compt ankit comprehensive study on consumer perception in hdfc slic and indian life insurance sector

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    SUMMER TRAINING PROJECT REPORT

    ON

    COMPREHENSIVE STUDY ON CONSUMER PERCEPTION IN

    HDFC SLIC AND INDIAN LIFE INSURANCE SECTOR

    PROJECT REPORT SUBMITTED IN THE PARTIAL FULFILLMENTOF THE REQUIREMENT THE AWARD FOR THE OF BACHELOR

    OF BUSINESS ADMINISTRATION [BBA (B&I)]TO

    GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY

    SUBMITTED BY

    DIVYAENROLLMENT NO.03761101810

    UNDER THE SUPERVISION OF

    MS. SHIVAANI

    MAHARAJA AGRASEN INSTITUTE OF

    MANAGEMENT STUDIES

    (AFFILIATED To GGSIP UNIVERSITY, DELHI)

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    (2012-2013)

    CERTIFICATE

    This is to certify that Divya, a student of BBA Guru Gobind Singh Indraprastha

    University, enrolled for the Batch 2010-13, with Enrolment no. 03761101810

    completed her Summer Training Project report COMPREHENSIVE STUDY ON

    CONSUMER PERCEPTION IN HDFC SLIC AND INDIAN LIFE INSURANCE

    SECTOR as part of Course Code: BBA (B&I) under the guidance ofMs. Shivaani,

    (MAHARAJA AGRASEN INSTITUTE OF MANAGEMENT STUDIES (MAIMS)).

    It was nice to observe that he has worked efficiently and dedicatedly to complete thisproject in given time under the proper guidance.

    Ms.ShivaaniLecturer(MAIMS)

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    ACKNOWLEDGEMENT

    At the outset, I would like to place on record my gratitude to all those who have been

    instrumentals in shaping up this project with their guidance and inspiration.

    I express my hearty respect and profound thanks to Ms. Swati for their valuable

    guidance in completing my project.

    I am deeply indebted to Mr. Rishikesh Patel (Channel Development manager, HDFC

    Standard life Insurance), whose sincere cooperation in directing and guiding me

    enabled the project to assume its systematic shape.

    I am also thankful to all the Financial Consultants who guided me on various aspects

    during the project.

    Last but not the least I must express my gratitude to my family and various friends

    who gave moral support for completing this project work.

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    DECLARATION

    I,, a student of studying at solemnly declare that the project work titled- comprehensive study of consumer perception in HDFC SLIC and Indian Life

    Insurance Sector, in partial fulfillment of the PGDM program.

    This program is undertaken as a part of academic curriculum, according to theCollege rules and norms and by no commercial interest and motives.

    Date:

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    EXECUTIVE SUMMARY

    Insurance industry is growing rapidly day-by-day. India itself has a population of

    1.2billion out of which roughly 5% of the middle class people are insured. This

    clearly demonstrates that citizens are not insured merely because they dont know

    much about Insurance sector and its benefits. Generally Insurance is considered as

    Tax Saving device instead of other implied long term financial benefits.

    In order to study the environment for the above mentioned status, I did a market

    research classifying diverse contour of the public and giving them a Business

    Opportunity to join HDFC Standard Life as an advisor/agent.

    A marketplace analysis was done on life insurance companies. Sample questionnaire

    was formulated related to the Insurance Sector.

    The vicinity covered up in this analysis was Delhi and its suburbs. The Analysis

    inculcates information of public response with respect to the Insurance Sector and its

    upcoming growth stratum.

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    INDEX

    Certificate 2

    Acknowledgement 3

    Declaration 4

    Executive Summary 5

    TOPIC Page no.

    Chapter 1 Insurance in India 8-27

    1.1 Introduction 9-16

    1.2 Indian Insurance Industry 17-18

    1.3 Insurance Business 19-27

    Chapter 2 Insurance Regulatory & Development

    Authority

    28-33

    2.1 Government Regulation 29-31

    2.2 Duties, Powers, Functions of IRDA 32

    2.3 IRDA Notification 33

    Chapter 3 HDFC Standard Life Insurance 34-39

    3.1 Company Profile 35-36

    3.2 Vision 36

    3.3 Core Values 36

    3.4 Product 36-39

    Chapter 4 Products of HDFC Standard Life Insurance 40-65

    4.1 Individual 41-59

    4.2 Group product 59-61

    4.3 Claim Settlement Process 61-65

    Chapter 5 Funds 66-67

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    Chapter 6 Methodology 68

    Chapter 7 Analysis & Data Interpretation 69-77

    Chapter 8 Findings 78-79

    Chapter 9 Suggestion and recommendations 80

    Chapter 10 Conclusion 81

    Chapter 11 Bibliography 82

    Chapter 12 Annexure 83-85

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    CHAPTER-1

    INSURANCE IN INDIA

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    INTRODUCTION

    Insurance is as old as civilization. It has been developing from the family form

    of insurance to mutual associations, stock exchange securities and again to state

    owned organizations. Yogakshema has been the oldest term of insurance used in the

    Rig-Veda for some kind of insurance.

    The concept of formal insurance originated in the 12th century in the form of

    protection against financial loss to the seafarers involved in foreign trade. Growing

    economic uncertainties caused not only by multiplicity of social, cultural, ethnic and

    political factors but also natural calamities necessitated invention and development of

    avenues capable of providing economic security to the bereaved family 8in the event

    of loss of bread earner. And thus began the concept of Life Insurance. With the

    development of social security and the welfare status of the societies, the business of

    life insurance assumed multidimensional. The disintegration in most of the societies,

    of the extended family system, and ancient social institution, which provided a natural

    umbrella of economic protection and emotional solace upon the death of the bread

    earner led to a greater acceptability of the doctrine of life insurance and the growth of

    life insurance industry around the globe. From a meager beginning of providing

    pecuniary protection on the death earner it has moved to become major vehicle in the

    financial planning both for security and investment purpose. The industry hardly

    resembles 16th or 17th century. It would have been impossible to conceive then the

    development that has propelled extensive changes in the product field, customer

    attitudes and market environment.

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    BENEFITS OF LIFE INSURANCE :

    Superior To Any Other Savings Plan

    Unlike any other savings plan, a life insurance policy provides full

    protection risk of death. In the event of death of a policyholders, near and dear ones.In comparisons, any other savings plan would amount to the total savings

    accumulated till date. If any other incidence occurs prematurely, such savings can be

    much lesser than the sum assured. Evidently, the potential financial loss to the family

    of the policyholder is cease able.

    Encourages and Forces Thrift

    A saving deposit can easily be withdrawn. The payment of life insurance

    premium, however, is considered sacrosanct and is viewed with the same seriousness

    as the payment of interest on a mortgage. Thus, a life insurance policy in effect brings

    about compulsory savings.

    Easy Settlement And Protection Against Creditors

    A life insurance policy is the only financial instrument the proceeds of

    which can be protected against the claims of a creditor of the assured by effecting a

    valid assignment of the policy.

    Administering the Legacy for Beneficiaries

    Speculative or unwise expense can quickly cause the proceeds to be

    squandered. Several policies have foreseen this possibility and provide for

    payments over a period of years or in a combination of installation and lump

    sum amount.

    A Ready Marketability and Suitability for Quick Borrowings

    A life insurance policy can, after a certain time period (generally 3 years),

    be surrendered for a cash value. The policy is also acceptable as a security for a

    commercial loan, for example a student loan, it is particularly advisable for housing

    loans when an acceptable policy may also cause the lending institution to give loan at

    lower interest rates.

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    Disability Benefits

    Death is not the only hazard that is insured, many policies also provide

    disability benefits. Typically, these provide for waiver of future premiums and

    payment of monthly installment spread over certain time period.

