asha final project

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UNIVERSITY OF MUMBAI

PROJECT REPORT

ON

MONEY BACK POLICY

BY

Ms. ASHA SHETTIYAR

T.Y.B.COM. (BANKING AND INSURANCE)

SEMESTER VI

ACADEMIC YEAR 2012-2013

PROJECT GUIDE

PROF. MANDAR THAKUR

VIVEK EDUCATION SOCIETY’S

VIVEK COLLEGE OF COMMERCE

SIDDHARTH NAGAR, GOREGAON (W)

MUMBAI-400 062



CERTIFICATE

I, Prof. MANDAR THAKUR certify that Asha Shettiyar of T.Y.B.Com (Banking & Insurance) semester VI, 2012-13 has successfully

completed the project on “Venture Capital”

Internal Guide External Guide

Coordinator Principal

DATE:

PLACE: Mumbai



DECLARATION

I, Asha Shettiyar the student of B.Com. Banking & Insurance Semester VI

(2012-13) hereby declare that I have completed the project on “ Venture Capital ”

in partial fulfillment of the requirement for the award of degree of Bachelor of

Commerce (Banking & Insurance). The submitted is true and original to the best of

my knowledge.

----------------------------

ASHA SHETTIYAR

Date:



Acknowledgement

To list who all have helped me is difficult because they are so numerous and

numerous and the department is so enormous.

I would like to acknowledge the following as being idealistic channels and fresh

dimension in completion of this project.

I take this opportunity to thank the UNIVERSITY OF MUMBAI for giving me a

chance to do this project.

I would like to thank the Principal, Dr. Nandita Roy for providing the necessary

facilities required for the completion of this project.

I take this opportunity to thank our Co-ordinator Prof. DURGESH Y KENKRE

I take this opportunity to thank our project guide Prof. MANDAR THAKHUR

for his moral support, guidance and care made this project successful

I would like to thank my college Library for having provided various references

books and magazines related to my project.

Lastly I would like to thank each and every person who directly or indirectly

helped me with the completion of the project especially my parents and peers

who supported me throughout the project.

ASHA SHETTIYAR



EXECUTIVE SUMMARY

Money Back Insurance Policies help us to plan our finances in a very systematic

way by guaranteeing a regular flow of income at fixed stages in our lives. Byproviding an insurance cover, a regular income, tax benefits and bonuses, Money

Back Plans serve as a secure and safe investment decision. These plans are very

good for conservative investors who are looking for good returns but with an

element of guarantee and above mentioned benefits.

A Money Back Insurance Policy can be used effectively to plan for your child's

higher education or marriage, purchase a car or even to pay the down-payment for

your dream house. By investing small amounts every year, you can be rest assured

that you will receive a large sum of money every 5 years. It works like your small

piggy bank in which you keep making small investments.

These plans at times also offer Guaranteed Additions and Annual Bonuses

which add to the money back amount every year. All these benefits, along with the

Tax Benefits make it a great insurance + investment tool to have in your portfolio.



INDEX

SR NO CHAPTER NAME PAGE

NO

1 INTRODUCTION OF INSURANCE

2 NEED FOR LIFE INSURANCE

3 CLASSIFICATION OF LIFE INSURANCE

POLICIES

4 INTRODUCTION OF MONEY BACK POLICY

5 MONEY BACK POLICY OF LIFE INSURANCE

CORPORATION

6 MONEY BACK POLICY OF RELIANCE LIFE

INSURANCE LIMITED

7 COMPARATIVE STUDIES BETWEEN LIC

AND RELIANCE INSURANCE

8 CONCLUSION

9 BIBLIOGRAPHY



1.2 Advantages of Life Insurance

Life Insurance provides the dual benefits of savings and security. The following

benefits explain why this investment tool should be an integral part of your

financial plans.

Risk Cover - Life today is full of uncertainties; in this scenario Life

Insurance ensures that your loved ones continue to enjoy a good quality of

life against any unforeseen event.

Planning for life stage needs - Life Insurance not only provides for

financial support in the event of untimely death but also acts as a long term

investment. You can meet your goals, be it your children's education, their

marriage, building your dream home or planning a relaxed retired life,

according to your life stage and risk appetite. Traditional life insurance

policies i.e. traditional endowment plans, offer in-built guarantees and

defined maturity benefits through variety of product options such as Money

Back, Guaranteed Cash Values, Guaranteed Maturity Values.

Protection against rising health expenses - Life Insurers through riders or

stand alone health insurance plans offer the benefits of protection against

critical diseases and hospitalization expenses. This benefit has assumed

critical importance given the increasing incidence of lifestyle diseases andescalating medical costs.

Builds the habit of thrift - Life Insurance is a long-term contract where as

policyholder, you have to pay a fixed amount at a defined periodicity. This

builds the habit of long-term savings. Regular savings over a long period



ensures that a decent corpus is built to meet financial needs at various life

stages.

Safe and profitable long-term investment - Life Insurance is a highly

regulated sector. IRDA, the regulatory body, through various rules and

regulations ensures that the safety of the policyholder's money is the primary

responsibility of all stakeholders. Life Insurance being a long-term savings

instrument, also ensures that the life insurers focus on returns over a long-

term and do not take risky investment decisions for short term gains.

Assured income through annuities - Life Insurance is one of the bestinstruments for retirement planning. The money saved during the earning

life span is utilized to provide a steady source of income during the retired

phase of life.

Protection plus savings over a long term - Since traditional policies are

viewed both by the distributors as well as the customers as a long term

commitment; these policies help the policyholders meet the dual need of

protection and long term wealth creation efficiently.

Growth through dividends - Traditional policies offer an opportunity to

participate in the economic growth without taking the investment risk. The

investment income is distributed among the policyholders through annual

announcement of dividends/bonus.

Facility of loans without affecting the policy benefits - Policyholders have

the option of taking loan against the policy. This helps you meet your

unplanned life stage needs without adversely affecting the benefits of the

policy they have bought.



Tax Benefits-Insurance plans provide attractive tax-benefits for both at the

time of entry and exit under most of the plans.

Mortgage Redemption- Insurance acts as an effective tool to cover

mortgages and loans taken by the policyholders so that, in case of any

unforeseen event, the burden of repayment does not fall on the bereaved

family.

