Internal Assessment Project Report For the Subject

Insurance Risk Management

On

“Comparative Analysis Of Best Term Insurance of

Aditya Birla Sun Life Insurance Company v/s ICICI
Prudential Life Insurance Company”

Submitted to

Faculty of Management Studies, MARWADI UNIVERSITY

Under the Guidance of

Mr. Sudhansu Shekhar Panda

In partial Fulfilment of the requirement of the award of marks in the internal

assessment of the paper Insurance Risk Management in the degree of

Master of Business Administration (MBA)

Offered by
Gujarat Technological University
Ahmedabad

Prepared & submitted by

Rudresh Dilipbhai Trivedi
217340592090
MBA (Semester III)
January 2023
 STUDENT DECLARATION

I hereby declare that the Internal Assessment Project Report titled in

“Comparative analysis of Best Term Insurance Of Aditya Birla Sun Life Insurance
v/s ICICI Prudential Life Insurance” is a result of my own work and my
indebtedness to other work publications, references, if any, have been duly
acknowledged. If I am found guilty of copying from any other report or published
information and showing as my original work, or extending plagiarism limit, I
understand that i shall be liable and punishable by the guide, which may include No
Marks in the Internal Assessment.

NAME Enrolment No. Signature

Rudresh Dilipbhai Trivedi 217340592090

Place: Date:
 CERTIFICATE OF EXAMINER

This is to certify that the project work embodied in this report entitled was carried
out by Rudresh Trivedi and enrollment number is 217340592090 of MARWADI
UNIVERSITY.

The report is approved / not approved.

Marks Given by Examiner:

This report is for the partial fulfilment of the requirement of the award of the degree
of master of Business Administration offered by Gujarat Technological University.

Examiner’s Sign

Name of examiner

Date:

Place:
 ADITYA BIRLA SUN LIFE INSURANCE

 History:
 Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a part of Aditya
Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4, 2000 and
commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture
between the Aditya Birla Group and Sun Life Financial Inc., an international
financial services organization in Canada.
 ABSLI offers a range of products across the customer’s life cycle, including
children future plans, wealth protection plans, retirement and pension solutions,
health plans, traditional term plans and Unit Linked Insurance Plans (ULIPs).
 As of June 2022, total AUM of ABSLI Stood at around Rs.606,604 million.
ABSLI recorded a gross premium income of Rs.26,197 million in Q1 FY 2022-
23 and registering a y-o-y growth of 49% in Gross Premium with Individual
Business FYP at Rs.4090 Mn. ABSLI has a nation-wide distribution presence
through 340+ branches, 8 bancassurance partners, over 49,000 direct selling
agents, other Corporate Agents, and Brokers and through its website. The
company has over 19,500 employees and more than 16 lakh active customers.

 ABCL is the holding company for the financial services businesses of the Aditya
Birla Group. ABCL’s subsidiaries have a strong presence across Protecting,
Investing and Financing solutions. ABCL is a universal financial solutions group
catering to diverse needs of its customers across their life stages. Powered by
more than 33,500 employees, the subsidiaries of ABCL have a nationwide reach
with 1,094 branches and more than 2,00,000 agents, channel partners and several
bank partners.
 As of June 30th, 2022, ABCL manages aggregate assets under management over
Rs.3,550 billion, has a consolidated lending book of approx. Rs.699 billion, and
an active customer base of over 39 million, through its subsidiaries and joint
ventures.
 Vision:
 To be a premium global conglomerate with a clear focus on each of the
businesses.

 Mission:
 To deliver superior value to our customers, shareholders, employees and society
at large.

 Values:
 Integrity
 Commitment
 Passion
 Seamlessness
 Speed
 Benefits and Features:

 High Life coverage: Aditya Birla sun life insurance is one of the most
affordable life insurance available in the Indian insurance market. It provides life
insurance plans at affordable prices at high coverage amounts.

 Tax Benefits: Aditya Birla sun life insurance policies provide certain tax
benefits under section 80C, Section 10 (10D) of the income tax act, 1961.

 Long-Term Coverage: Using the Aditya Birla Sun life insurance you can opt
for coverage that continues up to 99 years of age by paying premiums for a
limited period.

 Easy Policy issuance: The policy issuance process in Aditya Birla Sun Life
Insurance Company is very smooth and the policy would be issued within the
least possible time, within 1 day in some cases. Aditya Birla Sun Life has robust
systems in place and is upgrading continuously to provide seamless service to its
customers.

