Kurukshetra University, Kurukshetra in the Partial Fulfillment for the Degree of “Master in Business Administration” (SESSION 2011-13)- MBA
Under Supervision of :

Submitted By:



I Nisha Sharma Roll No. 2911942 MBA (3rd Semester) of the Kurukshetra Institute of Technology and Management , Kurukshetra hereby declare that the Summer Training Report entitled “Comparitive Study of Conventional Pension Plan And Unit Link Pension Plan” is an original work and the same has not been submitted to any other Institute for the award of any other degree. A seminar presentation of the Training Report was made on and the suggestions as approved by the faculty were duly incorporated.

NISHA SHARMA MBA- 3rd sem. Roll No. 2911942


With a great sense of gratitude and indebtedness, I am very much thankful to Mr. RANJEET VERMA head of the department of our institute for allowing me to do this project.
I specially thank to Mr.Pawan Dhankhar successfully. I would also like to thank Mr.Gagnish Duggal my summer training guide for making us understand how to apply theoretical knowledge to real life situations. He trained us with the functioning of life insurance business. His teaching, support and guidance were of immense importance in completion of my summer training project. Finally, I wish to express my thanks from core of my heart to my parents, and my friends for their help and co-operation for conducting this study. for their help to complete my project


INDEX Topic  Executive summary  Introduction  Insurance in India  Introduction of BAJAJ ALLIANZ  Statement of objective  Research Methodology  Introduction of the subject  Analysis & Interpretation  Findings & Suggestions  Annexure 9.1 Questionnaire 9.2 Bibliography .

which he receives at the time of retirement. There are various fund choices in unit linked pension plans like growth funds. full maturity amount received by the individual.   Conventional pension plan Unit linked pension plan While a conventional pension plan invest a major portion of the premium money in bonds and government securities that gives less return. For it is this exercise. Unit linked pension plan invested in units of the investment funds of your choice.EXECUTIVE SUMMARY This project has been undertaken with the purpose to differentiate between conventional pension plan and unit linked pension plan in such a way that potential individual to earn regular income in their golden years. Planning for retirement is an important exercise for any individual. based on the prevailing unit price. which can help the individual spend his golden years in peace and comfort. individual have to pay a regular amount usually every month or a lump sum to the pension provider who will invest it on your behalf and on the vesting date. it helps him to accumulate a corpous. With a personal pension plan. There are two types of pension plan. At the same time. A retirement plan from a life insurance company helps an individual insure his life for a specified amount. equity managed fund which gives higher return as compare to . Entire maturity amount treated as tax free in the hands of receiver. Whereas unit linked pension plan can play an important role in the retirement planning exercise.

The primary aspect which differ conventional pension plan with unit linked pension plan is that conventional plan invest a major portion of their money in government securities. Pension received on the remaining 2/3rd amount is taxed as per the individual tax slab. is treated as tax-free.conventional plan.     Lifetime annuity without return of purchase price. . if withdrawn. Annuity for life with the return of purchase price. On maturity unit linked pension plan provides a regular source of income by way of annuity There are various options available for individual on unit linked pension plan. Lifetime annuity guaranteed for a certain no. In unit linked pension plan up to 1/3 rd of the maturity amount. bonds and money market instruments whereas unit linked invest funds of your choices that gives better returns as compare to conventional pension plans. Joint life/last survivor annuity. Of years. the individual can withdraw only up to 1/3rd of the maturity amount and remaining 2/3rd amount has to be invested in annuity. Conclusion: After the comprehensive study we can conclude that unit linked pension plan is a better plan that helps individuals plan effectively for their retirement. On vesting date.

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on the other hand. viz. the first general insurance company established in the year 1850 in Calcutta by the British. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries. 5 crore from the Government of India. with a capital contribution of Rs. 1956. . LIC formed by an Act of Parliament.. A BRIEF HISTORY OF THE INSURANCE SECTOR 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. can trace its roots to the Triton Insurance Company Ltd. 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.INSURANCE SECTOR IN INDIA 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.  1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. The General insurance business in India. LIC Act.  1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.  1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized.

All the insurance companies should be given greater freedom to operate II) COMPETITION    Private Companies with a minimum paid up capital of Rs. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. The reforms were aimed at “creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognising that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms…” In 1994.1bn should be allowed to enter the industry. . No Company should deal in both Life and General Insurance through a single entity. Malhotra Committee headed by former Finance Secretary and RBI Governor R.N. the committee submitted the report and some of the key recommendations included: I) 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 independent corporations. Malhotra was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector.INSURANCE SECTOR REFORMS In 1993.

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. . Only one State Level Life Insurance Company should be allowed to operate in III) 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 IV) 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) V) 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  Computerisation of operations and updating of technology to be carried out in the Insurance industry The committee emphasized that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition.  Postal Life Insurance should be allowed to operate in the rural market. But at the same time.

 The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. INSURANCE COMPANIES IN INDIA     AVIVA BAJAJ ALLIANZ BIRLA SUN LIFE HDFC STANDARD LIFE . For this purpose.  Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations.100 crores. THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)  Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999.Hence.  The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products. it had proposed setting up an independent regulatory body. In the private sector 12 life insurance and 6 general insurance companies have been registered. it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs. which are expected to be introduced by early next year. 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.  The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDA‟s online service for issue and renewal of licenses to agents.


CHAPTER-1  Introduction of BAJAJ ALLIANZ  Vision of BAJAJ ALLIANZ  Values of BAJAJ ALLIANZ .


Turnover & profits of 538 cr.hamara bajaj       One of the largest 2 & 3 wheeler manufacturer in the world 21 million vehicles on the roads across the globe Managing funds of over rs 4000 cr. bajaj auto has the following to offer Financial strength and stability to support the insurance business.  As a promoter of bajaj allianz life insurance co. Bajaj auto finance one of the largest auto finance cos. A household name in India. Adequate experience of running a large organization. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world. bajaj auto has a strong brand image & brand loyalty synonymous with quality & customer focus. A good market reputation as a world class organization.      A strong brand-equity.744 cr. . Ltd. An extensive distribution network.Introduction To The Company About Bajaj Group Bajaj Auto Ltd. In 2002-03 It has joined hands with allianz to provide the Indian consumers with a distinct option in terms of life insurance products. About allianz Allianz group is one of the world's leading insurers and financial services providers. A strong Indian brand. In India Rs.. the flagship company of the Rs. 4.

for the individual invest gain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum). 173. At the top of the international group is the holding company. risk care (pure term). unit gain single premium.8 % of global business from life insurance Established in 1890. unit gain (unit linked plan).46. lifelong gain plan. unit gain plus. allianz with its head office in Munich. unit gain single pension & unit gain easy pension plans.000 employees. Allianz ag. For companies it provides comprehensive 'employee benefit solutions' (group term life. Edli. protector (mortgage term insurance plan).750 employees worldwide About bajaj allianz life insurance ltd. 3rd largest assets under management & largest amongst insurance cos.a global financial powerhouse   Worldwide 2nd by gross written premiums .96. term care (term with return of premium). lifetime care (whole life).4.Rs. . 110 yrs of insurance expertise 70 countries. Allianz group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of    Property and casualty insurance.Founded in 1890 in Berlin. Bajaj allianz life insurance company has developed insurance solutions that cater to every segment and age-income profiles. child gain (children's plan).959 cr. unit gain plus sp. cash gain (money back). allianz is now present in over 70 countries with almost 174. – a sum of rs. Asset management and banking. gratuity. key man insurance and more). Life and health insurance. swarna vishranti (retirement plan).51.     12th largest corporation in the world 49. superannuation.654 cr.

Ensuring world-class solution by offering customized product with transparent benefits supported by the best technology is their business philosophy. Amar. To Be The Number One Insurer For Creating Shareholder Value (1.1) portfolio of the company At bajaj allianz customer delight is their guiding principles. Currently bajaj allianz has a product portfolio of 26 products and more need-based products are in the pipeline.    To Be The First Choice Insurer For Customers To Be The Preferred Employer For Staff In The Insurance Industry.Bajaj allianz has launched a complete set of need-based products to cater to each varied needs of the customer. Company has launched various products in the market with most competitive premium among all player . Sinha. Mr. The company has used innovative marketing as well as pricing strategies and their premium chart would be much lower than the other player in the market. According to Mr.