    Accident Death Benefits

    Many policies can also provide for an extra sum to be paid (typically

    equal to the sum assured) if death occurs as a result of accident.

    Tax Relief

    Under the Indian tax act, the following tax relies are available

    1. 30% of the premium paid can be deductible from your total income-

    tax liability.

    2. 100% of the premium paid is deductible from your total taxable

    income.

    When these benefits are factored in, it is found that most policies offer return that

    are comparable/or even better than older savings modes such as PPF, NSC etc.Moreover, the cost of insurance is very negligible.

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    AN OVERVIEW OF THE INDUSTRY:

    Life Insurance Market in India

    Many may not be aware that the life insurance industry of India is as old as it is in any

    other part of the world. The first Indian life insurance company was the Oriental Life

    Insurance Company, which was started in India in 1818 at Kolkata. A number of

    players (Over 250 in life and about 100 in non-life) mainly with regional focus

    flourished all Across the country. However, the Government of India, concerned by

    the unethical Standards adopted by some players against the consumers, nationalized

    the industry in Two phases in 1956 (life) and in 1972 (non-life). The insurance

    business of the country Was then brought under two public sector companies, Life

    Insurance Corporation of India(LIC) and General Insurance Corporation of

    India (GIC).

    In line with the economic reforms that were ushered in India in early nineties, the

    Government set up a Committee on Reforms (popularly called the Malhotra

    Committee) In April 1993 to suggest reforms in the insurance sector. The Committee

    recommended Throwing open the sector to private players to usher in competition and

    bring more Choice to the consumer. The objective was to improve the penetration of

    insurance as a Percentage of GDP, which remains low in India even compared to

    some developing Countries in Asia.

    Reforms were initiated with the passage of Insurance Regulatory and Development

    Authority (IRDA) Bill in 1999. IRDA was set up as an independent regulatory

    authority, which has put in place regulations in line with global norms. So far in the

    private sector.

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    POTENTIAL OF INSURANCE MARKET IN INDIA

    By any yardstick, India, with about 200 million middle class households, presents a

    huge untapped potential for players in the insurance industry. Saturation of markets in

    many developed economies has made the Indian market even more attractive for

    global insurance majors.

    With the per capita income in India expected to grow at over 6% for the next 10 years

    and with improvement in awareness levels, the demand for insurance is expected to

    grow at an attractive rate in India. An independent consulting company, The Monitor

    Group has estimated that the life insurance market will grow from Rs.218 billion in

    1998 to Rs.1003 billion by 2008 (a compounded annual growth of 16.5%).

    WINDS OF CHANGE

    Reforms have marked the entry of many of the global insurance majors into the Indian

    Market in the form of joint ventures with Indian companies. Some of the key names

    are AIG, New York Life, Allianz, Prudential, Standard Life, Sun Life Canada and Old

    Mutual. The entry of new players has rejuvenated the erstwhile monopoly player LIC,

    which has responded to the competition in an admirable fashion by launching new

    products and Improving service standards.

    The following are the key winds of change brought about by privatization.

    Market Expansion:

    There has been an overall expansion in the market. This has been Possible due to

    improved awareness levels thanks to the large number of advertising campaigns

    launched by all the players. The scope for expansion is still unlimited as virtually all

    the players are concentrating on large cities and towns - except by LIC to an extent

    there was no significant attempt to tap the rural markets.

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    New Product Offerings:

    There has been a plethora of new and innovative products offered by the new players,

    mainly from the stable of their international partners. Customers have tremendous

    choice from a large variety of products from pure term (risk) insurance to unit-linked

    investment products. Customers are offered unbundled products with a variety of

    benefits as riders from which they can choose. More customers are buying products

    and services based on their true needs and not just traditional money-back policies,

    which is not considered very appropriate for long-term protection and savings.

    However, there are still some key new products yet to be introduced - e.g. healthproducts.

    Customer Service:

    Not unexpectedly, this was one area that witnessed the most significant change with

    the entry of new players. There is an attempt to bring in international best practices in

    service and operational efficiency through use of latest technologies. Advice and need

    based selling is emerging through much better trained sales force and advisors. Thereis improvement in response and turnaround times in specific areas such as delivery of

    first policy receipt, policy document, premium notice, final maturity payment,

    settlement of claims etc. However, there is a long way to go and various customer

    surveys indicate that the standards are still below customer expectation levels.

    Channels of Distribution:

    Till two years back, the only mode of distribution of life insurance products wasthrough Agents. While agents continue to be the predominant distribution channel,

    today a number of innovative alternative channels are being offered to consumers.

    Some of them are banc assurance, brokers, the Internet and direct marketing. Though

    it is too early to predict, the wide spread of bank branch network in India could lead to

    banc assurance emerging as a significant distribution mechanism.

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    A brief history of the Insurance sector

    The business of life insurance in India in its existing form started in India in the

    year:

    1818: With the establishment of the Oriental Life Insurance Company in Calcutta.

    Some of the important milestones in the life insurance business in India are:

    1912: The Indian Life Assurance Companies Act enacted as the first statute to

    regulate the life insurance business.

    1928: The Indian Insurance Companies Act enacted to enable the government to

    collect statistical information about both life and non-life insurance

    businesses.

    1938: Earlier legislation consolidated and amended to by the Insurance Act with the

    objective of protecting the interests of the insuring public.

    1956: 245 Indian and foreign insurers and provident societies taken over by the

    central government and nationalized. LIC formed by an Act of Parliament, viz.

    LIC Act,

    1956, with a capital contribution of Rs. 5 crore from the Government of India.

    The General insurance business in India, on the other hand, can trace its roots to

    the Triton Insurance Company Ltd., the first general insurance company

    established in the year

    1850: Calcutta by the British.

    Some of the important milestones in the general insurance business in India are:

    1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all

    classes of general insurance business.

    1957: General Insurance Council, a wing of the Insurance Association of India,

    frames a code of conduct for ensuring fair conduct and sound business

    practices.

    1968: The Insurance Act amended to regulate investments and set minimum solvencymargins and the Tariff Advisory Committee set up.

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    1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the

    general insurance business in India with effect from 1st January 1973.

    107 insurers amalgamated and grouped into four companies viz. the NationalInsurance Company Ltd., the New India Assurance Company Ltd., the

    Oriental Insurance Company Ltd. and the United India Insurance Company

    Ltd. GIC incorporated as a company.

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    Indian insurance industry

    Life Insurers: Top 10

    S.No. Registration

    Number

    Date of Reg. Name of the Company

    1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.

    2 104 15.11.2000 Max New York Life Insurance Co. Ltd.

    3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd.

    4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance

    Limited

    5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

    6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

    7 111 30.03.2001 SBI Life Insurance Company Limited .

    8 114 02.08.2001 ING Vysya Life Insurance Company Private

    Limited

    9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited

    10 117 06.08.2001 Metlife India Insurance Company Pvt. Ltd.

    http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.birlasunlife.com/http://www.tata-aig.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.omkotakmahindra.com/http://www.omkotakmahindra.com/http://www.birlasunlife.com/http://www.tata-aig.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.metlife.co.in/
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    General Insurers : Top 6

    S.No.RegistrationNumber

    Date of Registration

    Name of the Company

    1 102 23.10.2000 Royal Sundaram Alliance Insurance

    Company Limited

    2 103 23.10.2000 Reliance General Insurance Company

    Limited.

    3 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd

    4 108 22.01.2001 TATA AIG General Insurance Company

    Ltd.

    5 113 02.05.2001 Bajaj Allianz General Insurance Company

    Limited

    6 115 03.08.2001 ICICI Lombard General Insurance Company

    Limited.

