A PROJECT REPORT ON TO CREATE PUBLIC AWARENESS OF LIFE INSURANCE SECTOR IN EMERGING INDIAN MARKET" IN BIRLA SUN LIFE INSURANCE

SUMAN BISHT REGISTER NO: 06417003 1! MBA "MARKETING#

TECNIA INSTITUTE OF AD$ANCED STUDIES ACADEMIC %EAR & !01! '!014

PREFACE The summer training internship programme of Masters of business administration department of TECNIA INSTITUE OF AD$ANCED STUDIES involves the exposure of student to get an insight in the real life business situation. This practical training gives an ample opportunity to apply ones academic knowledge in the field substantiate by ones personality, initiative and lesion capability lthough each business strategy is uni!ue, it is not comparable with that of other firms or other kind. "et it provides a background to possible aspects of any problem and choosing the best alternative. Marketing#consumer research is a method by which one can feel the nature of the market. It is used to find out the attitude of consumer toward the product. It also helps in explaining the fact that how do consumers make decisions in favor of certain brands$ %eeping in view my area of speciali&ation "M()*+,-./#. I have taken over research pro'ect on TO CREATE PUBLIC AWARENESS OF LIFE INSURANCE SECTOR IN EMERGING INDIAN MARKET". The aim of the pro'ect is to have an idea of the performance of (I)* +,N *I-. IN+,)N/. and to understand the (/ of insurance sector that will be beneficial for me to perform the initial steps in corporate world. This training was !uite a comprehensive one in itself, it helped me have the first hand experience in0 1 2. 4. 5. 6. 7. 3ata collection and management Telemarketing Marketing Operations -ieldwork

3ata collection and management1 it mainly involved maintaining a list of prospects with details and classifying on certain basis thus providing the re!uired database. Telemarketing1This meant calling the prospects from the database created to fix appointment with them. Marketing1 8ere I was re!uires meeting the prospects personally to suggest and explain them the plans that best suited them. Operations1 On the operations front proposal forms along with the necessary documents were learned how to be filled. -ield 9ork1This involved filling up self created !uestionnaires from people in the age group of 2: and above to know their views, knowledge and needs regarding insurance.

ACKNOWLEDGEMENT ct as you speak, speak as you feel, do not play false to your conscience. I am privileged to have successfully undergone my training from the highly acclaimed organi&ation (I)* +,N *I-. IN+,) N/. /OM; N" *IMIT.3. I would like to express my gratitude to M)0 MANISH %ADA$ <(,+IN.++ 3.=.*O;M.NT M N >.)? for his valuable guidance and motivation to encourage me. I cannot refrain myself from expressing my deep sense of gratitude to inspirations to make me a successful complete pro'ect work. I am indebted to my family for his blessings, /ooperation and encouragement. My gratitude towards them is beyond accountabilities. *ast but not the least I would like to thank god from the core of my heart who blessed and enable me to complete the pro'ect.

SUMAN BISHT

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E1ECUTI$E SUMMAR% long with theoretical concepts, the exposure of real life situations existing in corporate world is very much needed. The training at (I)* +,N *I-. IN+,) N/. /OM; N" *T3. helped me to gain the practical experience and the study conducted by me centers around the importance of financial planning in each personGs life be it an individual, a company or the >overnment and the role of insurance in achieving the respective goals. thriving insurance sector is of vital importance to every modern nd perhaps most importantly it generates long1 economy. It encourages the savings habit. It provides a safety net to rural and urban enterprises and productive individuals. term investible funds for infrastructure building. The nature of the insurance business is such that the cash inflow of insurance companies is constant while the payout is deferred and contingency related. This characteristic of their business makes insurance companies the biggest investors in long 1 gestation. Infrastructure development pro'ects in all developed and aspiring nations. This is the most compelling reason why private sector <and foreign? companies that can spread the insurance habit in the societal and consumer interest are urgently re!uired in this vital sector of the economy. n attempt has been made to study the importance of insurance <life insurance in particular? in todayGs scenario. 3uring my summer training -. BIRLA SUN LIFE INSURANCE CO0 LTD, the basic focus of my training was on ,nit *ink Investment ;lans. investment plan that gives you access to =arious investment markets throughout the world, via a wide range of professionally managed funds. These funds have varying ob'ectives and levels of risk. The underlying make unit linked bond is a lump sum

up of the unit linked bond depend on its investment ob'ectives. This determines the type of stocks and shares in which it invests. .ach Investment *inked (ond offers the option to invest for growth, income or both, you can select the option which best matches your own needs. In depth study of ,nit *ink Investment ;lans of (I)* was done. The training was !uite a comprehensive one in itself, it helped me have the first hand experience in0 1 2. 3ata collection and management 4. Telemarketing 5. Marketing 6. Operations 7. -ieldwork On the fieldwork target of recruiting 234) 2-.(.5-(6 (78-93)9 (.7 9+66-./ ,+. 6-2+ -.94)(.5+ :36-5-+9 was given to me and I achieved the target in three weeks. 3ata collection on general awareness regarding *ife Insurance was done in which a sample si&e of hundred respondents was taken. nalyses were done with the help of graphs and conclusive findings were made. +uch as *I/ still remains the undisputed leader with a commanding share of D4.7H.*I/ is beginning to feel the pinch of a gradual warning of market share from 2@@Hthree years ago. %nocked by competition from private players it is making serious changes in its marketing strategies. +,N *I-. IN+,)+N/. /o. *td

W;(, -9 I.94)(.5+< Insurance is a contract for reducing losses from accident incurred by an individual party through a distribution of the risk of such losses among a number of parties. It is a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. It thus is a method of coping with risk. I,9 :)-=()> 24.5,-3. is ,3 94?9,-,4,+ 5+),(-.,> 23) 4.5+),(-.,> (9 )+/()79 ,;+ +53.3=-5 539, 32 1399':)3745-./ +8+.,9 is 53.5+).+70 Thus, In return for a specified consideration, the insurer undertakes to pay the insured or his beneficiary some specified amount in the event that the insured suffers loss through the occurrence of a contingent event covered by the insurance contract or policy. (y pooling both the -inancial contributions and the Iinsurable risksI of a large number of policyholders, the insurer is typically able to absorb losses incurred over any given period much more easily than would the uninsured individual. Insurance relies heavily on the "L(@ 32 6()/+ .4=?+)90" In large homogeneous populations it is possible to estimate the normal fre!uency of common events such as deaths and accidents. *osses can be predicted with reasonable accuracy, and this accuracy increases as the si&e of the group expands. -rom a theoretical standpoint, it is possible to eliminate all pure risk if an infinitely large group is selected. The risks must be such that pooling is both 2+(9-?6+ (.7 (78(.,(/+349 ,3 ,;+ ,@3 :(),-+90 -rom the standpoint of the insurer, an insurable risk must meet the following re!uirements0 2. The ob'ects to be insured must be numerous enough and homogeneous enough to allow a reasonably close calculation of the probable fre!uency and severity of looses 4. The insured ob'ects must not be sub'ect to simultaneous destruction. -or example, if all the buildings insured by one insurer are in an area sub'ect to flood, and a flood occurs, the loss to the insurance underwriter may be catastrophic. 5. The possible loss must be accidental in nature, and beyond the control of insured.

If the insured could cause the loss, the element of randomness and predictability would be destroyed. 6. There must be some way to determine whether a loss has occurred and how great that loss is. This is why insurance contracts specify very definitely what events must take place, what constitutes loss, and how it is to be measured. -rom the viewpoint of the insured person, an insurable risk is one for which the probability of loss is not so high as to re!uire excessive premiums. 9hat is IexcessiveI depends on individual circumstances, including the insuredJs attitude toward risk. t the same time, the potential loss must be severe enough to cause financial hardship if it is not insured against. I.94)(?6+ )-9*9 -.5647+: ' *osses to property resulting from fire, explosion, windstorm, etcK *osses of life or healthK and the legal liability arising out of use of automobiles, Occupancy of buildings, employment, or manufacture. U.-.94)(?6+ )-9*9 -.5647+: *osses resulting from price changes and competitive conditions in the market. ;olitical risks such as war or currency debasement are usually not insurable by private parties but may be insurable by governmental institutions. =ery often contracts can be drawn in such a way that an Iuninsurable riskI can be turned into an IinsurableI one through restrictions on losses, redefinitions of perils, or other methods.

INDUSTR% PROFILE INSURANCE IN INDIA The insurance sector in India has come a full circle from being an open competitive Market to nationali&ation and back to a liberali&ed market again. Tracing the 3evelopments in the Indian insurance sector reveals the 5C@ degree turn witnessed over a ;eriod of almost two centuries. A ?)-+2 ;-9,3)> 32 ,;+ I.94)(.5+ 9+5,3) The business of life insurance in India in its existing form started in India in the year 2:2: with the establishment of the Oriental *ife Insurance /ompany in /alcutta. +ome of the important milestones in the life insurance business in India are0 1 1!: The Indian *ife life insurance business. 1 !A: The Indian Insurance /ompanies ct enacted to enable the government to collect ssurance /ompanies ct enacted as the first statute to regulate the

statistical information about both life and non1life insurance businesses. 1 3A: .arlier legislation consolidated and amended to by the Insurance ct with the ob'ective of protecting the interests of the insuring public. 1 B6: 467 Indian and foreign insurers and provident societies taken over by the central government and nationali&ed. *I/ formed by an ct of ;arliament, vi&. *I/ ct, 2F7C, with a capital contribution of )s. 7 crore from the >overnment of India.

The >eneral insurance business in India, on the other hand, can trace its roots to the Triton Insurance /ompany *td., the first general insurance company established in the year 2:7@ in /alcutta by the (ritish. +ome of the important milestones in the general insurance business in India are0

1 07: The Indian Mercantile Insurance *td. set up, the first company to transact all classes of general insurance business. 1 B7: >eneral Insurance /ouncil, a wing of the Insurance ssociation of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1 6A: The Insurance ct amended to regulate investments and set minimum solvency ct, 2FD4 nationali&ed the general margins and the Tariff dvisory /ommittee set up. 1 7!: The >eneral Insurance (usiness <Nationali&ation? insurance business in India with effect from 2st Banuary 2FD5.2@D insurers amalgamated and grouped into four companies vi&. the National Insurance /ompany *td., the New India ssurance /ompany *td., the Oriental Insurance /ompany *td. and the ,nited India Insurance /ompany *td. >I/ incorporated as a company.

I.94)(.5+ 9+5,3) )+23)=9 In 2FF5, Malhotra /ommittee, headed by former -inance +ecretary and )(I >overnor ).N. Malhotra, was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the ob'ective of complementing the reform initiated in the financial sector. The reforms were aimed at Lcreating a more efficient and competitive financial system suitable for the re!uirements of the economy keeping in mind the structural changes currently underway and recogni&ing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reformsMNIn 2FF6, the committee submitted the report and some of the key recommendations included0

S,)45,4)+ >overnment stake in the insurance /ompanies to be brought down to 7@H >overnment should take over the holdings of >I/ and its subsidiaries so that these subsidiaries can act as independent corporations ll the insurance companies should be given greater freedom to operate

C3=:+,-,-3. ;rivate /ompanies with a minimum paid up capital of )s.2bn should be allowed To enter the industry No /ompany should deal in both *ife and >eneral Insurance through a single .ntity -oreign companies may be allowed to enter the industry in collaboration with the domestic companies ;ostal *ife Insurance should be allowed to operate in the rural market Only one +tate *evel *ife Insurance /ompany should be allowed to operate in .ach state

R+/46(,3)> B37> The Insurance ct should be changed n Insurance )egulatory body should be set up. Made independent I.8+9,=+.,9

/ontroller of Insurance </urrently a part from the -inance Ministry? should be

 Mandatory Investments of *I/ *ife -und in government securities to be reduced -rom D7H to 7@H >I/ and its subsidiaries are not to hold more than 7H in any company <There /urrent holdings to be brought down to this level over a period of time? C49,3=+) S+)8-5+ *I/ should pay interest on delays in payments beyond 5@ days Insurance companies must be encouraged to set up unit linked pension plans /omputeri&ation of operations and updating of technology to be carried out in the insurance industry The committee emphasi&ed that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition. (ut at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. 8ence, it was decided to allow competition in a limited way by stipulating the minimum capital re!uirement of )s.2@@ crores. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. -or this purpose, it had proposed setting up an independent regulatory body. T;+ I.94)(.5+ R+/46(,3)> (.7 D+8+63:=+., A4,;3)-,> )eforms in the Insurance sector were initiated with the passage of the I)3 ;arliament in 3ecember 2FFF. The I)3 sector insurance companies. (ill in pril

since its incorporation as a statutory body in

4@@@ has fastidiously stuck to its schedule of framing regulations and registering the private