ORGANISATION STRUCTURE BOARD OF DIRECTOR Rahul bajaj chairman  Madhur bajaj  Vice chairman Sanjeev bajaj Executive director Rajiv bajaj MD Pardeep shrisvastava  Presedent(engiee)  R C Maheshwari  CEO (Commercial Vehicles)   N H Hingorani Vice President  (Commercial) Abrahim joseph Vice present(r&d) S Sridhar Ceo(2wh) Rakesh Sharma CEO (International Business) Kevin P D'sa Vice President (Finance) C P Tripathi Vice President (Corporate) K Srinivas Vice President (Human Resources) S Ravikumar Vice President (Business Development) Ranjeet gupta Vice presedent(insurance) .

we prefer a rupee today to the same rupee next year – after all. i. “harm” is a reduction in the economic value of an individual.e. Risk is a state of nature. liability and personal losses.What is risk? It is a condition in which more than one outcome is possible. If something is certain not to occur or certain to occur. These losses are associated with families and businesses. From a financial viewpoint. where as uncertainty is a state of mind. humans generally prefer less risk to more risk. Most activities and events in life. illness or injury. Risk management contributes to economic value by reducing economic harm. Except for some recreational activities. if we invested the rupee today. Risk aversion causes us to undertake actions to minimize uncertainty. This value today is derived by taking the present [discounted] value of the difference between expected future inflows and outflows. Personal loss exposures arise from the possibilities of death. there is no risk. Thus the purpose of risk management is to contribute to the maximization of the economic value of an individual where value is defined as the discounted value of expected future cash flows. incapacity. however involve risk – we cannot be certain of their outcomes. Or we are risk averse. The risk management process follows the classical three-step approach to problem solving and involves . What are individual risks? Individuals are exposed to Property.. People take decisions based on perceptions of risk. This uncertainty arises from risk. and unemployment. The economic value of an individual is the value today of its expected future cash flows. retirement. What is risk management? Risk management is most often associated with attempts to manage those risks that entail the possibility of economic harm. we [hopefully] would have more than a rupee next year. We discount future cash flows because money has time value. Insurance is one of the most important tool to reduce uncertainty. not necessarily on the actual risk.

loss of health. wealth-acquiring lifestyles render us and our families more vulnerable to environmental and societal changes over which we have no control. Risk Finance tools include risk retention. The two fundamental ways of dealing with these losses are • Risk control • Risk finance Risk Control tools include avoidance. old age. . unemployment. The physical and economic security formerly provided by the tribe or extended family diminishes with industrialization. Because we are vulnerable to more risks than our ancestors risk management is more important today than in the past. and risk sharing Risk management decision has to be taken on the basis of evaluation of risk manage Why is “risk” to be managed? This risk management is a revolutionary idea that defines the boundary between modern times and the past. Now more formalized means are required for mitigating the adverse consequences of untimely death. reduction and prevention of risk. law suits and destruction of our property. risk transfer. Essence of risk management The Essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome. the various means of managing risk should be considered and decisions should be made about the optimum strategy in light of individual objectives. Our income-dependent.Problem Specification Problem Analysis Problem Decision-making Once exposures have been identified and measured.

• • Life Insurance substitutes certainty for uncertainty Life Insurance involves activities and services that are intimately connected with all divisions of economics referred to. In these products. The outstanding and distinctive mission of life insurance is „risk-bearing‟ and „risk elimination‟ in our economic affairs. Basically it was a type of whole life insurance whose values may vary directly with the performance of a set of earmarked investments. England. half yearly or yearly. What is ULIP? Unit Linked Insurance Policies (ULIP) was first offered in the United States in 1976. premiums can be paid quarterly. These plans give an option to the investor to choose between three fund options – debt. deductions will be made towards • Initial administrative charges • Investment management charges (there will be an extra charge if the policyholder utilizes the switch over (from equity to debt or debt to balance) option . By and large. Life insurance is a contract for payment of a sum of money to the person assured (or failing him/her. equity. to the person entitled to receive the same) on the happening of the event insured against • Life Insurance comes to the timely aid of the family in the unfortunate event of the death or total permanent disability of the bread winner.Role of life insurance in risk management. and balanced. (after being developed and sold successfully in The Netherlands. Now many markets are offering these ULIPs in children plans (ICICI Smart Kid policy) endowment and retirement plans (LIC‟S Forty Plus policy) also. Out of the premium amounts. • Life insurance is an attractive financial instrument in an individual‟s portfolio that provides an assurance of security element alternatives in the light of cost benefit analysis. life insurance is civilization‟s partial solution to financial uncertainties caused by untimely death. • • Life Insurance is a contingent claim contract on the pool‟s assets. and Canada) in the name of Variable Life Insurance.

The returns on that day (maturity or death) on the plan depend upon the performance of the market. whichever is higher. In an effort to gain market power and thereby to protect or enhance profitability the issue of product development and innovation. which in turn is dependent on the movement of the Sensex. the difference in a mutual fund investment is that the money is virtually at call by the customer. it is impossible to predict whether the market will be in an upswing on the day of the policyholder‟s death or on maturity. Unit-linked plans are essentially similar to mutual fund products wherein the premium is invested in various funds in keeping with policyholders‟ risk appetite. The Net Asset Value (NAV) will reflect the underlying value of assets.1 Lakh in example) or value of policy fund. be it equity or debt. This is the reason why insurance companies launch unit-linked plans in different avatars. However. every time you make your premium payment. is paid to the beneficiaries. the sum assured (Rs. An Evaluation of ULIP Policies Market-linked returns have become the norm today. n case of death during the premium paying term or the term of the policy. the policyholder will receive a lesser amount. the value of the fund is paid out. In case of survival up to maturity. only a part of it is actually invested in the fund of your choice. Hence one can see that the risk here is transferred to the policyholder as nothing is guaranteed.• Annual administration charges • Risk cover • and the balance will be invested in a selected fund (debt or equity or balance). Insurance Companies charge anywhere between 20 -35 percent as upfront charges for their unit-linked plans. including pricing and marketing . So if the fund value falls below amount invested on that day. Important segments of the consumer market no longer consider life insurers as competing only with other life insurers. So. In case of unit-linked insurance plans.

But from the beginning of this year we are doing it at the cumulative level. ULIPs project all these information upfront. The purpose of Life insurance is to substitute certainty for uncertainty. Linking the market to the death benefit one‟s family gets: Linking death benefits to the market returns may end up in ambiguity which is in the negation of Life insurance purpose. in its turn. redrawn its priorities. “Till last year. LIC in a Ficc-organized insurance seminar in October last year. we used to do our budgeting for individual plans. Accordingly. Zonal Manager (North Zone).” says Ashok Shah. But when we think the risk management part of ULIP Policies the following questions will arise. “This new exercise has helped us in prioritizing the sales of individual plans according to the market needs. And the public sector has. pension plans etc). For Eg. It is quietly being carried out at LIC. is all the more important with the continued convergence among financial service competitors. after the insurance sector is opened. Benefits: • A Unit linked plan providing an opportunity for the discerning investor to benefit from the returns available in the Capital Market without going for direct investment in the capital market • Unlike traditional products where investment details and various charges are kept under wraps.” he adds. policyholders are putting in more than the actual yearly premium as they top up the investment portion of their risk policies.innovation. • Falling interest rates (The last five years saw interest rates fall dramatically by 400 basis points). private players. middle class employee who . If an individual aged 35. as already discussed the Buoyant growth in these plans may be due to • Rising stock market – Enticed by the Bull Run. Endowment plan. If we observe the trend of ULIPS in insurance market. came up with aggressive marketing strategies to establish their presence. • Wider product offerings by the insurers (ex.

000. In this scenario the risks in ULIP Policies may be listed out like this. Hence in the long run.purchased ULIP Policy were to die when the index is at 5. a rise of more than 250 points has happened only 13 times. What is the credibility of banks and insurance companies with their customers when they receive low returns on maturity or death? Even if there is guaranteed Sum assured what about the cost of the product and bearish trend in the stock market? . Is it appropriate to consider Insurance as a means to make big bucks? The possibility of falling equity markets and the effect of it on future sales for insurance companies. his family will get Rs. returns in the stock market are likely to settle in the range of five to six per cent. A list prepared by Economic Times based on the difference between the current close and the previous close reveals that out of these 13 times rise in sensex. his family stands to get Rs.8 lakhs. But if were to die when the index is at 8.000.5 lakh. A very sharp rise in the sensex is not a common phenomenon and since 1992. seven rises in the sensex of more than 250 points had taken place in 1992 during the Harshad Mehata bull run (that had taken the Sensex above the 4000 point mark for the first time in history). Even the traditional insurance market offers conservative yearly return of 5-6 per cent year after year for long years or for next 20 years. • • • • • • • • • The chances of dying in an index downturn Is it possible to replace the economic value of an individual to their dependants with these policies? Is it appropriate for a 35 year old middle class man to bet his last penny on the direction of the market? Is it prudent to link the money an individual want to leave behind for family to the whims and fancies of stock market mechanics? What is the position of maturity value if the policy matures at the time of break out of scams like Harshad Mehta and Ketan Parekh.

risk transfer. • The purpose of life insurance is providing only appropriate assurance of security or protection where as the purpose of ULIP is besides providing lower financial security an opportunity to benefit from changes in the security prices in the market. realize that customer seek an insurer whom he can trust their hard earned money with.. By and large. Allianz ag with over 110 years of experience in over 70 countries and bajaj auto. Why Bajaj Allianz Life Insurance? An Impeccable Track Record Across The Globe In Providing Security And Cover For You And Your Family.. and risk sharing management alternatives in the light of cost benefit analysis.  They are Life Insurance is a contingent claim contract where as ULIP is based on market return and also contingent claim. Risk Finance tools include risk retention. • Life insurance is a contract for payment of a sum of money to the person assured (or failing him/her. • Life Insurance comes to the timely aid of the family in the unfortunate event of the death or total permanent disability of the bread winner.There is a contrast in the objectives of life insurance and ULIP Policies. together are committed to offering customers financial solutions that provide all the security customer need for their family . life insurance is civilization‟s partial solution to financial uncertainties caused by untimely death. . Bajaj Allianz. Bajaj allianz brings to customer several innovative products. trusted for over 55 years in the Indian market. Policyholder is transferring his risk to the insurance company in life insurance where as market risk is transferred to the policy holder in ULIP Policies. There is some assurance at higher cost. to the person entitled to receive the same) on the happening of the event insured against.

