EXECUTIVE SUMMARY

The title of the project is Comparison of Life Insurance Products in which mainly three
products are compared Child Plan, Pension Plan, Term Plan. All research is done on
secondary data. Two types of approaches are used during this study analytical and
descriptive. The objective of the report is to reveal comparative analysis of the three plans of
Bharti AXA Life Insurance, ICICI Prudential Life Insurance and SBI Life Insurance.
The analysis done in the report will reveal the one of the best insurance product available in
the market. The report will be come up with some useful suggestion and findings which can
help the company to improve their product in different charges applied by company on
premium paid by customer and features of the products.

INTRODUCTION
INSURANCE INDUSTRY IN INDIA
In India, insurance has a deep-rooted history. It finds mention in the writings of Manu
(Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk in
terms of pooling of resources that could be re-distributed in times of calamities such as fire,
floods, epidemics and famine. This was probably a pre-cursor to modern day insurance.
Ancient Indian history has preserved the earliest traces of insurance in the form of marine
trade loans and carriers contracts. Insurance in India has evolved over time heavily drawing
from other countries, England in particular.
1818 saw the advent of life insurance business in India with the establishment of the Oriental
Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the
Madras Equitable had begun transacting life insurance business in the Madras Presidency.
1870 saw the enactment of the British Insurance Act and in the last three decades of the
nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897)
were started in the Bombay Residency. This era, however, was dominated by foreign
insurance offices which did good business in India, namely Albert Life Assurance, Royal
Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard
competition from the foreign companies.
In 1914, the Government of India started publishing returns of Insurance Companies in India.
The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate
life business. In 1928, the Indian Insurance Companies Act was enacted to enable the
Government to collect statistical information about both life and non-life business transacted
in India by Indian and foreign insurers including provident insurance societies. In 1938, with
a view to protecting the interest of the Insurance public, the earlier legislation was
consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for
effective control over the activities of insurers.
The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a
large number of insurance companies and the level of competition was high. There were also
allegations of unfair trade practices. The Government of India, therefore, decided to
nationalize insurance business.
An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance sector and
Life Insurance Corporation came into existence in the same year. The LIC absorbed 154
Indian, 16 non- Indian insurers as also 75 provident societies245 Indian and foreign
insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was
reopened to the private sector.
The history of general insurance dates back to the Industrial Revolution in the west and the
consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a
legacy of British occupation. General Insurance in India has its roots in the establishment of
Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the
Indian Mercantile Insurance Ltd was set up. This was the first company to transact all classes
of general insurance business.
2

1957 saw the formation of the General Insurance Council, a wing of the Insurance
Association of India. The General Insurance Council framed a code of conduct for ensuring
fair conduct and sound business practices. In 1968, the Insurance Act was amended to
regulate investments and set minimum solvency margins. The Tariff Advisory Committee
was also set up then. In 1972 with the passing of the General Insurance Business
(Nationalization) Act, general insurance business was nationalized with effect from 1st
January, 1973. 107 insurers were amalgamated and grouped into four companies, namely
National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance
Corporation of India was incorporated as a company in 1971 and it commence business on
January 1st 1973.
This millennium has seen insurance come a full circle in a journey extending to nearly 200
years. The process of re-opening of the sector had begun in the early 1990s and the last
decade and more has seen it been opened up substantially. In 1993, the Government set up a
committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose
recommendations for reforms in the insurance sector. The objective was to complement the
reforms initiated in the financial sector. The committee submitted its report in 1994 wherein,
among other things, it recommended that the private sector be permitted to enter the
insurance industry. They stated that foreign companies to be allowed to enter by floating
Indian companies, preferably a joint venture with Indian partners.
Following the recommendations of the Malhotra Committee report, in 1999, the Insurance
Regulatory and Development Authority (IRDA) was constituted as an autonomous body to
regulate and develop the insurance industry. The IRDA was incorporated as a statutory body
in April, 2000. The key objectives of the IRDA include promotion of competition so as to
enhance customer satisfaction through increased consumer choice and lower premiums, while
ensuring the financial security of the insurance market.
The IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%. The Authority has
the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from
2000 onwards framed various regulations ranging from registration of companies for carrying
on insurance business to protection of policyholders interests.
In December, 2000, the subsidiaries of the General Insurance Corporation of India were
restructured as independent companies and at the same time GIC was converted into a
national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July,
2002.
The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together
with banking services, insurance services add about 7% to the countrys GDP. A welldeveloped and evolved insurance sector is a boon for economic development as it provides
long- term funds for infrastructure development at the same time strengthening the risk taking
ability of the country.

OTHER LIFE INSURERS

1. HDFC Standard Life Insurance Company Ltd.
2. Max New York Life Insurance Co. Ltd.
3. ICICI Prudential Life Insurance Company Ltd.
4. Kotak Mahindra Old Mutual Life Insurance Limited
5. Birla Sun Life Insurance Company Ltd.
6. Tata AIG Life Insurance Company Ltd.
7. SBI Life Insurance Company Limited.
8. ING Vysya Life Insurance Company Private Limited
9. Bajaj Allianz Life Insurance Company Limited
10. MetLife India Insurance Company Ltd.
11. Future Generali India Life Insurance Company Limited
12. IDBI Fortis Life Insurance Company Ltd.
13. Reliance Life Insurance Company Limited.
14. Aviva Life Insurance Co. India Pvt. Ltd.
15. Sahara India Insurance Company Ltd.
16. Shriram Life Insurance Company Ltd.
17. Bharti AXA Life Insurance Company Ltd.
18. Future Generali India Life Insurance Company Limited
19. IDBI Fortis Life Insurance Company Ltd.
20. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.
21. Aegon Religare Life Insurance Company Ltd.
4

22. DLF Pramerica Life Insurance Company Ltd.

23. Star Union Dai-chi Life Insurance Co. Ltd.

Market share of life insurance companies in India in at the end of FY2010

Market Share
LIC

ICICI Predential

Allianz bajaj

SBI Life

HDFC Standard

Birla Sunlife

Reliance Life

Max New York

OM Kotak

AVIVA

Tata AIG

MetLife

ING Vysya

Shriram Life

Bharti Axa Life

2%
2%
3%
3%

1% 1% 0% 0%
2% 2%

4%
48%

6%

10%

14%

CONCEPTUALIZATION
What Is Insurance?
Basically insurance is assurance. Insurance is transfer and sharing of risk by equitable loss
sharing. Insurance does not get back or replace the assets, it only compensates for the loss
suffered. In other words, we can say that insurance is a mechanism that provides compensation
for the financial value of the assets in case of loss or damage. At last insurance an important
social security tool that offers the counter balance to risk, that is, security.
Essential Features to Insurance There must be large numbers of similar risks.

The loss caused by the risk must be definite.

The occurrence of the loss must be accidental.

The potential loss must be large enough to cause hardships.

The cost of insuring must be economically feasible.

