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ACKNOWLEDGEMENT
I would like to take this opportunity to thank all those who have helped
me tremendously during the course of the project.
My heartiest thanks are due to many persons for assistance in this project
to present state. The profound gratitude to our teachers especially;
Mrs. Veera Lakshmi for being my guide throughout the
completion of this project.
Mr. Hridesh Chauhan, Branch Manager of HDFC Standard Life
Insurance Corporation, Roorkee for clarifying the problems which
I encountered during the preparation of this project.
I would also like to thank Mr. Sanchit Sachdeva, Sales
development Manager, for guiding me throughout my project. I
also extend my gratitude to other SDM's and my friends who have
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helped me directly or indirectly to complete my project.
I also acknowledge the Knowledge that I have gained during the
preparation of this project.
ASAF ALI
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CONTENT
1. INTRODUCTION 6
2. EXECUTIVE SUMMARY 7
3. OBJECTIVE OF THE STUDY 8
4. COMPANY PROFILES 9-13
5. DEPARTMENT OVERVIEW
15-
17
6. INSURANCE FUNCTION
18-
20
7. SOME TERMS ABOUT ULIP PLANS
21-
23
8. PRODUCT PROFILE24-44
9. TAXATION BENEFIT
45-
48
10
. COMPARATIVE STUDY OF DIFFERENT FIRMS
48-
51
11
. RESEARCH METHODOLOGY
52-
5412
. CONCLUSION & RECOMMENDATION 55
13
. BIBILOGRAPHY 56
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INTRODUCTION
The project started with class room sessions involving lectures and interactions
with the mentors Mr. Sanchit Sachdeva (SDM) and Mr. Hridesh Chauhan (BM).
They explained all the plans available with HDFC SLIC in detail and the pension
plan comparison of BIRLA SUN LIFE, BAJAJ ALLIANZ & LIC.
The classroom also involved role plays and games. The role plays and
games involved students being asked to play the roles of customers or
clients and that of a person trying to persuade the customer to go in for
a plan with HDFC SLIC.
These class room lectures and role-plays helped me to gain a substantial
understanding of the plans. This in turn helped me to effectively explain
these plans to people whom I meet or took appointment to meet.
The connect of life insurance has undergone several changes over the
years and what has myriad array of attractive options apart from the
basic of life cover. Life insurance schemes also offer tax benefits. In
todays scenario life insurance solves the three objectives.
1. Security
2. Saving
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3. Tax Benefit.
\
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EXECUTIVE SUMMARY
This project is based upon the fact & figure gathered from the websites
about the plans of the firm.
In the first part of the report there are some plans which are frequently sold
by HDFC SLIC in the market, and then comparative study of pension plan of
different firm namely BIRLA SUN LIFE, BAJAJ ALLIANZ and LIC is there
.
In the last part of the project I have given some of the findings and conclusion
about the life insurance market and what is the potential of the market. In the
end I have give all the sources from which I have collected all the information.
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OBJECTIVE OF STUDY
1. Comparative study of HDFC SLIC, BIRLA SUN LIFE,
BAJAJ ALLIANZ and LIC.
2. To analyze the pension plan on the basis of features
offered.
3. To observe working of various departments of the
organization.
.
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COMPANY PROFILE
HDFC LIMITED
HDFC was incorporated in 1977 with the primary objective of meeting a
social need that of promoting home ownership by providing long-term
finance to households for their housing needs. HDFC was promoted
with an initial share capital of Rs. 100 million.
Business Objectives
The primary objective of HDFC is to enhance residential housing stock in
the country through the provision of housing finance in a systematic and
professional manner, and to promote home ownership. Another objective
is to increase the flow of resources to the housing sector by integrating
the housing finance sector with the overall domestic financial markets.
Organizational Goals
HDFCs main goals are to
a) Develop close relationships with individual households,
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b) Maintain its position as the premier housing finance
institution in the country,
c) Transform ideas into viable and creative solutions,
d) Provide consistently high returns to shareholders,
e) To grow through diversification by leveraging off the existing client
base.
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HDFC STANDARD LIFE
The Partnership:
HDFC is an organization that strives for excellence, with the twinobjectives of enhancing customer satisfaction and shareholder value
HDFC and Standard Life first came together for a possible joint
venture, to enter the Life Insurance market, in January 1995. At the
outset it was clear that both companies shared similar values and
beliefs and a strong relationship quickly formed. In October 1995 the
companies signed a 3 year joint venture agreement.
Around this time Standard Life purchased a 5% stake in HDFC,
further strengthening the relationship. The next three years were
filled with uncertainty, due to changes in government and ongoing
delays in getting the IRDA (Insurance Regulatory and Development
authority) Act passed in parliament.
Despite this both companies remained firmly committed to the venture. In
October 1998, the joint venture agreement was renewed and additional
resource made available. Around this time Standard Life purchased 2% of
Infrastructure Development Finance Company Ltd. (IDFC). Standard
Life also started to use the services of the HDFC Treasury department
to advise them upon their investments in India.
Towards the end of 1999, the opening of the market looked very promising and
both companies agreed the time was right to move the operation to the next
level. Therefore, in January 2000 an expert team from the UK joined a hand
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picked team from HDFC to form the core project team, based in Mumbai.
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Around this time Standard Life purchased a further 5% stake in HDFC and a
5% stake in HDFC Bank. In a further development Standard Life agreed to
participate in the Asset Management Company promoted by HDFC to enter
the mutual fund market. The Mutual Fund was launched on 20th July 2000.
