Professional Documents
Culture Documents
ICICI PRUDENTIAL
PREFACE
(ii)
DECLARATION
(v)
ACKNOWLEDGEMENT
The Project report has been prepared with proper
advice and suggestions of many teachers and friends
.It is my duty to acknowledge all of them for their help
and contribution in connection with my project work.
First of all I expressed my sincere thanks to my
Company guide Mr. Biswajit Sahoo for his kind
support and co-operation.
I expressed my sincere gratitude to my internal guide
Mr. Jayanta Kumar Bihari for his able guidance.
I expressed my gratitude to all the faculty members of
our department for their cons tinted support and
inspiration in completing this project work.
Last but not the least I pay my thanks to all my friends
and family members for their kind support and cooperation.
(vi)
TABLE OF CONTENTS
Chapter 1: Introduction
01-36
10
16
33
34
35
37-38
37
37
37
38
2.5 Methodology
38
39-49
50-53
54-55
Annexure
56-62
Bibliography
63
(vii)
Chapter 1
INTRODUCTION
The entire effort of human life is to proceed from uncertainty to
certainty. The rigmarole of life proceeds with first acquiring the
wherewithal to earn a living and then striving for its betterment and
ensuring that the comfort and pleasure derived from a physical
commodity or a human being continues. It is at the latter stage that
the mechanism of Insurance comes in play.
The concept of insurance is in essence related to the protection of the
economic value of assets. Every asset whether physical or in form of
a human being has a value. The asset is built up in the expectation
that, either through the income generated there from or some other
output, some needs of the individual would be met. For example, in
the case of an industry its production is sold and income generated.
In the case of a vehicle, it provides comfort and convenience in
transportation.
1ST Insurance in India started from 1817.Basically it is divided into
two types such as General insurance & Life insurance. After freedom
there are 245 companies in India who provide life insurance. In 1956
finance minister C.D.Deshmukh seize all those companies. There is
only one life insurance company from1956-2000 that is LIC of India.
In 1993 the finance secretary R.N.Malhotra introduce
IRDA(Insurance Regulatory Development Authority) act. After that
private life insurance companies came into existence. HDFC is the 1 st
private insurance company in India. After that ICICI prudential Life
insurance corporation started its operation. From 2001-2008 ICICI
place the 1st position among all private insurance company. Now days
there are 12 private life insurance companies.
As compare to past now a days insurance companies provides not
only life cover plan but also provides investment plan. In recent trend
there are two type of plan provided by the Life insurance company
such as:
(1)
- Traditional Plan
- ULIP (Unit Linked Insurance Plan)
Traditional Plan consisting of a long maturity period where as ULIP
consists of both insurance and investment having shorter maturity
period.
Fundamental definition:
Sharing of risks
Cooperative device
Evaluation of risk
Payment on happening of a special event
The amount of payment depends on the nature of losses incurred.
The success of insurance business depends on the large number of
people insured against similar risk.
Insurance is a plan, which spreads the risk and losses of few people
among a large number of people.
The insurance is a plan in which the insured transfers his risk on the
insurer.
Insurance is a legal contract which is based upon certain principles
of insurance which includes utmost good faith, insurable interest,
contribution, indemnity, causes proximal, subrogation, etc.
The scope of insurance is much wider and extensive.
(2)
Functions of insurance:
Primary functions:
(3)
Insurance companies have two sources of income for covering these costs:
Premiums and Investment income. The premiums are collected on
a regular basis and invested in Government Bonds, Gilt, stocks,
mutual funds, real estates and other conservative avenues. However,
investment income depends on market conditions, interest rates,
economy etc. and varies from year to year. Because of the
uncertainty associated with the investment income, insurance
companies must generate enough income from premiums to cover
the bulk of their expenses.
The risk becomes insurable if the following requirements are complied with :
The insured must suffer financial loss if the risk operates.
The loss must be measurable in money,
The object of the insurance contract must be legal.
The insurer should have sufficient knowledge about the risks he
accepts.
