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ING Vysya Life Insurance Co. Ltd.,
I am thankful to those people who were with me throughout the training and helped me generously in bringing up this project “Investment Opportunity in ING Vysya Life, with reference to ULIPs.”
I am thankful to Mr. Rajeev Ranjan Rai and Mr. Deepak Suri for their valuable guidance the course of training. I am thankful to Dr. Anoop Pant who has helped me to understand the concept. I express my sincere gratitude to Prof.Shamshul haq, without whose able guidance and support I would not have been able to complete my report. I will also like to extend my thanks to Mr Jatinder Bali, (Branch Manager, ING Vysya Life) and Miss Shweta Singh (Branch Coordinator, ING Vysya Life) who gave me an opportunity to work in the organization and for providing me with excellent working environment. I am thankful to all Sales Managers for their time & cooperation. My efforts would not have been fruit but for their cooperation.
In todays scenario Life Insurance Industry has come out with excellence investment opportunities for the people.
The main insurance products, meant for investment, evolved in India the form of Unit Linked Insurance Plans.
Unit Link Insurance Plans have proved quite appealing to the consumers given the buoyancy of Indian stock market over the last few years.
Unit Linked Insurance Plans account for 70% to 90% of the ULIPs in Insurance Industry the project undertaken by me is Investment opportunity in ING Vysya Life Insurance with reference to ULIPs.
ING VYSYA LIFE is gradually making a place in Indian Life Insurance Sector. If has made an investment of more than 500 crore Rupees in capital. If has more than 75 branches and towns in over 125 cities.
It is coming up with more branches in coming future. The company has launched differentiated Unit Linked Insurance Plans and is gaining confidence of customers gradually.
In this project I also found that company is very strict in underwriting rules and has made full compliance with IRDA norms. Thus company is building its own transparent in industry.
The study is done to go in depth of ULIPs, to understand basic principles on which they work. Portfolio management in ULIPs is all taken into consideration.
This is inquired that why this plan is known for into flexible portfolios.
India, having a population of 1.2 billion has only 33% of people insured. Most of the people are not Insured, just become they don’s know much about insurance. Most people have following queries about life Insurance:-
What is Life Insurance?
A policy that will pay a specified sum to beneficiaries upon the death of the insured. Or
Offers tax relief to policyholders. For one. . Encourages and force compulsory saving unlike other saving instruments. wherein the saved money can be easily withdrawn. an insurance policy helps you to scope with uncertainty and insecurity. If that’s not all. Provides loan to tie over a temporary difficult phase and is also acceptable as security for a commercial loan. it is: Superior to an ordinary savings plan as it provides full protection against risk of death.An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured. a Medic aim policy or a pension policy. it helps you to hedge risks against unforeseen circumstances and save more. Whether it is a general accident policy. Why Insurance? Insurance is the protection of life and assets against unforeseen circumstance. Ever though about why you should take an insurance policy.
the society will benefit as catastrophic losses are spread globally. Generally. can go for an insurance policy. Who can buy a life insurance policy? Any person above 18 years of age. Life insurance planning should consider your family’s short-term needs (for example. Subject to certain conditions. How is a life insurance policy useful? Planning for the financial consequences of a premature death is an essential part of every financial plan. Based on the concept of sharing of losses. Life insurance protects your family against the risk of the premature death of you (or your spouse). a policy can be taken on the life of a spouse or children. the consequences are simply too large to ignore and cannot be totally covered with your own resources. (Married Women’s Property Act). . medical) and long term needs (for example. Life insurance (purchaser) pays a premium in exchange for coverage of specified losses. a trust is created for wife and children as beneficiaries. who is eligible to enter into a valid contract. replacing your income).Hedges risk taken under the MWP Act 1874.
The section 10 (D) of The income tax act totally exempts payment of tax on any amount received as bonus against life insurance policies. If is the only saving instrument. which covers the life risk besides giving tax concession both at entry (premium paid) and at exit points. . accidents and so on. financial losses. Insurance is a means by which life’s uncertainties are addressed in financial terms. Insurance is considered more as a hedging mechanism rather than a true investment avenue.that of failing health. It offers a monetary compensation against those losses. Is life insurance a saving instrument? Life insurance is mainly considered as a saving instrument rather than an investment avenue as it promotes compulsory savings besides reducing tax burden on the policyholder and protect the family of the policyholder in the event of unforeseen happening.In the course of our life we are accosted by risk.substituting certainty for uncertainty primarily by transferring risk the insured to the insurer. Life insurance in particular is essentially acknowledged as a mechanism that eliminates risk.
OBJECTIVES The objective of carrying on this project which basically aimed at inquiring about the investment opportunities in Life Insurance with respect to ING Vysya Life have been divided into two broad categories which are: MAIN OBJECTIVE Investment opportunities in Life Insurance with respect to ULIPs. How portfolio in ULIPs is so flexible. . To see how portfolio is managed in ULIPs . SUB OBJECTIVE 1) 2) 3) To understand basic principles on which ULIPs work.
This aspect was found in ULIPs The advantages of ULIP are: PROTECTION - Life Insurance helps us in providing financial security and protection to our family. (Sec 10 10 D) . INVESTMENT - Since the premium is paid by us will be invested in UNIT LINKED funds closen by us.INTRODUCTION OF THE TOPIC My task is to go in depth of such a Insurance Plan that combines investment opportunities with insurance cover. TAX BENEFITS - Investment up to a certain exit and returns out of Life Insurance product are exempted or tax free as per income law. SAVINGS - It works as an attractive tool for long term saving as premium is paid regularly over an extended period. the policy offers scope for investment value opportunities so that at the end of the term we or our family get an added value on own investment. in case something happens to us. this grinning the dual benefits of insurance cover with better returns. It is free from market swings.
.RETIREMENT - Makes sure we have regular income after retirement and also helps in maintaining standard of living.
the life insurance industry had been protected from competitive pressures.95 per cent. Despite the fact that India boasts a saving rate of around 25 per cent. 51st in the world. . the insurance industry has indeed awakened: to a deregulated environment in which several private players have partnered with multinational insurance giants. less than 5 percent is spent on insurance. The private companies in their five years of operation had continuously suffered by the established leadership and monopoly of LIC. Ensconced in a monopoly run form the nationalization days beginning in 1956. However. with the re-opening of the sector. despite its teeming one billion population. which was set up on 1 st Sept 1956. The game is old but the rules are new and still developing.INDUSTRY PROFILE The insurance landscape in India is undergoing major change. Closed to foreign competition since nationalization in 1956. several new players have entered the scene. India still has a low insurance penetration of 1. Since then it is enjoying monopoly until the recent entry of the private players in this sector. Now. The first company to foray in this sector was LIC.