 Flexibility in Premium Payment: The premiums can be paid on a monthly,

quarterly, half-yearly, or annual basis as per your convenience.
  Aditya Birla Sun Life Insurance Plans:

Type of Plan Aditya Birla Life Insurance Plans

Term Plans • Aditya Birla Sun Life Capital Life Shield Plan

 Aditya Birla Sun Life DigiShield Plan

 Aditya Birla Sun Life Saral Jeevan Bima Plan

Pension  Aditya Birla Sun Life Insurance Empower Pension Plan

Plans
 Aditya Birla Sun Life Insurance Empower Pension – SP Plan

 Aditya Birla Sun Life Insurance Saral Pension Pension – SP Plan

 Aditya Birla Sun Life Insurance Guaranteed Annuity Plus

ULIP Plans  Aditya Birla Sun Life Insurance Wealth Infinia

 Aditya Birla Sun Life Insurance Wealth Assure Plus

 Aditya Birla Sun Life Insurance Wealth Max Plan

 Aditya Birla Sun Life Insurance Wealth Secure Plan

 Aditya Birla Sun Life Insurance Fortune Elite Plan

 Aditya Birla Sun Life Insurance Wealth Aspire Plan

Child Plans  Aditya Birla Sun Life Insurance Vision Star Plan

 Aditya Birla Sun Life Insurance Child Future Assured Plan

Savings  Aditya Birla Sun Life Insurance Assured Income Plus

Plans
 Aditya Birla Sun Life Insurance Vision LifeIncome Plus Plan

 Aditya Birla Sun Life Insurance SecurePlus Plan

  Aditya Birla Sun Life Insurance Guaranteed Milestone Plan

 Aditya Birla Sun Life Insurance Assured FlexiSavings Plan

 Aditya Birla Sun Life Insurance Vision MoneyBack Plus Plan

 Aditya Birla Sun Life Insurance Vision LifeIncome Plan

 Aditya Birla Sun Life Insurance Savings Plan

 Aditya Birla Sun Life Insurance Vision LifeSecure Plan

 Aditya Birla Sun Life Insurance Income Assured Plan

 Aditya Birla Sun Life Insurance Vision Endowment Plus Plan

 Aditya Birla Sun Life Insurance Jeevan Bachat Plan

 Aditya Birla Sun Life Insurance Monthly Income Plan

Health Plans  Aditya Birla Sun Life Insurance Cancer Shield Plan

 Aditya Birla Sun Life Insurance CritiShield Plan

Group Plans  Aditya Birla Sun Life Insurance Group Protection Plan

 Aditya Birla Sun Life Insurance Group Income Replacement Plan

 Aditya Birla Sun Life Insurance Pradhan Mantri Jeevan Jyoti Bima Yojana
Plan

 Aditya Birla Sun Life Insurance Group Asset Assure Plan

 Aditya Birla Sun Life Insurance Group Bima Yojana Plan

 Aditya Birla Sun Life Insurance Group Smart Select Plan

 Aditya Birla Sun Life Insurance Guaranteed Annuity Plus Plan

 Aditya Birla Sun Life Insurance Group CapSecure Plan

 Aditya Birla Sun Life Insurance Group Capital Assured Traditional Plan
 Aditya Birla Sun Life Insurance Group Unit Linked Plan

 Aditya Birla Sun Life Insurance Group Value Plus Plan

 Aditya Birla Sun Life Insurance Assured Pension Plan

 Aditya Birla Sun Life Insurance Superannuation Plan

 ICICI PRUDENTIAL LIFE INSURANCE

 History:

 ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life)

is promoted by ICICI Bank Limited and Prudential Corporation Holdings
Limited.

 ICICI Prudential Life began its operations in the fiscal year 2001. On a
retail weighted received premium basis (RWRP), it has consistently been
amongst the top companies in the Indian life insurance sector. Our Assets
Under Management (AUM) at September 30, 2022 were 2,442.79 billion.

 At ICICI Prudential Life, we operate on the core philosophy of customer-

centricity. We offer long-term savings and protection products to meet the
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.

 In FY2015 ICICI Prudential Life became the first private life insurer to
attain assets under management of `1 trillion. ICICI Prudential Life is also
the first insurance company in India to be listed on National Stock
Exchange (NSE) and Bombay Stock Exchange (BSE).

 Vision:
 Understanding the needs of customers and offering them superior products and
service.
 Leveraging technology to service customers quickly, efficiently and
conveniently.
 Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders.
 Providing an enabling environment to foster growth and learning for our
employees.
 Values:
 Boundaryless – I will treat organization agenda as paramount
 Integrity – What I do when nobody is watching me
 Humility – Openness to learn a change
 Customer First – Service excellence towards Internal and External Customers
 Passion – Demonstrates infectious energy and enthusiasm

 Features:

 Wide Range of Plans: ICICI Prudential Life Insurance, a premier life insurance
provider in India, offers a wide range of innovative features and benefits to its
customers. It offers a wide range of plans such as terms, pensions, health, group,
and more.

 Investment Option: ICICI Prudential Life Insurance Company offers a variety

of investment options such as savings plans, ULIPs, and more.

 Excellent Customer Services: ICICI Prudential life insurance has dedicated

customer care services such as loan facilities, online health check-ups, online
claim settlements, etc.

 Riders Availability: The Company offers various add-ons to its customers

which include critical illness cover, accidental death cover, health cover,
accidental disability cover, etc.