we realize that you seek an insurer whom you can trust.   Rocketed to no.39 % amongst all life insurance cos. majority with local background Fast. And more….   Increased its product portfolio from 7 to 19 simple and flexible products Launched complete suite of employee benefit solutions (group products for corporate) The bajaj allianz difference  Business strategy aligned to clients' needs and trends in Indian and global economy / industry    Internationally experienced core team. with a clear lead of rs 240 crore   Fastest growing insurance company with 380% growth Market share jumps almost 4 times from 0... Underwriting philosophy Our underwriting philosophy focuses on :  Understanding the customer's needs . Together we are committed to provide you with time tested and trusted financial solutions that provide you all the security you need for your investments.Key achievements:  Races past gross written premium of over rs. Bajaj auto limited is trusted name for over 55 years in the Indian market and allianz ag has over 110 years of global experience in financial services.95 % to 3. 1001 crore. decentralized decision making Long-term commitment to market and clients Trust At bajaj allianz. 219 crores First year premium of rs 860 crore a 380% growth over last year‟s fiscal year premium of rs 179 cr. life insurance cos. with growth of over 357% over previous year‟s Gross written premium of rs. 2 position as against no 6 at the end of last financial year amongst pvt.

Service engineers located in every major city.so that we can cater to all your varied needs.   Underwriting what we understand Meeting the customer's requirements Ensuring optimal coverage at lowest cost Claims philosophy The bajaj allianz team follows a service that aims at taking the anxiety out of claims processing. with renowned insurance software. our guiding principles are customer service and client satisfaction. we have established world-class technology. Experienced and expert servicing team A team of experienced people who understand Indian risks and are supported by the necessary international expertise required to analyze and assess them drives us. Customer orientation At bajaj allianz. which networks all our offices and intermediaries . Company‟s claims philosophy is to :    Be flexible and settle fast Ensure no claim file to be seen by more than 3 people Check processes regularly against the global allianz opex (operational excellence) methodology sold over 1 million since inception. Company focused towards providing customer a hassle free and speedy claims processing. We pride ourselves on a friendly and open approach. Superior technology In order to ensure speedy and accurate processing of customer needs. All our efforts are directed towards understanding the culture. social environment and individual insurance requirements .

Unfortunate events can make you are no longer around. The bajaj allianz unit gain plan The bajaj allianz unit gain comes with a host of features to allow you to have the best of all worlds –protection and investment with flexibility like never before. loans etc. increase with added responsibilities (marriage. With bajaj allianz unit gain. Some of the key features of this plan are: . no matter what the uncertainty. You also benefit from attractive tax advantages and can protect your loved ones against unfortunate events. you can invest in one life insurance plan that can take care of all your changing requirements throughout your life. These are very good plan for those who want protection (especially) for their family because happiness and security for our family is all that we want. the uncertainties of life often worry you. more money to invest. policies can be issued from any office across the country for retail products. providing you with an opportunity to have a direct stake in the performance of the financial markets.) And taper off by the time you retire. Life insurance can help ease many of those worries. However. Unique. It ensures that your loved ones are adequately provided for and that their future is secure. Bajaj allianz unit gain offers the unique option of combining the protection of life insurance with the attractive prospects of investing in securities. Bajaj allianz unit gain plan The thumb rule for buying insurance is that your insurance needs are minimal in your early earning years. This plan has been designed to provide you with maximum flexibility. children. user friendly software developed to make the process of issue of policies and claims settlement simpler (e. It is difficult to find a single insurance plan that can take care of all your changing requirements in life – additional protection. online insurance of marine policy certificate). sudden requirement of cash or a steady post-retirement income.Using the web. You can choose the investment funds you want to invest your money.g. so that you do not have to worry about your changing needs.

  Attractive investment alternative to fixed-interest securities Provision for full/partial withdrawals any time after three full years premiums are paid. which is subject to a maximum of 65 years of age. The fund administration charge and fund management charge are priced in the unit value.  What are your entry conditions for lifeguard level term assurance? Your age at entry should be between 18 years and 50 years.  How does the plan work? The premiums paid are invested in a fund/funds of your choice (depending on the allocation rate) & units are allocated depending on the price of units for the fund/funds. .  What additional feature does this plan offer you? You can avail of the accident and disability benefit under this plan. The minimum term is 5 years and the maximum term is 25 years. The value of your policy is the total value of units that you hold in the fund/funds. The minimum premium for the product is rs.1) (maximum sum assured) Benefits and conditions  What tax benefits are available for this plan? The plan offers tax benefits under section 80c and article10(10d) at 1961 . 10000 per annum. Unmatched flexibility –to match your changing needs. Maximum sum assured = y times the annual premium where y will be as per the following table: Age group Y 0 – 30 125 31 – 35 105 36 – 40 75 41 – 45 55 46 – 55 30 56 – 60 20 Table no (1. The insurance cover charges are deducted through monthly cancellation of units.  Guaranteed death benefit Choice of 6 investment funds with flexible investment management: you can change funds at any time.   Minimum sum assured = 5 times the annual premium.

or paid in lump sum. the plan builds up the funds required to purchase the immediate annuity. Open market option: `You have the option to purchase an immediate annuity from bajaj Allianz or from any other company.Bajaj Allianz unit gain easy pension plan With Bajaj allianz. You are free to choose your age of retirement (vesting date) between 45 and 70 years.the deferment period and the annuity period. The minimum installment of annuity from bajaj allianz is rs. The annuity frequency may be changed to make each installment more than the minimum requirement. 1000/-. the amount available for purchase of the annuity will be marked up by 2%. If the immediate annuity is purchased from bajaj Allianz. Annuity options: You will be able to choose from all immediate annuity products offered by bajaj allianz . The deferment period ends at the vesting date. the account value may be utilized to purchase an immediate annuity from any other company in the open market as per your choice. The immediate annuity will be purchased at rates prevailing at that point of time. If it still below the minimum. if permissible. you can take control of your future and ensure a retirement you can look forward to. as per current tax laws. The benefits on vesting date (the date you choose to retire) The account value as on the vesting date will be used to purchase an immediate annuity. There are two packages to choose from:   Unit gain easy pension regular premium Unit gain easy pension single premium What are the benefits available? The plan works in two parts . The balance amount will be used to purchase an immediate annuity. This amount would be tax free in your hand. During the deferment period. Option to take lump sum: you have the option to take up to 1/3rd of the account value on the vesting date as a lump sum. subject to the prevailing tax laws.

We also offer a monthly premium payment mode with salary deduction schemes. The annuity products currently available are: • Annuity for life • Annuity for life with 5. 5.000/-. 5. In addition.for the monthly mode. we have provided 4 premium payment modes that can be single. Value of units: the unit price of each fund will be the unit value calculated as per the following formula. yearly.000/-. rs. the minimum premium is rs. How does the “bajaj allianz unit gain easy pension” plan work? The premiums paid are invested in a fund/funds of your choice (depending on the allocation rate) & units are allocated depending on the price of units for the fund/ funds. half-yearly. 10. The fund management charge is priced in the unit value. rs.for half yearly. The minimum topup premium is rs. The value of your policy is the total value of units that you hold in the fund/ funds. 5.000/. you also have the option to pay top-ups to increase your investments. Important details of the „bajaj allianz unit gain easy pension‟ plan Minimum Age at entry Deferment period Age at vesting 18 5 45 Maximum 65 40 70 Table no (1.000/. The minimum single premium is rs. .2) (details of plan) Payment mode For your convenience.for quarterly.000/.for the annual mode.000/. 1. and quarterly. and rs. 10.Life insurance at the vesting date. 10 or 15 years certain payout • Annuity for life with return of capital You also have the open market option to purchase immediate annuity. The administration charges are deducted through cancellation of units. For regular premium.

less the insurer‟s costs of issuing the policy and the policy documents (including but not limited to stamp fee charges). stating the reasons for your objections. which will be the lower of:  The premium paid less the insurer‟s costs of issuing the policy and the policy documents (including but not limited to stamp fee charges). Free look period Within 15 days from the date of receipt of the policy. For regular premium plan full withdrawal is allowed after 3 full years regular premiums (including top ups) are paid. you have the option to review the terms and conditions and return the policy. .  Termination of the policy     The policy will terminate on occurrence of any of the following: The units in the policy are fully surrendered The account value becomes rs 100/. or The value of units.or less The account value is not sufficient to support deduction of units for a period of three months. and there is no surrender penalty on full withdrawals after 3 full years‟ regular premiums (including top ups) are paid.Full withdrawals Unit gain easy pension offers you the flexibility of full withdrawals by surrendering units. The surrenders are paid out at the value of units. if you disagree to any of the terms & conditions. For single premium plan full withdrawals are allowed anytime after the payment of the single premium. You will be entitled to a refund.

