HDFC Slic

A
SUMMER TRAINING PROJECT REPORT ON

“Performance of unit linked insurance plans of HDFCSL since inception”
“For Partial Fulfillment of Continuous Evaluation of Summer Internship for

Masters of Business Administration”
SUBMITTED BY:
SHILPI KALLA
DECLARATION
I (SHILPI KALLA) studying in Third semester of Masters Of Business Administration in the

Academic Year 2008-2010 at NSB School of Business, New Delhi hereby declare that I have
completed the project titled “PERFORMANCE OF UNIT LINKED INSURANCE PLANS OF
HDFCSL SINCE INCEPTION ” as a part of the course requirement of Masters Of Business
Administration of GURU JAMBESHWAR UNIVERSITY.
I further declare that the information presented in this project is true and original to the best of my
knowledge.
Date:
Place: JAIPUR (SHILPI KALLA)
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ACKNOWLEDGEMENT
Every individual in professional life is keenly aware of his\her sense of indebtness to many
people who have stimulated and influenced his\her intellectual development ordinarily. I
acknowledge my gratitude with sense of reverence to the Almighty and various people who have
whole-heartedly helped in the course of the project. Their valuable guidance and wise direction
have enabled me to complete this project in systematic and smooth manner. I am indebted to so
many persons that a complete acknowledgement would be encyclopedic.
I am thankful to Mr. MUNISH BHARADWAJ, CORPORATE SALES EXECUTIVE, HDFC

STANDARD LIFE, MR.RAVISH SHARMA and Ms.HEENA GULATI AND ALL OTHER staff
members of HDFC SL who have helped in completing this project.
Special thanks to our Director Dr. BALVINDER SHUKLA and faculty guide Ms.KIRAN
MITTAL, for their moral support and guidance from time to time in formulating the report.
Last but not the least, I express my sincere thanks all those people, known and unknown, who have
directly or indirectly contributed in making this project a success
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PREFACE
The objective behind MBA programme is to provide the practical aspect of organization’s working
& environment. This study helps to visualize & realize about the congruency between the
theoretical learning in the premises of college & the actual practices of management & working
behind followed in the organization
My summer project at insurance sector in HDFC STANDARD LIFE INSURANCE is a complete

experience in itself, which has provided me with understanding, which has become an inseparable
part of my knowledge of management being learned in MBA programme.
This research and development project is concerned with Critical Evaluation of how unit linked
insurance plans works and their comparison with other products offered by competitors, study of
different ulip monitors, finding satisfaction level of customers and fund performance of HDFCSL.
The work done by me on the topic, finding drawn out are presented in this project report along with
suggestion for improvement.
My project title was “PERFORMANCE OF ULPIS SINCE INCEPTIONS”.THE basic objective

behind the project is to get a clear picture of Indian insurance industry and to know how it works. I
studied each and every aspect of all the UNIT LINKED INSURANCE PLANS offered by different
players in the market. Now I can confidently say that it was a great learning.
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TABLE OF CONTENT
TOPICS PAGE NO.
Title page 1
Acknowledgement 2
Declaration 3
Preface and project introduction 4
Methodology 5-10
Table of content 11
Finance industry 12-15
Insurance-industry 16-20
Structure of Indian insurance sector 21-44
Company profile 45-48
Classification of insurance plans 49-52
Introduction of ULIPS 53-57
HDFCSL ULIP- INTRODUCTION 57-63
Funds offered 64-66
Fund performance 67-76
Customer perception 77-80
Growth fund vs BSE 81-
Comparison of returns of major players 37
Comparison of charges 38-43
ULIP vs mutual funds 44-46
Comparison of CAGR of different players since inception 47-50
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Conclusion and recommendation 51
References
FINANCE INDUSTRY
ABOUT FINANCE INDUSTRY
- Finance Industry is an important aspect of the economy which includes banks, credit card
companies, insurance companies, consumer finance, stock brokerages, investment funds and
government sponsored enterprises. The Finance Industry encompasses a broad range of
organization that deal with the management of money.
FINANCE INDUSTRY SERVICES
THE FINANCE INDUSTRY SERVICES ARE:

1. BANKING SERVICES
2. INVESTMENT SERVICES
3. FOREIGN EXCHANGE SERVICES
4. INSURANCE SERVICES, and
5. OTHER FINANCIAL SERVICES ARE:
- INTERMEDIATE OR ADVISORY
SERVICES
- PRIVATE EQUITY, and
- VENTURE CAPITAL
FINANCIAL SERVICES:
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BANKING SERVICES:
The primary operations of banks include:
1. Keeping money safe while also allowing withdrawals when needed.
2. Issuance of checkbooks that bills can be paid and other kinds of payments can be
delivered by post.
3. Provide personal loans, commercial loans, and mortgage loans (typically loans to purchase a
home, property or business).
4. Issuance of credit cards and processing of credit card transactions and billing.
5. Issuance of debit cards for use as a substitute for checks.
6. Allow financial transactions at branches or by using Automatic Teller Machines (ATMs).
7. Provide wire transfers of funds and Electronic fund transfers between banks.
9. Provide overdraft agreements for the temporary advancement of the Bank's own money to meet
monthly spending commitments of a customer in their current account.
10. Provide Charge card advances of the Bank's own money for customers wishing to settle credit
advances monthly.
11. Provide a cheque guaranteed by the Bank itself and prepaid by the customer, such as a cashier’s
check or certified cheque.
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Investment Services:
1. Asset Management- which describe companies which run collective investment funds.
2. Hedge Fund Management-Hedge funds often employs the services of “prime brokerage”
divisions at major investment banks to execute their trades.
FOREIGN EXCHANGE SERVICES:
Foreign Exchange Services are provided by many banks around the world. Foreign
exchange services includes :
1. Currency Exchange- where clients can purchase and sell foreign currency banknotes.
2. Wire Transfer- where clients can send funds to international banks abroad.
3. Foreign Currency banking- banking transactions are done in foreign currency.
OTHER FINANCIAL SERVICES:
1. INTERMEDIATE OR ADVISORY SERVICES- These services involve stock brokers