1.3Disadvantages of Life Insurance Policies

The life insurance policies have a few disadvantages listed as follows. They

are

A) Incompetent Personnel and facilities in the industry

Not all insurance companies are equipped enough to provide the consumers

with life insurance policies they actually require. Many Insurance

corporations have emerged after realizing the vast market potential and the

untapped new segment. These companies are by and large interested in

making huge profits rather than helping the general public with insurance. In

the process they hire unskilled people and provide poor infrastructural

facilities.

The insurance companies do not make use of modern methods to find the

value of loss of goods insured .This alarming trend seen even in somedeveloped countries is poised to stunt the growth of insurance industry.

However with the advent of globalization multinational corporations have

been constantly acquiring and merging with these companies. They are



therefore able to provide the necessary impetus and remove this setback

though not to the full extent.

B) Lack of Consumer Awareness

The ultimate consumer is still not aware of life insurance policies. The level

of his understanding is not sufficient. This is partly because of the reason

said above. Some of the domestic companies don't have the technical

expertise to implement the latest practices.

Moreover the services of insurance agents could sometimes do more bad

than good. Some of them try to convince their clients to invest more or to

choose certain policies which are not much beneficial to the clients. A

person will find himself in trouble if he invests more than what is actually

required. Since some agents indulge in unethical practices, this has led to

wrong mindsets among general public about insurers.

The number of advantages outnumbers the disadvantages. Life insurance is a

savings option that helps the individuals, general public, business houses and

the nation at large. It is therefore a wise move to choose a life insurance

policy. The consumer has to gather life insurance information before

choosing a particular policy.



CHAPTER 2

NEED FOR LIFE INSURANCE

Today, there is no shortage of investment options for a person to choose from.

Modern day investments include gold, property, fixed income instruments,

mutual funds and of course, life insurance. Given the plethora of choices, it

becomes imperative to make the right choice when investing your hard-earned

money. Life insurance is a unique investment that helps you to meet your dual

needs - saving for life's important goals, and protecting your assets.

Today insurance has become even more important due to the disintegration of

the prevalent joint family system, a system in which a number of generations

co-existed in harmony, and a system in which a sense of financial security was

always there as there were more earning members. Times have changed and the

nuclear family has emerged. Apart from other pitfalls of a nuclear family, a

high sense of insecurity is observed in it today besides, the family has shrunk.Needs are increasing with time and fulfillment of these needs is a big question

mark.

How will you be able to satisfy all those needs? Better lifestyle, good

education, your long desired house. But again - you just cannot fritter away all

your earnings. You need to save a part of it for the future too - a wise decision.

This is where insurance helps you.

Factors such as fewer number of earning members, stress, pollution, increased

competition, higher ambitions etc are some of the reasons why insurance has

gained importance and where insurance plays a successful role. Insurance

http://www.iciciprulife.com/public/Life-plans/Plan-Life-need.htm




provides a sense of security to the income earner as also to the family. Buying

insurance frees the individual from unnecessary financial burden that can

otherwise make him spend sleepless nights. The individual has a sense of

consolation that he has something to fall back on.

From the very beginning of your life, to your retirement age insurance can take

care of all your needs. Your child needs good education to mould him into a

good citizen. After his schooling he needs to go for higher studies, to gain a

professional edge over the others - a necessity in this age where cut-throat

competition is the rule. His career needs have to be fulfilled.

Insurance is a must also because of the uncertain future adversities of life.

Accidents, illnesses, disability etc are facts of life which can be extremely

devastating. Other than the hospitalization, medication bills these may run up

it’s the aftermath of the incident, the physical well being of the individual that

has to be taken into consideration. Will the individual be in a position to earn as

before? A pertinent question. But what if he is not? Disability can be taken care

of by insurance. Your family will not have to go through the grind due to your

present inability. Moreover,retirement, an age when every individual has almost

fulfilled his responsibilities and looks forward to relaxing can be painful if not

planned properly. Have you considered the increasing inflation and taxes? Will

your investment offer you attractive returns under such circumstances? Will it

take care of your family after you? An insurance policy will definitely take care

of these and a lot more.

Insurance today has opened up new vistas for every section of society. Even for

the village farmer insurance holds a lot of potential. Considering how

dependent our agricultural system is on the monsoon, the farmer sees a dim



future. The uncertainty of the monsoon too can be taken care of by insurance.

Looking at the advantages of an insurance policy a number of farmers have

gone in for insurance. Insurance has become a necessity today. It provides

timely financial as also rewards with bonuses.

Life insurance is the only investment option that offers specific products tailor

made for different life stages. It thus ensures that the benefits offered to the

customer reflect the needs of the customer at that particular life stage, and

hence ensures that the financial goals of that life stage are met.

The table below gives a general guide to the plans that are appropriate for

different life stages.

Life Stage Primary Need Insurance Product

Young & Single Asset Protection Wealth Creation Plans

Young & Just Married Asset Creation &

Protection

Wealth Creation &

Mortgage Plans

Married with kids Children’s Education,

Asset Creation &

Protection

Education Insurance,

Mortgage protection &

Wealth creation plans



2.1LIFE INSURANCE

(a)Contract of Insurance:

A contract of insurance is a contract of utmost good faith technically known as

uberrima fides. The doctrine of disclosing all material facts is embodied in this

important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the

proposal form are correctly answered. Any misrepresentation, non-disclosure or

fraud in any document leading to the acceptance of the risk would render the

insurance contract null and void.

(b)Protection:

Savings through life insurance guarantee full protection against risk of death of the

saver. Also, in case of demise, life insurance assures payment of the entire amount

assured (with bonuses wherever applicable) whereas in other savings schemes,

only the amount saved (with interest) is payable.

(c)Aid to Thrift:

Life insurance encourages 'thrift'. It allows long-term savings since payments can

be made effortlessly because of the 'easy installment' facility built into the scheme.

(Premium payment for insurance is monthly, quarterly, half yearly or yearly).

Middle aged with grown

up kids

Planning for retirement

& Asset protection

Retirement Solutions &

Mortgage protection

Across all life stages Health plans Health Insurance



For example: The Salary Saving Scheme popularly known as SSS provides a

convenient method of paying premium each month by deduction from one's salary.

In this case the employer directly pays the deducted premium to LIC. The Salary

Saving Scheme is ideal for any institution or establishment subject to specified

terms and conditions.

(d)Liquidity:

In case of insurance, it is easy to acquire loans on the sole security of any policy

that has acquired loan value. Besides, a life insurance policy is also generally

accepted as security, even for a commercial loan.