ING VYSYA LIFE ICICI Prudential Life Birla Sunlife Bajaj Allianz Max New York Life Met Life Om Kotak Mahindra TATA AIG AVIVA HDFC Standard Life SBI LIFE Reliance Life Insurance Bharti AXA Life San lam Life New players need to recognize the limitations of their and decide upon the right mix of distribution channels in their businesses. Competition is tough.Although for the last 50 years LIC has been the only company to cater the consumer needs in the insurance sector but in the past 5 years 12 insurance companies have emerged in the scenario which are: 1. each coming up varieties in product mix. 7. 11. . 13. 9. 10. 14. 6. 2. 12. 3. 8. 4. 5.
• 7 days benefit turnaround. • Professional medical networks. • Call centers. health) retirement products (whole life. Key Differentiators • Professional trained and licensed agents. pension) and unit linked products.INNOVATIONS FROM PRIVATE SECTORS 200 different new products from private life Insurance. • Websites/ E mail help desks. • Free look in period. All segments covered including traditional saving products (endowment money back) and new production (term. . Consumer seeks clarity and confidence in the plethora of life insurance managers he/she is getting.
000 & is headquartered at Bangalore. and in a short span of 4 years has established itself as a distinctive life Insurance brand with an innovative. .00.60 employees.440 crore. working from 80 branches located in 70 major cities across the country and over 2. in addition to safeguarding an Individual’s security.400 crore and also has a share capital of Rs. Entrepreneurial. The one thing we hold in highest esteem is “life” itself. In 2005. The Company has a customer base of over 3. attractive and customer friendly product portfolio and a professional advisor sates force. ING Vysya Life earned a total income in excess of Rs. Approachable and Caring.COMPANY PROFILE ING VYSYA LIFE IN INDIA – AN OVERVIEW ING Vysya Life Insurance Company Private Limited (the Company) entered the private life Insurance Industry In India in September 2001. It has a dedicated and committed advisor sales force of over 11. not just as a tax saving device but as a means to add protection to life.000 people. Trustworthy. It also distributes product in close cooperation with the ING Vysya Bank network. The Company aims to make customers look at life Insurance afresh. We believe in enhancing the very quality of life. Our core values are therefore defined as Professional.
In fact. a simple method which can be used to choose a plan most suitable to a specific customers based on his needs. . This tools helps you build a complete financial plan for life. at any life stage. the company has developed the Life Market. whether the requirement is Protection. requirements and current life stage.The Company’s portfolio offers products that cater to every financial requirement. We believe in continuously developing customer-driven and services and value being accessible and responsive to the needs of our customers. Retirement. savings or Investment.
75 minutes we cover life. Selling skills training. Achievements so for Leasing Private Life Insurance Company. Intensive product training. Strong brand recognition. State-of-the-art support services. This will be achieved through: Recruitment of quality advisors. Innovative financial solutions. Every 2. Superior technology & processes. VISION To be the dominant new player in the Life Insurance Industry.ING VYSYA LIFE INSURANCE CO. LTD. .
Sales Manager Advisor .ORGANIZATIONAL STRUCTURE Marketing head General Manager Asstt. General Manager Regional Manager Agency Manager/ Branch Manager Group Sales Manager Senior Sales Manager Sales Manager Asstt.
The number of the Sales Manager may very between 3 to 5 in branch.THIS IS THE HIERARCHY. Each Asstt. While the advisor have to report to their respective ASM. Each Asstt. WHICH ING VYSYA FOLLOWS WORLD WIDE In every ING Vysya branch has a GSM who supervises the Senior Sales Manager working under him. . the ASM”s further have to give the performance feedback of their respective advisor team to the branch Manager of the branch. When any of the life advisor. Sales Manager. which is headed by that respective Asstt Sales Manager. Sales Manager. The Job of these ASM is to recruit advisors of various profile who have the capability to give business to the company. Senior Sales Manager. Sales Manager further has 10 to 15 Advisor working under his supervision. The Asstt. Group Sales Manager direct reputing to the branch Manager. Sales Manager of the company has on average 10-15 life advisor of various profile working under him and they together from a team.
he fetches business for the company he has to report to his respective Asstt Sales Manager. which needs to be met by each advisor of any insurance company. It is usually done through: Bankers & Brokers Work shops Small allied groups A target of selling of at least 12 policies in a year has been fixed by INSURANCE REGULATION DEVELOPMENT AUTHORITY (IRDA) as the minimum specification. The rest 25% of the distribution in life insurance is not permanent.e. An advisor/agent does not have any particular boss. There are no working hours and any particular day on which the advisor/agent has to report in office.sell policy i. An advisor/ agent can do his/her operations from any branch of the company located anywhere in the country. . This each ASM has to keep a track record of all the life advisor working under him and the business they and fetching an well.
. Manager our reputation It’s not about saying yes or no to the customer. Develop performance culture 7. Manage our costs 5. Improve customer satisfaction 3.ING VYSYA LIFE STRATEGY 1. Manage for value 2. Manage our risks 4. Invest in growth 6. It’s about offering the most competitive service.
A pioneering initiative from ING Vysya life. . Providing a platform to understand customer experience. Within short period of time the CCP has received overwhelming response from the sales teams participating in the program. The CCP stresses on face to face meetings with customers that are arranged by tale callers based in the respective branch offices. CCP focuses on strengthening the relationships with existing customers. needs and expectations.SPECIAL FEATURE OF ING VYSYA LIFE Customer Contact Program The customer contact program or CCP is all about engaging the customer. The CCP also helps reviving relationships with lapsed customer.
Asstt.) - Mr. Rajeev Ranjan Rai 7. Sales Manager (Ghaziabad) - Mr. Sales Manager (Ghaziabad) - Mr. Area Manager (Delhi west U. Sales Manager (Ghaziabad) - Kapil Bhatnagar 6. Sales manager (Ghaziabad) - Ashok Upadhyay 5. Agency Manager (Ghaziabad) - Mr. Asstt. Sales Manager (Ghaziabad) - Mr. Manish Nigam 4. Sales Manager (Ghaziabad) - Mr.P. Ajay Malik 8. Dhiraj Rai . Asstt. Punkaj Molhatra 2.LIST OF MANAGEMENT PERSONNEL 1. Jitender Bali 3.
Its wide range of policies cover the gamut of insurance products including. The various various riders allow customization of policies. At every step in life. LTD The PRODUCT MIX We cover you. Savings cum protection plans Pure protection plans Child Plans Market Linked Plans Retirement Solutions In addition. ING Vysya Life lives up to its promise to customers.ING VYSYA LIFE CO. . each and every feature of the products equips the customer with the power of choice in their hands.
The products to NO ONE in the Insurance Industry even near to it- ING VYSYA Life Time ING VYSYA Life Time Pension ING VYSYA Life Link & Life Pension .SUPERIOR PRODUCTS Our products-which you can say as TRADITIONAL INSURANCE PRODUCTS: Pension Product ING Vysya best yeas Endowment Product Powering life Anticipated Endowment Product Maximizing life Term Insurance ING life conquering life But with Constant Innovation With The Products Now We have- Wide Range Of Products With Lot Of Flexibility.