(private client services) and discount brokers. Stock brokers assist investors in buying or
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selling shares. Primarily internet-based companies are often referred to as discount
brokerages, although many now have branch offices to assist clients. These brokerages
primarily target individual investors. Full service and private client firms primarily assist
execute trades and execute trades for clients with large amounts of capital to invest, such as
large companies, wealthy individuals, and investment management funds.
2. PRIVATE EQUITY - Private equity funds are typically closed-end funds, which usually take
controlling equity stakes in businesses that are either private, or taken private once acquired.
Private equity funds often use leveraged buyouts (LBOs) to acquire the firms in which they
invest. The most successful private equity funds can generate returns significantly higher than
provided by the equity markets.
3. VENTURE CAPITAL - Venture capital is a type of private equity capital typically provided
by professional, outside investors to new, high-potential-growth companies in the interest of
taking the company to an IPO or trade sale of the business.
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INSURANCE INDUSTRY
➢ Insurance may be described as a social device to reduce or eliminate risk of life and
property. Under the plan of insurance, a large number of people associate themselves by
sharing risk, attached to individual.
➢ The risk, which can be insured against include fire, the peril of sea, death, incident, &
burglary. Any risk contingent upon these may be insured against at a premium
commensurate with the risk involved.
➢ With the help of Insurance, large number of people exposed to a similar risk makes
contributions to a common fund out of which the losses suffered by the unfortunate few,
due to accidental events, are made good.
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BASICS OF INSURANCE
Insurance provides financial protection against a loss arising out of happening of an uncertain
event. A person can avail this protection by paying premium to an insurance company.
A pool is created through contributions made by persons seeking to protect themselves from
common risk. Premium is collected by which also act as trustee to the pool. Any loss to the
insured in case of happening of an uncertain event is paid out of this pool.
Insurance works on the basic principle of risk-sharing. A great advantage of insurance
Is that it spreads the risk of a few people over a large group of people exposed to risk of
similar type.
Insurance is a contract between two parties whereby one party agrees to undertake the risk of
another in exchange for consideration known as premium and promises to pay a fixed sum of
money to the other party on happening of an uncertain event (death) or after the expiry of a certain
period in case of life insurance or to indemnify the other party on happening of an uncertain event
in case of general insurance.The party bearing the risk is known as the 'insurer' or 'assurer' and the
party whose risk is covered is known as the 'insured' or 'assured'.
Insurance can range from life to medical to general like residential, commercial property, natural
incidents, etc.
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Now, firstly , life Insurance which insures the life of the person buying the Life Insurance
Certificate. Once a Life Insurance is sold by a company then the company remains legally entitled
to make payment to the beneficiary after the death of the policy holder.
Secondly, Medical Insurance which is also known as ‘Mediclaim’. Here, the policy holder is
entitled to receive the amount spent for his health purposes from the insurance company.
And, thirdly the General Insurance which involves insuring the risks associated with the
general life such as automobiles, business related, natural incidents, commercial and
residential properties, etc.
HISTORY OF INSURANCE
The insurance sector in India has come a full circle from being an open competitive market to
nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed
over a period of almost 190 years.
The business of life insurance in India in its existing form started in India in the year 1818 with
the establishment of the Oriental Life Insurance Company in Calcutta
Some of the important milestones in the Life Insurance business in India are:
1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
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1956 - 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with
a capital contribution of Rs. 5crore from the Government of India.
Some of the important milestones in the General Insurance business In India are:
1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes
of general insurance business.
1957 - General Insurance Council, a wing of the Insurance Association of India, frames a
code of conduct for ensuring fair conduct and sound business practices.
1968 - The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.
INSURANCE - AN INTRODUCTION
Insurance is complimentary of the progress and safety. It not only gives the promises of
protection but it also helps for growth. U.S.A. is pioneer of insurance.
Insurance is a contract between two parties i.e. insurance & insured about a probable loss in
exchange of a certain amount i.e. premium. If that event will occur then, insurer will protect him
against that loss in monetary terms as shown in Diagram
Premium
Insured Insurer
Protection Risk Remuneration
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YES NO
Diagram 1
MEANING OF INSURANCE
Insurance is a social device providing financial compensation for the effects of misfortune, the
payment being made from the accumulated contributions of all parties participating in the
scheme.
Thus, it may be seen as a kind of fund, into which all who are insured will pay an assured
contribution called premium, in return those insured will have the right to call on the fund for any
appropriate payment if the insured event occur.
“Insurance may be defined as a social device whereby a large group of individuals, through a
system of equitable contribution, may reduce or eliminate measurable risks of economic loss
common to all members of group.”
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“Insurance is a contract in which a sum of money is paid to the assured in consideration of
insurer’s incurring the risk of paying a large sum upon a given contingency.”
Insurance plans means the losses that have occurred through one's death are to some extent reduced
by the compensation provided by an insurance company.
The death of any member of the family by means of accident, illness or naturally, means a loss of
income for the family. Life insurance plans try to assist a family or individual to minimize the loss.
Insurance is a contract between two parties whereby one party agrees to undertake the risk of
another in exchange for consideration known as premium and promises to pay a fixed sum of
money to the other party on happening of an uncertain event (death) or after the expiry of a certain
period in case of life insurance or to indemnify the other party on happening of an uncertain event
in case of general insurance.The party bearing the risk is known as the 'insurer' or 'assurer' and the
party whose risk is covered is known as the 'insured' or 'assured'.
Insurance can range from life to medical to general like residential, commercial property, natural
incidents, etc.
Now, firstly , life Insurance which insures the life of the person buying the Life Insurance
Certificate. Once a Life Insurance is sold by a company then the company remains legally entitled
to make payment to the beneficiary after the death of the policy holder.
Secondly, Medical Insurance which is also known as ‘Mediclaim’. Here, the policy holder is
entitled to receive the amount spent for his health purposes from the insurance company.
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And, thirdly the General Insurance which involves insuring the risks associated with the
general life such as automobiles, business related, natural incidents, commercial and
residential properties, etc.
INSURANCE PLANS: FIXED PROCESS
 Insurance Plan is a fixed process One pays a fixed amount of money, known as a premium,
to the insurance company on a monthly, quarterly or yearly basis depending on the contract
between the insurer and the insured.
 The premium amount is measured based on the money the insured person would receive
after his/her death or after the life insurance plan matures. After a period of time, it is also
possible to gain dividends from life insurance plans.
TYPES OF INSURANCE PLANS
Features OF CONVENTIONAL PLANS:
 Partly guaranteed benefits in the form of sum assurance and attached bonus.
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 Non-guaranteed benefits in the form of bonuses to be declared in the future.
 Fixed premium linked to the sum assured(guarantee).
 Premium fluctuates according to age, term, etc.
 No flexibility in premium payment and risk cover offered.
BASIC ELEMENTS OF CONVENTIONAL PLANS:
1. TERM ASSURANCE- Term life insurance plans insure the policyholder’s life for a
specific period of time. The insured can also periodically alter his/her life insurance plans
depending on his/her need.
2. DECREASING TERM ASSURANCE-
 The premium is level (constant) throughout the term.
 The benefits decreases annually, or at other specified times.
 It is the cheapest form of life insurance available.
It is particularly suited for a temporary need which is continuously reducing. For E.g. Housing
loan liability.
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3. INCREASING TERM ASSURANCE-
 In this policy the benefits and the premium increases annually, or as otherwise agreed.
 The increase will traditionally be at fixed percentage or in line with an agreed, index.
(For e.g. consumer price index).
 The benefits are in line with the value of money especially in case of inflation.
4. WHOLE LIFE ASSURANCE-
This type of life insurance plan also secures insurance for one’s entire life. As the premium is
high, it is at times not feasible for common people.
5. ENDOWMENT ASSURANCE-
In case of endowment assurance, the term of policy is defined for a specified period say 15,
20, 25 or 30 years. The insurance company pays the claim to the family of assured in an event
of his death within the policy's term or in an event of the assured surviving the policy's term.
6. ANNUITIES-
In an annuity, the insurer agrees to pay the insured a stipulated sum of money periodically. The
purpose of an annuity is to protect against risk as well as provide money in the form of pension
at regular intervals.
Over the years, insurers have added various features to basic insurance policies in order to
address specific needs of a cross section of people.
Present Structure of INDIAN Insurance Industry
(a) LIC – Fully owned by Government
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(b) Private players:
1. Bajaj Allianz Life Insurance Co. Ltd.
2. Birla Sun Life Insurance Co. Ltd. (BSLI)
3. HDFC Standard Life Insurance Co. Ltd. (HDFC STD LIFE)
4. ICICI Prudential Life Insurance Co. Ltd. (ICICI PRU)
5. ING Vysya Life Insurance Co. Ltd. (ING VYSYA)
6. Max New York Life Insurance Co. Ltd. (MNYL)
7. MetLife India Insurance Co. Pvt. Ltd. (METLIFE)
8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
9. SBI Life Insurance Co. Ltd. (SBI LIFE)
10. TATA AIG Life Insurance Co. Ltd. (TATA AIG)
11. AMP Sanmar Assurance Co. Ltd. (AMP SANMAR)
12. Aviva Life Insurance Co. Pvt. Ltd. (AVIVA)
13. Sahara India Life Insurance Co. Ltd. (SAHARA LIFE).
14. Shriram Sunlam.
15. Axa Bharti Enterprises
16. PNB Life Insurance
17. Reliance Life Insurance,
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LIFE INSURANCE CORPORATION
Life Insurance Corporation (LIC) came into existence on 1st September 1956 through the
amalgamation of 154 Indian insurance companies, 16 non-Indian companies and 75 provident.
The amalgamation was achieved with the help of Life Insurance Act passed by the Parliament in
the same year. The LIC was created with the goal of reaching all the insurable people in the
country and providing them financial coverage at a reasonable price. In the year 1956, LIC had 5
zonal offices, 33 divisional offices and 212 branch offices. With time there was a need for a
branch office at every district headquarter and many branches were opened, which raised the pace
of the organization.
LIC now has 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and
the corporate office. At present, online premium collection facility is being offered in selected
cities as LIC has tied up with some banks and service providers. For providing customer
satisfaction the organization has introduced various schemes such as ECS, ATM premium
payment facility, IVRS, Info centers which are set up in various cities including Mumbai,
Bangalore, Chennai, Kolkata, New Delhi, Pune and many more. It has also come up with
SATELLITE SAMPARK offices providing easy access to policyholders. LIC has crossed many
milestones and set standards for itself fostering unmatched performance.
HISTORY OF LIFE INSURANCE
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➢ Life Insurance in its modern form came to India from England in the year 1818. Oriental Life
Insurance Company started by Europeans in Calcutta was the first life insurance company on
Indian Soil.
➢ The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956,
and the Life Insurance Corporation of India was created on 1st September, 1956, with the
objective of spreading life insurance much more widely and in particular to the rural areas with
a view to reach all insurable persons in the country, providing them adequate financial cover at
a reasonable cost.
➢ Life insurance started in India for 100 years ago. It’s a contract payment of an amount to the
person or his nominee on miss-happening. Or provides full protection against risk of death of
the sever. Its eliminates 'risk' associated with uncertainty and the family in the unfortunate event
of death.
➢ Life insurance provides for the payment of benefits upon the death, whether by accident or
otherwise, of the life insured. It allows long-term savings and easy installment facility payment
for insurance is monthly, quarterly, half yearly or yearly.
➢ In our country, which is one of the most populated in the world, the prominence of insurance is
not as widely understood, as it ought to be. What follows is an attempt to acquaint readers with
some of the concepts of life insurance, with special reference to LIC.
➢ LIC continues to be the dominant life insurer even in the liberalized scenario of Indian
insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC
has issued over one crore policies during the current year. It has crossed the milestone of issuing
1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the
corresponding period of the previous year.
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Life Insurance is also a best way to enjoy tax deductions on income tax and wealth tax. It can be
used as an investment or saving also.
ABOUT LIFE INSURANCE
➢ Life insurance, sometimes known as Life Assurance, provides for a payment of a sum of
money upon the death of the insured.
➢ Life Insurance is insurance that provides a financial remuneration on the premature death of
the policy holder.
➢ As in all insurance, the insured transfers a risk to the insurer, receiving a policy and paying a
premium in exchange. The risk assumed by the insurer is the risk of death of the insured.
➢ A business that collects a person's savings by selling contracts (policies) often paid for
through periodic premiums to provide cash payment upon death.
MEANING OF LIFE INSURANCE
➢ Life insurance is a contract that pledges payment of an amount to the person assured (or
his nominee) on the happening of the event insured against.
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The contract is valid for payment of the insured amount during:
• The date of maturity, or
• Specified dates at periodic intervals, or
• Unfortunate death, if it occurs earlier.
➢ It is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum
of money upon the occurrence of the insured individual’s individuals' death or other event, such
as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated
amount called a premium at regular intervals or in lump sums is known as Life Insurance.
➢ Life insurance, in short, is concerned with two hazards that stand across the life-path of every
person:
➢ 1. That of dying prematurely is leaving a dependent family to fend for itself
➢ 2. That of living till old age without visible means of support.
TYPES OF LIFE INSURANCE

1. TEMPORARY TERM LIFE INSURANCE –
➢ It considered “pure” insurance, where the premium buys protection in the event of death and
nothing else is called “Temporary Term Life Insurance”.
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➢ There are three key factors which are to be considered in Term Insurance, such as:
1. Face Amount (protection or death benefit),
2. Premium to be paid (cost to the insured), and
3. Length of coverage.
2. PERMANENT LIFE INSURANCE -