Key features of this plan are: 1. How does the plan work Premiums paid by customers. If you want to manage the mix of assets for your policy on your own. Premiums paid are eligible for tax relief under sec. The value of your policy is the total value of units that you hold in the fund . A host of optional additional rider benefits which include assurance to your family with family income benefit and waiver of premium benefits. In case of change in any tax laws relevant to the policyholder or the fund performance. 80 cc (1) or sec 88 of it act. Flexibility of partial withdraw at any time after three years from commencement of the policy provided three full years premium are paid. 2. 3. the same will be applied as per regulations prevailing at that point of time Unit gain plus gold: With Bajaj Allianz unit gain plus gold we have formulated a unique combination of protection and prospectus of attractive returns with investment in various mix of securities to make a perfect plan to last you a lifetime of prosperity and happiness. are invested in funds of your Choice and units are allocated depending on the unit price of the fund. with a flexibility to choose insurance cover according to your changing Needs. you have the choice of 5 other investments funds with complete flexibility to switch money from one fund to other to manage your investment better 4. 5. net of premium allocation charge. The insurance . The 1/3rd lump sum that can be taken on the vesting date is Also tax-free. Guaranteed life cover. Presenting a unique investment „Asset Allocation Fund‟ where in you have not to worry to switch funds in case market condition charges rather experienced fund managers will monitor the mix of Assets in the fund and will manage the mix in such situations to maximize returns.Tax benefits Death benefit is tax-free.

if any. Maturity benefits: On maturity the fund value in respect of regular premiums and top up premiums will be paid Surrender benefits: The surrender value of the policy will be equal to the fund value less surrender charges. The death benefit payable would be calculated separately for regular premiums and top up premiums. provided due premiums for first three policy years have been paid. the policyholders will have the option to avail of surrender benefits by complete surrender of units. . Any time after three years from the date of commencement of the policy. Additional rider benefits: The following additional rider benefits in the form of rider can be availed at the option of the policyholder.    UL Accidental death benefits rider UL Accidental permanent total/partial disability benefit rider. policy administration charges and the additional rider benefits charges are deducted through monthly cancellation of units fund management charges is priced in the unit value. On death after the age of 7 years and before the age of 60 years: the benefits payable would be the sum assured less value of partial withdraw made in the last 24 months prior to the date of death or the fund value as on the date of receipt of intimation of death at the company offices whichever is higher.cover charges. UL Critical illness benefits rider. BENEFITS Death benefit: On death occurring before the age of 7 years: the death benefit will be the fund value as the date of receipt of intimation of date at the office.

if any even if the due premiums are not paid during this period. The return paid to you will also be reduced/increased by the amount of any reduction/increase in the fund value. Day of grace: A grace period of 30 days for the yearly. your policy remains in force for all insurance covers. Important details of Bajaj allianz unit gain plus gold:   Minimum age at entry 0 years risk commences at age 7. stating the reason for your objections. half yearly and quarterly modes and of 15 days for the monthly modes is allowed under the policy. Minimum maturity age 18 years . The revival will effected subject to underwriting. You will be entitled to a refund of the premium paid. UL Hospital cash benefits rider Free lock period: Within 15 days from the date of receipt of the policy .you have the option to review the terms and conditions and return the policy. Revival of the policy: It is possible to revive a policy that has lapsed due to non-payment of premiums within 2 years from such date of lapse. Tex benefits: Premium paid and benefits received will be eligible for tax benefits as per application tax laws. if you disagree to any term & conditions. subject only to a deductions of a proportionate risk premium for the period on cover and the expenses incurred on medical examination and stamp duty charges. You have to give a written application to the company to receive the policy with all due unpaid regular premiums.

we ensure that your investment income gets accelerated and you reap benefits from a plan that delivers prosperity and happiness to you.  At maturity. Features of the plan are   Guaranteed life cover of sum assured plus fund value.  A host of optional additional rider benefits which includes assurance to your family with accidental death benefit and accidental permanent total/partial disability benefit.  Flexibility to partial withdraw at any time after 3 year from commencement of the policy provided 3 full premiums are paid. With 98% allocation in first 2 years and 100% thereafter. you can take your fund value at maturity date or periodic instalment spread over a maximum period of 5. Take maximum advantage of booming markets today and get maximum allocation on your funds from the 1st year onwards. you a limited premium payment term option and a unique combination of protection and prospectus with attractive returns.   Loyalty units to enhance your fund value every year from the sixth policy year. If you want to manage the mix of assets for your policy on your own. .  Maximum maturity age 70 years Additional rider benefits 65 years for all riders expect UL wop. you have a choice of 5 investment funds to invest it. Century plus Bajaj Allianz Century plus offers.


the easiest to deal with. “THE MOST OBVIOUS CHOICE FOR ALL” VALUES VALUES that will be observed while we work with Bajaj INTEGRITY WHAT IS IT?     Honest and Truthful in every Action. .VISION 'The most successful and admired life insurance company. Stick to principles irrespective of outcome. Transparency. and set the standards in the industry'. offer the best value for money. which means that we are the most trusted company. Be just and fair to everyone.

Looking at every product and process through fresh eyes everyday WHY?      To exceed customer expectation and maximize customer retention. To foster creativity amongst employees and partners To open a world of new possibilities. define the character and empowers one to do justice to the job.  Enables building confidence and trust.  Integrity establishes the credibility of the person.WHY?  Integrity is the bedrock on which the company and the expectations of the customers and employees are built. INNOVATIONS WHAT IS IT?   Building a storehouse of treasures through experiences. To promote a growth and upgrade standards in the industry. CUSTOMER CENTRIC WHAT IS IT? . To achieve competitive advantage.  Guiding principle for all walks of life. achieving transparency and laying a strong foundation for a binding relationship.

Customer is the source of revenue for the company.    Understanding his expectation by keeping him as the center point Listen actively. Ensure that customer choose our company to do business with. . Will contribute to customer retention Customer goodwill alone can bring more business and more customers. Customer interest always supreme WHY?       Reinforce brand loyalty by complete transparency. Understand customer need and deliver solutions. Customer is the reason for our existence.

Identify strength and weaknesses accordingly allocate responsibility to achieve common objective. Guiding their development through training and support. TEAM WORK WHAT IS IT?     Whole team makes the ownership of the deliverable.PEOPLE CARE WHAT IS IT?      Genuinely understanding the people we work with. Co-operate and support across departmental boundaries. Helping them develop requisite skills to reach their true potential. . WHY?    Together every one achieves more. Consult all involved. understand and arrive at a common objective. It adds joy at work place. WHY?    People are the most valuable asset of the company. Job satisfaction. Know them on a personal front. Create an environment of trust and openness. Motivate to individual to give his/ her best. Teamwork generates synergy and provides a focused approach.


they are the source of getting higher tax free returns and are beneficial for long term investments. Dependent Variables Demand and sale of (ULPPS) performance of the company.risk bearing capacity. after watching the ups and downs of the stock market take the idea of a traditional pension might sound pretty good but now there is a new concept of Pension plan i. Unit linked pension plan. INDEPENDENT VARIABLES Stock market situations.income levels.e. risk bearing capacity The objective of this report is to find out the difference between Conventional Pension Plans and Unit linked pension plans by comparing both of them.age. various factors that are to be studied like income level and stock market. risk coverage. The truths that Unit linked pension plans are better than Conventional pension plan.STATEMENT OF OBJECTIVE The objective of study is the comparative analysis of ULPPS with traditional pension plans in terms of returns. age. CONSTRUCT Comparative analysis of ULPPS and traditional Pension Plans . The main purpose of this study is to gain familiarity with a phenomenon and to achieve new insights to Unit linked pension plans against Conventional pension plan. growth and liquidity. The main aim of this research is to find out the truth which is hidden and which has not yet been discovered. performance. No doubt. On the other hand they also provide financial back up at the event of the death of policy holder.level of inflation in economy. .

CHAPTER-3 RESEARCH METHODOLOGY So we should consider the following steps in research methodology:       Meaning of research Problem statement Research design Sample design Data collection Analysis and Interpretation of data .

Meaning of Research
Research is defined as “a scientific & systematic search for pertinent information on a specific topic”. Research is an art of scientific research.


The research problems, in general, refers to some difficulty with a researcher experience in the contest of either a particular or a theoretical situation and want to obtain a salutation for same. The present project has been undertaken to do the Financial Analysis at UCP.