Need for Life Insurance:

Possibility of damage caused by any event the risk.
Uncertainty and unpredictability about future losses or damages which may or may not
happen, which may happen suddenly and unexpectedly.
Insurance is relevant about the risk.
Insurance is done against the contingency of the happening of such events.
If there is no risk then no need of insurance7.
Special need like medical expenses.
Today insurance has become even more important due to the disintegration of the
prevalent joint family system, a system in which a number of generations co-existed in
harmony, and a system in which a sense of financial security was always there as there
were more earning members.

Types of Insurance
There are two type of insurance.
Non- life insurance

Life insurance

1. Non life insurance:

In this we include health and general insurance. GIC was set up by nationalizing the non-life
business of insurance sector in 1972. The GIC operates as the holding co. of its four
subsidiaries, namely,
National Insurance Company Ltd.
The New India Assurance Company Ltd.
The Oriental Insurance Company Ltd.
United India Insurance Company Ltd.
All the 68 Indian insurers and 45 non-Indian insurers who did business before nationalization
got merged and taken over by the four subsidiaries of GIC. These four subsidiaries have
branches all over the country and concentrate on non-life insurance business like marine, fire,
accident, medical expenses, Car and vehicle insurance etc. GIC can invest up to 50% in
private corporate and non-government sector.

2. Life insurance:
Life insurance or life assurance is a contract between the policy owner and the insurer where
the insurer is agree to pay a sum of money upon the occurrence of the occurrence of the
policy owners death. In return policy holder agrees to pay a stipulated amount called a
premium at regular intervals.
Endowment Insurance Plan:
Endowment plans provide life insurance cover for a specified period. The important aspect is
that on maturity i.e. if the insured survives the term of the insurance, he/she receives the sum
assured at the end of the term.
Term Insurance Plan:
Term life insurance plans provide insurance cover for a specified period. The defining
characteristic of this type of life insurance plan is the complete absence of survival benefit i.e.
on maturity (surviving the term of the policy), you receive no money from the insurance
company.
8

Unit linked Insurance Plan:

Unit-linked Insurance Plans (ULIPs) combine the benefits of life insurance policies with
mutual funds. A certain part of the premium is invested in listed equities/debt funds/bonds,
and the balance is used to provide for life insurance and fund management expenses. Yields
earned on investments i.e. the value of the investment or the sum assured, whichever is
higher, is paid to the insured or nominee. This varies from company to company i.e. some
insurance companies pay the value of the investment in addition to the sum assured.
ULIPs have gained high acceptance due to attractive features they offer. These include:
Flexibility
-Flexibility to choose sum assured and premium amount.
-Option to change level of Premium/ Sum Assured even after the plan has started. Flexibility
to change asset allocation by switching between funds.
Transparency
-Charges in the plan & net amount invested are known to the customer.
-Convenience of tracking ones investment performance on a daily basis.
Liquidity
-Option to withdraw money after few years (comfort required in case of exigency) Low
minimum tenure.
-Partial / Systematic withdrawal allowed.
Fund Options
-A choice of funds (ranging from equity, debt, cash or a combination) is available.
-Option to choose your fund mix based on desired asset allocation.

COMPANY PROFILE
Bharti AXA Life Insurance
Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias leading business
groups with interests in telecom, agri business and retail, and AXA, world leader in financial
protection and wealth management. The joint venture company has a 74% stake from Bharti
and 26% stake of AXA.
The company launched national operations in December 2006. Their business philosophy is
built around the promise of making people "Life Confident".

The Company Profile:

NAME OF THE COMPANY:

BHARTI AXA LIFE INSURANCE COMPANY

HEAD OFFICE:

Goregaon (East), Mumbai, India

FOUNDED:

The company came into existence in DEC 2006 by the

merger of Indias telecom major BHARTI AIRTEL with
a 74 % stake and the global insurance majors AXA with
a 26% stake in the company.

VISION OF THE COMPANY:

To be the leader and one of the preferred companies for

financial protection and wealth management in India.

VALUES OF THE COMPANY:

Professionalism
Innovation
Team Spirit
Pragmatism
CHAIRMAN:

Mr. Sunil Bharti Mittal

CEO:

Mr. Sandeep Ghosh

BRANCHES:

Currently the company has 198 branches in INDIA.

EMPLOYEES:

The Company has more than 5200 employees all over

India.

10

STRATEGY:
To achieve a top 5 market position in India through a multi-distribution, multi-product
platform.
To adapt AXA's best practice blueprints as a sound platform for profitable growth.
To leverage Bharti's local knowledge, infrastructure and customer base.
To deliver high levels of shareholder return.
To build long term value with our business partners by enhancing the proposition to
their customers.
To be the employer of choice to attract and retain the best talent in India.
To be recognized as being close and qualified by our customers.
STRENGTHS:
Strong partner Bharti provides access to more than 20 million customer multi channel
execution capability.
Current Asia product range which is a strong match to products sold to the mass and
the mass affluent.
Global scale providing cost effective and speedy re-use of systems, products and
business capability.
Strong AXA and Bharti brands which can be leveraged to attract and retain a high
quality management team.

11

Bharti-AXA Life insurance products:

Bharti-AXA basically offers two types of plans:
1) Individual plans, and
2) Group plans
INDIVIDUAL PLANS:
Individual plans are further of two types:
a) Unit-linked insurance plans, and
b) Traditional plans
Unit-linked insurance plans:
a) Bharti AXA Life Bright Star
b) Bharti AXA Life Spot Suraksha
c) Bharti AXA Dream Life Pension
d) Bharti AXA Life Aspire Life
e) Bharti AXA Life Invest Confident
f) Bharti AXA Life Wealth Confident
g) Bharti AXA Life Future Confident II
h) Bharti AXA Life Future Confident
Traditional plans:
a) Bharti- AXA Life Save confident
b) Bharti-AXA Life Secure confident

12

GROUP PLANS:
Group plans includes the following:
a) Bharti AXA Life Swasthya Sanjeevani
b) Bharti AXA Life Sanjeevani
c) Bharti AXA Life Mortgage Credit Shield
d) Bharti AXA Life Credit Shield
e) Bharti AXA Life Life Shield

13

THEORETICAL BACKGROUND

Comparative Analysis of Life Insurance Product

Comparative analysis is side by side examination of two or more alternatives, processes,
products, qualification, sets of data, systems etc., to determine if they enough common
ground, equivalence or similarities to permit a meaningful comparative analysis
This study will help in creating awareness among people about the importance and benefits of
Life Insurance that will help in creating interest of people in life insurance products and
ultimately in the growth of insurance industry that will contribute to the growth of Indian
economy and last in the growth of World economy.
In this highly competitive scenario, this study will also help people to know about the various
plans and in selecting the best insurance plan among the available plans according to their
needs.
In this study, an attempt has been made to compare the Child Plan, Pension Plan & Term
Plan of Top companies viz. ICICI Prudential Life Insurance, SBI Life Insurance with
BHARTI AXA Life Insurance which helps the company know about the plans of other
companies and their competitive advantage over Aviva lifes plan. That will help company to
make more competitive plans and to gain the competitive advantages over its competitor and
ultimately by increasing the sale of the company, increase its market share.