And we are extremely good marathon runners.MISSION To have the best and most productive advisor force.) ING VYSYA LIFE.ING VYSYA LIFE GOAL To be in top 5 Life Insurance players in India. . (In is a Marathon and not a 100 meter dash.
a 28 Yr old high net worth individual (HNI) was advised by his insurance agent to go for a ULIP with a sum assured of Rs500. which amount to a one time premium of Rs100. The returns projected to him were calculated at rate of 15% CAGR.000. The client was advised to go for the equity option. First let’s understand the client’s profile 1. The client. The ULIP has an annual charge of 2% annual administration charge of Rs720 and fund management charge of 1.000 2.CASE STUDY: A ULIP TOO EXPENSIVE An attractive sales pitch about a product instinctively raises queries in the audience’s mind. In this way he would be insured fill the age of 74 years. and the policy term being 46 years.5%. The agent recommended that he opt for a single premium policy.. Our financial planning team at personality recently received one such query regarding a unit linked insurance plan (ULIP) from a leading public sector insurance company. . where he could have 100% equity exposure and hence eam higher returns.
000. . 2.00 which is a pittance for an HNI. So priority has to be given to the insurance component. In this case.e.e. 1. A brief analysis of the product and the returns generated by if over a period of 46 years (the policy term) tells us. returns can come separately at a later stage. The investment component i. Rs500. that the investment corpus will take 12 years to exceed Rs500. the client was being recommended an insurance cover of Rs500. In case of an unfortunate event. So if the client expires before that. This is what we concluded. So our basic objective was to ensure that the product he was being recommended provided him adequate insurance cover. he will get only the sum assured i. Individuals in quest of life insurance are often too retunes-centric forgetting that they must first and foremost have adequate life cover that can provide financial stability to their dependents in their absence.000. To begin with. the amount of Rs500.000 would not even service the family car let alone provide financial stability to the family. the client did not have a life cover.As always we examined this case with the objective of analyzing whether the product would add value to the client’s portfolio and fulfill his insurance/ investment objective.
For some strange reason. the agent did not take our client’s acknowledgement on the 15% CAGR illustration since he was violating the ULIP guidelines. We advocate that all individuals (HNI or otherwise) buy a term plan for an amount that can be considered reasonable given life style. this would have amounted to loss of agency for the insurance agent. Our solution 1. backed by his signature. the guidelines dictate that clients are to sign on the benefit illustration. If reported by the client. agents are bound to show benefit illustrations based on an optimistic estimate of 10% (simple growth or CAGR) and a conservative estimate of 6% Moreover.Ideally. Not surprisingly. income. According to IRDA’s (Insurance and Regulatory Development Authority) revised ULIP guidelines. the returns projected to the client have been calculated at an optimistic rate of 15% CAGR. 3. expenses and contingent expenses amount other. a person of his financial standing should get himself insured for a much amount and not subject his life cover to the vagaries of the stock markets. The capital appreciation can be taken care of through investment like NSC .
50% (2. the client must on priority opt for term plan that.(National Saving Certificate). 3. PPF (Public Provident Fun). it’s because in . For the investment component.00% recurring and 1. Mutual funds give investors an opportunity to access equity and debt and market in a convenient manner. In terms of expenses mutual funds are more cost-effective than the ULIP that was recommended to our client. 2. 4.50% fund management charges). mutual funds/stocks and fixed deposits. If you are wondering why ULIPs do not feature in our solution to the clients. Over a period of 48 years. there is a good chance this number could reduce since according to the expenses slab defined by SEBI. mutual funds become an obvious choice. The annual expenses incurred on the ULIP are 3. Put simply. In contrast. mutual funds are managed at an annual expense of 2. He can then consider investing to take care of the rectums. in his absence. Given that our client does not have the time and competence to take these markets.50% (maximum) of net assets. mutual funds can play an important role in the client’s portfolio. higher not assets result in lower expenses. can provide adequate financial stability to his family.
If can be an option for investors. .this particular case the ULIP was too expensive if there is a ULIP that can match the returns and the lower expenses of a mutual fund.
which invest pre-dominantly in specified debt instruments like bonds and government securities (gsecs). The amount of money invested in equity had the potential to make a significant difference to the returns that plan can generate over the long run. In fact. most individuals opting for life insurance now go in for ULIPs as opposed to term plans or endowment plans. ULIPs have an investment mandate. . So investors have to be sure that their risk appetite coincides with that the ULIP. For this. make a note of the maximum equity allocation the ULIP can take on. Investment mandate ULIPs differ significantly from traditional endowment plans in the way invest their monies. 1. which allows them to shift assets freely between equities and debt. We outline four parameters that ULIPs need to be evaluated upon before individuals zero-in on a unit linked product.BUYING ULIPS? READ THIS FIRST Unit linked insurance plans (ULIPs) have caught the fancy of individuals over the past few years. This is unlike saving based plans like endowment plans. ULIPs with a higher equity component can prove to be very volatile customer during stock market turbulence. However. Therefore if become important for individuals to understand what to look for in a ULIP before finalizing one.
A lower amount will yield lower returns. If you are an aggressive investor you can go for a ULIP with the maximum equity allocationthis varies form insures to insures but is usually in the range of 70% -100% of assets. 2. they even out in the long run (typically 15 years and above). You can select the option the best fits in with your risk profile and helps you achieve you investment objective. that part of the premium which is net of annual expenses is invested. ULIP expenses do make a difference to the returns. . The annual expenses are deducted form the premium amount and hence. A higher FMC therefore means a reduction in the corpus that can generate returns going forwards. FMC therefore makes a sizable difference to the returns in the long run. While annual expenses are high in the initial years. which gets invested.FMC) and fund management charges. Expenses take a toll on the returns by way of reducing the amount. If you are a conservative investor then you can opt for a ULIP option that has a smaller equity allocation of about 20%. At the cost of sounding repetitive. This gets more evident over the long run.There are several options within a ULIP. ULIP expenses are broadly classified into annual expenses (excluding fund management charges. ULIP expenses A lot has been written about ULIP expenses in the past. FMC on the other hand is levied on the corpus till date.