The company was incorporated on 14th August 2000 under the
name: HDFC Standard Life Insurance Company Limited.
Their ambition from as far back as October 1995 was to be the first
private company to re-enter the life insurance market in India. On the
23rd of October 2000, this ambition was realized when HDFC Standard
Life was the only life company to be granted a certificate of registration.
HDFC are the main shareholders in HDFC Standard Life, with 81.6%, while
Standard Life owns 18.4%. HDFC and Standard Life have a long and close
relationship built upon shared values and trust. The ambition of HDFC
Standard Life is to mirror the success of the parent companies and be the
yardstick by which all other insurance companies in India are measured.
HDFC Standard Life Insurance Company has been signed on by Blue Star to
provide insurance cover to its 1,805 employees across India and overseas.HDFC Standard Life Insurance is one of the leading players in the group
insurance segment of the life insurance business. Its group business has
grown significantly since inception and now covers over 25,000 lives, across
the entire industry spectrum including software, FMCG, pharmaceuticals,
banking, consultancy, BPOs, retailing, and consumer electronics
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HDFC STANDARD LIFE
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MISSION:-
HDFC Standard Life aims to be the top new life insurance
company in the market.
This does not just mean being the largest or the most productive
company in the market, rather it is a combination of several things like:
Customer service of the highest order
Value for money for customers
Professionalism in carrying out business
Innovative products to cater to different needs of different
customers Use of technology to improve service standard
Increasing market share
VALUES:-
1. SECURITY: Providing long term financial security to its policy
holderswill be the companys constant endeavor. It will do this by
offering life insurance and pension products.
2. TRUST: HDFC Standard Life appreciates the trust placed by its
policyholders in it. Hence, it will aim to manage their
investments very carefully and live up to this trust.
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3. INNOVATION: Recognizing the different needs of its customers, it
will be offering a range of innovative products to meet these needs.
The companys mission is to be the best new life insurance
company in India and these are the values that will guide it in this
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Why HDFC Standard Life?
There are many reasons why one may choose HDFC Standard Life
Insurance Company Ltd. as your partner in meeting your insurance needs:
a) Innovative products to meet your needs.
b) Efficient customer service team.
c) Good financial track record of both parents HDFC and Standard
Life.
d) Certified Financial Consultants to advise you.
e) Professional approach in managing your investments.
f) Income Tax benefits for our insurance products.
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FINANCE DEPARTMENT AT HDFC STANDARD LIFE
The finance department of HDFC Standard Life Insurance is headed by
the General Manager (Finance), who reports to the MD and CEO. There
are four other departments under the Finance Departments. These are:
1. Accounts Department
2. Actuary Department
3. Investment Department
4. Underwriting Department
The Accounts Department:
The Accounts Department functions like any other Accounts department. It is
concerned with the disbursement of salaries, reimbursements, incentives,
commissions to agents. It also handles the payments due to other agencies with
which the Company interacts, viz. event management companies etc. The work
of an Accounts department assumes much importance in an insurance company
because it has to be able to pay the claims arising time to time.
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The Actuary Department:
The Actuary Department is the Pricing Department of an insurance company.
It must be understood that the basic premise on which the insurance companies
work is use the corpus of policy holders for disbursement for any claim.
Based on this principle, this department decides the amount of premium to
be charged from a client for a particular policy. This is normally done with
the help of Mortality Tables, which can either be prepared by the company
itself, or the company can use the existing tables available for its use. The
IRDA (Insurance Regulation Development Authority) has prescribed the
use of the mortality tables used by LIC for all other companies.
The Actuary Department is also responsible for Asset-Liability Management
of the insurance company. It must ensure that the Solvency margin (Assets-
Liabilities) must be at least Rs 50 crores, as prescribed by IRDA. 95% of the
surplus above this has to be distributed to the investors a bonus. HDFC
Standard Life has till now declared three bonuses to its policyholders
The Investment Department:
The Investment Department is responsible for the investment of the
money of the investors. Since the basic reason for the investors investing
their money in Life Insurance is security, IRDA has put certain regulations
on such companies for investments so that the money of investors is safe.
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These guidelines are:
1. not less than 50% of the corpus will be invested in Government
Securities (G-Sec)
2. Up to15% of the corpus will be invested in infrastructure, social
and rural sectors.
3. Not less than 20% can be invested in government and other
equities.
4. Remaining 15% can be invested in unapproved equities.
Till recent time, HDFC has not been investing in equities. But now it has
decided to follow the footsteps of its Joint-Venture partner Standard Life, which
invests around 75% of its corpus in equities. The Investment Department is also
responsible for calculating the returns of the investment to the investors. Here
also the insurance companies are bound by regulations and guidelines.According to IRDA, the returns have to be in the range of 6 %-9 %.
The Underwriting Department
This department is responsible for taking the decision on whether to
insure a person or not. For this it must take into account the risk
premium associated, the reinsurance opportunities etc. normally,
there are charts available with the people of this department on the
basis of which they can come to a viable decision.
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Underwriting is done on the basis of two grounds:
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Financial Grounds: here the underwriters decide on the worth
of the personby taking into account his tax returns of the last
three years. On this basis they are able to assess the premium
paying ability of that person and accordingly take a decision.
Medical Grounds: each new customer is required to undergo a
comprehensive medical test, which determines the persons
general health. On the basis of this report, the underwriters
decide upon the premium to be charged from customer.
Functions of Insurance
The functions of Insurance can be bifurcated into three parts:
1. Primary Functions
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2. Secondary Functions
3. Other Functions
The primary functions of insurance include the following:
1) Provide Protection - The primary function of insurance is to provide
protection against future risk, accidents and uncertainty. Insurance cannot
check the happening of the risk, but can certainly provide for the losses of risk.