 Tax Benefits: ICICI Prudential life insurance offers tax benefits According to
the income tax act 1961 under sections 80c and 10(10d).
  ICICI prudential Life Insurance Plans:

Type of Plans ICICI Prudential Life Insurance Plans

Term Plans  ICICI Pru iProtect Smart Term Plan

 ICICI Prudential SARAL JEEVAN BIMA Plan
 ICICI Prudential iCare II Plan
 ICICI Prudential PRECIOUS LIFE Plan
 ICICI Prudential Life Raksha Plan
 ICICI Prudential POS iProtect Smart Plan
 ICICI Prudential POS Life Raksha Plan
 ICICI Prudential Loan Protect Plan
 ICICI Prudential Loan Protect Plus Plan

ULIP Plans  ICICI Prudential Signature Online Plan

 ICICI Prudential Signature Plan
 ICICI Pru1wealth Plan
 ICICI Prudential life Time Classic Plan
 ICICI Pru Guaranteed Wealth Protector Plan
 ICICI Prudential Smart Life Plan
 ICICI Prudential Smart Kid Plan
 ICICI Prudential Smart Couple Plan

Savings Plans  ICICI Prudential Guaranteed Income For Tomorrow Plan

 ICICI Prudential Cash Advantage Plan
 ICICI Pru Savings Suraksha Plan
 ICICI Prudential Assured Savings Insurance Plan
 ICICI Pru Future Perfect Plan
 ICICI Prudential LAKSHYA Plan
 ICICI Prudential LAKSHYA Lifelong Income Plan

Retirement  ICICI Pru Easy Retirement Plan

Plans
 ICICI Prudential Guaranteed pension Plan – Deferred Annuity
 ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan
 ICICI Prudential Easy Retirement SP Plan
  ICICI Prudential Saral Pension Plan

Health Plans  ICICI Prudential Heart/Cancer Protect Health Plan

Group Plans  ICICI Pru Group Term Plus Plan

 ICICI Prudential Group Loan Secure Plan
 ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima
Yojana Plan
 ICICI Prudential Shubh Raksha Credit Plan
 ICICI Prudential Super Protect – Credit Plan
 ICICI Prudential Group Suraksha Plan
 ICICI Prudential Group Suraksha Plus Superannuation Plan

Rural Plans  ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan
 ICICI Prudential Anmol Bachat Plan

Rider Plans  ICICI Prudential Corona Protect Rider Plan

 ICICI Prudential Corona Protect plus Rider Plan
  Comparison of Aditya birla sun life insurance company v/s ICICI
prudential life insurance

Parameter Aditya Birla Sun Life ICICI Prudential Life Insurance

Insurance

Claim Settlement 98.04% 97.90%

Ratio

Solvency Ratio 1.80 2.17

Inception 2001 2001

Number of Branches 340 514

Availability Online/Offline Online/Offline

Life Cover Up to 99 Years Up to 99 Years

Types of Plans  Term Insurance Plans  Term Plans

 Retirement Plans
 Health Plans
 Child Plans
 ULIP Plans
 Savings Plans
 Health Plans
 Unit Linked Insurance Plans,
 Traditional Savings/Money
Back Plans,
 Retirement Plans
 Group Plans
 Rural Plans
 Rider Plans

E-Services  Buy Policy  Buying policy

 Update Information  Renew Policy
 Pay Premiums  Update Information
 Download Statements  Premium Payments
  Claim Settlement
 Reinstate Policy
 Fund Switch,
 Know Policy Details
 Application Tracker, etc.
 Switch Funds
 Download Options
 Claim Settlement, etc.

Riders Available  Accidental Death Benefit  Accidental Death Benefit Rider

Rider
 Terminal Illness Rider
 Wavier of Premium Rider
 Critical Illness Rider
 Hospital Care Rider
 Wavier of Premium Rider
 Critical Illness Rider
 Group Insurance Benefit
Rider
  Best Term Insurance Plans Offered by ICICI Prudential Life
Insurance v/s Aditya Birla Sun Life Insurance

Plan Name Aditya Birla Sun Life Insurance ICICI Prudential Life Insurance
Saral Jeevan Bima Saral Jeevan Bima

Entry Age 18 – 65 years 18 – 65 years

Benefits Level cover, Increasing Cover, Life coverage, pocket friendly

Income Benefit, Low Cover premium, flexibility, tax benefit

Premium Monthly, Half Yearly and Yearly Single, Yearly, Half Yearly and
Payment Monthly
Frequency

Max Coverage 70 Years 65 Years

Death Benefit Yes Yes

Tax Benefit Yes Yes

Riders Wavier of premium rider early claim Wavier of premium rider Critical
on terminal illness critical illness illness rider accidental death benefit
rider rider
 Conclusion:

 Choosing the right life insurance company is not an easy task. Many
factors need to be considered before making a decision. The first thing you
should do is to compare the prices of different companies and find out
what they offer in terms of coverage and benefits.

 ICICI Prudential life insurance and Aditya Birla sun life insurance are
both good options for people who want to buy life insurance. Both
companies also offer a range of plans and coverages, which makes them
good options for different people.

 To make a better decision, you should make sure that you have all the
information about life insurance companies available in the market.
However, this decision has become much easier with the help of
PolicyBachat. To buy the best life insurance policy compare life insurance
quotes and get the right life insurance policy.