The other decisions taken simultaneously to provide the supporting systems to the Insurance sector and in particular the life insurance companies were the launch of the Ir3 Gs online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. +ince being set up as an independent statutory body the I)3 insurance companies have been registered. There are 45 private life insurance companies and 2 public life insurance company. These are0 B(C(C A66-(.D L-2+ I.94)(.5+ ICICI' P)47+.,-(6 L-2+ I.94)(.5+ M(E' N+@ %3)* L-2+ I.94)(.5+ HDFC' S,(.7()7 L-2+ I.94)(.5+ ING' $>9>( L-2+ I.94)(.5+ TATA' AIG L-2+ I.94)(.5+ B-)6(' S4. 6-2+ K3,(* M(;-.7)( O67 M4,4(6 L-2+ I.94)(.5+ A8-8( L-2+ I.94)(.5+ M+, L-2+ I.94)(.5+ R+6-(.5+ L-2+ I.94)(.5+ SBI L-2+ S(;()( L-2+ I.94)(.5+ S;)-'R(= L-2+ I.94)(.5+ B;(),-'AE( L-2+ I.94)(.5+ F4,4)+ G+.+)(6- L-2+ I.94)(.5+ has put in a framework of

globally compatible )egulations. In the private sector 45 life insurance and 46 general

 IDBI F+7+)(6 L-2+ I.94)(.5+ C(.()( HSBC O)-+.,(6 B(.* O2 C3==+)5+ L-2+ I.94)(.5+ A/+3. R+6-/()+ L-2+ I.94)(.5+ DLF P)+=+)-5( L-2+ I.94)(.5+ S,() U.-3. D(- C;- L-2+ I.94)(.5+ I.7-( F-)9, L-2+ I.94)(.5+ C3=:(.> E7+6@+-99 T3*-3 L-2+ I.94)(.5+

P4?6-5 L-2+ I.94)(.5+ C3=:(.> -9: L-2+ I.94)(.5+ C3):3)(,-3. 32 I.7-( T;+ I.94)(.5+ R+/46(,3)> (.7 D+8+63:=+., A4,;3)-,> A5,F 1 To permit the private companies to enter the insurance market, the >overnment enacted the Insurance )egulatory and 3evelopment uthority ct 2FFF, which was passed by the parliament in 3ecember 2FFF. It received ;residential assent in Banuary 4@@@. The authority is a ten member team consisting of a? /hairmanK b? -ive whole1time membersK c? -our part1time members. FINANCIAL RELATIONS It is mandatory for each and every company to have paid up capital of )s 2@@ crore prior to grant of license. :7H of premium collected by any insurer has to be invested in the government approved i.e. /entral government, state government and other approved infrastructure bonds and securities

lthough all private insurance companies can have a foreign partner to the extent of 4CH in their e!uity, not a single rupee can be invested out of India i.e. in foreign investment. Now the foreign partner can have 'oint venture ship with 67Hof e!uity. n amount e!ual to F7H of profits generated every year has to be compulsorily distributed among policyholders as bonus. check n management expenses has been sought with a restriction that it cannot be more than 27H of the total earnings of the insurance company in a year.

COMPAN% PROFILE

BIRLA SUN LIFEG

ADIT%A BIRLA GROUP "INDIA#

SUN LIFE FINANCIALIS "CANADA# INTRODUCTION OF ADIT%A BIRLA GROUP' ,+ O57 billion corporation, the ditya (irla >roup is in the *eague of -ortune 7@@. It is anchored by an extraordinary force of over 255,@@@ employees, belonging to 64 different nationalities. This year the >roup was declared among the top best employers in India by the on18ewitt +urvey and ranked second. It was also ranked among the top employers in the sia ;acific )egion. .arlier, the >roup has been ad'udged among the top six great places for leaders to work in the sia ;acific )egion <The 8ewitt ssociates, The )(* >roup and -ortune Maga&ine +tudy 4@@F?.

Over C@ per cent of its revenues flow from its overseas operations. The >roup operates in 55 countries P ustralia, ustria, (ahrain, (angladesh, (ra&il, /anada, /hina, .gypt, -rance, >ermany, 8ungary, India, Indonesia, Italy, Bapan, %orea, *aos, *uxembourg, Malaysia, Myanmar, ;hilippines, ;oland, +ingapore, +pain, +ri *anka, +weden, +wit&erland, Tan&ania, Thailand, , ., ,%, ,+ and =ietnam. >lobally, the ditya (irla >roup is0 :: metals powerhouse, among the worldGs most cost1efficient aluminium and copper producers. 8indalco1Novelis is the largest aluminium rolling company. It is one of the three biggest producers of primary aluminium in sia, with the largest single location copper smelter. :: No.2 in viscose staple fibre :: The largest producer of carbon black :: The fourth1largest producer of insulators :: The fifth1largest producer of acrylic fibre :: :: mong the top 2@ cement producers mong the best energy1efficient fertiliser plants

In India0 :: top fashion <branded apparel? and lifestyle player :: The second1largest producer of viscose filament yarn :: The largest producer in the chlor1alkali sector :: :: :: :: mong the top three mobile telephony companies leading player in life insurance and asset management mong the top two supermarket chains in the retail business mong the top 2@ (;O companies

)ock solid in fundamentals, the ditya (irla >roup nurtures a culture where success does not come in the way of the need to keep learning afresh, to keep experimenting. B+>3.7 ?49-.+99 :: 9orks in 5,@@@ villages. :: )eaches out to seven million people, annually through the ditya (irla /entre for /ommunity Initiatives and )ural 3evelopment, spearheaded by Mrs. )a'ashree (irla. :: -ocuses on0 healthcare, education, sustainable livelihood, infrastructure and espousing social reform. :: )uns 64 schools, which provide !uality education to 67,@@@ children. Of these, over 2:,@@@ children receive free education. :: Its 2: hospitals tend to more than a million villagers.

:: In line with its commitment to sustainable development, has partnered with the /olumbia ,niversity in establishing the /olumbia >lobal /entreGs .arth Institute in Mumbai. :: To embed /+) as a way of life in organisations, has set up the -I//I P ditya (irla /+) /entre for .xcellence, in 3elhi. Transcending the conventional barriers of business because we believe it is our duty to facilitate inclusive growth.

SUN LIFE FINANCIAL

+un *ife is a leading international provider of protection and wealth accumulation products and services to individual and corporate customers. 9ith offices in 47 countries serving millions of customers, we help people achieve financial peace of mind by providing sound financial solutions throughout their lifetimes. The company was founded in 2:C7 and is head!uartered in Toronto, /anada. +un *ife -inancial Inc. is a public company and trades on the Toronto, New "ork and ;hilippine stock exchanges under ticker symbol +*-. +un *ife -inancial and its partners today have operations in key markets worldwide, including /anada, the ,nited +tates, the ,nited %ingdom, Ireland, 8ong %ong, the ;hilippines, Bapan, Indonesia, India, /hina and (ermuda. s of March 52, 4@2@, the +un *ife -inancial group of companies had total assets under management of O657 billion

BIRLA SUN LIFE PROMOTED COMPANIES 10 BIRLA SUN LIFE ASSET MANGEMENT COMPAN% LTD collaboration of the ,+ O :.5 billion services. (irla +un *ife sset Management /ompany *td., the investment managers of (irla ditya (irla >roup and the +un *ife -inancial ditya (irla >roupGs experience Mutual fund, is a 'oint venture between the ditya birla group and the /3N O 6@@ billion +un

life financial of /anada brings together global and Indian expertise to the area of financial

+ervices Inc. of India. The 'oint venture brings together the in the Indian market and +un *ifeGs global experience.

+ince its inception in 2FF6, (irla Mutual fund has emerged as one of IndiaGs *eading Mutual -unds managing assets of a large investorGs base. The fund offers a range of investment options, which include diversified and sector specific e!uity schemes, fund of fund schemes, hybrid and monthly income funds, a wide range of debt and treasury products and offshore funds.

!0 BIRLA SUN LIFE INSURANCE .stablished in 4@@@, (irla +un *ife Insurance /ompany *imited <(+*I? is a 'oint venture between the ditya (irla >roup, a well known and trusted name globally amongst Indian conglomerates and +un *ife -inancial Inc, leading international financial services organi&ation from /anada. The local knowledge of the ditya (irla >roup combined with the domain expertise of +un *ife -inancial Inc., offers a formidable protection for its customersJ future. 9ith an experience of over 2@ years, (+*I has contributed significantly to the growth and development of the life insurance industry in India and currently ranks amongst the top C private life insurance companies in the country. %nown for its innovation and creating industry benchmarks, (+*I has several firsts to its credit. It was the first Indian Insurance /ompany to introduce I-ree *ook ;eriodI and the same was made mandatory by I)3 for all other life insurance companies. dditionally, (+*I pioneered the launch of ,nit *inked *ife Insurance plans amongst the private players in India. To establish credibility and further transparency, (+*I also en'oys the prestige to be the originator of practice to disclose portfolio on monthly basis. These category development initiatives have helped (+*I be closer to its policy holdersJ expectations, which gets further accentuated by the complete bou!uet of insurance products <vi&. pure term plan, life stage products, health plan and retirement plan? that the company offers. dd to this, the extensive reach through its network of C@@ branches and 2, 6D,F@@ empanelled advisors. This impressive combination of domain expertise, product range, reach and ears on ground, helped (+*I cover more than 4.6 million lives since it commenced operations and establish a customer base spread across more than 27@@ towns and cities in India. To ensure that our customers have an impeccable experience, (+*I has ensured that it has lowest outstanding claims ratio of @.@@H for -" 4@2@122. dditionally, (+*I has the best Turn round Time according to *OM

on all claims ;arameters. +uch services are well supported by sound financials that the /ompany has. The ,M of (+*I stood at 2FD47 crs (9 3. A:)-6 30F !011F while the company has a robust capital base of )s. 467@ crs. S3=+ F(5,9 A?34, B-)6( S4. L-2+ (irla +un *ife Insurance pioneered the uni!ue U.-, L-.*+7 I.94)(.5+ S364,-3.9 in India. 9ithin 6 years of its launch, (+*I has cemented its position as a leading player in the private life insurance industry. There has been focus on Investment *inked Insurance ;roducts to maintain leadership in product innovation. Multi distribution /hannels1 3irect +ales force, lternative /hannels and >roup offering convenient channels of purchase to customers 9eb enabled IT system for superior customer services. -irst to have issued policies over the internet. /orporate governance and a high degree of transparency in all business practices and procedures. -irst to have an operational business continuity plan. +trong fundamentals based on the -inancials global expertise $-9-3.' To be a leader and role model in a broad based and integrated financial services business. M-99-3.' To help people mitigate risks of life, accident, health, and money at all stages and under all circumstances. .nhance the financial future of our customers including enterprises $(64+9' Integrity /ommitment ditya (irla >roupGs local insight and +un *ife

 ;assion +eamlessness +peed OBJECTI$E

TO CREATE PUBLIC AWARENESS OF LIFE INSURANCE SECTOR IN EMERGING INDIAN MARKET OF BIRLA SUN LIFE INSURANCE"

PRODUCT PROFILE LIST OF BIRLA SUN LIFE INSURANCE PLAN INDI$IDUAL LIFE 2. ;)OT./TION1 (irla +un *ife Term ;lan ;remium (ack term plan 4. + =IN>1 (irla +un *ife Insurance >old ;lus +upreme life 3ream plan /lassic life ;remier +imply life ;rime *ife ;remier ;rime *ife *ife companion

 -lexi /ash -low -lexi +ave ;lus -lexi *ife *ine +ingle ;remium (ond

5. ).TI).M.NT ;* N1 -lexi +ecure *ife )etirement plan II 6. /8I*3).N /hildrenGs 3ream ;lan 7 )ural (ima kavach "o'na L-9, 32 ,;(, :6(. 3. @;-5; I ;(8+ @3)*+7' /lassic life premier 3ream ;lan /hildrenGs 3ream ;lan +upreme life (irla +un *ife Insurance >old1;lus

BSLI F3)+9-/;, P6(. "ou have always wanted an investment avenue that gives you the advantage of entering capital markets when they are low and locking in your gains when they are high, irrespective of when you decide to invest. ;resenting the (+*I -oresight ;lan, which through its new generation -oresight fund helps you do 'ust that by optimi&ing your investment in capital markets when they are low and locking in your gains when they are high.