(e)Tax Relief:

Life Insurance is the best way to enjoy tax deductions on income tax and wealth

tax. This is available for amounts paid by way of premium for life insurance

subject to income tax rates in force. Assesses can also avail of provisions in the

law for tax relief. In such cases the assured in effect pays a lower premium for

insurance than otherwise.



CHAPTER 2

CLASSIFICATION OF LIFE INSURANCE POLICIES

Life Insurance

Products in India

On the basis of

Duration of

policy On the basis of

methods of

premium

payment

On the basis of

partition in

profits On the basis of

number of

lives covered On the basis of

sum assured



2.1 ON THE BASIS OF DURATION OF POLICY

(a) Whole Life Policies:

Under this policy the premium is payable for 35 years or till age go whichever is

more the policies where the premium is payable throughout the life of the assured

is called the whole Life whole Term policy. This is the cheapest policy because the

premium rate is lower. It is useful to the dependant of the assured against his/her

death and to provide for payment of Estate Duty.

(b) Limited Payment Whole Life Policies:

The policy where the premium is payable is limited to a certain period is called as

Limited Payment Whole Life Policy. Under this plan, the premium rate is higher.

Premiums are payable for a selected period of years or on the death of the assured

whichever occurs earlier. This is suitable form of life assurance for family

provisions.

(c) Convertible Whole Life Policy:

This policy is issued by the corporation on the basis of duration. The basic

object of this policy is to convert a Term Assurance Policy into Whole Life

Endowment Assurance Policy without having further medical examinations of

the assured. The rate of premium and terms and conditions are the same as

applicable to the new policy. If the policy is converted into an endowment

assurance with profits from the date of conversion, and the bonuses will be at the

rate applicable to Endowment assurance. If the policy is covered into an

endowment Assurance without profits, the policy is not entitled to any bonus.



2.2 ON THE BASIS OF TERM INSURANCE POLICIES

This policy provides the protection of death risk cover. Term Insurance policies

issued usually for a short period are treated as temporary contracts. Term assurance

provides for payment only in the event of life dropping before a certain date or age.

This type is frequently adopted as collateral security for a loan.

(a) Temporary Assurance Policy:

This policy is issued by the Corporation on the basis of Term insurance policy.

This plan is designed to cover the risk against life assured for a period of less than

two years. The sum assured will be payable only in the event of the life assureds’

death occurring within the selected period from the commencement of the policy.

A single premium is required to be paid at the outset. Rates are fixed where of per

thousand sum assured are given alongside.

(b) Renewable Term Policies:

Renewable Term policies are issued on the basis of term of assurance. This plan of

assurance is renewable at the end of the selected term for an additional term period

without having to undergo fresh medical examination. Premiums are usually

quoted according to the age attained at the time of renewal.

(c) Convertible Term Policies:

This plan of assurance is designed to meet the needs of those options to convert

into Whole Life or Endowment Assurance Policy. Premiums are payable for

selected terms of years or until death if it occurs within this period, but they may

be limited to a shorter term of years, is so desired. The sum assured shall be

payable only in the event of death of the life assured or at the end of maturity

period whichever is earlier. The main object of this policy, provided it is in full

force, this plan, has an option to convert the policy, provided it is in full force,

into either a Limited Payment Life Policy or an Endowment Assurance Policy



without having to undergo fresh medical examination, at any time during the

specified term except the last two years.

2.3 ON THE BASIS OF ENDOWMENT POLICIES

This is a popular policy issued by the Life insurance Corporation of India the basic

objective is that the policy for the sum assured becomes matured on the policy

holder’s death or on his attaining a particular age whichever is earlier. The period

for which the policy is taken is called as Endowment period. The premium under

this policy is a little higher as compared with terms assurance. This policy is a

useful to the family in case if a sudden death of the policy holder.

Endowment policies are of many types. The important endowment policies are

discussed below:

(a) Pure Endowment Policy:

Under Pure endowment policy the sum assured is payable on the policy

holder surviving to the maturity date. The sum assured is payable in the event of

death within the term of policy. In the event of death in the first and the second

year of policy the benefit will be limited to 80% and 90% of the premium paid

respectively. This is the best form of life assurance for adult and child. The basic

aim of this policy is not only providing protection against risk of death but also

encouraging investments.

(b) Ordinary Endowment Policy:

This policy provided a fund of family provision and investment. The sum assured

is payable to the policy holder for a specific term of years either on the assured

death or on his survival to the stipulated term i.e. until the maturity date. Premiums

are payable throughout the life time of the assured.

(c) Joint Endowment Policy:



This policy is designed to cover the risk on the two or more lives under a single

policy. The sum assured shall becomes payable on the maturity of the policy or on

death of either of the two lives assured whichever is earlier. This policy is useful to

partners of a firm and for husband and wife in a family. Partnership firms usually

go in for such policies to provide for the return of the capital of the deceased

partner.

d) Double Endowment Policy:

Under this policy, premium is payable throughout the life term of the assured or for

a selected period of years or until prior death of the life assured. This is the best

form of life assurance; the insurer agrees to pay the assured double the amount of

the insured sum on the expiry of the term or on the death of the life assured

whichever is earlier.

(e) Fixed Term (Marriage) Endowment policy

This plan is designed to meet the needs of the provision relating to marriage of any

one of the family members of the policy holder. Under this plan the sum assured

together with profits shall be payable at the end of the maturity or on the death of

the life assured whichever is earlier. Premiums are payable for the selected terms

of the policy or till death of the life assured if it occurs during the selected term.

(f) Educational Annuity Policy:

This plan provides for a sum assured to be kept aside to meet the educational

expenses of children. Under this plan, the sum assured together with profits is

payable to the insured at the end of the selected term either in a lump sum or in ten

half yearly installments at the option of the life assured/nominee/beneficiary.

Premiums are payable for the selected term of the policy or till death of the life



assured if it occurs during the selected terms. This policy will be issued to persons

aged not less than 18 years and not more than 60 years at entry. The policies will

be issued for minimum terms of 5 years and maximum term of 25 years subject to

maturity age of 70 years. The minimum term of 25 years subject to maturity age

of 70 years. The minimum sum assured under this plan will be Rs. 10,000/-.

