THIS PROJECT IS ABOUTAGENCY BUSINESS MODEL COMPARISON OF SBI ANS
OTHER LIFE INSURANCE. IT COMPARES SBI LIFE INSURANCE FROM OTHER
LEADING INSURANCE COMPANIES IN THE PRIVETE SECTOR IN TERMS OF THEIR
PRODUCTS, PRICES, PROMOTIONAS STRATEGIES, LIFE INSURANCE PRODUCTS
AND PLANS, THEIR AGENCY FUNCTIONS AND OTHER SUCH TERMS. THE PROJECT
IS EXPLAINED IN A VERY SIMPLE LANGUAGE WITH BEST POSSIBLE DIAGRAMS
AND TABLES WHERE EVER POSSIBLE. THE BASIS THEME OF PREPARING THIS
PROJECT IS TO GAIN KNOWELADGE ABOUT THE WORKING OF THE INSURANCE
COMPANIS IN OUR COUNTRYAS WELL AS IN OUR PRACTICAL LIFE AS IT IS A
PART OF OUR LIFE WHIS INSURES OUR LIFE IN CASE OF ANY LOSS
AcknowledgementIt gives me pleasure to present this project on
AGENCY BUSINESS MODEL COMPARATIVE ANALYSIS BETWEEN SBI AND OTHER
LIFE INSURANCEto the student ofTYB.Com (Banking & Insuranc
e).The subject matter is made more compact & logical.I am
gratefully acknowledged the valuable efforts, suggestion &
clarifications provided by many by making this project practical.It
would be rather unfair on my part for not thanking my
collegeS.K.Somaiya college Arts, Science & Commercefor having
shown their continues faith in me.I extend my sincere gratitude to
Prof. Aparna Jain, my project guide, for extending her support,
guidance & co-operation in completing this project.I take this
opportunity to express my sincere appreciation & gratitude to
my college librarian who made the references and data available.I
express my grateful thanks to everyone who have contributed even in
a small way towards successful completion of this project.Last but
not least, I would like to thank my parents for providing me with
such good and me in the completion of this project.INTRODUCTION TO
INSURANCEInsurance Market- Present:The insurance sector was opened
up for private participation four years ago. For years now, the
private players are active in the liberalized environment. The
insurance market have witnessed dynamic changes which includes
presence of a fairly large number of insurers both life and
non-life segment. Most of the private insurance companies have
formed joint venture partnering well recognized foreign players
across the globe.There are now 29 insurance companies operating in
the Indian market 14 private life insurers, nine private non-life
insurers and six public sector companies. With many more joint
ventures in the offing, the insurance industry in India today
stands at a crossroads as competition intensifies and companies
prepare survival strategies in a detariffed scenario.There is
pressure from both within the country and outside on the Government
to increase the foreign direct investment (FDI) limit from the
current 26% to 49%, which would help JV partners to bring in funds
for expansion.There are opportunities in the pensions sector where
regulations are being framed. Less than 10 % of Indians above the
age of 60 receive pensions. The IRDA has issued the first license
for a standalone health company in the country as many more players
wait to enter. The health insurance sector has tremendous growth
potential, and as it matures and new players enter, product
innovation and enhancement will increase. The deepening of the
health database over time will also allow players to develop and
price products for larger segments of society.State Insurers
Continue To Dominatethere may be room for many more players in a
large underinsured market like India with a population of over one
billion. But the reality is that the intense competition in the
last five years has made it difficult for new entrants to keep pace
with the leaders and thereby failing to make any impact in the
market.Also as the private sector controls over 26.18% of the life
insurance market and over 26.53% of the non-life market, the public
sector companies still call the shots.The countrys largest life
insurer, Life Insurance Corporation of India (LIC), had a share of
74.82% in new business premium income in November 2005.Similarly,
the four public-sector non-life insurers New India Assurance,
National Insurance, Oriental Insurance and United India Insurance
had a combined market share of 73.47% as of October 2005. ICICI
Prudential Life Insurance Company continues to lead the private
sector with a 7.26% market share in terms of fresh premium, whereas
ICICI Lombard General Insurance Company is the leader among the
private non-life players with an 8.11% market share. ICICI Lombard
has focused on growing the market for general insurance products
and increasing penetration within existing customers through
product innovation and distribution.Reaching Out To CustomersNo
doubt, the customer profile in the insurance industry is changing
with the introduction of large number of divergent intermediaries
such as brokers, corporate agents, and banc assurance.The industry
now deals with customers who know what they want and when, and are
more demanding in terms of better service and speedier responses.
With the industry all set to move to a detoxified regime by 2007,
there will be considerable improvement in customer service levels,
product innovation and newer standards of underwriting.Intense
CompetitionIn a de-tariff environment, competition will manifest
itself in prices, products, underwriting criteria, innovative sales
methods and creditworthiness. Insurance companies will vie with
each other to capture market share through better pricing and
client segmentation.SBI LIFE INSURANCEOVERVIEWSBI Life Insurance is
a joint venture between State Bank of India and BNP Paribas
Assurance. SBI owns 74% of the total capital and BNP Paribas
Assurance the remaining 26%. SBI Life Insurance has an authorized
capital of Rest. 2,000 cores and a paid up capital of Rest 1,000
coresMISSIONTo emerge as the leading company offering a
comprehensive range of life insurance and pension products at
competitive prices, ensuring high standards of customer
satisfaction and world class operating efficiency, and become a
model life insurance company in India in the post liberalization
period.VALUES Trustworthiness Ambition Innovation Dynamism
excellenceMULTI BUISNESS MODELSBI Life has a unique
multi-distribution model encompassing vibrant Banc assurance,
Retail Agency, Institutional Alliance and Corporate Solutions
distribution channels.SBI Life extensively leverages the State Bank
Group relationship as a platform for cross-selling insurance
products along with its numerous banking product packages such as
housing loans and personal loans. Sibs access to over 100 million
accounts across the country provides a vibrant base for insurance
penetration across every region and economic strata in the country,
thus ensuring true financial inclusion. Agency Channel, comprising
of the most productive force of over 65,000 Insurance Advisors,
offers door to door insurance solutions to customersOne of our
corporate ethoses, enhancing our SBI Life brand value, is about
giving back to the society. In line with our Corporate Social
Responsibility (CSR) initiatives, the cause of supporting our
Elderly Citizens was initiated. Incidence of cataract blindness,
annually at 3.28 million, is one of the most prevalent health
ailments suffered by old people, particularly in rural pockets of
our country.On the occasion of World Elders Day on 1st October, CSR
initiative Gift Drastic (Restoring vision) was launched in
partnership with Help Age India, a registered national level
voluntary body, working for the cause of disadvantaged aged
persons. Restoring vision is done through Intra Ocular Surgery
(IOL). SBI Life employees made monetary contributions to the cause.
SBI Life donated twice the sum contributed by its employees. Eye
sight for thousands of elderly citizens was restored across the
rural parts of the country. Reported a robust Net Profit of Rs.276
Cores Crossed Rs.10, 000 Cores in Gross Written Premium (GWP).
Ranked No.1, in New Business Premium, amongst private life
insurance companies. Assets under Management (AUM) grew by 96% to
Rs.28, 551 Cores. Globally topped the prestigious MDRT 2009 for
having Maximum number of MDRT Members. ICRA reaffirmed iota rating
to SBI Life indicating highest claims paying ability.Awarded ISO
Certification (ISO/IEC 27001:2005) for Information Security
Management System (ISMS).Retained ISO 9001:2000 certificate for
superior claim settlement process.FINANCIAL YEAR 08 09Bagged the
coveted personal finance award-Outlook Money NDTV Profit Best Life
Insurer 2008.Ranked among global top three in terms of number of
Million Dollar Round Table (MDRT) members.Bagged the coveted
personal finance award-Outlook Money NDTV Profit Best Life Insurer
2008. ICRA assigned iota rating indicating highest claims paying
ability to SBI Life Insurance.Awarded ISO Certification (ISO/IEC
27001:2005) for Information Security. RetainedISO
9001:2000certificate for superior claim settlement process.Ranked
among global top three in terms of number of Million Dollar Round
Table (MDRT) members.Bagged the coveted personal finance
award-Outlook Money NDTV Profit Best Life Insurer 2008.CRISIL,
countrys leading rating agency, reaffirmed its highest financial
rating AAA/Stable to SBI Life. In 2007, SBI Life became the first
life insurer in India to receive this rating from CRISIL.ICRA
assigned iota rating indicating highest claims paying ability to
SBI Life Insurance.Retained ISO 9001:2000 certificate for superior
claim settlement processRanked amongst global top five life
insurance companies in the number of MDRT members.Rated as the The
Most Trusted Private Life Insurer according to a survey conducted
by Brand Equity in association with AC Nielsen ORG-MARG and the
Economic Times Intelligence Bureau.Became first life insurer in
India to receive the highest financial rating AAA from CRISIL, the
countrys best known rating agency in 2007.Second consecutive year
of ProfitabilitySBI Life Insurance, one of the leading insurers in
India, is a joint venture between State Bank of India and BNP
Paribas Assurance. While State Bank of India (SBI) is Indias
largest banking franchise, on the other hand, BNP Paribas Assurance
is a unit of the renowned BNP Paribas one of the leading banks in
Euro zone. SBI Life Insurance follows a unique multi-distribution
model that encompasses corporate solutions distribution channels,
retail agencies, institutional alliances and banc assurance. It
also uses the SBI Group as a platform to cross-sell insurance as
well as banking product packages like personal loans and housing
loans etc.SBI Life Insurance, with an authorized capital of Rest.