    INSURANCE BUSINESS :

    Insurance business is divided into four classes:

    http://www.royalsundaramalliance.com/http://www.royalsundaramalliance.com/http://www.reliancegeneral.co.in/http://www.reliancegeneral.co.in/http://www.itgi.co.in/http://www.tata-aig.com/http://www.tata-aig.com/http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.royalsundaramalliance.com/http://www.royalsundaramalliance.com/http://www.reliancegeneral.co.in/http://www.reliancegeneral.co.in/http://www.itgi.co.in/http://www.tata-aig.com/http://www.tata-aig.com/http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/
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    1) Life Insurance

    2) Fire Insurance

    3) Marine Insurance and

    4) Miscellaneous Insurance.

    Life Insurers transact life insurance business; General Insurers transact the rest.

    No composites are permitted as per law.

    LEGISLATION (as on 1.4.2000):

    Insurance is a federal subject in India. The primary legislation that deals with

    insurance business in India is:

    Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999.

    INSURANCE PRODUCTS (as on 1.4.2000) (for latest information get in touch with

    the current insurers website information of insurers is provided at the web page for

    insurers);

    Life Insurance:

    Popular Products: Endowment Assurance (Participating), and Money Back

    (Participating). More than 80% of the life insurance business is from these products.

    General Insurance:

    Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle

    insurance is compulsory. Tariff Advisory Committee (TAC) lays down tariff rates for

    some of the general insurance products (please visit website ofGIC for details)

    2001

    New products have been launched by life insurers. These include linked-products. For

    details, please visit the websites of life insurers.

    INFORMATION

    http://www.gicoi.com/http://www.gicoi.com/
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    About the insurance industry, the following documents may be helpful: Malhotra

    Committee Report (The Report of the Committee on Reforms in the Insurance

    Sector); IRDA's First Annual Report 2001

    ENTRY OF FOREIGN PLAYERSAs a few of these players are also in different areas of financial services, the revenue

    figures do not relate only to insurance related income. However, most of the global

    insurance majors wish to participate in the opening up of the industry in India. Players

    like ING Group, Prudential of the U.K., Standard Life, Sun Life of Canada and Zurich

    Financial Services have already made an entry into the asset management business in

    India. Further, a few such as AIG, Allianz and Zurich Financial Services have started

    offering risk management services to Indian corporates. The entrants into the

    insurance business in India can be divided into the following categories:

    (i) Major international insurance groups, (ii) large private groups such as the Tatas,

    Birlas and Reliance, who can enter the insurance industry on their own strength in

    terms of funds, but who require technical/ managerial support from foreign

    participants; the number of Indian groups belonging to this category is limited as

    insurance demands substantial investment in ventures with long gestation periods.

    Such groups may involve foreign insurance companies as they feel that this would be

    the best way to proceed, (iii) Indian groups/companies which are not financially very

    strong but would still like to enter this new field opening up. They can, however, enter

    the business only in joint ventures with foreign insurance majors. The foreign majors

    would provide technical, managerial and equity support. However, the amount of

    equity that would be required over the years is substantial and given the fact that

    insurance projects have long gestation, such groups may have difficulty in meeting

    fund requirements on their own at a later date; (IV) banks and financial institutions

    such as State Bank of India and ICICI.

    GUIDELINES FOR ENTRY OF INSURANCE

    Commercial banks in India have a huge distribution network that cannot be matched

    by other financial service organizations. Hence commercial banks have been eyeing

    banc assurance as a logical diversification. The Reserve Bank of India (RBI) has

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    come out with detailed guidelines on the entry norms of commercial banks into

    insurance.

    Basically for banks wanting to enter the insurance field, there are three options.

    Strong banks, subject to eligibility norms, will be permitted to set up joint ventures for

    undertaking insurance business with risk participation. The maximum equity

    contribution such a bank would hold in the joint venture would normally be 50 per

    cent of the paid-up capital of the insurance company. However, a higher level of

    equity contribution may be permitted, subject to divestment of equity within the

    prescribed period.

    Banks which are not eligible as joint venture participants can make investments up to

    ten per cent of the net worth of the bank or Rs. 50 crores, whichever is lower, in theinsurance company for providing infrastructure and services support. Such

    participation shall be treated as an investment and should be without any contingent

    liability for the bank.

    Finally, any scheduled commercial bank would be permitted to undertake insurance

    business as agent of insurance companies on fee basis, without any risk participation.

    Subsidiaries of banks will also be allowed to undertake distribution of insurance

    products on agency basis. However, it may be added here that marketing/ selling of

    insurance products is different from banking products, hence the selling techniques

    will be different.

    Norms for NBFCs

    In the case of non-banking finance companies (NBFCs) also, the RBI has come out

    with detailed guidelines for diversification into the insurance area. All NBFCs

    registered with the RBI and satisfy the eligibility criteria will be permitted to set up a

    joint venture company for undertaking insurance business with risk participation. In

    fact there are very few NBFCs which meet the stringent norms laid down by the RBI.

    However, any NBFC registered with the RBI having net owned fund of Rs. 2 crores

    would be permitted to undertake insurance business as agent of insurance companies

    on fee basis, without any risk participation.

    COLLABORATION OF INDIAN COMPANIES WITH FOREIGN

    PLAYERS

    Birla Sun Life Insurance Company Limited

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    Birla Sun Life Insurance is the coming together of the Aditya Birla group and Sun

    Life Financial of Canada to enter the Indian insurance sector. The Aditya Birla Group,

    a multinational conglomerate has over 75 business units in India and overseas with

    operations in Canada, USA, UK, Thailand, Indonesia, Philippines, Malaysia and

    Egypt to name a few.

    Foreign Partner:

    Sun Life Assurance, Sun Life Financial's primary insurance business, has excellent

    ratings with the world's top rating agencies. With assets under management as on

    September 30, 2000 totalling more than CDN billion, it ranks amongst the largest

    international financial services organizations in the world.

    Today, the Sun Life Financial Group of companies and partners are represented

    globally in Canada, the United States, the Philippines, Japan, Indonesia, India and

    Bermuda.

    HDFC - Standard Life

    HDFC Standard Life Insurance HDFC Standard Life

    Insurance Company is a joint venture between India's

    largest housing finance provider, HDFC and Europe's

    largest mutual life assurance company - The Standard Life Assurance Company (U.

    K).

    HDFC Standard Life Insurance Company Limited is the First Private Sector Life

    Insurance Company to be granted a license.

    Foreign Partner: Standard Life, UK

    Standard Life, UK, founded in 1825, has been at the forefront of the UK insurance

    industry for 175 years by combining sound financial judgment with integrity and

    reliability. It is the Largest Mutual Life company in Europe and has total assets of Rs.

    5, 50,000 crore.

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    It is one of the very few insurance companies in the world to have received 'AAA'

    rating from two of the leading international credit rating agencies, Moody's and

    Standard & Poor's. Standard Life was recently voted 'Company of the Decade' in U.K.

    by the Independent Brokers called IFAs.

    ICICI Prudential Life Insurance

    ICICI Prudential Life Insurance is a joint

    venture between the ICICI Group and

    Prudential plc, of the UK. ICICI started off its operations in 1955 with providing

    finance for industrial development, and since then it has diversified into housing

    finance, consumer finance, mutual funds to being a Virtual Universal Bank and its

    latest venture Life Insurance.

    Foreign Partner:

    Established in 1848, Prudential plc. of U.K. has grown to be the largest life insurance

    and mutual fund company in U.K. Prudential plc. has had its presence in Asia for the

    past 75 years catering to over 1 million customers across 11 Asian countries.

    Prudential is the largest life insurance company in the United Kingdom (Source :

    S&P's UK Life Financial Digest, 1998).

    ICICI and Prudential came together in 1993 to provide mutual fund products in India

    and today are the largest private sector mutual fund company in India.

    Their latest venture ICICI Prudential Life plans to take care of the insurance needs atvarious stages of life.

