SUMMER INTERNSHIP PROJECT REPORT

ON

COMPARTATIVES STUDY ON ULIP’S IN THE

INSURANCE MARKET

SUBMITTED FOR

THE PARTIAL FULLFILLMENT OF THE AWARD

OF DEGREE OF MASTER

OF BUSINESS ADMINISTRATION (MBA)

SESSION : 2018-2020
 Submitted To:
Submitted By:
MRS SWATI CHAUDHARY
Name: KAVYA SRIVASTAVA

Roll. No.1873370017
 HIERANK BUSINESS SCHOOL ,NOIDA

A-42 Institutional area, sector -62 noida

DECLARATION

This is to certify that dissertation entitled Customers

Perception towards of Shriram Life Insurance Company in

Noida is submitted to HIERANK BUSINESS SCHOOL &

MANAGEMENT , Noida, in partial fulfillment of the

requirements for the award of the Master of business

administration, and is a record work by SWATI MISHRA.

The project has been done under my supervision & guidance

and the project has not formed the basis for the award of any

degree or other similar title to any candidate.

ACKNOWLEDGMENT

It’s a privilege to be associated with Shriram Life Insurance, one of

the most respected and dominant life insurance sector. This

acknowledgement is not only the means of formality, but to me, it is a

way by which I am getting the opportunity to show the deep sense of

appreciation and commitment to every one of the general population

who have given me motivation, direction and help during the planning

of the project

At the very outset, I would like to express my gratitude from bottom

of my heart to M/s. Preeti Rana Relationship Manager, Mr. Junaid

Warsi Zonal Manager & Personnel for giving me the opportunity to

do my Summer Internship Project in this esteemed organization. I

want to thanks my faculty Mrs Swati Chaudhary for supporting me

to complete my internship project. Their guidance and co-operation

helped me to get a better understanding of the tasks performed at the

organization.

KAVYA SRIVASTAVA
 PREFACE

Summer Training is business organization in fuse among

student a sense of critical analysis of the real managerial

situation to which they are exposed. This gins them an

opportunity to apply their conceptual theoretical &

imaginative skills in a real life situations and to evaluate the

results there of.

Practical training through selling policies and interect with the

clients which gave me actual input to fulfill my real aim.

This report is the written account of what I learnt experienced

during my training. I wish those going through it will not

only find it real but also get useful information.

EXECUTIVE SUMMARY

Human life is a most important asset and life insurance is the

most important type of insurance which provides financial

protection to a person and his family at the time of uncertain

risks or damage. Life insurance provides both safety and

protection to individuals and also encourages savings among

people. Shriram Life Insurance plays a vital role in the

welfare of human well-being by providing insurance to

millions of people against life risks such as uncertain death or

accident. The present exploratory and descriptive based study

was selected with an objective to examines the various factors

that affect the consumer perception towards life insurance

policy and also analyze the preferences of customers while

life policy investment decision-making. Various insurance

related factors have been discussed in the paper. The data for
the study has been collected from primary sources. The study

area is limited to Noida and sample size is 100 respondents.

The statistical technique used for the analysis is simple

percentage analysis. The main finding of the study reflected

that there are four factors i.e. premium, returns, goodwill of

the company and duration of the policy that influence the

consumer perception towards life insurance policy. Insurance

companies should spread more awareness about life

insurance, reduction in premium amount and giving more

attention on need based innovative products are some of the

suggestions provided by the researcher. The paper concludes

with that earlier Insurance was a means for wealth creation

and that too for a longer period as returns were comparatively

low but as compared with the data in the current part it can be

said that people are shifting towards Insurance sector not only

for tax saving but for future planning, life covering risk

against security, etc.

INDEX

S.NO TO

1 Introdu

1.1 Introduct

1.2 Introductio

2 Literature

3 Objective o

4 Research m

5 Data analysis an

6 Find
 7 Concl

8 Limit

9 Recomme

10 Bibliog

11 Anne

CHAPTER-1
 ULIPS COMPANY PROFILE
INTRODUCTION
Unit linked insurance plane (ULIP) is a life insurance solution that
provide the client with the benefits of protection and flexibility in
investment. It is a solution which provide for life insurance where the
policy value at any time varies according to the value of underlying
assets at the time. The investment is denoted as unit and is
represented by the value that it has attained called as Net Asset
Value(NAV).
ULIPs are a category of goal-based financial solutions that combine
the safety of insurance protection with wealth creation
opportunities. In ULIPs, a part of the investment goes toward
providing a life cover, the residual portion of the ULIP is invested in a
fund which in turn invests in stock and bonds; the value of
investment alters with the performance of the underlying fund opted
by the customers.
Simply put, ULIPs are structured in such that the protection element
and the savings element are distinguishable, and hence managed
according to your specific needs. In this way, the ULIP plan offers
unprecedented flexibility and transparency.
ULIPs come into play in 1960s and become very popular in Western
Europe and America. The reason that is attributed to the spread
popularity of ULIP is because of the transparency and the flexibility
which it offers to the clients. As time progressed the plans were also
successfully mapped long with life insurance needs to retirement
planning. In today’s time ULIP provides solution for all the need
client like insurance planning, financial needs, financial planning for
children’s and retirement planning.
 STRUTURE OF ULIPs
 ULIPs offered by different insurances having varying charge
structures. Broadly the different types of fees and charges are
given below. Fees and charges over a period of time.

a) Premium Allocation Charges: -

 These charges are deducted up from the premium paid by the
client. These charges account for the initial expenses incurred
by the company in issuing the policy: - eg: - cost of
underwriting, medical and expenses related to distribution
fees. After these charges are deducted the money gets invested
the chosen fund.

b) Policy Administration Charges: -

 These charges are deducted on a monthly basis to recover the
expenses incurred by the insurance on servicing and
maintaining the life insurance policy like paperwork, work
force, etc.

c) Mortality Charges: -
 Mortality expenses are charged by the life insurance companies
for providing a life cover to the individual. The expenses vary
with the age the sum assured or the sum-at-risk which is the
difference between sum assured and fund value if the
insurance policy of an individual. Mortality charges are
deducted on a monthly basis.