A research is the arrangement of the conditions for the collections and analysis of the data in a manner that aims to combine relevance to the research purpose with economy in procedure. In fact, the research is design is the conceptual structure within which research is conducted; it constitutes the blue print of the collection, measurement and analysis of the data. As search the design includes an outline of what the researcher will do from writing the hypothesis and its operational implication to the final analysis of data.5

Research Design can be categorized as:





The present study is exploratory in nature, as it seeks to discover ideas and insight to brig out new relationship. Research design is flexible enough to provide opportunity for considering different aspects of problem under study. It helps in bringing into focus some inherent weakness in enterprise regarding which in depth study can be conducted by management.5

A sample design is a definite plan for obtaining a sample from the sampling frame. It refers to the technique or the procedure that is adopted in selecting the sampling units from which inferences about the population is drawn. Sampling design is determined before the collection of the data.

primary and secondary TYPES OF DATA PRIMARY DATA SECONDRY DATA .Several decisions have to be taken in context to the decision about the appropriate sample selection so that accurate data is obtained and efficient results are drawn. DATA COLLECTION After the research problem has been identified and selected the next step is to gather the requisite data. While deciding about the method of data collection to be used for the researcher should keep in mind two types of data VIZ.

magazines. . which are collected afresh and for the first time.PRIMARY DATA: The primary data are those.3 In the present study I have made use of secondary data collected from their website and from their records.3 METHODS OF PRIMARY DATA OBSERVATION METHOD INTERVIEW METHOD QUESTIONNAI RE METHOD SCHEDULE METHOD SECONDARY DATA:The secondary data on the other hand. are those which have already been collected by someone else and which have already been passed through the statistical processes. Internet. For example Books. When the researcher utilizes secondary data then he has to look into various sources from where he can obtain them. newspapers. and thus happened to be original in character. We can obtain primary data either through observation or through direct communication with respondent in one form or another or through personal interview. publications and reports etc.

which includes a conceptual structure within which research could be conducted. RESEARCH METHODOLOGY Research Design: Descriptive Population: General Public Data: PRIMARY DATA through doing a survey to find out the best among two. Basic purpose of each and every research is to discover answers to questions through the applications of procedures.” Research Methodology is a way to systematically solve the problem. SECONDARY DATA by collecting useful information from journals.RESEARCH METHODOLOGY A careful investigation or inquiry especially through search for new facts in any branch of knowledge. The function of research design is to provide for the collection of relevant evidence with minimal expenditure of effort. It describes the relationship between conventional pension plan and Unit linked pension plan along with the description as to how they are competing in the market. time and money. It may be understood as a science of studying how research is done scientifically. Sample size: 150 PEOPLE . In this report the research design applied is DESCRIPTIVE It includes primary survey and the related facts and findings. Newspapers and web sites. It describes the current state of the market and the preferences of Unit linked pension plan over conventional pension plan. The process of research includes research design.


However. Apart from the tax benefits. As such. since the tax benefit on such plans is limited to Rs 10. The need to compare a plethora of different types of products from competing insurance companies. this choice is difficult on three counts: • • • Inherent complexity due to uncertainty and long time horizons. it is important that individuals evaluate pension plans from a retirement planning perspective. the government. .Introduction to Pension Plans Pension plans offered by life insurance companies help individuals plan effectively for their retirement. it is pension plans that provide individuals with a regular income in their golden years. In either case. Labor unions. a pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Some retirement plan (or superannuation) designs accumulate a cash balance (through a variety of mechanisms) that a retiree can draw upon at retirement. Pensions are typically payments made in the form of a guaranteed annuity to a retired or disabled employee. A pension is a steady income given to a person (usually after retirement). In the current Indian market. Life insurance policies are valuable assets to mitigate the financial risk of untimely death.000. These are often also called pensions. Most insurance policies bundle pure insurance with savings to offer composite products. every individual facing such a financial risk who can afford to pay for such a protection must seriously consider purchasing some life insurance. For. investments in such plans have been somewhat subdued. rather than promising annuity payments. or other organizations may also fund pensions.

In case the individual survives the tenure.500 Maturity premium amt (@6%) Maturity amt (Rs) 960.90.000) or Rs 118. They are calculated after deducting expenses from the premium. which are taken to cover risk in case of an unfortunate event. Let us take an individual aged 30 years who wants to buy a pension plan with a sum assured of Rs 500.000 (@10%) (Rs) 1. the annual amount he would get as pension would be approximately Rs 71.80 118.500 (on Rs 960.10 71. which is referred to as pension or annuity.000 plus the bonuses/additions.000 for a 30-year tenure. The actual . On maturity this corpus is invested for generating a regular income stream.500). The option of receiving monthly/quarterly/half-yearly pension is available with most life insurance companies.500 Actual rate of return (%) Annuity amt (Rs) 5. Assuming that he buys an annuity for life. The premium to be paid for the same is approximately Rs 13.500.500 7. the returns shown at 6% and 10% are not calculated on the premium paid. In case of an eventuality. It will differ across insurance companies. Pension plans are distinct from life insurance plans. the beneficiary will stand to get the sum assured of Rs 500. Pension Plan Details Sum assured Age (Yrs) 30 (Rs) 500. he will stand to benefit to the tune of the maturity amount as indicated in the table below.What are Pension Plans? Simply put. pension plans (also referred to as retirement plans) are offered by insurance companies to help individuals build a retirement corpus. However.500 (on Rs 15.000 Tenure (Yrs) 30 Annual (Rs) 13. if any.590.500 The example given above is illustrative.

subject to a maximum of the sum assured plus bonuses declared to date. for Regular Premium policies all premiums paid to date will be returned with interest at 8% per annum. reflecting the period since the last addition of reversionary bonus. on maturity. the notional lump sum can be used to buy an annuity with any of the insurance company who will accept such business. or as an addition to a company pension. comprising of sum assured plus any attaching bonus.compounded annual growth rate (CAGR) on the premium works out to approximately 5. Alternatively. For Single premiums. Normally. You may also wish to set up a personal pension if you are self-employed. On death. it cannot be reduced. . part of this lump sum can be taken in form of cash and the rest converted to an annuity at the market rate. which is designed to provide an income for life from retirement. Conventional Pension Plan Conventional pensions may be suitable if you're employed and not in a company pension scheme. How Personal Pension work? The policy is basically a savings contract. On earlier death after the first year.80% (for the 10% figure). if it is permitted by the prevailing regulations. a terminal bonus might be payable. Reversionary bonus will take the form of a simple addition to your policy benefits. it is sum assured plus bonuses declared to date. we will declare a reversionary bonus once a year. an interim bonus. or if you are not working but can afford to put aside money for retirement. Once added. Subject to the prevailing regulations. It does this by providing a notional lump sum on retirement. might also be payable. In addition.10% (for the 6% figure) or 7.

Claims for critical illnesses are not admitted for the first 6 months of the policy. a guaranteed monthly income of . the nominee gets an additional Sum Assured under this rider. which impairs one's capacity to earn. which will provide an additional life insurance protection at a nominal cost. (b) In the event of total and permanent disability due to an accident. That is why the returns are on the lower side. This benefit is available on the basis of the life assured surviving 28 days from such diagnosis. then the real return figures look even more unimpressive. And if one were to factor into the equation an annual inflation figure of approximately 5%-6% per annum. This cover is available up to a maximum of 65 years of age. (a) In case of accidental death while travelling by mass surface transport. In case of death or accidental total permanent disability.  Term Cover . Riders available in conventional plan:  Critical Illness Rider: In the event of the Life Assured contracting a critical illness. an additional payment equivalent to the Sum Assured under the rider would be made.  Family Income Benefit: You can select the unique Family Income Benefit from Bajaj Allianz that ensures total financial protection for your loved ones. This also ensures that the pension available to spouse is further supplemented.Additional Protection for your family: You have the option to include a Term Cover in your policy.Where Conventional pension plan invest? Conventional pension plans invest a major portion of the premium monies in bonds and government securities (G-Secs).  Accident and Disability Benefit Rider: In case of accidental death. 10% of the Sum Assured is paid every year for 10 years. the nominee will get twice the Sum Assured under the rider.

That is why the sale of conventional pension plan is also low. This unique regular income benefit can act as an important supplement to the pension available to the spouse in case of death mode may be changed to make each installment more than the minimum requirement. Costs are important as they eat into your premium contribution before the remainder can be invested. the beneficiary receives the value of your units plus a cash lump sum of Rs. fund management performance and the market growth over the years. Why returns in conventional plans is low ? Because of not taking of the risk nature they invest in government securities and bonds their returns are in the lower side. the better the chances of higher accumulation. Your premiums are invested in units of the investment fund of your choice. If it is still below the minimum. UNIT LINKED PENSION PLAN The unit linked pension plan is basically an insurance contract. On earlier death. On vesting the value of your units will be used to buy your retirement benefits. whichever is higher.costs such as those for management and administration. Moreover.1% of the sum assured (12% per annum) is paid till the vesting date or at least for a period of 10 years. Thus. the Sum Assured + Accrued Bonuses would be paid.000. . the lower the costs. The amount of money that a person invested in a ULPP. and will end up with during retirement depends on three factors . all future premiums are waived. which is designed to provide a retirement income for life. 1. based on the prevailing unit price.

you can research on the cost structure of various ULPPs . while fund management and market growth are prospective in nature and beyond your control. the choice is not a clear one. you can ensure that you get a lot of happiness out of the happy combination pension plans provide: .With the right amount of homework. HDFC Standard Life's plan comes right on top with the best projected value. you will have to do much more than just take the easy route of investing in a pension plan to save taxes. Of the two other companies providing plans with lower equity exposure. It has shown consistency in returns and has the maximum exposure to equities.before you invest. we find that among plans with 100 per cent equity exposure. it will be clear to you that in the future. The structuring may even differ with plans from the same company. Considering plans with the highest equity exposure from six top life insurers (in terms of their market share). Since most of the ULPPs right now have a very short track record. Out of the three factors. You will have to take an informed decision on the prospects. Given the cost structure. By now.Various companies structure or spread the costs differently during the tenure of their plan.information that the insurance advisor can give you . it makes sense to supplement it with the fund performance to find out whether the company can really deliver on its projections (see Growth and Returns). you can project the retirement corpus you will need at the get at the end of the tenure.

