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8/7/2019 A STUDY ON LIFE TIME SUPER PLAN OF ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.
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INSTITUTE OF MANAGEMENT STUDIES BAGALKOT-02
CERTIFICATE OF APPROVAL
PROJECT REPORT
2006-2007
This is to certify that the project report entitled A
Study on LIFE TIME SUPER plan of ICICI Prudential
Life Insurance Co.Ltd.. Is being submitted by Miss. Sapna
N.Pattanshetti ,a student of MBA first year. She has
satisfactorily completed the project work for the partial
fulfillment of MBA Course under Karnataka University,
Dharwad.
INTERNAL:
Prof.SUBRAMANIAM Prof.SUBRAMANIAM
Examiners:
1.
2.
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DECLARATION
I here by declare that this project report titled A study on Life Time Super plan of ICICI
Prudential Life Insurance Co.Ltd., under taken at ICICI Prudential Life Insurance Co,
LTD, Hubli, submitted by me in partial fulfilment for the degree of Master of
Business Administration of Karnataka University ,Dharwad for the academic year
2006- 07 is genuine and bonfied work.
To the best of my knowledge and belief the matter is not submitted earlier for the
award of any degree either to Karnataka University, Dharwad or any other University.
DATE:
PLACE:
SAPNA N. PATTANSHETTI
MBA II Semester
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ACKNOWLEDGEMENT
This project gives me an opportunity to express my heartly thanks to those who helped
me directly or indirectly in the completion of project report.
I would like to express my gratitude Mr. SHRINIVAS JANGAL for their kind
permission to take this project at their esteemed organization. I express my sincere
gratitude to Mr. Naveen Kumar Naidu, UNIT MANAGER of ICICI Prudential Life
Insurance Company Ltd. Hubli.They guided me in each and every step, and also helped to
make the project report successfully and I also thank the Staff of ICICI Prudential Life
Insurance Company.
I would like to express my deep sense of gratitude to our beloved director and my
guide Prof. SUBRAMANIAM ,for his excellent guidance and constant inspiration and
support. And also I would like to thanks all the faculties of the institute.
I express my sincere thanks and dedicate my work to my parents and friends who
have been always a moral support and strong pillars at all works of my life.
SAPNA N. PATTANSHETTI
MBA II Semester
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CONTENTS
Part-I
i. Executive summary
Industry Profile
ii. Company Profile
iii. Objective of the study
Part-II
Functional Analysis
Plan Analysis
Part- III
1. Findings
2. Suggestions
3. Conclusion.
4. Annexure
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PART I
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EXECUTIVE SUMMARY
India's Number One private life insurer, ICICI Prudential Life Insurance Company is a
joint venture between ICICI Bank-one of India's foremost financial services companies
and Prudential plc- a leading international financial services group headquartered in the
United Kingdom. Total capital infusion stands at Rs. 20.60 billion, with ICICI Bank
holding a stake of 74% and Prudential plc holding 26%.
Life Time Super policy is a regular-premium unit-linked policy, which offers
potentially higher returns that systematically enable to meet long-term financial
objectives. In addition, Life Time Super also provides the protective benefit of an
insurance cover, which keeps family secure, always. In this plan the policy holder has the
flexibility to do withdrawal at the different lifestages depending upon the needs.
From the study suggestthe investors that , as the Life Time Super is a better tool
for integrated financial planning investing in Life Time Super creates asset by providing
flexible choice of funds to invest, it accumulates the asset by having the flexibility of
increasing investor accumulation by putting in extra premium whenever investor have
some money to put in. It also provides some other features like riders which protects the
health of the investor and meets the needs of Life stages. It has different benefits like
switching options, maturity benefit and death benefits.
From the study conclude that Life Time Super is a better as compared to any other
plans. It takes care of the investment and provides the protection against the health
hazards. Thus Life Time Super is the product that satisfies totally a different set of needs
and death benefit as a multiple of the annual premium .Thus, this is how Life Time Super
helps an investor to create, protect, and accumulate his investments.
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OBJECTIVE
To study how Life Time Super plan is an Asset Creation,Asset
Protection and Asset Accumulation for investor.
DATA COLLECTION APPROACH:
Primary Sources:
a) Interaction with policyholder
Secondary Sources:
a) Company Websites
b) Company Magzines , reports and publications
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INDUSTRY PROFILE
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,
nationalised 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 ofGDP, 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,
12 life insurance companies and 9 general insurance companies have been registered.
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COMPANY OVERVIEW
India's Number One private life insurer, ICICI Prudential Life Insurance Company
is a joint venture between ICICI Bank-one of India's foremost financial services
companies-and Prudential plc- a leading international financial services group
headquartered in the United Kingdom. Total capital infusion stands at Rs. 20.60 billion,
with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.
They began their operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA). Today, their nation-wide team
comprises of over 580 offices, over 234,000 advisors; and 22 bancassurance partners.