    OM Kotak Mahindra Life Insurance

    Established in 1985 as Kotak Capital Management

    Finance promoted by Uday Kotak the company has

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    come a long way since its entry into corporate finance. It has dabbled in leasing, auto

    finance, hire purchase, investment banking, consumer finance, broking etc. The

    company got its name Kotak Mahindra as industrialists Harish Mahindra and Anand

    Mahindra picked a stake in the company. Kotak Mahindra is today one of India's

    leading Financial Institutions.

    Old Mutual

    Old Mutual plc is an international financial services group based in London with

    expanding operations in life assurance, asset management, banking and general

    insurance. Old Mutual is listed on the London Stock Exchange (where it is included

    on the FTSE 100 Index) and also on the South African, Namibian, Malawi and

    Zimbabwe stock exchanges. It has 156 years of experience in the life insurance

    business.OM Kotak Mahindra

    OM Kotak Mahindra is the coming together of Kotak Mahindra Finance Ltd., and Old

    Mutual plc to enter the Indian insurance arena to offer a wide range of innovative life

    insurance products.

    Royal Sundaram Alliance Insurance Co. Ltd

    Royal Sundaram marks the coming together of Sundaram Finance, one of Indias most

    respected and trusted finance companies, and Royal and SunAlliance, one of the largest

    insurance groups in the world. Royal Sundaram, aims to bring the customer innovative

    products, developed and delivered on par with international standards. This vision is built on

    the foundation of expertise and superior service laid by the parent companies, well known as

    they are of creating benchmarks in customer loyalty and satisfaction.

    Sundaram Finance

    Founded in 1954, Sundaram Finance is one of Indias leading finance companies.

    Quality in lending, transparency in transactions, caring for the customer and

    commitment to be the best, have made Sundaram Finance one of the most respected

    finance companies in India. From being a leader in automobile financing, Sundaram

    Finance has expanded its range of financial services and products to encompass

    deposits, leasing, mutual funds and housing finance.

    Tata AIG General Insurance Company

    The Tata AIG joint venture is a tie up between the established Tata Group

    and American International Group Inc.The Tata Group is one of the largest

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    and most respected industrial houses in the country, while AIG is a leading US based

    insurance and financial services company with a presence in over 130 countries and

    jurisdictions around the world.

    Max New York Life

    Max India:

    Max India Limited is a multi-business corporation that

    has business interests in telecom services, bulk

    pharmaceuticals, electronic components and specialty

    products. it is also the service-oriented businesses of

    healthcare, life insurance and information technology.

    New York Life:

    New York Life has grown to be a Fortune 100 company and an expert in life

    insurance. It was the first insurance company to offer cash dividends to policy

    owners. In 1894, New York Life pioneered the then unheard-of concept of insuring

    women at the same rate as men. Thereafter, it continued to introduce a series of firsts -

    a disability benefit clause in 1920, unemployment insurance in 1992, and complete

    customer care on the Web in 1998.

    Today New York Life has over US billion in assets under management and over

    30,000 agents and employees worldwide. The October 2000 Fortune Survey named

    New York Life amongst the top three most admired life and health insurance

    companies worldwide. With over 3 million policy holders, New York Life is a leading

    provider of insurance in a host of countries worldwide.

    Metropolitan Life

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    MetLife India proudly carries a 135 year old legacy of helping build financial

    freedom for everyone.

    Metropolitan Life Insurance Company ("MetLife"), a subsidiary of MetLife, Inc.

    (NYSE: MET), is a leading provider of insurance and other financial services to

    individual and institutional customers. The MetLife Companies serve approximately

    12 million individuals in the U.S. and companies and institutions with 33 million

    employees and members, including 88 of the Fortune 100 companies. MetLife also

    has, through its subsidiaries and affiliates, international insurance operations in 12

    countries. For more information about MetLife, please visit the company's web site at

    www.metlife.com.

    The Joint Venture

    MetLife India Insurance Company Private Limited ("MetLife India") is the Indian

    affiliate of Metropolitan Life Insurance Company ("MetLife"), the number one life

    insurer in the U.S, based on approximately US$ 2.4 trillion in life insurance in-force

    as of December 31, 2002. MetLife India was incorporated in April 2001 as a joint

    venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank,

    M. Pallonji and Co. Private Limited and other private investors.

    MetLife India benefits from its affiliated company's 135-year old expertise and trackrecord of establishing successful operations in emerging markets, in addition to the

    unique strengths of its Indian promoters. MetLife India offers a range of innovative

    products and aims to build financial freedom for everyone. MetLife India is

    headquartered in Bangalore and has offices in 9 cities and an additional 1,000

    outreach points through its distribution channel partners. For more information about

    MetLife India, please visit the company's web site atwww.metlifeindia.com.

    ING Vysya Life

    http://www.metlifeindia.com/http://www.metlifeindia.com/http://www.metlifeindia.com/
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    ING Vysya Life Insurance Company Private Limited entered the private life

    insurance industry in India in September 2001, and in a short span of 18 months has

    established itself as a distinctive life insurance brand with an innovative, attractive

    and customer friendly product portfolio and a professional advisor force. It also

    distributes products in close cooperation with its sister company ING Vysya Bank

    through Bancassurance. Currently, it has over 3000 advisors working from 22

    locations across the country and over 300 employees.

    ING Vysya Life Insurance Company is headquartered at Bangalore and has

    established a strong presence in the cities of Delhi, Mumbai, Kolkata, Hyderabad and

    Chennai. In addition ING Vysya Life operates in Vizag, Vijayawada, Mangalore,

    Mysore, Pune, Nagpur, Chandigarh, Ludhiana and Jaipur.

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    Chapter 2

    Insurance Regulatory & Development Authority (IRDA)

    GOVERNMENT REGULATION

    INSURANCE REGULATORY DEVELOPMENT ACT (IRDA):

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    On the recommendation of the Malhotra Committee Indian Parliament passed

    Insurance Regulatory Development Act. (IRDA) in the year 1999. Government of

    India has set up on interim Insurance Regulatory Authority (IRA) for proper

    monitoring and control of the insurance industry. The IRA is headed by a chairman

    who also controller of insurance and Chairman of IBC.

    IRDA, for the time being prohibits 100% foreign equity in insurance. It requires the

    Indian promoters to invest either wholly in an insurance venture or team up with a

    foreign insurer with a cap of 26% of equity for a foreign partner. The Indian promoter

    is permitted to divest only after 10 years to the Indian public, through a public

    offering of shares, at which tune the equity structure will provide for equalparticipation between the Indian and foreign partner with a share of 26% each in the

    share capital. IRA is a sole authority responsible for awarding of licenses. There is no

    restriction on the number of licenses and no composite license for life & non life

    business.

    Composition of Authority under IRDA Act, 1999

    As per the section 4 of IRDA Act' 1999, Insurance Regulatory and DevelopmentAuthority (IRDA, which was constituted by an act of parliament) specify the

    composition of Authority .The Authority is a ten member authority consists of:

    A chairman

    5 whole-time members

    4 part-time members

    IRDA proposals for new license are:New players should commence business within 15-18 months.

    Trafficking of licenses not to be permitted and shares are not Transferable without

    approval.

    REPORT 2000:

    (General Insurance - Reinsurance) Regulations, 2000

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    In exercise of the powers conferred by Sections 114A of the Insurance Act, 1938(4 of

    1938), the Authority in consultation with the Insurance Advisory Committee hereby

    makes the following regulations, namely:

    PRELIMINARY

    1. Short title and commencement

    These regulations may be called the Insurance Regulatory and Development

    Authority (Reinsurance) Regulations, 2000 and are issued in pursuance of Section 114

    of the Act.

    They shall come into force from the date of its publication in the Official Gazette.

    These regulations apply to all general insurers transacting direct insurance business.