d) Fund Management Charges: -

 A portion of the ULIP premium, depending on the fund chosen
is invested either in equities, bonds, gout-sector or money
market instruments. Sometime it is a combination of these.
 Managing these investments incur a fund management chare
(FMC). The FMC varies from fund to fund even within the same
insurance company depending on the underlying assets in the
fund. Usually a fund with higher equity component will have a
higher FMC.

e) Surrender Charges: -
 A surrender charge may be deducted for premature portion or
full encashment of units wherever applicable, as mentioned in
the policy conditions.

f) Fund Switching Charges: -

 Generally, a limited number of fund switches may be allowed
each year without charge, with subsequent switches, subject to
a charge. But now a day many insurers offer fund switching free
of cost.

g) Service Tax Deed Actions: -

 Before allotment of the unit’s the applicable service tax is
deducted from the risk portion of premium.
 TYPES OF FUNDS UNDER ULIPs

Most insurance offer a wide range of funds to suit one’s

investment objective, risk profile and time horizons. Different
funds have different risk profile. The potential for returns also
varies from fund to fund. The following are some of the
common types of funds available along with an indication their
risk character rustic’s.

General description Nature of Risk category

investment
Equity funds Primarily invested in Medium to high
company stock with
the general aim of
capital appreciation.
Income, fixed Invested corporate Medium
interest and bond bonds, govt.
funds securities and other
fixed income
instruments.
Cash funds Sometime known as Low
money market
funds-invested in
cash, bank deposit
and money market
instruments.
Balanced fund Combining equity Medium
investment with
fixed interest
instruments.

HISTORY
The first ULIP was launched UNIT TRUST OF INDIA (UTI). With the
GOVERNMENT OF INDIA opening up the insurance sector to foreign
investors in 2001 and the subsequent issue of major guidelines for
ULIP’s by the INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY ( IRDA ), now Insurance Regulatory and Development
authority of India ( IRDAI ),in 2005 several insurance companies for a
eyed into the ULIP business leading to an over an abundance of ULIP
schemes being launched to serve the investment needs of those
looking to invest in an investment cum insurance product.

WORKING PRINCIPLE

A unit linked insurance plan is essentially a combination if Insurance

and an investment vehicle. A portion of the premium paid by the
policyholder is utilized to provide insurance coverage to the
policyholder and the remaining portion is invested in equity and debt
instruments.
The aggregate premiums collected by the Insurance company
providing such plans is pooled and invested in varying proportion of
debt and equity securities in a similar manner to mutual funds.
Each policyholder has the option to select a personalized investment
mix based on his/her investment needs and risk appetite. Like
mutual funds, each policyholder’s unit linked Insurance Plan Holds a
certain number of fund units, each of which has a Net Asset Value
(NAV) that is declared on a daily basis.
The NAV is the value upon which net rates of return on ULIP’s are
determined. The NAV varies from one ULIP to another based on
market conditions and fund performance.

FEATURES
 A portion of premium goes towards mostly changes i.e.
providing life cover.
 The remaining portion gets investment funds of policyholder’s
choice.
 Invested funds continue to earn market linked returns.
 ULIP policy holder can makes use of features such as:
 Top up facilities
 Switching between various funds during the
tenure of the policy.
 Reduce or increase the level of protection
 Option to surrender
 Addition riders to enhance coverage
 And returns as well as tax benefits.

TYPES

Depending upon the death benefits, there are broadly two

types of ULIP’s.
UNDER TYPE- I ULIP: - The nomine gets the higher of sum
assured and fund value while.
 UNDER TYPES- II ULIP: - Then nomine of policyholder gets of
sum assured and fund value in the event demise of the
policyholder.
There are variety of ULIP plans to choose from
a) Based on the investment objectives of the investor,
b) His risk appetite as well as the investment horizon
Some ULIP’s play it safe by allocating a larger portion of the
investment capital in debt instruments while other purely
invest in equity.
Again, all this is totally based on the type of ULIP chosen for
investment and the investor preference and risk appetite.

CHARGES

Unlike traditional insurance policies, ULIP schemes have a list

of applicable charges that are deducted from the payable
premium. The notable ones include policy administration
charges, premium allocation charges, fund switching charges,
mortality charges, and a policy surrender or withdrawal charge.
Some Insurer also charge "Guarantee Charge" as a percentage
of Fund Value for built in minimum guarantee under the policy.
RISKS
Since ULIP (United Linked Plan) returns are directly linked to
market performance and the investment risk in investment
portfolio is borne entirely by the policy holder, one needs to
thoroughly understand the risks involved and one’s own risk
absorption capacity before deciding to invest in ULIPs.

Providers
There are several public and private sector insurance providers
that either operate solo or have partnered with foreign
insurance companies to sell unit linked insurance plans in India.
The public insurance providers include LIC of India, SBI Life
and Canara while and some of the private insurance providers
include AEGON Life, Edelweiss Tokyo Life Insurance, Reliance
Life, ICICI Prudential, HDFC Life, Bajaj Allianz, Aviva Life
Insurance, Max life insurance, Kotak Mahindra Life, and
Premium Life Insurance.

Tax Benefits

Investment in ULIPs is eligible for tax benefit up to a maximum

of Rs 1.5 lacs under Section 80C of the Income Tax Act.
Maturity proceeds are also exempt from income tax. There is a
caveat. The Sum Assured or the minimum death benefit must
be at least 10 times the annual premium. If this condition is not
met, the benefit under Section 80C shall be capped at 10% of
Sum Assured while the maturity proceeds will not be exempt
from income tax.
What are the different types of ULIP Investments?
1)Equity Funds:
These ULIPs invest primarily in high-risk equities and stocks on
companies. They are the riskiest ULIP investment, and also the
one offering the highest rewards. If you have a medium-to-high
risk appetite, and think that fortune favors the bold – go for one
of these plans. If you win here, you win big.
High risk, high reward.

1) Income, fixed-interest, and bond funds:

Under these ULIPs, your funds will be invested in government
securities, fixed-income securities, corporate bonds, and the
like, which offer a medium and risk, and medium reward.
Medium risk, low to medium reward.