ICICI Prudential was the first life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI
Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic
Times. As they grow their distribution, product range and customer base, they continue
to tirelessly uphold their commitment to deliver world-class financial solutions tocustomers all over India.
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ABOUT THE PROMOTERS
ICICI BANK
It is India's second largest bank and largest private sector bank with over 50 years
presence in financial services and with assets of over Rs 3446.58 bn as on March 31,
2007. The Bank offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through its
specialised subsidiaries in the areas of investment banking, life and non-life insurance,
private equity and asset management. ICICI Bank is a leading player in the retail banking
market and services its large customerbase through a network of over 950 branches and
extension counters, 3300 ATMs, call centers and internet banking to ensure
that customers have access to its services at all times.
PrudentialPlc
Established in London in 1848, Prudential plc, through its businesses in the UK
and Europe, the US and Asia, provides retail financial services products and services to
more than 20 million customers, policyholder and unit holders and manages over 251
billion of funds worldwide (as of 31 December 2006).
In Asia, Prudential is the leading European life insurance company with life
operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the
Philippines, Singapore,Taiwan, Thailand, Vietnam. Prudential is the second largest retail
fund manager for Asian as at June 2006.
Its fund management business has expanded into a total of ten markets : China,
Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab
Emirates.
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What makes ICICI Prudential No. 1
The ICICI Prudential edge comes from their commitment to their customers, in all
that they do - be it product development, distribution, the sales process or servicing.
Following are the important points to know what makes ICICI Prudential No.1
1. Their products have been developed after a clear and thorough understanding of
customers' needs. It is this research that helps them develop Education plans that
offer the ideal way to truly guarantee child's education, Retirement solutions that
are a hedge against inflation and yet promise a fixed income after retire, or Health
insurance that arms customer with the funds they might need to recover from adreaded disease.
2. Having the right products is the first step, but it's equally important to ensure that
their customers can access them easily and quickly. To this end, ICICI Prudential
has an advisor base across the length and breadth of the country, and also partners
with leading banks, corporate agents and brokers to distribute their products
3. Risk management and underwriting practices form the core of their business.
With clear guidelines in place, they ensure equitable costing of risks, and thereby
ensure a smooth and hassle-free claims process.
4. Entrusted with helping customers meet their long-term goals, they adopt an
investment philosophy that aims to achieve risk adjusted returns over the long-
term.
5. Last but definitely not the least, their 16,000 plus strong team is given the
opportunity to learn and grow, every day in a multitude of ways. They believe this
keeps them engaged and enthusiastic, so that they can deliver on their promise to
cover customer, at every step in life.
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Ownership
It is to be , it is up to me
1. Take responsibility and see tasks through to completion.
2. Own mistakes, learn from failures.3. Be a team player ownership for team performance.
Passion
Boundless energy and enthusiasm
1. Exhibit winning instinct.
2. Demonstrate speed and urgency for achieving result.
3. Challenge status quor do things differently.
Integrity
Be honest and fair in what you say and do
1. Practice what you preach.
2. Stand up honesty and fearlessly for what is right.
3. Act in a consistent and aquitable manner.
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Company hopes to Achieve
Understanding the needs of customers and offering them superior products and
service
Leveraging technology to service customers quickly, efficiently and conveniently
Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our
employees
And above all, building transparency in all our dealings.
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Organization chart of
ICICI Prudential Life Insurance
Branch manager
Sales Manager Sales Manager
Unit Unit Unit Unit Unit Unit
Manager Manager Manager Manager Manager Manager
Advisor Advisor Advisor Advisor Advisor Advisor
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MANAGEMENT COMMITTEE
Board of Directors
The ICICI Prudential Life Insurance Company Limited Board comprises reputed
people from the finance industry both from India and abroad.
Mr. K. V. Kamath, Chairman
Mr. Barry Stowe
Mrs. Chanda Kochar
Mrs. Kalpana Morparia
Mr. H.T. Phong
Mr. M. P. Modi
Mr.R Narayanan
Mr. Keki Dadiseth
Mrs. Shika Sharma, Managing Director
Mr. N.S.Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
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Management Team
Mrs. Shika Sharma , Managing Director & CEO
Mr. N.S. Kannan Executive Director
Mr. Bhargav Dasgupta Executive Director
Mrs. Anita Pai , Chief customer service And Techonology
Mr. Azim Mithani , Chief Actuary
Mr. Puneet Nanda Chief Investments Officer
Mr. Binayak Dutta, Chief Sales And Distribution
Distribution
ICICI Prudential has one of the largest distribution networks amongst private life insurers
in India. As of January 31, 2007 the company has over 540 offices across the country and
over 200,000 advisors.