(g) Triple Benefit Policy:

This plan is most suitable for housing loan purpose. Under this plan benefits

availing the policy holders on death of the life assured during the term of the policy

is thrice the basic sum payable or on survival to the date of maturity, only the basic

sum assured is payable. Premiums are payable for the selected term of the policy or

till prior death of the life assured. As per the method of calculation, paid up value

will be the same as a Whole Life limited payment and a Pure Endowment Policy.

(h) Anticipated Endowment Policy:

Under this policy the sum assured will be payable on the basis of half of the sum

assured paid before the death of the policy holders and the balance of the sum

assured is payable at the end of the maturity date. In the event of death of the

assured before the attainment of the term period, full lump sum assured amount is

payable to the policy holder. Premiums are payable during the selected term or till

death if earlier.

(I)Multi Purpose Policy:

This form of life insurance not only makes provision for the family of life assured

in the event of his death but also to meet the needs of a person in old age .It is also

useful to meet the expenses relating to family and provision for education and

marriage of his children. Premiums are payable during selected period of years or

until prior death of the life assured. Several purposes are fulfilled under one single

policy which is called Multi Purpose Policy.



(J) Children’s Deferred Endowment assurance:

This policy is designed to meet the expenses relation to children’s education and

marriage. Policies under this plan are issued on lives of both male and female

children who have not completed 18 years. This is an Endowment Assurance

Policy; it provides the protection of risk from the date of the commencement of

policy or from the deferred date to the date on which the policy emerges as claimed

by the death of child or its survival to a stipulated date. This is the cheapest form of

life insurance because of low rate of premium. The main object of this policy is to

cover the risk against the life of children on behalf of their parents and guardian.

2.4 ON THE BASIS OF PREMIUM OF PAYMENT

The following important policies are issued by the Corporation on the basis of

premium payment.

a) Single Premium Policy:

Single Premium Policy is useful to those who desire to provide the whole premium

in one installment at the time of taking the policy. Single premium policy becomesmatured on the assured death or on his attainment of selected term whichever

occurs earlier.

b) Level Premium Policy:

Unlike Single Premium Policy, under this policy premiums are payable on a

regular basis for a selected term or till prior death. It is useful to those persons

having regular earnings. Premium is lesser as compared to a single premium

policy. The sum assured becomes payable if the assured reaches a particular age on

the assureds’ death whichever is earlier.



2.5 ON THE BASIS OF PARTICIPATION OF PROFITS

Policies issued on the basis of Participation in profits are discussed below:

(a) With Profit Policies (or) participating policies:

With Profit policies are also termed as Participating Policies. Unlike non-

participating Policies, participating policy holders are entitled to get the share of

profits or bonus or benefits or paid up facilities as per the terms and conditions of

the Corporation. The sum assured with profits shall become payable to the insured

at the end of the maturity or in the event of death of earlier.

(b) Without profit Policies (or) Non-Participating Policies:

Under this policy, sum assured will become payable without any paid up facilities

to the insured at the end of the selected term or on the death of life assured if

earlier.

2.6 ON THE BASIS OF THE NUMBER OF PERSONS ASSURED

Important policies on the basis of Number of Persons assured are discussed below:

(a) Single Life Policies:

This policy is designed on the basis of number of persons assured. Single Life

policy covers the risk on one individual; it may be issued on one’s own life or on

an others life. The Policy amount is payable to the insured on attaining a selected

term or on death of the life assured whichever is earlier.

(b) Multiple Life Policies:

Multiple Life Policies is a policy issued on the basis of the number of persons

assured. The Multiple Life Policies may be Joint Life Policy covers the risks of

more than two individuals. The sum assured is payable at the time of maturity or

on the event of the death of the first assured whichever is earlier. This policy is



useful to partners of a firm or on lives of husband and wife of a family. Under Last

Survivorship Policy, the sum assured shall be payable at the last death of assured

or on the attaining a selected term if earlier.

2.7 ON THE BASIS OF METHODS OF PAYMENT OF POLICY AMOUNT

On the basis of Methods of Payment of Policy amount, the policy may be

1. Lump Sum Policies

2. Installments (Or) Annuity Policies.

(1) Lump Sum Policies:

Lump Sum policies are designed by the corporation on the basis of methods of

payment of policy amount. Under this policy the sum assured shall be payable in a

lump sum to the policy holders at the end of the maturity date or on the assureds’

death whichever is earlier.

(2) Installments (or) Annuity Policies:

This is a plan of assurance designed to provide a large amount of risk cover on

payment of a premium which is comparatively a small amount. Under this policy

the full amount is not payable in lump sum but the insured amount is payable to the

assured by periodical installments for a selected period of terms or till the death of

the assured.

2.8 OTHER POLICIES

(a) Money Back Policy:

This type of policy provides money back at regular intervals before the policy

expires. For example, on a 15 years policy, one gets 20 % of the sum assured after

5 years, another 20% on the expiry of another five years and the balance at the end



of 15 years. In case death of assured occurs during the 2 years, the full sum assured

is paid irrespective of installments already paid. Thus the policy gives the money

in hand plus insurance cover. Premium are payable for the selected term of years or

till death if it occurs within that period. The bonus additions to the policy will be

reckoned on the full sum assured and are payable at the end of the selected term of

years or at the life assureds’ death, if earlier. No loan will be granted under this

policy.

(b) Sinking Fund Policy:

Such a policy is taken with a view of providing for the payment of liability or

replacement of an asset



CHAPTER 4

MONEY BACK POLICY

Money back policies are one of the most traditional insurance cum investment

policies and have been widely promoted and distributed by the insurance

companies. Unlike a regular endowment plan, where the policy amount (sum

assured) is receivable either on death or at the end of the policy term, money back

policies ensure that the survivor receives a certain percentage of sums assured

regularly during the term of the policy. This ensures periodic cash inflows in the

hands of the survivor to meet various financial needs that might crop up with time.

The unique selling point (USP) of this product however lies in the fact that in the

event of the unfortunate death of the insured, the nominee shall be eligible to

receive the entire sum assured irrespective of the payments already made as

'money back' . To simplify this USP, assume a 30-year old youth with a money-

back policy of Rs 10 lakh for a period of 20 years. Now assuming a 20% pay-out

(of the sum assured) every five years, this individual would have received Rs 6

lakh by the end of the fifteenth year, with the remaining Rs 4 lakh to be received

on maturity. But if the individual dies before the end of the 20th year, the nominee

shall be entitled to the entire sum assured of Rs 10 lakh, resulting in total pay-out

of Rs 16 lakh by the insurance company.