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Insurance is actually a protection against economic loss, by sharing
the risk with others.
2) Collective bearing of risk - Insurance is a device to share the
financial lossof few among many others. Insurance is a mean by
which few losses are shared among larger number of people. All
the insured contribute the premiums towards a fund and out ofwhich the persons exposed to a particular risk is paid.
3) Assessment of risk - Insurance determines the probable
volume of risk byevaluating various factors that give rise to
risk. Risk is the basis for determining the premium rate also
4) Provide Certainty - Insurance is a device, which helps to change
fromuncertainty to certainty. Insurance is device whereby the
uncertain risks may be made more certain.
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The secondary functions of insurance include the following:
1) Prevention of Losses - Insurance cautions individuals and businessmen to
adopt suitable device to prevent unfortunate consequences of risk by observing
safety instructions; installation of automatic sparkler or alarm systems, etc.
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Prevention of losses causes lesser payment to the assured by the insurer and
this will encourage for more savings by way of premium. Reduced rate of
premiums stimulate for more business and better protection to the insured.
2) Small capital to cover larger risks - Insurance relieves the
businessmenfrom security investments, by paying small
amount of premium against larger risks and uncertainty.
3) Contributes towards the development of larger industries -
Insuranceprovides development opportunity to those larger
industries having more risks in their setting up. Even the
financial institutions may be prepared to give credit to sick
industrial units which have insured their assets including plant
and machinery.
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The other functions of insurance include the following:
1) Means of savings and investment - Insurance serves as savings
and investment, insurance is a compulsory way of savings and it
restricts the unnecessary expenses by the insured's For the purpose
of availing income-tax exemptions also, people invest in insurance.
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2) Source of earning foreign exchange - Insurance is an
internationalbusiness. The country can earn foreign
exchange by way of issue of marine insurance policies and
various other ways.
3) Risk Free trade - Insurance promotes exports insurance, which
makes theforeign trade risk free with the help of different types
of policies under marine insurance cover
SOME TERMS ABOUT ULIP PLANS
Fund Management
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The crux of the entire product is the returns that this product can
generate and this is dictated by the management of the fund. There is
no great value in doing well in all other aspects of the product delivery if
the fund does not perform well.
The insurance company has two options with regards to the management of the
fund i.e. external and internal. External funds usually have a proven track record
that could be used as a significant marketing too. In India many of the insurance
companies, which are apart of the larger financial services groups, already have
a sister fund Management Company and they could bank on their performance.
For others, they would usually be having an in-house investment
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team and this could be extended to management of the funds too. The
expenses and hence the cost should be kept in mind as by nature the
unit linked insurance product is a very transparent product and hence
this would become a significant selling point in the long run.
Charges and Expenses
There are different charges that can be levied by the insurance
companies, some of the more common ones are:
1) Initial charges
2) Annual charges
3) Investment charges
4) Morality charges
5) Surrender charges
Initial charges
Initial charges are applied at the time of setting up the policy; this could
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be in the form of a bind offer spread and also in the form of allocation of
units known as the allocation factor. It is also possible to be levying a
per member level charge.
Annual charges
The annual charges can either be fixed or can be linked to the size of the
fund. It could also be linked to the number of members in the scheme. This
charge is usually taken to cover the maintenance expenses of the insurer.
Investment charges
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A fund management charge is levied to take care of the fund management
expenses depending upon whether the fund is managed internally or externally.
Mortality charges
It is possible to have an insurance element built into the super annuation
contract and in case of a gratuity there would be an element of insurance
the degree and the form could differ from company to company.
The insurance premium can be taken as a part of the gratuity contract of it
can be administered outside this but packaged to look as if it is a whole some
product offering gratuity and insurance to the employees of the organization.
Surrender Charges
The surrender charges can be used in multiple ways. It could be used as a
way of recouping the initial outlay of the insurer in case the company
decides to withdraw in the early years of the contract or it could be used
as a deterrent for the company to shift the service provider at any point of
the contract. Usually the surrender charges/ penalty would decrease over
a period of time and would be expressed as a percentage of the fund.
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Administration
The unit linked policies are significantly complex to administer and also
would need a very highly technically trained customer service department to
handle enquiries. Much of the administer the policy, As the allocation of units
would be time dependent it is extremely important to have a very robust
system that can take care of allocation, de allocation and reallocation of units.
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It is essential to have a system that would be able to talk/ interact with
other systems to capture the unit price details, to give outputs to
accounting packages, report generators etc.
INDIVIDUAL PRODUCTS:
Each of us leads a unique life and so has unique needs. HDFC Standard Life
offers a range of products and invites you to choose the one that suits you best.
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PLAN BENEFIT
Savings Plans
Endowment Assurance Plan Life Insurance with Savings
Unit Linked Endowment Plan
Life Insurance & Savings with
choice
of investment funds
Childrens Plan Financial Security for your child
Money Back Plan
Financial security for your child
with
choice of investment fundsUnit Linked Young Star Plan Life Insurance with Savings
Investment Plans
Single Premium Whole of Life Plan Investment with Life Insurance
Protection Plans
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Term Assurance Plan
Life Insurance customized for
home
loansLoan Cover Term Assurance
Plan
Life Insurance at an affordable
price
Retirement Plans
Personal pension plan Savings for retirement
Unit Linked Pension Plan Retirement Savings with a choice of
investment funds
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Endowment Assurance Plan
Endowment assurance plan is a participating (with profits) insurance
plan that offers the following features:
Provides financial support to the family by way of a lump sum payment in
case of the unfortunate death of the life assured within the term of the policy.
provides a lump sum payment to the life assured on survival up to maturity
This plan is with profits saving plan and is well suited for saving money
for your long term financial goals. This plan also helps provide for the
needs of your family in your absence by paying out a lump sum in the
event of your unfortunate death during the term of the policy.