Focusing on your asset allocation Individuals also need to stick to their asset allocation plan at all times. then the individual can consider investing in a ULIP with a significant allocations. If the portfolio is debt-heavy.000 while for another.e.a certain deducts 2. . The charge on top ups also differs. Miscellaneous features ULIPs offerings also differ across companies in terms of the flexibility offered various parameters. investing the remaining 97.50% as top up charges. It has been noticed that ULIPs are often bought by individuals without having an understanding of the value that they bring to their financial portfolio it their current asset allocation is skewed towards equities (i. mutual funds/ stocks). For example. then what the individual may really need is a term/endowment plan.3. Conversely. if is Rs18.000 Also some insurance companies let individuals alter tier equity debt allocation 5 times a year at no additional cost while other companies allow alteration only twice during the year (without additional costs). the minimum premium for one insurance company is Rs10.50% such differences need to be considered before individuals zero-in on a ULIP product.
the rules and definitions of life insurance have undergone a sea change. At Personify however we feel that individuals need to understand ULIPs a lot better before they make a decision to invest in it. ULIPs can invest in the stock and debt market in varying proportions how a ULIP can invest its money is laid down by the insure in the product literature. in its entirely has been retained here. Simple put. The popularity of ULIP a can be attributed party the scrapping of assured return insurance schemes and falling interest rates which rendered conventional product like endowment plans unattractive. since unit linked insurance plans (ULIPs) burst onto the scene a few years ago. which also offer life cover. The original draft.ULIP PORTFOLIOS: NEED FOR MORE TRANSPARENCY This article was written by Personify for Business India and was carried in its July 16. depending on their mandate. life insurance product have usually been considered as safe investment options. Traditionally. A few life insurance companies also declare their ULIP portfolios on a regular which reveal the stock and believe the insurance . 2006 issue with the title be more transparent. However.
Kotak Life. factory the matter is that investment have a hard time accessing these portfolios.regulatory and Development Authority (IRDA) needs to look at various various issues related to portfolio disclosure norms. if becomes necessary example.e. ICICI PruLife . It is pertinent that an investment avenue as complex as a ULIP is understood appropriately before making investment in it. HDFC Standard Life and Aviva Life declared their portfolios on their websites. Declaration of portfolios With the growing popularity of ULIPs. While this information may be available to individuals who are insiders (i. to our dismay. 1. company employees). While four insurance companies i. we failed to procure the same for other companies.) .e. the portfolio will reveal the quality and nature of companies that form part of the ULIP portfolio. With the numerous variations available across products and companies. we found that not many companies make portfolios available in public domain. we decided to analyse ULIP portfolios from across various life insurance companies.(ING Vysya Life is declaring in the form of monthly magazine regularly. However.
A risk averse investor may be . For example. While it is not wrong to invest in midcaps. 3. It is critical for individuals to know the investment mandate ULIPs before they consider investing in it. no one declared their AUMs. Kotak Life and ICICI Prulife invested predominantly in large cap companies. The benchmark on the other hand. Lack of consistency across portfolios While evaluating the ULIP portfolios of life insurance companies. Or the other hand. The AUM becomes relevant the a higher AUM helps in achieving economies of scale. Aviva had not even mentioned the benchmark index for its ULIP. we observed that the presentation of data lacked consistency. serves as a yardstick for understanding how well a ULIP has performed during a given timeframe. could result in reducing costs like transaction and brokerage. we feel the insurance companies should ideally reveal the investment mandates for their products this in turn will educators investors about their investment will be managed. Aviva Life investment liberally in midcaps. Investment mandate Another important factor is the investment mandate.2. Barring ICICI PruLIfe. our research term noticed that while ULIPs from HDFC Standard Life. For example relevant data points like the assets under management (AUM) and the benchmark indices were missing for some ULIPs under our scanner. which in turn.
ULIPs should ideally give out a consolidated portfolio that contains all the relevant information and data points like assets. declare their portfolios on a monthly basis. Standard format Another problem we faced while analyzing ULIPs was the manner in which the data was presented. For example. while requires them to declare their portfolios (fact sheets’ in mutual fund industry parlance) once every quarter. Me life in their quarterly portfolio update chose to declare only the names was the benchmarks were not made available alongside the ULIP portfolios under review-we had to hunt for them. For example Bajaj Allianz clearly states that one of their ULIP options can invest in companies in the mid cap segment. At least the individual know what he is getting into while buying life insurance. They also display the . ULIPs can take a leaf out of the books of mutual funds. while most ULIP portfolios declared their holdings along with the percentages held in each individual stock. We believe that ULIPs should have an explicit investment mandate. benchmarks past performance among other in one place.unwilling to participate in a ULIP that is heavily invested in mid cap stocks Mid cap stock tend to be high risk high return investment propositions vis-à-vis their large cap peers. Mutual fund have a guideline. 4. Most mutual fund houses on their part however.
This helps the investing community in understanding the investments better and take an informed decision. .portfolios on their company websites. While the IRDA needs to be commended for its efforts to modify the basic structure of ULIP product. there was no sign of a portfolio beyond the one declared for March 2006. at the time of writing this article (June 23. its time the authority took steps to ensure that sufficient guidelines for the declaration of ULIP portfolios are in place and that information is made easily available to the retail investor. 2006). HDFC Standard Life still had the April 2006 portfolio on their website while in case of Aviva. insurance companies haven’t been proactive as far as declaration of portfolios is concerned. Unfortunately. In fact.
the IRDA introduced revised ULIP guidelines to correct “some” of these anomalies. for example if the client is opting for ULIP at the age of 30 then the policy term would be 40 years. now there is a sum assured that clients can associate with. On July 1. For one IRDA has given the new ULIP a face in insurance a face can be taken as the sum assured and the tenure. we say some because much is yet to be achieved.ULIP GUIDELINES: IRDA MAKES AN START. The ULIP must have a minimum tenure of 5 years. The old ULIP lacked both and individuals did not have an inking about either even after taking the ULIP the latest guidelines dictate that. then the term will be defined as 70 minus the age of the client. 2006. Sum Assured On the same lines. but more on the later. If no term is defined. The minimum sum assured is calculated as: . Term/Tenure The ULIP client must have the option to choose a term/ tenure. 2.
the life cover will lapse and policy will be terminated by paying the surrender value. 4. 3. Top. If the top –up amount exceeds 25% of total basic regular .like a partial withdrawal within two years of death or all partial withdrawals after 60 years of age.ups Insurance companies can accept top-ups only if the client had paid regular premiums till date. The sum assured is treated assured under the new guidelines: the cannot be reduced at any point during the term of the policy except under certain conditions. Premium Payments If less then first 3 years premiums are paid. Then the life cover would have to continue at the option of the client. 5. However. if at least first 3 years premiums have been paid. This way the client is at ease with regards to the sum assured at his disposal.(Term/2 Annual Premium) or (5 Annual Premium) whichever is higher. Surrender value The surrender value would be payable only after completion of 3 policy years. There is no clarity with regarded to the maximum sum assured.