 W;(, ()+ ,;+ :)+=-4=9 ,;(, I .++7 ,3 :(> (.7 ,;+ 8()-349 :(>=+., 3:,-3.9< The premium amount is entirely flexible sub'ect to a minimum annual premium amount of )s. 4,@@,@@@ for single pay option and minimum +um flexibility in the premium payment, the plan allows you to0 P(> >34) :)+=-4=9 (, >34) 53.8+.-+.5+0 "ou have the option of paying the premiums on a monthly <through ./+ only?, !uarterly, semi1annual and annual basis. <;lease note that the minimum annual premium should be )s 47@@@#1 for any mode of premium payment.? C;339+ ,;+ =37+ 23) :(>-./ >34) :)+=-4=90 "ou have an option to pay your premiums through /ash, /he!ue, /redit ssured of )s. 4,4@,@@@< If age Q 67? .There is no limit for the maximum premium amount. To give you an idea of the

/ard, +alary 3eduction, ./+, and 3irect 3ebit. H3@ =45; 6-2+ -.94)(.5+ 538+) -9 (8(-6(?6+ -. ,;+ :6(.< The +um ssured can be any multiple of your choice of the annuali&ed premium amount that you choose to pay sub'ect to a minimum multiple of 2.2@ times and the minimum +um ssured of )s. 4,4@@,@@@.

M(,4)-,> B+.+2-, "ou will receive the -und =alue at maturity, if you are invested in the +elf1Managed Option at that time. "ou will receive the higher of the >uaranteed Minimum Maturity (enefit or the -und =alue at maturity, if you are invested in the >uaranteed Option at that time. D+(,; B+.+2-, ,pon the unfortunate demise of the life insured prior to maturity, we shall pay to the nominee the (asic +um ssured plus the -und =alue as of the date of intimation of death. The death benefit shall never be less than 2@7H of total premiums paid to date <excluding any applicable underwriting extras? less any previous partial withdrawals. F4.7 $(64+ The -und =alue represents the total value of your investments to date and is the balance of all units allocated to your policy multiplied by their respective then prevailing unit price. P(),-(6 W-,;7)(@(69 "ou are allowed to make unlimited partial withdrawals any time after <a? five complete policy years or <b? life insured attaining the age of 2:, whichever is later. The minimum amount of partial withdrawal is )s. 7,@@@. There is no maximum limit, but you are re!uired to maintain a minimum -und =alue e!ual to )s. 47,@@@. I.8+9,=+., O:,-3.

S+62'M(.(/+7 O:,-3. 1 you decide how to invest your money in our universe of funds. 9e offer presently 2@ different investment funds 1 Income dvantage, ssure, ;rotector, (uilder, .nhancer, /reator, Magnifier, Maximiser, Multiplier and +uper 4@. These investment funds range from 2@@H debt to 2@@H e!uity to cater to your individual needs and risk appetite G4()(.,++7 O:,-3. 1 you invest your money in the -oresight fund assigned to your policy when it is issued and, at maturity, your investment will be safeguarded by our uni!ue >uaranteed Minimum Maturity (enefit

 P)+=-4= A6635(,-3. C;()/+9 (asic ;remium when received0 F4.7 M(.(/+=+., C;()/+

premium allocation charge of 7H is levied on the

2.@@H p.a. for Income dvantage, ssure, ;rotector and (uilder 2.47H p.a. for .nhancer and /reator 2.57H p.a. for Magnifier, Maximiser, Multiplier, +uper 4@ and -oresight. P36-5> A7=-.-9,)(,-3. C;()/+ There is no administration charges.

D)+(= E.73@=+., P6(. s a responsible provider to your family you have always wanted a solution that can give you the guarantee of reaching your financial ob'ectives while retaining the freedom to adapt to any changes in life. (irla +un *ife Insurance brings its 3ream ;lans that can meet these needs and give you the confidence to live your life with freedom. ;resenting the BSLI D)+(= E.73@=+., P6(., a plan that gives you the guarantee of receiving your >uaranteed +avings dreams for your family. mount on the >uaranteed +avings 3ate chosen by you. 9hatJs more, you retain the freedom to keep pace with the ever changing world of your

 G4()(.,++7 A77-,-3.:' i? On 2@th policy anniversary R every 7th policy anniversary thereafter. >uaranteed ddition is 4.7@H of basic premium paid in last C@ months. ii? In addition on 22 policy anniversary and every policy anniversary thereafter. >uaranteed ddition is @.47H of the average -und =alue in the last 24 months. D+(,; B+.+2-,9: in the unfortunate event of the death of the life insured prior to maturity, we will pay to the nominee (asic +um ssuredK plus -und =alue as on date of intimation of deathK plus .nhanced +um ssured, if any

 3eath benefit shall never be less than 2@7H of total premiums paid to date <excluding any applicable rider premium and#or underwriting extras? less any previous partial withdrawals. S4))+.7+) B+.+2-,9:' In case of emergencies, you can surrender your policy to us after the completion of five policy years and receive the -und =alue at that time. M(,4)-,> B+.+2-,9: you will receive higher of the -und =alue or >uaranteed +avings -und at maturity. P(),-(6 @-,;7)(@(6: "ou are allowed to make unlimited partial withdrawals any time after <a? five complete policy years or <b? life insured attaining the age of 2:, whichever is later. The minimum amount of partial withdrawal is )s. 7,@@@. There is no maximum limit, but you are re!uired to maintain a minimum -und =alue of )s. 47,@@@.

P36-5> C;()/+9: i? ii? iii? iv? R-7+)9: ;remium llocation /harges -und Management /harges ;olicy dministration /harges Mortality /harges

i? (+*I ccidental 3eath and 3isability )ider ii? (+*I /ritical Illness )ider iii? (+*I +urgical /are )ider -8#(+*I 8ospital /are )ider v?(+*I 9aiver of ;remium )ider

BSLI DREAM CHILD PLAN "O,) /8I*3 M "O,) 3). M 9hen a child is born, a dream is born. and you as parents want to shape that dream and bring it to reality in the best possible way. (e it by providing your child with the best toy, sending your child to the best school, giving him#her the best higher education that is available and giving a great start in life. To make this possible you need the financial freedom and confidence. ThatGs exactly where (irla +un *ife /hildrenGs 3ream ;lan comes in. It is a thoughtfully designed child plan that enables you to help your child achieve the dreams you have. It helps you to save today M to +ecure "our /hildGs -uture and yes, it has M Our /ommitment. OUR SOLUTION Our /hildrenGs 3ream ;lan is a long1term ,nit *inked insurance plan that is specifically designed to help you provide financial security to your child when she#he becomes an adult. 9ith us, your childGs future is guaranteed. Our plan combines a guaranteed return on your savings with upside potential based on the performance of the investment funds you decide to invest in. No matter what the future performance of the investment funds is, you are always guaranteed a minimum amount at maturity for your child. Our plan also guarantees this minimum amount at maturity even in the unfortunate event that you die. +hould you die before the plan matures, your child will immediately receive the sum assured and we will continue your savings on your behalf. "our childGs future is therefore always guaranteed.

ELIGIBILIT% 9e have some criteria you should consider. E.,)> A/+: 2: to C7 yrs for parent#>rand ;arent.

5@ days to 2D yrs for child. GSD: /hild age 2: 14D yrs, sub'ect to minimum 2@ policy years. P36-5> T+)=: >uaranteed +aving 3ate S4@ yrs. M-.-=4= B(9-5 P)+=-4=: 24,@@@#1 pa if paid annually. 27,@@@#1 pa if paid semi1 annually. 4@,@@@#1 pa if paid !uarterly. 46,@@@#1 pa if paid monthly. P(> T+)=: "ears to >uaranteed saving date. E.;(.5+7 S4= A994)+7: Minimum )s.7@@@@#1 Not exceed basic sum assured. %34I)+ B+.+2-,9J G4()(.,++7 A77-,-3.:' i? On 2@th policy anniversary R every 7th policy anniversary thereafter. >uaranteed ddition is 4.7@H of basic premium paid in last C@ months. ii? In addition on 22 policy anniversary and every policy anniversary thereafter. >uaranteed ddition is @.47H of the average -und =alue in the last 24 months. D+(,; B+.+2-,9: in the unfortunate event of the death of the life insured prior to maturity, we will pay to the nominee (asic +um ssuredK plus -und =alue as on date of intimation of deathK plus .nhanced +um ssured, if any 3eath benefit shall never be less than 2@7H of total premiums paid to date <excluding any applicable rider premium and#or underwriting extras? less any previous partial withdrawals. S4))+.7+) B+.+2-,9:' In case of emergencies, you can surrender your policy to us after the completion of five policy years and receive the -und =alue at that time. M(,4)-,> B+.+2-,9: you will receive higher of the -und =alue or >uaranteed +avings -und at maturity.

 P(),-(6 @-,;7)(@(6: "ou are allowed to make unlimited partial withdrawals any time after <a? five complete policy years or <b? life insured attaining the age of 2:, whichever is later. The minimum amount of partial withdrawal is )s. 7,@@@. There is no maximum limit, but you are re!uired to maintain a minimum -und =alue of )s. 47,@@@. P36-5> C;()/+9: v? vi? vii? viii? R-7+)9: ;remium llocation /harges -und Management /harges ;olicy dministration /harges Mortality /harges

i? (+*I ccidental 3eath and 3isability )ider ii? (+*I /ritical Illness )ider

iii? (+*I +urgical /are )ider iv? (+*I 8ospital /are )ider v? (+*I 9aiver of ;remium )ider

BSLI $ISION PLAN This life insurance plan offers cover to ge 2@@ plus a payable at the end of the term selected by you. (oth your life cover and your survival benefit will grow with accrued at the end of each policy month as long as you pay your due premiums.

"our premium and your policy benefits will depend on the amount of the +um you select. -or easy reference, your +um ssured is banded as follows0

ssured

G4()(.,++7 D+(,; B+.+2-, In the event the life insured dies during the policy term, we shall pay the +um ssured to the nominee as the 3eath (enefit. The policy shall be terminated once the 3eath (enefit is paid. G4()(.,++7 S4)8-8(6 B+.+2-, In the event the life insured survives to the end of the >+( Term, we shall pay to you as a +urvival (enefit, the >uaranteed +urvival (enefit, as shown below. The policy continues even after the +urvival (enefit is paid G4()(.,++7 M(,4)-,> B+.+2-, The >uaranteed +urvival (enefit <per 2@@@ of +um ssured? is0 >+( Term 7 C +um (and1 2 2@@@ 2@@@ ssured (and (and14 (and1 2@64 2@6C 5 2@C5 2@CF (and1 6 2@D6 2@:2 >+( Tem 42 +um (and1 2 2@@@ 244@ ssured (and (and14 (and1 5 2552 (and1 6 25:C

D : F 2@ 22 24 25 26 27 2C 2D 2: 2F 4@

2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@

2@72 2@7C 2@C4 2@D@ 2@D: 2@:: 22@@ 2225 224F 2262 2277 22CF 22:7 24@4

2@DC 2@:6 2@F6 22@7 222: 2254 227@ 22D@ 22F6 2424 2454 2476 24DD 25@5

2@:F 2@FF 222@ 2244 225D 2277 22D7 22F: 244C 246D 24D2 24FC 2545 2575

44 45 46 47 4C 4D 4: 4F 5@ 52 54 55 56 57

2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@ 2@@@

245C 2475 24D4 24F5 252C 2564 25D2 26@5 265: 26D: 2744 27D5 2C5@ 2CF6

2576 25:@ 26@F 266@ 26D7 2725 277C 2C@6 2C7D 2D2D 2D:6 2:C@ 2F67 4@62

2626 2666 26DD 2725 2776 27FF 2C6F 2D@7 2DCD 2:5D 2F27 4@@5 42@4 4426

M3.,;6> A77-,-3. The currently declared Monthly ssured? GSB T+)= /urrently 3eclared B ,3 10 >)9 5F.@ 11 ,3 1B >)9 5F.@ 16 ,3 !0 >)9 62.6 !1H>)9 67 ddition )ates are as follows <annual rate per 2@@@ of +um

E.;(.5+=+., ,3 M3.,;6> A77-,-3. -or >+( Terms beyond 42 years and if Monthly dditions have accrued for more than 42 policy years, the accrued Monthly dditions payable as a 3eath (enefit or a +urvival (enefit shall be enhanced by the following percentage.

S4=

A994)+7 B(.7 '1

B(.7 '! 7.@@H

B(.7'3 C.47H

B(.7'4 C.D7H

B(.7 -or each policy 4.7@H year 42 exceeding

D+(,; B+.+2-, In the event the life insured dies during the >+( Term, we shall pay to the nominee >uaranteed 3eath (enefitK plus Monthly dditions accrued to dateK plus .nhancement to Monthly dditions, if applicable In the event the life insured dies after the >+( Term, the nominee shall receive the >uaranteed 3eath (enefit. The policy shall be terminated once the 3eath (enefit is paid. S4)8-8(6 B+.+2-, In the event the life insured survives to the end of the >+( Term, we shall pay to you >uaranteed +urvival (enefitK plus Monthly dditions accrued to dateK plus .nhancement to Monthly dditions, if applicable The policy continues even after the +urvival (enefit is paid. M(,4)-,> B+.+2-, In the event the life insured survives to the end of the policy term, we shall pay to you the >uaranteed Maturity (enefit. The policy shall be terminated once the Maturity (enefit is paid. A77-,-3.(6 I.94)(.5+ B+.+2-,9 -urthermore, you can enhance your insurance coverage during the >+( Term by adding one or more of the following riders0 (+*I ccidental 3eath and 3isability )ider <,IN0 2@F/@2:=@2? (+*I /ritical Illness )ider <,IN0 2@F/@2F=@2? (+*I +urgical /are )ider <,IN0 2@F/@27=@2? (+*I 8ospital /are )ider <,IN0 2@F/@2C=@2? (+*I 9aiver of ;remium )ider <,IN0 2@F/@2D=@2?