Optional benefits
You can add the following optional benefits to customise your policy
to suit your needs:
Critical Illness (CI) Benefit provides an amount, equal to the sum
assured chosen under this optional benefit, on diagnosis of any one of
the 6 common critical illnesses(1). The sum assured is payable if you
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survive for 30 days after the date of the claim. Once such a claim has
been met, no further Critical Illness Benefit is payable. However, your
basic policy continues even after we pay a claim On this benefit.
Additional Term Benefit (ATB) provides an additional amount
equal to the sum assured chosen under this optional benefit, in
case of your unfortunate death.
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Accidental Death Benefit (ADB) provides an additional
amount,equal to the sum assured chosen under this optional
benefit, in case of your unfortunate death:
-due to an accident and within 60 days of an accident.
Waiver Of Premium (WOP) Benefit waives the premium for you in
case you become totally disabled. The waiver is applicable
during the period of total disability.
This plan can be taken on a single life basis or a joint life (first
claim) basis.
Eligibility
This plan can be taken as a single life basis or a joint life (first claim)
basis. The eligibility ages are as follows:
Basic
Basic policy with optional
benefits
Policy CI ATB ADB WOP
Min. age of entry 12
1
8 18 18 18
Max. age of entry 60 5 60 55 50
Max. age of expiry 75 7 75 65 60
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0
Minimum term: 10 years Maximum term: 30 years
Tax Benefits
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Tax benefits described in Section 88, Section 80D and Section 10
(10D) of the income Tax Act are applicable.
Applicable to premium paid for CI and WOP
Payment options
you have the choice of paying your premium either in yearly, half-
yearly or quarterly modes, depending on your convenience
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Unit Linked Endowment Plan:
The unit linked endowment plan is an insurance policy that is designed to
pay a lump sum on maturity or on earlier death. The Unit Linked Endowment
Plan also gives the option of additional protection against the six common
critical illnesses, as well as additional protection if death is as the result of an
accident. Your premiums are invested in units of the investment fund of your
choice, based on the prevailing unit price. On maturity you receive the value
of your units. On death (or critical illness, if chosen) you receive the greater
of the value of your units and your selected basic sum assured.
Premiums
Premiums can be paid either quarterly, half-yearly or annually, throughout
the term of the policy. The minimum premium amount is Rs. 10,000 each
year. Premiums can be paid by cash, cheque or demand draft.
Benefits
There are 4 different options available to choose from:
1. Life Option
On death within the policy term, the greater of the Sum Assured
and the value of the unit-linked fund will be paid to your nominee.
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On survival to the end of the policy term the value of the unit
linked fund will be paid to you.
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2. Life and Health Option
On death or earlier diagnosis of any one of six common critical illnesses
within the policy term, the greater of the Sum Assured and the value of
the unit-linked fund will be paid to your nominee.
On survival to the end of the policy term the value of the unit-linked
fund will be paid to you.
The illnesses covered under this option are cancer,
coronary artery by pass graft surgery, heart attack, kidney
failure, major organ transplant (as recipient) and stroke.
3. Extra Life Option
This option pays the same benefits as the Life Option but, should
death occur within the policy term as the result of an accident, an
extra benefit equal to the Sum Assured will be paid.
4. Extra Life and Health Option
This option pays the same benefits as the Life and Health Option
but, should death occur within the policy term as the result of an
accident, an extra benefit equal to the Sum Assured will be paid.
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Levels of protection
Depending on your age at entry, you may choose between 3 levels of
cover Low, Medium or High. For each level the Sum Assured isbased on the amount of premium you pay each year.
The Sum Assured can not be changed during the term of the contract.
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Age at entry
Levels of
cover
Low Medium High
18 to 40 5XPremium 10XPremium 20XPremium
41 to 50 5XPremium 10XPremium
Over 51 5XPremium
Eligibility
The age and term limits for taking out a Unit Linked Endowment
Plan are: (years)
Minimum Maximum Minimum Maximu Maximum
m age at age at
term term age at entry
entry expiryLife 10
10 30 18 60 75
Life and
health 10 30 18 5 65
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Extra life 10 30 18 55 70
Extra life
and hea lth 10 30 18 55 65
The alteration of premium, surrendering of the policy, conditions on
stopping of payment of premiums and charges are the same as that of
the unit linked pensions plan.
Tax Benefits
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Tax benefits under section 88 and section 10 (10D) of the income tax
act are applicable.
Surrendering the policy
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.
Accessing money?
You can make lump sum withdrawals from you funds provided the fund
balance after withdrawal and charges does not fall below the Sum
Assured. The minimum withdrawal amount is Rs. 10,000.
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Children's Plan
Childrens Plan 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 parents unfortunate death during the policy term. Childrens Plan
receives simple reversionary bonuses, which are usually added annually. This
is a flexible plan with three options for you to choose from, depending on your
requirements. The details of these options are explained in the next section.
Options
You will have the choice of 3 options at the start of the policy.
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Option On the death of the insuredOn maturity
parent during the policy
term
Maturity
Future premium waived
and
Benefit Plan the policy continues till
maturity.