then the client has to be given as certain percentage of sum assured on the excess amount. Partial withdrawals The client can make partial withdrawals only after 3 policy years. For instance. 2007. However. 6. 2012. life cover will not be available during the extended period. if the ULIP matures on January 1. 8.premiums paid till date. 9. Charges The insurance company must state the ULIP charges explicitly. the client has the option to claim the ULIP monies till as last as December 31. Top-ups have a look-in of 3 years (unless the top up is made in the last 3 years of the policy). Loans No loans will be granted under the new ULIP. 7. Settlement The client has the option to claim the amount accumulated in his account after maturity of the term of the policy up to a maximum of 5 years. . They must also give method of deduction of charges.
because agents were violating these guidelines and projecting higher returns. other data points turnover ratios need to be mentioned clearly so clients have an idea on whether as well as in transparency. ULIPs (especially the aggressive options) need to mention their investment mandate. Regular disclosure of detailed ULIP portfolios. 2. At Personal. is it going to aim for aggressive capital appreciation or steady growth in other words will it be managed . Agents are bound by guidelines to show illustrations based on an optimistic estimate of 10% and a conservative estimate of 6% Now clients will have to sign on these illustrations. This is a problem wit the industry for all their mutual fund counterparts in frequency as will as in transparency. While what the IRDA has done is commendable. a lot more needs to be done. 3. we have our own wish list with regards to ULIP portfolios: 1. These illustrations are shown to the client by the agent to give him an idea about the return on his policy. On the same lines.10 Benefit illustrations The client must necessarily sign on the sales benefit illustrations.
we believe that since ULIPs invest so heavily in stock markets they must have clear-cut investment guidelines. Exposure to a stock/sector in a ULIP portfolio must be defined. Investment guidelines for ULIPs must also be crystallized.aggressively or conservatively? Will it invest in large caps. The Link a copy of the LINK is added in the report to make easy to understand. how port folio is managed. . In ING VYSYA Life. what amount and what parentage of money in his asked in different securities (in different funds) is shown in its monthly publication. Our interaction with insurance companies indicates that there is little clarity on this front. The Link –30th June 2006 is added. mid caps or across both segments? Will it be managed with the growth style or the value style? 4. Diversified equity funds have a limit to how much they can invest in a stock/sector.
As a result. . The Unit Linked Insurance Product combine Investment opportunities with insurance cover thus giving the dual benefit of Insurance Cover with better returns.UNIT LINKED INSURANCE PLANS Unit linked insurance plans have proved quite appealing to the consumers given the buoyancy of the Indian Stock Markets over the last few years. it is becoming increasingly difficult for Financial Institution and Banks to offer guaranteed returns to the investors. To meet the ever challenging demands of the investing public it has become the need of the day to offer a wide array of products that are flexible and tailor made to suit individual customer requirements and risk appetites. This has brought about a change in the expectations of the investors. In the falling interest rate scenario. The opening up of the Insurance sector has widened the ken of knowledge of the investor thus increasing his demands. Unit Linked Insurance Plans account for 70 to 90% of the total new business of most of the Private Insurance. Today’s customers have a wide spectrum of investment opportunities with professional investment guidance enabling them to take to take calculated risks while looking for safety of their capital. There is now an increasing acceptance of variable returns offered by these Unit Linked Insurance Products. liquidity and decent returns.
. Thus UTI as a Mutual Fund was taking care of investing the Unit holders’ money in the capital markets while LIC was providing the required Life Cover.Unit Trust of India was the first to launch the Unit Linked Insurance Plan (ULIP) in India in the year 1971. sophisticated Unit Linked Insurance Product have evolved in India. With the advanced support of computing technology and the advent of Overseas insurers. by entering into a Group Insurance arrangement with Life Insurance Corporation of India to provide Life Insurance cover to its investors.
UNDERSTADING THE TIME VALUE OF MONEY
When any amount is invested it earns you returns
Future Value (FV) of Money: Gives an idea as to what would be the value of Re.1 after a specified number of years at a given rate of compound interest.
Example for a Single Investment:
A one time investment of Rs.1000 for 15 years at a compounded interest rate of 9% will grow to Rs.3640.
Example for Regular Yearly Investment (payment made at the beginning of each year):
A regular investment of Rs.1000 per year for 15 years growing at a compounded interest rate of 9% will grow to Rs.32,000.
Example for Regular Yearly Investment (payment made at the end of each year):
A regular investment of Rs.1000 per year for 15 years growing at a compounded interest rate of 9% will grow to Rs.28,360.
Present Value (PV): Gives an idea as to what is the current value of Re.1 that is to be received after a specified number of years depreciating at a given rate,.
Example for a single sum of amount to be received after 15 years: The Present Value of Rs.1000 to be received after 15 years if the compound rate of interest is 9% is Rs.275.
The RULE OF72
72 divided by the Interest Rate gives you
The approximate number of years it takes for your money to double with the given rate of interest.
Example: If the interest rate is 6%, the number of years if takes to double you investment is…… 72 6 = 12 Years
72 divided by the Number of Years gives
The approximate Compound Interest Rate required for your money to double in the given number of Years.
Example: If your money needs to double in 12 years, then the Interest rate required is…….
= 6% Compound Interest
REAL AND NOMINAL RATE OF INTEREST
NOMINAL RATE OF INTEREST The Nominal Rate of Interest is the Interest Rate before any adjustment for inflation is done.
REAL RATE OF INTEREST The Real Rate of Interest is the return on your investment that you receive after adjusting the rate of inflation
Higher the Risk. unrealized appreciation.Safety L-Liquidity R-Returns Safety : Is the soundness of the issuer to repay the principal amount along with the interest thereof on the due dates. realized capital gains. the Returns Liquidity : Is the Quickness with which you can convert your investment into cash. you Work Hard for Money BASIC TENETS OF PERSONAL INVESTING Earn Earn Earn Spend Save Save Save Spend Invest Spend Leads to Financial failure Leads to Financial Dependence Leads to Financial Independence . Higher the Liquidity.WHAT TO LOOK FOR IN AN INVESTMENT? S. Returns : Is the Income that one earns on investment by way of interest. Higher the expected Returns THE BASIS OF PERSONAL INVESTMENT It is Making Money Work Hard for you while. dividend.
VARIOUS INVESTMENT OPTIONS EQUITY SHARES No Maturity date No Guarantee of returns Traded on Stock Exchange Have high liquidity Market prices go up and down Does not provide regular income Good for Capital growth over a long term Can deliver 15-20% returns over longer time horizons Risk of loss of Capital GOVERNMENT SECURITIES Issued by Central / State Government Have fixed maturity dates of 2 to 30 years Provide regular income Principal and Interest payment guaranteed by Government Guaranteed Returns – 6.8% .
CORPORATE BONDS Has fixed maturity date Provides regular income Market price sensitive to interest rate and credit rating changes. Low Liquidity Low Volatility MONEY MARKET INSTRUMENTS Mature within one year Capital protected Low returns 4 to 6% Minimum Volatility High Liquidity Good for short-term Liquidity . Returns higher than Government Bonds.