The company has over 20 bancassurnace partners, having tie-ups with ICICI
Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Idukki
District Co-operative Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op
Bank, Ernakulam Bank and 9 Bank of India sponsored Regional Rural Banks (RRBs). It
has also tied up with NGOs MFIs and corporates for the distribution of rural policies
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PART II
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DEPARTMENTS OF ICICI PRUDENTIAL
1.1 Sales & Distribution
This section is divided into four parts:
Managers Utilities in section one will find important announcements for
managers, tools like pre-recruitments profiling, managers related initiatives, etc.
Advisor Utilities this section will hold advisor related tools like,
electronic benefits illustration, advisor Initiatives, Important announcements,
statutory changes that affect advisor, etc.
Contests details off all current contests that are running will be found
under this heading.
Contests Updates & Results Updates of all contest & results declare will
be available for view in this section
Group information on the group products, printable pre quote &
application forms, etc.will be hosed in this section.
1.1. Bancassurance & Alliances
Bancassurance or Banca as is it is commonly known includes our Bank
partners. The corporate agents and the alliance partners from the other member of
the team. The business philosophy at B&A is to leverage distribution synergies
with their partners and value to the business of both.
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1.2 Finance
MIS reviews current roles,
Planning evaluation next goals,
Internal audit assesses that rules are met,Compliance handles the Regulatory net,
CCU advisor cost trends,
Distribution payouts handles Sales spends,
EPU keeps customers thrilled,
Investments Operation measured the coffers filled,
Accounts provides the overall view,
Thats the 9-jewels team for you;
The CFO is at the helm,
Now, lets get to know each of them!!!
Planning & MIS monitoring of Organization performer Sales, Quality, trends
on a continuous basis. With insights into MIS, socio economic factors & competitors
behavioral patterns, they contribution to sales targets, strategic initiatives, projected
branches, projected work force the ahead!!!
Internal Audit Risk Management, Business Continuity Plan, Best practices,
policy manuals are not mere words on paper .adhere to them.
We ensure practice what you preach!!!!
Compliance We ensure that every action is within the regulator framework!!!
CCU-we ensure that every rupee is spent economically, prudently, cost effectively!!!
Distribution payouts we roll out commission payouts, referral, bonuses, contest spends
& effectiveness. Basically the sales goodies!!!
EPU- Cost discipline, expense processing vender payments, reimbursement, salary
payouts.they handles E-TRACK!!!
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Investment operation they being the custodian of investments, benchmark our
performance with the best in the industry. They manage the cash flow!!!
Accounts financial Accounting, Expense provisioning, Income Accrualsthey strive
on the excellence & transparency of our systems & controls, to keep the auditors,
customers & shareholders assured that the financial story is said right!!!
Driven by sheer professionalism, we strive relentlessly towards our Organization
Vision.
Together we can.and will make a difference!!!
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1.4 Human Resource:
Performance Management
They are committed to creating a performance driven culture through effective
management of performance of all staff members in a way that is mutually
beneficial. They drive the same by linking individual performance objectives to
business objectives and evaluating performances consistently and fairly.
Training & capability Development Programs
The focus of training & capability Development Programs is to develop key
competencies & skill among staff members so as to facilitate attainments of full
people potential. The various capability Development programs are fast tax.
Advantages, Grand Slam specifically designed for UMS, FSCs and Executives
respectively.
HR Policies & Procedures
The Policies and procedures laid down here promote the philosophy of the
Company with regard to standards of excellence; terms of employment;
employment Development; and employment services. The objective of the section
is to inform the policies related to Travel, Compensation, Med claim, Transfers
etc
1.5 Information Technology
Various IT initiatives under taken at ICICI Prudential are aimed at strengthening
the bond between the business and the use of technology.
There are 4 solution groups which are aligned with the different function of the
company.
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The Life Asia Solution Group Team managing Life Asia is core policy system.
Life Asia is a proven, reliable system operating on robust software, and on a hardware
platform providing ease of use. It provides the flexibility in designing better product
offerings to end user. This solution group also, manages the group solution software
packages. A critical aspect of our every day work lives is IT infrastructure and that is
managed by sub group in the Life Asia solution group.
All the forward thinking business are headed for web, as web presence integrated
with back end system allows for a strong self-service paradigm to be built for customers
and partners. We have solutions Group- Web which is constantly trying to provide real-
time information to our CRM initiative using the Goldmine packages, catering to the
Sales Force for lead management, and to customers services, for handling
quires/complaints/request.
Our group also has an architect who is in charges of developing and maintaining a
blueprint for the enterprise as a whole. This team works as an in house R&D Solution
group, exploring various tech initiatives for the future. Finally, our Corporate Solution
Group caters to the information needs of the corporate function like HR and financial.
This team also works towards running initiatives to drive up usages and derive returns on
our IT investments.
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The Insurance Regulatory and Development Authority
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill
in Parliament in December 1999. The IRDA since its incorporation as a statutory body in
April 2000 has fastidiously stuck to its schedule of framing regulations and registering the
private sector insurance companies.