The policy matures (pays out), unless the owner fails to pay the premium when due (the policy
expires or policies lapse). The policy cannot be canceled by the insurer for any reason except fraud
in the application, and that cancellation must occur within a period of time.
The four basic types of Permanent Life Insurance are:

1.Whole Life Insurance- These are guaranteed death benefits, guaranteed cash known annual
premiums, and mortality and expense charges will not reduce the cash value shown in the policy.
The primary disadvantages of whole life are premium inflexibility, and the internal rate of
return in the policy may not be competitive with other savings alternatives.
2. Universal Life Insurance- (UL) is a relatively new insurance product intended to provide
permanent insurance coverage with greater flexibility in premium payment and the potential for a
higher internal rate of return. There are several types of universal life insurance policies which
include "interest sensitive" (also known as "traditional fixed universal life insurance"), variable
universal life insurance, and equity indexed universal life insurance.
3. Limited Pay Life Insurance - in which all the premiums are paid over a specified period after
which no additional premiums are due to keep the policy in force. Common limited pay periods
include 10-year, 20-year, and paid-up at age 65.
4.Endowments - are policies in which the cash value built up inside the policy, equals the death
benefit (face amount) at a certain age. The age this commences is known as the endowment age.
Endowments are considerably more expensive (in terms of annual premiums) than either whole life
or universal life because the premium paying period is shortened and the endowment date is earlier.
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5. ANNUITIES - In an annuity, the insurer agrees to pay the insured a stipulated sum of money
periodically. The purpose of an annuity is to protect against risk as well as provide money in the
form of pension at regular intervals.
ROLE OF LIFE INSURANCE

1 .Life Insurance as “Investment” - Insurance is an attractive option for investment. While most
people recognize the risk hedging and tax saving potential of insurance, many are not aware of its
advantages as an investment option as well. Investment schemes offer financial protection from
risks.
2.Life Insurance as “Risk Cover”- Insurance is about risk cover and protection - financial
protection, to be more precise - to help outlast life's unpredictable losses. Any unforeseen event or
losses occurred insurance provides the unique sense of security.
Thus, “By buying life insurance, you buy peace of mind and are prepared to any financial demand”.
3.Life Insurance as “Tax Planning” - The Government of India has offered tax incentives to life
insurance products in order to facilitate the flow of funds into productive assets.
NEED FOR LIFE INSURANCE

➢ Insurance is a contract between two parties - the insurer (the insurance company) and the
insured (the person or entity seeking the cover) - wherein the insurer agrees to pay the
insured for financial losses arising out of any unforeseen events in return for a regular
payment of "premium".
➢ These unforeseen events are defined as "risk" and that is why insurance is called a risk
cover.
➢ Hence, insurance is essentially the means to financially compensate for losses that life
throws at people - corporate and otherwise.
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OBJECTIVES OF LIFE INSURANCE
➢ Maximize mobilization of people's savings by making insurance-linked savings adequately
attractive.
➢ Conduct business with utmost economy and with the full realization that the moneys belong
to the policyholders.
➢ Act as trustees of the insured public in their individual and collective capacities.
➢ Meet the various life insurance needs of the community that would arise in the changing
social and economic environment
➢ Involve all people working in the Corporation to the best of their capability in furthering the
interests of the insured public by providing efficient service with courtesy.
➢ Promote amongst all agents and employees of the Corporation a sense of participation,
pride and job satisfaction through discharge of their duties with dedication towards
achievement of Corporate Objective.
Bajaj Allianz General Insurance Company Limited:
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto
Limited and Allianz AG of Germany.
Bajaj Allianz General Insurance came into existence on 2nd May 2001, when it got
certification of Registration from the Insurance and Regulatory Development Authority.
Bajaj Auto has a share of 74%, whereas Allianz has the remaining 26%. In the very first
year, the company made a strong position for itself in the industry and was reckoned
amongst the top private insurers. The premium income of the company as on 31st March
2006 was Rs. 1285 crores, whereas the profit after tax made was Rs. 52 crores. Bajaj Allianz
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has a Pan India network covering over 100 towns from Jammu to Thiruvananthapuram and
aims to spread its operations in many other cities.
The various insurance products include:
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Individuals Plans
 Unit Gain Insurances
 Term Care Plans
 Lifetime Care Insurance Policy
 Business Insurance Policies
 Savings And Security Policies For You And Your Family
 Rural Insurance Plan
 Healthcare Insurance
 Financial Insurance
 Pension Plus
 Retirement Plans
 Children's Policies
 Endowment Plans and many more.
Group Insurance Schemes
 Insurance For Employee-Employer Groups
 Insurance For Non-Employer - Employee Groups
 Employees Deposit Linked Insurance
 New Group Superannuation Scheme
 New Group Gratuity Care Scheme
Special Insurance Policies for NRI's
 Investgain Endowment Plan
 Cashgain Money Back Plan
 ·Childgain Kids Special Plan
 Swarna Vishranthi
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Bajaj Allianz India offers convenient premium payment and receipt options. The
payments can be direct through cheques, DD's or directly from your accounts or
through credit card. The premiums can also be paid online. The insurance policy
holders who also have an account with Standard Chartered Bank can avail the direct
debit mandate facility.
The Bajaj Allianz Life Insurance website offers human life value estimator, child
education cost calculator, retirement solutions and required pension estimator and
premium calculator online. The Bajaj Allianz insurance agents will guide you about the
general life insurance policies best suited to your needs. The insurance agent also
briefs you about the insurance quote and the terms on the policy quotes.
ICICI Prudential Life Insurance Company
ICICI Prudential is a joint venture between ICICI bank and prudential plc, both having strong
operations in their respective countries. ICICI bank is one of the leading banks in India providing
quality financial services and Prudential is an international financial service provider headquartered
at United Kingdom. ICICI and Prudential have respective shares of 74% and 26%. The Company
started operating in December 2000. Currently, total capital with the company is Rs. 18.15 billion.
ICICI Prudential was the first insurance company in India to receive a National Insurer Financial
Strength rating of AAA (Ind.) from Fitch ratings. It has been given the honor of being among the
Most Trusted Brands in the industry by Economic Times for 3 consecutive years. It has a network
of 450 branches, over 1, 50,000 insurance advisors and 18 banc assurance partners.
The services by ICICI prudential include:
• ICICI Prudential Life Insurance has a variety of plans to suit your financial requirements
and give you complete security against unforeseen circumstances.
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• ICICI Prudential Health Care Plans are designed to help you avail the best of medical
facilities in times of crisis.
• ICICI Prudential Retirement Solutions and Pension Plans are innovative schemes to give
you complete peace of mind after retirement from work.
• ICICI Prudential Asset Management helps you manage your funds in the most professional
manner.
• ICICI Prudential Life time gold investment
• ICICI Prudential Tax saving plans are meant to provide you the benefits of tax savings and
also to invest in long-term equity.
• ICICI Prudential Mutual funds like ICICI Prudential Discovery Fund, Infrastructure Fund,
Equity Fund, ELSS
Birla Sun Life Insurance Company Limited
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between Aditya Birla Group
and Sun Life Financial Inc. BSLI started functioning in March 2001 after getting the certificate of
registration from IRDA.
Birla Sun Life Insurance Company Limited introduced unit Linked Life Insurance Solutions in
India. Within a short span of time it was able to establish itself as a leading player in the Private
Life Insurance Industry. It has been innovative and come up with customer-centric products to
provide safety and services. The company has web-enabled IT systems for better customer services
and a strong distribution channel which is easily approachable. The company shows corporate
governance and a high degree of transparency in all business practices. It has professional
knowledge and global expertise of Aditya Birla Group.
The many pioneering activities by Birla Sunlife include Unit Linked Life Insurance Solutions,
Investment Linked Insurance Products and Web-Based Insurance Policies sale. Birla Sun Life
30
Insurance Company Limited also offers MF (Mutual Fund), international equity funds and dream
plans in insurance products that give you complete transparency and value- for- money.
Protection Policies:
○ Birla Sun Life Term Plan
○ Premium Back Term Plan
Savings Based Policies:
○ Birla Sunlife Insurance Saral Jeevan
○ Birla Sun Life Insurance Gold-Plus
○ Supreme Life
○ Dream Plan
○ ClassicLife Premium
○ Simply Life
TATA AIG General Insurance