14

SOME INSURANCE TERMINOLOGIES

Sum Assured:
It is the minimum guaranteed amount the nominee get in case of an unfortunate demise of the
life covered.
Premium:
The consideration paid by the insured to the insurer for making insurance. If it is paid
regularly during the term of policy, it is called Regular premium and if it is paid as lump
sum, for the whole policy term, it is called Single premium.
Premium Payment Term (PPT):
It is the time period for which one have to pay the Regular Premium. It can be less than or
equal to policy term.
Additional Regular Premium (ARP):
It is the extra amount paid above the Regular Premium. Once you opt for this feature, you are
bound to pay it for the whole premium payment term. The minimum and maximum amount is
different in different insurance companies.
Top-Up Premium:
It is also the extra amount paid over and above the Regular Premium. The only difference
between ARP and Top-up premium is that one does not obliged to pay it for the whole policy
term. The minimum and maximum top-up amount is different for different companies.
Partial Withdrawal (PW):
One, if needed, can withdraw some amount from the fund value pertaining to regular
premium and top-up premium after completion of the 3or 5 policy anniversary or as per the
rules of the companies.
Fund Option:
Premium you paid, after deducting all the charges, rest amount is invested in the Debt,
Money and Equity market. Every Life insurance company has some options according to the
percentage of money allocated in these markets. These are called Fund Options.

15

Switch:
By opting this feature you can switch from one fund option to another fund option available
in the plan depending on your financial priorities and investment decision. Switching policy
of different companies is different. Like minimum and maximum amount switched between
fund options are different in different companies and switching charges are also different.
Systematic Transfer Plan (STP):
This option allows you to enter and exit the equity market not abruptly, at once, but slowly at
different times and at different levels. This has the effect of averaging out the risks associated
with the equity market, thus reducing the overall risk you face. In this option some proportion
of the fund value is automatically switched from debt dominated fund to equity dominated
fund on regular basis.
Automatic Asset Allocation (AAA):
This option helps you to automatically decrease your exposure to equity and increase your
exposure to dept, as you grow older. This option relies on the fact that an individuals risk
appetite reduces with age and he tends to be more conservative with his investment. This
option provides you the flexibility of leveraging the returns from equitys market and secure/
book the profits by the way of auto asset allocation as he advances in his age.
Premium Re-direction:
This option helps you to modify the allocation proportion of your future premium into
various funds in accordance with your changing needs / preferences.
Settlement Option:
This option allows you to keep your money invested in the fund even after maturity and
enables you to receive the same systematically over a period of up to 5 years.
Cover Continuance Option:
This option ensures that your life insurance cover continues in case you are unable to pay
premiums, anytime after payment of first three years premium. All applicable charges will be
automatically deducted from the units available in your fund.
Free Look Period:
You can review the terms and conditions of the policy, 15 days from the date of the receipt of
the policy document and where you disagree to any of those terms and conditions; you have
the option to return the policy stating the reason of your objection.
16

Waiver of Premium Rider:

According to this rider, In case of an unfortunate event of death of the policy holder, the sum
assured is paid to nominee at that point of time and all the future premium will be paid by the
company.
Income Benefit (IB) Rider:
If this rider is opted for, then upon your death, 10% of the income benefit rider sum assured
will be payable to the appointee for every year.
Accidental Death Benefit (ADB) Rider:
If this rider is opted for, then in case of accidental death, the nominee will receive an
additional sum assured along with the death benefit.
Comprehensive Health Benefits (CHB) Rider:
If this rider is opted for, then upon permanent total disability due to illness or accident or
contracting any of listed 18 critical illnesses, then we shall pay the benefits payable in case of
your death.

17

INTRODUCTION ABOUT THE PLANS

1. CHILD PLANS
BHARTI AXA LIFE BRIGHT STAR PLUS
Features:
EntryAge(LastBirthday)

MinimumAge18years.

PolicyTerm(PT)

725years,subjecttomaximummaturity
ageof70years

PremiumPaymentTerm(PPT)

3years/5years/equaltopolicyterm

AnnualPremium

MinimumRs.15000ifPPT=PT
MinimumRs.50,000ifPPT=3years/5years
Maximum=NoLimit

TopupPremium

Minimum:Rs.1,000;
Maximum:25%oftotalregularpremiumpaid

SumAssured(SA)

Minimum:5*AnnualPremium
Maximum:10*Annualpremium

RidersAvailable

InBuilt:WaiverofPremium
Optional:
AccidentalDeathBenefit(ADB)Rider.
ComprehensiveHealthBenefit(CHB)Rider.

PremiumFrequency

Yearly,Halfyearly,Quarterly,Monthly

FundOptions

Growmoneyplusfund,Growthopportunities
plusfund,BuildIndiafund,SaveandGrow
moneyfund,Steadymoneyfund,Safemoney
fund.

PartialWithdrawal

RegularPremium:After5PolicyYears
TopupPremium:After3Years
Minimum:Rs.1000
Maximum:FundValueshouldnotbeless
than120%ofannualpremium.

18

Switches

1st12switchesfreeofchargeinaPolicyyear
SubsequentswitchesarechargedatRs.100
perswitchislevied.
Minimumswitchamount:Rs.1000

Benefits:
DeathBenefit
SumAssuredwillbepaidimmediately.
AllthefuturepremiumswillbepaidbyBhartiAXALifeintothepolicyfundvalue.
JumpstartBenefit
TheJumpstartbenefitiscreditedtotheinvestmentfundsduringthepolicyterm
dependinguponthepolicytermoptionchosen.
PolicyTerm
JumpstartBenefit

Creditedtoinvestment
Funds

7years&10years

5%ofaveragefundvalue.

Atmaturity.

15years

7%ofaveragefundvalue

Atmaturity.

20years&25years

7%ofaveragefundvalue.

5yearsbeforematurity

TaxBenefit
ThepremiumpaidwillbeeligiblefortaxbenefitasperSection80C,80DandSection
10(10D)oftheIncomeTaxAct,1961.