2,000 cores and paid-up capital of Rest. 1,000 cores, has become a
substantial player in Indian insurance sector. The access to more
than 100 million accounts of SBI has also acted as the driving
force behind the success of the company. SBI Life Insurance also
has an extensive network of agency channel where more than 68,000
insurance advisors work towards growth of the organization,
offering door-to-door insurance solutions to the customers.In SBI
Life Insurance, the State Bank of India holds 74% of the capital
share, while BNP Paribas Assurance holds the remaining 26%.The Road
to SuccessSBI Life Insurance has crafted its name by providing
quality insurance services to its wide range of customers. Its ISO
9001:2000 certification speaks for its quality. SBI Life Insurance
has also been assigned iota rating by the ICRA for its highest
claims paying ability. In 2007, it became the first Indian life
insurer to get AAA rating from CRISIL. In the next year, Outlook
Money NDTV Profit adjudged it as the Best Life Insurer 2008. In
2009, SBI Life Insurance achieved the unique distinction to emerge
as the global top in terms of Million Dollar Round Table (MDRT)
members with 2,677 members.SBI Life Insurance became the first Life
Insurer in India to make profits in the financial year 2005-06. It
maintained the same record in the next year as well. In 2007-08, a
survey by Brand Equity rated SBI Life as he Most Trusted Private
Life Insurer in the same year, the company achieved CMMI Level 3
certification to become the first Indian insurer to have
that.Age.SBI Life Shush Knives will be available for an investor
who is at least 18 years or at most 60 years of age. The maximum
life coverage is for 65 years, which could be increased up to 100
years by opting for a whole life add-on rider.The sources close to
the company said that the product can be availed under both single
and regular premium payment options at a sum assured starting at
Rest 75,000 with no upper limit.Catering to the income needs
arising out changing life stages, Shush Knives presents an
attractive feature of deferred maturity payment
options.PRODUCTS
SBI Life Insurance offers an extensive range of products to its
customers. It has products for individuals as well as for the
groups. It also offers a range of health products.Individual
ProductsvUnit Lined Products SBI Life Horizon II SBI Life Unit Plus
II SBI Life Unit Plus Child Plan SBI Life Unit Plus Elite Plan SBI
Life Smart ULIP SBI Life MAHA ANANDvPension Products SBI Life
Horizon II Pension SBI Life Unit Plus II Pension SBI Life Immediate
AnnuityvPure Protection Products SBI Life Swathing SBI Life
ShieldvProtection cum Savings Products SBI Life Scholar II SBI Life
Shush KnivesvMoney Back Scheme Products SBI Life Money Back SBI
Life Sanjeevan SupremevFor Brokers SBI Life SARAL ULIPvGroup
ProductsvGroup Employee Benefit Products Retirement Solution SBI
Life Cap Assure Gratuity SBI Life Cap Assure Superannuation SBI
Life Cap Assure Leave Encashment SBI Life Dhanrashi SBI Life Saran
Evan SBI Life Saran Gaga SBI Life Kalian ULIPvGroup Protection
Plans SBI Life Sampson Suresh SBI Life Credit Guard SBI Life Suresh
PlusvSpecialized Term Insurance SBI Life Shield Group Term with ROP
SBI Life Swathing (Group)vGroup Loan Protection Products SBI Life
Dhanaraksha Plus SP SBI Life Dhanaraksha Plus LPPTvGroup Savings
Protection Products SBI Life Nidhi Raksha RP
INFRASTRUCTUREState Bank of India enjoys the largest banking
franchise in India. Along with its 6 Associate Banks, SBI Group has
the unrivalled strength of over 16,000 branches across the country,
arguably the largest in the world. Agency Channel, comprising of
the most productive force of more than 68,000 Insurance Advisors,
offers door to door insurance solutions to customers. SBI Life
extensively leverages the SBI Group as a platform for cross-selling
insurance products along with its numerous banking product packages
such as housing loans and personal loans. SBIs access to over 100
million accounts across the country provides a vibrant base for
insurance penetration across every region and economic strata in
the country ensuring true financial inclusion.MISSIONAND
AMBISSIONSBI Life Insurance Company Limited is a joint venture
between the State Bank of India and BNP Paribas Assurance. SBI Life
Insurance is registered with an authorized capital of Rest 2000
cores and a Paid-up capital of Rest 1000 Cores. SBI owns 74% of the
total capital and BNP Paribas Assurance the remaining 26%.BNP
Paribas Assurance is the life and property & casualty insurance
unit of BNP Paribas Euro Zones leading Bank. BNP Paribas, part of
the worlds top 6 group of banks by market value and a European
leader in global banking and financial services, is one of the
oldest foreign banks with a presence in India dating back to 1860.
BNP Paribas Assurance is the fourth largest life insurance company
in France and a worldwide leader in Creditor insurance products
offering protection to over 50 million clients. BNP Paribas
Assurance operates in 41 countries mainly through the banc
assurance and partnership model.SBI Life has a unique
multi-distribution model encompassing vibrant Banc assurance,
Retail Agency, Institutional Alliances and Corporate Solutions
distribution channels.PRODUCTS OF SBI LIFE INSURANCE SBI Life
INSURANCEIntroduction: SBI Life? Mahan an and II is a unique
product created just for you, which provides you insurance cover
without any medicals. With a wide array of funds, allows you to
manage your investments according to your risk appetite thereby
giving you the power to realize market related returns on your
policy.SBI Life Smart ULIP Series IIIntroduction: duse to the
unpredictable nature of the market, you need a plan which not only
protects your investment, but also enables you to get market
related returns. Sib life smart tulip (series ii) is the perfect
answer to your need, and will give you not only guarantee on select
naves during the first seven years, but also give you the added
attraction of participating in the market upside!SBI Life Unit
plusIIIIntroduction: sib life? Unit plus iii is an excellent and
flexible non participating unit linked plan, specially designed to
meet your changing requirements at various stages of life. With a
wide array of funds, riders and other options, this product gives
you the complete freedom to fulfill all your investment and
insurance needs. And that? S not all; we now also offer you
guaranteed additions and choice of payment options at a lower cost,
giving you far superior value.RETIREMENT PLAN OF SBI LIFE
INSURANCEIntroduction:Increasing life expectancy rate, rising
health care costs, absence of social security system in India and
disintegration of joint family system are some of the key reasons
that makes retirement planning very critical.To help you continue
celebrating your life post-retirement to the fullest, SBI Life
presents you an array of pension plans which are simple and
innovativeUnder SBI Horizon II Pension Plan, your money is invested
in equity, bond or money pension funds. The investment plans also
vary according to the proportion of money invested in equity funds.
In case of SBI Unit plus II Pension Plans, you get to choose
between pure pension and pension cum life cover plans with
flexibility to increase regular contributions, top up payments and
customize the plan by addition of riders. Investment in SBI Life
Long Pension Plans helps you avail tax deduction of up to Rest. 1,
00, 000 p.a. with 4 % p.a. minimum guaranteed returns and tax-free
withdrawals of up to 33 % from the Personal Pension Account.SBI
health plansFinancial planning is incomplete without planning
health insurance. Due to todays hectic lifestyle, improper diet,
lack of exercise we are at higher risk of contingencies of untimely
serious illnesses. Sudden health problems could have deep hole in
your pockets. Medical science has advanced by leaps and bounds in
the last few decades. Theres a definite need to cover for health
insurance to reduce the financial burdenIntroductionSBI Life Group
Criti9 is a traditional non participating Group Health Plan. This
plan provides protection against 9 critical illnesses where Sum
assured is paid in lump sum on diagnosis of any one of covered
critical illnesses. So provides you money at time when you need it
most.Key Features:
Simultaneous safety and protection against 9 Critical
Illnesses
Simplified joining process
Guaranteed renew ability till 65 years of age
Tax benefit under section 80D of IT Act#, 1961
# Applicable when premiums are paid by the insured members.
Subject to change in the tax laws. Please consult your tax advisor
for details.
Critical Illnesses covered:
Cancer
Heart Attack (Myocardial Infarction)
Stroke
Coronary Artery Bypass Surgery
Kidney Failure (End Stage Renal Disease)
Major Organ Transplant
Coma
Multiple Sclerosis
Heart Valve Surgery
Please refer to the schedule of critical illnesses for further
details
Eligibility:
This plan is offered to different groups like employee-employer
relationship, credit life groups, customers of bank / financial
institutions, depositors groups etc.
SBI Life will issue a Group Master Policy to the Group Master
Policyholder based on details contained in the proposal form. Group
Members may be enrolled either on a voluntary or compulsory
participation basis as decided by master policyholder.Group
Size:
Minimum 50 membersAge:
Entry from minimum age of 18 yrs till the maximum age of 55
yrs.Sum Assured:Sum assured can be selected in the following
ways:Uniform for all membersAs a multiples of salaryAs grade wise
coverMinimum sum assured is Rest. 25,000/- and maximum sum assured
is Rest. 500,000/-.Benefits:
Sum Assured is payable in one lump sum on diagnosis of any one
of covered critical illness provided:Survival for a period of 30
days after the date of diagnosisSubmission of necessary
documentsWaiting Period:The insured member can avail the benefits
after 90 days of the date of commencement or date of revivalOther
Policy Details:Nomination is compulsoryLevel Premiums payable
annually in advance for the cover term.Cover Term: Minimum of 2 yrs
and maximum of 5 yrsCover can be renewed till 65 yrs of age subject
to max cover term of 5 yrs and premium rates / age are reviewed at
the time of renewal.Grace period of 30 days on annual renewal
dateRevival facility is available within 6 months from the first
unpaid premium due dateSib child plan (sib scholar
II)Introduction:
A traditional participating plan, SBI Life Scholar II has
guaranteed benefits which are payable at the regular intervals
during the term of the policy. In an unfortunate event, your
nominee would receive full sum assured along with vested bonus,
plus regular guaranteed survival benefit.Key Features:Twin benefit
of saving for your childs education and securing a bright future
despite the uncertainties of life.
Full risk cover throughout the policy term irrespective of
payment of survival benefits installments.
Option to receive the installments in lump sum at the due date
of first installment of Survival benefit.
Attractive rider options.
Attractive rebate for Female lives and High Sum Assured.
15 days Free Look Period.