1) Cash Funds:
 Investments in these ULIPs will see your corpus directed
towards money market funds, cash and bank deposits and
other money market instruments which are in the lowest risk
category.
Low risk (almost no risk) and low reward.

2) Balanced Funds:
These are the most stable and prudent investment based on
the very fact that they vary the amount of investment that
goes to different places. It invests in proportion, and divides
the total investible amount between equity investments in high
risk equities, company stocks, etc. and fixed-interest
instruments which pose a lower risk.
Medium risk, high reward.

1.2 - INTRODUCTION TO COMPANY

Insurance Industry;
Insurance in India was started in the year of 1956, when Life

Insurance Corporation came into place. Post liberalization, the

insurance industry in India has recorded significant growth. The

Indian insurance industry is expected to grow to US$280 billion by

FY2020, owing to the solid economic growth and higher personal

disposable incomes in the country. Premium income of the life

insurance segment had increased 14.04% in FY17 to RS4.18 trillion

(US$ 64.92 billion). The total insurance market expanded from US$

23 billion in FY05 to US$ 84.72 billion in FY17. There are 24 life

insurance and 33 non-life insurance companies in the Indian market

who compete on price and services to attract customers. There are

more than six reinsurance companies. The industry has been spurred

by product innovation, vipant distribution channels, coupled with

targeted publicity and promotional campaigns by the insurers. Private

sector companies hold 48.01% market share in the general insurance

segment and 28.93% market share in the life insurance segment.

 Highlights of Shriram Life Insurance

 Shriram Life has more than 528 branches with over and above

1.45 crore customers.

 Shriram Life clocked Rs.1020 crore gross premium in 2015-

2016.

 The company has a network of 609 offices and 75,000 agents

across India.

 Shriram has an outstanding Underwriting Record and has

awarded as ‘Underwriting Initiative of the Year.’

 Shriram Life Insurance generates more than 40% business

through providing insurance to rural area and weaker segment

individuals - ‘AAM AADMI’ of India.

 The Founder of Shriram Group, Mr R Thyagarajan, has been awarded with Padma

Bhushan

Review of literature
 THE ECONONMIC TIMES
ULIPS ARE ONE OF THE BEST TAX SAVING INSTRUMENTS
Life insurance product such as UNIT LINKED INSURANCE PLAN
can be considered a more reliable wealth creation solution over
the long term, keeping in mind the returns, protection and tax
savings, all combined in one product.
One of the unique propositions of ulip’s is that it permits
investing one’s premium in a mix of debt and equity funds in
varying proportions, allowing inter-funds transfers through
switchers and all this with no tax liability.
The average investors enjoy numerous tax savings option like
PPF, life insurance plans, ELSS investments, ULIPS and more.
The premium paid towards this policy is allowed as a deduction
U/S 80C of the income tax act. So, ULIPS premiums can be
deducted from your taxable income up to the permissible limit
U/S 80C, which is currently at RS.1.5 lakhs.
Tax free withdrawal
Withdrawal may occur in the followings instances;
 Death of the policy holder
 Maturity of the policy
 Partial withdrawal at the discretion of the policy holder
 Death benefits paid under the ulip is completely tax free

OBJECTIVES:
 To know what factor people consider while purchasing unit
linked insurance policy.
 To know the investment criteria of people.
  To know in which range people want to invest.

METHO DOLOGY:
 Sources of Data:
The two types of data are as follows:
 Primary data
 Secondary data
 Secondary data:
Secondary data means the data that is already i.e., they refer to data
which is already been collected and analyses by someone else.
Data collected for this project is from the:
 Research project
 Browsing different website
 Referring various articles
 Primary data:
Data collected is by the means of questionnaire filled by the ULIP’S
CUSTOMER of:
 SBI bank
 HDFC bank
 ICICI bank
 And others people
Sampling design:
Convince sampling method is used for sampling design in which
customers are easily selected.
Sampling size:
The sampling size in this research project is restricted to 100 and
sample is collected in only secunderabad city.
Sampling description:
The sample consist of all income group which includes:
 Government employees
 Private employees
 Self employed
 Retired people
Statistical tools used:
Microsoft word, Microsoft excel, for showing the graphs and pie
charts for the purpose of analyzing the data.

LIMITATIONS
 Survey restricted to the only unit linked insurance plan policy
holders.
 Survey restricted to the secunderabad city.
 Since, the sampling technique was convincing the findings
might not give an accurate picture.
 Some of the customers could not give an accurate response to
some of the questions.
 Milestone centric planning;
Ulips have a minimum lock- in –period of five years. The
policy holder is permitted to make partial withdrawals
after this period.
The partial withdrawals, which cannot exceed 20% of the
funds value of the policy, are completely tax free, provided
they are made after the completion of the lock-in-period.

THE ECONIOMIC TIMES

 Pre 2010, ULIPS were expensive due to high premium
allocation and funds management charges(FMC)
 However, all that has changed when IRDAI in 2010 capped
charges at 3% of gross yield for policies with a term of up to
10 years and 2.25% for those more than 10 years.
 Some of these new ULPIS also 0% allocation charges and have
FMC of only 1.35%.
 Many investors compare ULIPS with traditional insurance
policies expecting low returns from both products. But only
a part of the premium in ULIPS goes for the insurance cover
while the rest is invested in the fund of your choice.
 Most people are misled into believing that you cannot
surrender a ULIPS before the maturity date.
 However, this is totally wrong as you always have the
choice to surrenders your policy before the maturity date.
 When you surrender your policy after the lock-in period,
your funds value will be paid out.
  However, it is not advisable to surrenders ULIPS unless
there’s a severe financial crunch.
 Capital appreciation takes time and you may not get much
benefits out of surrending.