BANK DEPOSITS Have varying maturities with a maximum of 10 years Offer assured returns Capital is protected Not marketable Premature encashment subject to penalty TDS at 10. Insurance Companies.000. Mutual Funds. Treasury Bills : Generally issued by Govt. Certificate of Deposit : Generally issued by Banks for 91 days to 1 year at a discount.MONEY MARKET INSTRUMENTS Call Money : Overnight lending and borrowing of money by Bank.2% deducted if interest exceeds Rs. Commercial Paper : Generally issued by Corporate for 91 days to 1 year at a discount. 364 days at a discounts. Benefit of 80C for FDs of 5 years and above (budget 2006) .5. of India for 91 days.
.1601 after 6 years No premature encashment within 6 years Section 80C benefit for subscription amount and accrued interest.000/.5 years with penalty Interest amount taxable 8% NATIONAL SAVINGS CERTIFICATES Interest compounded half yearly Investment and interest qualify for deduction u/s. 80C Rs. Non pledge able No TDS deductions 8% KISAN VIKAS PATRA 8% Interest compound quarterly Doubles after 8 years and 7 monthly Premature encashment – after 2.16% Tenure-6 years Non transferable.becomes Rs.8% TAXABLE GOVT. Non transferable. OF INDIA GAVINGS BONDS 2003 Interest payable half yearly or cumulative Effective yield 8.1.
25% 7. Premature encashment. OF INDIA SENIOR CITIZEN SCHEME. Interest amount taxable 9% GOVT.25% 6. Tenure 6 years Maximum amount for joint account Rs.50% 7.5 years Maximum amount – Rs.6 lacs.50% .15 Lacs No TDS Premature withdrawal after 1 year with penalty 8% MONTLY INCOME SCHEME OF POST OFFICE 8% interest paid monthly. 9% interest payable quarterly Tenure.after 1 year with penalty POST OFFICE TIME DEPOSITS 1 Year 2 Year 3 Year 5 Year 6.
Income Fund: The objective is to provide regular and steady income. Balanced Fund: The objective is to provide both growth and regular income Money Market Fund: The objective is to provide easy liquidity. with preservation of capital.INVESTMENT OBJECTIVES OF DIFFERENT FUNDS Growth Fund: The objectives is to provide capital appreciation over the medium to long term an ideal fund for the investors seeking capital appreciation over a long term period. regular income and preservation of capital. GILT FUNDS Invest in Government Securities Invest in Treasury Bills No Credit Risk Exposed to Interest Rate Risk .
DEBT / BOND FUNDS Invest in Government Securities Invest in FI.1 lac enjoys deductions from income u/s 80 c of the Income. . Tax Act Such funds are invested in equity shares. Tax Saving Funds: Objectives is to offer tax rebated to the investors under specific provisions of the Indian Income Tax Laws Investment made under Equity Linked saving funds up to Rs. PSU. Bank Bonds Invest in Corporate Bonds Invest in Securitized Debt Invest mainly in Rated papers Exposed to credit risk & interest rate risk EQUITY FUNDS Diversified Equity Funds: Invest in index stocks & ‘A’ group shared diversified over different Industries & Companies.
mid & large Cap Companies BALANCED FUNDS Invest in Debt & Equity instruments within predetermined Proportions. Exposed to Interest Rate Risk & Market Risk.g.Index Funds: The fund invests in specified sectors / industries e. Banking. Pharma. LIQUID FUNDS Invest in Money Market Instruments & Bank Deposits Low impact of interest rate changes . Multi Caps Funds: The fund invests in small. Auto.
Total Liabilities Total Assets Total Liabilities Liabilities.000 18.000 (-)6. Net Assets of funds are Total Assets.000 NAV per unit = NAV divided by the units issued If the units issued were 10. of Units in the funds Example for Calculation of NAV Value of shares & Debentures Cash in hand Interest earned Expense to be paid Therefore the NAV is 100. = = Investment (Market Value) + Receivables + Accrued Expenses + Payables + Other Current NAV of a Unit = Net Assets of the Scheme No.CALCULATION OF NET ASSET VALUE (NAV) Net Asset Values of a unit is based upon Net Asset of the fund divided by no. of units outstanding at the end of each day.000 .000 20.000 132.
With a face value of Rs. Q. keeping in view the following factors: Financial Goal Time Period Risk Appetite .000 = Rs. A. A. What is “term” of the policy? The “term” represents the period after which your policy matures. Q. How should investment funds typically be selected? A customer will have to select an investment fund of his choice or can do so in consultations with an investment advisor. A.13. Q.200 COMMONLY ASKED QUESTIONS AND ANSWERS Q.000/ 10. What is “Premium Payment Term” of the policy? The “Premium Payment Term” represents the period for which you are required to pay premiums in a policy.10 The NAV per unit will be 132. A. What is “Sum Assured”? The “Sum Assured” in a Unit Linked contract means the minimum amount payable on the happening of the insured contingency.
If by nature. What does “Fund Choice” mean? It means that Any fund can be selected at any point of time. The policy document Discharge form To whom will a death claim amount be paid in a Unit Linked Policy? The death claim is paid to: . How is a Maturity Claim made in a Unit Link Policy? To process a maturity claim. you need to give Q. A. A. What is “Risk Appetite”? Risk appetite means the risk tolerance ability or individual temperament. Fund values would grow faster if smart and timely choices are made. A. Q. a notice regarding the same is required.g. Is assignment allowed a Unit Linked policy? Yes. Q. A smart customer can make more money by appropriately switching his funds. A. a Unit Linked Policy can be assigned like any other policy. But the financial goals not be achieved within a given time period. one is conservative and averse to taking risks. depending upon market conditions. It is possible to shift from one fund to another. Q. To record the assignment of a policy. A. E. This facility is provided in a Unit Linked Policy.Q. a fund with lower risks is best. Liquid Funds Secured Funds.
you can opt for a Premiums Holiday and the insurance cover under the policy will continue. However. A. as declared in the proposal form The legal heirs. the sick charges will continue to be deducted by canceling units. How many fund choices does IVL offer? IVL offers you 5 choices. If three full years of premiums have been paid and if fur5ther premiums are not paid. You can paying regular premiums as and when your financial position improves. What happens if I do not pay premiums after paying regularly for three years? A. during the premium holiday period. Can an insurance company design a Customized Fund for the customer? A. this is not allowed. The nominee. Q. .Q. Debt fund Secure Fund Balanced Fund Growth Fund Equity Fund Q. I n case the nominee is not specified in the policy. No. The appointee. in case the nominee is a minor at the time of claim.