Sounds interesting, really, but probably for those who wish or plan to die early in

life leaving their wealth for their heirs to enjoy! And for those who are in no hurry

to meet the 'Yamraj' , a little pondering and analysis of the premiums payable on

money back plans would help to structure their prospective investments.



Money back policies are probably one of the costliest traditional insurance

products available in the market. And this is obviously because the insurance

companies are unable to milk the premiums received by them for the entire

investment tenure. To have a gist of the cost structure of a money back policy - a

simple 20 year money back policy from LIC calls for a premium of over Rs 6,300

per one lakh sum assured for a healthy individual aged 30 years as against Rs

4,900 charged by a pure endowment plan. A term plan, on the other hand, shall be

available at 1/20th of this cost.

Thus, though money back plans are usually promoted as schemes taking care of

both insurance and investment needs of the insured, a deeper look into these

schemes is bound to unsettle the investors. An ETIG study of 10 popular money

back policies reveals that the sum total of premiums paid during the entire policy

tenure are either higher than or equal to the total receivables from these schemes.

This is despite the fact that most of these schemes promise guaranteed additions

upon maturity.

Benefits of money back life insurance policy

Money back life insurance policies rank high on the popularity chart. And for good

reason: they offer dual benefits of insurance and redemption of money at regular

intervals.

But little do people realize that they pay more towards premium amount in

comparison to a term policy. Here's a lowdown on what it takes to buy a money

back policy and the issues involved.



FIRST THINGS

According to life insurers, money back policies fit perfectly in the scheme of

things of traditional investors who seek financial instruments that provide

insurance and investment, with a low risk element and guaranteed returns.

In other words, the plan is meant for individuals who require money at certain

intervals in their lifetime to meet fixed long and short-term financial needs (buying

a house or car, vacations abroad).

"Unlike ordinary endowment insurance plans where the survival benefits are

payable only at the end of the endowment period, it provides for periodic payments

of partial survival benefits during the term of the policy, of course as long as the

policy holder is alive," chief distribution and marketing officer, Bharati AXA Life

Insurance.

What makes these products even more attractive is that in the event of death of the

policyholder at any time during the policy term, the death benefit is the full sum

assured without deducting any of the survival benefit amounts, which may have

already been paid as money back components.

"Similarly, the bonus is also calculated on the full sum assured," he adds. Amitabh

Singh, partner, global tax advisory services, Ernst & Young India believes it is a

good safety net for individuals who are in their late 30s or early 40s and are

looking at significant payouts after 10-15 years to fund their children's higher

education, marriage and other expenses.



"It creates a long-term savings opportunity with a reasonable rate of return,

especially since the payout is considered exempt from tax except under specified

situations," he says.

READ THE FINEPRINT

Before buying a money back plan, insurance advisors recommend that you should

carefully check out the actual amount allocated towards the premium, how much of

it is going to be accumulated and how much is the insurance company's charges.

The most crucial aspect, they believe, is reading the terms and conditions

thoroughly and understanding each clause well.

"Also, you should make sure that the periodic payouts are sound enough to meet

your anticipated needs. It is also beneficial to analyze the past performance in

terms of declared bonuses. Though the past is not necessarily an indication of

future performance, it gives a fair idea of the insurance company's commitment to

its policy holders, head, marketing, HDFC Standard Life Insurance.

HDFC Standard Life's money back policy provides additional optional benefits

such as critical illness benefits, additional term benefit, accidental death benefit

and waiver of premium benefit.

Singh points out that an enquiry on the minimum number of years for which the

premium is to be paid to keep the policy alive, is also a must check.

"The tax benefits on the survival benefits may not be available under certain

circumstances for example where the premium in any year exceeds 20% of the sum



assured. You should watch out for these pitfalls since tax benefits are key to the

attractiveness of this policy," he says.

THE FLIPSIDE

One of the primary disadvantages, insurance advisors feel, with money back

policies is its low rate of return, when compared to market-linked insurance-cum-

investment products.

Also, while on the one hand, payout intervals are fixed and helpful for crucial life

stage planning, on the other, you don't have the flexibility to increase or decrease

premiums and have a choice of sum assured to suit growing incomes and lifestyle.

"You don't have the freedom to change the payout intervals. In case of surrender as

well, it offers low paid-up value. For those who like to ascertain the charges of

their investment products, it may not be the right choice as it is not disclosed to the

policyholder,"



CHAPTER 5

LIFE INSURANCE CORPORATION

Life Insurance Corporation of India (LIC) is the largest state-owned insurance

group in India, and also the country’s largest investor. It is fully owned by the

Government of India. It also funds close to 24.6% of the Indian Government

expenses. It has assets estimated of 13.25 trillion (US$291.5 billion). It was

founded in 1956 with the merger of 243 insurance companies and provident

societies.

Headquartered in Mumbai, financial and commercial capital of India, the life

insurance corporation of India currently has 8 zonal offices and 133 divisional

office located in different parts of India, around 3500 servicing office including

2048 branches, 54 Customer zones, 25 Metro Area Service Hubs and number of

Satellite Offices located in different cities and towns of India and has a network of

1337064 individual agents, 242 Corporate Agents, 79 Referral Agents, 98 Brokers

and 42 Banks (as on 31.3.2011) for soliciting life insurance business from the

public.

Money Back Policy of LIC (The Money Back policy – 25years)

Unlike ordinary endowment insurance plans were the survival benefits are payable

only at the end of endowment period, this scheme provide for periodic payments of

partial survival benefits as follows during the term of the policy, of course so long

has the policy holder is alive.

For a money back policy of 25 years 15% of the sum assured becomes payable

each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus

become payable at the 25th year.



An important feature of this type of policies is that in the event of death at anytime

within the policy term, the death claim comprises full sum assured without

deducting any of the survival benefit amounts, which have already been paid.

Similarly, the bonus is calculated on the full sum assured.

INTRODUCTION

Insurance Regulatory & Development Authority (IRDA) requires all life insurance

companies operating in India to provide official illustrations to their customers.

The illustrations are based on the investment rates of return set by the Life

Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938)

and is not intended to reflect the actual investment returns achieved or may be

achieved in future by Life Insurance Corporation of India (LIC).

