Consumer Perception Regarding Products of ICICI Pru

8/14/2019 Consumer Perception Regarding Products of ICICI Pru

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About the policy

Products in ICICI

Management Profile

Plans Overview


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ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one ofIndia's foremost financial services companies-and prudential plc - a leading international

financial services group headquartered in the United Kingdom. Total capital infusion stands at

Rs. 2602 crore, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from InsuranceRegulatory Development Authority (IRDA). Today, our nation-wide team comprises of over

680 offices, over 235,000 advisors; and 23 bank assurance partners.

ICICI Prudential was the first life insurer in India to receive a National Insurer FinancialStrength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has

been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen

ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and

customer base, we continue to tirelessly uphold our commitment to deliver world-classfinancial solutions to customers all over India.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one ofIndia's foremost financial services companies-and prudential plc - a leading internationalfinancial services group headquartered in the United Kingdom.

The ICICI Prudential Edge

The ICICI Prudential edge comes from our commitment to our customers, in all that we do - be

it product development, distribution, the sales process or servicing. Here's a peek into what

makes us leaders.

1. Our products have been developed after a clear and thorough understanding of customers'needs. It is this research that helps us develop Education plans that offer the ideal way to truly

guarantee your child's education, Retirement solutions that are a hedge against inflation and yet

promise a fixed income after you retire, or Health insurance that arms you with the funds youmight need to recover from a dreaded disease.

2. Having the right products is the first step, but it's equally important to ensure that our

customers can access them easily and quickly. To this end, ICICI Prudential has an advisor

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base across the length and breadth of the country, and also partners with leading banks,

corporate agents and brokers to distribute our products.

3. Robust risk management and underwriting practices form the core of our business. Withclear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and

hassle-free claims process.

4. Entrusted with helping our customers meet their long-term goals, we adopt an investment

philosophy that aims to achieve risk-adjusted returns over the long-term.

5. Last but definitely not the least, our 20,000 plus strong team is given the opportunity to learnand grow, every day in a multitude of ways. We believe this keeps them engaged and

enthusiastic, so that they can deliver on our promise to cover you, at every step in life.

Vision

To be the dominant Life, Health and Pensions player built on trust by world-class people and

service.

This we hope to achieve by:

Understanding the needs of customers and offering them superior products and service.

Leveraging technology to service customers quickly, efficiently and conveniently.

Developing and implementing superior risk management and investment strategies to

offer sustainable and stable returns to our policyholders.

Providing an enabling environment to foster growth and learning for our employees.

And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching commitment to 5 core values --

Integrity, Customer First, Boundary less, Ownership and Passion. Each of the values describes

what the company stands for, the qualities of our people and the way we work. We do believethat 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.

Values

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Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer

First, Boundary less, Ownership, and Passion. These values shine forth in all we do, and have

become the keystones of our success.

Prudential PlcEstablished in London in 1848, Prudential plc, through its businesses in the UK and Europe, the

US and Asia, provides retail financial services products and services to more than 20 millioncustomers, policyholder and unit holders and manages over 256 billion of funds worldwide (as

of June 30, 2007). In Asia, Prudential is the leading European life insurance company with life

operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines,Singapore, Taiwan, Thailand, and Vietnam. Prudential is the second largest retail fund manager

for Asian sourced assets ex-Japan as at June 2006. Its fund management business has expanded

into a total of ten markets: China, Hong Kong, India, Japan, Korea, Malaysia, Singapore,

Taiwan, Vietnam and United Arab Emirates.

Fact Sheet

The Company ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premierfinancial powerhouse, and Prudential plc, a leading international financial services group

headquartered in the United Kingdom. ICICI Prudential was amongst the first private sectorinsurance companies to begin operations in December 2000 after receiving approval from

Insurance Regulatory Development Authority (IRDA).

ICICI Prudential's capital stands at Rs. 26.02 billion with ICICI Bank and Prudential plcholding 74% and 26% stake respectively. For the first quarter ended June 30, 2007, the

company garnered Rs. 987 crore of weighted retail + group new business premiums and wrote

over 500,000 retail policies in the period. The company has assets held to the tune of over Rs.20,000 crore.

For the past six years, ICICI Prudential has retained its leadership position in the life insuranceindustry with a wide range of flexible products that meet the needs of the Indian customer at

every step in life.

DistributionICICI Prudential has one of the largest distribution networks amongst private life insurers inIndia. It has a strong presence across India with over 700 branches and over 235,000 advisors.

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The company has over 23 bancassurnace partners, having tie-ups with ICICI Bank, Federal

Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Idukki District Co-operative

Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op Bank, Ernakulam Bank, 9Bank of India sponsored Regional Rural Banks (RRBs), Sangli Urban Co-operative Bank,

Baramati Co-operative Bank, Ballia Kshetriya Gramin Bank, The Haryana State Co-operative

Bank and Imphal Urban Cooperative Bank Limited.

ProductsInsurance Solutions for IndividualsICICI Prudential Life Insurance offers a range of innovative, customer-centric products that

meet the needs of customers at every life stage. Its products can be enhanced with up to 4riders, to create a customized solution for each policyholder.

Savings & Wealth Creation SolutionsSave'n'Protectis a traditional endowment savings plan that offers life protection along

with adequate returns.

CashBakis an anticipated endowment policy ideal for meeting milestone expenses like

a child's marriage, expenses for a child's higher education or purchase of an asset. It is

available for terms of 15 and 20 years.

LifeTime Super & LifeTime Plus are unit-linked plans that offer customers the

flexibility and control to customize the policy to meet the changing needs at different life

stages. Each offer 6 fund options - Preserver, Protector, Balancer, Maximiser, Flexi Growthand Flexi Balanced.

LifeLink Super is a single premium unit linked insurance plan which combines lifeinsurance cover with the opportunity to stay invested in the stock market.

Premier Life Gold is a limited premium paying plan specially structured for long-term

wealth creation.

InvestShield Life New is a unit linked plan that provides premium guarantee on the

invested premiums and ensures that the customer receives only the benefits of fund

appreciation without any of the risks of depreciation.

InvestShield Cashbakis a unit linked plan that provides premium guarantee on the

invested premiums along with flexible liquidity options.

LifeStage RP is a unique and powerful wealth creation insurance solution, which

combines the benefits of automatic asset allocation and quarterly rebalancing along with

increased protection.

Protection SolutionsLifeGuard protection plan, which offers life cover at low cost. It is available in 3

options - level term assurance, level term assurance with return of premium & singlepremium.

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HomeAssureis a mortgage reducing term assurance plan designed specifically to help

customers cover their home loans in a simple and cost-effective manner.

Education insurance plansEducation insurance under the SmartKid brand provides guaranteed educational

benefits to a child along with life insurance cover for the parent who purchases the policy.

The policy is designed to provide money at important milestones in the child's life.SmartKid plans are also available in unit-linked form - both single premium and regular

premium.

Education insurance under the SmartKid brand provides guaranteed educationalbenefits to a child along with life insurance cover for the parent who purchases the policy.

The policy is designed to provide money at important milestones in the child's life.

SmartKid plans are also available in unit-linked form - both single premium and regular

premium.

Retirement SolutionsForeverLife is a traditional retirement product that offers guaranteed returns for the

first 4 years and then declares bonuses annually.

LifeTime Super Pensionis a regular premium unit linked pension plan that helps oneaccumulate over the long term and offers 5 annuity options (life annuity, life annuity with

return of purchase price, joint life last survivor annuity with return of purchase price, life

annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivorannuity without return of purchase price) at the time of retirement.

LifeLink Super Pension is a single premium unit linked pension plan.

Immediate Annuity is a single premium annuity product that guarantees income forlife at the time of retirement. It offers the benefit of 5 payout options.