Fundamentals of Insurance
(4)
(5)
When the insured pays the premium and the insurers accept the
risks, the contract of insurance is concluded. The policy issued by the
insurers is the evidence of the contract. The contract of insurance,
like any other contract, for example a contract for the sale of goods, is
subject to the general law of contract as embodied in the
Indian Contract Act, 1872.
According to this Act, a contract must have certain essential features
in order to make it legally valid and enforceable. The following are the
essential elements:
(6)
(7)
(8)
(9)
(10)
people in the rural area. The Life Insurance Corporation Act (Act
XXXI of 1956) was passed by the Parliament in June 1956 which
came in force on 1st July 1956. The Life Insurance Corporation of
India came into existence on 1st September 1956.
Insurance Sector Reforms
Having looked at the insurance sector, let us look at the efforts made
by the government to make the industry more dynamic and customer
friendly. To begin with, the Malhotra committee was set up with the
objective of suggesting changes that would achieve the much
required dynamism.
The Malhotra Committee Report
In 1993, Malhotra Committee, headed by former Finance Secretary
and RBI Governor R. N. Malhotra, was formed to evaluate the Indian
insurance industry and recommend its future direction. In 1994, the
committee submitted the report and gave the following
recommendations:
Structure:
Government stake in the insurance Companies to be brought down
to 50%.
Government should take over the holdings of GIC and its
subsidiaries so that these subsidiaries can act as independentcorporations.
All the insurance companies should be given greater freedom to
operate.
(12)
Market Regulations
Private Companies with a minimum paid up capital of Rs.1bn should
be allowed to enter the industry.
No Company should deal in both Life and General Insurance
through a single entity.
Foreign companies may be allowed to enter the industry in
collaboration with the domestic companies.
Postal Life Insurance should be allowed to operate in the rural
market.
Only one State Level Life Insurance Company should be allowed to
operate in each state.
Regulatory Body
The Insurance Act should be changed.
An Insurance Regulatory body should be set up.
Controller of Insurance (Currently a part from the Finance Ministry)
should be made independent.
Investments
Mandatory Investments of LIC Life Fund in government securities to
be reduced from 75% to 50%.
GIC and its subsidiaries are not to hold more than 5% in any
company (There current holdings to be brought down to this level
over a period of time).
(13)
Customer Service
LIC should pay interest on delays in payments beyond 30 days.
Insurance companies must be encouraged to set up unit linked
pension plans.
Computerization of operations and updating of technology to be
carried out in the insurance industry.
Overall, the committee strongly felt that in order to improve the
customer services and increase the coverage of the insurance
industry should be opened up to competition. But at the same time,
the committee felt the need to exercise caution as any failure on the
part of new players could ruin the public confidence in the industry.
Hence, it was decided to allow competition in a limited way by
stipulating the minimum capital requirement of Rs.1 bn. This amount
is not very high for foreign firms, as it translates to only about US$25
million. Further, to date it is unclear whether equity should be payable
in one go or should be brought in as installments. Also, the foreign
equity participation was to be restricted to only 40%.The committee
felt the need to provide greater autonomy to insurance companies in
order to improve their performance and enable them to act as
independent companies with economic motives. For this purpose, it
had proposed setting up an independent regulatory body.
The industry and analysts find that there is lack of clarity in the
following areas:Though coverage of rural areas was to be made compulsory, it
raises the question as to who would subsidies the rural policies as
they would be difficult to service and hence costs will go up.
There is some confusion with respect to investments. Where the
funds should be invested? Currently 70% of the funds with LIC & GIC
are invested in Government securities. Would new entrants be
allowed to invest in GOI securities?
(14)
The report also does not enumerate exit options available to the new
entrants. In the event of failure, there should be an arrangement
made whereby the other Companies pool in to bail the customers,
who in all probability would be middle class individuals.