For the year 2004-05 the two rates of investment return declared by the Life

Insurance Council are 6% and 10 % per annum.

Product Summary

These are Money Back type assurance plans that provide financial protection

against death throughout the term of plan along with the periodic payments on

survival at specified duration during the term.

Premiums:

Premiums are payable yearly, half-yearly, quarterly, monthly or through salary

deductions as opted by us throughout the term of the policy, or still the earlier

death.

Bonuses:

This is a with profit plan and participate in the profit of the corporation’s life

insurance business. It gets a share of the profits in the form of bonuses. Simple



Reversionary Bonuses are declared per thousand sum assured annually at the end

and of each financial year. Once declared, they form part of the guaranteed benefits

of the plan. Final (Additional) Bonus may also be payable provided policy has run

for certain minimum period.

Death Benefit:

The sum assured plus all bonuses to date is payable in a lump sum upon the death

of the life assured during the policy term irrespective of the survival

benefit/benefits paid earlier.

Survival Benefits:

The percentage of Sum Assured as mentioned below will be paid on survival to the

end of specified durations:

% of Sum Assured paid at the end of

specified duration

Duration Plan

75 93

5 20% 15%

10 20% 15%

15 20% 15%

20 40% 15%

25 - 40%



All bonuses declared up to the maturity date will also be paid along with the final

survival benefit.

Supplementary/Extra Benefit:

These are the optional benefits that can be added to your basic plan for extra

protection/option. An additional premium is required to be paid for these benefits.

Surrender value:

Buying a life insurance contract is a long-term commitment. However, surrender

values are available under the plan on earlier termination of the contract.

Guaranteed Surrender Value:

The policy may be surrendered after it has been in force for 3 years or more. The

guaranteed surrender value is 30% of the basic premiums paid excluding the first

year’s premium and all survival benefits paid earlier.

Corporation’s policy on surrenders:

In practice, the Corporations will pay a Special Surrender Value-which is either

equal to or more than the Guaranteed Surrender Value. The benefit payable on

surrender is the discounted value of the reduced claim amount that would be

payable on the death or at maturity. The value will depend on the duration for

which premiums have been paid and the policy duration at the date of surrender. In

some circumstances, in case of early termination of the policy, the surrender value

payable may be less than the total premiums paid.

The Corporation reviews the surrender value payable under its plans from time to

time depending on the economic environment, experience and other factors.



Note:

The above is the product summary giving the key features of the plan. This is for

illustrative purpose only. This does not represent a contract and for details please

refer to your policy document.

Plan/ Term 75/ 20 Years 93/ 25 Years

At the end of

5 years20% 15%

At the end of

10 years20% 15%

At the end of 15 years

20% 15%

At the end of

20 years

balance 40% +

bonus15%

At the end of

25 yearsNIL

balance 40% +

bonus

Statutory warning:

“Some benefits are guaranteed and some benefits are variable with returns based

on the future performance of your insurer carrying on life insurance business. If

your policy offers guaranteed returns then these will be clearly marked

“guaranteed” in the illustrations table in this page.If your policy offers variable

returns then the illustrations on this page will show two different rates of assumed

future investment returns. These assumed rates of return are not guaranteed and

they are not the upper or lower limits of what you might get back as the value of

your policy is dependent on a number of factors including future investment

performance.”



Illustration 1:

Age at Entry: 35 years

Policy Term: 20 years

Mode of premium payment: Yearly

Sum Assured: Rs 100000/-

Annual Premium: Rs 6564/-

End

of

year

Total

premiums

paid till

end of

year

Benefit on Death during the year (Rs.)

Guaranteed

Variable Total

Scenario

1

Scenario

2

Scenario

1

Scenario 2

1 6564 100000 2400 4800 102400 104800

2 13128 100000 4800 9600 104800 109600

3 19692 100000 7200 14400 107200 114400

4 26256 100000 9600 19200 109600 119200

5 32820 100000 12000 24000 112000 124000

6 39384 100000 14400 28800 114400 128800

7 45948 100000 16800 33600 116800 133600

8 52512 100000 19200 38400 119200 138400

9 59076 100000 21600 43200 121600 143200

10 65640 100000 24000 48000 124000 148000

15 98460 100000 36000 72000 136000 172000

20 131280 100000 48000 96000 148000 196000

End

of

year

Total

premiums

paid till

end of

year

Benefit on survival / maturity at the end of year

Guaranteed

Variable Total

Scenario

1

Scenario

2

Scenario

1

Scenario

2

1 6564 0 0 0 0 0



9 59076 0 0 0 0 0

10 65640 20000 0 0 20000 20000

15 98460 20000 0 0 20000 20000

20 131280 40000 53000 106000 93000 146000



Illustrations 2:

Age at Entry: 35 years

Policy Term: 25 years

Mode of premium payment: Yearly

Sum Assured: Rs 100000/-

Annual Premium: Rs.5507/-

End

of

year

Total

premiums

paid till

end of

year

Benefit on Death during the year (Rs.)

Guaranteed

Variable Total

Scenario

1

Scenario

2

Scenario

1

Scenario

2

1 5507 100000 2700 4800 102700 105800

2 11014 100000 5400 9600 105400 111600

3 16521 100000 8100 14400 108100 117400

4 22028 100000 10800 19200 110800 123200

5 27535 100000 13500 24000 113500 129000

6 33042 100000 16200 28800 116200 134800

7 38549 100000 18900 33600 118900 140600

8 44056 100000 21600 38400 121600 146400

9 49563 100000 24300 43200 124300 152200

10 55070 100000 27000 48000 127000 158000

15 82605 100000 40500 72000 140500 187000

20 110140 100000 54000 116000 154000 216000

25 137675 100000 67500 145000 167500 245000



End

of

year

Total

premiums

paid till

end of

year

Benefit on survival / maturity at the end of year

Guaranteed

Variable Total

Scenario

1

Scenario

2

Scenario

1

Scenario

2

15507 0 0 0 0 0

2 11014 0 0 0 0 0

3 16521 0 0 0 0 0

4 22028 0 0 0 0 0

5 27535 15000 0 0 15000 15000

6 33042 0 0 0 0 0

7 38549 0 0 0 0 0

8 44056 0 0 0 0 0

9 49563 0 0 0 0 0

10 55070 15000 0 0 15000 15000

15 82605 15000 0 0 15000 15000

20 110140 15000 0 0 15000 15000

25 137675 40000 74500 161000 114500 201000



This illustration is applicable to a non-smoker male/female standard (from medical,

life style and occupation point of view) life.