NAME OF THE PLA%ER MARKET SHARE "K#

F-/4)+ ' 1 In line with expectations, life insurance industryGs new business volumes in the individual new business segment remained strong, growing 5CH "1o1" and 45H M1o1M, in ugust 4@2@. In the individual new business segment, while *I/, I/I/I, and 83-/ improved 9N); industry market share <"T3? by 5.: percentage points, 2.7 percentage points, and @.D percentage points, respectively, (a'a' llian& <2.: percentage points?, (irla <2.47 percentage points?, +(I <2.4C percentage points? and )eliance <@.52 percentage points? lost significantly. t 7m-"22 end, private insurersG market share stood at T7@H. 8ere is how =arious *ife Insurers stack up against each in the Industry as a whole. The following 3ata suggests that *I/ of India is still the market leader followed by I/I/I ;rudential, 83-/ +tandard *ife, +(I, )eliance, (a'a', (irla +un *ife, Max New "ork etc.

S34)5+7 ?> P)+99 F)++ I.7-( *I/ I/I/I ;),3.NTI * (I)* +,N *I-. ( B B **I NU +(I *I-. 83-/ +T N3 )3 T T I> M A N.9 "O)% M.T *I-. %OT % M 8IN3) O8T.)+ 7@.@@H 2@H 6H 6H 7H CH 4H 5H 2H 4H :H

U.-, L-.* B3.79 unit linked bond is a lump sum investment plan that gives you access to various investment markets throughout the world, via a wide range of professionally managed funds. These funds have varying ob'ectives and levels of risk. The underlying make up of the unit linked bond depends on its investment ob'ectives. This determines the type of stocks and shares in which it invests. .ach Investment *inked (ond offers the option to invest for growth, income or both, you can select the option which best matches your own needs. B STEPS TO SELECTING THE RIGHT ULIP ,nit *inked Insurance ;lans <,*I;s? were always seen as a 'wonder product' that simultaneously fulfilled an individualJs needs for investment and insurance. 8owever, the recent downswings in the markets have forced investors to do a rethink. =ery often it was poor selection that was responsible for the investorsJ woes. 8ere is a 71step strategy for investing in ,*I;s.

U.7+)9,(.7 ,;+ 53.5+:, 32 ULIP9

Try to do as much homework as possible before investing in an ,*I;. This way you will know what you are getting into and wonJt be faced with unpleasant surprises at a later stage. .xperience suggests that many a time people do not realise what they are getting into <in fact we have been approached by several people who wanted to cancel the ,*I;s they had been coerced into taking by unscrupulous agents?. >ather information on ,*I;s, the various options available and understand their working. )ead the literature available on ,*I;s on the 9eb sites and brochures circulated by insurance companies. F3549 3. >34) )+L4-)+=+., (.7 )-9* :)32-6+ Identify a plan that is best suited for you <in terms of allocation of money between and debt instruments?. "our risk appetite should play an choose. +o if you have a high1risk appetite, go in for a more aggressive investment option and vice1a1 versa. Opting for a plan that is lop1sided in favour of e!uities when you are a risk1averse individual might spell disaster for you <this is true in most cases currently?. C3=:()+ ULIP9 32 7-22+)+., -.94)(.5+ 53=:(.-+9 /ompare products of the leading insurance companies. .n!uire about the premium payments as ,*I;s work on minimum premium basis as opposed to sum assured in the case of conventional insurance policies. /heck the fundJs performance over the past six months. -ind out how the debt and e!uity schemes are ;erforming and how steady the performance has been. .n!uire about the charges you will have to pay. In ,*I;s the costs involved are a big deciding factor. sk about the top1up facility offered by ,*I;s i.e. additional lump sum investments you can make to increase the savings portion of your policy. e!uity

important role in the plan you

The companies give you the option to increase the premium amounts, thereby providing you with the opportunity to gainfully utili&e surplus funds at your disposal. .n!uire about the number of times you can make free switches <i.e. change the asset allocation of the money in your ,*I; account? from one investment plan to another. +ome insurance companies offer you free switch for a 41year period while others do so only for 2 year. 40G3 23) (. +E:+)-+.5+7 -.94)(.5+ (78-93) +elect an advisor who is not only professional and informed, but also independent and unbiased. lso en!uire whether he has serviced clients like you. 9hen your agent recommends a ,*I; of A company ask him a few product1related !uestions to test him and also ask him why the other products should not be considered. Insurance advice at all times must be unbiased and independent and your agent must be willing to inform you about the pros and cons of buying a particular plan. 8is 'ob should not 'ust begin by filling the form and end after he deposits the che!ue and gives you the receipt. 8e should keep a track of your plan and inform you on a regular basis. The key is to go for an advisor who will offer you value1added products. B0 D3+9 >34) ULIP 322+) ( =-.-=4= /4()(.,++< In market linked product if your investmentJs downside can be protected, it would be a huge advantage. -ind out if the ,*I; you are considering make an informed choice. W-66 4.-, 6-.*+7 )-9* :)3745,9 53.,-.4+ ,3 )46+< offers a minimum guarantee and what costs have to be borne for the same. This will enable you to

,nit linked risk plans are doing roaring business agreed but if the recent reports are any indication a shake up is on the cards. The mutual fund industry is all set to get aggressive to counter competition from the insurance industryGs unit linked risk products. -or mutual funds the unit linked insurance products launched by life insurance companies are an encroachment on their territory. /onsider this0 round :@ per cent of the premium income of life insurers has come in through unit1linked plans in 4@@6 thanks to the boom in the e!uity markets.

9hich means mutual fund companies are losing out on a huge market that would have otherwise been theirs$ To put an end to such a situation they are toying with the idea of aggressively publici&ing its products through celebrity endorsements which mutual funds feel will give a never1before fillip to its unit linked schemes. ,nit linked insurance products launched have been doing brisk business and insurers have been coming out with several such products with slight variations to suit the changing needs of the customers. These products are investment avenues that provide market related returns to the investor with an element of insurance thrown in. -or the customer the attraction of market related returns with insurance is an attractive option. On the contrary though mutual fund companies also have unit1linked products what is absent is the insurance cover. (ut the grouse of mutual funds is that they have to adhere to stringent regulations that are absent for insurance companies when the products are almost similar. 9hile for insurance companies it is not mandatory to disclose the various expenses related to unit linked risk products such as expense ratio and brokerages among others, for mutual fund companies it is mandatory.

A, ( /6(.5+ ,;+ :)39 (.7 53.9:

;ros

/ons The value of the bond can go down as well as up "ou can invest in a number of different funds within the bond They are run by expert fund managers

"ouJll usually have to invest a minimum amount of premium p.a. that varies from company to company e.g. 83-/1 +td life has a min. premium of )s.2@,@@@.p.a. "ouJll usually have to invest for at least 7 years.

They are free from personal capital gains tax.

U.-, L-.* I.8+9,=+., P6(.9 32 HDFC' S,(.7()7 L-2+ I.94)(.5+ C3=:(.> L,70 (efore we discuss the plans in detail letGs be accustomed to certain common terms like0 SA' S4= A994)+7 It is the amount for which a person is insured, so it becomes the minimum amount, which has to be returned to the insured as per the terms of the policy. LA ' L-2+ A994)+7' 8e#she is the person who has taken the insurance cover. P)+=-4= These are the installments payable by the * as against the + . 8e can either make monthly, half1yearly R yearly or even one time payment is allowed.

HDFC S,(.7()7 L-2+ ;(9 7-22+)+., :6(. (=3./ 93=+ ()+ /-8+. ?+63@0

UNIT LINKED %OUNG STAR SUPER IIPLAN UNIT LINKED ENDOWMENT PLAN UNIT LINKED PENSION PLAN

UNIT LINKED %OUNG STAR SUPER II PLAN The plan is affordable, customised to your needs and above all, enables you to realise your dreams for your child. This plan is well suited for the value1conscious customer, and above all, for every loving parent. The plan can also be chosen by grandparents, other relatives or any adult for the benefit of a child W;(, -9 ,;+ U.-, L-.*+7 %34./ S,() P6(.< 83-/ ,nit *inked "oung +tar ;lan is designed to provide a lump sum to the child at maturity. It also provides financial security to the child in the future, even in case of the insured parentJs unfortunate death during the policy term. The ,nit *inked "oung +tar ;lan also gives the option of additional protection against the six common critical illnesses. "our premiums are invested in units of the investment funds of your choice, based on the prevailing unit prices. On maturity the value of the units will be paid. On death <or critical illness, if chosen? the selected basic sum assured is paid, and the policy continues until maturity. -ollowing a valid death or critical illness claim, we will pay the future premiums <at the level originally chosen at inception? into your policy, as and when they would have fallen due. P)+=-4=9

"ou agree to pay a level premium regularly, either !uarterly, half1yearly or annually, throughout the term of the policy. The minimum premium amount is )s. 27,@@@ each year. ;remiums can be paid by cash, che!ue or demand draft. C;339+ >34) I.8+9,=+., F4.79 The policy is fully unitised with a range of funds to match your needs and approach to risk. <(y risk we mean the likely volatility in the value of units in the fund.? .ach investment fund is composed of units. ll the units in a fund are identical. "ou can choose from the following funds0

S@-,5;-./ 32 24.790

"ou can switch your existing investments from your any of your unit linked funds, to any other available unit linked fund. "ou can also give us a premium redirection instruction to redirect future premiums to different unit linked funds. W;(, ()+ ,;+ B+.+2-,9< There are 4 different options available 10 L-2+ O:,-3. This option consists of a Maturity (enefit and a 3eath (enefit.

The Maturity (enefit will pay the value of the unit1linked fund at the end of the policy term. The 3eath (enefit will pay the basic +um ssured on death of the life assured during

the policy term. -ollowing payment of this benefit, no further premiums are due from the policyholder.

-ollowing a valid death claim, we will pay future premiums on your behalf, as and when they become due. The level of premium will be that chosen by you at inception of the policy.

!0 L-2+ (.7 H+(6,; O:,-3. This option consists of a Maturity (enefit, a 3eath (enefit and an .xtra 8ealth (enefit.

The Maturity (enefit will pay the value of the unit1linked fund at the end of the policy term.

The 3eath (enefit will pay the basic +um

ssured on death of the life assured during

the policy term. -ollowing payment of this benefit, no further premiums are due from the policyholder and the .xtra 8ealth (enefit will lapse without value.

The .xtra 8ealth (enefit will pay the basic sum assured on diagnosis of any one of six critical illnesses during the policy term. -ollowing payment of this benefit, no further premiums are due from the policyholder and the 3eath (enefit will lapse without value. The illnesses covered under this benefit are 5(.5+)F 53)3.()> (),+)> ?> :(99 /)(2, 94)/+)>F ;+(), (,,(5*F *-7.+> 2(-64)+F =(C3) 3)/(. ,)(.9:6(., "(9 )+5-:-+.,# and 9,)3*+.

-ollowing a valid death or critical illness claim, we will pay future premiums on your behalf, as and when they become due. The level of premium will be that chosen by you at inception of the policy.

LE$ELS OF PROTECTION A$AILABLE 3epending on your age at entry, you may choose between 5 levels cover P *ow, Medium or 8igh. -or each level the +um ssured is based on the annual amount of premium you choose at inception.

A/+ E.,)>

(, L+8+69 32 C38+) L3@ M+7-4= 2@ x ;remium H-/; 4@ x ;remium

2: to 6@

7 x ;remium

62 to 7@ Over 72

7 x ;remium 7 x ;remium

2@ x ;remium

The level of sum assured can be reduced during the life of the contract but restricted to the available multiples of annual premium chosen at the inception of the policy and using the age of the life assured at entry. W;3 -9 +.,-,6+7 23) ,;+ ?+.+2-,9< The child is the beneficiary under the policy. In case the child is a minor, the proceeds should go to the appointee. Once the child attains 2: years of age, he will be the sole person entitled to the policy proceeds. The benefits will be paid by che!ue. E6-/-?-6-,> The age and term limits for taking out a ,nit *inked "oung +tar ;lan are0 <years?