Product Snapshot:
Term
Premium Payment Term ( PPT)18 Childs Age at entry
Policy Term21 Childs Age at entry ( You are covered till the
child attains 21 years of age)
Premium
Premium ModeMonthly / Quarterly / Half Yearly / Yearly ( Single
Premium also available)
Age ( As on Last Birthday)
Entry Age ( Life Assured )Minimum: 18 years ; Maximum: 60
years
Entry Age ( Child)Minimum: 0 years ; Maximum:15 years
Maximum Age at Maturity (Life Assured)70 years
Sum Assured
Minimum Sum AssuredRest 50,000/-
Maximum Sum AssuredRest 1 Core
Riders Available
SBI Life Dhanavantri Supreme Individual Critical Illness (CI
Rider) (UIN : 111C004V02)
SBI Life Accidental Death and Permanent Disability (AD & PD
) Rider (UIN: 111C001V01)
SBI Life Premium Waiver Benefit (PWB) Rider ( Individuals) ( UIN
: 111B005V01)
Benefits:Guaranteed payment at regular intervalsWhen the child
attains 18 years of age, the parent has an option of:Receiving the
Sum Assured in 4 installments:AgeGuaranteed Benefit Payment
18 years25 % of Sum Assured
19 years25 % of Sum Assured
20 years25 % of Sum Assured
21 years25 % of Sum Assured + Vested Bonus *
Receiving the Survival Benefits in a single installment along
with the Vested Bonus* (Policy terminates thereafter)*Vested bonus
is the total amount of bonus accrued till date, under the
policy.DEATH BENEFIT :In the event of unfortunate incident of your
early death during the term of the plan, your childs future remains
secured in 3 ways:Child future educational needs:25% of Sum Assured
is payable in 4 equal installments when the child attains the age
18 years to 21 years. This ensures the childs higher educational
needs are met.Immediate Payment:The nominee receives the Sum
Assured along with the bonus declared until that date.All future
basic premiums need not be paid:Ensuring that your family is not
financially burdened in your absence.Tax Benefits:Tax benefit u/s
80C and 10(10 D) of the Income Tax Act*
Premiums paid for Critical Illness Benefit qualify for tax
exemption under Sec 80D*. SBI CHILD PLANIntroduction:Life begins
afresh when you become a parent. Its a joy you never felt and a
feeling you never experienced. When your child takes baby steps
towards you, you wonder what else bliss could be?Amidst all this
divine happiness, theres a new sense of responsibility that fills
your heart. Like you may not really believe that lifes a rose bed
or a tender cushion, but you certainly want it to be for your
lovely children. At SBI Life, we understand and we provide you with
a unique, flexible and all-encompassing solution through our SBI
Life Smart Scholar Plan.Choose the one that suits you and your
childs needs best. Our specially crafted Smart Scholar Plan is as
accommodating as you are to your childKey Features:
Secure your childs futureby gaining from the financial markets
and much more.
Dual protectionfor your family, in case you are not around
Payment of base Sum Assured and
Inbuilt Premium Payer Waiver benefit to ensure continuance of
your benefits.
Accident Benefitwhich includes Accidental Death benefit and
Accidental Total and Permanent Disability (Accidental TPD) benefit
is anintegral partof the plan.Free allocation of units by way of
regularLoyalty Additions, giving periodic boosts to your
investments.Enhanced investment opportunity through9 varied fund
optionsincluding P/E Managed Fund, Index Fund & Top 300
Fund.Twin benefitsof market linked return & insurance
benefit.Liquiditythrough partial withdrawal(s).Tax benefitsas per
prevailing tax laws.Product Snapshot :
Age at Entry *Child:Min: 0 yearsMax: 17 years
Propose:Min: 18 yearsMax: 57 years
Max. Age at Maturity65 years
Policy TermMin:8 yearsMax:25 years less childs age at entry(On
Maturity, the age of child should be between 18 to 25 years)
Premium Payment Terms (PPT)Single Premium
5 to 25 years (subject to the limits of policy term)
Premium Amounts(x100)Minimum:
PPTFrequencyMinimum(Rest)
SPSingle75,000
5 years to 7 yearsYearly50,000
Half Yearly25.000
Quarterly12,500
Monthly4,500
8 years or moreYearly24,000
Half Yearly16,000
Quarterly10,000
Monthly4,000
Maximum :No Limit
Sum AssuredFor Single Premium:MinimumMaximum
Across all agesAge45 years
1.25 * SP5 * SP1.25 * SP
For other Pots:MinimumMaximum
Age45 yearsAcross all
Higher of: 10 * AP or * T * AP7 * AP20 * AP
Partial WithdrawalsUpton 15% of Fund Value can be withdrawn each
year, from 6th year onwards, subject to conditions. 1 free partial
withdrawal in a policy yearTax Benefits**Under Sec. 80C and Sec.
10(10D) of Income Tax Act,1961
* All the references to age are age as on last birthday.Loyalty
Additions, by way of free allocation of units:
During the term of the policy loyalty units would be given for
in-force policies on completion of specific durations. Loyalty
additions depend on term of the policy.The loyalty addition at
relevant policy year end will be equivalent to
1% x [Average fund value over the 1st day of the last 24 policy
months]Loyalty additions are payable at the end of the year(s) as
per the chart below:
Benefits:Basic Life Benefit:In the event of unfortunate death of
life assured, a lump sum benefit equal to higher of the Sum Assured
or 105% of all premiums paid till date of death will be payable.If
on the date of death, the sum assured is less than 105% of all
premiums paid, the amount in excess of the sum assured will be paid
from your fund by disinvestment of units.In the event of death of
child no sum assured is payable. Life assured will inform the
Company regarding the event. In such case he/she can either
continue the policy or terminate the contract. In case of
termination of contract, the fund value (without any surrender
charges), will be payable.If both the life assured and the child
die during the term of the policy the policy will be automatically
terminated and all due benefits will be paid along with the fund
valueMaturity Benefit:On completion of the policy term, maturity
benefit i.e. the fund value shall be paid to beneficiary in a lump
sum or as per settlement option, if chosen.The beneficiary will
be:The policyholder if he/she survives. ORChild, in case of death
of the life assured during the policy term.Sib term planA year
before, term plan insurance for a cover of Rest. 50 laky for a
person aged 25-30 years attracted a premium of Rest. 12,000. The
average cost of such a plan is now Rest. 6,500-7,000.A term
insurance policy provides a stated benefit only upon the holders
death, provided the death occurs within the policy period. There
will be no stated benefits if the policy holder outlives the policy
period.With the Insurance Regulatory and Development Authority
cracking a whip on the sale of unit-linked insurance plans, almost
all major life insurers have launched a number of new term plans in
recent months, to boost their sales and diversify the product
portfolio.Examples are Aviv Life Shield Platinum, ICICI Prudential
protect, Kodak e-Term, Kodak e-Preferred Term plan, Met Suresh
Plus, SBI Life Smart Shield and HDFC Term Insurance.ICICI
PRUDENTIAL LIFE INSURANCEIntroduction:This report will give the
Comparative Study of ICICI Prudential & HDFC Standard Life
Insurance Company LimitedThe Objectives of this project report
are:Objective 1:- To study the benefits of this product provided by
HDFC Standard Life Insurance company.- To know the consumer
feedback.Objective 2:- To know the marketing strategies adopted to
promote these products.- To make the private players responsible to
the investors and not to the government.- To increase the
competition in this sector so that the common people has the
advantage of enjoying quality services at a reasonable
costObjective 3:- Insurance has a far-reaching effect in
synchronizing between the various service sectors. So if this
sector can grow, the prospects of the various other services sector
remains to be promising.Number of Pages of Project
Report:100Package Includes:Project ReportProject Format:Document
(.doc)Table of Contents of Project Report:1. Executive Summary2.
Introduction to the Company- About ICICI Bank- About Prudential-
About the Company (ICICI Prudential)- Product Offered By Icecap
Prudential- HDFC Standard Life Insurance Company Limited- Problem
of the Organization- Competition Information- More products on the
anvil- Plans of ICICI Prudential and HDFC Standard Life Insurance3.
Research Methodology- Title Justification- Objective- Scope of the
Study- Significance of the Study- Research Design- Sampling
Methodology- Limitation4. Facts & Findings5. Data Analysis
& Data Interpretations6.Recommendations & Conclusion7.