Health SolutionsHealth Assure and Health Assure Plus: Health Assure is a regular premium plan

which provides long term cover against 6 critical illnesses by providing policyholder with

financial assistance, irrespective of the actual medical expenses. Health Assure Plus offers

the added advantage of an equivalent life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well

as at different stages in the treatment of various cancer conditions.Diabetes Care:Diabetes Care is a unique critical illness product specially developed

for individuals with Type 2 diabetes and pre-diabetes. It makes payments on diagnosis on

any of 6 diabetes related critical illnesses, and also offers a coordinated care approach to

managing the condition. Diabetes Care Plus also offers life cover.

Hospital Care: is a fixed benefit plan covering various stages of treatment -

hospitalisation, ICU, procedures & recuperating allowance. It covers a range of medical

conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years.

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Crisis Cover: is a 360-degree product that will provide long-term coverage against 35

critical illnesses, total and permanent disability, and death.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies seeking toenhance benefits to their employees.

Group Gratuity Plan: ICICI Pru's group gratuity plan helps employers fund their

statutory gratuity obligation in a scientific manner. The plan can also be customized to structureschemes that can provide benefits beyond the statutory obligations.

Group Superannuation Plan:ICICI Pru offers both defined contribution (DC) and

defined benefit (DB) superannuation schemes to optimize returns for the members of the trust

and rationalise the cost. Members have the option of choosing from various annuity options or

opting for a partial commutation of the annuity at the time of retirement.

Group Immediate Annuities: In addition to the annuities offered to existing

superannuation customers, we offer immediate annuities to superannuation funds not managed by

Group Term Plan: ICICI Pru's flexible group term solution helps provide

affordable cover to members of a group. The cover could be uniform or based ondesignation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary

nominated by the member on his/her death.

Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost,

depending on the specific needs of the customer.

1) Accident & disability benefit: If death occurs as the result of an accident during the

term of the policy, the beneficiary receives an additional amount equal to the rider sum

assured under the policy. If an accident results in total and permanent disability, 10% ofrider sum assured will be paid each year, from the end of the 1st year after the disability

date for the remainder of the base policy term or 10 years, whichever is lesser. If the

death occurs while traveling in an authorized mass transport vehicle, the beneficiarywill be entitled to twice the sum assured as additional.

2) Critical Illness Benefit: Protects the insured against financial loss in the event of 9

specified critical illnesses. Benefits are payable to the insured for medical expenses

prior to death benefit.

3) Waiver of Premium:In case of total and permanent disability due to an accident, the

future premiums continue to be paid by the company till the time of maturity. This rider

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is available with SmartKid, LifeTime Plus, LifeTime Super and LifeTime Super

Pension.

4) Income Benefit:In case of death of the life assured during the term of the policy, 10%

of the sum assured is paid annually to the nominee on each policy anniversary till the

maturity of the rider.

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from

the finance industry both from India and abroad.

Mr. K.V. Kamath, ChairmanMr. Barry StoweMrs. Kalpana MorpariaMrs. Chanda KochharMr. HT PhongMr. M.P. ModiMr. R NarayananMr. Keki DadisethMs. Shikha Sharma, Managing Director

Mr. N. S. Kannan, Executive DirectorMr. Bhargav Dasgupta, Executive Director

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View its Ads

View

Jeetey Raho

CorporateCampaign

View

Cheeni Kum Promo

View

Chintamani LifePlaning Campaign

View

DiabetesSymposium

View

Diabetes Care Ad

View

Education Insurance

Campaign

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Awards & Recognitions

India's Most Customer Responsive Insurance CompanyAvaya GlobalConnect - Economic Times

Customer Responsiveness Awards

Most Trusted Private Life Insurer

The Economic Times - A C Nielsen Survey of Most Trusted Brands 2003, 2004 and 2005

Prudence Customer Centricity Award 2004 & 2005

Prudential Corporation Asia

Best Life Insurer 2003

Outlook Money Awards 2003 & 2004

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ICICI Prudential has a wide array of insurance plans that have been designed with the

philosophy that different individuals are bound to have differing insurance needs.

The ideal insurance plan is one that addresses the exact insurance needs of the individual that

will depend on the age and life stage of the individual apart from a host of other factors.

Life Insurance Plans

Under Life insurance plans, ICICI Prudential offers plans under the following major need

categories:

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Retirement Solutions

The primary objective of a retirement plan is to help you provide for your financial needs inyour post retirement years. Click here to know more about our retirement solutions

Life Time Super Pension

Forever life

Life Link Super Pension

Health Product Suite

Under Health Product Suite, ICICI Prudential offers plans under the following major need

categories:

Hospital Care

Health Assure

Cancer Care

Crisis Cover

Diabetes Care

Diabetes Care Plus

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http://iciciprulife.com/public/Life-plans/Education-Insurance-Plans.htmhttp://iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://iciciprulife.com/public/Life-plans/Premium-Guarantee-Plans.htmhttp://iciciprulife.com/public/Life-plans/Protection-Plans.htmhttp://iciciprulife.com/public/Health-plans/hospital_care.htmhttp://iciciprulife.com/public/Health-plans/Cancer-Care.htmhttp://iciciprulife.com/public/Health-plans/Crisis-Cover.htmhttp://iciciprulife.com/public/Health-plans/DiabCare.htmhttp://iciciprulife.com/public/Health-plans/DiabCarePlus.htmhttp://iciciprulife.com/public/Life-plans/Education-Insurance-Plans.htmhttp://iciciprulife.com/public/Life-plans/Wealth-Creation-Plans.htmhttp://iciciprulife.com/public/Life-plans/Premium-Guarantee-Plans.htmhttp://iciciprulife.com/public/Life-plans/Protection-Plans.htmhttp://iciciprulife.com/public/Health-plans/hospital_care.htmhttp://iciciprulife.com/public/Health-plans/Cancer-Care.htmhttp://iciciprulife.com/public/Health-plans/Crisis-Cover.htmhttp://iciciprulife.com/public/Health-plans/DiabCare.htmhttp://iciciprulife.com/public/Health-plans/DiabCarePlus.htm


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Group plan

One Sure Shot Way For An Employer To Retain His Team Employees these days areconstantly on the prowl for "better opportunities". How then do you get them to focus on your

job and stay committed for long tenures?Human Resource experts agree that employees work with utmost dedication when they

believe their organization truly cares about their well-being.One-way of showing your concern for your employees is to shoulder the two

responsibilities they worry about most: Security of and Savings for their families.

Group Insurance Plans from ICICI Prudential enable you to effortlessly provide youremployees with both, savings and security, so they can pass on the benefits to their loved ones.

ICICI Pru Group Solutions

Advantage

ICICI Prudential offers a suite of Group Insurance plans that provide both you and your

employees with a host of benefits:

1. Group Super Annuation: This flexible plan for, defined benefit and defined contribution, provides retirement & tax benefits applicable to an approved superannuating trust.

2. Group Gratuity Plan: This hassle-free plan enables you to effortlessly fund your statutory

gratuity obligation.

3. Annuity Solutions: This suite of retirement plans enables you to provide your employeeswith a steady income all through their retired lives.

4. Group Term Insurance Plan: This insurance plan provides affordable cover to all youremployees.

5. Group Term Insurance in lieu of EDLI: Employee Provident Fund Organistion (EPFO) as

a superior alternative to Employees Deposit Linked Insurance Scheme certifies this plan.

Tax Benefits on Insurance and

PensionLife insurance and retirement plans are effective ways of saving taxes. The tax breaks that are

available under our various insurance and pension policies are described below:

1. Our life insurance plans are eligible for deduction under Sec. 80C.2. Our Pension plans are eligible for a deduction under Sec. 80CCC.