M-.-=4= T+)=

M(E-=4= T+)=

M-.-=4= A/+ E.,)> 2:

M(E-=4= E.,)> C@

M(E-=4= (, EE:-)> D7

(, A/+

(, A/+

L-2+ O:,-3. L-2+ H+(6,; O:,-3. (.7

2@

47

2@

47

2:

77

C7

ALTERING THE LE$EL OF PREMIUMS )egular premiums can be increased at any time. If needed, the policyholder can reduce the regular premium levels <even to &ero i.e. the policy is converted to paid up status? provided0

5 years of regular premiums have been paid The monetary value of the unit holding across all funds is at least )s 27,@@@.

"ou can pay additional single premium top1up<s? at any point of time. S4))+.7+)-./ ,;+ P36-5> The policyholder can surrender the policy at any point of time during the contract term. The amount payable will be the unitised fund value after applying additional surrender charges mentioned below. A55+99-./ ,;+ M3.+> "ou can make lump sum withdrawals from you funds provided the fund balance after withdrawal and charges does not fall below )s. 27,@@@. The minimum withdrawal amount is )s. 2@,@@@. D-953.,-.4-,> 32 P)+=-4=9 This product has a grace period of 27 days for the payment of each premium after the initial premium. If you stop paying premiums, before you have paid 5 years of annual premiums, we will cancel your policy and return to you the value of your unitised fund, less cancellation charges.

If, after three years, you are unable to pay the premiums, you have the option to make the policy paid1up, provided the policy has accumulated sufficient policy value. /urrently, this amount will be )s. 27,@@@. If you make your policy paid up you will continue to be protected according to the benefits you selected. To provide this cover, we will continue to collect our usual charges on each monthly charge date. It is important to note that if no further premiums are paid, this may reduce the value of your fund over time, or even exhaust it completely. paid1up policy can be reinstated to premium paying status at any point of time in the future. If the fund value of a paid1up policy falls below )s. 27,@@@ we will cancel the policy and return to you the fund value, less cancellation charges. T(E B+.+2-,9 Tax benefits under +ection :: and +ection 2@ <2@3? of the Income Tax applicable. C;()/+9 /ompany deduct charges from the policy to cover their costs. percentage of each premium is invested to buy units, this percentage is called the Investment /ontent )ate. T;+ )(,+9 ()+ (9 23663@9: ct, 2FC2 are

P)+=-4= :(-7

I.8+9,=+., C3.,+., R(,+ "ICR#

)egular 1 "ear 2 )egular 1 "ear 4 )egular 1 "ear 5S )egular ;remium Increases +ingle ;remium Top1,p

D5H D5H FFH FFH FFH

The unit price each day will include a fund management charge. This charge is @.:@H of the fund value per annum taken on a daily basis. flat fee of )s 27 per month will be deducted by cancellation of units on each monthly charge date. This will be proportioned across funds according to the fund holdings at the time of cancellation of units. )isk benefits will be charged for by cancelling units on each monthly charge date, based on the personJs age at that time. 9e do not charge for premium redirections or switches but we may do so in the future. 9e do not charge for altering the regular premium amount <including making a policy paid1 up and reinstating a paid1up policy?, but we may do so in the future. On cancellation or surrender of the policy before 5 years of regular premiums have been paid, we will charge 47H of the outstanding premiums due during this 51year period. E1CLUSIONS

No benefit will be paid if the death has occurred directly or indirectly as a result of suicide within one year from the date of first being covered under the policy. 9e will not pay .xtra 8ealth (enefits if the critical illness has occurred within C months of the start of the contract. 9e may not pay .xtra 8ealth (enefits if we do not receive a duly completed claim form within 4C weeks of the illness, disability, operation or other circumstances giving rise to the claim. No payment of .xtra 8ealth (enefits if the critical illness is caused directly or indirectly by any of the following0

Intentionally self1inflicted in'ury or attempted suicide, irrespective of mental condition. lcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner.

9ar, invasion, hostilities <whether war is declared or not?, civil war, rebellion, revolution or taking part in a riot or civil commotion.

Taking part in any flying activity, other than as a passenger in a commercially licensed aircraft.

Taking part in any act of a criminal nature. ;regnancy or childbirth or complications arising there from.

GENERAL INFORMATION UNIT PRICES The company set the unit price of a fund by dividing the value of the assets in the fund at the valuation time by the number of units in existence for the fund. The resulting price will be

rounded to the nearest )s. @.@@@2. The value of the assets will be calculated as the Market or -air =alue of the fundGs Investments plus /urrent on companyJs website. A6,+)(,-3. ,3 C;()/+9 No changes can be made to our current charges without prior approval from the Insurance )egulatory and 3evelopment uthority. The following are the maximum caps on each of the different type of charges0 The fund management charge will not exceed 4H per annumK the flat fee can be altered from the value at inception increased in line with inflation sub'ect to a maximum of 7H per annum over the period since inceptionK up to 7 switches will be free in a year, any additional switch can be charged up to 4H of the switched amountK premium redirection and other adhoc policy servicing re!uests can be charged up to )s. 47@ per re!uest increased in line with inflation sub'ect to a maximum of 7H per annum over the period since inceptionK the surrender charge can vary upto 2@@H of outstanding regular premiums due in the first 5 years. The mortality charge rates are guaranteed for the term of the policy. PROHIBITION OF REBATES +ection 62 of the Insurance ct, 2F5: states0 2. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out ssets <including accrued income? less /urrent *iabilities and ;rovisions <including accrued expenses?. This price will be published

or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. 4. ny person making default in complying with the provisions of this section shall be punishable with fine, which may extend to five hundred rupees.

W;(, -9 ,;+ E.73@=+., A994)(.5+ P6(.< 83-/ endowment ssurance ;lan gives you0 n ideal way to secure your long term financial goal. =aluable protection for your family by the way of lump1sum payment in case of unfortunate demise within policy term. -lexible benefit option and payment option.

The reversionary bonus usually declared annually as a percentage of the basic sum assured of your policy. One added to the policy, once added to the policy, the bonus is guaranteed to payable either death or maturity. The reversionary bonus is declared keeping in mind a long term view of investment returns, expenses, mortality and other expenses. P)+=-4=9 Once you have chosen the amount re!uired and additional optional benefit, get an indication of corresponding premium you need to pay. The table below shows the indicative premium for the male life insured, ;aying premium annually for )s 7 lakh sum assured policy. 9ith the policy mature after 4@ yrs.

"ou agree to pay a level premium regularly, either !uarterly, half1yearly or annually, throughout the term of the policy. ;remiums can be paid by cash, che!ue or demand draft. CHOOSE %OUR IN$ESTMENT FUND The policy is fully unitised with a range of funds to match your needs and approach to risk. <(y risk we mean the likely volatility in the value of units in the fund.? .ach investment fund is composed of units. choose from the following funds0 E6-/-?-6-,> ll the units in a fund are identical. "ou can

OTHER BENEFITS RIDERS 2. /ritical illness benefits. 4. ccidental 3eath (enefits

5. 9aiver of premiums. TA1 BENEFITS 2. u#s :@<c? at the time of investment tax benefit of up to 2@@@@@#1 4. u#s 2@<2@d? at the time of withdrawal no T3+ deduction. 5. u#s :@<d? rebate for medical expenses. SURRENDING THE POLIC% 2. The 83-/ endowment assurance plan is designed to provide you and your family with your family with the maximum possible value over the longer term and the product feature support this aim. 8owever, we realise that early surrender is sometime

necessary. If you had paid the premium continuously for 5 years, then the contract ac!uired the minimum guaranteed value. 4. The guaranteed minimum value is 7@ H of all premiums paid subse!uent to the first year, excluding for any extra premium paid for increased mortality risk. 5. If investment condition allow, then we may pay a significant higher discretionary surrender value after the 5 years regular premium has been paid. H3@ ()+ ?+.+2-,9 :(-7< (asic benefits will be paid by che!ue. ltering the level of premiums )egular premiums can be increased at any time. If needed, the policyholder can reduce the regular premium levels <even to &ero ie the policy is converted to paid up status? provided0

5 years of regular premiums have been paid The monetary value of the unit holding across all funds is at least )s 27,@@@.

.D-953.,-.4-,> 32 P)+=-4=9 This product has a grace period of 27 days for the payment of each premium after the initial premium. If you stop paying premiums, before you have paid 5 years of annual premiums, we will cancel you policy and return to you the value of your unitised fund, less cancellation charges. If, after three years, you are unable to pay the premiums, you have the option to make the policy paid1up, provided the policy has accumulated sufficient policy value. /urrently, this amount will be )s. 27,@@@. If you make your policy paid up you will continue to be protected according to the benefits you selected. To provide this cover, we will continue to collect our usual charges on each

monthly charge date. It is important to note that if no further premiums are paid, this may reduce the value of your fund over time, or even exhaust it completely. paid1up policy can be reinstated to premium paying status at any point of time in the future. If the fund value of a paid1up policy falls below )s. 27,@@@ we will cancel. E1CLUSIONS No benefit will be paid if the death has occurred directly or indirectly as a result of suicide within one year from the date of first being covered under the policy. /ompany does not pay health benefits if the critical illness has occurred within C months of the start of the contract. /ompany may not pay health benefits if we do not receive a duly completed claim form within 4C weeks of the illness, disability, operation or other circumstances giving rise to the claim. /ompany will not pay health benefits if the critical illness is caused directly or indirectly by any of the following0

Intentionally self1inflicted in'ury or attempted suicide, irrespective of mental condition.

lcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner.

9ar, invasion, hostilities <whether war is declared or not?, civil war, rebellion, revolution or taking part in a riot or civil commotion.

Taking part in any flying activity, other than as a passenger in a commercially licensed aircraft.

Taking part in any act of a criminal nature. ;regnancy or childbirth or complications arising there from.

/ompany will not pay accidental death benefit if death occurs after F@ days from the date of the accident. /ompany will not pay accidental death benefit if death is caused directly or indirectly from any of the following0

+uicide within one year of the 3ate of /ommencement or the date of issue of the ;olicy, if later

lcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner.

Taking part or practicing for any ha&ardous hobby, pursuit or race unless previously agreed to by us in writing

9ar, invasion, hostilities <whether war is declared or not?, civil war, rebellion, revolution or taking part in a riot or civil commotion.

Taking part in any flying activity, other than as a passenger in a commercially licensed aircraft.

Taking part in any act of a criminal nature.

GENERAL INFORMATION P)3;-?-,-3. 32 )+?(,+9 +ection 62 of the Insurance ct, 2F5: states0 2. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. 4. ny person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

UNIT LINKED PENSION PLAN W;(, -9 ,;+ U.-, L-.*+7 P+.9-3. P6(.< The unit linked pension plan is basically an insurance contract, which is designed to provide a retirement income for life. "our premiums are invested in units of the investment fund of your choice, based on the prevailing unit price. On vesting the value of your units will be used to buy your retirement benefits.

On earlier death, the beneficiary receives the value of your units. P)+=-4=9 "ou agree to pay level premiums regularly, either !uarterly, half1yearly or annually, throughout the term of the policy or a single premium at the start of the policy. The minimum premium amount for regular premium mode is )s. 2@,@@@ each year and for single premium, it is )s. 47,@@@. To facilitate increased investment, we allow additional single premium top1ups at any time. The minimum single premium top1up is )s. 7,@@@. ;remiums can be paid by cash, che!ue or demand draft. C;339+ >34) -.8+9,=+., 24.79 The policy is fully unitised with a range of funds to match your needs and approach to risk. <(y risk we mean the likely volatility in the value of units in the fund.? .ach investment fund is composed of units. ll the units in a fund are identical. "ou can choose from the following funds0 L-L4-7 24.7 S+54)+ M(.(/+7 24.7 D+2+.9-8+ M(.(/+7 B(6(.5+7 M(.(/+7 G)3@,; 24.7 S@-,5;-./ 32 24.790

"ou can switch your existing investments from your any of your unit linked funds, to any other available unit linked fund. "ou can also give us a premium redirection instruction to redirect future premiums to different unit linked funds. B+.+2-,9 t the chosen vesting date, the unitised fund value will be available to secure pension benefits. +ub'ect to the prevailing regulations, part of this value can be taken in the form of a cash lump sum and the rest converted to an annuity at the rate then offered by 83-/ +tandard *ife. lternatively, if it is permitted by the prevailing regulations, the proceeds net

of any cash lump sum can be used to buy an annuity with any other insurance company who will accept such business. The current maximum limit for any cash lump sum is one1third of the unitised fund value on vesting. On death the unitised fund value will be paid along with a cash lump sum of )s. 2,@@@. The beneficiary may use the proceeds to purchase pension benefits for the surviving spouse.

H3@ ()+ ?+.+2-,9 :(-7< "our basic benefits will be paid by che!ue. E6-/-?-6-,> The age and term limits for taking out a ,nit *inked ;ension ;lan are0 <years?