Bibliography8. AnnexureICICI Prudential life insurance
overviewICICI Prudential Life Insurance Company Limited was
incorporated on July 20, 2000. The authorized capital of the
company is Rs.2300 Million and the paid up capital is Rs. 1500
Million. The Company is a joint venture of ICICI (74%) and
prudential plc UK (26%).The Company was granted Certificate of
Registration for carrying out Life Insurance business, by the
Insurance Regulatory and Development Authority on November 24,
2000. It commenced commercial operations on December 19, 2000,
becoming one of the first few private sector players to enter the
liberalized arena.The Company is now operational in Mumbai, New
Delhi, Pane, Chennai, Collate, Bangalore, Chandigarh, Headband,
Hyderabad and Luck now.During this short period till March 31, 2001
the Company has issued 6387 polices translating into a Premium
Income Rest. 59.7 Million and a sum assured of over Rs.1000
Million.The company recognizes that the driving force for gaining
sustainable competitive advantage in this business is superior
customer experience and investment behind the brand. The Company
aims to achieve this by striving to provide world class service
levels through constant innovation in products, distribution
channels and technology based delivery. The Company has already
taken significant steps to achieve this goalVision and MissionOur
vision is to make ICICI Prudential Life Insurance Company the
dominant new insurer in the life insurance industry. This we hope
to achieve through our commitment to excellence, focus on service,
speed and innovation, and leveraging our technological
expertise.The success of this organization will be founded on its
strong focus on values and clarity of purpose. These include:
Understanding the needs of customers and offering them superior
products and service Building long lasting relationships with our
partners Providing an enabling environment to foster growth and
learning for our employeesAnd above all building transparency in
all our dealings.We do believe that we are on the threshold of an
exciting new opportunity, where we can play a significant role in
redefining and reshaping the sector. Given the quality of our
parentage and the commitment of our team, there are no limits to
our growth.were always eager to hear from our customers and
visitors. Please let us know what you think about our services and
our website. Here are some ways to contact us:For comments,
questions or suggestions about our services or our website:Send
e-mail [email protected] product enquiries and for
appointments with an ICICI Peru Insurance Advisor:ICICI PRUDENTIAL
LIFE INSURANCE PRODUCTSICICI Prudential Life Insurance | Growth |
Products & Policies offeredICICI Prudential Life Insuranceis a
joint venture company between ICICI Bank India Ltd. and Prudential
PLC UK. The company started their operations in India in December
2000.Growth:ICICI Prudential Life Insurances has posted its maiden
profit of Rest 258-crore for the financial year 2010. They have had
huge profitability in this year due to cost cutting (of about Rest
350-crore) and launch of various low charging products while last
year company had recorded a loss of Rest 780-crore.Their target is
to achieve 10% market share by this year through innovative
concepts and products. They even plan to open new branches to
facilitate their growth.The ICICI Prudential Life Insurance chief
highlighted the introduction of new products last year as a major
growth-driver. The solvency ratio according to the regulatory
requirement is to be of 150% whereas ICICI Perus is 290%.ICICI
Prudential Products: ICICI Prudential Life Insurancehas a variety
of plans to suit your financial requirements and give you complete
security against unforeseen circumstances. ICICI Prudential Health
Care Plansare designed to help you avail the best of medical
facilities in times of crisis. ICICI Prudential Retirement
Solutions and Pension Plansare innovative schemes to give you
complete peace of mind after retirement from work. ICICI Prudential
Asset Managementhelps you manage your funds in the most
professional manner. ICICI Prudential Life time gold investment
ICICI Prudential Tax saving plans is meant to provide you the
benefits of tax savings and also to invest in long-term
equity.ICICI Prudential Mutual fundslike ICICI Prudential Discovery
Fund, Infrastructure Fund, Equity Fund, ELSSAGENCY FUNCATIONS OF
ICICI PRUDENTIAL LIFE INSURANCEThe Industrial Credit and Investment
Corporation of India Limited (ICICI) incorporated at the initiative
of the World Bank, the Government of India and representatives of
Indian industry, with the objective of creating a development
financial institution for providing medium-term and long-term
project financing to Indian businesses. Mr.A.Ramaswami Mud liar
elected as the first Chairman of ICICI Limited.ICICI emerges as the
major source of foreign currency loans to Indian industry. Besides
funding from the World Bank and other multi-lateral agencies, ICICI
was also among the first Indian companies to raise funds from
international markets. The Industrial Credit and Investment
Corporation of India Limited (ICICI) incorporated at the initiative
of the World Bank, the Government of India and representatives of
Indian industry, with the objective of creating a development
financial institution for providing medium-term and long-term
project financing to Indian businesses. Mr.A.Ramaswami Mud liar
elected as the first Chairman of ICICI Limited.ICICI emerges as the
major source of foreign currency loans to Indian industry. Besides
funding from the World Bank and other multi-lateral agencies, ICICI
was also among the first Indian companies to raise funds from
international markets.1956:ICICI declared its first dividend of
3.5%.
1958:Mr.G.L.Mehta appointed the second Chairman of ICICI
Ltd.
1960:ICICI building at 163, Backbay Reclamation,
inaugurated.
1961:The first West German loan of DM 5 million from
Kredianstalt obtained.
1967:ICICI made its first debenture issue for Rs.6 crore, which
was oversubscribed.
1969:The first two regional offices in Calcutta and Madras set
up.
1972:The second entity in India to set up merchant banking
services.Mr. H. T. Parekh appointed the third Chairman of
ICICI.
1977:ICICI sponsored the formation of Housing Development
Finance Corporation. Managed its first equity public issue
1978:Mr. James Raj appointed the fourth Chairman of ICICI.
1979:Mr.Siddharth Mehta appointed the fifth Chairman of
ICICI.
1982:ICICI became the first ever Indian borrower to raise
European Currency Units.ICICI commences leasing business.
1984:Mr. S. Nadkarni appointed the sixth Chairman of ICICI.
1985:Mr. N.Vaghul appointed the seventh Chairman and Managing
Director of ICICI.
1986:ICICI became the first Indian institution to receive ADB
Loans.ICICI, along with UTI, set up Credit Rating Information
Services of India Limited, Indias first professional credit rating
agency.ICICI promotes Shipping Credit and Investment Company of
India Limited.
1987:The Corporation made a public issue of Swiss Franc 75
million in Switzerland, the first public issue by any Indian entity
in the Swiss Capital Market.
1988:ICICI signed a loan agreement for Sterling Pound 10 million
with Commonwealth Development Corporation (CDC), the first loan by
CDC for financing projects in India.
1993:Promoted TDICI Indias first venture capital company.
1994:ICICI Securities and Finance Company Limited in joint
venture with J. P. Morgan set up.
1996:ICICI Asset Management Company set up.ICICI Bank set
up.ICICI Ltd became the first company in the Indian financial
sector to raise GDR.
1997:SCICI merged with ICICI Ltd.Mr. K.V.Kamath appointed the
Managing Director and CEO of ICICI Ltd.ICICI Ltd was the first
intermediary to move away from single prime rate to three-tier
prime rates structure and introduced yield-curve based pricing.
1998:The name The Industrial Credit and Investment Corporation
of India Ltd changed to ICICI Ltd.ICICI Ltd announced the takeover
of ITC Classic Finance.
1999:Introduced the new logo symbolising a common corporate
identity for the ICICI Group.ICICI announced takeover of Anagram
Finance.
2000:ICICI launched retail finance car loans, house loans and
loans for consumer durables.ICICI becomes the first Indian Company
to list on the NYSE through an issue of American Depositary
Shares.
2001:ICICI Bank became the first commercial bank from India to
list its stock on NYSE.ICICI Bank announces merger with Bank of
Madura.The Boards of ICICI Ltd and ICICI Bank approved the merger
of ICICI with ICICI Bank. 2002: ICICI Ltd merged with ICICI Bank
Ltd to create Indias second largest bank in terms of assets.ICICI
assigned higher than sovereign rating by Moodys. : ICICI Bank
launched Indias first CDO (Collateralised Debt Obligation) Fund
named Indian Corporate Collateralised Debt Obligation Fund (ICCDO
Fund).E Lobby, a self-service banking centre inaugurated in Pune.
It was the first of its kind in India.ICICI Bank launched Private
Banking.1100-seat Call Centre set up in HyderabadICICI Bank Home
Shoppe, the first-ever permanent aggregation and display of housing
projects in the county, launched in Pune,ATM-on-Wheels, Indias
first mobile ATM, launched in Mumbai.
2003:The first Integrated Currency Management Centre launched in
Pune.ICICI Bank announced the setting up of its first ever offshore
branch in Singapore.The first offshore banking unit (OBU) at Seepz
Special Economic Zone, Mumbai, launched.ICICI Banks representative
office inaugurated in Dubai.Representative office set up in
China.ICICI Banks UK subsidiary launched.Indias first ever Visa
Mini Credit Card, a 43% smaller credit card in dimensions
launched.ICICI Bank subsidiary set up in Canada.Temasek Holdings
acquired 5.2% stake in ICICI Bank.ICICI Bank became the market
leader in retail credit in India.
2004:Max Money, a home loan product that offers the dual benefit
of higher eligibility and affordability to a customer,
introduced.Mobile banking service in India launched in association
with Reliance Infocomm.Indias first multi-branded credit card with
HPCL and Airtel launched.Kisaan Loan Card and innovative, low-cost
ATMs in rural India launched.
2005:ICICI Bank and CNBC TV 18 announced Indias first ever
awards recognising the achievements of SMEs, a pioneering
initiative to encourage the contribution of Small and Medium
Enterprises to the growth of Indian economy.ICICI Bank opened its
500th branch in India.ICICI Bank introduced partnership model
wherein ICICI Bank would forge an alliance with existing micro
finance institutions (MFIs). The MFI would undertake the
promotional role of identifying, training and promoting the
micro-finance clients and ICICI Bank would finance the clients
directly on the recommendation of the MFI.ICICI Bank introduced 8-8
Banking wherein all the branches of the Bank would remain open from
8a.m. to 8 p.m. from Monday to Saturday.ICICI Bank introduced the
concept of floating rate for home loans in India.First rural branch
and ATM launched in Uttar Pradesh at Delpandarwa, Hardoi.Free for
Life credit cards launched wherein annual fees of all ICICI Bank
Credit Cards were waived off.ICICI Bank and Visa jointly launched
mChq a revolutionary credit card on the mobile phone.Private
Banking Masters 2005, a nationwide Golf tournament for high
networth clients of the private banking division launched. This
event is the largest domestic invitation amateur golf event
conducted in India.First Indian company to make a simultaneous
equity offering of $1.8 billion in India, the United States and
Japan.Acquired IvestitsionnoKreditny Bank of Russia.ICICI Bank
became the largest bank in India in terms of its market
capitalisation.
2006:ICICI Bank became the first private entity in India to
offer a discount to retail investors for its follow-up offer.ICICI
Bank became the first Indian bank to issue hybrid Tier-1 perpetual
debt in the international markets.ICICI Bank subsidiary set up in
Russia.