3. Our health insurance plans/riders are eligible for deduction under Sec. 80D.

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4. The proceeds or withdrawals of our life insurance policies are exempt under Sec 10(10D),

subject to norms prescribed in that section.

Tax Rates for Individualsfinancial year 2007- 08Total Income

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In case where the Total Income exceeds Rs 10,00,000, there would be a surcharge@ 10%.Marginal relief is available to assessee whose income just exceeds Rs.

10,00,000.

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Upto Rs 1,10,000/-

Above Rs. 1,10,000/-to Rs. 1,45,000/-

Above Rs. 1,45,000/-to Rs. 1,50,000/-

Above Rs 1,50,000 to

Rs. 1,95,000/-

Above Rs . 1,95,000/-to Rs. 2,50,000/-

Above Rs. 2,50,000/-

RATE OF TAX

Resident

SeniorCitizen

Nil

Nil

Nil

Nil

20%

30%

Resident

Womenbelow 65yrs

Nil

Nil

10%

20%

20%

30%

Others

Nil

10%

10%

20%

20%

30%


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Objective of Study &Research Methodology

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The main objective of my study is to know about various products available forchild insurance in ICICI prudential and other various concerns. The major Objectives are asunder:

To study the various products for child insurance.

To study the comparison of different plans available in the market for

child insurance.

To study the different policies available for children plans.

To study the benefits of taking child insurance.

To study the preferences of the customers.

To attain the objective of the study the primary as well as the secondary data is used.

Primary Data: -Conducting personal interactions with the manager and staff members of

ICICI prudential.Secondary Data: - To complete the present study, the secondary data has been also used.The secondary data has been collected from various published materials like various books,various brochures and website.

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1. Assets are insured, because they are likely to be destroyed or made non-financial

through an accidentals occurrence. Such possible occurrences are called perils. Fire

floods, breakdowns, lighting, Earthquakes etc. are perils that the assets is exposed to.

2. The risk only means that there is a possibly of loss or damage. It may or may not

happen. There has to be an uncertainly about risk. Insurance is done against thecontingency that it may happen. Insurance is relevant only if that is no uncertainly about

occurrence of an event, it can not be insured against.

3. Conceptually, the mechanism of insurance is very sample. People who were exposed to

some risks come together, agree that if anyone of the numbers suffers a loss the other

will share the loss, and make good to the person who lost/ all people who send goods by

ship. are exposed to the same risk related to water damage, ship risking, Piracy, etc.those owing factories are not exposed to these risks, but they are exposed to different

kinds of risks like are exposed to different kinds of risks like fire, earthquakes, lighting,

burglary etc. like the different kinds of risks can be identified and separate groups made

including those exposed to such risks. By their method the risk is spread amongcommunity and likely big impact on one is reduced to smaller manageable impacts on

all.

4. The manner in which loss is to, be shared can be determined before hand. It may be

proportional O likely loss that each person is likely suffer which is indicative of the

benefit he would receive if the peril benefit him. The share could be collected from themembers after the loss has occurred or the likely shares may be collected in advance, at

the time of admission to the group. Insurance companies collect in advance and create a

fund from which thaw losses are paid.

5. A human life is also an income generating asset. This asset also can be lost through

unexpectedly early death or made nonfunctional through sickness and disabilitiescaused by accidents. Accidents mayor may not happen. Death will happen, but the time

is uncertain. If it happens around the time of ones retirement when it could be expected

that the income would normally cease, the person concerned could once have madesome other arrangements to meet the continuing needs. However, if it happens much

earlier when the alternate arrangements to meet the continuing needs, insurance is

necessary to help those dependents on the income.

6. In the case of a human being he may have arranged for his needs after his retirement.

These would have been made based on some expectation like he may live for another

15 days or that his children will look after him. If any of this expectation does not become true, the original arrangement would become inadequate and there could be

difficulties. Living too long can be much a problem as dying to young.

7. Insurance does not protect the asset. It does not prevent its due to the peril. The peril

cannot be avoided through insurance. The peril can sometimes be avoided through

better safety and damage control management. Insurance only tries to reduce the impact

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of the risk on the owner of the asset and those who depend on that asset. It compensates,

may not be fully, the losses. Only economic or financial losses can be compensated.

8. The concept of insurance has been extended beyond the coverage of tangible assets.

Exporters run the risk of the importers in the country de faulting as well as losses due to

sudden changes in currency exchange rates economics policies or political disturbances.These risks are now insured. Doctors run the risk of being charged with negligence and

subsequent liability to bear. There are insured. Thus insurance is extended to

intangibles. In some countries the voice of a singer or the legs of a dancer may beinsured, although the advantage of spread may not be available in these cases.

The concept of perception is closely related to the personality of a person. We know that people

working in an organization differ in terms of physical characteristics, backgroundcharacteristics (such as training and education) and personality traits. One of the consequences

of such of differences is that people do not view things in same way. Perception is described as

a persons view of reality. Every person perceives the world and approaches life problemsdifferently. The opinion about and the evaluation of a particular event differ from person to

person. Reactions of the people, to different situation, are also different. The reason that people

behave on the basis of what they perceive reality to be and not necessarily as what reality is.Perception is one of the most important psychological factors affecting the human behaviour;because perception is the way an individual experiences the situation.

Perception is the process thought, which the information for outside environment is selected,received, organized and interpreted to make it meaningful to you. This input of meaningful

information results in decision and action.

ACCORDING TO JOSEPH REITZ, perception includes allthose processes by which an individual receives information abouthis environment seeing, hearing, feeling, testing and smelling.The study 0f these perceptual processes shows that their

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functioning is affected by three classes of variables- the objects orevents being perceived, the environment in which perception

occurs and the individuals doing the perceiving.

Perception Refers To Interpretation of Sensory Data. In Other Words, Sensation Involves

Detecting the Presence Of A stimulus whereas perception involves understanding whatstimulus means. For example, when we see something, the visual stimulus is light energy

reflected from external world and eye becomes sensor. This visual image of external thing

becomes perception when it is interpreted in the visual cortex of brain. Thus, visual perceptionrefers to interpreting the image of external world projected on retina of eye and constructing a

model of three-dimensional world.

Perception is determined by both physiological and psychological characteristics of humanbeing whereas sensation is conceived with only physiological features. Thus, perception is not

just what one sees with eyes it is much more complex process by which an individual

selectively absorbs or assimilates the stimuli in the environment, cognitively organizes the

perceived information in specific fashion and then interprets the information to make anassessment about what is going on in ones environment Perception is very important in

understanding the human behavior, because every person perceives the world and approachesthe life problems differently. Whatever we see or feel is not necessarily the same as it reality is.

It is because what we hear is not what is reality said, but we perceive as being said. When we

buy something, it is not because it is the best, but because we take it takes it to be the best.

Thus, it is because of perception, we can find out why one individual finds a job satisfyingwhile another one may not be satisfied with it.

If people behave on the basis of their perception, we can predict their behavior in the changedcircumstances by understanding their present perception of the environment. One person may

be viewing the facts in one way, which may be different from facts as seen by another viewer.With the help of perception, the needs of various people can be determined, because peoplesperception is influenced by their needs. Like the mirrors at amusements park, they distort and

world in relation to this tensions. Perception is every important for the manager who wants to

making errors when dealing with people and events in the work setting. This problem is made

more complicated by the facts that different people perceive the same situation differently. Inorder to deal with the subordinates effectively, the managers must understand their perceptions

properly.

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Perception of an individual is influenced by a number of factors. He has a differentperception because he has a different personality, different background and set of experience.All these factors may be classified as follows:-

(I) Physiology (II) Family (III) culture (IV) Stress (V) Group Pressure (VI) Interaction (VII)

Role (VII) Reference Group (IV) Organizational Position and (X) Reward system.