The other decisions taken simultaneously to provide the supporting systems to the
insurance sector and in particular the life insurance companies was the launch of the
IRDAs online service for issue and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also ensured that
the insurance companies would have a trained workforce of insurance agents in place to
sell their products, which are expected to be introduced by early next year.
Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations. In the private sector 12 life insurance and
6 general insurance companies have been registered.
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Insurance plans at a glance
Broadly, insurance plans can be distinctly divided into ULIPs and traditional
plans. A brief detail of both segments.
Unit Linked Insurance Product
ULIPs have gained high acceptance due to attractive features they offer. These
include:
1. Flexibility
Flexibility to choose Sum Assured.
Flexibility to choose premium amount.
Option to change level of Premium /Sum Assured even after the plan has started.
Flexibility to change asset allocation by switching between funds
2. Transparency
Charges in the plan & net amount invested are known to the customer
Convenience of tracking ones investment performance on a daily basis.
3. Liquidity
Option to withdraw money after few years (comfort required in case of
exigency)
Low minimum tenure.
Partial / Systematic withdrawal allowed
4. Fund Options
A choice of funds (ranging from equity, debt, cash or a combination)
Option to choose your fund mix based on desired asset allocation
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Traditional Plans
These are the oldest types of plans available. These plans cater to customers with
a low risk appetite. Some of the common features of traditional plans are:
1. Steady Investment
Major chunk of investible funds are in debt instruments
Steady and almost assured returns over the long term
2. Features
Death benefit is Sum Assured + guaranteed & vested bonus
Helps in asset creation as they are for a long tenure
Premium to Sum Assured ratios are fixed for each plan and age.
Generally withdrawals are not allowed before maturity
Products
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric products
that meet the needs of customers at every life stage. Its products can be enhanced with up
to 4 riders, to create a customized solution for each policyholder.
Savings & Wealth Creation Solutions
These solutions give the customer the dual benefit of protection along with the potentially
higher returns of market-linked instruments.
CashPlus
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It is a transparent, feature-packed savings plan that offers 3 levels of protection as well
as liquidity options
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Save'n'Protect
It is a traditional endowment savings plan that offers life protection along with
adequate returns.
CashBak
It is an anticipated endowment policy ideal for meeting milestone expenses like a
child's marriage, expenses for a child's higher education or purchase of an asset. It is
available for terms of 15 and 20 years
LifeTime Super & LifeTime Plus
These are unit-linked plans that offer customers the flexibility and control to
customize the policy to meet the changing needs at different life stages. Each offer 4 fund
options - Preserver, Protector, Balancer and Maximiser.
Life Time Super policy is a regular-premium unit-linked policy, which offers
potentially higher returns that systematically enable to meet long-term financial
objectives. In addition, Life Time Super also provides the protective benefit of an
insurance cover, which keeps family secure, always.
LifeTime Plus-is the only unit-linked plan that provides the family with both,
Sum Assured AND Fund Value. Both these amounts ensure customer loved ones remain
financially secure, regardless of life's uncertainties. This ideal wealth creation plan alsoserves as a protective insurance cover.
LifeLink Super
It is a single premium unit linked insurance Plan which combines life insurance
cover with the opportunity to stay invested in the stock market. It works best for
investors who have in mind long-term financial goals, such as the education of a
child or the purchase of a larger home.
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Premier Life Gold
It is a limited premium paying plan specially structured for long-term wealthcreation. It Is one of the finest wealth creation plans available, Premier Life Gold
provides with the benefit of paying premiums for a brief period but enjoying the benefits
of cover and potentially higher returns over the long run.
simply, Premier Life Gold ensures customer to enjoy long-term benefits even
when they make short-term investments.
Invest Shield Life New
It is a unit linked plan that provides premium guarantee on the invested
premiums and ensures that the customer receives only the benefits of fund appreciation
without any of the risks of depreciation.
InvestShield Cashbak
It is a unit linked plan that provides premium guarantee on the invested
premiums along with flexible liquidity options
Protection Solutions
LifeGuard
It is a protection plan, which offers life cover at low cost. It is available in 3
options - level term assurance, level term assurance with return of premium & single
premium.
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HomeAssure
It is a mortgage reducing term assurance plan designed specifically to help
customers cover their home loans in a simple and cost-effective manner.
Child Plans
Education insurance
Under the SmartKid brand provides guaranteed educational benefits to a child
along with life insurance cover for the parent who purchases the policy. The policy is
designed to provide money at important milestones in the child's life. SmartKid plans are
also available in unit-linked form - both single premium and regular premium.
Features and benefits of SmartKid
SmartKid offers an exclusive choice of 3 education insurance plans: SmartKid
New Unit-linked Regular Premium, SmartKid New Unit-linked Single Premium and
SmartKid Regular Premium.
1. SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Regular Premium is a unit-linked plan, which enables parent
and their child to accumulate wealth by virtue of the performance of the underlying
market-linked instrument.