    The General Insurance Company

    The business of general insurance is the monopoly of General Insurance Corporation

    of India (GIC), owned by the Government of India. This entity is a single organization

    with four subsidiaries. GIC was incorporated as a holding company in 1992 under the

    General Insurance Act, 1972. The insurance business is subject to regulations under

    the Insurance Act. 1938, and General Insurance Act, 1972. Being a fully owned

    subsidiary of GOI, the paid-up capital of the GIC is fully subscribed by the govt. and

    GIC, in turn owns fully, the paid-up capital of its four subsidiaries.

    Before nationalization in November, 1972, a number of Indian and many foreign

    companies did general insurance business in India and this business was linked with

    their branches abroad. In addition, this product was also offered by LIC, some mutual

    companies and cooperative societies In fact, on the eve of nationalisation, 68 Indian

    (including LIC)and 45 non-Indian entities carried out insurance business in India.

    Nationalization saw the business of all

    National Insurance Co. Ltd.

    New India Assurance Co. Ltd.

    Oriental Fire and General Insurance Co. Ltd.

    United India Insurance Co. Ltd.

    These organizations absorbed by the General Insurance Company (GIC) with its four

    subsidiaries viz. These subsidiaries carry out the entire general insurance business in

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    the country and cede 20% of it to GIC through the obligatory reinsurance premium on

    a quota share basis. GIC's direct business is only in the form of aviation insurance.

    The general insurance business is mainly of three types:

    Marine,

    Fire and miscellaneous

    Miscellaneous.

    As of now, fire insurance contributes the largest share in the business, although its

    share has been going down. Miscellaneous business has been the growth area with

    health insurance assuming increasing importance in terms of potential. Marine

    insurance is relatively less important in India.

    Acknowledging the trend of growth in miscellaneous business, GIC has recently come

    out with a host of new policies/plans/schemes. Personal Accident Policy for Visitors

    in Bank Premises, Mediclaim, Householders' Comprehensive Insurance Policy,

    Professional Indemnity Insurance, insurance against liability and contingency for

    members of stock exchanges and joint stock companies, Rejection Insurance on

    marine products, Nuclear Insurance Pool for insurance of nuclear power plants and

    other nuclear related risks, hut insurance, and Personal Accident Insurance SocialSecurity Scheme are examples of such policies. GIC has also become active in mutual

    funds and housing as GIC Mutual Fund, GIC Grih Vitta Ltd. Floating of Loss

    Prevention Association of India Ltd., and the National Insurance Academy are some

    of the other long term customer friendly activities.

    Duties, Powers and Functions of IRDA

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    Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA.

    Subject to the provisions of this Act and any other law for the time being in force, the

    Authority shall have the duty to regulate, promote and ensure orderly growth of the

    insurance business and re-insurance business.

    (2) Without prejudice to the generality of the provisions contained in sub-section1,

    the powers and functions of the Authority shall include, -

    Issue to the applicant a certificate of registration, renew, modify, withdraw,

    suspend or cancel such registration;

    Protection of the interests of the policy holders in matters concerning

    Assigning of policy, nomination by policy holders, insurable interest,

    Settlement of insurance claim, surrender value of policy and other

    Terms and conditions of contracts of insurance;

    Specifying requisite qualifications, code of conduct and practical training for

    intermediary or insurance intermediaries and agents;

    Specifying the code of conduct for surveyors and loss assessors;

    Promoting efficiency in the conduct of insurance business;

    Promoting and regulating professional organizations connected with theinsurance and re-insurance business;

    Levying fees and other charges for carrying out the purposes of this Act;

    Calling for information from, undertaking inspection of, conducting

    Enquiries and investigations including audit of the insurers,

    IRDA NOTIFICATION

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    INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

    (LICENSING OF INSURANCE AGENTS) (AMENDMENT) REGULATIONS,

    2002

    F.No. IRDA/Reg./ 10/2002.-- In exercise of the powers conferred by section 42 and

    section 114A of the Insurance Act, 1938 (4 of 1938), the Authority, in consultation

    with the Insurance Advisory Committee, hereby makes the following regulations to

    amend the Insurance Regulatory and Development Authority (Licensing of Insurance

    Agents) Regulations, 2000, namely:-

    1 (1) These regulations may be called the Insurance Regulatory and Development

    Authority (Licensing of Insurance Agents) (Amendment) Regulations, 2002.

    They shall come into force on the date of their publication in the Official Gazette.

    In the Insurance Regulatory and Development Authority (Licensing of Insurance

    Agents) Regulations, 2000, after sub-regulation 3(2), the following sub-regulations

    3(3) and 3(4) shall be added:-

    (3) The designated person shall grant or renew the licence within a period of 3

    months from the date of application.

    (4) The designated person shall, if the consideration of the application is likely to

    get delayed within 60 days of the receipt of the application, inform the

    applicant the reasons for such a delay, and the likely time it would take to do

    so.

    In the Insurance Regulatory and Development Authority (Licensing of

    Insurance Agents) Regulations, 2000 after regulation 11, the following regulation

    shall be added:-

    12. From the date of coming into force of the Insurance Regulatory and

    Development Authority (Licensing of Corporate Agents) Regulations, 2002, the

    Insurance Regulatory and Development Authority (Licensing of Insurance Agents)

    Regulations, 2000 or any part thereof applying to corporate agents shall cease to have

    any effect, except as respects things done or omitted to be done there under.

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    Chapter 3

    HDFC Standard Life Insurance

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    HDFC Standard Life: Company Profile

    Welcome to HDFCSLIC, Indias most respected private life insurance company! A

    company that has already established itself as a company with a difference in the last

    4 years. Lets look at the milestones in the journey.

    Partnership discussions with Standard Life commenced in January 1995.

    It resulted into the signing of joint venture agreement in October 1995,

    the agreement was later renewed in October 1998.

    With government clearing the decks, a project team was established in

    Mumbai in January 2000.

    Company got Certificate of incorporation on 14th August 2000.

    HDFCSL became the first private sector life insurance company when

    certificate of registration was granted on 23rd October 2000.

    The initial shareholdings were HDFC 81.4% and Standard Life 18.6%.

    Since then, its the journey of excellence. All of us are contributing towards

    building up a great company that the world will admire. Its a journey of

    creating the world-class company. We have already made a mark. Lets take a

    look the highlights of the performance so far:

    We have insured over 350000 lives and have already underwritten a Sum

    Assured of 15000 crores.

    We are the first private life insurance company to declare the bonus and last

    years bonus declaration was 4th in the row. It makes us the only private

    company to have declared bonuses sfor 4 consecutive years.

    Winner of Outlook Money award for 2 years.

    Company with largest distribution network among the private life insurers.

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    Our claims experience has been best so far across the industry.

    Recently voted as Indias most respected private insurance company by

    Business World.

    Vision:

    The most successful and admired life insurance company, which means that we are

    the most trusted company, the easiest to deal with, offer the best value for money, and

    set the standards in the industry. In short, The most obvious choice for all.

    Core values:

    Integrity

    Innovation

    Customer centric

    People care

    Team work

    Insurance Products

    Today there are many insurance products available in the market. Each

    company has its set of products that it offers to the customers. This makes it difficult

    to keep track of all the products all the time. A better way to understand them is by

    way of classification. All insurance products can be classified in 4 basic categories.

    Protection Investment

    Pension Savin s

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    This classification is based on the needs of the customers. Accordingly each of these

    categories has an end need to be satisfied and all the products coming under that

    category aim to fulfill that need e.g. Products coming under Investment category aim

    to provide long term real growth over the period. Thus understanding these categories

    will not only help us to understand various products but also help us to position our

    products strongly in a competitive market. Let us take a look at the distinctive features

    of each category.