PhysiologyPerception of an individual is influenced by his or physiological conditions. For instance a

glorious sunrise may look like so many shades of gray or black to a person who is colour-blind

or an enchanting music not is impressive to one who is hard of hearing.

FamilyThe perception of an individual is influenced considerably by the family in which he has been

brought up. In the family when the child has seen every elder telling a lie or drinking heavily,he will perceive these vices as the normal way of life. Similarly, the child of a believer will be

a: believer and of an atheist a non-believer. The child develops the attitudes and the valuesystem generally prevalent in the family.

CultureThe society and culture in which one live has an indelible impact on his attitudes, values and

way of perceiving the world. A person living in a nomadic society in jungles will not feel

scared of wild animals; similarly, a cow to a Hindu us the animal to worship and not to eat asbeef as compared to a European Film songs on the radio are considered essential to some young

men and women to keep the mood intact whereas they are a source of distraction to others, the

other cultural variation is that many wealthy Americans and Europeans have abandoned the lifestyle of luxury to find peace and Happiness by joining such clans as ISKON or Mahesh Yogi;

conversely these are Indians who aspire for wealth and luxury to get happiness.

StressStress is a situation, which is created by the pressure of environments. It is uncommonsituation, which a person confronts. Sometimes stress helps in perceiving things in proper

perspective and more often it leads to less accurate impressions. For instance a student learns

well under stress of examination more often the same stress in the wrong perception. Acracking sound of wooden plank in the night makes the person to perceive it as he entry of a

burglar in the house.

Group PressureThe perception of an individual (minority) changes with the majority to be in conformity withthe group. More often his perception automatically changes when he finds that others do not

share his beliefs, attitudes or perception. Conversely if he finds that there are some who fall in

line with him, he will try to estimate the effect of majority. S E.ASCH conducted studies toestimate the effect of group pressure upon the modification and distortment of judgment. It will

however, be relevant to point that the effect of the group pressure depends on the extent of

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clarity with which the group pressure depends on the extent of clarity with which the group is

exercised. If the ambiguity exists in the groups stand the individual may stick to his guns.

InteractionInteraction among group members helps in improving perception about a person or situation.

The interaction provides opportunity for sifting and sharpening perception. Leadership stylealso affects perceptual process of the group members. If he follows autocratic style, the group

members will gradually develop perception as usually dictated by the leader. Conversely, ifdemocratic style is practiced, group members may comprehend perception on merit due to

proper interaction.

RoleRole and perception are related if the role is properly perceived. A person is the son, father,

husband, student, brother etc. Hence he will have differently in different role. Hence while

perceiving the behavior of a person, his role has to be taken into account otherwise the

perception about the person will be wrong. For instance, if a grown-up man a talking to his

father, he should not be considered to be a person having complex, lack of initiate or too docileto have any enterprise. Similar problem arises when members of organization perceive

organizations role differently. For instance, the policy of the organization is punctually. Eachmember is expected to come in time and leave the workplace in time. Anybody coming late is

expected to lose proportional wage. This role of organization may be perceived as a deliberate

punitive and vindictive act towards labour rather than reformatory in character.

Reference GroupsMany people use groups of clarity or mind their perception. Groups are expected to perform

normative and comparative functions. When an individual, for instance, wants to be identified

as a member of an elitist group. he would study the qualities and behavior pattern of such

members of the group, try to emulate to be accepted as the member of the group. This is knownas no motive function. There may also be comparative function of a reference group under

which the person may like to be different. For instance a person would not like to be associatedwith a group of vagabonds. It is knows as comparative function of the reference group. There

may be reference groups within the organizations. These reference groups within the

organizations.

Organizational PositionThe position held by an individual in organizations. Influences his perception. A production

manager will view every problem in the organizations. From the production angle and an

economic consultant from economic angle. Similarly, an economist will give economicinterpretation of a political phenomenon in the same manner as a sociologist will find a

sociological in the linguistic or biology.

Reward SystemReward system in organizations. Has an impact on individual behavior which is preceded bythe perception process. If the individual knows that hard work devotion, innovation or

productivity are recognized and rewarded in the organizations. His behavior will definitely be

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induced and influenced by the reward system. It is his perception of the reward system that

motivates him does more work.

Perception Formation

PERCEPTION

IINFORMATION

STRESS

GROUP PRESSURE

INTERACTIONROLE

REFERNCE GROUPS

ORGANIZATION POSITION

REWARD SYSTEM

Perceptual Set or Perceptual TendenciesAn individual uses different devices for perception purpose, which are also called perceptualsets. These devices or sets develop a tendency to behave in a particulars predictable way. These

are also known as devices to manipulate perceptual data. Some of the devices are (i)

Stereotyping, (ii) The Halo effect, (iii) Projection, (iv) Perceptual defense, (V) Expectancy,(VI) Selective perception, (VII) Perceptual readiness, (III) Implicit personality and (IX)Attribution.

StereotypingThe term stereotype has been derived from the vocabulary of a printing press. In a printing

press when a printing plate so made from a previously composed type it is called stereotype or

the type, which has again been used. In 1922, it was Walter lip Mann who applied this term to

perception. Stereotyping may be stated as tendency of a person to conclude that the

perception of another person in influenced by the social group to which the belongs. The socialgrouping may be according to sex, race, religion, occupation or organization. Other common

stereotype groups may be managers, supervisors, creditors, shareholders, politicians, unionmembers and engineers. There is general agreement about the traits of each category ofpersons, yet there may be discrepancy. For instance it is generally thought that union members

are hotheaded and the personnel managers are conciliatory and persuasive. Americans are

materialistic and Indians are spiritualistic; Japanese are extremely nationalistic and theGermans are industrious. In spite of these generalizations each union member, Personnel

Manager, American, Indian, Japanese and German may not necessarily possess the traits

identified for each of these categories of people. Stereotyping is not concerned with positive or

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INTERPRETATION

SELECTIVITY

CLOSURE


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negative traits, which the perceiver may attribute to the person on the basis of social grouping

of the person so perceived.

Stereotyping though helpful in social perception in a general manner suffers from a number of

imperfections; firstly, traits attributed to an individual on the basis of his group affiliation may

be different in actual practice, Secondly, the perceiver may not go beyond the conventionaltraits attributable to his social affiliation. Other traits, which are not attributed to the group,

cannot be though of causing thereby a lot of distortions. Thirdly, the perceivers personal

prejudice and bias in favor or against a particular group will condition his perception toovershadow the elements in reality.

The Halo EffectThe halo effect influences perception in a big way. In stereotyping a person is perceived on the

basis of his social classification; under halo he is perceived on the basis of a single trait.The single trait will condition the entire process of perception about another person. For

instance an ambitious man may be intelligent, devoted, aggressive and punctual. Hence if an

intelligent man commits a mistake, our reaction will be to err is human. But when anotherperson who is not intelligent repeats the same mistake, our reaction will be that nothing more

could be expected of him in similar circumstances.

ProjectionUnder given conditions people attribute their own feelings and characteristics to others. Forinstance, a dishonest and corrupt man will perceive others as dishonest and corrupt. In other

words, he projects his own feeling and traits in others.

Perceptual DefenseMore often a person may create a defense against stimuli or situational events. In other words,

he blocks or refuses to perceive the situational event. In other words he blocks or refuses toperceive the incompatible to his way of thinking. In this manner perceptual defense may play

an important role in understanding labor arrangement or superior-subordinate relationship.Bruner and postman have found in their study a blockade to perceiving personally threatening

words whereas Mc Ginning raised identification thresholds for critical emotionally toner

word.

In other words, it may be stated that people rightly consider it feasible to avoid perceiving

certain conflicting, threatening or unacceptable aspects of event or phenomena. To what extent

it is correct as a debatable issue. It may, however, be stated that perceptual defense may lead tokeep the man in his own ivory tower who deliberately refuses to face reality in life.