Charges:

PolicyAdministrationCharges:
Thischargeisdeductedbycancellationofunitsfromthepolicyfundvalueon
monthlybasis.ThechargeisRs.60permonthincreasingat5%p.a.oneverypolicy
anniversary.
FundManagementCharges:
FundName
GrowthOpportunitiesPlus
GrowMoneyPlus
BuildIndia
SaveandGrowMoney

PercentofPolicyFundValue(p.a.)
1.35%
1.35%
1.35%
1.25%
19

SteadyMoney

1.00%
1.00%

SafeMoney

Allocation Charges:
Regular premium:

AllocationchargesforPT
Policy
Term
Policy
Year
Year 1
Year 2
Year 3

Annual premium

7 Years

10 Years

15 Years

20 Years

25 Years

>100000
<=100000
Both Premium
bands
Both Premium
bands

28%
25%
9%

35%
32%
15%

35%
32%
15%

45%
36%
24%

50%
50%
24%

5%

5%

5%

5%

5%

0%

0%

0%

0%

0%

Year 4++
SurrenderCharge:

Thischargeisasapercentageoffundvalue.
Policy Term
Policy Year

7 Years

10 Years

15 Years

20 Years

25 Years

Years 1

75%

75%

91%

91%

Years 2

50%

50%

91%
80%

80%

80%

Years 3

25%

25%

50%

50%

50%

Years 4

0%

0%

25%

25%

25%

Years

0%

0%

10%

10%

10%

Years

0%

0%

0%

0%

0%

Ifthepolicyissurrenderedbeforecompletionoffirstthreepolicyyears,surrender
valuewillbepayableaftercompletionofthreepolicyyears.

20

 ICICI PRU SMART KID UNIT-LINKED REGULAR PREMIUM

Features:
EntryAge(LastBirthday)
PolicyTerm(PT)

Parent:2060years
Child: 0 15 years
Parent: 75 years
Child: 19 25 years

PremiumPaymentTerm(PPT)

10 -25 years, subject to maximum maturity age of

AnnualPremium

75 years
MinimumRs.10000
Maximum=NoLimit

TopupPremium

Minimum:Rs.2,000;
Maximum:25%oftotalregularpremiumpaid

SumAssured(SA)

Minimum:1,00,000
Maximum:5*Annualpremium

RidersAvailable

WaiverofPremium
AccidentalDeath&Disability
Benefit(ADDB)Rider.
IncomeBenefit(IB)Rider

PremiumFrequency

Yearly,Halfyearly,Quarterly,Monthly

FundOptions

R.I.C.H II, Multiplier II, Flexi Growth II,

Flexi Balanced II, Balancer II, Protector II,
Preserver, Return Guarantee Fund.

PartialWithdrawal

RegularPremium:After5PolicyYears
TopupPremium:AnttimeduringPT
Minimum:Rs.2000
Maximum:25%ofFundValue
1PWinaPolicyYear
Maximum5PWduringentirePT

21

Switches

1st4switchesfreeofchargeinaPolicyyear
SubsequentswitchesarechargedatRs.100
perswitch
Minimumswitchamount:Rs.2000

Benefits:
DeathBenefit:
SumAssuredwillbepaidimmediately.
Allthefuturepremiumwillbewaivedandpaidbythecompanytillmaturityofthepolicy.
MaturityBenefit:
FundvaluepertainingtoRegularPremiumandTopupPremiumwillbepaidatthe
timeofmaturity.
TaxBenefit:
The premium paid will be eligible for tax benefit as per Section 80C, 80D and Section
10(10D)oftheIncomeTaxAct,1961.

Charges:
PolicyAdministrationCharges:
PolicyadministrationchargewillbeRs.60permonth.
FundManagementCharges:
Thischargeisleviedoneachoftheinvestmentfundsandisadjusteddailyintheunitprice
calculation.
FundName
ProtectorII
Preserver
BalancerII
FlexiBalancedII
FlexiGrowth

PercentofPolicyFundValue(p.a)
0.75%perannum
0.75%perannum
1.00%perannum
1.00%perannum
1.50%perannum
22

MultiplierII
ReturnGuarantee

1.50%perannum
1.50%perannum

Allocation Charges:
Regular premium:
Annual
Year 1
Premium
<20,000
20%
>=20,000
to 19%
<50,000
>=50,000
18%

Year 2 5

Year 6 10

Year 11 Onwards

5%
5%

2%
2%

1%
1%

5%

2%

1%

TopupPremium:
Theallocationchargeshallbe1%oftopuppremium.
SurrenderCharges:
Completedpolicyyearsfor Surrendervalueasa%of SurrenderCharge
FundValue
0%
25%
40%

whichpremiumsarepaid
Lessthan1year
1year
2year

100%
75%
60%

However,thissurrendervaluewouldbepayableonlyaftercompletionofthreepolicy
yearsorwheneverthepolicyissurrenderedthereafter.
Followingarethesurrendervaluesandchargesapplicableafterpaymentof3fullyearsof
premium.
No. of completed policy Surrendervalue

SurrenderCharge

years
3policyyears

4%

4policyyears

2%

5policyyears

0%

23

 SBI LIFE- UNIT PLUS CHILD PLAN

Features:
Entry Age(Last Birthday)

Parent: 18 57 years

Policy Term (PT)

Child: 0 15 years
Min.: 8yrs or (18 childs age at entry)
whichever is higher

Premium Payment Term(PPT)

Max. : 25 yrs
3yrs/ 5yrs/ 7yrs/ Till the child attains 18yrs

Annual Premium

Minimum Rs. 84,000; for PPT = 3yrs

Minimum Rs. 60,000; for PPT = 5yrs Minimum Rs.
48,000; for PPT = 7yrs Minimum Rs. 12,000; for

Top-up Premium

PPT = PT Maximum = No Limit

Minimum: Rs. 2,000;
Maximum: 25% of total regular premium paid.

Sum Assured (SA)

Minimum: 5*Annual Premium

Maximum: For age 18 40 yrs = 25*AP For age 41
50 yrs = 20*AP

Riders Available

For age 51 57 yrs = 15*AP

Waiver of Premium
Accidental Death & Disability(ADD) Rider
Dhanvantri Supreme (CI) Rider.

Maturity Age

Parent: 65 years

Sum Assured (SA)

Child: 18 - 25 years
Minimum: 5*Annual Premium
Maximum: For age 18 40 yrs = 25*AP For age 41
50 yrs = 20*AP

Fund Options

For age 51 57 yrs = 15*AP

Equity Optimizer Fund, Equity Fund, Bond
Fund, Growth Fund, Balanced Fund.

24

Partial Withdrawal (PW)

Regular Premium: After 3 Policy Years

Top-up Premium: Any time during PT
Minimum: Rs. 2000,
Maximum: 25% of Fund value
4 PW are free in a Policy Year
Maximum 5 PW during entire PT

Switches

1st 4 switches free of charge in a Policy year

Subsequent switches are charged at Rs. 100
per switch.
Minimum switch amount: Rs. 10,000.

Benefits:
Death Benefit:
Sum Assured will be paid immediately.
The entire future premium will be waived and paid by the company till maturity of the policy.
Maturity Benefit:
Fund value pertaining to Regular Premium and Top-up Premium will be paid at the time of
maturity.
Loyalty Benefit:
To celebrate the 18th birthday of your child, SBI Life offer loyalty units by way of free
allocation of units based on the average of last 24 months Fund value.
0.15*average last 24 months fund value*No. of policy till age 18
Tax Benefit:
The premium paid will be eligible for tax benefit as per Section 80C, 80D and Section
10(10D) of the Income Tax Act, 1961.