Potentiality of Insurance in Indian Market
Marketing inefficiency of general insurers has kept society in dark
even when so many personal as well as commercial lines of
insurance covers are available for them. Insurers have failed to
identify the need of the individual risk factors and thereafter selecting
proper market segments and developing demand of these needs by
adopting proper marketing mix. There is great scope of commercial
line of insurance as we are developing at a very fast rate but the
potentiality and scope of personal lines of insurance is vast as this
area is still under-tapped. Product designing and pricing is also
simple and growth of this portfolio is guaranteed in this country which
has a base of over 100 crore population, where there are about 25
crore dwellings, 20 crore schools, colleges and educational
institutions and about 5 crore small and big shops. But despite this
the Indian insurers share in personal line of business is very low or
negligible.
There are enormous growth opportunities to Indian as well as foreign
insurers because of such a huge base of population there is ample
scope to introduce the new line of covers as per the changing needs
and to increase the per capita share of the insurance.
By encouraging risk transfer by investing small portion of the savings
of the individuals.By opening up the sector far more opportunities has
came up in insurance and reinsurance market. After privatization of
this sector presence of the foreign players has also increased.
Therefore the insurers, in time to come, will have to change their
attitude from selling of the product to marketing of the protection
needs of the insured and for this is required is:
(15)
(16)
(18)
Board of Directors
The ICICI Prudential Life Insurance Company Limited Board
comprises reputed people from the finance industry both from India
and abroad.
Mr. K.V. Kamath, Chairman
Mr. Mark Tucker
Mrs. Lalita D. Gupte
Mr. Danny Bardin
Mrs. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. M.P. Modi
Mr. R Narayanan
Mr. S.P.Subhedar, (Alternate Director to Mr. Danny Bardin)
Mr. Derek Stott, (Alternate Director to Mr. Mark Tucker)
Ms. Shikha Sharma, Managing Director
Management Team
Ms. Shikha Sharma, Managing Director
Ms. Anita Pai, Chief - Operations & Underwriting
Mr. Bill Lisle, Chief Agency Officer
(19)
(20)
Child Solutions:
ICICI Pru SmartKid provides guaranteed educational benefits to a
child along with life insurance cover for the parent who purchases the
policy. The policy is designed to provide money at important
milestones in the child's life.
Market-linked Solutions:
ICICI Pru LifeLink is a single premium Market Linked Insurance Plan
which combines life insurance cover with the opportunity to stay
invested in the stock market.
ICICI Pru.LifeTime offers customers the flexibility and control to
customize the policy to meet the changing needs at different life
stages. It offers 3 investment options - Growth Plan, Income Plan and
Balanced Plan.
Retirement Solutions:
ICICI Pru ForeverLife is a retirement product targeted at individuals
in their thirties. Market-linked retirement productsICICI Pru
LifeTime Pension is a regular premium market-linked pensionplan
ICICI Pru LifeLink Pension is a single premium market-linked
pension plan.
Single Premium Solutions:
ICICI Pru AssureInvest is a single premium savings product with life
cover for terms of 5, 7 or 10 years.
ICICI Pru ReAssure is a retirement product for senior citizens who
are on the verge of retirement or have just retired.
(21)
(22)
(23)
(24)
Insurance Plans
Savings Plans:
Most endowment policies are a good way of saving for the future. A
policy can be designed to make your savings grow and have them
available to you at the end of a fixed number of years. Or, a policy
could provide you with an income every three or four years.
You can browse through these policies to find one that best suits your
needs:
SmartKid - a superior way to guarantee your childs future no matter
what the uncertainty.
LifeTime - a complete market-linked insurance plan that adapts itself
to your changing protection and investment needs, throughout a
lifetime.
Save'n' Protect - a traditional endowment savings plan that offers
both high returns and protection.
CashBak - an endowment savings plan that allows you to get back
substantial survival benefits without having to wait till the maturity
date.
Depending on your particular needs, Savings Plans could allow
you to do one or more of the following:
Plan For Tangibles: buy that fashionable car, that huge refrigerator,
etc.
Plan For A Cosy Nest: by facilitating the purchase of that home you
have always dreamt of.
(25)
(28)
(29)
This follows from our understanding that life has many facets and
they are manifested through its various needs. Therefore our
philosophy is to provide you with comprehensive insurance solutions
that cater to your dual needs of earning potentially high returns as
well as stay insured for life. Thus we offer you a unique package of
Investment Solutions that combine the best of insurance and
investment.