Accelerated Sum assured + bonuses paidOn the survival of the
Benefit plan and the policy stops. insured parent to the
m aturity date, sumassured
+ bonuses paid.
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Double Sum assured paid, future Sum assured + bonuses
Benefit plan
premiums waived, and
the paid.
policy continues till
maturity.
Tax Benefits
The premiums you pay will be eligible for tax relief under Section 88 of the
Income Tax Act, 1961. The benefits received under the policy are eligible
for tax relief under Section 100 (10D) of the income tax act, 1961.
Eligibility
The eligibility ages for the life assured under the plan are as follows:
Minimum Age of
Entry 18 years
Maximum Age of
Entry 60 years
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Maximum Age of
Maturity 75 years
Term of policy
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Min. Term: 10 years Max. Term: 25 years
Payment options
You have the choice of paying the premium either in yearly, half-
yearly or quarterly modes, depending on your convenience
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Unit Linked Young Star Plan
HDFC Unit Linked Young Star Plan 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 parent's unfortunate death during the policy term.
The Unit Linked Young Star Plan also gives the option of additional
protection against the six common critical illnesses.
Your 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. Following 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.
Premiums
You agree to pay a level premium regularly, either quarterly, half-
yearly or annually, throughout the term of the policy. The minimum
premium amount is Rs. 10,000 each year.
Premiums can be paid by cash, cheque or demand draft.
Benefits
There are 2 different options available:
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1. Life Option
This option consists of a Maturity Benefit and a Death Benefit.
The Maturity Benefit will pay the value of the unit-linked fund at
the end of the policy term.
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The Death Benefit will pay the basic Sum Assured on death of
the life assured during the policy term. Following payment of
this benefit, no further premiums are due from the policyholder.
Following 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.
2. Life and Health Option
This option consists of a Maturity Benefit, a Death Benefit and an
Extra Health Benefit.
The Maturity Benefit will pay the value of the unit-linked fund
at the end of the policy term.
The Death Benefit will pay the basic Sum Assured on death of
the life assured during the policy term. Following payment of
this benefit, no further premiums are due from the policyholder
and the Extra Health Benefit will lapse without value.
The Extra Health Benefit will pay the basic sum assured on
diagnosis of any one of six critical illnesses during the policy
term. Following payment of this benefit, no further premiums are
due from the policyholder and the Death Benefit will lapse
without value. The illnesses covered under this benefit are
cancer, coronary artery by pass graft surgery, heart attack,
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kidney failure, major organ transplant (as recipient) and stroke.
Following 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.
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Eligibility
The age and term limits for taking out a Unit Linked Young Star Plan are:
(Years)
Minimum Maximum Minimum Maximum
Maximu
m
Term Term Age at Age at Age at
Life Entry Entry Expiry
10 25 18 60 75
Option
Life and 10 25 18 55 65
Health
Option
Surrendering the policy
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.
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Accessing money
You can make lump sum withdrawals from you funds provided the
fund balance after withdrawal and charges does not fall below Rs.
15,000. The minimum withdrawal amount is Rs. 10,000.
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Money Back Plan
It is a participating (with profits) insurance plan that offers the
following features:
Payment of cash lump sum, each of which is a proportion of the
basic sumassured, at 5-year intervals during the term of the policy.
(Please refer to the table given below.)
on survival up to maturity, a payment equal to the basic sum assured
plusany bonus additions less the cash lump sums paid earlier is provided.
In case of the unfortunate death of the life assured within the term
of thepolicy, the basic sum assured plus any bonus additions is
provided. This is over and above the earlier payouts.
This plan helps you plan for future anticipated expenses by paying
periodic cash lump sum to you at regular intervals. This plan also helps
provide for the needs of your family in your absence by paying them the
basic sum assured plus any bonus additions in the event of your
unfortunate death during the term of the policy.
Benefits
You can add the following optional benefits to customise your policy
to suit your needs:
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Critical Illness (CI) Benefit provides an amount, equal to the sum
assured chosen under this optional benefit, on diagnosis of any one of
the 6 common critical illnesses. The sum assured is payable if you
survive for 30 days after the date of the claim. Once such a claim has
been met, no further Critical Illness Benefit is payable. However, your
basic policy continues even after we pay a claim on this benefit.
Additional Term Benefit (ATB) provides an additional amount,
equalto the sum assured chosen under this optional benefit, incase of your unfortunate death.
\
Accidental Death Benefit (ADB) provides an additional amount
equalto the basic sum assured in case you die:
- due to an accident, and
- within 90 days of the accident.
Waiver Of Premium (WOP) Benefit waives the premium for
you in case you become totally disabled. The waiver is
applicable during the period of total disability.
All optional benefits must be selected at the outset of your plan.
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Eligibility
This plan can be taken on a single life basis or a joint life (first claim)
basis. The eligibility ages are as follows:
Basic
Basic policy with optional
benefits
Policy CI ATB ADB
WO
P
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Min. age of entry 12 18 18 18 18
Max. age of entry 60 5 60 55 50
Max. age of expiry 75 70 75 65 60
PAYMENT OPTIONS
You have the choice of paying your premium either in yearly, half-
yearly or quarterly modes, depending on your convenience
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SINGLE PREMIUM WHOLE LIFE INSURANCE
Single Premium Whole of Life Insurance Plan is well suited to meet
your long term investment needs. This participating (with profits) plan
offers you the following
Benefits:
A sound investment:
Your money will be invested in our With Profits fund. The fund aims to
provide secure and stable long term growth. Normally, we will declare
a compound reversionary bonus for your policy every year and add it
to your policy on its anniversary. In addition, on death, surrender or on
the guaranteed dates, a terminal bonus might be payable. You pay asingle premium and the policy will pay you a lump sum.
