600,000 to R#500,000
0L 0L 0L
!%o+e R# 500,000F- 60L 60L 60L
!urcharge on Income Ta6:
n ca#e where the Total ncome e7ceed# R# 10,00,000, there wo$ld %e a#$rcharge 10L.(arginal relie& i# a+aila%le to a##e##ee who#e income "$#t
e7ceed# R#. 10,00,000.
,ducation Cess on Income Ta6
dc$ation e## L will %e paa%le on the amo$nt o& income ta7 9incl$ding
#$rcharge
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%oth the %a#e polic and rider9#< will %e wai+ed till the end o& the term o& the
rider or death o& the li&e a##$red, i& earlier.
/ai+er o& 3remi$m rider i# a+aila%le with >i&eTime S$per,>i&eTime
3l$#,>i&eTime S$per 3en#ion, Smart Oid New *>R3, >i&e $ard R3, >i&e
$ard /R3.
3remi$m# paid $nder thi# rider are eligi%le &or ta7 %ene&it# $nder Section 80.
Tools 2"er"iew
Asset Allocator
!re o$ an aggre##i+e in+e#tor who want# to ride the e'$it mar)et#W r are
o$ more con#er+ati+e, com&orta%le in+e#ting in a##$red ret$rn prod$ct#W o
thro$gh o$r Ri#) !nal2erto &ind o$t what o$r a##et allocation #ho$ld %e,
)eeping in mind o$r ri#) capacit and o$r ri#) %eha+ior.
Inflation ,rosion inde6
n&lation can ea#il erode the corp$# that we #et a#ide &or o$r po#t-retirement
need#. Thi# ero#ion happen# d$e to the &act that o$r corp$# might not earn an
intere#t that )eep# pace with ri#ing co#t#.
To &ind o$t how in&lation will impact o$r e7pen#e# in the &$t$re, $#e o$r
in&lation inde7 calc$lator to &ind o$t how o$r c$rrent e7pen#e# will grow in the
&$t$re. Ko$ need to enter o$r c$rrent e7pen#e &ig$re# in the n&lation nde7
alc$lator, o$r e7pected rate o& in&lation, and the no. o& ear# in the &$t$re o$
will inc$r the e7pen#e.
"o#er of Compounding
The mo#t power&$l %oo#t o$r mone can get i# time. n+e#ted properl o+er a
long period o& time, mone can grow to man time# it# original amo$nt - the
longer the ten$re o& in+e#tment, the greater will %e the corp$# amo$nt.
The name o& the game i# to in+e#t earl and to in+e#t reg$larl. To &$rther gain
an $nder#tanding o& thi# concept, tr doing o$r own e7periment# with o$r
!imple Compounding Calculator/
9uman Life 5alue Calculator
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n+e#tment in in#$rance i# an e##ential re'$irement &or one?# &inancial planning
to %e complete. owe+er, the '$ant$m o& in#$rance that one need# i# a
&$nction o& one?# income, a##et#, lia%ilitie# and &$t$re goal#.
*#e the >i&e Gal$e alc$latorto &ind o$t how m$ch in#$rance co+er i# needed
% o$.
Life !tage "rofiler
The ?/heel o& Aort$ne? i# an interacti+e game de+eloped % 3r$dential to
help o$ cho#e the ideal in#$rance #ol$tion. Ba#ed on o$r re#pon#e# to
certain )e '$e#tion#, we will recommend a #$ite o& prod$ct# that will addre##
o$r &inancial and in#$rance need#.
Procedure to o(tain life insurance
Ailling $p the propo#al &orm
The &ir#t #tep in the proce## i# to &ill $p the propo#al &orm where in +ario$#
)ind# o& detail# the propo#er &$rni#he#. The &orm can %e o%tained &rom the >
o&&ice or will %e a+aila%le with in#$rance agent. The &ollowing detail# are
&$rni#hed in the propo#al &orm:
1< Name, addre##, nationalit, occ$pation, nat$re o& d$tie#, name= and addre##
o& the pre#ent emploer, length o& #er+ice, name and addre## o& pre+io$#
emploer, i& an, length o& pre+io$# #er+ice, etc.
< 3lace o& %irth, date o& %irth, di#trict, #tate, proo& o& age, etc.
6< S$m in#$red, period o& premi$m paa%le 9monthl, '$arterl, hal&-earl or
earl
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relating to ed$cational '$ali&ication, a+erage monthl income, #o$rce o&
income, marital #tat$#, h$#%and?# name, hi# income, occ$pation, and hi#
in#$rance polic, etc.