The non-guaranteed benefits (1) and (2) in above illustration are calculated so that

they are consistent with the Projected Investment Rate of Return assumption of 6%

p.a (Scenario 1) and 10% p.a (Scenario) respectively. In other words, in preparing

this benefit illustrations, it is assumed that the Projected Investment Rate of Return

that LICI will be able to earn throughout the term of the policy will be 6% p.a or

10% p.a , as the case may be. The Projected Investment Rate of Return is not

guaranteed.

The main objective of the illustration is that the client is able to appreciate the

features of the product and the flow of benefits in different circumstances with

some level of qualification.

Future bonus will depend on future profit and as such is not guaranteed. However,

once bonus is declared in any year and added to the policy, the bonus so added is

guaranteed.



CHAPTER 6

RELIANCE LIFE INSURANCE LIMITED

Reliance Life Insurance offers you products that fulfill your savings and protection

needs. Our aim is to emerge as a transnational Life Insurer of global scale and

standard.

Reliance Life Insurance Company Limited is a part of Reliance Capital, under

Reliance Group. Reliance Capital is one of India's leading private sector financial

services companies, and ranks among the top 3 private sector financial services

and banking companies, in terms of net worth. Reliance Capital has interests in

asset management and mutual funds, stock broking, life and general insurance,

proprietary investments, private equity and other activities in financial services.

Reliance Group also has presence in Communications, Energy, Natural Resources,

Media, Entertainment, Healthcare and Infrastructure.

Key Features

Easy Liquidity - Get periodic cash flows at the end of the fourth year and

thereafter at the end of every three years

Wealth creation through bonus additions

On maturity, receive accumulated bonuses along with final lump sum

payout

More value for your money by way of High Sum Assured Rebate

Full Sum Assured plus bonuses in case of your unfortunate death. This is

over and above the Survival Benefits already paid

Option to add three Riders - Reliance Critical Illness Rider, Reliance

Accidental Death & Total & Permanent Disablement Rider & Reliance Life



Insurance Family Income Benefit Rider.

How does this Plan work?

You pay premium every year for the entire term and get Survival Benefits at

periodical intervals as mentioned below. On death, your Beneficiary will get the

full Sum Assured, plus accumulated bonuses, over and above the Survival Benefits

already paid to you.

Benefits

Survival Benefit: Get a percentage of the Sum Assured on the fourth anniversary

and on every third Policy Anniversary till maturity.

Maturity Benefit: On maturity, you get the remaining percentage of the Sum

Assured plus accumulated bonuses.

Life Cover Benefit: In the unfortunate event of loss of life, your Beneficiary will

receive the full Sum Assured plus accumulated bonuses till that date.

Rider Benefit: You also have the option to add two additional benefits to

customize the Policy as per your needs:

a) Reliance Accidental Death & Total & Permanent Disablement Rider

b) Reliance Critical Illness Rider

c) Reliance Life Insurance Family Income Benefit Rider

Reliance Accidental Death & Total & Permanent Disablement Rider

Accidents are unfortunate and sometimes fatal. You can customize your basic

Policy with an Accidental Death Benefit and Total and Permanent Disablement

Rider.

The Accidental Death Benefit is payable if death occurs directly as a result of an

accident and is intimated within 90 days of the occurrence.



The Benefit payable is equal to the Rider Sum Assured. The minimum Sum

Assured is ` 25,000 and the maximum under all Policies taken together is `

50,00,000.

The Total and Permanent Disablement Benefit is payable if the Life Assured

becomes totally and permanently disabled directly as a result of an accident.

The Disablement Benefit is equal to the basic Sum Assured paid in ten equal

annual installments.

Total and Permanent Disablement is defined as the total and irrecoverable loss of

sight of both eyes, or loss by severance of two limbs at or above wrist or ankle,

or total and irrecoverable loss of the sight of one eye and loss by severance of

one limb at or above wrist or ankle for a period of at least six months.

Inbuilt Waiver of Premium

If the Life Assured becomes totally and permanently disabled, then Reliance Life

Insurance will waive all future premiums under the basic Policy and Riders up to a

limit of ` 40,000 p.a.

Accidental Death Benefit & Total & Permanent Disablement Rider

Age at entry 18 years 59 years

Age at expiry 25 years 64 years

Sum assured 25000 5000000 (Basic Policy

Sum Assured subject to a

maximum of 5000000

per life)



Exclusions

The Company will not pay any Accidental Death Claim and Total and Permanent

Disablement Claim which results directly or indirectly from any one or more of

the following:

An act or attempted act of self-injury

Participation in any criminal or illegal act

Being under the influence of alcohol or drugs except under direction of a

registered medical practitioner

Racing or practicing racing of any kind other than on foot, flying or

attempting to fly in, or using or attempting to use, an aerial device of any

description, other than as a fare paying passenger on a recognized airline or

charter service

Participating in any riot, strike or civil commotion, active military, naval, air

force, police or similar service, or

War, invasion, act of foreign enemies, hostilities or war like operations

(whether war be declared or not), civil war, mutiny, military rising,

insurrection, rebellion, military or usurped power or any act of terrorism or

violence

Reliance Critical Conditions Rider

Sudden onset of a major illness causes worries and heavy expenses. Our optional

Critical Conditions Cover helps provide financial relief in such cases. It pays you

the Sum Assured upfront in respect of ten major illnesses.



a) Cancer

b) Coronary Artery Bypass Surgery

c) Heart Attack

d) Stroke

e) Kidney Failure

f) Aorta Surgery

g) Coma

h) Heart Valve Replacement

i) Major Organ Transplant

j) Paralysis

This Benefit can be availed only once against any one of the illnesses and the

Company will not pay the claim if it arises from deliberate self-injury or

attempted suicide by the Life Assured, whether sane or insane. This Benefit will

only be given, if the diseases are confirmed by a Consultant Physician.

Critical Conditions Rider

Age at entry 18 years 55years

Age at expiry 25 years 64 years

Sum Assured 100000 1000000 (Basic Policy

Sum Assured subject to

a maximum of 1000000

per life)

Minimum Policy Term 5



Exclusions

Cancer: Any CIN stage (Cervical Intraepithelial Neoplasia); any pre-malignant

tumour; any non-invasive cancer (cancer in situ); prostate cancer stage 1 (Tla, Ib,

Ic); all skin cancers including malignant melanoma stage IA (Tla NO MO); any

malignant tumour in the presence of any Human Immunodeficiency Virus.