M-.-=4= M(E-=4= M-.-=4= M(E-=4= M-.-=4= M(E-=4= T+)= T+)= A/+ (, A/+ (, A/+ (, A/+ (,

E.,)> R+/46() P)+=-4= 2@ $+)9-3. S-./6+ P)+=-4= 7 $+)9-3. 6@ 2: 6@ 2:

E.,)>

$+9,-./

$+9,-./

C@

7@

D@

C7

7@

D@

A6,+)-./ ,;+ 6+8+6 32 :)+=-4=9 )egular premiums can be increased at any time. If needed, the policyholder can reduce the regular premium levels <even to &ero ie the policy is converted to paid up status? provided0

5 years of regular premiums have been paid The monetary value of the unit holding across all funds is at least )s 27,@@@.

In addition, you can pay single premium top1up<s? at any point of time. S4))+.7+)-./ ,;+ :36-5> The policyholder can surrender the policy at any point of time during the contract term for regular premium paying policies. -or single premium contracts, the contract needs to remain in1force for a minimum period of six months before you can surrender. The amount payable will be the unitised fund value after applying additional surrender charges mentioned below.

D-953.,-.4-,> -. :(>-./ :)+=-4=9 -. )+/46() :)+=-4= :(>-./ 53.,)(5, This product has a grace period of 27 days for the payment of each premium after the initial premium. If you stop paying premiums, before you have paid 5 years of annual premiums, company will cancel your policy and return to you the value of your unitised fund, less cancellation charges. If, after three years, unable to pay the premiums, you have the option to make the policy paid1 up, provided the policy has accumulated sufficient policy value. /urrently, this amount will be )s. 27,@@@. If you make your policy paid up you will continue to be protected according to the benefits you selected. To provide this cover, we will continue to collect our usual charges on each monthly charge date. It is important to note that if no further premiums are paid, this may reduce the value of your fund over time, or even exhaust it completely. paid1up policy can be reinstated to premium paying status at any point of time in the future. If the fund value of a paid1up policy falls below )s. 27,@@@ we will cancel the policy and return to you the fund value, less cancellation charges. T(E B+.+2-,9 ;remiums paid under this plan are eligible for tax benefits under +ection :@/// of the Income Tax ct, 2FC2. C;()/+9 /ompany will deduct charges from the policy to cover their costs. percentage of each premium is invested to buy unitsK this percentage is called the I.8+9,=+., C3.,+., R(,+0 The rates are as follows0

P)+=-4= :(-7 "R9#

I.8+9,=+., "ICR#

C3.,+.,

R(,+

S-./6+ P)+=-4= Initial ;ayment +ingle ;remium Top1,p<s? R+/46() P)+=-4=9 "ear 2 "ear 4 "ear 5 S )egular ;remium Increases +ingle ;remium Top1,p<s? D:H D:H FFH FFH FFH F6H FFH

The unit price each day will include a fund management charge. This charge is @.:@H of the fund value per annum taken on a daily basis. flat fee of )s 27 per month will be deducted by cancellation of units on each monthly charge date. This will be proportioned across funds according to the fund holdings at the time of cancellation of units. /ompany do not charge for the flat death cover of )s. 2,@@@, but we may do so in the future.

/ompany do not charge for premium redirections or switches but we may do so in the future. /ompany do not charge for altering the regular premium amount <including making a policy paid1up and reinstating a paid1up policy?, but we may do so in the future. On cancellation or surrender of the policy before 5 years of regular premiums have been paid, we will charge 4@H of the outstanding regular premiums due during this 51year period. ALTERATION TO CHARGES No changes can be made to companyGs current charges without prior approval from the Insurance )egulatory and 3evelopment uthority. In any case, the fund management charge will not exceed 4H per annum. EE5649-3.9 There will be no exclusions on this policy. GENERAL INFORMATION U.-, P)-5+9 /ompany will set the unit price of a fund by dividing the value of the assets in the fund at the valuation time by the number of units in existence for the fund. The resulting price will be rounded to the nearest )s. @.@@@2. The value of the assets will be calculated as the Market or -air =alue of the fundGs Investments plus /urrent on companyGs website. PROHIBITION OF REBATES S+5,-3. 41 32 ,;+ I.94)(.5+ A5,F 1 3A 9,(,+9: ssets <including accrued income? less /urrent *iabilities and ;rovisions <including accrued expenses?. This price will be published

2. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.

4.

ny person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

9hole *ife ;articipating Insurance ;lan A?34, W;36+ L-2+ P(),-5-:(,-./ I.94)(.5+ P6(. *ife is a long 'ourney and a companion who is with you at each milestone of the way, is welcome. +o as you walk down the path of life, let Max New "ork *ife 9hole *ife ;articipating Insurance ;lan accompany you. It is a lever for growth in your early years, a plan for your children, and a pension plan with steady income in your golden years. W;> W;36+ L-2+ P(),-5-:(,-./

M C38+)(/+ ,-66 (/+ 100 plan that provides you a lifetime of security and guarantees you cover till age 2@@. M F6+E-?-6-,> ,3 549,3=-D+ @-,; 3 B3.49 3:,-3.9 2. /ash (onus 4. ;remium Offset 5. ;aid ,p dditions 8owever, bonuses are not guaranteed and will be as declared by the /ompany from time to time. M C49,3=-D+ @-,; =46,-:6+ R-7+) 3:,-3.9 : )ider options to choose from, help tailor1make your policy as per your needs.

CD

9e offer you )iders, which allow you the flexibility to customi&e and enhance the value of your 9hole *ife Insurance ;olicy to suit your individual needs and aspirations. "ou have the choice of attaching these )iders at the time of buying your ;olicy or anytime later, sub'ect to meeting certain conditions. "ou may attach one or more of the following )iders to your 9hole *ife Insurance ;olicy0 2. 4. 5. 6. 7. C. D. ;ersonal ccident (enefit )ider <; (? >uaranteed Insurability Option )ider <>IO? Term )ider -ive year renewable and /onvertible Term Insurance )ider 9aiver of ;remium <9O;? 3read 3iseases )ider <33? ;ayor )ider.

C:

C(9; S4))+.7+) $(64+ A554=46(,-3.: The 9hole *ife ;articipating ;lan Insurance ;olicy will ac!uire a /ash +urrender =alue at the end of three years. This will continue to increase every year thereafter. F(5-6-,> 32 ( L3(.: Once the ;olicy has ac!uired a /ash +urrender =alue, you will be eligible for a loan in accordance with the /ompanyGs terms, at that point in time. F)++ L33*: This feature, in keeping with Max New "ork *ife tenet of total transparency, gives you the option to cancel the ;olicy within 27 days of receipt, should you wish to do so. T+)=-.(6 I66.+99 B+.+2-,: This feature is offered to all our customers, with select Max New "ork *ife ;olices that they buy. 9ith this, the *ife Insured has access to a portion of the ;olicyGs death (enefit, should the *ife Insured be diagnosed with a Terminal Illness with a life expectancy of C months or less. EE5649-3.: If the *ife Insured dies by suicide within one year from the date of ;olicy#revival of ;olicy, whether sane or insane, the ;olicy coverage shall come to an end and we will refund the ;remium<s? received without interest, less any expenses incurred by us. L-2+ I.94)+7 U.7+) 10 %+()9 32 A/+: If the age at entry of the *ife Insured is less than 2@ years, then the (enefits payable under the ;olicy on the happening of the Insured .vent prior to attaining age 2@ will be limited to refund of the ;remium<s? received by the /ompany CF

together with interest at the rate of 6H per annum, compounded annually, sub'ect to maximum +um ssured.

B(C(C A66-(.D N+@ U.-, G(-. P649 SP The llian& (a'a' ,nit >ain comes with a host of features to allow you to have the best of all worlds P ;rotection and Investment with flexibility like never before. +ome of the key features of this plan are0 V It is a unit linked plan with maximum maturity age D@. V /onvenient single premium payment. V F:H of the single premium is allocated towards units. V Minimum >uaranteed death benefit0 +um ssured. V /hoice of 7 investment funds with flexible investment management0 "ou can switch funds at any time. V ttractive investment alternative to fixed1interest securities. V ;rovision for surrender or partial withdrawals any time after 5 years from commencement. V ,nmatched flexibility to meet your changing needs. V -lexibility to decrease the +um ssured at any time after the first policy anniversary. I=:3),(., D+,(-69 32 ,;+ B(C(C A66-(.D N+@ U.-, G(-. P649 ' SP P6(. Minimum ge at .ntry0 @ <)isk commences at age D years? D@

Maximum ge at .ntry0 C7 years Minimum #Maximum ge at Maturity0 2: #D@ years Minimum Term0 7 years Minimum +ingle ;remium0 )s. 2@,@@@

S4= A994)+7: "ou can choose a +um ssured <*evel of ;rotection? that you want in the New ,nit >ain ;lus +; ;lan. V Minimum +um ssured If policy term is less than 2@ years 1125% of the Single Premium If policy term is greater than or e!ual to 2@ years1 110% of the Single Premium Maximum +um ssured 7 times +ingle ;remium M(,4)-,> B+.+2-,: On maturity, the -und =alue is payable to the policyholder.

The four funds offered are as under01 a? .!uity Index fund II P )isk profile is very high This fund provides the scope of high appreciation over a long term. The fund will primarily invest in e!uities R is expected to match returns given by N+. NI-T". This fund will invest at least :CH in e!uities and maximum 27H in money market. b? .!uity >rowth -und P )isk profile is very high The fund aims to provide capital appreciation through investment in select e!uity stocks that have the potential for high capital appreciation. Investment would be minimum :@H in e!uities and not more than 4@H in bank deposits and money market instruments. c? B3.7 F4.7 1 )isk ;rofile 1 Moderate This fund provides the scope for steady returns at low risk through investment in high !uality fixed income securities. Investment would be at least 4@H in money market instruments and minimum :@H in >1+ecs, (onds and -ixed deposits.

D2

d?

*i!uid -und P This fund provides the scope for steady returns at low risk through investment in high !uality fixed income securities. This fund will be invested fully in debt instruments.

e? P4)+ S,35* F4.7 1 )isk ;rofile 1 =ery 8igh The investments in this fund will specifically exclude companies dealing in. >ambling, /ontests, *i!uor, .ntertainment <-ilms, T= etc.?, 8otels, (anks and -inancial Institutions. Investment would be at least :@H in e!uities and not more than 4@H in bank deposits and money market instruments.

These funds are professionally managed by asset managers of (a'a' llian&, backed with the rich experience of llian& +., one of the largest asset managers in the world today, managing assets worth more than .uro FFC billion <)s. 75,C6,67C crores?. W;> B(C(C A66-(.D L-2+ I.94)(.5+< (a'a' llian& *ife Insurance /ompany *imited is a union between llian& +., the worldJs leading insurer, and (a'a' -in serve, one of IndiaJs most respected names. llian& +. is a leading insurance globally and one of the largest asset managers in the world. t (a'a' llian&, we reali&e that you seek an insurer you can trust your hard1earned money with. llian& +., with more than 22@ years of financial experience in over D@ countries, and (a'a' -in serve, trusted for over 77 years in the Indian market, are committed to offering you financial solutions that provide all the security you need for your family and yourself. t (a'a' llian&, customer delight is our guiding principle. .nsuring world1class solutions by offering you customi&ed products with transparent benefits supported by the best technology, is our business philosophy.

D4

LIFE INSURANCE CORPORATION LICI9 JEE$AN SARAL I t fulfills the need of individual any time in between the term or in case of unfortunate death and maturity with guaranteed. -eatures01 2? Min ;remium W 47@@#1 per month. 4? Max ;remium W No *imit 5? Mode of ;ayments P /ash up to any amount or *ocal /he!ue # 3.3. 6? dd onus P Insurance /over# 3ouble +um ssured in case of ccidental death. 7? >uaranteed bonuses. C? *oan facility. D? Min Term P 2@ yrs. :? Maximum Term P 57 yrs. F? Term can be reduced. E.,)> A/+ 1 Min#Max. ge P 24 years # C@ "ears. M(,4)-,> A/+ P D@ years. D+(,; B+.+2-,9 P 47@ time of monthly premium S return of premiums <excluding first yearGs premium R )iderGs ;remium.? S *oyalty additions < If policy is inforce for 2@ years. M(,4)-,> B+.+2-, P Maturity +um ssured S *oyalty ddition. uto /over for one year < fter 5 years ;remium paid? S4))+.7+) P ;artial surrender is allowed after 5 years full premium paid.