    Protection type of products: A typical protection type of product aims at

    protecting income-earning capacity of the customers on happening of

    uncertain events mentioned above during the term of product. These are the

    pure risk products having no savings element. Naturally, these products dont

    have any maturity benefits. High-risk cover at low costs is the unique feature

    of this type that makes this category most attractive for the prospects who

    want high insurance cover without spending much for it. Usually offered for a

    definite term, mainly the Term Assurances come under this type. Various

    riders offered by different companies also a part of protection category. The

    claim is paid only if the stipulated event happens otherwise there are no

    maturity values at the end of the term. Youll also find variations when some

    companies offer to refund all the premiums paid but these products still come

    under this category.

    Investment type of products: In investment type of products, thefocus is on

    maximizing returns for the customer over a period time. In a way, it is

    opposite to Protection type where the focus is maximizing the risk cover. Here

    the risk cover is very low. The objective is to put maximum in investments.

    The underlying principle is to commit money for a certain period of time and

    get the benefits of real long-term growth. The products are usually single

    premium policies where the entire premium is collected in advance.

    Surrenders are discouraged and there is a commitment for certain minimum no

    of years. In death during the term, value of the investments is returned.

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    Pension products: This is another very popular type of product.Along with

    the risk of an untimely death or disability, we also have a risk of living too

    long outliving our source of income. In other words, one needs to ensure that

    he gets a decent income even after his retirement and continues to get it as

    long as he lives! This is where we have pension products addressing the need

    for a comfortable retirement. One can opt for an immediate pension or for

    pension at a future date (also called as deferred pension). There is a range of

    options that one can have when selecting a pension plan. There is a great

    amount of flexibility when it comes to selecting a pension product. The

    important point to be noted is that Pensions is a part of ones present income

    that he reserves for future consumption. Every year that income is

    accumulated and invested. The lump sum accumulation then is used forpurchasing pension on the vesting date.

    Savings type products: People like to save. Our saving rate hasbeen well

    above 20% of our GDP for last few years. They save for events like childrens

    marriage, education etc. Savings types of products aim to strike a good

    balance between risk cover as well as returns. It acts as a protection on

    savings. Sum assured is usually the targeted savings that one looks for. Hegets that amount at the end of the term along with bonuses if it is a

    participating policy. On the protection side if any unfortunate event happens

    during the term, the sum assured (in other words the targeted savings) is still

    paid. So it encourages a person to save for an event at the same time ensures

    that his savings are protected. This is the unique advantage of savings through

    life insurance that no other financial product offers. We find very popular

    products like Endowment Assurances; Money Back plans in this category.

    As stated earlier all the products come under these 4 broad categories. To understand

    a product, it is essential to find out the category of that product based on its features.

    Needless to say that it will not be possible to compare one category product to

    another. Each category is unique and caters to particular needs of the customer. The

    best approach is to find out what customer needs and then suggest a solution

    accordingly. Our products are discussed in the following pages within the broad

    framework of PIPS categories.

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    P

    I

    P

    S

    HDFC Standard Life continues to have one of the widest reaches amongst new

    insurance companies. The Companys geographical presence has also increased andcovers 169 offices across the country.

    Table Showcasing Financial Results:

    Parameters

    Apr-Mar

    2005-06

    (Rs. Cr.)

    Apr-Mar

    2006-07

    (Rs. Cr.) % Growth

    Total received premium 668.40 1532.21 129.23

    i. New Business 486.15 1028.94 111.65

    ii. Renewal 182.25 503.27 176.14

    Effective Premium Income

    (Total) 436.08 887.30 103.47

    Group Business Premium

    (EPI) 49.40 135.15

    173.58

    Term Assurance

    and

    Loan

    Cover

    Single Premium

    Whole

    of Life

    Insuran

    Personal Pension

    Plan

    EndowmentAssurance and

    Money back Plan

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    Chapter- 4

    Products of HDFC Standard Life Insurance

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    At HDFC Standard Life, we offer a bouquet of insurance solutions to meet every

    need. We cater to both, individuals as well as to companies looking to provide

    benefits to their employees. This section gives you details of all our products. We

    have incorporated various downloadable forms and product details so that you can

    make an informed choice about buying a policy.

    Forindividuals, we have a range of protection, investment, pension and savings plans

    that assist and nurture dreams apart from providing protection. You can choose from a

    range of products to suit your life-stage and needs.

    Fororganizations we have a host of customized solutions that range from Group Term

    Insurance, Gratuity, Leave Encashment and Superannuation Products. These

    affordable plans apart from providing long term value to the employees help in

    enhancing goodwill of the company.

    INDIVIDUALS

    We at HDFC Standard Life realize that not everyone has the same kind of needs.

    Keeping this in mind, we have a varied range of Products that you can choose from to

    suit all your needs. These will help secure your future as well as the future of your

    family.

    Protection Plans

    You can protect your family against the loss of your income or the burden of a loan in

    the event of your unfortunate demise, disability or sickness. These plans offer

    valuable peace of mind at a small price.

    Our Protection range includes our Term Assurance Plan & Loan Cover Term

    Assurance Plan.

    Investment Plans

    http://www.hdfcinsurance.com/products/individual.asphttp://www.hdfcinsurance.com/products/group.asphttp://www.hdfcinsurance.com/products/individual.asphttp://www.hdfcinsurance.com/products/indi_tap.asphttp://www.hdfcinsurance.com/products/indi_lcta.asphttp://www.hdfcinsurance.com/products/indi_lcta.asphttp://www.hdfcinsurance.com/products/individual.asphttp://www.hdfcinsurance.com/products/group.asphttp://www.hdfcinsurance.com/products/individual.asphttp://www.hdfcinsurance.com/products/indi_tap.asphttp://www.hdfcinsurance.com/products/indi_lcta.asphttp://www.hdfcinsurance.com/products/indi_lcta.asp
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    Our Single Premium Whole Of Life plan is well suited to meet your long term

    investment needs. We provide you with attractive long term returns through regular

    bonuses.

    Pension Plans

    Our Pension Plans help you secure your financial independence even after retirement.

    Our Pension range includes our Personal Pension Plan, Unit Linked Pension, Unit

    Linked Pension Plus

    Savings Plans

    Our Savings Plans offer you flexible options to build savings for your future needs

    such as buying a dream home or fulfilling your childrens immediate and future

    needs.

    Our Savings range includes Endowment Assurance Plan, Unit Linked Endowment,

    Unit Linked Endowment Plus, Money Back Plan, Childrens Plan, Unit Linked

    Youngstar, Unit Linked Youngster Plus .

    Individual products can be listed as follows:-

    1-Protection Plans

    =Term Assurance Plan

    =Loan Cover Term Assurance Plan

    2-Investment Plans

    =Single Premium Whole Of Life plan

    =Personal Pension Plan

    =Unit Linked Pension

    =Unit Linked Pension Plus

    3-Savings Plans

    =Endowment Assurance Plan

    =Unit Linked Endowment

    =Unit Linked Endowment Plus

    =Money Back Plan

    =Childrens Plan

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    =Unit Linked Youngstar

    =Unit Linked Youngstar Plus .

    Details of these products are as under-

    1-Protection Plans

    Term Assurance Plan :-

    "You have always ensured that your loved ones keep living a respectable life with

    their heads held high. But life can be uncertain. As a prudent family man, you need to

    secure your family's future and protect your pride and your family's self respect. You

    need to have a plan to take care of your family if something unfortunate were to

    happen to you.

    With our Protection Plans, you can protect your family from uncertainties in life such

    as your unfortunate death or critical illness. And ensure that your family lives a life of

    self-respect and dignity even in your absence.