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Features
Premium: The minimum premium to be invested is Rs. 10,000 per annum. After
deducting premium allocation charges from the premium, the remaining amount will be
invested in a fund of their choice.
Sum Assured: The minimum Sum Assured that the policyholder can opt for is Term *
Annual Premium/2, subject to minimum of Rs 1 lac.
Policy term: The term of the policy will be calculated as the difference between child's
current age and the age of child when the policy matures.
Mortality, Policy Administration charges: These and other charges will be deducted
from the units in the fund.
2. SmartKid New Unit-linked Single Premium
SmartKid New Unit-linked Single Premium works in much the same way as
SmartKid New Unit-linked Regular Premium policy mentioned above. The only different
feature is the premium amount will be required to pay only a single premium, which starts
at as low as Rs. 50,000
3. SmartKid Regular Premium
Flexible investment option: Choosing the amount of premium with which you
wish to safeguard child's education.
Flexible policy tenure: The tenure of the plan will be calculated as the
difference between childs current age and his or her age at which the policy matures.
Flexible premium options: The premium will be calculated based on 3
factors: Sum Assured, policy tenure and your age.
Guaranteed bonus:A guaranteed bonus of 3.5% per annum is declared for the first 4premium paying years plus an annual vested bonus declared in subsequent years.
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Retirement Solutions
ForeverLife
It is a traditional retirement product that offers guaranteed returns for the first 4 years and
then declares bonuses annually.
LifeTime Super Pension
It is a regular premiumunit linked pension plan that helps one accumulate over the long
term and offers an annuity option (guaranteed income for life) at the time of retirement.
LifeLink Super Pension
It is a single premium unit linked pension plan.
Health Solutions
Health Assure and Health Assure Plus:
Health Assure is a regular premium plan which provides long term cover against 6 critical
illnesses by providing policyholder with financial assistance, irrespective of the actual
medical expenses. Health Assure Plus offers the added advantage of an equivalent life
insurance cover.
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Cancer Care:
It is a regular premium plan that pays cash benefit on the diagnosis as well as at different
stages in the treatment of various cancer conditions.
Diabetes Care:
Diabetes Care is the first ever critical illness product specially for individuals with Type 2
diabetes. It makes payments on diagnosis on any of 6 diabetes related critical illnesses,
and also offers a coordinated care approach to managing the condition. Diabetes Care
Plus also offers life cover
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to
enhance benefits to their employees.
Group Gratuity Plan:
ICICI Pru's group gratuity plan helps employers fund their statutory gratuity obligation
in a scientific manner. The plan can also be customized to structure schemes that can
provide benefits beyond the statutory obligations.
Group Superannuation Plan:
ICICI Pru offers both defined contribution (DC) and defined benefit (DB) superannuation
schemes to optimise returns for the members of the trust and rationalise the cost.
Members have the option of choosing from various annuity options or opting for a partial
commutation of the annuity at the time of retirement.
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Group Immediate Annuities:
In addition to the annuities offered to existing superannuation customers, we offer
immediate annuities to superannuation funds not managed by us.
Group Term Plan:
ICICI Pru's flexible group term solution helps provide affordable cover to members of a
group. The cover could be uniform or based on designation/rank or a multiple of salary.
The benefit under the policy is paid to the beneficiary nominated by the member on
his/her death.
Flexible Rider Options
Riders are extra benefits attachable with the main policy, which provides added
protection against specific risks at a nominal extra cost.
Features of Riders
Riders can be attached to policies from the beginning or on policy
anniversary date.
Once attached, a rider can be discontinued at a later date.
The combined premiums of all riders attached to a policy cannot be
greater than 30% of the premium of the basic plan
The sum assured of an individual Rider cannot Exceed Rs.10 Lakh and
cannot exceed the sum assured of the basic plan.
Riders are pure risk covers and hence have no maturity benefits.
ICICI Pru Life offers flexible riders, which can be added to the basic policy at a
marginal cost, depending on the specific needs of the customer.
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Accident & disability benefit:
If death occurs as the result of an accident during the term of the policy, the beneficiary
receives an additional amount equal to the rider sum assured under the policy. If the death
occurs while travelling in an authorized mass transport vehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.
Critical Illness Benefit:
It protects the insured against financial loss in the event of 9 specified critical illnesses.
Benefits are payable to the insured for medical expenses prior to death.
Income Benefit:
This rider pays the 10% of the sum assured to the nominee every year, till maturity, in the
event of the death of the life assured. It is available on SmarKid and CashPlus .
Waiver of Premium:
In case of total and permanent disability due to an accident, the future premiums continue
to be paid by the company till the time of maturity. This rider is available with LifeTime
Super, LifeTime Super Pension and CashPlus.
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Life Time Super
Life Time Super policy is a regular-premium unit-linked policy, which offers potentially
higher returns that systematically enable to meet long-term financial objectives. In
addition, Life Time Super also provides the protective benefit of an insurance cover,
which keeps family secure, always.