ExpectancyExpectancy is the process whereby the person expects others to perceive what he wants them toperceive. This is also called self-fulfilling prophecy. For instance, Rosenthal in his classic

experiment told his students that be had identified in his laboratory two groups of rats one

intelligent and two stupid. In actual life there was no such demarcation but when the studentswere asked to conduct a study, they could tell that such and such rat was more intelligent than

in others who are stupid. Students could only see what teacher expected them to see.

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Selective PerceptionSelective Perception is yet another device to influence perception. Sometime a perceiver draws

unwarranted conclusions from an ambiguous situation. Under selective perception, perceiversconclusions are based on the selective phenomena or events rather than the totality of the

situation. In this state, he is apt to perceive incorrectly also by ignoring other facts. Forinstance, it is wrong to conclude that a firm is unviable as it is passing through the gestation

period.

Perception ReadinessGenerally people perceive what they want or expect to perceive. Consequently they select and

interpret stimuli in the light of the past perceptual history and the present state of motivationaldynamics. This tendency is known as perceptual readiness. For instance, the Production

Manager may perceive even the problem of declining sale as production problem. This is the

instance of past perceptual history.

Similarly motivation also effects perception; this may be stated that people only see what theyto see. A hungry man will be more receptive to the stimuli relating to food; whether it is a

picture showing food items, or the odour of food cooking or the discussion about food. He islikely to interpret ambiguous stimuli also as relating to food.

Implicit PersonalityWhile judging another person, individuals perception is influenced by his belief that one

human trait is associated with another. For instance, a persons trait of hard working will go

with honestly. It means hard working trait goes with the trait of honestly.

First ImpressionFirst Impression about the person or phenomenon creates an indelible impression on

individuals perception unless it is vehemently contradicted. The perception about an individual

as thief created on the basis of fist impression will be doubted a thief in sub sequent thefts also,though he may not actually be involved in the incident of theft.

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Products Of ICICI Prudential LifeInsurance Company Ltd

Products Perceived By Customers

Life Time Super Life Stage Rp

Smart Kids

Life Time Super Pension

Crisis Care

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Insurance Solutions for IndividualsICICI Prudential Life Insurance offers a range of innovative, customer-centric products that

meet the needs of customers at every life stage. Its products can be enhanced with up to 4riders, to create a customized solution for each policyholder.

Savings & Wealth Creation Solutions

Save'n'Protectis a traditional endowment savings plan that offers life protection along

with adequate returns.

CashBakis an anticipated endowment policy ideal for meeting milestone expenses like

a child's marriage, expenses for a child's higher education or purchase of an asset. It is

available for terms of 15 and 20 years.

LifeTime Super & LifeTime Plus are unit-linked plans that offer customers theflexibility and control to customize the policy to meet the changing needs at different life

stages. Each offer 6 fund options - Preserver, Protector, Balancer, Maximiser, Flexi Growthand Flexi Balanced.

LifeLink Super is a single premium unit linked insurance plan which combines life

insurance cover with the opportunity to stay invested in the stock market.

Premier Life Gold is a limited premium paying plan specially structured for long-term

wealth creation.

InvestShield Life New is a unit linked plan that provides premium guarantee on the

invested premiums and ensures that the customer receives only the benefits of fund

appreciation without any of the risks of depreciation.

InvestShield Cashbakis a unit linked plan that provides premium guarantee on theinvested premiums along with flexible liquidity options.

LifeStage RP is a unique and powerful wealth creation insurance solution, whichcombines the benefits of automatic asset allocation and quarterly rebalancing along with

increased protection.

Protection SolutionsLifeGuard protection plan, which offers life cover at low cost. It is available in 3

options - level term assurance, level term assurance with return of premium & single

premium.

HomeAssureis a mortgage reducing term assurance plan designed specifically to help

customers cover their home loans in a simple and cost-effective manner.

Education insurance plansEducation insurance under the SmartKid brand provides guaranteed educational

benefits to a child along with life insurance cover for the parent who purchases the policy.The policy is designed to provide money at important milestones in the child's life.

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SmartKid plans are also available in unit-linked form - both single premium and regular

premium.

Education insurance under the SmartKid brand provides guaranteed educationalbenefits to a child along with life insurance cover for the parent who purchases the policy.

The policy is designed to provide money at important milestones in the child's life.

SmartKid plans are also available in unit-linked form - both single premium and regularpremium.

Retirement SolutionsForeverLife is a traditional retirement product that offers guaranteed returns for the

first 4 years and then declares bonuses annually.

LifeTime Super Pensionis a regular premium unit linked pension plan that helps oneaccumulate over the long term and offers 5 annuity options (life annuity, life annuity with

return of purchase price, joint life last survivor annuity with return of purchase price, life

annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivorannuity without return of purchase price) at the time of retirement.

LifeLink Super Pension is a single premium unit linked pension plan.

Immediate Annuity is a single premium annuity product that guarantees income forlife at the time of retirement. It offers the benefit of 5 payout options.

Health SolutionsHealth Assure and Health Assure Plus: Health Assure is a regular premium plan

which provides long term cover against 6 critical illnesses by providing policyholder with

financial assistance, irrespective of the actual medical expenses. Health Assure Plus offers

the added advantage of an equivalent life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as wellas at different stages in the treatment of various cancer conditions.

Diabetes Care:Diabetes Care is a unique critical illness product specially developed

for individuals with Type 2 diabetes and pre-diabetes. It makes payments on diagnosis onany of 6 diabetes related critical illnesses, and also offers a coordinated care approach to

managing the condition. Diabetes Care Plus also offers life cover.

Hospital Care: is a fixed benefit plan covering various stages of treatment -hospitalisation, ICU, procedures & recuperating allowance. It covers a range of medical

conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years.

Crisis Cover: is a 360-degree product that will provide long-term coverage against 35

critical illnesses, total and permanent disability, and death.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhancebenefits to their employees.

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Group Gratuity Plan: ICICI Pru's group gratuity plan helps employers fund their

statutory gratuity obligation in a scientific manner. The plan can also be customized to structure

schemes that can provide benefits beyond the statutory obligations.

Group Superannuation Plan:ICICI Pru offers both defined contribution (DC) and

defined benefit (DB) superannuation schemes to optimize returns for the members of the trustand rationalise the cost. Members have the option of choosing from various annuity options or

opting for a partial commutation of the annuity at the time of retirement.

Group Immediate Annuities: In addition to the annuities offered to existing

superannuation customers, we offer immediate annuities to superannuation funds not managed

by Group Term Plan: ICICI Pru's flexible group term solution helps provide

affordable cover to members of a group. The cover could be uniform or based on

designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiarynominated by the member on his/her death.

Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost,depending on the specific needs of the customer.

Accident & disability benefit: If death occurs as the result of an accident during the

term of the policy, the beneficiary receives an additional amount equal to the rider sum

assured under the policy. If an accident results in total and permanent disability, 10% ofrider sum assured will be paid each year, from the end of the 1st year after the disability

date for the remainder of the base policy term or 10 years, whichever is lesser. If the

death occurs while traveling in an authorized mass transport vehicle, the beneficiarywill be entitled to twice the sum assured as additional.

Critical Illness Benefit: Protects the insured against financial loss in the event of 9specified critical illnesses. Benefits are payable to the insured for medical expenses

prior to death benefit.

Waiver of Premium:In case of total and permanent disability due to an accident, the

future premiums continue to be paid by the company till the time of maturity. This rideris available with SmartKid, LifeTime Plus, LifeTime Super and LifeTime Super

Pension.

Income Benefit:In case of death of the life assured during the term of the policy, 10%

of the sum assured is paid annually to the nominee on each policy anniversary till the

maturity of the rider.