Declaration % the proponent
!t the end, the proponent ha# to ma)e a declaration that the #tatement# gi+en
in the propo#al are correct to the %e#t o& hi# )nowledge and no in&ormation i#
concealed. The propo#al i# the %a#i# o& in#$rance contract when it i# pre#ented
to the >.
!ttachment o& proo& o& age
!ge proo& i# identi&ied &rom the #econdar #chool lea+ing certi&icate. !tte#ted
cop o& thi# certi&icate i# attached with the propo#al &orm &or thi# p$rpo#e. !ge
proo& i# al#o re'$ired to a#certain whether the propo#er i# a ma"or or a minor.
(oreo+er, age proo& i# al#o needed &or determining the premi$m rate.
3re#entation o& propo#al to the agent
The agent, on receipt o& the propo#al chec) it thoro$ghl whether an
important in&ormation i# le&t o$t witho$t &$rni#hing-. & anthing i# le&t o$t. he will
get the #ame &$rni#hed % the propo#er.
n practice, it i# noticed that the agent carrie# the propo#al &orm and
approache# the pro#pecti+e propo#er and get the #ame &$rni#hed with hi# help.
(edical e7amination
The in#$rance agent arrange# &or the medical e7amination o& the propo#er.
(edical e7amination i# cond$cted % the a$thori2ed medical practioner
appointed % the >. The doctor record# hi# remar)# in the propo#al &orm at
the place pro+ided &or thi# p$rpo#e.
n the &ollowing ca#e#F medical e7amination i# not needed:
1< /here the age o& the male propo#er i# %elow 60 ear#, ed$cated and
remained in emploment &or at lea#t one ear. t# #$m a##$red i# %elow
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R# 40F000F-.
< /here the propo#er i# a commi##ioned o&&icer in !rm #er+ice and %elow
45 ear# o& age. i# health i# in ?!? categor and #$m a##$red i# %elow
R#. 50.000F-.
6< /here the propo#er i# a woman leading a &ir#t li&e categor and pa##ed
high #chool or e'$i+alent, age i# %elow 60 ear# and emploed at lea#t a
period o& one ear. The a #$m a##$red i# %elow R# 40F000F-
4< !n ad$lt mem%er %elow the age o& 40 ear# and the #$m a##$red i#
%elow R#. 15F000.
5< n the ca#e o& re-in#$rance o& a per#on who ha# alread in#$red.
Report % the !gent
!&ter the medical report, the agent gi+e# hi# con&idential report with regard to
propo#er?# health condition, ha%it#, &amil hi#tor #o$rce o& income, etc. e
gi+e# hi# report a&ter +eri&ing in&ormation &$rni#hed % the propo#er. The agent
al#o will #tate hi# opinion regarding acceptance or re"ection o& the propo#al.
Scr$tin o& propo#al % the %ranch o&&ice
n completion o& all the a%o+e #tated proce##, the propo#al together with the
medical report and agent con&idential report, etc. i# #$%mitted to the concerned
%ranch o&&ice. The %ranch o&&ice then arrange &or +eri&ication in re#pect o&:
1< Name and addre## o& the propo#er
< Date o& %irth
6< cc$pation
4< n#$red #$m
5< Nominee
< Signat$re o& the propo#e#
< Aamil hi#tor
8< (edical report and agent?# report
!&ter the +eri&ication, i& an #hort coming# are noticed, the propo#er i# a#)ed to
complete the #ame. & the propo#al i# &o$nd in order, the %ranch o&&ice ta)e# the
&$rther #tep# in the matter.
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Depo#iting o& premi$m
The %ranch o&&ice i##$e# &ir#t premi$m notice to the propo#er. n depo#iting
the premi$m mone, the %ranch ta)e# &$rther #tep# in the matter.
Regi#tration o& propo#al
n depo#iting the premi$m, the propo#al i# regi#tered with the >, in the
regi#ter maintained &or thi# p$rpo#e % recording important in&ormation a%o$t
the polic= #$ch a# the name o& in#$red, #$m in#$red, d$ration o& the polic,
ri#), etc. !t the time o& regi#tration, a regi#tration n$m%er i# allotted
incorporating the code n$m%er o& the %ranch where the propo#al i# regi#tered.
Aor e7ample, i& the regi#tration No. 6458, 8 will %e the code n$m%er o& the
%ranch and 645 #hall %e the propo#al n$m%er o& that %ranch.
Sending the propo#al to appropriate department
!&ter the regi#tration o& the propo#al, it i# #ent to the appropriate department. n
ca#e the &inal a$thorit i# in the %ranch o&&ice, the propo#al #hall %e #ent to that
o&&icer in the %ranch o&&ice. therwi#e, it i# #ent to the di+i#ional o&&ice.