ICICI Prudential offers
investment.
choosing your investment options while keeping you insured for life.
AssureInvest - a single premium endowment plan that gives you
potentially high returns coupled with insurance protection.
Depending on your particular needs, Investment Plans could
allow you to do one or more of the following:
Plan for Tangibles: buy that fashionable car, that huge refrigerator,
etc.
Earn Market-linked Returns: earn market-related returns while your
family remains protected, even in volatile market conditions.
Save on Deferred Taxes: because the interest income and maturity
benefits of the Policy are tax exempt.
Lifestyle Planning: maintain your lifestyle - even if your income was
to reduce in the future.
Legacy Creation: buy property; invest in shares, bonds, etc. for
your children or grandchildren
(31)
(33)
very
selectively
chosen
have
excellent
(34)
Opportunity
Huge market is literally untapped; out of estimated 320 millions
insurable markets only 20% of the population is insured.
Health insurance and pension schemes, an estimated market
potential of approximately $15 billion.
ICICI Prudential should give the insurance coverage both to the
parent and child so that their life could be covered in both cases. The
customer doesnt mind paying some extra premium for that.
Threats
Players like Bajaj and Birla Sun life with low premium for the similar
plans.
Entry of many other private companies with equally strong
experience and financial strength of foreign partners making the
competition difficult and saturating the urban markets.
Current Govt. policies do not encourage gross domestic savings. If
the tax liability of the service class rises, the customer will have little
money to invest.
LIC has woken up from sleep and is following competitive
strategies. Its huge surplus in Life Fund gives a capability to lodge
Price war.
1.5 COMPETITION INFORMATION:
Bajaj Allianz General Insurance: Bajaj Allianz General Insurance
Company Limited is a joint venture between Bajaj Auto Limited and
Allianz AG of Germany. Both enjoy a reputation of expertise, stability
and strength.
(35)
Birla Sun Life Insurance: The Aditya Birla Group contributes its
knowledge of the Indian market while Sun Life Financial contributes
global expertise in the areas of protection and wealth management.
HDFC Standard Life Insurance: HDFC and Standard Life have a
long and close relationship built upon shared values and trust.
Providing long term financial security to policy holders will be the
constant endeavor.
ING Vysya Life Insurance: ING, the worlds second largest life
insurance company together with Vysya Bank, one of Indias leading
private sector banks, forms ING Vysya Life Insurance.
Life Insurance Corporation (LIC): Life Insurance Corporation (LIC)
has been one of the pioneering organizations in India who introduced
use of Information Technology in their business.
MetLife India: The Metropolitan Life Insurance Company is the
number one insurer in the U.S. It is helping build financial
independence for its customers.
Oriental Insurance: The Oriental Insurance Company Ltd. (OICL) is
one of the leading General Insurance companies in India and is a
subsidiary of the General Insurance Corporation (GIC) of India.
Royal Sundaram Alliance Insurance: Royal Sundaram marks the
coming together of Sundaram Finance; one of Indias most respected
and trusted finance companies, and Royal and Sun Alliance, one of
the largest insurance groups in the world.
Tata AIG Insurance: Life insurance & general insurance for
individuals & corporates by Tata AIG. This site will guide you on how
to capitalize on opportunities and protect against uncertainties.
(36)
Chapter 2
OBJECTIVE & METHODOLOGY
(37)
from
Insurance
companies
through
verbal
Secondary Sources:
IRDA act, 1999
Handbook of Insurance agents of different Life Insurance companies
Internet websites of IRDA and various Life Insurance companies &
various websites.
The primary study will be targeted towards the marketers. The study
will also include semi-structured interview with marketing managers
of various Insurance companies who are successfully selling Life
Insurance Policies to Indian Consumers.
The Secondary Sources will help in tracing the historical framework of
Insurance companies of post independent India as well as the preprivatization and post-privatization Insurance environment in India.
This secondary study will help in serving the theoretical groundwork
for the study.