Charges:
Policy Administration Charges:
Policy administration charge will be Rs.60 per month. This charge will increased by 2% per
annum for each subsequent year on the 1st business day of the policy month following 1st
April each year, subject to maximum of Rs.300 per month.

25

Fund Management Charges:

This charge is levied on each of the investment funds and is adjusted daily in the unit price
calculation.
Fund Name

Percent of Policy Fund Value (p.a.)

Equity Fund

1.50% per annum

Equity Optimiser Fund

1.50% per annum

Bond Fund

1.00% per annum

Balanced Fund

1.25% per annum

Growth Fund

1.35% per annum

Allocation Charges:
Regular premium:
Annual
Year 1
Premium
Up to 500,000
18%
500,100
to 17%
10,00,000
10,00,000

& 15%

Year 2 3

Year 4 7

Year 8 Onwards

5%
5%

2%
2%

1%
1%

5%

2%

1%

Above
Top-up Premium:
The allocation charge shall be 1% of top-up premium.
Surrender Charges:
Year

6 & Onwards

Surrender

25%

15%

4%

2%

Nil

charges

2. PENSION PLANS
26

 Bharti AXA Life Dream Life Pension Plus:

Features:
Entry Age
Vesting/Maturity Age
Policy Term
Annual Premium

Additional Regular Premium

Top-up Premium
Fund Options

Switches

Min: 18 years
Max: 75 years
Min: 40 years
Max: 90 years
Min: 10 years
Max: Vesting age chosen
Min: Rs.12,000 For PT > 20 years
Rs.15,000 For PT > 15 years
Rs.10,000 For PT< 15 years
Rs. 50,000 for Single Premium
Max: No Limit
Minimum: Rs.1000
Maximum: No Limit
Minimum: Rs.1000
Maximum: No Limit
Grow Money Pension Plus, Growth
Opportunities Pension Plus, Build India
Pension Fund, Save and grow Money
Pension, Steady Money Pension.
1st 12 switches free of charge in a Policy
year
Subsequent switches are charged at Rs. 100
per switch,
Minimum switch amount: Rs. 1000.

Benefits:
Death Benefit:
In case of death during the policy term, the nominee will get the entire fund value and the
policy will cease to exist.
Maturity Benefit:
Take up to 1/3rd of the fund value as lump sum and use the balance to purchase an annuity
from Bharti AXA Life.
Buy an annuity from any other life insurance company.
Tax Benefit:
Tax benefit will be as per Section 80C/80CCC (1) & Section 10(10A)(3) of the Income Tax
Act, 1961.
Charges:
27

Policy Administration Charges:

Policy administration charge will be Rs.60 per month (Rs.35 in case of Single Premium
policies). This charge will increase from 1st Jan every year by 5%.
Fund Management Charges:
The charge is levied on each of the investment funds and adjusted in a unit price calculation
on a daily basis.
Fund Name
Grow Money Pension Plus
Growth Opportunities Pension Plus
Build India Pension Fund
Save and Grow Money Pension
Steady Money Pension
Safe Money Pension

Fund Management Charge (p.a.)

1.35%
1.35%
1.35%
1.25%
1.00%
1.00%

Allocation Charges:
Annual Regular Premium:
Annual Regular
Premium Band
Rs.12,000 99,999

Year 1

Year 2-4

Year 5+

19%

9%

0%

Rs.1,00,000 & above

12%

9%

0%

Single Premium:
Single Premium Band

Premium Allocation Charge

Rs.50,000 99,999

6%

Rs.1,00,000 & above

2.5%

Top-up Premium:
The allocation charge shall be 2% of top-up premium

Surrender Charge:
The surrender charge is applicable as and when customer surrenders his policy. The surrender
value that you will receive will be the policy fund value less this charge. If policy is
surrendered within first three years policy years then the surrender value as on the date of
intimation of surrender will be paid only after completion of three policy years.
28

Surrender Charge as a Percentage of Policy Fund Value.

Policy
Year

Annual Regular Premium

Single Premium

91%

Surrender Not Allowed

50%

Surrender Not Allowed

30%

Surrender Not Allowed

15%

5%

10%

3%

NIL

0%

ICICI PRU LIFE TIME SUPER PENSION

Features:
Entry Age

Min: 18 Years
Max: 65 Years

29

Vesting/Maturity Age

Min: 45 years
Max: 75 years

Policy Term (PT)

Min: 10 years
Max: 57 years

Annual Premium(APE)

Min: 10,000
Max: No Limit

Sum Assured(SA)

Minimum: 100,000
Maximum: PT*Annual Premium

Top-up Premium

Minimum: 2000
Maximum: No Limit

Fund Options

Pension R.I.C.H. II, Pension Flexi Growth II,

Pension Multiplier II, Pension Flexi Balanced
II, Pension Balancer II, Pension Protector II,
Pension Preserver, Pension Return Guarantee

Switches

1st 4 switches free of charge in a Policy year

Subsequent switches are charged at Rs. 100
per switch
Minimum switch amount: Rs. 2000

Riders Available

Accidental Death & Disability Rider, Waiver

of Premium Rider

Benefits:
Death Benefit:
The Nominee will get the higher of sum assured or fund value as lump sum where spouse is
not the nominee.
Where spouse is nominee, this amount can be given as lump sum or can be used to purchase
an annuity from the company. Alternately, 1/3rd of this value can be taken as lump sum and
balance can be used to purchase an annuity.
Maturity Benefit:
Take up to 1/3rd of the fund value as lump sum and use the balance to purchase an annuity
from ICICI Prudential.
Buy an annuity from any other life insurance company.
Tax Benefit:
30

Tax benefit will be as per Section 80CCC & Section 10(10A) of the Income Tax Act, 1961.

Charges:
Policy Administration Charges:
Policy administration charge will be Rs. 40 per month.
Fund Management Charges:
The charge is levied on each of the investment funds and adjusted in a unit price calculation
on a daily basis.
Fund Name
Pension R.I.C.H. II
Pension Flexi Growth II
Pension Multiplier II
Pension Return Guarantee Fund
Pension Balancer II
Pension Preserver

Fund Management Charge (p.a.)

1.50% per annum
1.50% per annum
1.50% per annum
1.50% per annum
1.00% per annum
0.75% per annum

Allocation Charges:
Regular premium:
Annual
Premium

Year 1

Year 2

Year 3 10

Year 11
Onward

10,000-19,999

20%

9%

1%

Nil

20,000-49,999

17%

9%

1%

Nil

50,000 & above

14%

9%

1%

Nil

Top-up Premium:
The allocation charge shall be 1% of top-up premium.