    Protection Plans give you:

    An ideal way to secure the financial future of your loved ones

    High cover at a very nominal cost plus an option of adding optional benefits to

    cover for other eventualities

    A choice of two plans depending on your requirements

    HDFC Term Assurance Plan : A pure risk cover plan, which gives you

    protection against the uncertainties of life

    HDFC Loan Cover Term Assurance Plan : An ideal way to cover your home

    loan or any other loan liabilities

    Choice of premium payment options-regular premium or a single one-timepremium

    Choice of taking the plan on a single life basis or a joint life (first claim) basis.

    Highlights

    A protection plan to secure higher protection needed for your family at economical

    rates

    Optional riders for enhanced protection

    Unique joint life option to cover your spouse under the same plan

    Single / regular premium payment options

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    Loan Cover Term Assurance Plan

    "You have always ensured that your loved ones keep living a respectable life with

    their heads held high. But life can be uncertain. As a prudent family man, you need to

    secure your family's future and protect your pride and your family's self respect. You

    need to have a plan to take care of your family if something unfortunate were to

    happen to you.

    With our Protection Plans, you can protect your family from uncertainties in life such

    as your unfortunate death or critical illness. And ensure that your family lives a life of

    self-respect and dignity even in your absence.

    Our Protection Plans give you:

    An ideal way to secure the financial future of your loved ones

    High cover at a very nominal cost plus an option of adding optional benefits to

    cover for other eventualitiesA choice of two plans depending on your requirements

    HDFC Term Assurance Plan : A pure risk cover plan, which gives you

    protection against the uncertainties of life

    HDFC Loan Cover Term Assurance Plan : An ideal way to cover your home

    loan or any other loan liabilities

    Choice of premium payment options-regular premium or a single one-time premiumChoice of taking the plan on a single life basis or a joint life (first claim) basis

    Highlights

    Unique protection plan that helps you to safeguard your family by securing your

    loan liabilityDifferent types of loans can be covered under this

    Optional add on rider to take care of loan liability in case of specified critical

    illnesses

    Decreasing sum assured to take care of reducing liability

    Single premium or limited term premium options to choose from

    Option of joint life protection

    2-Investment Plans

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    Single Premium Whole of Life plan

    Money is like manure. You have to spread it around or it smells.

    -J. Paul Getty

    The well-informed rightly said and proves how important investments are in todays

    date and age. The question that we all fear is What about the risks attached?

    GOOD NEWS for all the people who are anxious the same way! HDFC Standard Life

    Insurance brings to you a safe investment plan that would take care of your savings

    and nurture your earnings.

    Highlights

    HDFC Single Premium Whole Of Life Insurance Plan is a tailor-made plan well

    suited to meet your long-term investment needs. This participating plan offers you the

    following benefits:Whole of life plan aimed at providing long-term real growth of your moneySingle premium investment planIn case of your unfortunate demise during the policy term, this participating

    (With Profits) insurance plan will pay your family the Sum Assured and

    compound Reversionary Bonuses, which are usually added annually. Anadditional Terminal Bonus may be paid depending on the performance of the

    underlying investmentsDuring Guaranteed Surrender Periods you get the Sum Assured and all bonuses

    vested as at the date of surrender

    Personal Pension Plan

    Today, you are busy climbing the ladder of success and realizing your dreams.

    Today, time is with you. Just take a moment and think. Will you be able to

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    continue at the same pace? Will your income be the same forever? Will you be

    able to live life on your own terms even after you retire?

    We understand your need to build a secure future for yourself. Hence, the HDFC

    Personal Pension Plan is an insurance policy that is designed to provide a post -

    retirement income for life with the freedom to choose your retirement date.

    You can choose your premium, the Sum Assured and your retirement date. At the end

    of the policy term, you will receive the Sum Assured plus any attaching bonus, which

    will provide your post - retirement income.

    The HDFC Personal Pension Plan is an insurance policy, which can benefit you in the

    following ways:Provides a post retirement income in your golden years

    Gives you the flexibility to plan your retirement date

    Gives you tax benefits on your premiums

    The plan receives simple Reversionary Bonuses, which are usually added annually. At

    the end of the term an additional Terminal Bonus may be paid depending on the

    performance of the underlying investment.

    Dont compromise on your self-respect, ever. Go ahead, hold your head high and

    enjoy life with the HDFC Personal Pension Plan.

    3 EASY STEPS TO YOUR OWN PLAN

    Step 1 Choose your retirement ageStep 2 Estimate the post retirement income you require.Step 3 Work out the premium payable with your Financial Consultant.

    Unit Linked Pension

    Today, you are busy climbing the ladder of success and realizing your dreams. Today,

    time is with you. Just take a moment and think. Will you be able to continue at the

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    same pace? Will your income be the same forever? Will you be able to live life on

    your own terms even after you retire?

    The HDFC Unit Linked Pension is an insurance policy that is designed to provide a

    retirement income for life with the freedom to maximize your investment returns.

    Stride into your golden years of retirement with dignity and pride.

    The HDFC Unit Linked Pension gives you:

    An outstanding investment opportunity by providing a choice of thoroughly

    researched and selected investmentsProvides a post retirement income for life.Gives you the flexibility to plan your retirement date.Gives you the freedom to invest premiums as per your preference.

    You can choose your premium and the investment fund or funds. We will then investyour premium, net of premium allocation charges in your chosen funds in the

    proportion you specify. At the end of the policy term, you will receive the

    accumulated value of your funds, which will be used to provide your pension

    income.In the event of your unfortunate demise during the policy term, your spouse

    will receive a cash lump sum to help him or her manage the retirement years.Use

    HDFC Standard Lifes excellent investment options to maximize your savings &

    secure your golden years. Dont compromise on self-respect, ever. Go ahead, hold

    your head high and enjoy life with the HDFC Unit-Linked Pension.

    All Unit Linked Life insurance plans are different from traditional insurance

    plans and are subject to different risk factors. HDFC Standard Life is the name

    of our Insurance Company and HDFC Unit Linked Pension is the name of this

    plan. The name of our company and the name of our plan do not, in any way,

    indicate the quality of the plan, its future prospects or returns.

    3 EASY STEPS TO YOUR OWN PLAN

    Step 1 Choose your retirement age.Step 2 Choose the premium you wish to invest, based on your retirement needs.Step 3 Choose the investment fund or funds you desire.

    Unit Linked Pension Plus

    Lead a life of respect and dignity. Even after retirement.

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    Today, you are busy climbing the ladder of success and realizing your dreams. Today,

    time is with you. Just take a moment and think. Will you be able to continue at the

    same pace? Will your income be the same forever? Will you be able to live life on

    your own terms even after you retire?

    The HDFC Unit Linked Pension Plus is an insurance policy that is designed to

    provide a retirement income for life with the freedom to maximize your investment

    returns. Stride into your golden years of retirement with dignity and pride.

    The HDFC Unit Linked Pension Plus gives you:

    An outstanding investment opportunity by providing a choice of thoroughly

    researched and selected investments

    RegularLoyalty Units to boost your fund value every yearProvides a post retirement income for life.Gives you the flexibility to plan your retirement date.Gives you the freedom to invest premiums as per your preference.

    You can choose your premium and the investment fund or funds. We will then invest

    your premium, net of premium allocation charges in your chosen funds in the

    proportion you specify. At the end of the policy term, you will receive the

    accumulated value of your funds, which will be used to provide your pension income.

    In the event of your unfortunate demise during the policy term, your spouse will

    receive a cash lump sum to help him or her manage the retirement years.

    Use HDFC Standard Lifes excellent investment options to maximize your savings &

    secure your golden years. Dont compromise on self-respect, ever. Go ahead, hold

    your head high and enjoy life with the HDFC Unit-Linked Pension Plus.

    All Unit Linked Life insurance plans are different from traditional insurance

    plans and are subject to different risk factors.

    HDFC Standard Life is the name of our Insurance Company and HDFC Unit

    Linked Pension Plus is the name of this plan. The name of our company and the

    name of our plan do not, in any way, indicate the quality of the plan, its future

    prospects or returns.