Tata AIG General Insurance Company Ltd. is a joint venture between Tata Sons and American
International Group, Inc. (AIG). The Tata Group is holding 74 per cent stake and the rest 26 percent
is held by AIG. The company has got the expertise, knowledge and strength of both the
organizations.
The various policies and services by Tata AIG Life includes:
INDIVIDUALS:
CHILDREN:
31
Assure Career Builder
Assure Educare At 18 &
Assure Educare At 21
Assure 21 Years Money Saver
○ InvestAssure II
○ Invest Assure Plus
○ Mahalife
○ Mahalife Gold
○ Tata AIG Life Nirbhay Life
Adults:
○ Assure 1/5/10/15/20/25 and 60 years Lifeline Plans
○ Assure 10/ 20 / 30 years Security & Growth Plans
○ Assure 21 years Money Saver
○ Assure Golden Years Plan
○ InvestAssure II
○ InvestAssure Extra
○ InvestAssure Gold
○ InvestAssure Plus
○ LIFE Plus
○ MahaLife
○ MahaLife Gold
○ Raksha 10/15/20/25
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○ ShubhLife
○ Tata AIG Health First
○ Tata AIG Life Health Protector - 5 Year Guaranteed Renewal Accident and Health Plan
○ Tata AIG Life Nirbhay Life
Retirement:
• Assure Golden Years Plan
• Invest Assure II
• Invest Assure Gold
• Mahalife
• Mahalife Gold
• Nirvana
• Nirvana Plus
CORPORATIONS
Employee Benefits:
○ Group Term Life
○ Group Term Life In Lieu of EDLI
Credit Life:
○ Group Credit Card Term Insurance Protection Plan & Credit Shield Plus.
○ Group Single Premium Mortgage Reducing Term Insurance Plan / Group Regular Premium
Mortgage Reducing Term Insurance Plan
○ Group Single Premium Personal Loan Reducing Term Insurance Protection Plan / Group
Regular Premium Personal Loan Reducing Term Insurance Protection Plan
Group Pensions:
33
• Tata AIG Comprehensive Superannuation (Non-Unit Linked) Scheme
• Tata AIG Comprehensive Gratuity Scheme (Non-Unit Linked)
• Retirement Assure Group Superannuation Scheme (Unit Linked)
• Retirement Assure Group Gratuity Scheme (Unit Linked)
Workplace Solutions
MICRO INSURANCE
• Navkalyan Yojana
• Ayushman Yojana
• Sampoorn Bima Yojana
TATA AIG LIFE FUNDS
• NAV For Individual Life Products
• NAV For Group Products
• Fund Performance - Life Portfolio
• Fund Performance - Pensions Portfolio
Tata AIG General Insurance Co Ltd offers various policies and products covering vehicle
insurance - car insurance, two wheeler insurance and auto insurance, health insurance providing
medical insurance and Mediclaim facilities, health protection and care plus, motor insurance,
overseas travel insurance and many other services namely:
INDIVIDUAL PRODUCTS:
• Motor Insurance:Auto Secure
• Home Insurance: Fire Cover, Supreme Cover, Pre-Packaged Cover and Privilege
• Accidental and Health Insurance: Accident Guard, Secured Future Plan, Hospital Care,
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Maharaksha, Healthcare Plus and Criticare
• Travel Insurance: Travel Guard, Student Guard, Asia Travel Guard and Domestic Travel
Guard
New India Assurance Company

Sir Dorab Tata founded New India Assurance Company on 23rd July 1919. It has 1068 offices
comprising of 26 regional offices, 393 divisional offices and 648 branches with more than 21,000
employees. It is one of the largest Non- Life insurers in Afro- Asia and the first one to cross Rs.
5,000 crores of Gross Premium. It has a global network expanding in countries like Japan, U.K.,
Middle East, Fiji and Australia. Its international operations started in 1920 and have spread across
24 countries having a network of 19 branches, 12 agencies, 2 associate companies and 2 subsidiary
companies. The company contributes 80% of total overseas premium in India. The company has a
highly qualified staff, which excels in both expertise and knowledge and is trained to provide
satisfaction to the customers. It is the only company able to establish strong relationships overseas
and has a record of successful trading outside India. The performance has been outstanding and the
company has been able to maintain a strong position in the market.
IFFCO Tokio General Insurance

IFFCO Tokio General Insurance is a customer-centric company aiming to be easily accessible and
approachable to all sections of society. It offers products and services that provide quality at
reasonable cost. The organization has the deep knowledge of IFFCO and thus developed a business
plan that has both stability and integrity
Oriental Insurance Company Ltd.

The Oriental Insurance Company Ltd. (OICL) is one of the general insurance companies under the
support of the General Insurance Corporation (GIC) of India. It came into existence in the year
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1947 and is one of the oldest organizations in India. It caters to all sections and sectors ranging
from MNCs to rural sector. The headquarters of the company are situated at Delhi and it has 21
Regional Offices, 311 Divisional Offices and 635 Branch offices.
ICRA , gave the highest rating to Oriental Insurance India and the AM Best, an international
rating agency, rated the company as B++.
Objectives:
• To keep the customer in focus and cater to their insurance needs.
• To be customer friendly and provide high quality service.
• To do profitable business and invest funds for optimum yield.
• To optimize the retentivity of Indian business and conduct reinsurance policies and
international
• operations.
• To minimize the losses and built in Risk Management Technologies.
• To act as strong and active non-life insurer.
The main mission of the Oriental Insurance India remains to the most dynamic organization to
cater to the insurance requirements of the community promptly and thereby make worthy
contributions to the socio-economic objectives of the nation.
HDFC Standard Life Insurance Company Limited
HDFC Standard Life Insurance Company Limited is one of the first companies to be licensed by
IRDA to operate in the Insurance sector. The company came into existence on 14th August 2000.
Both Crisil and ICRA have honored it with AAA Ratings. Similarly Moody's and Standard and
Poors have also honored it AAA ratings. HDFC holds 81.4% share in HDFC and the remaining
18.6% stake is with Standard Life. It integrates the strong expertise and stability of Standard Life
36
andHDFC.
It is one of the most trusted companies; it is easily accessible and approachable, offering value
services to its customers.
The company aims to provide:

• Innovative products to cater to different needs of different customers
• Customer service of the highest order
• Use of technology to improve service standards
• Value for money for customers increasing market share
COMPANY PROFILE
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED
HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance
companies, which offers a range of individual and group insurance solutions. It is a joint venture
between Housing Development Finance Corporation Limited (HDFC Ltd.), India's leading housing
finance institution and a Group Company of the Standard Life, UK. HDFC as on March 31, 2007
holds 81.9 per cent of equity in the joint venture
HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000. It is a joint venture
between Housing Development Finance Corporation Limited (HDFC Ltd.) India and UK based
Standard Life Company. Both the joint venture partners being one of the leaders in their respective
37
areas came together in this 81.4:18.6 joint venture
HDFC Standard Life Insurance India boasts of covering around 8.7 lakh lives by March'2007. The
gross incomes standing at a whopping Rs. 2, 856 crores, HDFC Standard Life Insurance
Corporation is sure to become one of the leaders and the first preference for any life insurance
customer
The Banc assurance partners of HDFC Standard Life Insurance Co Ltd are HDFC, HDFC Bank
India Limited, Union Bank of India, Indian Bank, Bank of Baroda, Saraswat Bank and Bajaj
Capital.
The MD and CEO of HDFC Standard Life Mr. Deepak Satwalekar, has given the company new
directions and has helped the company achieve the status it currently enjoys. HDFC Standard Life
brings to you a whole range of insurance solutions be it group or individual or NAV services for
corporations; they can be easily customized as per specific needs.
PRODUCT PORTFOLIO
INDIVIDUAL PRODUCTS:
Protection Plans
Term Assurance Plan, Loan Cover, Term Assurance Plan
Investment plan
Single Premium Whole Life Plan
Pension Plans
Personal pension plan, Unit liked pension plan, Unit linked pension plus
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Saving Plans
Endowment assurance plan, Unit linked endowment plan, Unit linked endowment plus, Money
back plan, Children plan, Unit linked youngster plan, Unit linked youngster plus
GROUP PRODUCTS
GROUP term insurance, Group variable term insurance and Group unit linked plan
OTHER PRODUCTS
Rural product, Social development insurance plan and Tax benefits schemes.
VISION STATEMENT
The most successful and admired life Insurance company, which means that we are the most
trusted company, the easiest to deal with, offer the best value for money, and set the standards in
the industry'.
GROUP COMPANIES
HDFC HDFC SECURITIES
HDFC BANK HDFC MUTUAL FUNDS
HDFC REALTY.COM INTELNET
CIBIL HDFC GENERAL INSURANCE COMPANY LIMITED
SOME OF VALUED BANC ASSURANCE PARTNERS
39
Classification of life insurance plans offered
Life insurance plans can be classified into the following four categories according to the
features:
PROTECTION PLANS
INVESTMENT PLANS
PENSION PLANS
SAVING PLANS
PROTECTION PLANS
As the name suggests this category of plan are designed to protect the income earning capacity of
life assured. The present income of life assured therefore forms the basis of the insurance plan. A
person with no income cannot be offered this plan. The premium collected under this category of
plans is generally sufficient to cover the risk insured. There is no return of premium on the expiry
of cover; however saving element can be built under the plan to return the saving amount at
maturity. The plans do not share in the profits of the company and don’t have any bonuses.
The plans works like:

expense
POLICYHOLDER fund sufficient to pay client and to meet all expenses
40
Premium deathclaim
The policy holder pays the premium which goes into a fund. The fund is sufficient enough to pay
all the claims that arise and meet all the expenses.
HDFC STANDARD LIFE has launched two products in this category they are:
TERM ASSURANCE PLAN
LOAN COVER TERM ASSUARANCE PLAN
INVESTMENT PLANS
The plans are designed to help the person reduce some of the risk of investments. All the
investment risk cannot be reduced. What these plans try to do is to create a pool of investors so that
they ca get the advantage of large funds, diversified investments, professional management and
better returns. Investment plans can be designed to protect the policyholder against the market
fluctuations. However all the policyholder cannot be protected at the same time.
ONE OF THE objectives of the investment type of plans is to give a good return to the policyholder
when risk covers integrated with the investment plans the cost of the risk covers reduce the returns
to the policyholders. To avoid the risk cover costs the plan does not offer huge risk cover. So the
policyholder has to pay a premium which is almost equal to sum assured.
Investment plans are single premium plans where the client has to pay the premium and wait for the
investment to grow.
Investments
POLICYHOLDER with profit funds expenses
Premium investment returns
Sum assured + bonus