INTRODUCTIO OF SBI LIFE INSURANCE

SBI Life Insurance Company Limited is an India-based

company, which offers life insurance. The company
offers a range of services, such as premium calculator,
retirement planner child education planner include unit
linked plans, child plans and saving plans. Its group
plans include corporate solutions, group loan protection
products and group micro insurance plans. Its corporate
solutions include retirement solutions, such as SBI Life-
Kaylan ULIP Plus, SBI life cap assure gold and SBI life-
Swarna Jeevan, and group protection plans, such as SBI
Life-Sampoorn suraksha and SBI Life-Pradhan Mantri
Jeevan Joyti Bima Yojana, SBI Life-Sampoorn Suraksha
plus. Its Group Loan Protection Product includes SBI
Life-Rinn Rakshasa. Its group micro insurance plans
include SBI Life-Grameen Shakti and SBI Life Grameen
super Suraksha. Its online plans include SBI Life-
elncome shield, SBI Life-shield and SBI Life-Annuity plus.
 HISTORY

SBI LIFE INSURANCE COMPANY Ltd

The company was incorporated at Mumbai on October

11, 2000 as SBI life insurance company Limited, a public
limited company under the company act 1956, and
received certificate of commencement of business from
the ROC on November 20, 2000. The company is
registered with the IRDA (Registration number: 111) for
carrying out business of life insurance pursuant to the
registration certificate date march 29, 2001.

Major event and milestones of the company

2000

The company commenced its operations

2006
 Only private sector Indian life insurance company to
declare profit with in six year of incorporation, whilst
registering a profit OF approximately? 20 million

2008

The company achieved the breakeven mark

2010

The company crossed growth premium of? 100

billion.

2011

The number of branches of the company exceeded 500

branches.

2012

The company crossed profit after tax of? 5 billion and

declared maiden dividend to the shareholders.

2013

The number of branches of company exceeded 750

branches.

2016

The company crossed gross written premium of? 150

billion.
 Listed below are the ULIP Plans offered by SBI
Life:

 SBI Life -Sara Mahan Annand

 SBI Life -Smart Elite
 SBI Life -Smart Wealth Builder
 SBI Life -Smart Scholar
 SBI Life -Smart Power Insurance
 SBI Life -Smart Wealth Assure
 SBI Life – eWealth Insurance

1. SBI Life - Sara Mahan Annand

This is a very simple unit linked life insurance product designed
to meet your investment needs. It is a non-participating ULIP
plan. The benefits and features of this plan include:
 Medical examination not required.
 Guaranteed addition up to 30%.
 3 fund options to invest your funds.
 No premium allocation charge is applicable.
 Liquidity via partial withdrawals
 Sum assured varies as per age.
 Policy terms are 10, 15 and 20 years.
 Minimum entry age 18 years.
 Maximum entry age 50 years.
 Maximum age at maturity is 60 years.
 The policy offers Death benefits, Maturity benefits, Riders
benefits and Tax benefits.

2. SBI Life -Smart Elite

It is a unit linked plan which allows you to pay premium for a
limited term and enjoy protection and investments. The plan
comes with the following features and benefits:
 Minimum entry age 18 years.
 Maximum entry age 60 years.
 Policy terms - 5 to 20 years.
 Premium paying terms- Single and 5, 8 and 10 years for
LPPP.
 Premium modes are - single, quarterly, monthly, yearly and
half-yearly.
 Sum assured varies based on age of the policyholder.
 The plan comes with in-built benefits such as accidental
benefits.
 It also provides tax benefits, maturity benefits and death
benefits.

3. SBI Life -Smart Wealth Builder:

It is another unit linked, non-participating life insurance plan
offered by SBI. The plan is designed to meet your insurance
and financial requirements. Listed below are major benefits and
features offered by the plan:
 No premium allocation charge.
 7 different funds to invest your savings.
 Guaranteed additions.
 No policy administration charge for initial 5 years.
 Get tax, death and maturity benefits with this plan.
 Minimum entry age is 7 years
 Maximum entry age 65 years for Single pay and 60 years for
Regular pay and Limited pay.
 Maximum age at maturity should be 70 years.
 Policy terms are- 10, 15, and 30 years.
 Premium payment modes- Yearly and single.

4. SBI Life -Smart Scholar:

This ULIP is designed to secure your child's future. The plan
provides dual protection including market linked returns and
investments. The key benefits and features offered by the plan
include:
 Partial withdrawal is allowed
 Offers 7 funds.
 Minimum entry age: child: 0 and proposer: 18 years
 Maximum entry age: child: 17 and proposer: 57 years
 Maximum age at maturity 65 years.
 Policy terms are - Minimum: 8 years; Maximum; 25 years.
 Premium Paying terms 5 to 25 years.
 Suma assured varies.

5. SBI Life -Smart Power Insurance

This is a unit linked non-participating insurance plan that
provides you insurance protection as well as fulfill your
investment needs. The plan charges lower premium rates. The
key features and benefits of the plan include:
 Two plan options to choose from.
 Two funds options are available.
 Switching of funds allowed.
 The option of Partial withdrawal is available.
 Minimum entry age is 18 years.
 Maximum entry age is 65 years.
 Policy terms are- 10, 15, and 30.
 Premium paying modes are - Quarterly/ Monthly/half-yearly
and yearly.
 The policy offers Death benefits, Maturity benefits, Tax
benefits and in built Accelerated Total and Permanent
Disability (TPD) Benefit.

6. SBI Life -Smart Wealth Assure

It is a single premium unit linked life insurance plan that allows
you to pay premium once and enjoy the benefit for the
remaining policy tenure. The main features and benefits of the
plan include:
 Invest in Bond Fund and Equity Funds.
 Partial withdrawal is allowed.
 Minimum entry age is 8 years.
 Maximum entry age 65 years.
 Maximum age at maturity is 75 years.
 Premium paying term is single.
 Minimum premium required is Rs.50, 000.
 There is no limit on maximum premium payment.
 Sum assured differs.
 The plan comes with tax benefits, death benefits and maturity
benefits.