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ICICI Prudential life Insurance Company provides saving and wealth creation solutions,

protection solutions. Education Insurance plans, Retirement solutions, Health Solutions, Group

Insurance solutions, Flexible rider options. There are some products which are mostly preferredby customers and customers are mainly like to take those policies. These products are

Saving And Wealth Creation Solutions

1. Life Time Super

2. Life Stage Rp

Education Insurance Plans

3. Smart Kids

Retirement Solutions

4. Life Time Super Pension

Crisis Cover

PresentingLife Time Superfrom ICICI Prudential, Indias No. 1 private life insurer, a regularpremium unit linked insurance policy that offers flexible investment options along with the

benefit of life insurance cover. This policy gives an opportunity to earn potentially higher

returns on your investments without sacrificing the protection of your family.

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Potentially higher returns over the long term by investing in unit-linked funds.

Additional allocation of units at regular intervals to boost your investment.

Options to withdraw your money systematically over the period of 5 years on maturity

of the policy.

In case of an unfortunate event the death, family will receive Sum Assured or Fund

Value, whichever is higher.

Cover Continuance option available which ensures continuances of life insurance cover,

even if customers wish to take a break in premium payment.

Tax benefits on premiums paid and benefits received under the policy, as per theprevailing Income Tax Laws.

1. Customer needs to choose the premium amount, term and Sum Assured for which he

wishes to take the policy.2. After deducting premium allocation charges, the balance amount is invested in the

investment funds of his choice.

3. Customer can opt for add on riders available under the policy.4. On survival, the maturity benefit is paid to the policyholder. In the unfortunate event of

death, the nominee receives the higher of Sum Assured or the Fund Value.

Switching OptionUnder this option customer can switch his investment between the funds at any time

(provided the policy is in force) depending on his financial priorities and investment

objective. In any policy year, 4 switches can be done free of charge. The minimum switchamount is Rs. 2000.

Additional Allocation Of UnitsThere will be additional allocation of units every 4 th year, starting from the end of the 4rth

year at the rate of 4% of annual premium into your investment fund. Additional allocationof units will be made only if the premiums have been paid regularly up to the date of

allocation.

Partial Withdrawal BenefitPartial withdrawals will be allowed after completion of 3 policy years and on payment of

full 3 years premium. The minimum partial withdrawals amount is Rs. 2000.

Settlement Benefit

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On maturity of this policy, policyholder can choose to take the fund value as a structured

benefit. With this facility, he can opt to get payments on a yearly, half yearly, quarterly or

monthly (through ECS) basis, for a period of 1,2,3,4 or 5 years, post maturity (settlementperiod). At any time during the settlement period, he has the option to withdraw the

remaining fund value. During the settlement period, the investment risk in the investment

portfolio is borne by the policyholder.

Death BenefitIn the unfortunate event of death during the term of the policy, the nominee shall receive

the higher of Sum Assured (net of permissible partial withdrawals) or the fund value.

Cover Continuance OptionThis option ensures that policyholders life insurance Cover Continuance in case you are

unable to pay premiums, any time after payment of first three years premium. All

applicable charges will be automatically deducted from the units available in your fund. He

needs to opt for Cover Continuance, if he wishes to avail of this benefit.

Additional Protection with RidersHe can further customize his policy with optional riders, to enjoy additional protection as

given below:

Riders Benefits

Accident and Disability Benefit Rider

(ADBR)

In the event of death or disability due to an

accident the rider benefit amount would be

paid accordingly.

Critical Illness Benefit Rider (CIBR) In the event of the life Assured being

diagnosed for nay of the specified critical

illness, the rider benefit amount would bepaid.

Waiver of Premium Rider (WOPR) In the event of total and permanent

disability due to an accident all further

premiums till maturity would be paid by

the company.

He can surrender your policy. Surrender Values are available to him after deducting surrender

charges and would depend on the number of completed policy year. Following are the

Surrender Value applicable after payment of full 3 years premium.

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No. Of Completed years of the policy Surrender Value as a % of Fund Value

3 years 98%

4 years 99%

5 years and above 100%

Minimum/Maximum entry age 0-65 years

Maximum age of Maturity 75 years

Minimum/Maximum Policy Term 10-75 years

Premium Payment Frequency Yearly, Half Yearly, Monthly

Minimum Premium Rs. 18,000 per annuam

Minimum Sun Assured Annual Premium x Term/2, subject to a

minimum of Rs. 1,00,000.Tax Benefit Premium paid for the policy and critical

illness benefit rider will be eligible for tax

benefit under section 80C & 80Drespectively. Any benefit amount received

under this policy will be eligible for the tax

benefit under section 10 (10D), as perprevailing income tax laws.

1. In case the Life Assured is below age 7 years (age nearest birthday) at the time of death,

only the fund value would be payable.2. The minimum Fund Value post partial withdrawal should be equal to at least 110% of

one years premium, else the policy will terminate and the balance fund Value will be

paid to the policyholder. Partial withdrawals are allowed only if the Life assured at least18 years of age. Partial Withdrawals will have the following effect on your sum

Assured.

Upto the age of 60 years, Sum Assured payable on death is reduced to the extent of

Partial Withdrawals made in the preceding two years. After the age of 60 years, Sum Assured payable on death is reduced to the extent of

Partial Withdrawals made from age 58 years onwards.

3. Customers will be pays out a proportional number of units (based on the paymentoption and period chosen). The value of the payments will depend on the number of

units and the respective fund NAVs as on the date of each payment. At any time during

this period, he can take the remaining Fund Value as a lump sum payment; Partialwithdrawals are not allowed during this period. If you wish to exercise the settlement

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option at the time of maturity. He needs to inform the company within a period of 3

months preceding the maturity of the policy. Death Benefit or rider benefit will not be

available during the settlement period.4. In case he have not opted for cover continuance option, then your life cover continues

for a period of 2 years from the last premium paid (by levying applicable charges), after

which his policy will be foreclosed and applicable surrender value would be paid.5. If full premium for the first three policy years is not paid, the policy lapses and if not

revived within the period of two years from the due date of the last unpaid premium,

then surrender value as applicable will be paid at the end of the third policy year or atthe end of reinstatement period whichever is later.

6. If premium has been paid for three full policy years and after policy years have elapsed

and the Fund Value across all Funds under the policy falls below 110% one full years

premium, the policy shall be terminated by paying the Fund Value after applyingsurrender charges, if applicable. This condition will also apply during the Cover

Continuance stage, if opted for.

7. Increase in Sum Assured is allowed subject to underwriting if all due premiums till date

have been paid. Any medical costs for this purpose would be borne by the policyholderand will be levied by cancellation of units.

8. The term chosen at inception of the policy cannot be changed.9. If the Life Assured whether sane or insane commits suicide within one year from the

date of issue of this policy, only the Fund Value will be paid if the Life Assured,

whether sane or insane, commits suicide within one year from the effective date of

increase in Sum Assured, then the amount of increase shall not be considered in thecalculation of the Death Benefit.

10. Free look period: 15 days from the date on which he receive the policy document.

Company has different priorities at different life stages. When young, we are willing to take arisk in our investments, with expectations of high returns. As we shoulder the responsibility of

a family, we become little cautious, preferring a mix of both risk and safety of investment.

Towards the end of our working life, we look towards our post retirement security and are

happy with the preservation of our hard-earned savings.

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With such changing priorities, it is important to adopt Asset Allocation as an investment

practice. It helps to strike the right balance by distributing investments across different assetclasses like equity and debt. More importantly, it changes according to our life stage profile-

age, risk tolerance, etc. However, the discipline of making the right Asset Allocation at various

life stages requires the expertise and dedicated time of someone who can manage your moneyon a day-to-day basis.

Keeping this in mind ICICI Prudential Lifer Insurance brings Life Stage RP. This policyprovides with an option of life cycle based portfolio strategy that continuously re-distributes

customer money across various asset classes (Automatic Assets Allocation).