Death or maturity
41
The policyholder pays the premium, which is invested by the insurance company. The returns are
distributed to the policy holder by means of bonus mechanism, which tries to achieve a
smoothening of the returns.
The SINGLE PREMIUM WHOLE OF LIFE PLAN of HDFCSL falls in this category of products.
SAVING PLANS
The saving plans are designed to help a person save for a long term event. Long term savings have
inherent uncertainties. Besides long term savings instrument are not available in the market. The
saving plans aim to provide a solution to the client in this area with the benefit of life insurance.
It is important to note that the insurance covered offered is on the savings while purchasing the plan
that the policyholder has a saving target in mind. The plan aims to protect in this target in the event
of death of the life assured.
The premium paid by the policyholder consists of the savings. The risk cover cost on the savings
forms a very small portion of the premium this effectively means the premium paid by the
policyholder would determine the maturity amount that the policyholder would ultimately get.
Investments
Sum assured + bonus

Death or maturity
42
smoothening of the returns.
HDFCSL offers the following saving plans:

ENDOWMENT ASSURANCE PLAN (MONEY BACK)
MONEY BACK PLAN (MONEY BACK)
CHILDRENS PLAN (MONET BACK)
UNIT LINKED ENDOWMENT PLAN
PENSION PLANS
PENSION PLANS are designed to provide pension. With the interest rate fluctuating and the
increase in longevity the interest in the pension products has been growing in the recent days. Life
pension provides an income till death.
Pension plus helps the client to build the pension fund, which is earmarked to provide for the
pension and pay the pension on the chosen retirement date
Pension plans can be further classified into 2 categories:
Deferred pension plan
Immediate pension plan
Investments

Sum assured bonus used
43
To purchase annuity
at the end of the term. in
event of death premium
is returned with interest
smoothening of the returns. On the chosen date of retirement the fund is used to purchase an
annuity.
HDFC STANDARD LIFE has launched two products in this category they are:
PERSONAL PENSION PLAN (with profits)
UNIT LINKED PENSION PLAN
ABOVE PLANS CAN BE OFFERED AS A WITH PROFIT OR A UNIT LINKED PLAN.WITH

PROFIT PLANS WORKS ON BONUS MECHANISM WHILE ULIPS DEPENDS ON
MOVEMENTS OF THE UNIT PRICE.
Unit linked Insurance plan
Most insurers in the year 2004 have started offering at least a few unit-linked plans. Unit-linked life
insurance products are those where the benefits are expressed in terms of number of units and unit
price. They can be viewed as a combination of insurance and mutual funds.
The number of units that a customer would get would depend on the unit price when he pays his
premium. The daily unit price is based on the market value of the underlying assets (equities,
bonds, government securities, et cetera) and computed from the net asset value.
The advantage of unit-linked plans is that they are simple, clear, and easy to understand. Being
transparent the policyholder gets the entire upside on the performance of his fund. Besides all the
44
advantages they offer to the customers, unit-linked plans also lead to an efficient utilization of
capital.
Unit-linked products are exempted from tax and they provide life insurance. Investors welcome
these products as they provide capital appreciation even as the yields on government securities have
fallen below 6 per cent, which has made the insurers slash payouts.
According to the IRDA, a company offering unit-linked plans must give the investor an option to
choose among debt, balanced and equity funds.
ULIP is an abbreviation for Unit Linked Insurance Policy. A ULIP is a life insurance policy which
provides a combination of risk cover and investment. The dynamics of the capital market have a
direct bearing on the performance of the ULIPs. IN A UNIT LINKED POLICY, THE
INVESTMENT RISK IS GENERALLY BORNE BY THE INVESTOR.
The allocated (invested) portions of the premiums after deducting for all the charges and premium
for risk cover under all policies in a particular fund as chosen by the policy holders are pooled
together to form a Unit fund
UNIT is a component of the Fund in a Unit Linked Policy
MEANING OF ULIPS:
➢ “ULIPs are best matched for those who have a conceptual knowledge of financial markets
and are primarily looking for a blend between long-term savings and insurance protection”.
➢ A ULIP is a unit linked insurance plan. This is the type of investment where the
characteristics of insurance and mutual fund are combined. Some part of the money invested
goes into the insurance cover and the remaining goes into an asset class.
Advantages of ULIP
45
1) They are relatively less risky and more convenient as compared to an equity mutual fund, but
only from a long-term perspective.
2) Charges on the ULIP are insurer specific and before investing, these charges should be checked
for their worth. Traditional products invest largely in debt instruments, which is the low risk-low
return option.
3) ULIPs on the other hand offer policyholders the option to choose their fund option, depending on
their risk appetite and expected returns.
4) If taken for the long term, ULIPs can be attractive. “It’s still a good insurance option for the
average, long-term oriented, middle class customer.
5) As long as the customer evaluates his/her goals and needs carefully and then proceeds to
purchase the right product/scheme, ULIPs are a good buy”
Before buying the policy, you must compare the illustrations provided by all the insurance
companies.
Before Buying ULIP first checked the following facts:
➢ Charges
➢ Product features that suit your requirement
➢ Credentials of the insurance company
➢ Past returns of the funds
➢ Liquidity it provides.
➢ 4 reasons why ULIPs are best:
46
1. Insurance cover plus savings - To begin with, ULIPs serve the purpose of providing life
insurance combined with savings at market-linked returns. ULIPs can be termed as a two-in-one
plan in terms of giving an individual the twin benefits of life insurance plus savings.
2. Multiple investment options - ULIPs offer a lot more variety than traditional life insurance
plans. So there are multiple options at the individual's disposal. ULIPs generally come in three
broad variants:
 Aggressive ULIPs (which can typically invest 80%-100% in equities, balance in debt)
 Balanced ULIPs (can typically invest around 40%-60% in equities)
 Conservative ULIPs (can typically invest up to 20% in equities)
3. Flexibility - This is an important feature that allows the informed individual/investor to benefit
from the vagaries of stock/debt markets. For instance, when stock markets were on the brink of
7,000 points (Sensex), the informed investor could have shifted his assets from an Aggressive ULIP
to a low-risk Conservative ULIP.
4. Works like an SIP - Rupee cost-averaging is another important benefit associated with ULIPs.
Individuals have probably already heard of the Systematic Investment Plan (SIP) which is
increasingly being advocated by the mutual fund industry. With an SIP, individuals invest their
monies regularly over time intervals of a month/quarter and don't have to worry about 'timing' the
stock markets. These are not benefits peculiar to mutual funds.
. The latest guidelines dictate that:
1. Term/Tenure
The ULIP client must have the option to choose a term/tenure. If no term is defined, then the term
will be defined as '70 minus the age of the client'. For example if the client is opting for ULIP at the
age of 30 then the policy term would be 40 years. The ULIP must have a minimum tenure of 5
years.
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2. Sum Assured
On the same lines, now there is a sum assured that clients can associate with. The minimum sum
assured is calculated as:
(Term/2 * Annual Premium) or (5 * Annual Premium) whichever is higher.
There is no clarity with regards to the maximum sum assured.
The sum assured is treated as sacred under the new guidelines; it cannot be reduced at any point
during the term of the policy except under certain conditions - like a partial withdrawal within two
years of death or all partial withdrawals after 60 years of age. This way the client is at ease with
regards to the sum assured at his disposal.
3. Premium payments
If less than first 3 years premiums are paid, the life cover will lapse and policy will be terminated
by paying the surrender value. However, if at least first 3 years premiums have been paid, then the
life cover would have to continue at the option of the client.
4. Surrender value
The surrender value would be payable only after completion of 3 policy years.
5. Top-ups
Insurance companies can accept top-ups only if the client has paid regular premiums till date. If the
top-up amount exceeds 25% of total basic regular premiums paid till date, then the client has to be
given a certain percentage of sum assured on the excess amount. Top-ups have a lock-in of 3 years
(unless the top-up is made in the last 3 years of the policy).
6. Partial withdrawals
The client can make partial withdrawals only after 3 policy years.
7. Settlement
The client has the option to claim the amount accumulated in his account after maturity of the term
of the policy up to a maximum of 5 years. For instance, if the ULIP matures on January 1, 2007, the
client has the option to claim the ULIP monies till as late as December 31, 2012. However, life
cover will not be available during the extended period.
48
8. Loans
No loans will be granted under the new ULIP.
9. Charges
The insurance company must state the ULIP charges explicitly. They must also give the method of
deduction of charges.
10. Benefit Illustrations

The client must necessarily sign on the sales benefit illustrations. These illustrations are shown to
the client by the agent to give him an idea about the returns on his policy. Agents are bound by
guidelines to show illustrations based on an optimistic estimate of 10% and a conservative estimate
of 6%. Now clients will have to sign on these illustrations, because agents were violating these
guidelines and projecting higher returns.
SMALL INTRODUCTION OF UNIT LINKED INSURANCE PLAN

OFFERED BY HDFC STANDARD LIFE
HOW THE PLANS WORK
UNIT LINKED PENSION and UNIT LINKED PENSION PLUS

THEY are insurance policy designed to provide a retirement income for life with the freedom to
maximize your investment returns.
UNIT LINKED ENDOWMENT PLUS II

In this plan the family of the life insured remains financially independent even if he or she is not
around
It has 4 easy steps:
Choose the premium one wishes to invest
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Choose the amount of protection (sun assured)
Choose the additional plan benefit is desired
Choose the investment fund
UNIT LINKED ENHANCED LIFE PROTECTION II

In this plan the family of the life insured remains financially independent even if he or she is not
around
It has 3 easy steps:
Choose the premium one wishes to invest
Choose the amount of protection (sum assured)
Choose the investment fund
UNIT LINKED YOUNG STAR PLUSII

It is a plan to ensure a bright future to the children. It has 4 steps:
Choose the premium
Choose the amount of protection (sum assured)
Choose the additional plan benefits
Choose the fund or funds
DEATH BENEFIT
UNIT LINKED PENSION, UNIT LINKED PENSION PLUS and UNIT LINKED
ENHANCED LIFE PROTECTION II
In case of the unfortunate demise before the end of the policy period the nominee will receive the
unit fund value and the policy will terminate.