7. SBI Life – eWealth Insurance

This is an online non-participating unit linked plan that provides
life insurance cover and market linked returns. Its main features
and benefits include:
 No premium allocation charge is applicable
 Partial withdrawal is allowed.
 You can choose between two plans - Balanced and Growth.
 Minimum entry age 18 years.
 Maximum entry age 50 years
 Maximum age at maturity is 60 years.
 Premium paying frequency- Monthly and yearly.
 Sum assured annualized premium × 10.
 It provides maturity benefits, death benefit and tax benefits.
HDFC COMPANY PROFILE
 Introduction
HDFC Standard Life Insurance Company Limited ('HDFC Life' /
‘Company’) is a joint venture between Housing Development Finance
Corporation Limited, one of India’s leading housing finance
institutions and Standard Life Aberdeen plc (one of the world’s
largest investment companies), initially through its wholly owned
subsidiary The Standard Life Assurance Company and now through
its wholly owned subsidiary, Standard Life (Mauritius Holdings) 2006
Limited.
Established in 2000, HDFC Life is positioned as a leading life insurer
in India, offering a range of individual and group insurance solutions.
Its portfolio comprises various insurance and investment products
such as Protection, Pension, Savings, Income and Health. As on
June 30, 2017, the Company offered 31 individual and 10 group
products, along with 8 optional rider benefits catering to specific
needs of customers during each stage of their lives.
HDFC Life has a pan India presence, comprising 414 branches and
spokes, and over 11,200 branches across India of its top 15 bank
assurance partners, as on June 30, 2017. The Company has two
wholly owned subsidiaries namely HDFC Pension Management
Company Limited, which is regulated by Pension Fund Regulatory
and Development Authority of India and HDFC International Life and
Re Company Limited, which is regulated by Dubai Financial Services
Authority.
Types of HDFC Life Insurance ULIP Plans:
1.HDFC SL Crest:
With this ULIP, you have the flexibility to choose any amount as
the 'Sum Assured' as long as it is in multiples of 10 to 40 times
of the proposed annual premium that you are willing to pay.
 Minimum premium required is Rs. 50,000 per annum without
any limits on the maximum premiums but must be annually
only.
 You need to be paying the premiums for a term of 5 years
and policy term is 10 years.
 The minimum age requirement for entry into this plan is 14
years and the maximum age entry age is 55 yrs. Note, that
the maximum age at maturity should not be more than 65 yrs.
 The maturity benefit allows you to receive the Fund Value
based on the prevailing NAV when the policy matures.
 You have the flexibility to choose a policy term of 10 years or
from a range of15 to 30 years, at your convenience. You have
the flexibility to choose from a range of funds based on your
objectives and the risk level you are willing to take:
2. HDFC SL Pro Growth Super II:
 You have the flexibility to choose a policy term of 10 years or
from a range of15 to 30 years, at your convenience. You have
the flexibility to choose from a range of funds based on your
objectives and the risk level you are willing to take:
 Income Fund
 Balanced Fund
 Blue Chip Fund
 Opportunities fund

You also have the flexibility to choose sum assured multiple.

You can pay the premiums annually for the paying term
allowing you much convenience.
The plan requires you to simply fill out a medical
questionnaire, which may allow you to not go through a range
of overwhelming medical tests.

3.HDFC SL Pro Growth Maximizer:

 This is a Unit Linked Insurance Plan that comes with Free

Asset Allocation without any extra charges giving you the
flexibility to invest among 4 fund options that are available:
 Income Fund
  Balanced Fund
 Blue Chip Fund
 Opportunities Fund
You can get the benefit of investing in smaller term with the
Single Premium Plan with cover the cover of 10 years.
You also have the flexibility to invest in additional single
premium top-ups based on your convenience.
It is convenient to pay premiums with multiple modes of
payment to choose from that includes credit card, internet
banking, cheque and auto debit facility.
You also are eligible to avail tax benefits under sections 80C
and 10(10D) of the Income Tax Act 1961, on the policy and
based on your eligibility.

4.HDFC SL Young Star Super Premium:

 You can choose the amount you want as the sum assured
based on the premiums you are willing to pay annually.
You have the convenience to choose the premium amount
as well where there is no ceiling on maximum premium.
 You have the flexibility to select from tenures of 10, 15 or 20
years.
 This is a Unit Linked Insurance Plan that comes with Free
Asset Allocation without any extra charges giving you the
flexibility to invest among 4 fund options that are available:
 Income Fund
 Balanced Fund
 Blue Chip Fund
 Opportunities Fund
You are also eligible to avail tax benefits under sections 80C
and 10(10D) of the Income Tax Act 1961, on the policy and
based on your eligibility.
5. HDFC SL Pro Growth Flexi:
 In this plan you get the flexibility to choose one of two
following benefit options:
 Life Option includes all the Death Benefits
 Extra Life Option includes all the Death Benefits along
with Accidental Death Benefit
You can choose the sum assured amount as long as it is in
the multiple from 10 to 40 of the annual premium.
The minimum age of entry for this policy is 14 years, whereas
the maximum is 60 years.
It is convenient to pay premiums with multiple modes of
payment to choose from that includes credit card, internet
banking, cheque and auto debit facility.

6. HDFC Life Pro Growth Plus:

 You can pay the premiums in the form of EMIs, if you are
an HDFC card holder.
 You can choose the sum assured amount as long as it is
in the multiple from 10 to 40 of the annual premium.
 You can make partial withdrawals to meet unplanned
expenses.
 Get the flexibility to choose one of two following benefit
options:
o Life Option includes all the Death Benefits
o Extra Life Option includes all the Death Benefits
along with Accidental Death Benefit
 You are also eligible to avail tax benefits under sections
80C and 10(10D) of the Income Tax Act 1961, on the
policy and based on your eligibility.

7. HDFC Life Smart Woman Plan:

 There are three options to choose from further, in this plan
which includes Classic, Premier and Elite.
 You can choose any of the 3 following Benefit Options, to
meet specific needs that you may have such as:
o Pregnancy complications or birth of a child with a
congenital disorder
o Diagnosis of terminal cancer of female organs
 o Death of spouse is available only in the case of the
elite option.
You also have the convenience choose from a range of funds
which includes:
 Income Fund
 Balanced Fund
 Blue-chip Fund
 Opportunities Fund
You also are eligible to avail tax benefits under sections 80C
and 10(10D) of the Income Tax Act 1961, on the policy and
based on your eligibility.