2007:Introduced a new product NRI smart save Deposits a unique
fixed deposit scheme for nonresident Indians.Representative offices
opened in Thailand, Indonesia and Malaysia.ICICI Bank became the
largest retail player in the market to introduce a biometric
enabled smart card that allow banking transactions to be conducted
on the field. A low-cost solution, this became an effective
delivery option for ICICI Banks micro finance institution
partners.Financial counseling centre Disha launched. Disha provides
free credit counseling, financial planning and debt management
services.Bhoomi puja conducted for a regional hub in Hyderabad,
Andhra Pradesh.ICICI Banks USD 2 billion 3-tranche international
bond offering was the largest bond offering by an Indian
bank.Sangli Bank amalgamated with ICICI Bank.ICICI Bank raised Rs
20,000 crore (approx $5 billion) from both domestic and
international markets through a follow-on public offer.ICICI Banks
GBP 350 million international bond offering marked the inaugural
deal in the sterling market from an Indian issuer and also the
largest deal in the sterling market from Asia.Launched Indias first
ever jewellery card in association with jewelry major Gitanjali
Group.ICICI Bank became the first bank in India to launch a premium
credit card The Visa Signature Credit Card.Foundation stone laid
for a regional hub in Gandhinagar, Gujarat.Introduced SME Toolkit,
an online resource centre, to help small and medium enterprises
start, finance and grow their business.ICICI Bank signed a
multi-tranche dual currency US$ 1.5 billion syndication loan
agreement in Singapore.ICICI Bank became the first private bank in
India to offer both floating and fixed rate on car loans,
commercial vehicles loans, construction equipment loans and
professional equipment loans.In a first of its kind, nation wide
initiative to attract bright graduate students to pursue a career
in banking, ICICI Bank launched the Probationary Officer
Programme.Launched Bank@home services for all savings and current
a/c customers residing in IndiaICICI Bank Eurasia LLC inaugurated
its first branch at St Petersburg, Russia.
2008:ICICI Bank enters US, launches its first branch in New
York.ICICI Bank enters Germany, opens its first branch in
Frankfurt.ICICI Bank launched iMobile, a breakthrough innovation in
banking where practically all internet banking transactions can now
be simply done on mobile phones.ICICI Bank concluded Indias largest
ever securitisation transaction of a pool of retail loan assets
aggregating to Rs. 48.96 billion (equivalent of USD 1.21 billion)
in a multi-tranche issue backed by four different asset categories.
It is also the largest deal in Asia (ex-Japan) in 2008 till date
and the second largest deal in Asia (ex-Japan & Australia)
since the beginning of 2007.
ICICI Prudential Life Insurance awarded Indias Most Customer
Responsive Insurance Company. AGC Networks Economic Times, Customer
Responsiveness Awards, 2010.ICICI Lombard awarded Most Preferred
General Insurance Brand at CNBC Awash Consumer Awards 2010.ICICI
Bank amongst the top 3 to receive the FE- EVI Green Business
Leaders Award, in the banking industry.>>InstaBanking
Go GreenBranch free bankingOnline Bill PayInstep InsureMotor
InsuranceICICI Bank immobile
1955:The Industrial Credit and Investment Corporation of India
Limited (ICICI) incorporated at the initiative of the World Bank,
the Government of India and representatives of Indian industry,
with the objective of creating a development financial institution
for providing medium-term and long-term project financing to Indian
businesses. Mr.A.Ramaswami Mudaliar elected as the first Chairman
of ICICI Limited.ICICI emerges as the major source of foreign
currency loans to Indian industry. Besides funding from the World
Bank and other multi-lateral agencies, ICICI was also among the
first Indian companies to raise funds from international
markets.
1956:ICICI declared its first dividend of 3.5%.
1958:Mr.G.L.Mehta appointed the second Chairman of ICICI
Ltd.
1960:ICICI building at 163, Backbay Reclamation,
inaugurated.
1961:The first West German loan of DM 5 million from
Kredianstalt obtained.
1967:ICICI made its first debenture issue for Rs.6 crore, which
was oversubscribed.
1969:The first two regional offices in Calcutta and Madras set
up.
1972:The second entity in India to set up merchant banking
services.Mr. H. T. Parekh appointed the third Chairman of
ICICI.
1977:ICICI sponsored the formation of Housing Development
Finance Corporation. Managed its first equity public issue
1978:Mr. James Raj appointed the fourth Chairman of ICICI.
1979:Mr.Siddharth Mehta appointed the fifth Chairman of
ICICI.
1982:ICICI became the first ever Indian borrower to raise
European Currency Units.ICICI commences leasing business.
1984:Mr. S. Nadkarni appointed the sixth Chairman of ICICI.
1985:Mr. N.Vaghul appointed the seventh Chairman and Managing
Director of ICICI.
1986:ICICI became the first Indian institution to receive ADB
Loans.ICICI, along with UTI, set up Credit Rating Information
Services of India Limited, Indias first professional credit rating
agency.ICICI promotes Shipping Credit and Investment Company of
India Limited.
1987:The Corporation made a public issue of Swiss Franc 75
million in Switzerland, the first public issue by any Indian entity
in the Swiss Capital Market.
1988:ICICI signed a loan agreement for Sterling Pound 10 million
with Commonwealth Development Corporation (CDC), the first loan by
CDC for financing projects in India.
1993:Promoted TDICI Indias first venture capital company.
1994:ICICI Securities and Finance Company Limited in joint
venture with J. P. Morgan set up.
1996:ICICI Asset Management Company set up.ICICI Bank set
up.ICICI Ltd became the first company in the Indian financial
sector to raise GDR.
1997:SCICI merged with ICICI Ltd.Mr. K.V.Kamath appointed the
Managing Director and CEO of ICICI Ltd.ICICI Ltd was the first
intermediary to move away from single prime rate to three-tier
prime rates structure and introduced yield-curve based pricing.
1998:The name The Industrial Credit and Investment Corporation
of India Ltd changed to ICICI Ltd.ICICI Ltd announced the takeover
of ITC Classic Finance.
1999:Introduced the new logo symbolising a common corporate
identity for the ICICI Group.ICICI announced takeover of Anagram
Finance.
2000:ICICI launched retail finance car loans, house loans and
loans for consumer durables.ICICI becomes the first Indian Company
to list on the NYSE through an issue of American Depositary
Shares.
2001:ICICI Bank became the first commercial bank from India to
list its stock on NYSE.ICICI Bank announces merger with Bank of
Madura.The Boards of ICICI Ltd and ICICI Bank approved the merger
of ICICI with ICICI Bank. 2002: ICICI Ltd merged with ICICI Bank
Ltd to create Indias second largest bank in terms of assets.ICICI
assigned higher than sovereign rating by Moodys. : ICICI Bank
launched Indias first CDO (Collateralised Debt Obligation) Fund
named Indian Corporate Collateralised Debt Obligation Fund (ICCDO
Fund).E Lobby, a self-service banking centre inaugurated in Pune.
It was the first of its kind in India.ICICI Bank launched Private
Banking.1100-seat Call Centre set up in HyderabadICICI Bank Home
Shoppe, the first-ever permanent aggregation and display of housing
projects in the county, launched in Pune,ATM-on-Wheels, Indias
first mobile ATM, launched in Mumbai.
2003:The first Integrated Currency Management Centre launched in
Pune.ICICI Bank announced the setting up of its first ever offshore
branch in Singapore.The first offshore banking unit (OBU) at Seepz
Special Economic Zone, Mumbai, launched.ICICI Banks representative
office inaugurated in Dubai.Representative office set up in
China.ICICI Banks UK subsidiary launched.Indias first ever Visa
Mini Credit Card, a 43% smaller credit card in dimensions
launched.ICICI Bank subsidiary set up in Canada.Temasek Holdings
acquired 5.2% stake in ICICI Bank.ICICI Bank became the market
leader in retail credit in India.
2004:Max Money, a home loan product that offers the dual benefit
of higher eligibility and affordability to a customer,
introduced.Mobile banking service in India launched in association
with Reliance Infocomm.Indias first multi-branded credit card with
HPCL and Airtel launched.Kisaan Loan Card and innovative, low-cost
ATMs in rural India launched.
2005:ICICI Bank and CNBC TV 18 announced Indias first ever
awards recognising the achievements of SMEs, a pioneering
initiative to encourage the contribution of Small and Medium
Enterprises to the growth of Indian economy.ICICI Bank opened its
500th branch in India.ICICI Bank introduced partnership model
wherein ICICI Bank would forge an alliance with existing micro
finance institutions (MFIs). The MFI would undertake the
promotional role of identifying, training and promoting the
micro-finance clients and ICICI Bank would finance the clients
directly on the recommendation of the MFI.ICICI Bank introduced 8-8
Banking wherein all the branches of the Bank would remain open from
8a.m. to 8 p.m. from Monday to Saturday.ICICI Bank introduced the
concept of floating rate for home loans in India.First rural branch
and ATM launched in Uttar Pradesh at Delpandarwa, Hardoi.Free for
Life credit cards launched wherein annual fees of all ICICI Bank
Credit Cards were waived off.ICICI Bank and Visa jointly launched
mChq a revolutionary credit card on the mobile phone.Private
Banking Masters 2005, a nationwide Golf tournament for high
networth clients of the private banking division launched. This
event is the largest domestic invitation amateur golf event
conducted in India.First Indian company to make a simultaneous
equity offering of $1.8 billion in India, the United States and
Japan.Acquired IvestitsionnoKreditny Bank of Russia.ICICI Bank
became the largest bank in India in terms of its market
capitalisation.
2006:ICICI Bank became the first private entity in India to
offer a discount to retail investors for its follow-up offer.ICICI
Bank became the first Indian bank to issue hybrid Tier-1 perpetual
debt in the international markets.ICICI Bank subsidiary set up in
Russia.
2007:Introduced a new product NRI smart save Deposits a unique
fixed deposit scheme for nonresident Indians.Representative offices
opened in Thailand, Indonesia and Malaysia.ICICI Bank became the
largest retail player in the market to introduce a biometric
enabled smart card that allow banking transactions to be conducted
on the field. A low-cost solution, this became an effective
delivery option for ICICI Banks micro finance institution
partners.Financial counseling centre Disha launched. Disha provides
free credit counseling, financial planning and debt management
services.Bhoomi puja conducted for a regional hub in Hyderabad,
Andhra Pradesh.ICICI Banks USD 2 billion 3-tranche international
bond offering was the largest bond offering by an Indian
bank.Sangli Bank amalgamated with ICICI Bank.ICICI Bank raised Rs
20,000 crore (approx $5 billion) from both domestic and
international markets through a follow-on public offer.ICICI Banks
GBP 350 million international bond offering marked the inaugural
deal in the sterling market from an Indian issuer and also the
largest deal in the sterling market from Asia.Launched Indias first
ever jewellery card in association with jewelry major Gitanjali
Group.ICICI Bank became the first bank in India to launch a premium
credit card The Visa Signature Credit Card.Foundation stone laid
for a regional hub in Gandhinagar, Gujarat.Introduced SME Toolkit,
an online resource centre, to help small and medium enterprises
start, finance and grow their business.ICICI Bank signed a
multi-tranche dual currency US$ 1.5 billion syndication loan
agreement in Singapore.ICICI Bank became the first private bank in
India to offer both floating and fixed rate on car loans,
commercial vehicles loans, construction equipment loans and
professional equipment loans.In a first of its kind, nation wide
initiative to attract bright graduate students to pursue a career
in banking, ICICI Bank launched the Probationary Officer
Programme.Launched Bank@home services for all savings and current
a/c customers residing in IndiaICICI Bank Eurasia LLC inaugurated
its first branch at St Petersburg, Russia.