Flexibility of term:
Even after choosing your policy, you can decide on the policy term. For 4
weeks after any one of the 10th, 15th, 20th and subsequent five-year
anniversaries, you can choose to receive the sum assured plus any attaching
bonuses, in full. Once the money has been received, your policy will cease.
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Surrender value:
You can terminate the policy any time, after it has been in force for at
least 6 months, and receive a surrender value.
In case of unfortunate death:
Your nominee gets the sum assured secured by your premium,
plus any attaching bonuses.
No medical requirements:
We do not require you to undergo any medical test for this plan.
Eligibility
Minimum age at
entry : 18 years
Maximum age at
entry : 70 years
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You can buy the product on a single life basis.
Tax benefits
Tax benefits under Section 88 of the income Tax Act are applicable on
premiums up to 20% of the sum assured.
Payment options
A single premium can be paid by cash, cheque or demand draft.
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PENSION PLAN
The policy is basically a saving contract, which is designed to
provide an income for life from retirement, with an option to take
the lump sum elsewhere to buy the annuity, provide it is permitted
by the prevailing regulations.
Your commitment. You agree to pay a single premium or level
premiums with installments due every quarter half-year or year
throughout the deferment period of the policy, after which you will
start receiving your pension.
Plan is basically a savings contract, which is designed to provide an
income for life from retirement. It does this by accumulating a national
lump sum on retirement, comprising of sum assured plus any attaching
bonus.
Can I take the national lump sum as cash on retirement?
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Subject to the prevailing legislation and regulations, part of this can be
taken as a lump sum and the rest used to buy an immediate annuity.
Mode of premium
You can pay either a single premium or pay premiums is quarterly half
yearly or annual form by cheque, in cash or by bank drafts.
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Eligibility
The age and term limits for looking out a personal pension plan area:
Minimum Maximum Maximu Maximu Minimum
Maximu
m
Ter
m
Ter
m m Age
m Age
of age of age
o
f
entry
Retiremen
t
Retireme
n
RP SP RP SP RP SP t
10 5 40 15 18 35 60 50 70
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What if I need money?
Loans
There is no facility for loans against this contract.
Tax benefits
Tax benefits described in Section 80 CC of the income tax act are
applicable (up to Rs. 10,000)
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Unit Linked Pension Plan
The unit linked pension plan is basically an insurance contract,
which is designed to provide a retirement income for life.
Your 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
plus a cash lump sum of Rs 1000.
Premiums
You agree to pay level premiums regularly, either quarterly, half-yearly
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 Rs. 10,000 each year and for single premium, it is Rs. 25,000.
To facilitate increased investment, we allow additional single premium
top-ups at any time. The minimum single premium top-up is Rs. 5,000.
Premiums can be paid by cash, cheque or demand draft.
Benefits
At the chosen vesting date, the unitised fund value will be available to secure
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pension benefits. Subject 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 HDFC Standard Life. Alternatively, 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 one-
third of the unitised fund value on vesting.
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On death the unitised fund value will be paid along with a cash lump
sum of Rs. 1,000. The beneficiary may use the proceeds to purchase
pension benefits for the surviving spouse.
Your basic benefits will be paid by cheque.
Eligibility
The age and term limits for taking out a Unit Linked Pension
Plan are: (Years)
Minimu Maximu Minimu Maximu Minimu Maximu
m Term m Term
m Age of
m Age
of m Age ofm Age of
Entry Entry Vesting Vesting
Regular
Premiu 10 40 18 60 50 70
m
Version
Single
Premiu 5 40 18 65 50 70
m
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Version
TAXATION
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TAX BENEFITS OF INSURANCE AND PENSION PLAN.
Life insurance and retirement plans are effective ways of saving taxes.
The tax breaks that are available under various insurance and pensionpolicies are described below:
1. Life insurance plans are eligible for deduction under Sec. 80C.
2. Pension plans are eligible for a deduction under Sec. 80CCC.
3. Health riders are eligible for deduction under Sec. 80D.
4. The proceeds or withdrawals of life insurance policies are exempt
under Sec 10(10D), subject to norms prescribed in that section.
Tax Rates for Individuals
The rates of income tax for FY 2005-06 are as follows:
Rate of tax
Total Income (Rs.) Senior
Women
below
Other
s
citizen 65 years
Up to Rs 1, 10,000/- Nil Nil Nil
Above Rs 110,000/- to Nil Nil 10%
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125,000/-
Above Rs 125,000/- to Nil 10% 10%
150,000/-
Above Rs 150,000/- to 20% 20% 20%
250,000/-
Above Rs 250,000/- 30% 30% 30%
Surcharge on Income Tax: In case where the Total Income
exceeds Rs 10, 00,000, there would be a surcharge @ 10%.
Education Cess on Income Tax: Education Cess @2% will be payable
on the amount of income tax (including surcharge).
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Premiums paid for Life insurance - Deduction under Section 80C
1 Category of assesses allowed deduction: Individual assessee and
HinduUndivided Family assessee.
2 Eligible Savings: Premiums paid or deposited by assessee to effect
or tokeep in force insurance on the life of following persons:
In case of individual assessee Himself/herself, spouse, children of
such individual
In case of HUF assessee any member
3. 20% limit: If the amount of premium paid in a financial year for a policy
isin excess of 20% of the actual capital sum assured, then deduction will
be allowed only for premiums up to 20% of the sum assured.