8. HDFC Life Invest Wise Plan:

 The age of entry for this plan is between 45 to 70 years and
the maximum age at maturity is within 60 years to 85 years.
 This is a single Premium Plan where the policy term last for
15 years.
 Maturity Benefit: Fund value on the date of maturity
 Death Benefit: On unfortunate death of the life assured,
greater of the Fund value or Sum Assured (less withdrawals
as applicable) or minimum death benefit (at least 105% of
premiums paid) will be payable to the nominee.

9. HDFC Life Click 2 Invest - ULIP:

 This is an online Unit Linked Plan which offers its customers

market linked returns, and charges them minimally along with
provisions for their family with valuable financial protection.
 You can choose from 8 different fund options based on your
investment style and needs.
 You also get the flexibility to choose your policy term between
5 to 20 years.
 Sum assured is fixed at 125% of the single premium paid.
 10. HDFC Life Sampson Neves: -
 The best part about this ULIP Plan from HDFC Life is that you
can choose the type of payment you want to make, whether
regularly, annually or through a single premium:
 This is an online Pension Plan that is extremely convenient
and flexible for senior citizen requirements:
 You can choose from 8 different fund options based on your
investment style and needs.
 You also get the flexibility to choose your policy term between
10 to 25 years.
 3 Benefit Options to choose from based on your requirement:
 Classic
 Classic Plus
 Classic Waiver

11. HDFC Life Click 2 Retire:

 This is an online Pension Plan that is extremely convenient

and flexible for senior citizen requirements:
 You get the option to start this policy as early as 18 years.
 You get lower vesting with the maturity age of 45 years.
 You have the option to pay Regularly, Limited Pay or a Single
Premium.
 ICICI COMPANY PROFILE

Company Overview
ICICI Prudential Life Insurance Company Ltd. (ICICI Prudential
Life) is a joint venture between ICICI Bank Ltd., one of India's largest
private sector banks, and Prudential Corporation Holdings Limited.
ICICI Prudential Life began its operations in fiscal year 2001 and has
consistently been the market leader* amongst private players in the
Indian life insurance sector. Our Assets Under Management (AUM)
as on 31st March 2017 were `1,229.19 billion.
At ICICI Prudential Life, we operate on the core philosophy of
customer centricity. We offer long term savings and protection
products to meet different life stage requirements of our customers.
We have developed and implemented various initiatives to provide
cost-effective products, superior quality services, consistent fund
performance and a hassle-free claim settlement experience to our
customers.
 ICICI Prudential Life is the first private life insurer to attain assets
under management of `1 trillion and In-force sum assured of over `3
trillion. ICICI Prudential Life is also the first insurance company in
India to be listed on NSE and BSE.
Values
The success of the company will be founded in its unflinching
commitment to 5 core values - Integrity, Customer First, Boundary
less, Humility and Passion. Each of the values describes what the
company stands for, the qualities of our people and the way we work.
Every member of the ICICI Prudential team is committed to the 5
core values and these values shine forth in all that we do.

 Boundary less: I will treat organization agenda as paramount

 Integrity: What I do when nobody is watching me
 Humility: Openness to change and learn
 Customer First: Service excellence towards Internal and External
Customers
 Passion: Demonstrates infectious energy and enthusiasm

UNIT LINKED INSURANCE PLAN

 ICICI PUR LIFE TIME CLASSIC
 ICICI PUR SMARTKID
 ICICI PUR ELITE WEALTH SUPER
 ICICI PUR ELITE LIFE SUPER
 ICICI PUR GAURANTEED WEALTH PROTECTOR
 ICICI PUR SMART LIFE

Question 1: Are you having ULIP’S policy?

a) Yes
b) No
OPTIONS RESPONSES
a) Yes 100

b) No

RESPONSES

0%

100%

YES NO TOTAL

ANALYSIS

 100 respondents, are belong to the targeted people who have

having policies, so the result will 100%.
 INTERPREATION

 All the 100 respondent are having ULIP’S policy which are so,
that people are now a day more aware regarding their
investment and health.
Question 2: How will you get awareness about ULIP’S
a) Newspaper
b) Friends
c) Advertisement on the TV
d) Agents
OPTIONS RESPONSES
a) Newspaper 29

b) Friends 26

c) Advertisement on the TV 18

d) Agents 27
 ANALYSIS
 Out of 100 respondents, 29% of people are get awareness of
ULIP’S policy through the newspapers.
 26% of the respondents get awareness of ULIP’S policy through
friends.
 18% of the respondents get awareness of the ULIP’S policy
through Advertisement on the T.V.
 27% of the people are get awareness of ULIP’S policy through
INSURANCE AGENTS.

INTERPREATION

 From the responses, received it show that for creating

awareness, newspaper will play a very crucial role among the
people because 29% of the people aware through the
newspaper.
Question 3: Which company ULIP policy you have?
a) SBI
b) HDFC
c) ICICI
d) Others

OPTIONS RESPONSES
a) SBI 28

b) HDFC 15

c) ICICI 26

d) other 31
 ANALYSIS
 From the responses, 28% people are having STATE BANKS OF
INDIA ULIP’S policy.
 15% of the people are having HDFC BANKS ULIP’S policies.
 26% of the people are having ICICI BANKS ULIP’S policies.
 31% of the people are having OTHER BANKS ULIP’S policies.

RESPONSES

SBI
OTHERS
28%
31%

HDFC
15%

ICICI
26%

SBI HDFC ICICI OTHERS

INTERPREATION

 From responses I will collect it is clearly shows that 28% of the

people are having SBI ULIP’S policy, which shows that STATE
 BANKS are more efficient to provide services to their customers
and maintains good relation between them.