06 46.Unit-Linked Pension Plans Built-in Flexibility Age at Vesting (Yrs) Available Plans HDFC Standard life Unit Linked Pension ICICI Pru. 75 Term/ Deferment (Yrs) Min.38 46.39 45.44 16.18 14. 10 Max.75 40.46 Annualized Projected corpus (Rs) lakh Max. Life Time Super Pension SBI Life Horizon II Pension Met Advantage Plus Aviva Plus Max Life insurance Life maker life Insurance-Pension Min. Equity return(%) Exposure (%) Linked Pension ICICI Prudential Life Time 39.59 45.29 51.42 100 100 100 60 16.44 38.25 24.2 51. 40 45 50 45 40 50 75 70 55 70 70 10 10 10 5 5 57 52 50 70 52 Returns over 1year (%) HDFC Standard Life Unit36.92 44. 50 Max.38 100 Super Pension SBI Life Horizon II Pension Met Advantage Plus Aviva life Insurance .Pension Plus Birla Sunlife Flexi Secure Life Retirement Plan-II 38.61 38.21 35 .08 132.

the buzzing market could lead to windfall returns. The plan you choose would depend on your risk profile and your investment need. Being transparent the policyholder gets the entire upside on the performance of his fund. The ideal time to buy a unit-linked plan is when one can expect long-term growth ahead. investors could be left stung. Unit-linked life insurance products are those where the benefits are expressed in terms of number of units and unit price. If you choose a debt plan. The advantage of unit-linked plans is that they are simple. According to the IRDA. The daily unit price is based on the market value of the underlying assets (equities. should the buzz die down. They can be viewed as a combination of insurance and mutual funds. balanced and equity funds. . government securities. If you choose equity. and easy to understand. Besides all the advantages they offer to the customers. The number of units that a customer would get would depend on the unit price when he pays his premium. However. the majority of your premiums will get invested in debt securities like gilts and bonds. So if you are opting for a plan that invests primarily in equity. bonds. clear. unit-linked plans also lead to an efficient utilisation of capital. This is especially so if one also believes that current market values (stock valuations) are relatively low. et cetera) and computed from the net asset value. then a major portion of your premiums will be invested in the equity market.Why Unit linked pension plan good? Most insurers in the year 2011 have started offering at least a few unit-linked plans. 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. a company offering unit-linked plans must give the investor an option to choose among debt. which has made the insurers slash payouts.

balanced or equity plans.If one invests in a unit-linked pension plan early on. Besides all the advantages they offer to the customers. ADVANTAGES OF ULPP‟S The advantage of unit-linked pension plans is that they are simple. say when one is 25. their short history does not permit an assessment of how they will perform in different phases of the stock market. However. as one approaches retirement the quantum of returns should be subordinated to capital preservation. investments based on performance over such a short time span may be appropriate. At this stage. Investors welcome these products as they provide capital appreciation even as the yields on government securities have fallen below 6 per cent. one can afford to take the risk associated with equities. balanced and equity funds. unit-linked plans also lead to an efficient utilization of capital. at least in the plan's initial stages. If you opt for a unitlinked endowment policy. clear. which has made the insurers slash payouts. Even if one views insurance as a long-term commitment. you can choose to invest your premiums in debt. a company offering unit-linked plans must give the investor an option to choose among debt. investing in a plan that has an equity tilt may not be a good idea. Unit-linked products are exempted from tax and they provide life insurance. Considering that unit-linked plans are relatively new launches. According to the IRDA. and easy to understand. Being transparent the policyholder gets the entire upside on the performance of his fund. .

The plan you choose would depend on your risk profile and your investment need. then a major portion of your premiums will be invested in the equity market. ULPP provides multiple benefits to the consumer The benefits include:  Investment and Savings  Flexibility  Investment Options  Transparency  Liquidity  Regular income  Tax planning .If you choose a debt plan. If you choose equity. the majority of your premiums will get invested in debt securities like gilts and bonds.


Life guardian rider. 18-70 (for Jeevan Suraksha) 50-79 40-75 18-60 20-60 18-65 MIN-MAX VESTING AGE (YRS) 50-70 50-65 45-70 50-70 50-70 45-70 RIDERS Critical AVAILABLE illness rider.000 5 – 35 10 . Critical illness rider.000 Kotak Mahindra (Retirement income plan) 4.40 10 – 40 25.000 - 5 . Critical illness rider. Accident and disability benefit rider Term rider. Permanent disability rider.400 2. 5-52 yrs for Pension cum Life Cover plan. Hospital cash benefit. Accidental disability guardian rider Yes - LIFE COVER Yes AVAILABLE - Yes Yes Yes - - Yes Conventional pension plans invest a major portion of the premium monies in bonds and government securities (G-Secs). TENURE (YRS) 5 – 30 50.40 50.000 5 .000 LIC LIC (Jeevan (Jeevan Suraksha/ Nidhi) Jeevan Dhara) 2. 18-65 yrs for 18-60 Pure Pension plan. Accident benefit.35 50. 18-60 for Pension cum life cover plan.000 5.000 MINIMUM 50.30 Pure Pension plan.52 2-52 yrs for 5 . Critical illness cover.000 2 . That is why the returns are on the lower side.000 - 50. And if one were to factor into the equation an annual inflation figure of approximately .000 HDFC Max New SBI Personal York Life (LIFELONG Pension (EasyLife) Pensions) Plan 2.500 3. Accidental benefit rider.CONVENTIONAL PENSION PLAN ICICI Tata AIG Bajaj Prudential (Nirvana) Allianz (ForeverLife) (Swarna Vishranti) MINIMUM ANNUAL PREMIUM (RS) 6.000 ING Vysya (Best Years) 5. Critical illness rider Accidental No death and disability benefit rider. Family income benefit Term assurance rider. Accident rider Term cover. Critical illness rider No No Term / Term Preferred Rider Term rider. 50-70 45-65 MIN/MAX 20-60 AGE AT ENTRY (YRS) 18-55 18-65 18-65 yrs 18-65 (for Jeevan Dhara). Term assurance rider.500 3.000 COVER (RS) MIN-MAX.

Balanced (Balanced). . Balanced plus pension fund. Equity Enrich Income Pension managed fund. : upto . pension fund. 60. Studies have shown that from a long-term perspective. Pension ULIPs: How they fare HDFC Birla Sun LIC Standard Life (Future Life (Flexi Plus) (Unit SecureLi Linked fe II) Pension Plan) ULIP FUND Pension Growth Nourish. Growth Protector II Defensiv fund (Income). Accelerato pension Balanced r. Debt plus pension fund. maximiser. 10. Pension fund. ULIPs have a mandate to also invest a portion of the premium in the stock market apart from bonds and G-Secs. equities are equipped to give a higher return other fixed income instruments like bonds and G-Secs. Balancer. upto 40% 100% in upto 20% Income fund: at 40% in r: upto in pension equity in fund: Not least 85% in Balanced 80%. Protector. 0. MidCap Secure Preserver plus pension fund fund. Bond OPTIONS Maximiser fund. Cash plus pension fund ALLOCATION Upto 100% 100% in Upto Bond Equity 20-70% in Multiplier: TO EQUITIES in pension growth 35% in fund: index Growth 100%. Preserver Secure fund. fund. from NSE Conservati Moderator & Preserver balanced Balanced Nifty Index. 30. Growth. index fund. ve fund. NIL.fund. Balancer II fund. more stocks fund. balancer-II. individuals would do well to consider investing a portion of their retirement money in pension ULIPs. Balanced fund. Protector II 60% in in Enrich 20%. then the real return figures look even more unimpressive. plus pension Conservati Moderator fund. And since retirement planning is a long-term exercise. Liquid fund ICICI Prudential (Lifetime Pension II) Bajaj Allianz (UnitGain easy Pension) Max New MetLife York Life (Met (Life Advantage Maker ) Pension Plan) Equity Growth Multiplier.Enrich. II (Growth).Balancer: nil in fund.5%-6% per annum. fund.Accelerato II.upto 10% than primarily 15% in upto 50%. Equity ve fund. managed Growth. e fund.This is where unit linked insurance plans (ULIPs) can play an important role in the retirement planning exercise. Equity fund.