2008:ICICI Bank enters US launches its first branch in New
York.ICICI Bank enters Germany opens its first branch in
Frankfurt.ICICI Bank launched immobile, a breakthrough innovation
in banking where practically all internet banking transactions can
now be simply done on mobile phones.ICICI Bank concluded Indias
largest ever securitization transaction of a pool of retail loan
assets aggregating to Rest. 48.96 billion (Equivalent of USD 1.21
billion) in a multi-trance issue backed by four different asset
categories. It is also the largest deal in Asia (ex-Japan) in 2008
till date and the second largest deal in Asia (ex-Japan &
Australia) since the beginning of 2007.Business model of ICICI
prudential life insuranceICICI Prudential Life Insurance, the
countrys second-largest life insurer, has turned profitable during
the year-ended March 2010.The companys net profit was estimated at
Rest 258 core against a loss of around Rest 780 core in the
previous financial year. Low operational costs, high renewal
premiums and a decline in capital-consuming new sales helped the
life insurer swing to profit.Click here to visit SME Buzz
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duty
This is the first time the company has reported profits since it
started operations in 2001.We have significantly brought down our
management expenses. Reduction in cost and increase in renewal
premium income helped us report profits, said a senior executive of
ICICI Prudential. There was no capital infusion during the last
financial year.The management expense ratio for the insurer came
down from 11.78 per cent in 2008-09 to 9.5 per cent in
2009-10.There are only a handful of profitable life insurance
companies which includes SBI Life, Baja Aliens, Sahara Life and
Kodak Life Insurance. In recent months, most insurance companies
have turned their attention to turning profitable and the list is
expected to grow this year.In order to bring down costs, ICICI
Prudential has consolidated its business. We have rebooked at our
operations and focused on profitable areas. We have completely
reworked our business model and closed branches which were not
productive, the executive added. In addition, the insurer did not
open any branch last year.A drop in new business income also helped
the insurer boost profit. During 2009-10, the insurer registered a
7 per cent decline in new income collection over 2008-09. Compared
to the Rest 6,813 core collected from the sale of new policies in
2008-09, the insurer collected Rest 6,334 core in 2009-10. Insurers
have to set aside extra capital to meet solvency requirements. The
renewal premium grew 19 per cent during the year.Insurance
companies need capital to expand business and distribution
network.Is the decrease in net interest income (NII) a worry?No.
The decrease in NII is much less than that in the size of the
balance sheet. The margins have improved and as our balance sheet
grows, NII will also improve.You said the loan book would grow by
zero to 5 per cent, but there has been a contraction. So, when do
we see a reversal in the trend?We have resumed growth. If you look
at the quarter-on-quarter numbers, there is an increase. This year,
we hope to grow the loan book by 15-20 per cent.What is the
retail-corporate loan mix and will that change this year?Retail
loans are around 43 per cent of the loan book, while wholesale and
the international loans account for another 43 per cent. That mix
will remain roughly the same.You have said there have been
repayments from overseas branches. Is the loan book growing and
what is the plan?The overseas book will grow around 10 per cent,
while the domestic will grow over 20 per cent. Indian companies
have just about started going overseas once again, but the level of
activity is nowhere close to the 2007 level.Your operational
expenses have decreased, but there is a limit to belt
tighteningCosts may go up, but the ratios will remain the same. Out
cost to average assets was 1.6 per cent.You planned to open 600
branches last year. How many have you opened and what are the
reasons for the delay?
There is no delay. We have opened around 350 branches. The rest
are in advanced stages of opening. They should be ready by next
month.Are you seeking permission to open more branches? What will
be your strategy?No, we have not sought permission for more
branches. The strategy is to capitalize on the branches that we
have. Last year, we opened 500 branches and, in two years, we would
have opened 1,000 branches. We want to capitalize on them.What is
the outlook on the net interest margin, given the impact of the
change in the interest rate regime for savings accounts and the
base rate mechanism?On the savings bank side, there will be some
impact on cost of funds, of the order of 12-15 basis points. We are
drawing a strategy to increase the Casa (current account and
savings bank account) ratio so that NIM is not affected.But the
base rate will push up the yield on advances?Yield will not go up.
What is going to change is the method of calculation.Will you be
able to meet the deadline for 70 per cent provision coverage ratio
and have you got an extension from RBI?We will meet the deadline,
which has been revised to March 2011.How much loan restructuring
did you undertake in the fourth quarter and are you seeing
slippages in the accounts that were restructured last year?No,
there are no slippages. We restructured loans of around Rest 250
core, but there a similar amount waiting for up gradation. So, the
restructured amount remained around Rest 5,300 core.How many people
are you looking to recruit this year?We will hire anywhere between
5,000 and 7,000.Asset management of icecap prudential life
insurance.ICICI Prudential Asset Management Company Ltd. is a joint
venture between ICICI Bank, Indias second largest commercial bank
& a well-known and trusted name in the financial services in
India, & Prudential Plc, one of the United Kingdoms largest
players in the financial services sectors.In a span of just over 12
years, the company has forged a position of preeminence as one of
the largest Asset Management Companys in the country, contributing
significantly towards the growth of the Indian mutual fund
industry.Our Average Assets under Management (AAUM) as on Dec 2010
month-end in Mutual Fund Schemes stood at Rest. 65876.5 Cores. This
is in addition to our Portfolio Management Services, inclusive of
EPFO*, and International Advisory Mandates for clients across
international markets in asset classes like Debt, Equity and Real
Estate with primary focus on risk adjusted returns.As an Asset
Management Company, we have over 15 years of experience and are
currently managing a comprehensive range of schemes of more than 46
Mutual funds and a wide range of PMS Products for our investors,
spread across the country. We service this investor base with our
own branch network of over 160 branches and a distribution reach of
over 42,000 channel partners.Funds of ICICI prudential life
insurance Equity fundsEquity schemes endeavor to provide potential
for high growth and returns with a moderate to high risk by
investing in shares. Such schemes are either activelyBalanced
schemesHybrid Schemes or balanced schemes bridge the gap between
equity and debt schemes. This category is characterized by a
portfolio that is made up of a mix of eFixed income scheme
fundsFixed Income Schemes primarily invests in bonds and other debt
instruments, and will suit investors who want to optimize current
income assuming low to modernAdvisory schemes of icecap
prudential.Advisory Series is an open ended asset allocation fund,
in the nature of a Fund of Funds. Its five investment plans have
been specifically designed to suit the.Agency functions of ICICI
prudential life insurance.The ICICI prudential life insurance has a
tie up with the Post Office Savings Bank (POSB) that constitutes
the mainstay of the Financial Services provided by the Department
of Posts. The Post Office Savings Bank is the oldest and largest
banking institution in the country. It operates more than 20.50
core savings accounts. The Post Office Savings bank Scheme is an
agency function performed by the Department of Posts on behalf of
the Ministry of Finance, Government of India. Savings Bank
facilities are provided through a network of more than 1, 54,000
post offices. There are number of schemes provided by the Post
Office Savings Bank and these include Savings Account Schemes,
Recurring Deposit Schemes, Time Deposit Schemes, Monthly Income
Schemes, Public Provident Fund Schemes, Kinas Vices Parts, National
Savings Certificates and Senior Citizens Savings Scheme.The salient
features of all these Small Savings Schemes are as
under:SCHEMEInterest Payable, Rates, Periodicity etc.Investment
Limits and DenominationsSalient features including Tax Rebate
1. Post Office Savings Account
3.5% per annum on individual/ joint accounts.Minimum INR50/-.
Maximum INR1, 00,000/- for an individual account. INR2, 00,000/-
for joint account.Cherub facility available. Interest Tax Free.2.
5-Year Post Office Recurring Deposit AccountOn maturity INR10/-
account fetches INR728.90/-. Can be continued for another 5 years
on year to year basis.Rate of interest 7.5% (quarterly
compounded)Minimum INR10/- per month or any amount in multiples of
INR5/-. No maximum limit.One withdrawal unto 50% of the balance
allowed after one year. Full maturity value allowed on R.D.
Accounts restricted to that of INR50/- denomination in case of
death of depositor subject to fulfillment of certain conditions. 6
& 12 months advance deposits earn rebate.3. Post Office Time
Deposit AccountInterest payable annually but calculated
quarterly.Period Rate1 yr. A/c 6.25%2 yr. A/c 6.50%3 yr. A/c 7.25%5
yr. A/c 7.50%Minimum INR200/- and in multiple thereof. No maximum
limit.Account may be opened by individual. 2, 3 & 5 year
account can be closed after 1 year at discount. Account can also be
closed after six months but before one year without interest. The
investment under this scheme qualifies for the benefit of Section
80C of the Income Tax Act, 1961 from 1.4.2007.4. Post Office
Monthly Income Account8% per annum payable i.e. INR80/- will be
paid every month on a deposit of INR12000/-.In multiples of
INR1500/- Maximum INR4.5 lakes in single account and INR9 lakes in
joint account.Maturity period is 6 yean Can be prematurely encased
after one year but before 3 years at the discount of 2% of the
deposit and after 3 years at the discount of 1% of the deposit.