Question 4: In which type of ULIP’S schemes you have invested?

a) Debt schemes
b) Equity based schemes
OPTIONS RESPONSES
a) Debt schemes 48

b) Equity based schemes 52

 ANALYSIS

 From the 100 respondents, 48% of the people are chooses

DEBT SCHEMES SERVIES for investment in the ULIP’S policy.
 52% of the people are invested in the EQUITY BASED SCHEMES
for making investment in ULIP’S policy.
 INTERPREATION

 Among the 100 respondent 52% people are interested in

EQUITY BASED SCHEMES because they might be interested in
getting their money bank with in specified period of time.

Question 5: How long do you plan to stay invested in ULIP?

a) 5-10 years
b) 10-15 years
c) 15-20 years
d) 20-25 years

OPTIONS RESPONSES
a) 5-10 years 13

b) 10-15 years 31

c) 15-20 years 40

e) 20-25 years 16
 RESPONSES
40

31

16
13

5-10 YEARS 10-15 YEARS 15-20 YEARS 20-25 YEARS

ANALYSIS

 Out of respondents, around 13% people are invested in the

taking ULIP’S policy between the time period of 5-10 years.
 31% of the people are invested in ULIP’S policy between the
time period of 10-15 years.
 40% of the people are invested in ULIP’S policy between the
time period of 15-20 years.
 16% of the are invested in ULIP’S policy between the time
period of 20-25 years.

INTERPREATION

 From the responses received that around 40% of the people

are invested in ULIP’S policy for the time period of 15-20 years.
  From the responses, it will clearly show that large numbers of
people are invested in long time schemes of better growth of
their funds.

Question 6: What financial goals do you plan to achieve through the

money you will get from ULIP’S?
a) Marriage
b) Child education and tax saving
c) Retirements
d) Any others

OPTIONS RESPONSES
a) Marriage 11

18
b) Child education and tax
saving

c) Retirements 27

d) Any others 44
 RESPONSES

MARRIAGE
11% CHILD EDUCATION AND
ANY OTHERS TAX SAVINGS
44% 18%

RETIREMENT
27%

MARRIAGE CHILD EDUCATION AND TAX SAVINGS RETIREMENT ANY OTHERS

ANALYSIS

 Out of the responses, 11% of people are want to meet their

marriage through the money which they will get from the
ULIP’S policy which they are invested.
 18% people are want to meet their CHILD EDUCATIONS and
TAX SAVING through the money they will get from the ULIP’S
policy.
 27% people are want to meet their RETIREMENT EXPENSES
through the money which they will get the ULIP’S policies.
 44% people are wants to meet their ANY OTHER EXPENSES
through the money which they will get from the ULIP’S policy.

INTERPREATION

 From the response, it will clearly show that 44% people are
invested to UTILIZED their money which that get from their
investment in ULIP’S policy in any other expenses which are
 equally important like CHILD EDUCATION, MARRIAGE and
RETIREMENT.
 The behavior of the people shows that they will utilizes ULIP
policy to meet their all kinds of expenses expect HEALTH
through the ULIP policy.

Question 7: What factors would you consider most important

before choosing an investment?
a) How quickly I would be able to increase my wealth.
b) The opportunity for steady growth
c) The amount of monthly income the investment will generate
d) The safety of my investment principle

OPTIONS RESPONSES
a) How quickly I would be 21
able to increase my
wealth.

b) The opportunity for 20

steady growth

c) The amount of monthly 25

income the investment
will generate
d)The safety of my 34
investments principal
 RESPONSES

34
25
21 20

RESPONSES

HOW QUICKLY I THE OPPORTUNITY THE AMOUNT OF THE SAFETY OF MY

WOULD BE ABLE TO FOR STEADY GROWTH MONTHLY INCOME INVESTMENTS
INCREASE MY THE INVESTMENT PRINCIPLE
WEALTH WILL GENERATE

ANALYSIS
 Out of 100 people responses, among 21% people are consider
“HOW QUICKLY I WOULD BE ABLE TO INCRESE MY WEALTH”
factor before choosing the investment.
 20% of the people, choose “THE OPPORTUNITY FOR STEDY
GROWTH” factor before making the investment in policy.
 25% of the people, choose “THE AMOUNT OF MONTHLY
INCOME THE INVESTMENT WILL GENERATE” factor before
making the investment in policy.
 34% of the people, choose “THE SAFETY OF MY INVESTMENT
PRINCIPAL” before making the investment in policy.

INTERPREATION
 Out of 100 respondents 34% PEOPLE WILL CHOSE “THE
SAFETYOF MY INVESTMENT PRINCIPAL” factor more important
choosing an investment.
 This is because they will want SECURUTY against their
investment
Question 8: Most preferred form of investments?
a) ULIP’S
b) Mutual funds
c) Equity trading
d) Bank savings

OPTIONS RESPONSES
a) ULIP’S 30

b) Mutual funds 26

c) Equity trading 20

24
d) Bank savings
 RESPONSES

BANK SAVINGS ULIP

24% 30%

EQUITY TRADING
20%

MUTUAL FUNDS
26%

ANALYSIS

 Out of 100 responses, among 30% of people are choosing

“ULIP’S” is the most preferred from of investment.
 26% of the people are choosing “MUTUL FUNDS” is the most
preferred from of investment.
 20% of the people choosing “EQUTITY TRADDING” is the most
preferred from of investment
 24% of the people are choosing “BANK SAVING” is the most
preferred from of investment.

INTERPREATION
  From responses, received it shows clearly huge number of
people almost 30% of people are chosen ULIP’S policy is the
most preferred from of investment.
 It will show that people are using most preferable from as
ULIP’S policy, because it will provide various benefits to the
customers to meet their expenses.

Question 9: Objective of investment in ULIP’S?

a) Appreciation
b) Tax benefits
c) Liquidity
d) Insurance
OPTIONS RESPONSES
19
a) Appreciation
b) Tax benefits 24

c)Liquidity 15

d)Insurance 42
 Chart Title

INSURANCE

LIQUIDITY

TAX BENEFITS

APRRECIATION

0 5 10 15 20 25 30 35 40 45
 ANALYSIS
 Out of 100 respondents, among the 19% of people are chosen
“APPRECIATION” objective to investment in the ULIP’S policy.
 24% of the people are chosen “TAX BENEFITS” objective
investment in the ULIP’S policy.
 15% of the people are chosen “LIQUIDITY” objective
investment in the ULIP’S policy.
 42% of the people are chosen “INSURANCE” objective
investment in the ULIP’S policy.