This is based on customer are, and helps him achieve the right Asset Allocation to meet his

desired financial goals.

Option to choose a unique and personalized lifecycle based portfolio strategy to createideal balance between Equity and Debt.

Opportunity to earn potentially higher returns by investing in Unit Linked Funds.

Additional allocation of units at regular intervals to enhance your investment.

Ensure capital preservation at the time of policy maturity by systematic transfer to debt

fund in the last 10 policy quarters.

Option to withdraw your money systematically over the period of 5 years on thematurity of the policy.

In the unfortunate event of death, customers nominee will receive, as per prevailing

Income Tax Laws.

Customer needs to choose the premium amount term, your portfolio strategy and the

Sum Assured for which he wishes to take the policy.

After deducting the premium allocation charges, the balance amount is invested as per

his chosen portfolio strategy.

He can opt for the add-on riders available under the policy.

On survival, the maturity benefit is paid as a lump sum or as a settlement period option.

In the unfortunate event of death, the nominee receives the Sum Assured and the Fund

Value.

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WithLife Stage RP, customers have the option to choose from two unique portfolio strategies.

These are:

1. Lifecycle based portfolio strategy2. Fixed portfolio strategy

1. Lifecycle based portfolio strategyThis strategy takes into consideration the dynamic nature of customers life and priorities. It is

the ideal investment approach as his financial needs keep changing customer life stage, and

requires life insurance policy. Under the life cycle based portfolio strategy, customerinvestments will be distributed between two funds-flexi Growth IV and protector IV in a

proportion that depends on his age (Automatic Assets Allocation).

2. Fixed portfolio strategyIf customers prefer to allocate his investments in different classes based on your personal

judgment, then He can opt for the fixed Portfolio strategy. Under this strategy, he can choose toinvest fully in any one fund or allocate your premiums in the various funds, in a proportion thatsuits his investment needs.

Change in Portfolio Strategy (CIPS)Customer can change his chosen Portfolio Strategy up to 4 times during policy term. This

facility is provided free of cost.

Additional Allocation of UnitsThere will be additional allocation of units of 12% of annual premium every 5 years ofpolicy term. Additional allocation of units will be made only if the policy is in force and all

due premiums have been paid up to the date of allocation.

Partial Withdrawal BenefitPartial withdrawals will be allowed after completion of 3 policy years. From 4 th year

onwards, one partial withdrawal is allowed each year subject to a maximum of 20% of theFund Value on the date of partial withdrawal.

Maturity BenefitBased on the term chosen for policy he will be entitled to receive the Fund Value at thetime of maturity. Alternatively, he can opt foe the settlement options available. For this

policy,

Death BenefitIn the unfortunate event of death during the term of the policy, the nominee will receive theSum Assured and the fund value.

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Settlement Options.On maturity of this policy, he can choose to take the Fund Value as a structured benefit.

With this facility, he can opt to get payments on a yearly, half yearly, quarterly or monthly(through ECS) basis for a period of 1,2,3,4 or 5 years, post maturity (settlement period). At

any time during the settlement period, he has the option to withdraw the entire Fund Value.

Increase / Decrease of Sum Assured.Customers can choose to increase or decrease your sum assured at any time during the

policy term.

Cover Continuance OptionThis option ensures that customer life insurance Cover Continuance in case he is unable to

pay premiums, any time after payment of first three years premium. All applicable charges

will be automatically deducted from the units available in your fund. He needs to opt forCover Continuance, if he wishes to avail of this benefit.

Additional Protection with RidersCustomer can further customize your policy with optional riders, to enjoy additional

protection at a nominal extra cost, as given below:

Riders Benefits

Accident and Disability Benefit Rider

(ADBR)

In the event of death or disability due to an

accident the rider benefit amount would be

paid accordingly.

Critical Illness Benefit Rider (CIBR) In the event of the life Assured being

diagnosed for may of the specified criticalillness, the rider benefit amount would be

paid.

Surrender Values are available to customer after deducting surrender charges and would

depend on the number of completed policy years. Following are the Surrender Values

applicable after payment of full 3 years premium.

No. of Completed years of the policy Surrender Value as a % of Fund Value

3 years 96%

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4 years 98%

5 years 100%

Minimum/Maximum entry age 0-65 years (age nearest birthday)

Minimum/Maximum age of Maturity 18-75 years

Minimum/Maximum Term 10-75 years

Premium Payment Frequency Yearly, Half Yearly, Monthly

Minimum Premium Rs. 15,000 per annuam

Minimum Sum Assured Annual Premium x Term/2,

Tax Benefit Premium paid for the policy and critical

illness benefit rider will be eligible for tax

benefit under section 80C & 80Drespectively. Any benefit amount received

under this policy will be eligible for the taxbenefit under section 10 (10D).

1. The minimum partial withdrawal amount is Rs. 2000. The maximum amount that can

be withdrawn is 20% of the fund values at the time of withdraw. Partial withdrawal isallowed if Life Assured is at least 18 years of age.

2. In case the Life Assured is below age 7 years (age nearest birthday) at the time of death,

only the fund value would be payable.3. Post maturity you will be paid out a proportional number of units (based on the payment

option and period chosen). The value of the payments will depend on the number of

units and the respective fund Net Asset Values NAVs as on the date of each payment.At any time during this period, he can take the remaining Fund Value as a lump sum

payment. Partial withdrawals and switches are not allowed during this period. If you

wish to exercise the settlement option at the time of maturity. You need to inform the

company at least a months preceding the date of maturity of the policy. During the

settlement period the investment risk of the Investment portfolio lies with thepolicyholder.

4. Increase in Sum Assured is allowed subject to underwriting if all due premiums till datehave been paid. Any medical costs for this purpose would be borne by the policyholder

and will be levied by cancellation of units. Decrease in Sum Assured is allowed only up

to minimum Sum Assured allowed under this policy.

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5. In case he have not opted for cover continuance option, then your life cover continues

for a period of 2 years from the last premium paid (by levying applicable charges) ,

after which his policy will be foreclosed and applicable surrender value would be paid.6. If full premium for the first three policy years is not paid, the policy lapses and if not

revived within the period of two years from the due date of the last unpaid premium,

then surrender value as applicable will be paid at the end of the third policy year or atthe end of reinstatement period whichever is later.

7. If premium has been paid for three full policy years and after policy years have elapsed

and the Fund Value across all Funds under the policy falls below 110% one full yearspremium, the policy shall be terminated by paying the Fund Value after applying

surrender charges, if applicable . This condition will also apply during the Cover

Continuance stage, if opted for.

8. The term chosen at inception of the policy cannot be changed.9. If the Life assured whether sane or insane commits suicide within one year from the

date of issue of this policy, only the Fund Value will be paid. If the Life Assured,

whether sane or insane, commits suicide within one year from the effective date of

increase in Sum Assured, then the amount of increase shall not be considered in thecalculation of the Death Benefit.

10. Free look period: 15 days from the date on which he receive the policy document.11. Tax benefits are available as per prevailing Income Tax Laws, subject to condition

mentioned therein. The over all limit includes other eligible investment subject to a

limit of Rs. 1, 00,000 u/s 80C. Service tax and education cess will be charged extra as

per applicable rates. Tax laws may be subject to change from time to time.

As a responsible parent, we will always strive to ensure a successful life for our child.However, life is full of uncertainties and even the best-laid plans can go wrong. Heres how we

can give me child a 100% safe and assured tomorrow, whatever the uncertainties. Smart Kid

Education Plan is designed to provide flexibility and to safeguard your childs future educationand lifestyle, taking all possibilities into account.

Presenting Smart Kid. A specially designed education plans that safeguard childs education,

no matter what.