Surrender Charge:
Completed policy years
for which premiums

Surrender value as a %
of Fund Value

Surrender Charges

Less than 1 year

1
2

0%
25%
40%

100%
75%
60%
31

However, this surrender value would be payable only after completion of three policy years
or whenever the policy is surrendered thereafter.
Following are the surrender values and charges applicable after payment of 3 full years
premium.
No. of completed policy
3 policy years
4 policy years
5 policy years & above

Surrender Value
96%
98%
100%

Surrender Charge
4%
2%
0%

SBI LIFE UNIT PLUS II PENSION

Features:
Entry Age

Min: 18 Years
Max: 65 Years

32

Vesting/Maturity Age

Min: 50 years
Max: 70 years

Policy Term (PT)

Min: 5 years
Max: as per the vesting age chosen

Annual Premium(APE)

Min: 24,000
Min: 25,000 for single premium
Max: No Limit

Sum Assured(SA)

Single Premium Mode

Age 18 35
125% of SP. MAX: 10
lakh
36 45 years

Same, MAX: 5 lakh

40 60 years

Same, MAX: 12 lakh

Regular Premium Mode

Age 18 35
MAX: 10 lakh
36 45 years
40 60 years

MAX: 5 lakh
MAX: 1.2 lakh

Top-up Premium

Minimum: 5000
Maximum: No Limit

Fund Options

Equity Optimizer, Equity Pension, Bond

Pension, Growth Pension, Balanced Pension

Switches

1st 4 switches free of charge in a Policy year

Subsequent switches are charged at Rs. 100
per switch
Minimum switch amount: Rs. 10,000

Riders Available

Accidental Death & Permanent Disability

Rider, Dhanvantri Supreme (Critical illness)
Rider

Benefits:
Death Benefit:
33

The Nominee will get the higher of sum assured or fund value.
Maturity Benefit:
Take up to 1/3rd of the fund value as lump sum and use the balance to purchase an annuity
from SBI Life. Buy an annuity from any other life insurance company.
Tax Benefit:
Tax benefit will be as per Section 80CCC (1) of the Income Tax Act, 1961.

Charges:
Policy Administration Charges:
Policy administration charge will be Rs.60 per month. This charge will increased by 2% per
annum for each subsequent year on the 1st business day of the policy month following 1st
April each year, subject to maximum of Rs.300 per month.
Fund Management Charges:

The charge is levied on each of the investment funds and adjusted in a unit price calculation
on a daily basis.
Fund Name

Fund Management Charge (p.a.)

Equity Optimizer Fund

1.50% per annum

Equity Pension Fund

1.50% per annum

Bond Pension Fund

1.00% per annum

Growth Pension Fund

1.35% per annum

Balanced Pension Fund

1.25% per annum

Allocation Charges:
Regular premium:
Annual
Premium
24,000 99,999
100,000 49,999
500,000 &
above

Year 1

Year 2 & 3

Year 4 & 5

Year 6-10

15%

7.5%

5%

2%

Year 11
Onward
Nil

12%

5%

5%

2%

Nil

9%

3%

3%

2%

Nil

34

Single Premium:
Annual Premium
25,000-100,000
100,000-500,000
500,000 & above

Allocation Charges
4%
3%
2%

Top-up Premium:
The allocation charge shall be 1% of top-up premium received during 1st 10 policy years.
11th onward allocation charges will be nil.
Surrender Charge:
The surrender charge is applicable as and when customer surrenders his policy. The
surrender value that you will receive will be the policy fund value less this charge
Policy Year

For Regular
Mode

Premium For single Premium Mode

Year 4 & 5

2% of F.V.

Nil

Year 6-10

1% of F.V.

Nil

11 onwards

Nil

Nil

3. PROTECTION PLANS
BHARTI AXA LIFE SECURE CONFIDENT
Features:
Entry Age

Minimum: 18 years
Maximum: 55 years

Maturity Age

Minimum: 28 years
Maximum: 65 years

35

Policy Term (PT)

Sum Assured (SA)

10 30 years
Minimum: 5 lacs
Maximum: Rs.24,99,999

Premium Frequency

Single
Regular: Yearly, Half-yearly, Quarterly &
Monthly

Riders Available

In-Built: No
Additional: Accidental Death Benefit, critical
illness benefit rider

Benefits:
Death Benefit:
In case of your unfortunate death during the policy term, nominee will receive the full Sum
Assured.
Maturity Benefit:
As this is a purely protection plan (Term Plan), there is no maturity benefit.
Tax Benefit:
Tax Benefits will be as per the Section 80C, 80D & 10(10D) of the Income Tax Act, 1961.

ICICI PRU PURE PROTECT:

Features:
Entry Age
Maximum Coverage Age

Minimum: 18 years
Maximum: 55 years
75 years

Policy Term (PT)

10 30 years

Premium

Minimum: 2400 per annum

Sum Assured (SA)

Maximum: 24,99,999 for Classic

Minimum: 25 lacs for Elite
36

Riders Available

Maximum: No Limit
In-Built: No
Additional: Accidental Death & Disability
Benefit Rider, Waiver of Premium Rider

Benefits:
Death Benefit:
In case of your unfortunate death during the policy term, nominee will receive the full Sum
Assured.
Maturity Benefit:
As this is a purely protection plan (Term Plan), there is no maturity benefit.
Tax Benefit:
Tax Benefit as per section 80C.

SBI LIFE- SHIELD

Features:
Entry Age
Maximum Coverage Age

Minimum: 18 years
Maximum: 60 years
65 years

Policy Term (PT)

5 25 years

Sum Assured (SA)

Minimum: 3 lakh
Maximum: No Limit
In-Built: No
Additional: Accidental Death & Permanent

Riders Available

Disability Benefit Rider, Premium Waiver

Benefit Rider
37

Benefits:
Death Benefit:
In case of your unfortunate death during the policy term, nominee will receive the full Sum
Assured.
Maturity Benefit:
As this is a purely protection plan (Term Plan), there is no maturity benefit.
Tax Benefit:
Tax Benefit as per Section 80C & 10(10D).

OBJECTIVE
The main objectives of this study are:1. To do comparative analysis of the plans of Bharti AXA Life Insurance Company Ltd. with
its competitors.
2. To compare the features offered in various plans.
3. To compare the various charges levied in the plans.
4. To find out a plan that best secures the childs future.
5. To find out one best retirement solution and protection plan that protects your life in
cheapest cost.

38

In an increasingly competitive environment, where insurance companies fight for the same
customers, the companies need to keep the plans as competitive as possible and for that
companies need to keep the charges as low as possible. With this comparative analysis of
different plans charges, benefits and features, we will be able to find out where company is
good as compared to other players in the market and where company can improve.
It will also help the company, customers and other persons involved with the company as
they can compare the plans and find out the details as per the requirement.

METHODOLOGY

RESEARCH APPROACHES
Two types of approaches are used during this study:
1. Analytical
2. Descriptive

DATA COLLECTION METHODS

To conduct the Business research, the data is collected by Secondary Data. Secondary data is
one which already exists and is collected from the published sources.