4 Limit on amount of deduction: Deduction will be restricted to
investments of up to Rs 100,000 in savings specified under Section
80C (including life insurance premiums). If any investments have been
made under Section 80CCC and 80CCD, then the qualifying amount
under Section 80C will stand reduced to that extent.
5. Deduction limit: The amount of deduction will be equal to the
amount by which the income tax payable on such total income is in
excess of the amount by which the total income exceeds 100,000.
Premiums paid for Pension plans - Section 80CCC
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1 Permitted Deduction: Section 80CCC allows for deduction of premiums
paid under a pension plan. As per this Section, a premium paid up to Rs
10,000 by an individual is allowed as deduction from his total income.
2 Disallowance: This benefit will be reversed if the policy lapses / is cancelled.
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3 Limit: It may be noted that from FY2005-06, the limit of deduction
underSection 80CCC will be part of the overall limit prescribed under
Section 80CCE.
Premiums paid for medical insurance - Section 80D
I) Category of assessee allowed deduction: Individual assessee and
Hindu Undivided Family assessee.
II) Eligible premiums: Premiums paid by assessee by cheque out of his
taxable income to effect or to keep in force an insurance on the healthof following persons: In case of individual assessee Himself/herself,
spouse, dependant children and dependant parents.
In case of HUF assessee any member of HUF
III) Deduction and upper limit: The qualifying amounts under Section 80D
is up to Rs 10,000/-. However, a higher amount of up to Rs 15,000/- is
permitted if the person, for whose health insurance the premium was paid,
was aged 65 years or more at any time during the financial year in which
the premium was paid. Such amounts of premium paid would be allowed
as deduction from the total income of the assessee.
Overall deduction limit - Section 80CCE
A new Section 80CCE is proposed to be inserted from FY2005-06. As per
this section, the maximum amount of deduction that an assessee can claim
under Sections 80C, 80CCC and 80CCD will be limited to Rs 100,000.
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Benefits under insurance policy - Section 10(10D)
As per Section 10(10D) of Income tax Act, 1961, any sum received under a life
insurance policy, including the sum allocated by way of bonus on such policy is
exempt from tax. However, this rule does not apply to following amounts:
Sum received under Section 80DD (3), or
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Any sum received under a Key man Insurance Policy, or
Any sum received other than as death benefit under an insurance
policy which has been issued on or after April 1 2003 and if the
premium paid in any of the years during the term of the policy is
more than 20% of the sum assured.
Rebate in respect of Securities Transaction Tax (STT) paid
1 Section 88E has been introduced by Finance Act (No 2) of 2004.
2 As per the provisions, where total income of an assessee includes
any income under the head Profits and Gains from Business or
Profession arising from taxable securities transactions, he shall be
entitled to a deduction from the income tax on such income.
3 Amount of deduction: Amount of STT paid in respect of taxable securities
transactions entered into in the course of business during that previous year
4 The deduction will be allowed if proof of payment of STT is furnished
along with the return. The proof has to be furnished as per the format
prescribed by Income Tax.
5 Maximum deductions shall be equal to the amount of income tax on
above income.
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COMPARITIVE ANALYSIS
CONTENTS
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1. HDFC PENSION-II VS BIRLA FLEXI SECURELIFE RETIREMENT
2. HDFC PENSION-II VS BAJAJ ALLIANZ UNIT GAIN
3. HDFC PENSION II VS LIC BIMAPLUS
HDFC PENSION-II VS BIRLA FLEXI SECURE LIFE RETIREMENT
VS BAJAJ ALLIANZ UNIT GAIN VS LIC BIMAPLUS
HDFC BIRLA FlexiSecure Allianz Bajaj
Features PENSION Life Retirement Unit gain
LIC Bima
Plus
Age 18 - 60 years 18 - 60 years 0 60 years 12 - 55 year
Term 10 - 30 years Minimum Term of
Choice rests
with
10 years the consumer
with a minimum
premium
payment term of
3 years
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10 years
Sum
Assured
Only 5, 10,
20 Minimum Sum Minimum Sum
Maximum
limit
(age-based) Assured is Rs. Assured is 5 up to Rs. 2
multiples are
50,000. Zero
Death times the lakhs
allowed as Benefit is also premium paid.
Sum
Assured. available.
Survival Value of units
Unit Value is used
to
Value of Fund
at
Bid Value of
the
benefit partly in cash
purchase an
annuity Bid price fund units
partly
converted to
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annuity.
Death benefit
Value of
units,
Value of units in
this Higher of Sum Death durin
no sum case the Sum Assured or value the first 6
assured is Assured is zero. of units. months - 30
given. of SA + valu
units, next 6
months - 60
of SA + valu
units. Death
after 1st ye
SA + value
units. Death
during the 1
year - 105%
SA + value
units.
Partial or Premature
Withdrawal No Partial No Partial complete withdrawal
benefit withdrawals withdrawals are withdrawal at bid allowed afte
are available. available price after 3rd one year (a
year applying bid
offer spread
Contribution/ Minimum: Rs. Minimum Rs. 5,000 Minimum: Rs. Minimum R
premium 10,000 p.a. p.a. 10,000 p.a. 10,000 p.a
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Flexible Available Not available Only an increase Not availab
contribution in contribution is
allowed
Investment 5 Fund Nourish, Growth and Equity Fund, Balanced,
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options Options- Enrich Debt Fund,
Secured &
Risk
Balanced, Balanced Fund,
Defensive Cash Fund
Managed,
Safe
Managed,
Liquid &
Growth
SurrenderThesurrender Surrender is A selling /
Partialsurrender
Value
charge is
25% available from the purchase price up to 50% o
of 3 years of
1st year itself. In
the
spread of 5%
will bid value of
regular 1st year surrender be applicable units allowe
premium. No
charges are 75%,
in
from the 3rd
year after 3 years
charges after
3 the 2nd year the onwards from date of
years
charges are 50%,
in
commencem
t
the 3rd year the
charges are 25%..