(38)
Chapter 3
CONCEPTUAL DISCUSSION
(40)
Create Awareness
Production
Induce Trial
World of Mouth
Communication
Post-production
Marketing
Consumption
Demonstrate Benifits
Build Brand
Preference
Strong Influence
Weak Influence
Create Awareness
Induce Trial
Word of Mouth
Communication
Post-production
Marketin,
Consumption &
Marketing
Strong Influence
Demonstrate
Benefits
Build Brand
Preference
Weak Influence
MEANING OF INSURANCE
The business of insurance is related to the protection of the economic
value of assets. Every asset has a value. The asset would have been
created through the efforts of the owner, in the expectation that, either
through the income generated there from or some other output, some
of his needs would be met. In the case of a motorcar, it provides
comfort and convenience in transportation. There is no direct income.
There is a normally expected lifetime for the asset during which time,
it is expected to perform. The owner, aware of this, can so manage
his affairs that by the end of that life time, a substitute is made
available to ensure that the value or income is not lost. However, if
the asset gets lost earlier, being destroyed or made non-functional,
through an accident or other unfortunate event, the owner and those
Life Assurance
It is the business of effecting contracts of insurance upon human life,
including any contract whereby the payment of money is assured
(except death by accident only) or the happening of specified any
contingencies dependent on human life, like death a specified age.
The contract would be subject to the payment of premiums for a term,
Non-Life Insurance or General Insurance
Even though conventional classification of General Insurance has
been in three branches1.Fire Insurance
2.Marine Insurance
3.Miscellaneous (Accident) Insurance,
In modern times, it is classified as follows:
a)Insurance of Person
b)Insurance of Property
c)Insurance of Interest
d)Insurance of Liability
(43)
WHY INSURANCE?
However there is a normally expected life cycle for every asset during
which time it is expected to perform its assigned role. So, a prudent
individual can manage his affairs so that by the end of that life cycle,
a substitute is in place to ensure continued benefit/comfort. However,
if due to an accident or other unfortunate event, the asset gets
destroyed or made non- functional, the person deriving benefits there,
from suffer. Insurance is the mechanism that helps to soften the
impact of such adverse consequences by providing for some
monetary substitution to face such unforeseen circumstances.
The need of insurance arises from the chances of an accidental
occurrence destroying or making an asset non-functional. Such loss
producing eventualities are called perils e.g. Fire, floods,
breakdowns, lightning, earthquakes, etc However, it has to be
remembered that what is being talked about is only a probability of a
loss. The protection of Insurance is against a contingency that may or
may not happen.
A business man always keeps some reserve to meet the future
unexpected loss. In our day to day life we also plan for secured
future. Similarly to face and to overcome the unexpected risk of life
one must have to insure his/her life.
(44)
(45)
(49)
Chapter 4
DATA ANALYSIS
Data gives preference of respondents of insurance company.
Companys Name
LIC
SBI Life Insurance
ICICI Prudential
OM Kotak Mahindra
HDFC
Total
No.Of Respondent
78
7
10
3
2
100
Share(%)
78
7
10
3
2
100
Interpretation
78% of the people have LIC policy and is ranked number one by that
percent of respondent.
(50)
Benefits
Cover future
Uncertainity
Tax Deduction
Future Investment
Total
No. Of Respondent
55
Share(%)
55
20
25
100
20
25
100
Interpretation
55% of the respondents believe that covering future uncertainty is the
biggest benefit of insurance policy20% & 25% of them believe that
other benefits are tax deduction & future investment
20% & 25% of them believe that other benefits are tax deduction &
future investment
(51)
Feature
Money Back
Guarantee
Larger Risk Coverage
Easy Access to
Agent
Low Premium
Reputation Of
Company
Total
Interpretation
No. Of Respondent
15
Share (%)
15
37
7
37
7
30
11
30
11
100
100
(52)
Policy Type
Life Policy
Non- Life Policy
Both
No. Of.
Respondents
75
25
45
Share (%)
75
25
45
Nature of Policy
Interpretation
75% of the respondents have life insurance policy while 45% have
both.
(53)
Chapter 5
FINDINGS AND RECOMMENDATIONS
5.1 FINDINGS
The project study report has the following findings:
1. Almost 80% of respondents have an insurance policy.
2. People have more number of life insurance policies as compared
to non life insurance.