(Discount means deduction from the deposit.) A bonus of 5% on
principal amount is admissible on maturity in respect of MIS
accounts opened on or after 8.12.075. 15 year Public Provident Fund
Account8% per annum (compounded yearly).Minimum INR500/- Maximum
INR70,000/- in a financial year. Deposits can be made in lump sum
or in 12 installments.Deposits qualify for deduction from income
under Sec. 80C of IT Act. Interest is completely tax-free.
Withdrawal is permissible every year from 7th financial year. Loan
facility available from 3rd Financial year. No attachment under
court decree order.6. Kinas Vices PetraMoney doubles in 8 years
& 7 months. Facility for premature encashment.Rate of interest
8.4% (compounded yearly)No limit on investment. Available in
denominations of INR100/-, INR500/-, INR1000/-, INR5000/-,
INR10,000/-, in all Post Offices and INR50,000/- in all Head Post
Offices.A single holder type certificate may be issued to an adult
for himself or on behalf of a minor or to a minor, can also be
purchased jointly by two adults7. National Savings Certificate
(VIII issue)8% Interest compounded six monthly but payable at
maturity. INR 100/- grows to Rest 160.10 after 6 yeanMinimum
INR100/- No maximum limit available in denominations of INR100/-,
500/-, 1000/-, 5000/- & INR10,000/-.A single holder type
certificate can be purchased by an adult for himself or on behalf
of a minor or to a minor. Deposits quality for tax rebate under
Sec. 80C of IT Act.The interest accruing annually but deemed to be
reinvested will also qualify for deduction under Section 80C of IT
Act.8.Senior Citizens Savings Scheme9% per annum, payable from the
date of deposit of 31st March/30th Sept/31st December in the first
instance & thereafter, interest shall be payable on 31st March,
30th June, 30th Sept and 31st DecemberThere shall be only one
deposit in the account in multiple of INR 1000/- maximum not
exceeding INRfifteen laky.Maturity period is 5 yeanA depositor may
operate more than an account in individual capacity or jointly with
spouse. Age should be 60 years or more, and 55 years or more but
less than 60 years who has retired on superannuation or otherwise
on the date of opening of account subject to the condition that the
account is opened within one month of receipt of retirement
benefits. Premature closure is allowed after one year on deduction
of 1.5% interest & after 2 years 1% interest. TDS is deducted
at source on interest if the interest amount is more than INR
10,000/- p.a. The investment under this scheme qualifies for the
benefit of Section 80C of the Income Tax Act, 1961 from
1.4.2007.Electronic Money OrderElectronic Money Order (memo)
launched on 10.10.2008It is a system that facilitates remittance of
MOs electronically, for which post offices should have Connectivity
by WAN/ Broadband. These Connected Hoes and Sops will transmit emus
for other connected Hoes and Sops (including Sops and Boss in
account with them).Salient FeaturesThe tariff structure would be
the same as that for ordinary MO with the following features:*
Messages in standard Codes* Tracking facility through 18 digit PNR
No* Bulk booking of emus on the basis of lists provided by the Bulk
Remitter; uploading data available in soft copy.* Payment of bulk
emus through consolidated list* MIS for sender and payee in the
case of bulk booking / payment.* After payment, the post office of
payment to upload payment particulars to the central server.
Payment details for non-connected post offices to be updated by its
Head Post Office.* Payment information can be obtained through
SMS.Instant Money Order (imp)Instant Money Order (imp) is an online
domestic money transmission service intended for a market clientele
requiring instant money remittance. This service enables the
customer to receive money in minutes from any of the post offices
providing imp service. The service was introduced on 20th January
2006. Under this service, a person can send amount from INR1000/-
up to INR50,000/- in one transaction. Money will be disbursed to
the payee at any of the imp Post Offices in India other than the
office of booking on presentation of 16 digit imp number and photo
identity proof. At present imp service is available from more than
2100 locations across the country.International Money Transfer
ServiceThis service, operated in association with Western Union
Financial Services International, provides the customers the
facility of receiving remittances from 205 countries and
territories on a real time basis. The service is currently
available more than 8500 post offices.Electronic Clearing Service
(ECS) The Electronic Clearing Service (ECS) provides an alternative
method of effecting bulk payment transactions like periodic
(monthly/quarterly) payments of interest/salary/pension by
Banks/Companies/Government Departments. The transactions under this
scheme move from a single User source (i.e.
Banks/Companies/Government Departments) to a large number of
Destination Account Holders (Customers/Investors). This scheme
obviates the need for issuing and handling paper instruments and
thereby facilitates improved customer service by the Banks and
Companies/Corporations/Government Departments effecting bulk
payments. The Electronic Clearing Service is being offered in the
Department of Posts in connection with payment of monthly interest
under Monthly Income Scheme (MIS), which offers depositors the
facility of getting MIS interest automatically transferred and
credited into their SB account on due date at the designated Bank
of their choice. It is a value addition to MIS interest payment,
which provides more comfort level to MIS account holders, as it
eliminates the requirement for issuing and handling paper
instruments. Currently, the service is available in the Department
of Posts at following 36 locations:1. Headband (Gujarat)19. Hubble
(Karnataka)
2. Bangalore (Karnataka)20. Jabalpur (MP)
3. Bhubaneshwar (Orison)21. Jodhpur (Rajasthan)
4. Collate (West Bengal)22. Kohekohe (Calico) (Karalla)
5. Chandigarh (Punjab)23. Natick (Maharashtra)
6. Chennai (TN)24. Punjabi (Maharashtra)
7. Gujarat (Assam)25. Pond cherry (TN)
8. Hyderabad (AP)26. Soapier (Maharashtra)
9. Japer (Rajasthan)27. Sutra (Gujarat)
10. Kaptur (UP)28. Thrice (Karalla)
11.Mumbai Maharashtra29. Tiruchirapally (TN)
12. Napery (Maharashtra)30. Torpor (Karalla)
13. New Delhi31. Sheila (HP)
14. Patina (Bihar)32. Salinger (West Bengal)
15. Thiruvananthapuram (Karalla)33. Burden (West Bengal)
16. Baroda (Gujarat)34. Draper (West Bengal)
17. Defraud (Astrakhan)35. Rapier (Chattisgarh)
18. Galion (MP)36. Rancho (Harahan)
Note: For further details, Post Offices at these locations may
be contacted.Distribution of Pension Products of ICICI Prudential
Life Insurance Company Ltd.:Department of Post has tied-up with
ICICI Prudential Life Insurance Company Ltd. in September, 2008 to
retail their products through select Post Offices on Referral
Model. Initially, Post Offices started distributing Pension
Products only. Now, products of more solution categories such as
Education, Health & Protection and Wealth Creation have also
been added in the distribution basket. Currently, these products
are available from all the 817 Head Post offices of the
country.Note: For further details, any Head Post Office may be
contacted.Retailing of Non-life Insurance Products of Oriental
Insurance CompanyDepartment of Posts is retailing following 15
Oriental Insurance Companys Products through its post offices in
all over the country:-1.Personal Accident Insurance
2.Junta Personal Accident Insurance
3.Medicaid Insurance
4.Householders Insurance
5.Shopkeepers Insurance
6.Sweet Home Insurance
7.Fire Insurance
8.Cattle Insurance
9.Kiss an Agricultural Pump set Insurance
10. Rajrajeshwari Manila Kalian Bema Yoga
11.Bhagyashree Child Welfare Policy
12. Universal Health Insurance
13. Kiss an Package Policy
14. Nark Suresh Policy
15. Jan Arroyo Policy
Details about the above Oriental Insurance Company can be
obtained from the nearest Post Office.Postal Life Insurance Postal
Life Insurance (PLI), introduced in 1884, is the oldest life
insurance scheme for the benefit of Government employees. Initially
meant only for the Postal employees, today it caters to employees
of the civil and military personnel of the central and state
governments, local bodies, government aided educational
institutions, universities, nationalized banks, many autonomous and
financial institutions, and public sector undertakings of the
central and state governments. In a major innovation, Rural Postal
Life Insurance (RPLI) scheme was also introduced in 1995 for the
benefit of the entirerural populace.PLI offers the following types
of policies: -
I)Whole Life Assurance (Suresh)
ii)Convertible Whole Life Assurance (Susitna)
iii)Endowment Assurance(Santos)
iv)Anticipated Endowment Assurance for 15 & 20 years
(Seminal)
v)Joint Life Endowment Assurance (Yoga Suresh)
Under RPLI, there are first four common plans and one additional
plan 10 year RPLI. Their trade names are as indicated below: -
I)Whole Life Assurance (Gram Suraksha)
ii)Convertible Whole Life Assurance (Gram Susitna)
iii)Endowment Assurance (Gram Santos)
iv)Anticipated Endowment Assurance for 15 & 20 years (Gram
Seminal)
v)10 year RPLI (Gram Praia)
An Extra Departmental Agents Group Insurance Scheme was
introduced with effect from 01.04.1992 and a monthly subscription
of INR10/- is deducted from the salary of its beneficiaries. As on
31.03.2004 there were 2, 57,695 members under thisscheme. In the
event of death of its beneficiary, an amount of INR10,000/- is paid
out of the insurance fund, in addition to accretion in the savings
and the interest on it. On 31.03.04 the balance in this scheme was
INR530.1 Million.International Relations India Post is a member of
the Universal Postal Union (UPU) which isa specialized agency of
the United Nations Headquartered at Berne, Switzerlandwith 190
member countries. India is its member since 1876 and holds an
important position in the various organs of the UPU viz. Congress,
Council of Administration, Postal Operations Council and
InternationalBureau. India Post offers letter mail, parcel, money
order and international speed post services to its
customizingCustomer CareIndiaPost lays maximum stress on customer
care in rendering its services and also to sort out the grievances
that arise in the course of providing these services. Customers can
lodge their complaints about our services at there nearby post
office which are authorized to collect them. The complaints are
consolidated at a customer care centre which registers these cases
on the website to obtain a reply online for afinalreply at the
earliest. There are 1116 computerized customer care centers to
handle public grievances online. The Department also provides the
facility of online registration and response to complaints at its
website others like 28-year-old Narrate Sondheim, a Delhi-based
middle-level, general insurance marketing professional, found the
prospect of growing with a newly established company irresistible.