Ta)ing &inal deci#ion on the propo#al
n completion o& all the#e #tep#, the &inal deci#ion ta)en % the a$thorit in the
di+i#ional o&&ice, on I3ropo#al Re+iew SlipJ, in +iew o& acceptance o& the
propo#e premi$m paid.
##$e o& acceptance or re'$e#t letter
& the propo#al i# accepted, the intimation regarding acceptance o& the
propo#al i# #ent to the propo#er. therwi#e, a letter o& regret i# #ent.
!cceptance o& the propo#al i# an e+idence o& concl$#ion o& in#$rance contract.
Arom thi# date the ri#) commence#.
##$e o& in#$rance polic
a+ing completed all the re'$ired &ormalitie#F the corporation prepare# the
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in#$rance polic and #end# it to the in#$red. The o+erlea& o& the polic contain#
all term# and condition# o& the polic along with the in#$red?# name, addre##,
#$m a##$red, mode o& pament o& premi$m, etc. The polic %ear the #ea? o&
the > and the #ignat$re o& the competent a$thorit.
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raph Showing 3ercent o& (ar)et Share
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2n the Basis of Premium )ollected:
The li&e n#$rance ind$#tr $nderwrote a premi$m o& R#.8,16,014.01 la)h
d$ring the month o& (arch 005, ta)ing the c$m$lati+e premi$m $nderwritten
d$ring the c$rrent ear 004-05 to R#.5,64,8. la)h. The U1 pri+ate >i&e
n#$rance ompan i.e. ICICI "rudential Life Insurance contri%$ted R#.1,
58,408 9.5 L< &ollowed % Ba"a" !llian2 which contri%$ted R#.8, 001.80
>a)h 96.6L
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raph Showing 3ercent o& 3remi$m ollected
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2n The Basis of No of Policies $old:
3r$dential &irml hold# the n$m%er one po#ition % #elling 146
policie# in the ear 004-05 &ollowed % Tata ! 9884 policie#
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raph Showing No. o& 3olice# Sold B Di&&. ompanie#
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+hat Is Inestment "lan2
Broadl, in#$rance plan# can %e di#tinctl di+ided into *>3# 9in+e#tment plani&eTime S$per polic-a reg$lar-premi$m $nit-
lin)ed polic, which o&&er# potentiall higher ret$rn# that ##tematicall ena%le
o$ to meet o$r long-term &inancial o%"ecti+e#. n addition, >i&eTime S$per
al#o pro+ide# the protecti+e %ene&it o& an in#$rance co+er, which )eep# o$r
&amil #ec$re, alwa#.
>i&etime S$per !t ! lance
(inim$mF(a7im$m ntr !ge 0 ear# to 5 ear#
(a7im$m !ge at 3olic (at$rit 5 ear#
(inim$mF(a7im$m 3olic Term 10 ear# to 5 ear#
3remi$m 3ament Are'$enc (onthl, hal&-earl, earl
(inim$m 3remi$m R#. 18,000 per ann$m
(inim$m S$m !##$red !nn$al 3remi$m 7 TermF. S$%"ect to a
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minim$m o& R#. 1,00,000
Ta7 Bene&it 98in)ed ndowment 3l$#
(et Smart 3l$#
LT! &aa Allian )e# %nit .ain "lus
4eatures LT! )e# %nit .ain "lus
(inim$m ann$al
premi$mR#. 18000 pa R#. 15000 pa
#witche#4 #witche# &ree in a ear @R# 100 i# charged o+er 4#witche#
6 #witche# &ree in a ear @R#. 100 i# charged o+er 6#witche#
3olic admini#trationcharge#
No charge R#. 40 pa
S$rrender +al$e!t the end o& ear 6:- 8L!t the end o& ear 4:- L!t the end o& ear 5:- 100L
!t the end o& ear6:100L
!dditional allocation o&$nit#
+er 4th ear #tarting atthe end o& 4th ear 4Lo&ann$al premi$m
Not applica%le
o+er contin$anceoption
!pplica%le Not applica%le
n the a%o+e compari#on we ha+e #een that li&e time #$per ha+e ad+antage
that it ha+e admini#tration charge# le##, additional allocation o& $nit#, and
co+er contin$ance. !nd the di#ad+antage o& higher minim$m premi$m and
#$rrender +al$e i# le## in &ir#t three ear#.