INTERPRETATION

 From responses received it will clearly show that all most 42%
of people are chosen the insurance ULIP’S policy for the tax
benefits and more for the insurance protection.
Question 10: How do you rate ULIP’S policy on the basis of returns?
a) Highly satisfactory
b) Satisfactory
c) Average
d) D
OPTIONS RESPONSES is-
a) Highly satisfactory 20 satisfa
ctory

b) Satisfactory 35

c) c) Average 30

15
d) Dis-satisfactory
 RESPONSES

15% 20% HIGHLY SATISFACTORY

SATISFACTORY
AVERAGE
30% DIS-SATISFACTORY
35%

ANALYSIS

 Out of respondents, among 20% of the people are chosen and

rate the ULIP’S policy on the basis of “HIGHLY SATISFACTORY”
basis.
 35% people chosen “SATISFACTORY” base for the rate to the
ULIP’S policy.
 30% people chosen “AVERAGE” base for the rate to the ULIP’S
policy.
 15% people chosen “DIS-SATISFACTORY” base for the rate to
the ULIP’S policy.

INTERPRETATION

 From the respondents, it will clearly show that 35% of people

are satisfied with the ULIP’S features and their benefits.
 This is because ULIP’S will provide high protection regarding the
investments made by the policy holders.
 And will provide INSURANCE FACILITIES along with the various
investment options.
 FINDING
 Now a day, people are more concern about life and their life
wealth. They concern about their family protection and
fulfillment of their needs.
 Because of that reasons the makes investment in different
suitable sector in the form of different kind of policies like: -
o Life insurance policies,
o Health insurance policies.
 So that their life would be secure to some extent and her family
doesn’t face any kind of difficulties when they are no more…
 As we all knows that there is no metric unties to measure when
death is going to happen so better to plan before are going to
happen so better to plan before for are loving ones for their
brighter future.
 While doing my project I will find all below mentions points: -

 30% to 32% age group is between 0-20 & 20-40 will actively
take life insurance policies of SBI and ICICI BANK as protections
against risk.
 38% private employees group take life insurance policies
whereas government and self-employed group of are only 26%.
 Newspaper, Friends and Agents are successful to create
awareness about various kind of life insurance policies and
people much influence by these mode of communication.
 SBI AND ICICI BANK provide better life insurance policies as
compares to any other bank or companies because of that hug
no. Of people having SBI and ICICI BANK life insurance policies.
 52% people make investment in the equity based schemes.
 40% people make investment for the time period of 15-20
years.
 Ulips policies are able of the people to satisfied the financial
goals of the people they can satisfied both long-term as well as
short-term financial goals.
 Before choosing any kind of life insurance policy 34% people
will concern about the safety of their investment principal.
 Ulip’s mutual funds, and Banks savings are the most suitable
from of investment according to the customer.
 42% people will take ulips policy for the purpose of insurance.
 35% people are satisfied with the services of the ulips.
 Advertising will help to change the mindset of people by
showing various kinds of adds on the television or poster
holders.
 Conclusion

o From the analysis part it can be conclude that customers are

preferring ulip’s as their investment option.
o In today’s generation ulip’s plans are replacing direct
investment because they are compare to other.
o Ulip’s are good source of returns for majority of people and it is
particular use for the people who are interested in high returns
along with insurance coverage.
o Because of lack of information about how ulip plans work,
which makes many people hesitant towards ulips plans.
o By this project I came to know that investors who are investing
in ulips plans are satisfied with their investment option. It is
witnessed that ulips plans are best for investment option.
 Suggestions

o People awareness program about ULIP’S plans should be

conducted so that everyone knows about ulip’s plans.
o From time to time companies need to introduce new scheme in
ulip’s plans to increase investment.
o Companies like SBI LIFE INSURANCE, HDFC STANDARD and ICICI
prudential and child plans as they have more demand.
 BIBLIOGRAPHY
Websites: -
www.google.com
www.irdacom
www.sbilife.com
www.icicipurlife.com
www.scribd.com
www.economitimes.com
 Questionnaire
INVESTORS PERCEPTION TOWARDS ULIP’S
Dear sir/madam,
I am currently engaged in a study on investors perception towards
ULIP. In this connection I request you to read the following items carefully and
answer them. The answer you give will be held confidential and used purely for
academic purposes.

Name:
Gender: a) male b) female
Age:
a) 0-20
b) 20-40
c) 40-60
d) 60-80
Occupation:
a) Government employee
b) Private employee
c) Self employed
d) Retired
Question 3: Are you having ULIP’S policy?
c) Yes
d) No
Question 4: How will you get awareness about ULIP’S
e) Newspaper
f) Friends
g) Advertisement on the TV
h) Agents
Question 5: Which company ULIP policy you have?
e) SBI
f) HDFC
g) ICICI
h) Others
Question 6: In which type of ULIP’S schemes you have invested?
c) Debt schemes
d) Equity based schemes
Question 7: How long do you plan to stay invested in ULIP?
f) 5-10 years
g) 10-15 years
h) 15-20 years
i) 20-25 years

Question 8: What financial goals do you plan to achieve through the money
you will get from ULIP’S?
a) Marriage
b) Child education and tax saving
c) Retirements
d) Any others
Question 9: What factors would you consider most important before choosing
an investment?
e) How quickly I would be able to increase my wealth.
 f) The opportunity for steady growth
g) The amount of monthly income the investment will generate
h) The safety of my investments principal
Question 10: Most preferred form of investments?
e) ULIP’S
f) Mutual funds
g) Equity trading
h) Bank savings
Question 11: Objective of investment in ULIP’S?
e) Appreciation
f) Tax benefits
g) Liquidity
h) Insurance
Question 12: How do you rate ULIP’S policy on the basis of returns?
e) Highly satisfactory
f) Satisfactory
g) Average
h) Dis-satisfactory

Thank you for giving your valuable time for filling this
questionnaire