n.000 10.000 10.000 5. Cash plus pension fund: NIL 5. 1530% in defensive managed fund. account. premium n.000 regular annualise Pure value of of units in D Pure plus the premium d accumulatio units in the the unit accumulatio fund amount. Sum assured = annual contribution X tenure.fund. MIN/MAX Option 1: 18-60 18-65 18-65 18-65 18-60 20-55 AGE AT 18-65. Growth Equity fund: Not MidCap more plus pension than 60% fund: at least 50% in midcap stocks.000 10. Protector and Preserver: NIL .000 PREMIUM (RS) LIFE COVER Yes No Yes Yes No No Yes OPTION AVAILABLE HOW IS SUM Option 1: Sum 10 times 5-20 Zero sum Sum 110% of ASSURED Zero sum assured = the times the assured. Option 2: value.000 10. Balanced plus pension fund: 30%50% in equity index fund and 50%-70% in debt plus fund. Debt plus pension fund: NIL. least 85%. ENTRY (YRS) Option 2: 18-60 MIN-MAX 45-75 50-70 50-70 40-75 45-70 50-70 45-65 VESTING AGE (YRS) fund: Not Equity plus NIL more pension Secure than fund: at fund 30%. Rs 1.000 in 20%. policy. nil in secure managed & liquid fund MINIMUM 10. assured = the value CALCULATE assured.

it is also important that investments in ULIPs are made after considering expenses like fund management charges since this will impact returns over the long-term. yr. Accelerato 1. pension fund and Cash plus pension fund: 0.0%. pension Balanced Balancer & Balanced funds: fund. don't lose sight of your overall equity allocation. 0. 22% for the first for years first year. fund: Equity plus 1.80% 1% Bond Equity 1.75% 1.(Exact (Exact percentag percentage percentag e depends e depends upon the depends upon the annual upon the premium premium annual amount). (Exact year 2.25%.70%. and preserverfund: 1. FUND Maximiser 0.21% for 8%-13% 15% for the 20% in 20% in first yr. Balanced plus pension fund: As applicable on component funds Having said that. then he might be better off investing in a conventional pension plan from a diversification perspective. protector II 1%. 10% in for years 2 for second and 2. fund Preserver: Debt plus 1.50%.5%. year 1. For example. 2% 12%-15% years 1 year.25%.5%. fund and MidCap Growth and NT CHARGES balancerIncome plus and fund. amt). premium * amt).90% for Moderator 0. to 10. 1 and 2.50%. if the individual has already invested a significant amount of his money in stocks and equity funds. Also.10% for r: 1. year 1. . Growth index ve and Protector fund: pension Secure and 1. Equity Conservati : 1.INITIAL YEARS' EXPENSES 17%-22% in 8.50% fund: 1%.25% for Multiplier MANAGEME II1.75%.

You can withdraw money from a ULIP to meet emergencies. Also.ULIPs other important benefits like liquidity. you can invest surplus money (i. on maturity. will find such products attractive. Individuals. However. Some insurers have launched capital guarantee ULIPs. Such products aim to guarantee the premiums paid by the individuals (net of expenses) plus the bonus declared. . top-ups) over and above the premium amount. capital guarantee ULIPs have lower equity exposure which could dampen returns for the aggressive investor. who fear 'loss of capital' in a ULIP.e.

Up to 1/3rd of the maturity amt. Nominees/ beneficiaries have the option of receiving either the entire Full maturity amount received by maturity amt or investing up to 2/3rd Death benefits the nominees/ beneficiaries of the amt in an annuity. available . No provision stream of income. Conventional pension plans Unit linked Pension plans Only up to one-third of the maturity amt can be withdrawn. is treated as tax-free. being the most important. In case of an for a stream of income by way of eventuality.000 available Tax benefits available under Section 80C under Section 80CCC. Conventional pension plans aim at covering the risk from an unfortunate event. The difference in objectives is the main reason for the differences in the features of life insurance and pension plans. with the objective behind both of them. if withdrawn. Deduction up to Rs 100.DIFFERENCE BETWEEN CONVENTIONAL PENSION INS PLANS AND UNIT LINKED PENSION PLANS There are some fundamental differences between conventional pension plans and unit linked pension plans.000 Deduction up to Rs 10. option of pension benefits Stream of income pension. he will need to provide for himself. Remaining Full maturity amount received by 2/3rd amt has to be compulsorily Maturity payouts the individual invested in an annuity. provides for a regular received in one go. Pension received on the remaining Entire maturity amt treated as tax 2/3rd amt is taxed as per the Taxation of free in the hands of the receiver individual's tax slab maturity payouts Entire maturity amt/ death benefit On maturity. Pension plans on the other hand work on the opposite scenario that if an individual survives beyond an age (retirement age).

Tax benefits: Premium paid up to Rs 100.000 only. He will have to buy an annuity with (at least) the remaining two thirds amount from any life insurer of his choice. it is slightly different in case of pension plans. Also. in case of a unit linked pension plan. 3.e.000. then the tax benefit of Rs 10. Maturity payouts: In case of conventional insurance plans.000). However. the deduction under Section 80CCC falls under the overall limit of Rs 100. However. the individual has the option of withdrawing up to one third of the maturity amount in cash. his overall tax benefit will stand reduced to Rs 90. For example. premium payments towards pension plans are eligible for deduction under Section 80CCC. However. Rs 100. the limit being set at Rs 10. the nominees receive the sum assured plus the bonuses/ additions if any. if an individual pays a premium of Rs 15. .000 (i.1. the individual receives the entire corpus on maturity. Not all pension plans offer a life cover (as already covered above). Taxation of maturity payouts: The maturity amount in case of conventional insurance plans is treated as tax free in the hands of the individual. 4.000 less Rs 10. the nominee has the option of receiving the entire amount on maturity in cash and buying an annuity with the same. Also.000 per annum is eligible for deduction under Section 80C in case of insurance plans. in case of unit linked pension plans. Death benefits: In case of an eventuality under life insurance plans. 2. However.000 for a pension plan.000.

Up to one third of the maturity amount, which can be withdrawn, is treated as tax free in the hands of the individual. The pension, from the remaining two-thirds amount, is taxed according to the marginal rate of tax.

5. Income stream:
On maturity, pension plans provide a regular source of income by way of annuities. In case of conventional plans, the individual receives the entire maturity amount in lump sum.

Options available to individuals on unit linked pension plans:
Pension plans come with various annuity options. We have explained them below: 1. Lifetime annuity without return of purchase price: Under this option, the ndividual receives pension for as long as he lives. The pension ceases on occurrence of an eventuality and the insurance contract comes to an end. 2. Annuity for life with a return of the purchase price: If this option is exercised, the individual receives pension till he is alive. In the event of an eventuality, the purchase price of the annuity is paid out to his nominees/beneficiaries. Purchase price here means the maturity amount, which includes the basic sum assured plus the bonuses/additions, if any. 3. Lifetime annuity guaranteed for a certain number of years: Under this option, the individual receives a pension for a certain number of years (as prescribed by the plan) irrespective of whether he is alive for the said period or not. A major positive of this option is that, if he survives the period, he continues to receive pension for the rest of his life. For example, if the individual has opted for 'Lifetime annuity guaranteed for 15 years', and he meets with an eventuality after only 3 years, then his nominees will keep receiving annuity for the remaining 12 years (i.e. 15 years less 3 years). After the said 15-year period, the annuity will cease and the pension plan will draw to a close.


Joint life/ Last survivor annuity: The individual receives a pension till he is alive. In case of an eventuality, his spouse receives the pension.Apart from the options mentioned above, some companies also offer both, 'with' and 'without return of purchase price'. Under the 'Joint life / last survivor annuity with return of purchase price', in case of an eventuality to both the individual as well as his spouse, the purchase price of the annuity is 'returned' to the nominee. Evidently, pension plans help individuals prepare for their retirement needs. Not only do they aid in building a corpus over a period of time, but they also provide income for life. That is why it is important that individuals include pension plans while conducting their retirement planning exercise

View of financial planners
As financial planners, we regularly receive queries on how to go about planning for various life stages. Financial planning to take care of the post-retirement years is always an important activity for individuals. With respect to retirement planning, we recently received a query from a client who wanted to know whether he would be better off investing in a pension plan offered by a life insurance company or investing in mutual funds. Given below is our analysis on the options available to the investor. Let us look at the given set of variables first.  The client's age is 38 years and he would like to retire 22 years hence i.e. at the age of 60 years  The client would like to invest an amount of Rs 1,000,000 (Rs 1 m) each year for three years. In total, he will invest an amount of Rs 3 m over 3 years.  The client has been suggested a single premium plan of Rs 1 m with additional `top-ups' worth Rs 1 m p.a. (per annum) for the following two years. In all, the client would be paying Rs 3 m over the 3-yr period.  The client has a high-risk appetite and would like to remain invested in equities throughout the tenure of the pension plan.  The client has a well-diversified portfolio including mutual funds and stocks.

 Based on the information, we have worked out a likely retirement solution for the investor.