LT! & aa Allian )e# %nit .ain !uper
4eatures LT! )e# %nit .ain !uper
(inim$m ann$alpremi$m
R#. 18000 pa R#. 5000 paan choo#e di&&erentoption#:Sil+er 5000\]!3\50000
gold 50000\]!3\100000diamond
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100000\]!3\500000platin$m
!3^]500000@a%o+e
#witche#
4 #witche# &ree in a ear @
R# 100 i# charged o+er 4#witche#
6 #witche# &ree in a ear @
R#. 100 i# charged o+er 6#witche#
3olic admin charge# No charge R#. 50 pm
o+er contin$anceoption
!pplica%le Not applica%le
S$rrender +al$e!t the end o& r 6:-8L!t the end o& r 4:-L!t the end o& r 5:-100L
!t the end o& r 6:-0L!t the end o& r 4:-5L!t the end o& r 5:-100L
!dditional allocation o&$nit#
+er 4th ear #tarting at
the end o& 4th ear 4Lo&ann$al premi$m
Not applica%le
Rider# !DBR, BR, /3R
*> !ccidental Death%ene&it, *> accidentalpermanent TotalF3artialdi#a%ilit, *> critical illne##,*> ho#pital ca#h %ene&it
n the a%o+e compari#on we ha+e #een that li&e time #$per ha+e ad+antage
that it ha+e admini#tration charge# le##, additional allocation o& $nit#, andco+er contin$ance option, higher #$rrender +al$e. !nd the di#ad+antage o&
&ewer rider# option and ha+e #i7 &$nd in+e#tment option#.
LT! & 'eliance Mar$et 'eturn "lan
4eatures LT!'eliance mar$et return
plan
(inim$m ann$al
premi$m R#. 18000 pa
R#. 10000 &or reg$lar
premi$m and R#. 5000&or #ingle premi$m
#witche#4 #witche# &ree in a ear @R# 100 i# charged o+er 4#witche#
1 #witch &ree in a ear @R#. 100 i# charged o+er 6#witche#
3olic admin charge# No charge L
S$rrender +al$e!t the end o& ear 6:8L!t the end o& ear 4:L!t the end o& r5:100L
!t the end o& ear 6:-100L
!dditional allocation o&$nit# +er 4th ear #tarting at theend o& 4th ear 4Lo& Not applica%le
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ann$al premi$m
hoice o& &$nd# &$nd option a+aila%le 4 &$nd option#
o+er contin$anceoption
!pplica%le Not applica%le
n the a%o+e compari#on we ha+e #een that li&e time #$per ha+e ad+antage
that it ha+e admini#tration charge# le##, additional allocation o& $nit#, and
co+er contin$ance option, choice o& &$nd option# are more. !nd the
di#ad+antage o& higher minim$m premi$m and le## #$rrender +al$e.
LT! & I). 9igh 5alue "lan
4eatures LT! I). 9igh 5alue "lan
(inim$m ann$al premi$mR#. 18000 pa R#. 50000 pa
#witche#
4 #witche# &ree in a ear @
R# 100 i# charged o+er 4
#witche#
#witche# &ree in a ear @
R#. 100 i# charged o+er
#witche#
3olic admini#tration
charge#No charge
!t inception: R#.1000
&i7ed charge# @
R#.FR#.1000S! YR#. 50
pmRider# !DBR,BR,/3R !DBR
S$rrender +al$e
!t the end o& ear 6:8L
!t the end o& ear 4:L
!t the end o& r 5:100L
!t the end o& r 6:.5L
!t the end o& r 4: L
!t the end o& r 5: 100L
!dditional allocation o&
$nit#
+er 4th ear #tarting at
the end o& 4th ear
4Lo& ann$al premi$m
Not applica%le
hoice o& &$nd# &$nd option# 4 &$nd option#
n the a%o+e compari#on we ha+e #een that li&e time #$per ha+e ad+antage
that it ha+e le## minim$m premi$m, more #witching option#, admini#tration
charge# le##, additional allocation o& $nit#, choice o& &$nd option# are more and
rider# option# are more.
LT! & 9-4C %nit Lin$ed ,ndo#ment "lus
4eatures LT! 9-4C %nit Lin$ed,ndo#ment "lus
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(inim$m ann$alpremi$m
R#. 18000 pa R#. 10000 pa
#witche#4 #witche# &ree in a polic ear@ R# 100 i# charged o+er 4
#witche#
4 #witche# &ree in a policear @ R#. 100 i# charged
o+er 4 #witche#3olic admincharge#
No charge R#. 0 pm
S$rrender +al$e!t the end o& ear 6:8L!t the end o& ear 4:L!t the end o& r 5:100L
!t
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