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    3 EASY STEPS TO YOUR OWN PLAN

    Step 1 Choose your retirement age.Step 2 Choose the premium you wish to invest, based on your retirement needs.Step 3 Choose the investment fund or funds you desire.

    3-Savings Plans

    Endowment Assurance Plan

    Secure Your Familys Financial Independence.

    You have given your family the very best. And there is no reason why they

    should not get the very best in the future too. As a judicious family man, your

    priority is to secure the well-being of those who depend on you. Not just for

    today, but also in the long term. More importantly, you have to guard your loved

    ones against any eventuality. How will they sustain their way of life, so lovingly

    built by you, in your absence?

    With our HDFC Endowment Assurance Plan, you can ensure that your family

    remains financially independent, even if you are not around. You can ensure that they

    live a life of respect and dignity always.

    The HDFCSL Endowment Assurance Plan gives you:

    An ideal way to secure your long-term financial goalsValuable protection to your family by way of lump sum payment in case of your

    unfortunate death within policy termProvides lump sum payment (basic Sum Assured plus any bonus additions) on

    survival up to maturity dateVery flexible benefit options and payment options

    In case of your unfortunate demise during the policy term, this participating (With

    Profits) insurance plan will pay your family the Sum Assured (together with the

    attached bonuses) you had chosen.

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    The plan receives simple Reversionary Bonuses, which are usually added annually. At

    the end of the term an additional Terminal Bonus may be paid depending on the

    performance of the underlying investment.

    3 EASY STEPS TO YOUR OWN PLAN

    Step 1 Choose the amount of targeted savings and policy term using our

    Financial Planning Tool.Step 2 Choose from any one of the 4 additional benefit options as per your

    requirement.Step 3 Work out the premium payable and Sum Assured with our Financial

    Consultant.

    Unit Linked Endowment

    Invest in financial security and self-respect for you and your family.

    You have given your family the very best. And there is no reason why they should not

    get the very best in the future too. With HDFC Unit Linked Endowment, you can

    ensure that your family remains financially independent, even if you are not around.

    You can ensure that they live a life of respect and dignity always.

    The HDFC Unit Linked Endowment Plan gives you:

    An outstanding investment opportunity by providing a choice of thoroughly

    researched and selected investments

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    Valuable protection to your family in case you are not aroundFlexible benefit combinations and payment optionsFlexible additional benefit options such as critical illness coverAccess to your accumulated fund before maturity

    You can choose your premium and the investment fund or funds. We will then invest

    your premium, net of premium allocation charges in your chosen funds in the

    proportion you specify. At the end of the policy term, you will receive the

    accumulated value of your funds.

    In case of your unfortunate demise during the policy term, we will pay the greater of

    your Sum Assured (less any withdrawals you have made in the two years before your

    claim) and your total fund value to your family.

    Use HDFC Standard Lifes excellent investment options to maximize your savings &

    secure you and your familys future. We will provide financial security for your

    family in your absence.

    4 EASY STEPS TO YOUR OWN PLAN

    Step 1 Choose the premium you wish to invest.Step 2 Choose the amount of protection (Sum Assured) you desire.Step 3 Choose the additional plan benefits you desire.Step 4 Choose the investment fund or funds you desire.

    Unit Linked Endowment Plus

    Invest in financial security and self-respect for you and your family.

    You have given your family the very best. And there is no reason why they should not

    get the very best in the future too. With HDFC Unit Linked Endowment Plus, you can

    ensure that your family remains financially independent, even if you are not around.

    You can ensure that they live a life of respect and dignity always.

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    You can choose your premium and the investment fund or funds. We will then invest

    your premium, net of premium allocation charges in your chosen funds in the

    proportion you specify. At the end of the policy term, you will receive the

    accumulated value of your funds.

    In case of your unfortunate demise during the policy term, we will pay the greater of

    your Sum Assured (less any withdrawals you have made in the two years before your

    claim) and your total fund value to your family.

    Use HDFC Standard Lifes excellent investment options to maximize your savings &

    secure you and your familys future. We will provide financial security for your

    family in your absence.

    4 EASY STEPS TO YOUR OWN PLAN

    Step 1 Choose the premium you wish to invest.Step 2 Choose the amount of protection (Sum Assured) you desire.Step 3 Choose the additional plan benefits you desire.Step 4 Choose the investment fund or funds you desire.

    Money Back Plan

    Secure your financial independence. Live life on your own terms.

    You have always believed in living life on your own terms. So why let the

    changing realities of everyday life overwhelm you and make your aspirationstake a back seat? You can plan now to ensure that you have the necessary funds

    to meet your future financial needs.

    The HDFC Unit Linked Endowment Plus gives you:

    An outstanding investment opportunity by providing a choice of thoroughly

    researched and selected investmentsRegularLoyalty Units to boost your fund value every year

    Valuable protection to your family in case you are not aroundFlexible benefit combinations and payment optionsFlexible additional benefit options such as critical illness coverAccess to your accumulated fund before maturity

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    The HDFC Money Back Plan is a With Profit Plan that gives you:

    LONG-TERM GOALS SHORT TERM GOALS

    Provide adequate cover

    for Life, Critical Illnessor disability.

    Buying a car

    Saving for big-ticket

    assets like your house.

    Saving for your marriage

    Saving for your

    childrens education

    Vacation abroad

    Having a regular

    system for savings

    A proportion of the basic Sum Assured as cashlump sums at regular 5-year intervals within the

    policy term (see the table given below) an ideal

    way to secure your long- term as well as short-

    term financial goals

    A lump sum payment on survival up to maturity

    date

    Valuable protection to your family by way of lump

    sum payment in case of your unfortunate death

    within the policy term. This is over and above any

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    earlier payouts

    Key Benefits

    3 EASY STEPS TO YOUR OWN PLAN

    Step 1 Choose the amount of targeted savings and policy term using our

    Financial Planning Tool.Step 2 Choose from any one of the 4 additional optional benefits as per

    your requirement.Step 3 Work out the premium payable and Sum Assured with our

    Total

    Policy

    Term

    Survival BenefitDeath

    Benefit

    5

    Yrs.10 Yrs. 15 Yrs. 20 Yrs. 25 Yrs. 30 Yrs.

    WithinPolicy

    Term

    10 40%

    60% +

    Attaching

    Bonuses

    - - - - 100%

    Sum

    Assured

    +

    attaching

    bonuses

    (Over

    and

    above

    the

    earlier

    payouts).

    15 30% 30%

    40% +

    Attaching

    Bonuses

    - - -

    20 25% 25% 25%

    25% +

    Attaching

    Bonuses

    - -

    25 20% 20% 20% 20%

    20% +

    Attaching

    Bonuses

    -

    30 15% 15% 15% 15% 15%

    25% +

    Attaching

    Bonuses

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    Financial Consultant.

    Childrens Plan

    Give your child the perfect start in life.

    As a parent, your priority is your childs future and being able to meet your childs

    dreams and aspirations. Today, providing a good education, establishing a

    professional career or even a modest wedding is expensive. Costs are increasing fast.

    Just imagine how much youll need when your child takes these important steps in

    life!

    Plan today to ensure a bright future for your child. Start building savings today with

    our HDFC Childrens Plan. So that your child is able to lead a life of respect and

    dignity with a secured financial future.

    The HDFC Children's Plan gives you:Invaluable financial support to your childHelps you customize an ideal plan for your childProvides you multiple options for multiple benefits

    The HDFC Childrens Plan is designed to secure your childs future by giving your

    child (the beneficiary) a guaranteed lump sum, on maturity or in case of your

    unfortunate demise, early in the policy term. The premiums, paid by you, are invested

    by the company to give you good long-term returns.

    The plan receives simple Reversionary Bonuses, which are usually adde