Key Benefits of LifeTime Super
Potentially higher returns over the long term by investing in unit-linked
funds
Additional allocation of units at regular intervals to boost investment
Option to withdraw money systematically over a period of 5 years on
maturity of the policy
In case of an unfortunate event of death, the family will receive Sum
Assured or Fund Value, whichever is higher
Cover Continuance option available which ensures continuance of lifeinsurance cover, even if customer wish to take a temporary break in
premium payment
Tax benefits on premiums paid and benefits received under the policy, as
per the prevailing Income Tax Laws
Policy works in the following manner
1. Customer need to choose the premium amount, term and Sum
Assured for which he wishes to take the policy.
2. After deducting premium allocation charges, the balance amount is
invested in the investment fund(s) of their choice.
3. Customer can opt for add-on riders available under the policy.
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4. On survival, the maturity benefit is paid to the policyholder. In the
unfortunate event of death, the nominee receives the higher of Sum
Assured or the Fund Value.
ICICI Prudential Life insurance Company offer customer 4 investment funds. They havethe option to choose how they want their investments to grow, based on the objectives of
each of the funds. Given alongside are the investment objective and asset allocation of
each of the funds:
Fund name and its
objective
Asset allocation Min Max Potential
Risk-
Reward
Maximiser: Long Term
Capital Appreciation
Equity & Equity
Related Securities
Debt, Money Market &
Cash
75%
0%
100%
25%
High
Fund name and its
objectiveBalancer: Balance of
growth and steady
returns
Equity & Equity
Related SecuritiesDebt, Money Market &
Cash
0%
60%
40%
100%
Moderate
Protector: Accumulate
steady income at a lower
risk
Debt Instruments,
Money Market
& Cash
100% 100% Low
Preserver: Protection of
capital through very low
risk investments
Investments upto 20%
can be allocated to this
fund.
Debt Instruments
Cash & Money Market
0%
50%
50%
100%
Capital
Preservation
Max.
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Potential Risk-Reward
Fund name and its objective
SWITCHING OPTION
Under this option you can switch your investment between the funds at any time
(provided the policy is in force), depending on your financial priorities and investment
objective. In any policy year, 4 switches can be done free of charge. The minimum switch
amount is Rs.2,000.
Maturity Benefit
On maturity of this policy, you will be entitled to receive the Fund Value at the time of
maturity. Alternatively, you can opt for the Settlement Options available
Settlement Options
On maturity of the policy, you can choose to take the Fund Value as a structured benefit.
With this facility, you can opt to get payments on a yearly, half-yearly, quarterly or
monthly (through ECS) basis, for a period 3 of 1,2,3,4, or 5 years, post maturity
(settlement period) . At any time during the settlement period, you have option to
withdraw the entire fund value.
Death Benefit
In the unfortunate event of death during the term of the policy, the nominee shall receive
the higher of Sum Assured (net of permissible 1 partial withdrawals) and the Fund Value.
Cover Continuance option
This option ensures that your life insurance cover continues in case you are unable to pay
premiums, any time after payment of first three years' premium. All applicable charges
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will be automatically deducted from the units available in your fund. You need to opt for
cover continuance, if 4 you wish to avail of this benefit
Additional Protection with Riders.
Riders Benefit
Accident and Disability
Benefit Rider (ADBR)
In the event of death or disability due to
an accident, the rider benefit amount
would be paid accordingly
Critical Illness Benefit
Rider (CIBR)
In the event of the Life Assured being
diagnosed for any of the specified critical
illness, the rider benefit amount would be
paid.
Waiver of Premium
Rider (WOPR)
In the event of total and permanent
disability due to an accident, all further
premiums till maturity would be paid by
the company.
.
Rider charges for opted riders will be recovered by cancellation of units .
surrender values
Policyholder can surrender their policy. Surrender values are available to them after
deducting surrender charges and would depend on the number of completed policy years.
Following are the surrender values applicable after payment of full 3 years' premium.
No.of Completed years of the
policy
Surrender value as a % of fund
value
3 years 98%
4 years 99%
5 years and above 100%
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Life Time Super at-a-glance
Minimum / Maximum Entry Age 0 - 65 years
Maximum Age at Maturity 18-75 years
Minimum / Maximum Policy
Term
10 - 75 years
Premium Payment Frequency Yearly, Half-yearly, Monthly
Minimum Premium Rs.18,000 per annum
Minimum Sum Assured Annual Premium x Term/2, subject to a
minimum of Rs.1,00,000.
Tax Benefit Premium paid for the policy and critical
illness benefit rider will be eligible for
tax benefit under section 80C & 80D
respectively. Any benefit amount
received under this policy will beeligible for the tax benefit under section
10 (10D), as per prevailing Income Tax
laws.
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Positioning Of Life Time Super
It is necessary to understand few terms before going through the various financial
planning ways.