D5

T(E B+.+2-,9 P Tax free maturity and income tax rebate as per income tax rules u#s :@ <c? R u#s 2@<2@d? as income tax act 2FC2. ).+. )/8 METHODOLOG% RESEARCH METHODOLOG% Marketing research is a systematic and ob'ective study of problems pertaining to the marketing of goods and services. ;)IM )" 3 T The primary data is collected from making phone calls and through fixing aappointments with the customers. +./ON3 )" 3 T The secondary data is collected from brochures of buisness world maga&ines, advertisements in television. + M;*. +IU. The sample si&e of my pro'ect is of 2@@ persons.

The !uestionnaire consisted of : !uestions regarding the awareness of insurance and private Insurance companies. The +ample +i&e is hundred respondents.

D6

NUESTIONNAIRE 10 D3 >34 H(8+ L-2+ I.94)(.5+ P36-5>< a? ".+ b? NO

!0 (# I2 %ESF @;-5; C3=:(.> L-2+ I.94)(.5+ >34 ;(8+ 3:,+7 23)0 a? 83-/ +tandard *ife b? I/I/I ;ru c? (irla +un *ife d? T T I> e? Max New "ork *ife f? (a'a' allian& g? =I= h? *I/

?# I2 NOF 73 >34 -.,+.7 ,3 ,(*+ L-2+ I.94)(.5+ -. .+() 24,4)+< a? ".+ b? NO

30 F)3= @;+)+ 7-7 >34 /+, ,;+ -.23)=(,-3. (?34, ,;-9 :36-5>< a? -riends R )elatives d? Others 40 W;-6+ ,(*-./ (. -.94)(.5+ :6(. ;3@ 73 >34 )(,+ ,;+ 23663@-./: ' a? )isk coverage d? Investments B0 H3@ =45; 32 >34) -.53=+ @3467 >34 6-*+ ,3 -.8+9, -. -.94)(.5+ (..4(66>< a?)s2,@@@17@@@ d? 4@@@@R bove 60 G-8+. ( 5;3-5+ >34 @3467 :)+2+) ,3 -.8+9, -.: ' a? -ixed deposits b? ;ost office c ? N++#N+/ D7 b? )s C,@@@12@,@@@ c? 22,@@@14@,@@@ b? +avings c? Tax (enefits b? Medi a c? -/GsR dvisor

d? +hares

e? Insurance

f? Others

70 I. F4,4)+F @;-5; 6-2+ -.94)(.5+ :6(.9 >34 @-66 :)+2+)< a? ;ension ;lan d?Investment ;lan b? ;rotection ;lan e? c?+avings ;lan ,nit *ink ;lans

A0 W;(, +E:+5,(,-3.9 73 >34 ;(8+ 2)3= ,;+ (78-93) O FC< a %nowledgeable d fter +ale +ervice 0 AN% SUGGESIONS: b )ebate you and suggest you a right plan c ,nderstand you R suggest you a right plan

1PPPPPPPPPPPPPPPPPPPPP00 !PPPPPPPPPPPPPPPPPPPPP00 3PPPPPPPPPPPPPPPPPPPPP00 N(=+: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''' A77)+99OP;3.+ N3: '''''''''''''''''''''''''''''''''''''''''''' A/+ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' O)/(.-D(,-3. (.7 D+9-/.(,-3.'''''''''''''''''''''''''''''''''

DC

Nuestion 21.PERCENTAGE OF PEOPLE HA$ING LIFE INSURANCE POLIC% F-/4)+ '!

+ample si&e P 2@@ Insured Not Insured F5H DH

The above diagram represent that F5H of people are covered under life insurance while DH are still not insured.

DD

Nuestion

40'PERCENTAGE

OF

PEOPLE

INSURED

WITH

DIFFERENT

COMPANIES
Percentage o, $ar(et -.are
Percentage o, $ar(et -.are

)IC

72.5

$a% Ne& 'or(

4.9

Ins*rance Co+panies

!ata "I#

Bir a

ICICI

10.8

H.D.F.C

3.9

No response

5.9

10

20

30

40

50

60

70

80

Percentage

F-/4)+ ' 3 *I/ 83-/1+td *ife Insurance I/I/I (irla +unlife Tata I> Max New "ork *ife No )esponse D4.7H 5.FH 2@.:H 2H 2H 6.FH 7.FH

9hile *I/ still remains the undisputed leader with a commanding share of D4.7H.*I/ is beginning to feel the pinch of a gradual warning of market share from 2@@Hthree years ago. %nocked by competition from private players it is making serious changes in its marketing strategies. D:

Nuestion 5 1 F)3= @;+)+ 7-7 >34 /+, ,;+ -.23)=(,-3. (?34, ,;+ :36-5><0

F-/4)+ ' 4 -riends and relatives play a significant role in influencing the individualGs decision regarding going for life insurance policy, followed by advisors or financial consultants then media and others.

DF

Nuestion 61H3@ =45; 32 >34) -.53=+ @3467 >34 6-*+ ,3 -.8+9, -. -.94)(.5+ (..4(66><

F-/4)+ ' B I.53=+ /)34: P+)5+.,(/+ 2@@@17@@@ 5C.5 C@@@12@@@@ 5F.4 22@@@14@@@@ 24.D 4@@@@Rabove 22.:

round 6@H of respondents are willing to invest in insurance between )s C@@@1)s 2@@@@. annually. 5C.5H people are ready to invest between )s 2@@@ to )s 7@@@ and very few are willing to invest in insurance above )s2@@@@ annually.

:@

Nuestion 71 G-8+. ( 5;3-5+ >34 @3467 :)+2+) ,3 -.8+9, -.<

10.8 12.7 31.4

8.8 14.7

FD P/ N--.ares Ins*rance /t.ers

21.6

F-/4)+ ' 6 I.8+9,=+., O:,-3.9 -ixed 3eposits ;ost Office +chemes N++ +hares Insurance Others P+)5+.,(/+ 52.6 42.C 26.D :.: 24.D 2@.:

Mostly people are interested in investing in -3s, ;ost officeschemes, N++ and =ery few are i.e. 24.DH interested in investment in Insurance

:2

Nuestion C1 In 24,4)+F @;-5; 6-2+ -.94)(.5+ :6(.9 >34 @-66 :)+2+)<

F-/4)+ '7 PLANS ;ension ;lan ;rotection ;lan +aving ;lan Investment ;lan ,*I; PERCENTAGE 77H 24H :H 42H 6H

The graph indicates that 77H of people will like to go for ;ension ;lan in future as most of them want to make their future secure . =ery few people are aware of ,nit *ink ;lans and would like to invest in them one of the reason for this can be lack of information about such ;lans.

:4

Nuestion D1 W;(, +E:+5,(,-3.9 73 >34 ;(8+ 2)3= ,;+ (78-93)OFC<

F-/4)+ ' A EE:+5,(,-3.9 %nowledge )ebate ,nderstanding fter +ale +ervice P+)5+.,(/+ 64 4C 4D 7

round 64H of people expect the by these advisors.

dvisorGs # -/ to be knowledgeable about the various

Insurance ;lans and very less importance i.e. 7H is given to after sale service being provided

Nuestion :1 W;-6+ ,(*-./ -.94)(.5+ :6(. ;3@ >34 )(,+ ,;+ 23663@-./< :5

P*rpose o, Ins*rance

!a% Bene,its

23.7

/ptions

In1est+ent

32.3

-a1ing

24.7

0is(

19.3

10

15

20

25

30

35

Percentage

F-/4)+ & 0

P4):39+ 32 I.94)(.5+ Tax (enefits Investment +aving )isk

P+)5+.,(/+ 45.D 54.5 46.D 2F.5

:6

ccording to the rating, it has been found that people take insurance basically for risk coverage i.e. 2F.5H and secondly in order to get tax benefits i.e.. 45.DH, followed by savings i.e.46.DH and very few think it for investment Options.

STRENGTHS +T)ON> TI. ,; () N3 .E,IT" +T)ON> N.T9O)% 8,>. /,+TOM.) 3 T ( +.

64%

WEAKNESS *.++ ;)OMOTION

1%
20-40 41-60 61-80

35%

OPPORTUNITIES ,NIN+,).3 ;O;,* TION N.T9O)% (,I*3IN> T )>.TIN> T8. ),) * +.>M.NT PERCENTAGE OF AGE GROUPS0 F-/4)+ ' 10

THREATS *I/ >>).++I=. .NT) NT+ N.9

:7

+,>>.+TION+ R )./OMM.N3 TION+

SUGGESTIONS AND RECOMMENDATIONS

2.

To address mass is cheaper. Thus sponsoring the events conducted by /II, -I//I, ;83 /hamber of commerce and other such renowned organi&ations could be fruitful. long with these certain cultural events may be sponsored.

4.

Increasing awareness level by increasing number of hoarding in prime areas such as (ank +!uare sector , railway station, bus stand and industrial area.

5.

There should be no upper limits for /-/Js under a (3M because as competition goes companies like llian& (a'a' and Tata I> has no upper limits.

6.

Measures to build faith among people about corporate (I)* sincerity and the long lasting establishment.

+,N *I.

IN+,) N/. must be taken on accounts of its reliability, credibility, responsibility,

7.

+ince all the riders attached with any of its products is along with a slight increment in the premium rates, as such a few cost free riders should be designed to attract more customers.

C. D.

;ut up TMJs in different areas so that premium can be collected across the country. There should be a particular. ;roduct, which can be termed as -ixed 3eposit Insurance product, where life insurance policy can act as a fixed deposit for the customer, which can be encashed whenever re!uired up to a certain percentage of sum assured. :C

:.

The agent should not only be provided with training at time of section but they should also be given refresher training periodically. s the agents find training a step to be selected as an agent of the company, the agent should be provided the knowledge about all the che!ues. It increase their professionalism make them more competitive. .very year the agents should be given the training for at least one week.

F.

The company should take steps to give more incentives to the agents as the commission percentage is fixed by insurance regulatory developments authority <I)3 ?.

2@.

s the most important media to increase the sate, the agent should be provided with more and more incentives to motivate them to work for that company only.

22.

The company should also make effort in advertisement through city /able /hannel as wide is covered by it (anners on the highway or other crowded area should be setup.

24.

The company should cover various risks in one policy with same premium.

CONCLUSION

Over the past three years, around 6@ companies have expressed interest in entering the sector and many foreign and Indian companies have arranged anticipatory alliances. The threat of new players taking over the market has been overplayed. s is witnessed in other countries

where liberali&ation took place in recent years we can safely conclude that nationali&ed players will continue to hold strong market share positions, but there will be enough business for new entrants to be profitable.

:D

Opening up the sector will certainly mean new products, better packaging and improved customer service. (oth new and existing players will have to explore new distribution and marketing channels. ;otential buyers for most of this insurance lie in the middle class. New insurers must segment the market carefully to arrive at appropriate products and pricing. )ecogni&ing the potential, in the past three years, the nationali&ed insurers have already begun to target niches like pensions, women or children.

>iven the industryGs huge re!uirement of start1up capital, the initial years after opening up are bound to see a strong inflow of foreign capital. +ubstantial shift in the distribution of insurance in India is likely to take place. Many of these changes will echo international trends. 9orldwide, insurance products move along a continuum from pure service products to pure commodity products. Initially, insurance is seen as a complex product with a high advice and service component. (uyers prefer a face1to1face interaction and place a high premium on brand names and reliability.

-inally, some potential Indian entrants into insurance hope to ride their existing distribution networks and customer bases. -or example financial organi&ations like I/I/I, 83-/ or (I)* intend to tap the thousands of customers who already buy their deposits, consumer

loans or housing finance. Other hopeful entrants anticipate specific alliances such as with hospitals to provide health cover.

::

BIBILIOGRAPH%

BOOKS' ;hilip %otler <marketing management?