Yes. the decision to invest in specific securities will be taken by the Fund Manager of the insurance company. No. When is the choice of a fund in a Unit Linked Policy made? The choice has to be indicated in the Proposal Form Is if possible to invest in all the available funds? Yes. Q. However. Can future premiums be deposited into other funds without shifting the existing funs? A. Is there any limit on the number of switches in a policy year? We offer two free switches in a policy year. Future premiums can be redirected to any fund in any proportion without shifting the existing investments. further switches are allowed subject to certain payments. IVL’s Unit Linked Insurance Plans do not offer loans on their plans.Q. Q. Are loans available in IVL’s Unit Linked Plans? No. A. Does the insurance company disclose the investments made in each fund? A. we publish a monthly newsletter titled “the Link” in which we disclose the investments made. A. Q. Yes. Q. A. . Can an insurance company be directed to make investments is specific securities? A. if is very much possible. A. Q. Q.
Can a Unit Linked Policy be surrendered? Yes. The value of units can be higher or lower than the sum assured. the returns to customers are provided by way of appreciation in the value of their units and not through annual bonus additions. the performance of the Fund and your decision regarding choice of funds and timing of switches between funds. Q. Unlike a traditional policy. A. Q.Q. Riders cannot be added as of now. Are Riders allowed in IVL’s Unit Linked Plans? No. The change needs to be intimated to the insurance through a specific form. A. A. will I get Sum Assured and bonuses in a Unit Linked Policy? A. it can be surrendered subject to the terms and conditions of the policy. in a Unit Linked Insurance Plan. On maturity like a traditional policy. Q. On maturity. nomination can be changed any time till the date of Maturity. . Can a nomination be changed in a Unit Linked Policy? Yes.
This 5% extra allocation is coming from the promoter’s capital. I would like to benefit of this.2. HONEY Amrita Chauhan Sanyal February 20. The Article published in the Times of India is self explanatory NO FREE LUNCHES. now the investor should ask the most important question. So. This may not necessarily be true and such marketing gimmicks should not unduly influence investors. the plan is actually allocating 105% of the premium towards the policyholders’ fund. Bajaj Allianz’s Unit Gain Premier is a single premium unit linked plan. The differentiating factor in this unit-linked plan is that instead of charging entry load or upfront charges. Some companies allot as high as 105% of the premium paid by me into my Account. Sounds very promising after all who will not want their money to grow instantly? But are investors actually naïve enough to believe the any company will actually shell out their own capital to increase plan will give better returns than the other unit-linked plans in the market. How is this . 2006 The Economic Times Many of you would have seen Bajaj Allianz’s latest TV commercial promising investors Rs105 for every Rs100 that the investor will put in their Unit Gain Plan.
Unit Gain will charge Rs.10. plan X charges 2. This means that in Plan X if the annual returns and Unit Gain Premier Plan. . But the higher fund management fee will eventually take over and the fund value of Unit Gain will start lagging behind from the 9th year onwards. While most other unit-linked plans charge a maximum 1.5% as fund management charge (for equity funds) this plan will charge 2.linked plan in the market say Plan X.9750.10. ET Big Bucks did some number crunching to help investors figure out whether this plan will create higher wealth for the investor in the long run or not.money going to be recovered? The answer is the higher fund management charge.500.5% Bajaj Allianz Unit Gain Premier Plan allocates 105% of the single premium invested by the policyholder but charges 2. We are assuring that both the fund will give 10% annual returns and all other parameters are same in both the plans. At the end of 20 years the fund fee. We compared Bajaj Allianz’s Unit Gain Premier plan with an existing single premium unit.25% as fund management fee.5% entry load on the single premium invested in the plan in the fund management fee of 1. While plan X will charge a cumulative of Rs.7472 as fund management fee in 20 years on an initial speculation of Rs. As expected the fund value of Unit Gain will be higher in the initial years due to higher allocations..25% as fund management charge to recover the 5% extra allocation done for the investor.906 as fund management fee for the same time period on an initial investment of Rs.
FREEDOM PLAN (ULIP of ING Vysya Life Insurance) SUITABILITY The policy is an investment cum endowment plan.e build up phase and withdrawal phase. premiums are payable till the maturity of the plan. Premiums paid under the policy are transferred into accumulation account after reducing the mortality and other administrative expenses. The company announces the return on the accumulation account based on its performance. The policy has two phases i. SAILENT FEATURES This policy is a participating endowment plan with the flexibility of utilizing the maturity benefits either in lump sum or in the form of an annuity. On the due date of maturity policy holder has the option to receive complete benefits in the lump sum or exercise the option to withdraw benefits in installments at the regular interval. Premiums are payable for the whole of build up phase i. . and is suitable for people who are looking at investment option with good return and the security of investment.e.
Premiums paid for Critical illness Benefit qualify for rebate under Sec 80D. One has the facility of Automatic Cover Maintenance . The policyholder can opt to advance the date of maturity subject to the policy being in force for 3 years . The premiums paid under the plan will qualify for rebate under sec . then the policy holder is allowed the same without any minimum premium payment restrictions. Policyholder can utilize Supplementary Accumulation Account . which ensures that the policy remains in force even when the policy holder is unable to pay premiums. if the early maturity is due to illness. 1961 and the returns are fully tax exempt under Sec. created for “lump sum injections “ to pay premiums . These premium payments will give rise to a supplementary Sum assured and Supplementary Accumulation Account. 88 of the Income Tax Act. The facility is available provided the policy is in force for three policy years. In addition to the regular premiums. These will be combined with the Accumulation Account at the chosen maturity date .10 (10 D). . one can make lump sum injection anytime into the plan during the premium paying period ( such lump sum injections during the year may not exceed 25 % of the basic sum assured ).
The premiums paid. Based on his risk appetite policyholder has to choose any of the four funds offered under the policy. Top up facility is also seen in this plan. Two free switches are given every year and for every extra switch 1% charges are applied. net are converted into units and are converted in funds selected by the policy holder . Switch options are also introduced to the plan in order to give an approach of customer friendly plan. .
INVESTMENT BUCKETS DEBT EQUITY SECURE BALANCE GROWTH DEBT FUNDS INVESTMENT GOVERNMENT BONDS SHARE MARKET 100% 0% RISK PROFILE low nil SECURE FUNDS INVESTMENT GOVERNMENT BONDS SHARE MARKET 80% 20% RISK PROFILE low low .
BALANCE FUNDS INVESTMENT GOVERNMENT BONDS SHARE MARKET 60% 40% RISK PROFILE medium medium GROWTH FUNDS INVESTMENT GOVERNMENT BONDS SHARE MARKET 40% 60% RISK PROFILE low high EQUITY FUNDS INVESTMENT GOVERNMENT BONDS SHARE MARKET 0% 100% RISK PROFILE nil very high .
.CONDITIONS: Minimum age of entry : Maximum age of entry : Minimum premium payment term : Maximum premium payment term : Minimum Premium • Yearly Rs 15000 18 years 60 years 5 years 25 years THE CHARGES One time charge Rs 700 and Rs 50 per lakh of SA or part Thereof. Allocation charges 1st year – 45% of the annual premium Paid 2nd and 3rd year – 7.5%of the annual premium paid. 4th year – 4% of the annual premium paid Additional top-up -1% of the amount put as top up.