Save : This is an activity that helps in the Asset Accumulation. It has both short term
and long term perspective. The short term Perspective: is putting aside the extra money
after expenses into one place like a bank. The long-term perspective is when savings is
done keeping in mind certain specific goals.
Invest : This is an activity that focuses Asset Creation. It involves making money
from money. The focus here is on capital growth. This has a long term perspective; for
example the money, which you save after having met your expenses, they put in various
long-term securities to gain returns and thereby creating financial assets. For example
they create assets by putting our savings into equity investments, thereby creating a
financial asset over a long-term or a by buying a property thereby creating a physical
asset. Where they invest depends on the level of risk tolerance.
Spend: This is an activity of using the money for your expenses. This can be done to
meet your day-to-day expenses or to meet any exigencies. A part of your income goes in
spending, which is nothing but protecting your lifestyles. So the act of spending is
nothing but protecting your life styles, your lives and hence your assets.
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Spend
Save
To summarize these three activities can look into the following manner
Income
Save Asset Accumulation
Invest Asset Creation
Spend Asset Protection
The following diagram shows, the way to appreciate the need for better and sound
financial planning.
Income
This is situation in most of the house holds,
based on the premises of taking care of all
Customer expenses first before they can save
anything.
More often than not this results into financial
Failure over the Long-term.
Financial Failure
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Save
Spend
Income
Save
Invest
Spend
Income
This is a situation that is an idea one where the
system is to keep aside money for savings and
then spend. This does not take into account
unexpected expenses that may occur time to
time.
Not feasible all the time when laege expenses
occur and this savings gets depleted.
This may lead to a situation of financial
dependency.
Financial Dependency
This is a more independent situation
because with savings you are also making
investments. This is the difference between
asset accumulation and asset creation
investments create assets, where as savings
accumulate assets. You use savings to meet
unexpected expenses and investments to meet
your long-term goals
This is the state of financial independence.
Financial Independence
This is assumed to be the best possible form of financial planning. But this does not take
into consideration the one big
Concept-protection.
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Income
This may lead to the state of financial failure
Life Time provides Asset Protection, Asset Creation And Asset
Accumulation
Protection A/c Investment A/c
This is the A/c that provides This is the A/c that providesProtection by safeguarding financial Freedom with asset accumulation and
Against the 3D effect asset creation in the long run
DEATH, DISABILITY A unique combination Life time super offers the
OR CRITICAL DISEASE of protection and unique facility of putting
Life time super can protect investment, that aside money for asset
Assets in case of death, or provides with the creation. It has the option
On contration of critical benefit of both of investing in 4 fund
Diseases by paying money thereby acting as a options. It also gives the
Without affecting complete financial flexibility of withdrawal
Investments, Also it pays solution to meet periodic needs
To spend and save in case
Of disability .It provides
Protection against 9 critical
Diseases.
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Save
Invest
Spend
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Asset Protection
Life Insurance
The customer has the flexibility of choosing a sum assured that suits his life stage needs.
The customer has the flexibility of increasing the sum assured whenever he wishes. This
gives the customer the control to direct his investment in insurance as per the life stage
depending upon his needs.
Health Protection
The customer has the flexibility of choosing a rider cover that he wishes to take, which
can be a maximum of basic Sum Assured or 10,00,000 whichever is lower. Thus if the
customer is already covered with a medical policy, he can choose to have a lower Sum
Assured under the Health Rider that amount for investment. The customer also avails of
the tax benefits available under section 80D for the Critical Illness Rider Premium. The
riders are in-force till the age of 65 years, which gives the individuals the health
protection in the posy-retirement phase as well.
It provides protection against 9 dreaded diseases. These are
Major organ Transplant
Complete renal Failure
Stroke
Paralysis
Heart attack
Valve Replacement Surgery
Major Surgery of the Arota
Coronary Artery Graft Surgery(bypass)
Cancer
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It also covers for the unfortunate event of Living Dead with the attachment of CIBR
Rider with it .This rider provides with cover against 9 critical illness without affecting
investment A/c at all. Total protection against the eventualities of your life and yet
keeping investment growing.
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The3D
EffectDeath
Dreaded
Disease
Disability
On death, the
policyholder
would be paid the
sum assured orfund value at that
point of time
total protection of
life
In the unfortunate event of
disability due to accident,
Life Time Super ensures
an annual payment for 10
years fornormalsustenance and investmentA/c remains intact. Total
protectionagainst theunforeseen & protection ofassets too.
Life Time Superprovides protection
against 9 dreaded
diseases.
It works separately
from investment a/c
pays more money incase of you confront
any one of these. total
protection against the
unfortunate events that
may leave one as
Living Dead.