Top-up
Available
with Available, with a Available
a minimum minimum top-up of
top-up of Rs Rs. 10,000
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5,000 and Available
maximum of
(Charges:
1.5%
20% of sum of the top-up
assured.
Switch 24 Switches
2 free switches
every Three free No free
are free. year. Every switches every switches. Co
additional switch policy year. of switching
will be charged at Subsequent 2% of the fu
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0.5% of the switch switches would
amount. be charged @1%
of switch amount
or Rs. 100,
whichever is
higher. value.
Initial Charge Charges Charges Charges
1st yr-27%, 20% of the initial 1st year - 70%;
2nd yr- 27%, premium in the 1st 2nd year - 2%;
3rd yr year and 2% of the 3rd year - 1%; No
onwards- 1% premium from the charges from the
2nd year onwards. 4th year onwards Not Disclos
Admin Charge Admin Policy admin fee of Annual admin
charges of Rs. 20 per month charges of 1.25%
Rs.180 fixed p.a. of net assets
charge
Per annum. Not applica
Fund Least in the A fund based fee of Annual 1% of the fu
Management industry 0.8% 2.25 % p.a. of the investment per annum
Charges of the fund perpolicy fund. charge of 1% p.a.
annum of fund.Bonus units Available Not Available Not Available Available
RESEARCH METHODOLOGY
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STUDY
The present investigation is a descriptive type of study undertaken to
estimate the comparative study pension plan of HDFC SLIC, BIRLASUN LIFE, BAJAJ ALLIANZ, LIC.
SAMPLE SIZE
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For the purpose of analysis a sample size of different companies were
selected. The sample size taken was 4.
SAMPLING METHOD
The sampling method used for the project was Random Sampling.
This type of sampling is also known as probability sampling where each
and every item in the population has an equal chance of inclusion in the
sample and each one of the possible samples. This procedure gives
each item an equal probability of being selected.
DATA COLLECTION
SECONDARY DATA
The secondary data was collected by referring through web sites, and
the final data was analyzed systematically to achieve the desired result.
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DATA ANALYSIS AND INTERPRETATION
After analyzing the data above in the table we came to the
following interpretation. Interpretation has been done on the
basis of the features mentioned in the table.
1. AGE AND TERM OF POLICY: Since the minimum age is minimum
in BAJAJ ALLIANZ and the term depends on the customer. The
customer has probability of getting the maximum returns (all otherthings being equal). And HDFC is offering investment for maximum
30 years which is rated as second best in this feature.
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2. SWITHCHES: After analyzing the feature the conclusion
drawn is thatHDFC is offering the most switches in the year.
3. CHARGES : The charges levied on the policy of the insurer is
lowest in HDFC SLIC like FMC, PAC, but initial charge is
second lowest which is also not bad in terms of investment.
4. WITHDRAWALS : Withdrawals not allowed in HDFC SLIC &
BIRLASUN LIFE because if withdrawals are there plan would
not yield good return.
5. INVESTMENT OPTIONS : HDFC SLIC provides you the
maximumfunds for investment (Balanced fund, Defensive
Managed fund, Safe Managed fund, Liquid fund & Growth
fund). So HDFC SLIC provides you better portfolio to
diversify your funds which reduces the risk and maximizesthe return.
6. TOP UP : In HDFC SLIC the minimum top up is of RS 5000 with no
charges levied but in others it is Rs 10000. Here we could see that
people with low income can increase the premium with small
amount.
7. BONUS UNIT : Only two firms are offering bonus unit to the
customerand they are HDFC SLIC and LIC.
8. FLEXIBLE CONTRIBUTION : This feature is available in
HDFCSLIC where a customer can increase or decrease its
premium, but only Bajaj Allianz is offering an increase option
only.
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RECOMMENDATIONS
1. Premium allocation charge (initial charge) should be reduced
to provide customer with better return.
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2. Policy administration charge should be reduced to gain more
advantage in the market.
3. Surrender charges should be reduced.
CONCLUSION
Based on comparative study HDFC SLIC is on the upper side in the private
life insurance companies in comparison to Birla sun life, Bajaj Allianz.
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HDFC SLIC based on the comparative study has many advantage in
this segment of product like fund management charge, switches facility
and maximum number of investment funds in offering (i.e., 5 namely
Balanced fund, Defensive Managed fund, Safe Managed fund, Liquid
fund & Growth fund ) but the rest of the insurance player that is LIC,
Birla sun life, Bajaj Allianz are also not far behind HDFC SLIC.
BIBLOGRAPHY
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WWW.HDFCINSURANCE.COM
www.irda.com
www.LICindia.com
www.birlasunlife.com
WWW.GOOGLE.COM
61
http://www.hdfcinsurance.com/http://www.irda.com/http://www.irda.com/http://www.licindia.com/http://www.birlasunlife.com/http://www.google.com/http://www.irda.com/http://www.irda.com/http://www.licindia.com/http://www.birlasunlife.com/http://www.google.com/http://www.hdfcinsurance.com/7/29/2019 Twcompartive naysis
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P
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to
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or
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