Heart Attack: Non-ST-segment Elevation Myocardial Infarction (NSTEMI)

with elevation of Troponin I or T; other acute Coronary Syndromes.

Stroke: Transient Ischemic Attacks (TIA); neurological symptoms due to

migraine.

Coronary Artery (Bypass) Surgery: Angioplasty and/or any other intra-

arterial procedures; key-hole surgery.

Paralysis: Paralysis due to Guillain -Barre Syndrome.

Waiting and Survival Period

The Company will not pay the Critical Illness Benefit if:

The critical illness begins prior to or within six months of the

commencement date or date of reinstatement of the Benefit - Waiting Period

Death from critical illness takes place within 30 days of the onset of the

same - Survival Period



When & how much of Fixed Benefits paid?

Money Back Survival Benefits paid per 1,000 Sum Assured on survival to the end of year

Term 4 7 10 13 16 19 22 25 28 31 34

7 500 50010 333 333 333

13 250 250 250 250

16 200 200 200 200 200

19 167 167 167 167 167 167

22 143 143 143 143 143 143 143

25 125 125 125 125 125 125 125 125

28 111 111 111 111 111 111 111 111 111

31 100 100 100 100 100 100 100 100 100 100

34 90.9 90.9 90.9 90.9 90.9 90.9 90.9 90.9 90.9 90.9 90.9

Sample Premiums

The tables below illustrate the indicative premiums for an individual Life

Assured across different Sum Assured for a Policy Term of 16, 25 and 31years.

Age/Term

(yrs)

16 25 31

Sum assured :

1 lakh

30 8580 5950 5045

35 8700 6140 5295

40 8905 6445 NA

45 9320 7010 NA



Age/Term

(yrs)

16 25 31

Sum Assured:

3 lakh

30 25440 17550 14835

35 25800 18120 15585

40 26415 19035 NA

45 27660 20730 NA

Age/Term

(yrs)

16 25 31

Sum Assured:5 lakh

30 41900 28750 2422535 42500 29700 25475

40 43525 31225 NA

45 45600 34050 NA

What is the Policy Term?

Minimum Policy Term: 7 years

Maximum Policy Term:34 years

Who can buy this product?

Minimum age at entry: 15 years

Maximum age at entry: 63 years

Minimum age at maturity: 22 years

Maximum age at maturity: 70 years

What is the Sum Assured?

Minimum Sum Assured: ` 25,000

Maximum Sum Assured: No Limit



Savings and accumulation through bonuses

The Company will declare simple reversionary bonus which is payable at maturity

or on death, whichever is earlier.

More value for money - High Sum Assured Rebate

Reliance Cash Flow Plan offers an attractive premium discount for Sum Assured

over and above ` 99,999 as mentioned below. For example, as per the tabular

premium rates, the annual premium for a 30 year old male for a 25 year Policy for

` 5 lakh Sum Assured comes to ` 30,250 before the High Sum Assured Rebate.

After the High Sum Assured Rebate, the premium is ` 28,750.

Sum Assured Range High Sum Assured Rebate

100000-249000 1 per 1000 sum assured

250000-499000 2 per 1000 sum assured

500000-999000 3 per 1000 sum assured

1000000 and above 4 per 1000 sum assured

Can I take a loan against my Policy?

No loan is available under this Policy.

What happens if I discontinue paying premium?

During the first three years, if premiums are not paid within the grace period the

Policy will lapse.

After the first three years if premiums are not paid within the grace period, the



Policy will be made 'Paid-up' and the Sum Assured will be reduced:

Firstly, in the proportion of completed duration to Original Policy Term

Secondly, by the amount of periodic lump sum payments already

made

Any accumulated bonuses attached to this Policy will remain attached in full.

Once this Policy becomes 'Paid-up', no further bonuses are paid. You will receive

the 'Paid-up' Sum Assured plus bonuses on the maturity date of the Policy or in

the event of loss of life. Once the Policy becomes 'Paid-up' no further Survival

Benefits are paid

What if I want to discontinue the Policy?

We provide you the option to surrender your Policy and receive the Surrender

Value. If your Policy has accumulated any bonuses, then you will also receive the

cash value of that total amount upon surrendering your Policy.

Your plan acquires a Surrender Value after three years premium has been paid and

after three years have elapsed from date of commencement of the Policy. We

guarantee a minimum Surrender Value of 30% of the total premiums paid

(excluding any extra premiums and premiums for additional Benefits) subsequent

to the first year premium, less the total of lump sum Survival Benefits already paid

under this Policy. On surrender, the insurance protection provided under the

Policy will also cease.

Can I revive a Policy which is lapsed?

A lapsed Policy can be reinstated for full Benefits anytime before the date of

maturity at terms and conditions required by the Company.



CHAPTER 7

Comparative Studies between LIC and Reliance



CHAPTER 8

CONCLUSION

Today, there is no shortage of investment options for a person to choose from Life

insurance is a unique investment that helps you to meet your dual needs - saving

for life's important goals, and protecting your assets. Life insurance or life

assurance is a contract between the policy owner and the insurer, where the insurer

agrees to pay a sum of money upon the occurrence of the insured individual's or

individuals' death or other event, such as terminal illness or critical illness.

Life policies are legal contracts and the terms of the contract describe the

limitations of the insured events. Money back policies provide for periodic

payments of partial survival benefits during the term of the policy, of course so

long as the policy holder is alive. By buying such policies one can receive income

at regular intervals other than the risk cover it provides.

Though there is monopoly of LIC in the life insurance industry a decade ago but

with the emerging of new private players like RELIANCE LIFE INSURANCE

there is a tough competition face by the LIC nowadays. Due to privatization more

and more companies are moving towards providing life insurance and variety of

products has been introduced by these companies. Due to this a customer has

variety of choice to select the appropriate life insurance policy and maximum

benefits can be availed. The policies in RELIANCE LIFE INSURANCE are

providing additional benefits than the other companies.



http://en.wikipedia.org/wiki/Insurance

http://en.wikipedia.org/wiki/Death

http://en.wikipedia.org/wiki/Death

http://en.wikipedia.org/wiki/Insurance



asha final project

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