This is enabled by
the flexible
feature of the
product, where on
death the life
assured would gethigher of the
chosen Sum
Assured or Fundvalue
Life Time Super
also covers for
the unfortunate
event of
permanent
disability with its
ADBR and
WOP. This rider
pays money for10 years to take
care of expenses
inthose years ofloss income
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Asset Creation
Lifetime Super provides the opportunity for long=term asset creation along with
protection. This product provides with flexible features so that customer can grow
investments in the long run. It is an established fact that putting aside money regularly
leads to long-term wealth creation.
The regular premium that customer pay is directed into his investment A/c as per the
option chosen by him. The value of this investment grows over time. Customer can track
the portfolio regularly and make changes depending on his needs.
It helps in asset creation in the following manner.
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Life Time Super regular Premium
Part of the premium
towards the policy
expenses
Allotment of
UNITS
This goes to protection
A/c to provide a cover
against the 3D effect of
Death, Disability And
dreaded Diseases.
Insurance
Charges
Units that build up your
investment value
Various Investment
options, facility of
Withdrawals and
investing back ininvestment A/c
This is customer investment A/c.The units that are bought with the premium, which the
customer paid, first take care of their protection and then remaining amount is put into their
investment account. Here they have various options of investments as per their choice and
priorities. This is the account where their money grows over a long period of time.
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Life Time Super being a regular premium product serves as the right product for
disciplined savings over a long period of time. The other benefit of this disciplined saving
is that it helps in accumulating units over a period of time at an average cost that is lesser
than the average unit value over the same period. This happens because of Rupee-Cost
Averaging. Thus the policyholder over a long-term creates value from his investments.
Concept of Rupee-Cost Averaging
Rupee-Cost Averaging is achieved by regularly investing a fixed amount of money into a
particular fund, over a long-term period, regardless of the state of the market.
By doing so , one would effectively, buy more units when the markets are down and he
prices are low, and fewer units at lower prices. Thus the average cost of acquisition of the
units would be less than the average unit price over the same period.
Rupee-Cost Averaging provides the benefit of regular investment to the policyholders.
This type of an investment pattern is also known as systematic Investment Plan.
This approach helps in decreasing the Cost of acquisition of units as compared to the
average during the same period time, there by creating value in the long-term.
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ACCUMULATION
Asset Accumulation is the last key in financial independence and freedom apart from the
other two pillars of Asset Protection and Asset Creation.
Life Time Super works like other Savings Bank A/c. Customer has the flexibility of
accumulating their money in Life Time Super just as they would do in a bank A/c.
He has the flexibility to take out money of their account for any of their requirements
without having to pay any costs, which is how they use their accumulation account.
They also have the flexibility of increasing their accumulation by putting in extra
premium whenever they have the money to put in .This gives them the benefit of getting
all the accumulation, all savings done only in one account, which is what a perfect
accumulation is all about. A unique opportunity for customer to accumulate all their
wealth at one place.
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Life Time Super would provide the benefit of doing all the three Asset Protection,
Asset Creation and Asset Accumulation in one single policy.
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Cover against
the 3D Effect.
Provides you
with Death
Benefit+Cover
Against
Disability+Cov
er Against
Critical
Illnesses
Asset
Protection
Asset
Creation
Asset
Accumulation
Asset creation
with Rupee-cost
Averaging,
Opportunity to
earn reasonablyhigh returns.
Opportunity to
invest in various
plansofcustomer choice
An ideal accumulation vehicle for policyholder.
Provides the benefit of an account which grows
while taking care of theeir your expenses.
Provides the benefit of investingmore amount ofmoney.
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PART III
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FINDINGS
o It provides the customers, the flexibility of increasing the sum assured
which suits investors life stage needs.
o Life Time Super provides health protection by providing a feature like
rider
o Life Time Super also covers you for the unfortunate event of Living
dead with flexible features like 6 choice of funds to grow their
investments in long-run
o This plan has the flexibility to take out money of policyholder account for
any of their requirements without having to pay any costs, which is how
they use their accumulation account.
o The concept of Rupee-cost Average minimizes the timing risk. A sustained
investment plan would always create value in the long-term for the policy
holders, irrespective of the existing investment market conditions.
o The switch option gives the policy holder / investor the control to change
the investment patterns with changing needs at different lifestages.
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SUGGESTIONS
As the Life Time Super is a better tool for integrated financial planning, investing
in Life Time Super creates asset by providing flexible choice of funds to invest, it
accumulates the asset by having the flexibility of increasing investor accumulation by
putting in extra premium whenever investor have some money to put in. It also provides
some other features like riders which protects the health of the investor and meets the
needs of Life stages.
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CONCLUSION
Life Time Super is positioned as a long term wholesome financial products that
takes care of the investment, insurance makes and provides the protection against the
health hazards. Thus Life Time Super is the product that satisfies totally a different set of
needs and death benefit as a multiple of the annual premium. It also provides the
flexibility to control the insurance & savings, according to the needs of the individual at
different life stages.
Thus, this is how Life Time Super helps an investor to create, protect, and
accumulate his investments.
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