Smart Kid Education Plans have 4 products on offer.

1. Unit-linked Regular Premium 2. Unit-linked Regular Premium II

3. Unit-linked Single Premium II 4. Regular Premium

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Financial benefit when you require it.With the ever increasing cost of education, the financial requirements for childs careerwould change from time to time. This plan provides you with the flexibility of withdrawals,

whenever customer requires them. It allows you a maximum of 5 withdrawals, the amounts of

which are as under:

Withdrawal Amount of Withdrawal

(As a percentage of the accumulated value)

1st Upto 20% of the Accumulated Value

2nd Upto 25% of the Accumulated Value

3rd Upto 30% of the Accumulated Value

4th Upto 35% of the Accumulated Value

5th Upto 40% of the Accumulated Value

So be it engineering college fees or post graduates studies, customers can use the withdrawalsas per your requirements. Customer can avail of this flexibility any time after 5 years. However

He would be allowed to make only one withdrawal in a year. At the end of the premium payingterm, He can take the remaining value as maturity benefits.

Peace of mind for youThis plan gives the option to choose a protection cover for a Sum Assured between 5 to 50

times your annual contribution (for ages 41 and above, maximum multiple would be 25 only).

The uniqueness of this plan is that even if anything happens to the parent, the benefits to the

child are not compromised. The benefits under this policy are as under:

The Sum Assured is paid immediately This ensures that your loved ones stay

financially secure, even in your absence.

All the future contributions are waved- Therefore your family is not burdenedfinancially and accumulation of funds for your childs career continues.

The policy Benefits continue This ensures that units can be withdrawn as and when

required for your childs educational and development needs.

Premium Waiver Rider is available at a nominal extra amount- You can ensure that in

the unfortunate event of total and permanent disability due to an accident, all the

premiums that were to be paid by you are waived. However, the policy continues tosecure your childs future.

Annual AllowanceWith the help of the income Benefit Rider, this plan guarantees a regular income to secure

childs educational and developmental needs for his all-round development. The income

Benefit Rider takes care of this through the payment of 10% of the sum assured annually tochild in the unfortunate event of the parents death.

Premium Holiday

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If customers have been making premium payments for at least 5 years and then miss out on

any of the subsequent premium payments, policy does not lapse. We will ensure that policy

keeps on continuing. However to keep the policy in force, the mortality charges (whichinclude payer waiver benefit premium) are deducted from customer fund, which will have

an affection on your savings.

Customer chooses a Sum Assured between specified ranges of 5-50 times (for ages 41 and

above it is 5 to 25 times) your annual contribution. Part of the premium paid by you is

adjusted towards mortality charges (which include payer waiver benefit premium) andadministrative expenses and the rest is invested as per the investment plan chosen by you.

Entry into the plan will be based on the units allotted to customer on the policy issue date,

as per the unit value on that date.

ContributionCustomer chooses the contribution under the plan, subject to a minimum of Rs. 18,000. He

has the option of paying monthly, half yearly or yearly premiums.

Flexible ContributionHe can also increase or decrease your annual contribution. The maximum decrease in

premium can be up to 20% of the initial premium chosen, at the time of policy application.However in no circumstances can be premium be reduced to below the minimum premium

allowed under the plan at that time or 80% of the initial chosen premium, whichever ishigher. There is no upper limit to be increase in premium contributions. Premium can beincreased with or without an increase in Sum Assured. Any change in the contribution will

be allowed only on policy anniversaries. In case of death of the policyholder, the waiver

amount will be equal to contribution at the start of the policy.

Like the unit linked Regular Premium plan, this will also provide you the flexibility ofwithdrawals under the same conditions.

Peace of mind for you

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The uniqueness of this plan even if anything happens to the parent, the benefits to the child are

not compromised. The benefits under this policy are as follows

a) Death Benefit: The death benefit is equal to the Sum Assured chosen at the time the

parent applies for the policy and will be payable immediately on death of policyholder. In

case of unfortunate death, here is how the policy works:

The Sum Assured is paid immediately.

Future contributions till maturity of the product will be waved off and the company will

make the contribution good.

The policy Benefits continue so that units can be withdrawn for your childs and when

required for educational or development needs.

b) You can choose the Premium Waiver Rider at a nominal extra amount. This ensure thatin the unfortunate event of total and permanent disability due to an accident, all the

premiums that were to be paid by you are waived and policy continues to secure yourchilds future.

ContributionCustomer can choose the contribution under the plan subject to a minimum of Rs. 18,000.Customer has the option of paying monthly, half yearly or yearly premiums.

Flexible ContributionCustomer can also increase or decrease your annual contribution. The maximum decrease

in premium can be up to 20% of the initial premium chosen, at the time of Policy

application. However in no circumstances can be premium being reduced to below theminimum premium allowed under the plan at that time or 80% of the initial chosen

premium whichever is higher. There is no upper limit to be increase in premium

contributions. Premium can be increased with or without an increase in Sum Assured. Anychange in the contribution will be allowed only on policy anniversaries. In case of death of

the policyholder, the waiver amount will be equal to contribution at the start of the policy.

Annual AllowanceWith the help of the income Benefit Rider, this plan guarantees a regular income to securechilds educational and development needs, Benefit Rider takes care of this through the

payment of 10% of the sum assured annually to child in the unfortunate event of the

parents death.

Automatic Cover ContinuanceThis is a feature provided by the product, wherein the insurance cover under the policycontinues even if there is a temporary break in the payment of annual contribution, after the

premium 3 years have been paid. During this period, the cover continues by deducting

mortality charges (in terms of units) from the value of investments. However, this facility is

subject to two conditions:

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In the first 10 years of the policy, the break in contribution can only be availed in case

contributions till that date are paid off.

In the first 10 years, this facility can be availed of for a maximum of two years at atime. After the first 10 years of the policy, you can avail of this automatic coverage

facility without the two mentioned pre-conditions. .

Who can Purchase this policy?Applicable for both Unit-linked Regular Premium and Unit-linked Regular Premium-II. Ifyou are a parent aged between 20 and 60 years, with children in the range group of 0 to 15

years, you can apply for this policy.

Other Detail of PolicyAmount and mode of payment: Rs. 18,000 for annual payments

Rs. 9,000 for half yearly payments

Rs. 1,500 for monthly payments

Choice of term: Between 10 to 25 yearsAge of your child at maturity: Between 22 to 25 years

Maximum age of parent on maturity: 70 yearsMinimum Sum Assured: Rs. 1, 00,000

Financial BenefitsYou can choose this Smart Kid plan in case you want to make a one-time, lump suminvestment for your childs future. Like the unit-linked Regular Premium II Plan, this plan

also provides you with the same flexibility of withdrawals, under the same conditions.

Peace of mind for youThis plan gives you the protection cover for a Sum Assured of 5 times your premium. The

uniqueness of this plan is that even if anything happens to the parent, the benefits to the childare not compromised. In case of unfortunate death, here is how the policy works.

The Sum Assured is paid immediately.

The policy Benefits continue so that amount can be withdrawn for your child as and

when required for educational or development needs.

Annual AllowanceWith the help of the income Benefit Rider, this plan guarantees a regular income to secure

childs educational and developmental needs for his all-round development. The income

Benefit Rider takes care of this through the payment of 10% of the sum assured annually tochild in the unfortunate event of the parents death.

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Who can Purchase this policy?As a parent aged between 20 and 50 years with children in the range group of 0 to 15 years,you can apply for this policy.

Other Detail of PolicyMinimum single premium: Rs. 50,000Choice of term: Between 10 to 25 years

Age of your child at maturity: Between 22 to 25 yearsMaximum age of parent on maturity: 60 years

Minimum Sum Assured: Rs. 2, 50,000

Can the policy b

Consumer Perception Regarding Products of ICICI Pru

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