As companies expand, better opportunities will arise, says
Sondheim, who joined a leading private general insurance company in
2002.There are many such enthusiasts who belie the dull-dog image
that insurance carried so far. Amy Sabena, 29, Bangalore-based
zonal manager for ICICI Prudential, moved into insurance from a
sales job with paint multinational. This is a growth industry with
a proven revenue model, says Sabena, who signed up as sales manager
in 2000. The good news is that many more insurance jobs continue to
be created even as you read this. Is there a job out there for you?
Find out.Life insurance.With private players still establishing
themselves, the sales function is crucial and openings abound at
the entry level, both for insurance advisors/agents and in banc
assurance. Many of the jobs are in franchises of insurance
companies, where you need to be a graduate with two years
experience, says Tarn Sheath of Shiplaps Consultants, Mumbai-based
human resource consultants. The compensation: Rest 48,000-96,000
per annum plus sales-linked incentives.As many as 30 insurance
advisors report to one unit manager, who, in turn, reports to the
sales manager, says Rona Nair, consultant, Ma Foil, Chennai-based
HR services provider. Unit managers are employed directly by
insurance companies at the entry level. For such positions,
graduates with 5-6 years experience in managing sales teams in
industries like FMCG, consumer durables and pharmacy are required,
says Subaru Mira, chief, human resources, ICICI Prudential. The
salary is likely to be Rest 2-5 laky per annum plus
incentives.commissions tend to be heftier in life insurance, though
experience and salaries are roughly the same. General insurance
also provides opportunities for people working in related fields.
For instance, people in the automobile industry can move into auto
insurance, explains Sheath.m waMiddle and senior
levels.Middle-level managers are in great demand, and this is
likely to increase as companies grow. Sales managers are poached in
large numbers by competition orother financial services companies,
says Pooja Gupta, consultant, Watson Wyatt, international
consultants.For agency sales, you need 10-13 years experience,
while for bancassurance, its three-five years. Companies look for
experience in financial institutions, consumer durable and FMCG
companies, or organisations with strong direct sales functions.
Middle-level salaries in the banc assurance functions can go up to
Rest 4 laky per annum, and in agency sales unto Rest 7 laky per
annum.Most jobs at the senior level involve setting up internal
processes and systems for sales and marketing, and creating
distribution channels. For instance, 30-year-old Bin yak Data has
been setting up a distribution infrastructure for ICICI Prudential
for alternative distribution routes to agency sales. This involves
developing channels like banc assurance. Like Data, you need 6-15
years experience in similar tasks. Salaries can go up to Rest 15
laky per annum or more.This is the next category where a lot of
jobs are being created both in the general and life insurance
sectors. But the best is yet to come. After a reasonable number of
policies are sold, therell be more openings in operations, says
Ramachandran. At the moment, jobs are available in areas like
underwriting and claims processing.At the entry level, most
companies look for people with 1-2 years in back-end functions from
industries like BPO and telecom. But as companies grow, they are
recruiting fresher who are trained on the job, says Mira. For some
jobs, a pharmacy background is preferred: for instance, in the
underwriting area.At the middle level, jobs involve managing
entry-level employees. They have to ensure that all policies
relating to quality and adherence to global standards are met, says
Gupta. You need 4-5 years experience in financial institutions or
Bops. At the senior level, the jobs mostly involve heading regions
or functions.At the entry level, salaries range from Rest 1.2 laky
to Rest 2.5-3 laky per annum. At the first supervisory level,
salaries are Rest 2.5-4 laky, plus performance bonus. In the middle
level, with 2-4 years experience, salaries can go up to Rest 4-6
laky. At the senior level, starting with regional heads, salaries
are Rest 15-22 laky.Functional jobs: Old FavoriteAs in other
industries, insurance companies too need people in finance,
accounting and HR. Most are going to B-schools or hiring people
with about two years in these jobs, says Gupta. Salaries at the
entry level can go up to Rest 3.5 laky per annum. At the mid-level,
with 4-7 years experience, you can get Rest 4-7 laky. Senior-level
pays go up to Rest 12 laky or more.Actuarial jobs.The actuarial
area is bound to open up. Since actuaries are in short supply, the
market is giving a premium for such individuals, says Sheath. You
can join a life insurance company as an actuarial trainee. An
actuarial trainee should be a member of the Actuarial Society of
India or a similar institution and have completed at least 2-3
papers of the course, says Nair. In some large companies, you can
even join up with a degree in statistics and complete the course as
you work. While the starting salary for trainees is up to Rest 3
laky per annum, with 5-7 years experience, the salary shoots up to
Rest 5-8 laky.Positions grow in this industry. Every year, the
number of advisors trebles, says Sabena, whos been promoted twice
in two years. Aside from the sheer number of jobs, which have
boomed with the arrival of private players, attitudes to jobs in
the insurance sector have changed as well, the babes of yore are
making room for wannabe corporate hotshots. Its not even just the
pays, the perks and the prospects.
BIRLA SUNLIFE INSURANCEIntroduction:-The Birla Sunlife Insurance
Company was established in theyear 2006, with a joint venture of
two leading companies likelyAditya Birla group and Sunlife
financials(USA). Birla Sun LifeInsurance pioneered the unique Unit
Linked Life Insurance Solutionsin India. Within 4 years of its
launch, Birla Sunlife Insurance hascemented its position as a
leading player in the Private LifeInsurance IndustryBirla Sunlife
insurance has been focus on Investment LinkedInsurance Products,
supported with protection products to maintainleadership in product
innovation. Multi distribution channels- DirectSales Force,
Alternate Channels and Group offering convenientchannels of
purchase to customers. It has established Web-enabledIT systems for
superior customer services to have issued policiesover the
Internet. Corporate governance and a high degree oftransparency in
all business practices and procedures to have anoperational
Business Continuity Plan and all Strong fundamentalsbased on the
Aditya Birla groups local insight and Sun Lifefinancialss global
expertise.Vision:-To create long term value along with market
leadershipMissions:-To help people mitigate risks of life,
accident, health andmoney at all stages and under all
circumstancesEnhance the financial future of our customers,
includingenterprises.Values:-IntegrityCommitmentPassionSeamlessnessSpeedBSLI
has contributed significantly to the growth and development of
thelife insurance industry in India by introducing unique Unit
Linked LifeInsurance Solutions, pure term plan and a slew of
innovative products. Byadopting multi-distribution channels such as
Direct Sales Force, alternatechannels and convenient points of
purchase, including selling its policiesthrough the ban assurance
route and through the internet, BSLI hasrevolutionized the entire
insurance policy-buying experience.Corporate governance and a high
degree of transparency in all itsbusiness practices and procedures,
besides world-class processingcapabilities and well-prepared
business continuity planning, have broughtabout the credibility
that BSLI enjoys among its patrons. The process ofgetting sales
illustrations signed by customers, offering a free look period
onall policies, which are now standard norms followed by the
insurance industry,were introduced by BSLIBSLI offers a spectrum of
products to meet the growing needs ofindividuals and group
insurance through a multi channel distribution network.The company
has quadrupled its distribution network to over 600 branchesand
more than 10000 advisors. With rapidly growing national footprint.
The company is now positoned to capture an increased market share
in the growing life insurance market.SWOT
ANALYSISSTRENGTHS:-vQuality productvLarge networksvLeading
companies in the insurance sectorvStrong brand name Aditya
BirlavOver all market share 7% and above.WEEKNESSvLess awareness
about most of the products of insurance in the marketvLow
advertisingvFocus only on urban segmentsOPPORTUNITIESvScope for
opening new branches in state/countryvMore branches will help in
expanding buisnessvIncrease in population will lead to increase in
buisnessvRecruitment canditates helps to increase the
buisnessTHREATSvMarket uncertanity (Recession)v .Consumers do not
invest easilyConsumer perception of Birla sunlife insurance
companey is purely privatePLANS OF BIRLA SUNLIFE LIFE INSURANCEBSLI
Term Plan
Your BSLIs Term Plan is a low premium, pure risk coverage plan,
which takes care of your financial commitments and secures your
familys future should anything unfortunate happen to you.
Low Costs, High Cover
This plan provides you all the benefits of life insurance at
affordable costs.
Riders
The plan offers three riders at nominal costs Accidental Death
and Dismemberment Rider, Critical Illness Rider and Waiver of
Premium Rider.
Sum Assured Rebates
The plan offers attractive rebate for face value amounts equal
to or greater than Rest. 5 Laky for regular pay. In case of single
pay, this rebate is available for amount greater than or equal to
Rest. 7 Laky.
Tax benefits
Investments in this plan are eligible for tax benefits under
Sections 80Cand 10(10D) of the Income Tax Act.
More Benefits
Maturity Benefit NIL
Death Benefit -In the event of your unfortunate death, the
nominee receives the Sum Assured. Special benefits for women -The
plan offers favorable premium rates for female clients.BIRLA
SUNLIFE HEALTH PLANSPlan Summary
Entry Age18 55 years
Minimum Face Amount (Sum Assured)Rest. 2, 50,000 in case of
single premium & Rest. 2,00,000 in case of regular premium for
a person fulfilling the eligibility criteria
Benefit periodAs per policy terms 5,10,15,20 or 25 years
Premium Paying PeriodSingle pay or over the duration of the
plan
Premium Payment FrequencyAnnually, semi-annually, quarterly,
monthly (through ECS) or one-time payment
Grace PeriodPay your premium within 30 days after the premium
due dates
Amount due to nominee in event of death of the life insuredSum
Assured
Maturity benefitNil
RidersAccidental Death and Dismemberment Rider and Critical
Illness Rider, Waiver of Premium Riders, but only at the time of
purchase of policy
Tax BenefitsUnder Sec 80C and Sec 10(10D) of the Income Tax Act,
1961
BIRLA SUNLIFE CHILDRENS PLANA child is a source of joy for every
parent. You work towards ensuring that you have the means to meet
the big future expenses of your child, be it for higher education,
marriage or any other dreams that you have for your child.Burlap
Sun Life Insurance