3. Majority of the respondent preferred/have L.I.C. policy since it was
the only option due to complete government control in insurance
sector.
4. Majority of the respondents believe that covering future uncertainty
is the most important benefit of an insurance policy.
5. Majority of the respondent believed that larger risk coverage of
their policy was the main feature of their policy that attracted them to
buy that policy though low premium was the next important feature.
6. Due to the increasing concern of people towards their health/life
the life insurance business has good prospects.
7. Due to increased in consumerism new product is launched
everyday. Thus non-life/general insurance business is also going to
have boom period.
8. ICICI Prudential is the largest private player in the insurance
industry in India. It has sold over one lakh fifty thousand policies till
date. Besides LIC, ICICI Prudential is facing stiff competition from
other private insurance players.
5.2 RECOMMENDATIONS
The insurance companies should now try to identify the gap between
current level of customer service and customer expectations. Some
of the strategies being recommended are as follows:
Product Differentiation: Offering a product that is distinctly
different from other products available in the market.
Innovativeness: Identifying means of a delightful customer
experience.
Riders: These are additional offerings along with the main product.
Flexibility: The companies should make their products flexible for
the convenience of their customer.
Hassle Free Service: All bureaucracy in customer interactions
should be eliminated.
Proper Policy Documentation: Wrong interpretations/ nonawareness of policy document by the customer may have serious
implications in the long term and the possibility of the same should be
alleviated by the insurance companies.
(55)
ANNEXURES
(56)
QUESTIONNAIRE
1. Are You Employed?
Yes
No
Yes
No
[
[
[
]
]
]
e) Om Kotak Mahindra [
5. For how many years do you have insurance policy? (Please tick)
a)<5YRS
b) 5-10 YRS
c)10-15 YRS
d) Any Other (please specify)_____________________________
6. What do you think are the benefits of insurance cover? (rank them)
a) Cover Future Uncertainty
b) Tax Deductions
c) Future Investment
d) Any Other (please specify)_____________________________
7. Which feature of your policy attracted you to buy it? (Rank Them)
a) Low Premium
b) Larger Risk Coverage
c) Money Back Guarantee
d) Reputation of Company
e) Easy Access to Agents
f) Any Other (please specify)_____________________________
8. YOUR MONTHLY HOUSEHOLD INCOME?
a) <10k
b) 10k-20k
c) 20k-30k
d) 30k-40k
e) Any Other (please specify)_____________________________
(58)
THANKYOU!
NAME: _________________________
ADDRESS:
OCCUPATION:___________________
(59)
(Rs)
Sum
Assured
Term(yrs)
Prem.
Paying
term(yrs)
Yrly.
Prem.
Tot. Prem.
(Rs)
Death
Benefit
Min.
Cover
ALLIANZ
BAJAJ
Cash care
Protect
Pack