In case of life assured unfortunate death nominee will get the greater of the sum assured and fund
value and policy will terminate
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Critical illness benefit
Company will pay the sum assured as well as total value of the funds
Accidental death benefit
In addition to the death benefit a further sum assured will be paid to the company

• Pay the chosen sum assured to the beneficiary
• In double benefit payment- continue to pay 100% of the regular original premiums towards
the policy as and when premiums are due, on an annual basis
• In triple benefit payment- continue to pay 50% of the premium towards the policy and pay
the balance 50% to the beneficiary as and when the premiums are due on an annual basis.
ON CRITICAL ILLNESS
IN CASE policyholder is diagnosed with any of the critical illness covered he will get:
• Pay the chosen sum assured to the beneficiary
• In double benefit payment- continue to pay 100% of the regular original premiums towards
the policy as and when premiums are due, on an annual basis
• In triple benefit payment- continue to pay 50% of the premium towards the policy and pay
the balance 50% to the beneficiary as and when the premiums are due on an annual basis
MATURITY BENEFIT
One will get the value of units in the policy. he can choose either of the following two options:
He can take up to 1/3 rd of the fund value tax free as a lump sum amount and the rest must be
converted into an annuity.
One can buy annuity from HDFCSL or from any other insurer.
WITHDRAWALS
One cannot withdraw any portion of fund (other than in full) at any point of the term of contract till
the vesting date.
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SWITCHING
They offer 24 free switching in a policy year and after that there is a charge of Rs. 100 per request.
AGE
UNIT LINKED PENSION
Age at entry min-18; max-65
Age at vesting min-50; max-75
Term period min-10; max-40
UNIT LINKED PENSION PLUS
Regular premium:
Single premium:

Age at entry
Benefit option minimum maximum
Life option 18 65
Extra life option 18 55
Life and health option 18 55
Extra life and health option 18 55
Age at maturity
Life option 65 70
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Term period
Life option 10 30

Age at entry
Life option 18 45
Maximum age at maturity should be 75 years.
Term period: maximum-30 and minimum -10
Age at entry
Life option 18 65
Age at maturity
Maximum age for life option is 75 and for life and health is 65.
Term period
Life option 10 25
CHARGES
FUND MANAGEMENT CHARGES
53
It is .80% per annum of the funds value.
SURRENDER CHARGE
UNIT LINKED PENSION

It is equal to 50% of the difference between the regular premium expected and those paid in the first
year of contract.

Regular premium policy: it is equal to 25% of the difference between the regular premiums
expected and those paid in the first two years of contract.
Single premium policies-nil, except that the policy cannot be surrendered before 3 policy years
UNIT LINKED ENDOWMENT PLUS II, UNIT LINKED ENHANCED LIFE

PROTECTION II and UNIT LINKED YOUNG STAR PLUSII
No. of annual premium not paid in 5 years SURRENDER charge (FV)

1 NIL
2 5%
3 15%
4 35%
5 95%
PREMIUM ALLOCATION RATE
UNIT LINKED PENSION

Premium paid annually 1year 2nd year onwards
54
Up to 199999 50% 99%
200000 to 499999 65% 99%
500000 to 999999 75% 99%
1000000 to 1999999 85% 99%
From 2000000 and above 90% 99%
Single premium top ups 97.5% 99%

Premium paid annually 1st and 2nd year 3rd year onwards
Up to 199999 75% 99%
200000 to 499999 82.5% 99%
500000 to 999999 87.5% 99%
1000000 to 1999999 92.5% 99%
From 2000000 and above 95%% 99%
Single premium top ups 97.5% 99%

Regular premium year1 year2 year3
12000 to 199999 40% 93% 98%
200000 to 499999 52% 93% 98%
500000 to 999999 64% 93% 98%
1000000 to 1999999 77% 93% 98%
2000000+ 90% 93% 98%

Regular premium year1 and 2 year3 + 12000 to
12000 to 199999 65% 98%
200000 to 499999 72% 98%
500000 to 999999 79% 98%
55
1000000 to 1999999 85% 98%
2000000+ 91% 98%

Regular premium year1 year2 year3
12000 to 199999 40% 93% 98%
200000 to 499999 52% 93% 98%
500000 to 999999 64% 93% 98%
1000000 to 1999999 77% 93% 98%
2000000+ 90% 93% 98%
POLICY ADMINISTRATION CHARGE

A fixed charge of Rs.20 per month
REVIVAL CHARGES
A charge of Rs.250 is charged for revival
FUNDS
It has 7 funds. They are liquid fund, stable managed fund, secure managed fund, defensive managed
fund, balanced managed fund, equity managed fund, growth fund. In this growth fund has the
highest equity exposure of 95 to 100%.
LOYALITY BENEFIT
At the end of ever policy year one will get bonus units (.10% of total unit number) in all the plus
plans.
PREMIUM
UNIT LINKED PENSION and UNIT LINKED PENSION PLUS
Minimum regular premium-Rs. 10000
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UNIT LINKED ENDOWMENT PLUS II, UNIT LINKED ENHANCED LIFE PROTECTION
II and UNIT LINKED YOUNG STAR PLUSII
The minimum regular premium is Rs.12000 per year for annual and half yearly policies. For
monthly mode the minimum regular premium must be Rs.1500 per month
PREMIUM HOLIDAY
For the first 3 years of the plan there is no premium holiday. From the fourth year onward the
surrender value will be the value of units in the fund after the deduction of surrender charge.
ASSET ALLOCATION OF DIFFERENT FUNDS OFFERED BY HDFCSL
Fund Name: HDFC SL Liquid Fund

Asset Allocation % of Fund
Non-Government Securities 99.72%
Current Assets / (Liabilities) 0.28%
Equity Shares 0.00%
Gilt 0.00%
Treasury Bills 0.00%
Fund Name: HDFC SL Secure Managed Fund
Gilt 17.74%
Equity Shares 0.00%
Current Assets / (Liabilities) -0.20%
100.00%
Fund Name: HDFC SL Defensive Managed Fund

57
Equity Shares 28.16%
Gilt 5.65%
Fund Name: HDFC SL Balanced Managed Fund

Gilt 10.44%
100.00%
Fund Name: HDFC SL Equity Managed Fund

Gilt 2.04%
100.00%
Fund Name: HDFC SL Growth Fund

Gilt 0.00%
58
100.00%
FUND PERFORMANCE
59
Dec'0 Jan'0 Feb'0 May'0 Oct'0 April'0 Aug'0 11th Dec May
Funds 5 6 6 6 6 Jan'07 7 7 Oct'07 '07 '08
Offer Offer Offer
Offer Price Offer Offer Price Offer Offer Offer Offer Price Offer
Fund Prices s Price Prices s Prices Prices Prices Prices s Price
Name (Rs) (Rs) s (Rs) (Rs) (Rs) (Rs) (Rs) (Rs) (Rs) (Rs) s (Rs)
Liquid 21.777 21.86 21.95 22.230 22.86 23.262 24.481 24.798 25.2 26.17
Fund 6 6 2 9 3 5 23.79 3 7 7 5
Stable
Managed 25.229 25.6 26.48
Fund 0 0 0 0 0 0 0 0 2 7 7
Secure
Managed 20.634 20.72 20.79 21.068 21.61 21.911 22.961 23.334 23.6 24.31
Fund 7 1 4 9 9 7 22.091 8 7 8 2
Defensive
Managed 24.334 24.77 25.19 28.272 31.605 33.0 32.08
Fund 8 1 2 27.129 27.32 7 28.437 29.634 1 4 1
Balanced
Managed 28.539 29.46 30.37 34.03 35.783 37.630 42.330 44.9 41.59
Fund 2 9 1 34.655 8 1 35.964 9 6 4 7
Equity
Managed 35.97 42.651 41.88 45.135 48.494 57.260 62.5 54.58
Fund 0 0 2 1 3 1 45.818 7 6 6 5
Growth 37.821 40.15 42.43 53.886 50.54 55.270 71.443 78.7 66.85
Fund 1 1 3 1 3 1 55.103 58.543 2 6 6
Performance of various funds –graphical presentation
60
61
INTERPRETATION
From all the above graphs showing the prices offered by HDFCSL during various periods since
2005 to 2008 it can be seen the fund performance is very consistent. Returns are high while the risk
involved is low. The customer who wants to take less risk and wants to invest in funds like liquid,
stable and secured funds are getting consistent returns on nominal risk. The customers who want to
take moderate risk are getting a growth of 25% to 45% in a span of 3 years. The funds with major
equity portion also shows a positive growth rate till dec07 but now for short term its negative
because of a fall in sensex but still we can say that all the funds are managed properly and are
generating fruitful results.
CUSTOMER PERCEPTION ABOUT THE COMPANY
I interacted with 320 unit linked insurance plan customers of HDFCSL.I met with the customers and
made calls with the help of data provided by the main branch. It had two types’ customers:
RETAIL CUSTOMERS: policy is sold to these customers through financial consultants. They go to
target customers, discuss the plan with them and close the deals. They were 160 in number.
ALTERNATE CHANNEL CUSTOMERS: POLICIES are sold through banc assurance partners. They
use their official acquaintances and social networks to sale the policy. They were 160 in number.
DATA COLLECTED: PRIMARY
TOTAL CUSTOMERS STUDIED: 320
QUESTIONS ASKED AND RESPONSES OF DIFFERENT TYPES OF CUSTOMERS:
62
Q1) YOU GOT THE POLICY BONDS? ARE YOU GETTING ALL THE INFORMATION
RELATED TO YOUR POLICY AND PREMIUM REMINDRES IN TIME?
Retail Customers:
YES-97
NO-35
CAN’T SAY-28
Alternate channel customer:

Yes -105
No-24
Cant say-31
As we can see from the above graph that most of the customers of both the types have got their
policy bonds,documents and all the reminders in time so we can say that communication channel of
HDFCSL is very powerful.
Q2)WERE YOU GIVEN FULL KNOWLEDGE OF THE PLAN i.e.HOW IT WORKS AND
ABOUT THE CHARGES AND DEDUCTIONS AT THE TIME OF PURCHASES?
63
Retail customers
Yes -54
No-106
Alternate channel customers

Yes-75
No- 85
As we can see from this graph that cutomers are not satisfied about the charges and deductions
made from the premium. Only 33.75% retail customers and 46.875% of alternate channel customer says
that they were given full knowledge about the plan .so company should work for transperancy to make
long term customer relations by building trust.
Q3)ARE YOU SATISFIED WITH THE FUND PERFORMANCE AND NET ASSET VALUE OF
THE COMPANY?
LONG TERM(more the 10 years)

Yes-228
No-48
Cant say-44
SHORT TERM(less than 10 years)

Yes-52
No-262
Cant say-6
64
From the above graphs and figures we can easily make out that customers who have invested for
long term in ULIPS ARE MORE SATISFIED because their fund value is increasing along with the
number of units but customers who withdraws their money after 3 years or surrender the policy early or
are new policuholders say till 5 years are not very satisfied due to higher deductions in early years their
fund values are lower.
Q5)HOW DO YOU FIND AFTER SALES SERVICES OF HDFC SATNDARD LIFE

INSURANCE?
Retail customers:
Very good:7
Good:39
Average :55
Poor:35
Very poor:24
Alternate channel customers:

Very good:23
Good:87
Average :25
Poor:16
Very poor:9
After sales services here means to solve the queries of the customers regarding their
policy,claims,payments etc. and changing the details like address or date of birth in the policy bonds.It
can be interprated that in retail customers satisfaction regarding after sales services is low so the
company should train their financial advisors to deal with the customer to build a good brand image.In
65
alternate channel satisfaction level is average because sales are done through trusted sources so
policyholdrs feel sae and satisfied.
Returns on growth funds since inception
66
GROWTH FUND is the fund with 100% equity .As we can see from the above graph the % of
returns on growth fund of HDFCSL compared with the Bombay stock exchange. In year 04-05 and 05-06
returns were higher as compared to BSE returns which show efficiency and effectiveness of fund
management team. Again if we see the overall returns since inception it is 38.38% which is higher than
total returns of BSE since inception so it shows that HDFCSL provides its customer better solutions and
options for investing their money to get high returns on less risk.
67
Comparison of returns with some other players
68
As we can see the table above shows the portfolio composition the above table shows the portfolio
composition of funds of HDFCSL, ICICI PRU, Bajaj Allianz, Aviva and the graph shows the returns per
annum at various points from 2007 to 2008.The green shaded portion shows the returns of HDFCSL. It
has given high returns to the customers on a long run as compared to market fluctuations and other major
players.
COMPARISON OF uilps OF VARIOUS PLAYERS

Charges
FMC-KEY CHARGE IN LONG TERM
Fund management charge is the charge which is charged annually for the management of different funds offered
by the company. It is charged on the fund value. Lets have a look it how HDFCSL is better than all other players.
FMC slowly and surely eats away at your fund. Over the years, it makes a huge dent in the savings.
ICICI PRU
Smart kid plan -1.50%p.a

Life time super-2.25%p.a
BAJAJ ALLIANZ
Unit gain plan-1.75%p.a
69
HDFCSL
A daily charge of .80% p.a. is charged on the fund value
Consider a case of:

Rs 1 lakh annual premium
Term - 25 years
Fund Growth – at 10%
Ignoring all other charges (assume same for both)
At 10% Fund Growth
Year Premium Fund Value FMC (0.8%) Fund Value
HDFCSL
at Start of Year at Year End
1 100000 100000 800 109120
2 100000 209120 1673 228192
3 100000 328192 2626 358123
4 100000 458123 3665 499904
5 100000 599904 4799 654615
6 100000 754615 6037 823436
7 100000 923436 7387 1007653
8 100000 1107653 8861 1208671
9 100000 1308671 10469 1428022
10 100000 1528022 12224 1667377
11 100000 1767377 14139 1928562
12 100000 2028562 16228 2213567
13 100000 2313567 18509 2524564
14 100000 2624564 20997 2863925
15 100000 2963925 23711 3234235
16 100000 3334235 26674 3638317
17 100000 3738317 29907 4079251
18 100000 4179251 33434 4560399
19 100000 4660399 37283 5085427
20 100000 5185427 41483 5658338
21 100000 5758338 46067 6283499
70
22 100000 6383499 51068 6965674
23 100000 7065674 56525 7710063
24 100000 7810063 62481 8522341
25 100000 8622341 68979 9408699
Premium Fund Value FMC (1.5%) Fund Value
100000 100000 1500 108350
100000 208350 3125 225747
100000 325747 4886 352947
100000 452947 6794 490768
ICICI
100000 PRU 590768 8862 640097
100000 740097 11101 801895
100000 901895 13528 977204
100000 1077204 16158 1167150
100000 1267150 19007 1372957
100000 1472957 22094 1595949
100000 1695949 25439 1837561
100000 1937561 29063 2099347
100000 2199347 32990 2382993
100000 2482993 37245 2690323
100000 2790323 41855 3023315
100000 3123315 46850 3384111
100000 3484111 52262 3775035
100000 3875035 58126 4198600
100000 4298600 64479 4657533
100000 4757533 71363 5154787
100000 5254787 78822 5693562
100000 5793562 8690371 6277325
100000 6377325 95660 6909831
100000 7009831 105147 7595152
100000 7695152 115427 8337697
100000 100000 2250 107525
100000 207525 4669 223141
100000 323141 7271 347458
100000 447458 10068 481129
100000 581129 13075 624859
100000 724859 16309 779404
100000 879404 19787 945580
100000 1045580 23526 1124259
100000 1224259 27546 1316385
100000 1416385 31869 1522968
100000 1622968 36517 1745096
100000 1845096 41515 1983940
100000 2083940 46889 2240756
100000 2340756 52667 2516898
100000 2616898 58880 2813820
100000 2913820 65561 3133085
100000 3233085 72744 3476374
100000 3576374 80468 3845496
100000 3945496 88774 4242395
100000 4342395 97704 4669160
100000 4769160 107306 5128040
72
100000 5228040 117631 5621450
100000 5721450 128733 6151989
100000 6251989 140670 6722451
100000 6822451 153505 7335840
IN 25 YEARS AT 10% GROWTH RATE FUND VALUE IS 9400000 AT HDFCSL AT A FMC
CHARGE OF .8% AND 8300000 IN ICICI PRU AT A FMC CHARGE OF 1.5%.SO THERE IS
A DIFFERENCE OF 11 LAKHS IN 25 YEARS.AGAIN IT IS 7300000 IN ANOTHER PLAN
OF ICCICI PRU WHICH IS AT A RATE OF 2.25% .SO THERE IS A DIFFERENCE OF 21
100000 100000 1750 108075
LAKHS
100000 IN FUND208075VALUE. 3641 224877
100000 324877 5685 351111
100000
Consider a case of: 451111 7894 487538
Rs100000 587538
1 lakh annual premium 10282 634982
100000 734982 12862 794332
Term - 25 years
100000 894332 15651 966549
100000 1066549 18665 1152673
100000 1252673 21922 1353826
100000
Ignoring 1453826
all other charges 25442
(assume same for both) 1571222
100000
BAJAJ ALLIANZ
1671222 29246 1806174
100000 1906174 33358 2060097
100000 2160097 37802 2334525
100000 2434525 42604 2631113
100000 2731113 47794 2951650
100000 3051650 53404 3298071
100000 3398071 59466 3672465
100000 3772465 66018 4077092
100000 4177092 73099 4514392
100000 4614392 80752 4987004
100000 5087004 89023 5497780
73
100000 5597780 97961 6049800
100000 6149800 107622 6646397
100000 6746397 118062 7291168
100000 7391168 129345 7988005
IN 25 YEARS AT 10% GROWTH RATE FUND VALUE IS 9400000 AT HDFCSL AT A FMC
CHARGE OF .8% AND 7900000 IN BAJAJ ALLIANZ AT A FMC CHARGE OF 1.5%.SO
THERE IS A DIFFERENCE OF 15 LAKHS IN 25 YEARS.
SWITCHING CHARGES
Switching means facility to switch from one fund to another according to risk and returns.
Icici pru – 4 free switches per year.Rs.100/switch on any subsequent switches.
Aviva -.5%of the amount switches subsequent to a maximum of Rs.500 per switch. The first two
switches/ year are free of cost.
Bajaj Allianz-three free switches/year. After that a charge of .1%of switched amount or Rs.100,
whichever is higher.
HDFCSL-24 SWITCHES IN A YEAR ARE FREE.
74
SO HERE IF WE TAKE EVEN 14 SWITCHES IN A YEAR ICICI PRU WILL COST Rs.1000 ,IN
AVIVA YOUNG ACHIEVER IT WILL COST Rs.6000 ,IN BAJAJ UNIT GAIN, after the first three
free switches, a paid switch of Rs 10 lakh amount would cost Rs 10,000.AND IN HDFCSL WE
HAVE 24 SWITCHES IN A YEAR FREE.
WITHDRWALS
BIRLA SUN LIFE
Any withdrawal after 2 withdrawals/yr charge of Rs 100/withdrawal will be levied
BAJAJ ALLIANZ
No withdrawal charges as of now and withdrawal only after 3 yr
ICICI PRU
Not specifically defined
HDFC 6 partial withdrawals free in a year
COMPARISON OF ULIPS AND MUTUAL FUND
LET’S SUPPOSE THAT Rs.1000000 is invested for 25 years.
In first year premium allocation charge in ULIPS is 60% but in mutual fund there is just a entry
load of 2%-2.5%.
Consider a case of:

ULIP
75
Rs 1 lakh annual premium
In Insurance
Term - 25 years
Our FMC at 0.8%
MUTUAL FUNDS
Rs 1 lakh annual SIP
in Mutual Fund
Term - 25 years
Mutual Fund FMC at 2.5
Year Premium Fund Value FMC (0.8%) Fund Value
1 100000 40000 800 43120
2 100000 143120 1145 156173
3 100000 256173 2049 279535
4 100000 379535 3036 414149
5 100000 514149 4113 561040
6 100000 661040 5288 721326
7 100000 821326 6571 896231
8 100000 996231 7970 1087088
9 100000 1187088 9497 1295350
10 100000 1395350 11163 1522606
11 100000 1622606 12981 1770588
12 100000 1870588 14965 2041185
13 100000 2141185 17129 2336461
14 100000 2436461 19492 2658666
15 100000 2758666 22069 3010257
16 100000 3110257 24882 3393912
17 100000 3493912 27951 3812557
18 100000 3912557 31300 4269382
19 100000 4369382 34955 4767870
20 100000 4867870 38943 5311820
21 100000 5411820 43295 5905378
22 100000 6005378 48043 6553068
76
23 100000 6653068 53225 7259828
24 100000 7359828 58879 8031044
25 100000 8131044 65048 8872595
100000 100000 2500 107250
100000 207250 5181 222276
100000 322276 8057 345641
100000 445641 11141 477950
100000 577950 14449 619851
100000 719851 17996 772040
100000 872040 21801 935263
100000 1035263 25882 1110320
100000 1210320 30258 1298068
100000 1398068 34952 1499428
100000 1599428 39986 1715386
100000 1815386 45385 1947002
100000 2047002 51175 2195409
100000 2295409 57385 2461826
100000 2561826 64046 2747559
100000 2847559 71189 3054007
100000 3154007 78850 3382672
100000 3482672 87067 3735166
100000 3835166 95879 4113216
100000 4213216 105330 4518674
100000 4618674 115467 77 4953528
100000 5053528 126338 5419908
100000 5519908 137998 5920102
100000 6020102 150503 6456559
100000 6556559 163914 7031910
Here in spite of 60% premium allocation charge performance of ULIPS is better than mutual funds
in long run. THERE IS A DIFFERENCE OF 11 LAKHS IN THE FUND VALUE AFTER 25
YEARS AND AGAIN THE RETURNS OF ULIPS ARE TAXFREE.
PERFORMANCE OF VARIOUS FUNDS OFFERED BY HDFCSL OF UNIT LINKED

INSURANCE PLANS SINCE INCEPTION AND COMPARISON WITH THE MAJOR
PLAYERS.
UPTO 100% EQUITY PLAN

LATEST NAV (NET ASSET VALUE)-Rs.55.9617
COMPOUNDED ANNUAL GROWTH RATE (%) SINCE INCEPTION-22.74%
If we compare AVIVA, BIRLA, HDFCSL, ICICI PRU, KOTAK and TATA AIG’S returns
AVERAGE % CAGR is 19.36% and MEDIAN % CAGR is 20.22.It means HDFCSL has given
above average returns from the very beginning.
In past 1 year the growth is negative i.e. 8.35% but itz 2004 its overall CAGR IS 22.74% WHICH
SHOWS efficiency of fnd management team and consistency.
IT IS AS RANKED 3RD highest CAGR(%) giving player in the insurance indystry foe 100% growth
funds after ICICI PRU and kotak.
78
LATEST NAV (NET ASSET VALUE)-Rs. 37.5575
COMPOUNDED ANNUAL GROWTH RATE (%) SINCE INCEPTION-13.77%
above average returns in the funds with 30 to 60% equity exposure also.
IT IS AS RANKED 4RD highest CAGR(%) giving player in the insurance industry for upto
60%growth funds after kotak,icici pru and birla.

COMPOUNDED ANNUAL GROWTH RATE (%) SINCE INCEPTION-8.68
below average returns in the funds with 15 to 30% equity exposure. In fact it has given the
minimum returns as compared to other players of the industry which shows that portfolio is not
managed properly for this particular category of funds.
LIQUID FUNDS
79
below average returns in the funds with non government securities which offers very low risk.
In this category it is ranked 3rd after kotak and bajaj allianze.
PURE DEBT FUNDS

I
AVERAGE % CAGR is 4.77% AND HDFCSL IS RANKED AS 6TH after aviva,bajaj.kotak.icici
pru and Birla.
So it can be concluded that HDFCSL has given above average returns to its customers from
the beginning in most of the funds offered by it.
NAV= MARKET VALUE OF SECURITIES ISSUED

NUMBER OF UNITS ISSUED
80
CONCLUSION AND RECCOMENDATION
Insurance sector in India is growing very fast
Growth fund (with 100%equity) is showing a rolling growth since 2004 i. e. year of inception. Its
performance is consistent and it has a current offer price of Rs.66.856.
Company has a communication network. All the customers get the policy information and premium
reminders in time.
Most of the long term customers are satisfied with their fund values and current NAVs.
Company has low charges and hence higher fund values as compared to other players in long run.
81
Company should improve after sales services because policyholders complaint that they don’t find
anyone to solve their queries after purchasing the policy.
Company should train financial consultants to be clearer about all the charges and to be transparent
about the working of plans to built long term customer relationship and brand value.
Company has shown an overall growth in the performance of all its funds but its growth rate is low
pure debt fund and fund with equity up to 40%.so the company should revise the portfolio of Secure
Managed Fund and defensive managed fund.
REFERENCES
Bajaj capital.com (ULIP MONITORS)

HDFCSL intranet (GREEN PAGE)
www.iloveindia.com/econoym-of-india/insurance sector
www.bseindia.com
www.moneycontrol.com
www.hdfcinsurance.com
Data provided by company
Companies training notes and issues as product guides, disha, I-pin etc
www.irda.org
Wikipedia
82
Brochures and illustrations of ICICI PRU, bajaj Allianz
www.mutualfund.about.com
Times business
Watson Wyatt quarterly news letter
83

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A

SUMMER TRAINING PROJECT REPORT ON

“For Partial Fulfillment of Continuous Evaluation of Summer Internship for

I (SHILPI KALLA) studying in Third semester of Masters Of Business Administration in the

I am thankful to Mr. MUNISH BHARADWAJ, CORPORATE SALES EXECUTIVE, HDFC

My summer project at insurance sector in HDFC STANDARD LIFE INSURANCE is a complete

My project title was “PERFORMANCE OF ULPIS SINCE INCEPTIONS”.THE basic objective

TOPICS PAGE NO.

ABOUT FINANCE INDUSTRY

FINANCE INDUSTRY SERVICES

THE FINANCE INDUSTRY SERVICES ARE:

The primary operations of banks include:

1. Keeping money safe while also allowing withdrawals when needed.

5. Issuance of debit cards for use as a substitute for checks.

6. Allow financial transactions at branches or by using Automatic Teller Machines (ATMs).

FOREIGN EXCHANGE SERVICES:

3. Foreign Currency banking- banking transactions are done in foreign currency.

OTHER FINANCIAL SERVICES:

1. INTERMEDIATE OR ADVISORY SERVICES- These services involve stock brokers

Protection Risk Remuneration

INSURANCE PLANS: FIXED PROCESS

TYPES OF INSURANCE PLANS

Features OF CONVENTIONAL PLANS:

 Fixed premium linked to the sum assured(guarantee).

 Premium fluctuates according to age, term, etc.

 No flexibility in premium payment and risk cover offered.

BASIC ELEMENTS OF CONVENTIONAL PLANS:

2. DECREASING TERM ASSURANCE-

 The premium is level (constant) throughout the term.

 The benefits decreases annually, or at other specified times.

 It is the cheapest form of life insurance available.

(For e.g. consumer price index).

4. WHOLE LIFE ASSURANCE-

Present Structure of INDIAN Insurance Industry

(a) LIC – Fully owned by Government

1. Bajaj Allianz Life Insurance Co. Ltd.

2. Birla Sun Life Insurance Co. Ltd. (BSLI)

3. HDFC Standard Life Insurance Co. Ltd. (HDFC STD LIFE)

4. ICICI Prudential Life Insurance Co. Ltd. (ICICI PRU)

5. ING Vysya Life Insurance Co. Ltd. (ING VYSYA)

6. Max New York Life Insurance Co. Ltd. (MNYL)

7. MetLife India Insurance Co. Pvt. Ltd. (METLIFE)

8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd.

9. SBI Life Insurance Co. Ltd. (SBI LIFE)

10. TATA AIG Life Insurance Co. Ltd. (TATA AIG)

11. AMP Sanmar Assurance Co. Ltd. (AMP SANMAR)

12. Aviva Life Insurance Co. Pvt. Ltd. (AVIVA)

13. Sahara India Life Insurance Co. Ltd. (SAHARA LIFE).

14. Shriram Sunlam.

15. Axa Bharti Enterprises

16. PNB Life Insurance

17. Reliance Life Insurance,

HISTORY OF LIFE INSURANCE

ABOUT LIFE INSURANCE

MEANING OF LIFE INSURANCE

• The date of maturity, or

• Specified dates at periodic intervals, or

• Unfortunate death, if it occurs earlier.

➢ 1. That of dying prematurely is leaving a dependent family to fend for itself

➢ 2. That of living till old age without visible means of support.

TYPES OF LIFE INSURANCE

1. Face Amount (protection or death benefit),