Investments in unit linked pension plan (ULPP)
If the client decides to buy Unit linked pension plan, then he would be paying Rs 1,000,000 in the first year. Since this is a single premium plan, one-time charges on the same are 2.50% (i.e. in the first year). In other words, Rs 25,000 would be deducted from the client's single premium amount and the remaining amount (i.e. Rs 975,000) would be invested in the 100% equity ULIP option. This amount will remain invested for the entire 22-yr tenure. The charges for any additional top-ups in the second year too would be to the tune of 2.50%. Similar to the first year, Rs 25,000 would be deducted from the second year's top-up amount. So Rs 975,000 would be invested over 21 years. One-time charges for any top-ups from the third year onwards fall to 1% for the year. Therefore, only Rs 10,000 (i.e. 1% of Rs 1,000,000) would be deducted and the remaining amount would be invested. The third year amount (Rs 990,000) will remain invested for a 20-yr period (i.e. time to maturity). Fund management charges (FMC) for managing equities in the given ULIP are 0.80% p.a. Administration charges are assumed to be Rs 180 p.a. (increasing at an assumed inflation rate of 5.00%).

Retirement Planning:
With the setting up of the pension fund regulatory and development authority (PFRDA), the future of pension schemes presumably seems to be in good hands. We would like to see investors investing more money into pension/annuities than is currently being done. Other than the obvious Section 80CCC benefits, this also takes care of the high (and mostly unavoidable) expenditure post retirement.

ULPP sales accounted for a sizable amount of new business generated. Insurers through their agents/advisors effectively conveyed this fact. . This was primarily due to the bull run in the stock markets this year. Obviously ULPPs with higher equity components posted fantastic returns. this number is sure to go up in the coming years. This is also due to decreasing real rate of returns on investments and in effect. Individuals will also be allowed to switch freely between fund managers to park their funds with the one who maximises their returns. On their part individuals were swayed by the lucrative returns on high equity ULPPs ignoring their risk profile in the process. To put things in perspective.ULPPs on a rampage: Financial planner find that the sales of Unit Linked Insurance Plans' (ULPPs) took a giant leap. having a lesser corpus to fall back on postretirement. annuity/pensions are all set to see higher investments coming in. Private fund managers will now look after investments in pensions. Annuity/pension schemes to see more inflow of investments: With the setting up of an interim pension fund regulatory and development authority (PFRDA).000 employees have been covered in the initial year. Although only 50.

After analyzing their views it became easier to judge between the two plan instruments. 2: -: Whether retirement planning is important for you? Ques no. 4: -Do you prefer long term or short term investment? Ques no. we organized a survey to get a hint of people‟s view about their investments. 7: -Do you take into account regular income stream or one time income while making an investment? Ques no.On which basis you prefer Unit Link Pension Plan? .Number of respondents? Ques no. income group.RESEARCH In order to find better between Conventional pension plan and ULPP‟s. We prepared a set of questionnaire and surveyed 450 people across profession.1:.9:. age. 8: -If offered traditional pension plan and Unit linked pension plan then which plan would you choose? Ques no. 5: -Is liquidity important for you while making investment? Ques no. 3: -Would you like to prefer Pension plans? Ques no. and gender. Some of the questions we asked and the results for that is as follows Ques no. 6: -Do you want to take risk in investment? Ques no.

Particulars Gender Male Female Percentage 70% 30% 30% 70% Analysis:.As It shows that 70% of the respondents were male and remaining 30%were female. 1: .RESPONSE Ques no. .

As Majority of the people have said that they give importance to retirement planning. .Ques no. Four out of every five people have answered that retirement planning is on their priority list.Whether retirement planning is important for you? 18% 82% Not much Very much Analysis:. 2:.

3: .As It shows that people prefer Pension plan for a retirement planning. . Most of the serviceman prefers the pension plan.Would you like to prefer Pension plan? No 30% 70% Yes Analysis:.Ques no.


4: -Is liquidity important for you while making investment? 27% 73% No Yes Analysis:. .Ques no.As The response to the above question was 73% of the people give importance to liquidity while making an investment. While others prefer to keep their money for longer period to get returns so they prefer to have fixed time investments.

. People who invest for short term wants to take out dividends from the booming stock market but other 76% wants return on their money.Ques no. 5: -Do you prefer long term or short term investment? 24% 76% Long term Short term Analysis: As 24% of the people would like to have short-term investments while other 76% prefer long-term investments.

As 63% of the people are interested to take risk to earn a better return ULPP offer better returns than fixed deposits or other traditional investment instruments.Ques no. 6: Do you want to take risk with investment ? 37% 63% No Yes Analysis:. 82 .

83 . ULPP provides regular income stream.Ques no.As 88%of people are interested to take regular income in their golden years. 7: -Do you take into account regular income or one time income after retirement? 12% Yes No 88% Analysis:.

8 -If offered Traditional Pension plan and Unit linked Pension plans then which plan would you choose? 20% Unit linked pension plan Traditional pension plan 80% Analysis:. Because ULLP invest in equities and give better returns. 84 .Ques no.As Majority of people are interested in buying ULPP rather than traditional plan.

On which basis you prefer Unit Link Pension Plan? Due to high return ( ) Due to tax exemption ( ) 15% 85% Analysis:.9:.Ques no.of above question is that 85% of the people invest in ULLP due to high returns and 15% invest due to tax exemption 85 .


From one finding we have also studied that maximum numbers of respondents give preference to long term plan. 7. Maximum number of the respondents have the opinion that retirement planning is important for them where as the remains do not think so.FINDINGS 1. 8. Maximum numbers of respondents prefer Unit link Pension Plan while remaining like traditional pension plans. 5. Maximum numbers of respondents take into account the regular income where as remaining doesn‟t . 4. 3. Maximum number of the respondents take into account the liquidity at the time of making investment where as the remaining doesn‟t think so. Maximum numbers of respondents prefer ULLP due to high return feature. 2. From the study it is also finded that maximum numbers of respondent want to take risk in investment. 87 .e service man whereas remaining does not. 6. Maximum number of the respondents give preference to pension plan i.

bonds. the money markets (call money) and equities.  CONVENTIONAL PENSION PLAN = INVESTMENT IN GOVERNMENT SECURITIES AND BONDS + LESS RETURNS WHEREAS. 'balanced' ULPPs (which invest 40-60% in equities) and 'debt' ULIPs (which invest only in debt and money market instruments).CONCLUSION: After studying both ULPPS as well as Conventional Pension plan we can conclude that ULPPS are better investments than Conventional Pension plan. 88 . ULPPs are also available in multiple options like 'aggressive' ULPPs (which can invest upto 100% in equities).  ULPP = INVESTMENT IN EQUITIES+ HIGH RETURNS + INSURANCE. We have also concluded that ULPPs have to invest the premiums in varying proportions in gsecs (government securities). SO FOR THE SAKE OF A BETTER AND SECURED FUTURE IN THEIR GOLDEN YEARS ULPP‟S ARE THE BETTER OPTION. it will give him tax-free high returns. If a person wants to invest for the long term also want high returns than he must go for ULPPS. the percentage is much lower (usually not more than 15%) in case of conventional pension plans. The major difference between conventional pension plans and ULPPs is the investment mandate.while ULPPs can invest upto 100% of the premium in equities.


Whether retirement planning is important for you? Ans:Much ( ) Not Much ( ) Ques no. 4: -Do you prefer long term or short term investment? Ans :Yes ( ) No ( ) Ques no.QUESTIONAIRE Ques no.2: .3: -Would you like to prefer Pension plans? Ans.Gender of respondents Ans:-1 Male ( ) Female ( ) Ques no.On which basis you prefer Unit Link Pension Plan? Ans:-Due to high return ( ) Due to tax exemption ( ) 90 . 7: -Do you take into account regular income stream or one time income while making an investment? Ans:Yes ( ) No ( ) Ques no. 6: -Do you want to take risk in investment? Ans:Yes ( ) No( ) Ques no.9:. 8: -If offered traditional pension plan and Unit linked pension plan then would you choose? Ans:Yes ( ) No ( ) Ques no. 5 -Is liquidity important for you while making investment? Ans:Yes ( ) No ( ) Ques no.:Yes ( ) No ( ) Ques no.1:.

Tata McGraw Hill Publications. 4.. Tata Mc graw Hill Publications p.. PP 1-11. Willey Student Edition. Luck J. 3rd edition. David. Hair.Pamela. 2.BIBLIOGRAPHY BOOKS 1. Delhi p. Bush.(2005) “Business Research Methodology”. 7th edition. 91 . Cooper R. p-352-356 5.. Beri G. R.237-243.p-115-157 6.(2007) “Marketing Research”. 3rd edition.. Tata Mcgraw Hill Publication.. 8th edition.(2007) “Marketing Reasearch” 2nd edition.95-98.(2008) “Research Methods for Business” 4th edition. 6th edition. Tata Mcgraw Hill Publication. Third Edition.233 3.(2007) “Business Research Methods”.(2005) “Marketing Research”. Donals. Schindler S. U.C. Tata Mcgraw Hill Publication. Sekaran. (2006)“Marketing Research”. Ortinau. Prentic hall of India. Nargundkar. Wilkinson & Bhandarkar.p-300-336 7.p-176-203.

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