1,00,000
BIRLA
SUNLIFE
Money
Back
ICICI PRU
ING VYSYA
LIC
Cash Back
Maximizing Life
Moneyback
Money
Back
OM
KOTAK
Money
Back
TATA AIG
1,00,000
1,00,000
1,00,000
1,00,000
1,00,000
Assure 21
Years Money
Saver
1,00,000
20
20
20
20
20
20
21
20
20
20
20
20
20
21
6,402
6,144
6,818
6,158
6,564
7,495
9,369
1,28,040
1,22,880
1,36,366
1,23,160
1,31,280
1,49,900
1,96,749
ALLIANZ
BAJAJ
Cash care
Protect
Pack
BIRLA
SUNLIFE
Money
Back
ICICI PRU
ING VYSYA
LIC
TATA AIG
Cash Back
Maximizing Life
Moneyback
Money
Back
OM
KOTAK
Money
Back
1,00,000
1,00,000
1,00,000
1,00,000
1,00,000
1,00,000
1,00,000
Assure 21
Years Money
Saver
Year 8
1,26,677
1,48,080
1,36,857
Year 16
160,471
243,854
1,87,298
ALLIANZ
BAJAJ
CashCare
Protect
Single Cover
10,000Yr 4,
15,000Yr 8,
25,000Yr12,
25,000Yr16
BIRLA
SUNLIFE
Moneyback
ICICI PRU
15,000 Yr
5,
15,000Yr1
0,
15,000Yr
15
(Rs)
Interim
Benefits
1,00,000+Bonus
1,46,400
1,56,000
1,47,746
1,92,800
2,12,000
2,28,287
ING VYSYA
LIC
TATA AIG
Cashbak
Maximizing Life
Moneyback
Moneyback
OM
KOTAK
Money back
10,000Yr4,
15,000Yr8,
20,000Yr12,
25,000 Yr16
20,000 Yr 5,
20,000 Yr 10,
20,000 Yr 15
20,000Yr5,
20,000Yr10,
20,000 Yr15
20,000Yr5,
20,000Yr10,
20,000 Yr15
Assured 21
Years Money
Saver
10,000Yr3,
10,000Yr6,
10,000Yr9,
10,000Yr12,
10,000Yr15,
10,000 Yr18
Maturity Benefits
On
Maturity
130,611
217,048
169,112
40,000 + bonus
156,000
130,300
228,596
Total amt
205,611
217,048
239,112
100,000+bonus
216,000
190,300
288,596
(60)
6.8
11.9
5.2
8.2
7.0
11.7
not indicate
not indicate
6.5
11.7
3.3
8.4
4.3
8.6
9.9
7.1
9.9
not indicate
9.7
6.4
6.9
9.1
6.5
9.1
not indicate
8.8
5.6
6.2
1
2
3
4
5
6
7
Company
SA:1Lac
SA:2lac
LIC
ICICI PRU
ALLIANZ BAJAJ
TATA-AIG
OM KOTAK
MAX NEWYORK
BIRLA SUNLIFE
6280
6592
6158
9099
7120
N.A
5856
12559
12884
11836
17698
14240
N.A
11412
Age 35years
1
2
3
4
5
6
7
Policy Term 20
Years
PREMIUM
Age 30 years
1
2
3
4
5
6
7
Policy Term 20
Years
PREMIUM
Company
SA:1Lac
SA:2lac
LIC
ICICI PRU
ALLIANZ BAJAJ
TATA-AIG
OM KOTAK
MAX NEWYORK
BIRLA SUNLIFE
6464
6683
6252
9219
7330
N.A
6000
12928
13067
12024
17938
14660
N.A
11700
Company
SA:1Lac
SA:2Lac
LIC
ICICI PRU
ALLIANZ BAJAJ
TATA-AIG
OM KOTAK
MAX NEWYORK
BIRLA SUNLIFE
7953
9094
8362
N.A
8890
N.A
7572
15906
17888
16244
N.A
16480
N.A
14844
Age 35 years
1
2
3
4
5
6
7
SA:1Lac
SA:2Lac
LIC
ICICI PRU
ALLIANZ BAJAJ
TATA-AIG
OM KOTAK
MAX NEWYORK
BIRLA SUNLIFE
8089
9160
8432
N.A
9010
N.A
7668
16177
18019
16384
N.A
16700
N.A
15036
(61)
Policy Term 15
Years
PREMIUM
Company
SA-Sum Assured
Policy Term 15
Years
PREMIUM
Company
Guarantees
Insurance
Pension
ALLIANZ BAJAJ
2.14%
NA
AVIVA
-1.80%
FDNA
AMP sanmar
FDNA
FDNA
0.7-1.5%
1-1.5%
HDFC Standard
0.73%
1.7-1.9%
ICICI Pru
1.7-4.95%
3.06%
ING Vysya
0.70%
NA
LIC
4-6%
1.3-2%
MXNYL
3.05%
1.4-1.9%
Metlife
5.5-5.7%
NA
OM Kotak
-0.04%
2.10%
SBI Life
0.73-4.7%
4%*
Tata AIG
-2-4.4%
1.3%
BIBLIOGRAPHY
Insurance Advisors Manuals and Study Material of ICICI Prudential.
NIS Sparta Ltd. (New Delhi)
(63)