MAGAQINES India Today Business World Money Business Week

INTERNET www.google.com www.birlasunlife.com www.birlasunlifeinsurance.com www.yahoo.com www.irda.gov.in www.kotaklifeinsurance.com www.mnylinsurance.com /8 ;T.) P III ).=I.9 O- *IT.) T,). This chapter presents a review of available literature relating to life insurance industry and distribution of life insurance products. >lobally, the life insurance industry is in an advanced stage of development in developed economies as against the initial stages in developing economies. %eeping with this trend, !uite a few :F

research studies and analyses have been done in respect of the life insurance industry globally. In India, after the liberali&ation of life insurance industry in 4@@@, we are witnessing significant changes in products offered, services delivered and methods of distribution. 3ue to monopoly status of the life insurance industry between the years 2F7@ and 4@@@ coupled with the lack of product differentiation, there have been few elaborate studies in India on this sub'ect. This review is aimed at capturing the essence of recent investigations undertaken in the life insurance industry both in India and globally. 9hite <2FF@? traces the development of bancassurance in the ,+ and other markets. One of the reasons for slow development of bancassurance has been attributed to the multistate structure and the legal environment in the ,+. The entry of financial institutions, particularly banks, into the insurance business marked a significant change in the financial services industry. (ank entry into the insurance business as agent and#or underwriter is an accomplished fact in ustralia, (ritain, 3enmark, -rance, >ermany, Ireland, the Netherlands, +pain and other .uropean countries. In other nations with developed financial markets, regulators, legislators and financial service competitorGs debate how, when and in what way banks may enter insurance markets. C: The study by )ao <2FFC? is aimed at understanding the evolution and development of life insurance business in India over a period of three and half decades. The study focuses on the growth of business by life insurance /orporation of India, which is the monopoly public sector life insurance company. It has been observed that in spite of the commendable growth and performance of life insurance business, a vast potential still exists. %ey macro economic indicators like population coverage and per capita premium, are still very low in India as compared to other developed countries. >idhagen <2FF:? has made an attempt to develop a conceptual framework from a relationship perspective for the study of insurance services marketing. 3eregulation and internationalisation have created a new, increasingly competitive business climate. The focus of this research work is on the relationships between F@

insurance companies and their corporate customers. Interesting analyses include how highly the customers value the relationship in comparison with the price level of the services offered, the perceived !uality of the exchange relationship, the level of interdependency, mutual trust, and commitment. /ummins, et al <2FF:? have examined the relationship among mergers and ac!uisitions, efficiency, and scale economies in the ,+ life insurance industry. uthors have estimated cost and revenue efficiency over the period 2F::12FF7 using data envelopment analysis <3. ?. ccording to the findings, ac!uired firms achieve greater efficiency gains than firms that have not been involved in mergers or ac!uisitions. -irms operating with non1decreasing returns to scale and financially vulnerable firms are more likely to be ac!uisition targets. Overall, mergers and ac!uisitions in the life insurance industry have had a beneficial effect on efficiency. CF In his work ;urcal <2FFF? examined the !uestion of lifetime personal financial planning and how should individual investors determine their optimal consumption, portfolio selection and life insurance needs. 8uman *ife =alue <8*=? model as a preliminary step to developing a relevant model for financial planning has been analysed. The life insurance purchasing behaviour implied by the model was also examined, showing that, optimal life insurance purchase is related to consumption levels. This finding calls into !uestion the usefulness of the 8*= concept of financial planning, which focuses on future income streams. In addition, the model provides details about optimal annuity purchase around retirement, suggesting a hump shaped pattern of annuity receipts. ccording to /lemons and /roson <4@@@?, there are three principal issues i.e. transparency, disintermediation and differential pricing that will determine the transformation of retail financial services, including life insurance companies. .ach of these will affect the roles to be played by financial service providers, the sources of profits available to them, and the strategies they may choose to pursue in order to earn those profits. The authors have postulated that financial services industries are going to be transformed by these three trends. study was conducted by +rinivasan, ;rakash and +itharamu <4@@2?, to F2

explore the changes in management of agents <distributors of life insurance products? in the liberali&ed economic scenario. The ma'or focus of the study was to identify the competencies necessary for a successful agent and to provide ob'ective D@ methodology for selecting the effective agents. The +emi1+tructured Interview techni!ue was used to assess the competencies of the agents. The findings of the study indicate the professional competencies necessary for successful Insurance agents. The research also highlighted the expertise re!uired in selection of effective agents, managing them and developing their competencies. This research done by Organisation for .conomic /o1operation and 3evelopment <O./3? +ecretariat <4@@2? dwells in detail on the benefits of life insurance for an individual and for the economy as a whole. The authors also list down the forces, which drive the development of life insurance industry in the O./3 countries. The authors have analysed the impact of key macro indicators like economic growth and regulatory environment in the growth of life insurance industry in an economy. The difficulties to be surmounted by the life insurance industry according to them are inflation, customer awareness, underdeveloped financial markets and lack of actuarial data. The investigations by dams and 8ardwick <4@@2? are aimed at finding an answer to the !uestion of whether small life insurers in ,nited %ingdom grow as fast as <or faster than? large life insurers as this is an issue of some importance to policymakers, industry associations and others. -or example, insights into the relation between self1generated corporate growth and firm si&e could help policy1makers to frame rules that achieve desired ob'ectives in policy areas, such as the licensing of new entrants to the market. 3uring the boom years of 2F:D1F@, the results suggest that smaller firms were growing faster than larger firms, but there was still no significant influence on growth from any of the four firm1specific variables. 8owever,

/8 ;T.) P III ).=I.9 O- *IT.) T,). This chapter presents a review of available literature relating to life insurance industry and distribution of life insurance products. >lobally, the life insurance F4

industry is in an advanced stage of development in developed economies as against the initial stages in developing economies. %eeping with this trend, !uite a few research studies and analyses have been done in respect of the life insurance industry globally. In India, after the liberali&ation of life insurance industry in 4@@@, we are witnessing significant changes in products offered, services delivered and methods of distribution. 3ue to monopoly status of the life insurance industry between the years 2F7@ and 4@@@ coupled with the lack of product differentiation, there have been few elaborate studies in India on this sub'ect. This review is aimed at capturing the essence of recent investigations undertaken in the life insurance industry both in India and globally. 9hite <2FF@? traces the development of bancassurance in the ,+ and other markets. One of the reasons for slow development of bancassurance has been attributed to the multistate structure and the legal environment in the ,+. The entry of financial institutions, particularly banks, into the insurance business marked a significant change in the financial services industry. (ank entry into the insurance business as agent and#or underwriter is an accomplished fact in ustralia, (ritain, 3enmark, -rance, >ermany, Ireland, the Netherlands, +pain and other .uropean countries. In other nations with developed financial markets, regulators, legislators and financial service competitorGs debate how, when and in what way banks may enter insurance markets. C: The study by )ao <2FFC? is aimed at understanding the evolution and development of life insurance business in India over a period of three and half decades. The study focuses on the growth of business by life insurance /orporation of India, which is the monopoly public sector life insurance company. It has been observed that in spite of the commendable growth and performance of life insurance business, a vast potential still exists. %ey macro economic indicators like population coverage and per capita premium, are still very low in India as compared to other developed countries. >idhagen <2FF:? has made an attempt to develop a conceptual framework from a relationship perspective for the study of insurance services marketing. 3eregulation and internationalisation have created a new, increasingly competitive business climate. The focus of this research work is on the relationships between insurance companies and their corporate customers. Interesting analyses include how highly the customers value the relationship in comparison with the price level of the services offered, the perceived !uality of the exchange relationship, the level of interdependency, mutual trust, and commitment. /ummins, et al <2FF:? have examined the relationship among mergers and ac!uisitions, efficiency, and scale economies in the ,+ life insurance industry. uthors have estimated cost and revenue efficiency over the period 2F::12FF7 using data envelopment analysis <3. ?. ccording to the findings, ac!uired firms achieve greater efficiency gains than firms that have not been involved in mergers or ac!uisitions. -irms operating with non1decreasing returns to scale and financially vulnerable firms are more likely to be ac!uisition targets. Overall, mergers and ac!uisitions in the life insurance industry have had a beneficial effect on efficiency. CF In his work ;urcal <2FFF? examined the !uestion of lifetime personal financial F5

planning and how should individual investors determine their optimal consumption, portfolio selection and life insurance needs. 8uman *ife =alue <8*=? model as a preliminary step to developing a relevant model for financial planning has been analysed. The life insurance purchasing behaviour implied by the model was also examined, showing that, optimal life insurance purchase is related to consumption levels. This finding calls into !uestion the usefulness of the 8*= concept of financial planning, which focuses on future income streams. In addition, the model provides details about optimal annuity purchase around retirement, suggesting a hump shaped pattern of annuity receipts. ccording to /lemons and /roson <4@@@?, there are three principal issues i.e. transparency, disintermediation and differential pricing that will determine the transformation of retail financial services, including life insurance companies. .ach of these will affect the roles to be played by financial service providers, the sources of profits available to them, and the strategies they may choose to pursue in order to earn those profits. The authors have postulated that financial services industries are going to be transformed by these three trends. study was conducted by +rinivasan, ;rakash and +itharamu <4@@2?, to explore the changes in management of agents <distributors of life insurance products? in the liberali&ed economic scenario. The ma'or focus of the study was to identify the competencies necessary for a successful agent and to provide ob'ective D@ methodology for selecting the effective agents. The +emi1+tructured Interview techni!ue was used to assess the competencies of the agents. The findings of the study indicate the professional competencies necessary for successful Insurance agents. The research also highlighted the expertise re!uired in selection of effective agents, managing them and developing their competencies. This research done by Organisation for .conomic /o1operation and 3evelopment <O./3? +ecretariat <4@@2? dwells in detail on the benefits of life insurance for an individual and for the economy as a whole. The authors also list down the forces, which drive the development of life insurance industry in the O./3 countries. The authors have analysed the impact of key macro indicators like economic growth and regulatory environment in the growth of life insurance industry in an economy. The difficulties to be surmounted by the life insurance industry according to them are inflation, customer awareness, underdeveloped financial markets and lack of actuarial data. The investigations by dams and 8ardwick <4@@2? are aimed at finding an answer to the !uestion of whether small life insurers in ,nited %ingdom grow as fast as <or faster than? large life insurers as this is an issue of some importance to policymakers, industry associations and others. -or example, insights into the relation between self1generated corporate growth and firm si&e could help policy1makers to frame rules that achieve desired ob'ectives in policy areas, such as the licensing of new entrants to the market. 3uring the boom years of 2F:D1F@, the results suggest that smaller firms were growing faster than larger firms, but there was still no significant influence on growth from any of the four firm1specific variables. 8owever,

F6

).-.).N/.+ 2. dams, Mike and 8ardwick, ;hilip,N-irm si&e and growth in the ,nited %ingdom life insurance industryN, .uropean (usiness Management +chool, 4@@D. 4. garwal, bhisek, L3istribution of life Insurance products in IndiaN. Insurance /hronicle, 4@@4. 5. (eck, Thorsten and 9ebb, Iann, L.conomic, 3emographic and institutional determinants of *ife Insurance /onsumption across countriesN, 9orld bank and International Insurance foundation, 4@@4. 6. /hevalier, Mar'orie, *aunay, /arole, Mainguy, (erangere, L nalysis of (ancassurance and its status around the worldN, +/O) >roup publication, 4@@7 7. /lemons, 8itt and /roson, LThe -uture of )etail -inancial +ervices Transparency, (ypass, and 3ifferential ;ricingN, The 9harton +chool, 4@@@. C. /ummins, B 3avid, Tennyson, +haron and 9eiss, Mary ,N /onsolidation and .fficiency in the ,.+. *ife Insurance IndustryN, The 9harton +chool, -inancial Institution /entre, ,niversity of ;ennsylvania, 2FF:. D. /upach 9illiam ) and /arson Bames M, LThe influence of compensation on product recommendation made by insurance agentsN, Bournal of business ethics, 4@@4. :. .ckardt, Martina, L gent and broker intermediaries in Insurance Markets P n empirical analysis of market outcomesN, International +ociety for New Institutional .conomics, 4@@4. F. >idhagen, Mikael, LInsurance marketing 1+ervices and relationshipsN, ,ppsala ,niversity, +weden, 2FF:. 2@. >oodenow, Ingrid ), and ;ainter1.ggers ;oly, L nother inconvenient truth. re consumers prepared for their financial futures$N, *IM) , 4@@D. 22. 8onan, Margaret + and *ombardi, *ucian B, L-undamentals of 3eveloping new agentsN, *IM) , 4@@7. 24. 8ong Bay 8 and )ios1)ull, Bose =ictor, N*ife Insurance and 8ousehold /onsumptionN, ,niversity of ;ennsylvania, 4@@6. 25. Bampala, )a'esh / and dilakshmi, ;olavarapu, L +cale up for success, the mantra for private life insurers in IndiaN, Insurance /hronicle, November 4@@C :5 26. Bha, )aghbendra and *ong'am, Ibotombi +, L 3ivisia Type +aving aggregate for IndiaN, I>I3), Mumbai, 4@@5. 27. %undu, +umit, L9hat next in IndiaGs insurance MarketN, 4@@4, www.MI(.com. 2C. *akshmikutty, +reedevi and (askar, +ridharan, L Insurance 3istribution in India 1 a perspectiveN, 3/>, Infosys Technologies *td, 4@@5. 2D. *IM) ,1Moss dams LNew >ame, New )ules, New )eality The .conomics of >rowing 3istributionN, *imra, 4@@C. 2:. Machira'u, ppa )ao and +andhya, % )ani, N .conomic security through life and health insurance P )ole of rural post office networkN, 4@@6. 2F. Mandal ++, L study on dvisorGs profileN, Insurance /hronicle 4@@C 4@. Nanda, )itu, L(eing an Insurance gent, The pride and the pre'udiceN, F7

Bournal of the Insurance )egulatory and 3evelopment uthority, -ebruary 4@@D 42. O./3 +ecretaria, L3eveloping life insurance in the economies in tran

FC