75% Secure plan – 1. 1%of fund value the 6th year onwards.1. . subject to the minimum of Rs 100 Surrender Charge 5% of fund value during the second year .5% of fund value between. 2.Regular Charges Fund management charges Rs 25 per month Debt plan 0.1. Partial Surrender Charge 0.25% of the surrender amount.00% Balanced Plan. the 2nd & 5th year.1% of the amount switched.35% Growth Plan.25% Switch charge 0.
50% of maturity benefit in cash and utilize the rest to receive an annuity spread over a period of 15 years. Policy holder has the option to receive the benefits in full and policy comes to an end. (upto the age of 75 years) 10% of basic sum Loan Benefits After paying a premium for three years. the person is eligible for a loan. On death within fifteen ears after the buildup phase of the policy Benefits includes balance in accumulation account plus assured. Tax Benefits . Death Benefit Benefits include greater of Basic sum assured less all premiums due but not paid and accumulation account plus 10% of the basic sum assured plus greater of Supplementary sum assured and supplementary accumulation account. However policy holder can opt to receive 0.BENEFITS Maturity Benefits Benefits under the policy would be greater of sum assured and accumulation account plus the supplementary sum assured and supplementary accumulation account.
Where the term benefit cover applied for is more than 10 lakhs.Tax benefits under Section 10 (10 D) are available on all our life insurance plans and riders. this benefit keeps the policy alive by waiving all future premiums on the policy. 10 lakhs). which is over an above the sum assured. Accidental Death Benefit: This benefits provides an additional amount (over and above the sum assured) to the beneficiary in the event accidental death of the life insured. the beneficiary would receive an additional death benefit amount. subject to meeting eligibility requirements. the rider pays an additional amount. Disability and dismemberment rider: In case of permanent disability due to an accident. Accidental Death: In case of the unfortunate death of the proposer. which is paid out as an annuity. The maximum amount of benefit one can avail is equal to the basic sum assured. better rates may apply. Term Rider: In the event of death during the term of the benefit. Riders Benefits Increase the coverage at a nominal extra cost by opting for any of the riders. The . The maximum cover available under this benefit is equal to the basic sum assured (subject to a max of Rs.
Look in Period This is a 15 days period for going through the terms and conditions and decide upon taking or canceling the policy. 10 lakhs). Accidental Disability Guardian Benefit: In case the proposer is permanently disabled as a result of accident. the benefit keep the policy alive by waiving all future premiums on the policy. .maximum permanent disability benefit that can avail of is the basic sum assured (subject to maximum of Rs.
. thus an opportunity for everyone. strict in underwriting and in compliance with IRDA norms has transparent image in industry and its own dignity in life insurance sector in India. Innovatives ULIPs provides excellent investment opportunities. Flexible portfolio provides different funds. different mix of equity. ING Vysya Life. debt & other securities. as investment in particular fund (in ULIPs) is nurtured by the company itself. backed up with life cover which provides for protection retirement.CONCLUSION Life insurance sector has come up with vast investment opportunities. Investment here is less dependent on Market swings.
5paisa. The Link – 30th June 2006.BIBLIOGRAPHY 1. 2006. (Publication of ING Vysya Life) . 3.com www. 2. 5.ingvysyalife. www. February 20.com www.com The Economic Times.personalfn. 4.
‘EXIDE’ and ‘SF (Standard Furukawa)’. are also the leading battery brands in the country. Largest in revenues Largest financial group in the world in terms of profits Ranking at number 13 in Global Fortune 500. 4. the flagship brands of the company.87% 1. 2. Exide Industries EIL Is the market leader in both the automotive and industrial segments.ING VYSYA LIFE INSURANCE SHAREHOLDING 1. Marketing Network Offices – 26 . The ING GROUP (The Lion of The Financial Jungle) International Netherlands Group is currently the worlds largest life insurance in profits. ING Group (Netherlands) ENAM Group of Industries Exide Industries Limited Gujrat Ambuja Cement 26% 9.13% 50% 14. year 2006 2. 3.
Gujarat Ambuja Cements Ltd. The Third largest cement company in India. Enam Group Enam Group is one of India’s leading financial service providers reputed for its ability to perceive the true potential of businesses and enhance their value. The culture at Enam Group is deeply rooted in ethics. innovation and financial sobriety.- Exide Care Centers – 100 Exide Power Centers – 25 Dealers SLI-3423 MC-2469 Marketing Staff-291 3. . 4.
15. how portfolio is managed. AEGON NETHERLANDS PRUDENTIAL FINANCIAL U.576 10 869 15 314 19 677 17 1.183 14 4.S.446 26. ING Group Netherlands AXA France ASSICURAZIONI GENERALI ITALY AVIVA BRITAIN PRUDENTIAL BRITAIN LEGAL & GENERAL GROUP BRITAIN CNP ASSURANCES FRANCE METLIFE U. what amount and what percentage of money is invested in different securities (in different funds) is shown in its monthly publication THE LINK.RANKED WITHIN INDUSTRIES : THE GLOBAL FORTUNE 500 Fortune.694 31. 3.S.385 48.475 49.839 101. 4.186 2 2. 10.389 1. 11.S.286 14.708 27.084 21.235 129.589 19. 16.395 5 3. 2.088 17. 12. 13.745 56.384 8 3.579 74. A copy of the LINK is added in the report to make portfolio easy to understand. 17.389 26.463 6 7 4 9 2 16 3 13 2 19 3 14 2 15 10 4 9 5 11 1 0 21 2 17 10 3 6 8 4 11 1 20 3 12 9 6 4 10 10 2 2 18 1 1 1 1 0 1 0 1 1 1 0 1 1 1 1 0 1 1 1 3 0 12 19 4 11 18 15 17 5 6 8 21 13 4 2 7 20 10 3 16 1 19 MEDIAN 27.716 9 1.692 26.359 13 1.959 1 5.693 8. OF CANADA CANADA T&D HOLDINGS JAPAN CATHAY FINANCIAL HOLDINGS TAWAN SUN LIFE FINANCIAL CANADA SWISS LIFE CANADA AFLAC U. 6.211 6 1. 19. CHINA LIFE CHINA SAMSUNG LIFE SOUTH KOREA MANULIFE FINANCIAL CANADA OLD MUTUAL BRITAIN POWER CORP. 18. . 14.714 3 3.278 991.962 21. 21.540 4 25 21 618 18 2. 9. 20.483 12 307 20 46.404 92.716 7 1. FRIENDS PROVIDENT BRITAIN TOTAL 138.541 11 690 16 1.541 PORTFOLIO MANAGEMENT In ING Vysya Life.469 18. 8. 14 July 2006 1. 5.363 4.983 37. 7.
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