POPULATION:
39

The following three Insurance companies made the population of this study:

Bharti AXA Life Insurance Co. Ltd

ICICI Prudential Life Insurance Co Ltd

SBI Life Insurance Co Ltd

SAMPLE:
Child Plan, Pension Plan and Term Plan were taken for comparison as samples.

COMPARISON TECHNIQUE
The plans of selected companies were compared based on three important factors:
Plan features
Allocation charge
Policy Administration charges.
Each feature fetches 1 point.

Points Regarding Allocation charges & Policy Administration charges were as follows:
Least Allocation Charges & Policy Admin. Charges fetched 15 points each.
Next least Allocation Charges & Policy Admin. Charges fetched 10 points each.
Highest Allocation Charges & Policy Admin. Charges fetched 5 points each.
Then all the points regarding features, allocation charges and policy administration charges
were added to find out the total points collected by the plans of each company.
The plan having highest points is rated 1 and so on.
The Term plan is compared on other basis because there are no allocation charges and no
policy administration charges.
The annual premium is calculated for different age people opting for the same policy term
and same sum assured.
The company offering least annual premium in an age group for the same policy term and
40

same sum assured is rated 1 and so on.

DATA ANALYSIS
COMPARISON OF CHILD PLANS
Product Features
Cover on parent
Cover On Child
WOP
IB Rider
ADB Rider
CHB Rider
Increase/Decrease
Premium
Increase/Decrease S.A
Top-up premium
Partial Withdrawal
Cover continuance

Bharti AXA Life ICICI PRU Smart SBI Life- Unit Plus
Bright Star Plus
Kid New ULRP
Child Plan
Yes
Yes
Yes
No
No
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes

Yes
Yes
Yes
Yes

Yes
Yes
Yes
Yes
41

option
Premium Re-direction
Switches
Systematic Transfer
plan
Automatic Asset
Allocation
Settlement option
Loyalty Addition
Free Look Period
Total Points

Yes
Yes
Yes

No
Yes
Yes

Yes
Yes
No

Yes

No

No

Yes
Yes
Yes
17

Yes
No
Yes
13

Yes
Yes
Yes
14

Comparison of Charges
The charges are compared with the help of examples. Consider
Policy Term:

15 Years

Premium Payment Term:

15 Years

Annual Premium:

15,000/20,000/50,000

Allocation Charges
Year

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Total
charges

APE: 15,000
Bharti ICICI
SBI
AXA
PRU
LifeLife
Unit
Smart
Bright
Plus
Star
Kid
Child
Plus
ULRP Plan
5150
2250
750
0
0
0
0
0
0
0
0
0
0
0
0
8150

3000
750
750
750
750
300
300
300
300
300
150
150
150
150
150
8250

2700
750
750
300
300
300
300
150
150
150
150
150
150
150
150
6600

APE: 20,000
Bharti ICICI
SBI
AXA PRU
LifeLife
Unit
Smart
Bright
Plus
Star
Kid
Child
Plus
ULRP Plan

APE: 50,000
Bhart ICICI SBI
i AXA PRU LifeLife
Unit
Smart
Brigh
Plus
t Star
Kid Child
Plus
ULRP Plan

6000
3000
1000
0
0
0
0
0
0
0
0
0
0
0
0
10,000

16,000
7500
2500
0
0
0
0
0
0
0
0
0
0
0
0
26,000

3800
1000
1000
1000
1000
400
400
400
400
400
200
200
200
200
200
10,800

3600
1000
1000
400
400
400
400
200
200
200
200
200
200
200
200
8800

900
250
250
250
250
100
100
100
100
100
500
500
500
500
500
26,50

9000
2500
2500
1000
1000
1000
1000
500
500
500
500
500
500
500
500
22,00

0
42

From the above table, It can infer that in every case the allocation charges are least in SBI
Life Unit Plus Child Plan and highest in ICICI PRU SmartKid Unit Linked Regular
Premium.
Hence rating According to Allocation charges are:
1. SBI Life Unit Plus Child Plan

: 15

2. Bharti AXA Life Bright Star Plus

: 10

3. ICICI PRU SmartKid Unit Linked Regular Premium

: 05

Policy Administration Charges:

Year

Bharti AXA Life

Bright Star Plus

ICICI PRU
SmartKid ULRP

SBI Life- Unit Plus

Child Plan

660

720

750

693

720

765

728

720

780

765

720

795

803

720

811

843

720

828

885

720

844

929

720

861

976

720

878

10

1024

720

896

11

1075

720

914

12

1129

720

932

13

1186

720

951

14

1245

720

970

15

1307

720

990

Total

14,248

10,800

12,965

From the above table, it can infer that Policy Administration charges are least in ICICI PRU
43

Life SmartKid Unit Linked Regular Premium and highest in Bharti AXA Bright Star Plus.
Hence rating according to the Policy administration charges are:
1. ICICI PRU Life SmartKid Unit Linked Regular Premium: 15
2. SBI Life Unit Plus Child Plan

: 10

3. Bharti AXA Life Bright Star Plus

: 05

Total Points Collected:

Company
BHARTI AXA LIFE 17
ICICI PRU LIFE
13
SBI LIFE
14

Features

Allocation
Charges
10
05
15

Policy Admin.
Charges
05
15
10

Total Points
32
33
39

Interpretation:
From the above Column chart, it is clear that Bharti AXA Life Bright Star Plus has got the
least points; ICICI PRU Life SmartKid Unit Linked Regular Premium got the second highest
points. Hence SBI Life Unit Plus Child Plan is the best plan among these three life Insurer.

44

COMPARISON OF PENSION PLANS

Product Features

Bharti AXA Life ICICI PRU Life

Dream Life Pension Time Super Pension
Plus
Option of Life Cover
No
Yes
WOP
No
Yes
ADDB Rider
No
Yes
Critical Illness Rider
No
No
Increase RP
No
No
Additional RP
Yes
No
Indexation
Yes
No
Top-up premium
Yes
Yes
Partial Withdrawal
Yes
No
Cover
continuance
Yes
Yes
option
Premium ReYes
No
direction
Switches
Yes
Yes
Systematic Transfer
No
No
plan
Automatic Transfer
No
Yes
Strategy
Change of Maturity
Yes
Yes
Date
Free Look Period
Yes
Yes
Open Market Option
Yes
Yes
Single Premium
Yes
No
Total Points
11
10

SBI Life- Unit Plus

II Pension
Yes
No
Yes
Yes
Yes
No
No
Yes
No
Yes
Yes
Yes
No
No
No
Yes
Yes
Yes
11

Comparison of Charges:
The charges are compared with the help of examples:
Consider
Policy Term:

15 Years
45

Premium Payment Term:

15 Years

Annual Premium:

15,000/20,000/50,000

Allocation Charges
Year

APE: 25,000

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

ICICI
PRU

SBI
Life-

Life

Unit

time

Pension

Super

Plus

Pension

4750
2250
2250
2250
0
0
0
0
0
0
0
0
0
0
0
11,500

Total

APE: 50,000

Bharti
AXA
Life
Dream
Life

4250
2250
250
250
250
250
250
250
250
250
0
0
0
0
0
8,500

APE: 1,00,000

ICICI
PRU

SBI
Life-

Life

Unit

Plus II

Bharti
AXA
Life
Dream
Life

time

Pension

Pensio

Super

n Plus

Pension

9500
4500
4500
4500
0
0
0
0
0
0
0
0
0
0
0
23,000

7000
4500
500
500
500
500
500
500
500
500
0
0
0
0
0
15,500

3750
1875
1875
1250
1250
500
500
500
500
500
0
0
0
0
0
12,500

ICICI
PRU

SBI
Life-

Life

Unit

Plus II

Bharti
AXA
Life
Dream
Life

time

Plus II

Pension

Pension

Super

Pension

Plus

Pension

19000
9000
9000
9000
0
0
0
0
0
0
0
0
0
0
0
46,000

14000
9000
1000
1000
1000
1000
1000
1000
1000
1000
0
0
0
0
0
31,000

7500
3750
3750
2500
2500
1000
1000
1000
1000
1000
0
0
0
0
0
25,000

13500
5000
5000
5000
5000
2000
2000
2000
2000
2000
0
0
0
0
0
47,500

charges

From the above table, it can infer that in every case the allocation charges are least in ICICI
Prudential Life Time Super pension and highest in SBI Life Unit Plus II Pension.
Hence rating According to Allocation charges are:
1. ICICI Prudential Life Time Super pension

15

2. Bharti AXA Life Dream Life Pension Plus

10

3. SBI Life Unit Plus II Pension

05

Policy Administration Charges:

Year

Bharti AXA Life

Dream Life Pension

ICICI PRU Life time

Super Pension

SBI Life- Unit Plus

II Pension

Plus
46

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Total

612
643
675
709
744
782
821
862
905
950
998
1047
1100
1155
1213
13,216

480
480
480
480
480
480
480
480
480
480
480
480
480
480
480
7,200

765
781
796
812
829
845
862
879
897
915
933
952
971
990
1010
13,237

From the above table, it can infer that Policy Administration charges are least in ICICI PRU
Life Time Super Pension and highest in SBI Life- Unit Plus II Pension.
Hence rating according to the Policy administration charges are:
1. ICICI PRU Life Time Super Pension

15

2. Bharti AXA Dream Life Pension Plus

10

3. SBI Life- Unit Plus II Pension

05

Company
Bharti AXA LIFE
ICICI PRU LIFE
SBI LIFE

Allocation
Charges
10
15
05

Total Points Collected

Policy Admin. Features
Charges
10
11
15
10
05
11

Total Points
31
40
21

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Interpretation:
From the above column chart, it is clear that ICICI PRU LIFE has got the maximum points &
SBI LIFE has got the minimum points. Hence ICICI PRU Life Time Super Pension is the
best retirement solution among the 3 Insurer.

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COMPARISON OF TERM PLAN

Term plan can be compared on the basis of premium payable for level covered. Table below
shows the sample of premium payable for Policy Term of 10 years & Sum Assure of 15 lakh
for different companies:
Premium payable for PT=10 Years & SA=1500000 Lakh
Age
30
35
40

Bharti AXA Life

Secure Confident
2580
3080
3960

ICICI Pru Pure

Protection
2920
3771
5373

SBI Life- Shield

2988
3753
5237

Interpretation:
From the above data it is clear that Bharti AXA Life Secure Confident provide you the basic
cover level for your life charging the minimum cost among the 3 life Insurer.

FINDINGS
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The findings from the above study are as follows:

1. Allocation charges of Bharti AXA Life Bright Star Plus Plan are higher than SBI LifeUnit Plus Child Plan.
2. Policy Administration Charges in Bharti AXA Life Bright Star Plus are very much
higher than other two insurers.
3. There is no option of life cover in Bharti AXA Life Dream Life Pension Plus whereas
ICICI Pru Life and SBI Life provide the option of life cover in their respective
retirement plan.
4. Bharti AXA Dream Life Pension Plus does not have any rider, whereas ICICI Pru Life
and SBI Life provide two Riders in their respective plan.
5. Bharti AXA Dream Life Pension Plus has the option of Additional Regular Premium
and Indexation, which the other two insurers do not provide.
6. Allocation charges and Policy Administration charges in Bharti AXA Life Dream Life
Pension Plus are higher than ICICI Pru Life Time Super Pension but lower than SBI
Life Unit Plus-II Pension Plan.
7. Annual Premium in Bharti AXA Life Secure Confident is lower than the other two
insurers.
8. LIC is more popular among people than any other private insurance company.
9. Bharti AXA Life Insurance is new in market therefore not much recognized in market
among people but due to brand image of Bharti it will soon capture a good market
share.

RECOMMENDATIONS
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Based upon the above findings, the following recommendations were made:
1. Company should reduce the charges in order to make the products more competitive.
2. Company must reduce the policy administration charges levied in Bharti AXA Life
Dream Life Pension Plus.
3. Company should provide the option of life cover & Rider in Pension Plan as done by the
other 2 Life Insurers.
4. The company should spend on the promotional activities like advertisement in television,
newspapers to create more awareness of the product as they have more recall value.
5. Company needs greater awareness of its product among target audience.
6. Company should use the name of Airtel to create more awareness among people.
7. Company should open more branches in rural area also so as it can target more people
and also promote its products.

CONCLUSION
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After comparative analysis of the plans of these three companies, it is concluded that charges
are varying significantly between companies. Policy Administration Charges by Bharti AXA
Life Insurance and SBI Life Insurance Companies are more than charges levied by ICICI
Prudential Life Insurance Company.
Hence among Pension Plans, ICICI Prudential Life Time Super Pension Plan is the best plan
among these three life insurers. Whereas for Child Plan, SBI Life- Unit Plus Child Plan is the
best plan among these three companies. Bharti AXA Life Insurance Provides the cheapest
term among these three life insurers.

REFERENCES
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http://www.bharti-axalife.com/products/default.asp
http://www.bharti-axalife.com/about/default.asp
http://connect.in.com/bharti-axa-life-insurance-company-ltd/profile-517249.html
http://www.irdaindia.org/
http://www.investopedia.com/dictionary/default.asp
http://www.bharti-axalife.com/public_disclosures.asp
http://www.sbilife.co.in/sbilife/content/home
http://www.iciciprulife.com/public/Life-plans/Pure-Protection-Plans.htm

Contact Details:

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Name: Lokesh Chander R

Mobile: +919739459169
e-mail: lokeshchanderr@gmail.com

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