Aegon Life Insurance Company Limited 14th Annual Report

Aegon Life Insurance Company Limited

14th Annual Report 2020-2021

BOARD OF DIRECTORS Mr. Marco Keim Chairman Mr. Patrick Curtin Non-Executive Director Mr. Curtis Chen Non-Executive Director Mr. Sivakumar Sundaram Non-Executive Director Mr. Ramaswamy P Subramaniam Non-Executive Director Mr. Gopalkrishnan Ramaswamy Non-Executive Director Ms. Mitu Samar Nath Non-Executive Director Mr. Srinivasan V Independent Director Mr. Narayanan Kumar Independent Director Mr. Nani Javeri Independent Director Mr. Satish Balakrishnan Managing Director & Chief Executive

Officer

Mr. Manish Falor Chief Financial Officer

Mr. Kamlesh Gupta Appointed Actuary

Mr. Jitin Parekh Company Secretary & Chief Compliance & Legal Officer

JOINT STATUTORY AUDITORS M/s. V. Sankar Aiyar & Co., Chartered Accountants M/s Singhi & Co., Chartered Accountants (up to 6 July 2021)

BANKERS Citi Bank NA HDFC Bank Limited Axis Bank Limited Yes Bank Limited ICICI Bank Limited

REGISTERED OFFICE A - 201, 2nd Floor, Leela Business Park, Near Airport Road Metro Station, Andheri Kurla Road, Andheri (East), Mumbai 400 059

(As on 30 July 2021)

CONTENTS Page Nos.

Board’s Report 1 – 27

Auditors’ Report 28 – 45

Management Report 46 – 53

Revenue Account 54 – 55

Profit & Loss Account 56 – 57

Balance Sheet 58 – 59

Receipt & Payment Account 60 – 61

Schedules forming part of Accounts 62 – 99

Notes to Accounts 100 – 155

Board’s Report

To The Members, Aegon Life Insurance Company Limited

Your Directors have pleasure in presenting the Fourteenth Annual Report of the Company together with the Audited Financial Statements for the Financial Year ended 31 March 2021.

1. FINANCIAL SUMMARY AND HIGHLIGHTS:

a. FINANCIAL SUMMARY:

The Company's performance during the year ended 31 March 2021 as compared to the previous financial year, is summarized below:

(INR in ‘000)

*Loss for the year* excludes the surplus in participating segment; it includes Deficit as perRevenue Account in the non-participating segment and Profit/Loss as per the Profit and LossAccount.**Total Loss as on date, 31 March includes Deficit as per Revenue Account and Debit balance

Year ended March 31, 2021


Income • Premium 5,260,716 5,757,367 • Reinsurance ceded (714,211) (616,014) • Investments Income (net) 4,848,788 305,495 • Other Income 21,170 4,319

Total Income 9,416,463 5,451,167 Less: Expenses

• Commission 50,615 46,219 • Expenses (excluding depreciation) 1,750,587 2,089,695 • Depreciation 294,386 190,329 • Service tax on unit linked charges 34,168 36,602 • Provision for doubtful debts (Including Bad debts

written off) 1,076 (5,147)

• Provision for diminution in the value ofinvestments - 12,500

• Benefits paid (net) 3,096,255 2,802,800 • Interim Bonuses paid 810 1,087 • Change in valuation of liability in respect of life

policies (net) 5,396,675 1,070,990

• Provision for taxation - - Total Expenses 10,624,572 6,245,075

Surplus in the participating segment 427,495 269,324 Loss for the year* (1,635,603) (1,088,136) Add: Loss brought forward from the previous year (19,938,173) (18,879,996) Less: Appropriation amount transferred to Shareholders’ 29,917 29,959 Total Loss as on date** (21,543,859) (19,938,173)

Paid-up Share Capital 14,682,520,180 14,655,989,570

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as per Profit and Loss Account.

The detailed Financial Statements as stated above in the form and content warranted by IRDA circular no. IRDA/F&I/CIR/F&A/012/01/2010 dated January 28, 2010, further clarifications thereon vide circular dated April 9, 2010 are available on the Company’s website https://www.aegonlife.com/public-disclosure.

b. FOURTEENTH YEAR OF BUSINESS OPERATIONS:

The Company implemented the Pure Digital 2.0 strategy during the year. With this, the business operations of traditional channels of Aegon Relationship Connect (‘ARC’) and Third-Party Partners (‘TPP’) are closed, business acquisition model of Website sales and Aggregator changed, all physical branches closed, Corporate office shifted to a smaller place and roles across the organization reviewed and appropriate actions taken. The Company continues to stabilize the new structure and processes with continued focus on ‘Protection businesses through digital means. During the financial year the Company issued 19,271 (Previous year 37,487) policies and received, in respect of the same, new business premium income of Rs. 617,755 (‘000) (Previous year Rs. 917,323 (‘000). The total premium was Rs. 5,260,716 (‘000) (Previous year Rs. 5,757,367 (‘000), registering a decline due to closure of ARC and TPP.

c. TRANSFER TO RESERVES: In view of loss incurred during the financial year under review, your Directors have not recommended transfer of any amount to reserves.

d. DIVIDEND: Considering the loss incurred in the current financial year, your Directors have not recommended any dividend for the financial year under review.

e. CHANGE IN NATURE OF BUSINESS During the financial year under review, there has been no change in the nature of business of the Company.

f. MATERIAL EVENTS AFTER THE CLOSURE OF THE FINANCIAL YEAR: The outbreak of novel coronavirus (COVID-19) pandemic (‘pandemic) in early 2020 continued all through the financial year 2020-21 with the country being under lockdown for a major part of the first half year and gradual opening-up in the second half. However, with the second wave of increased cases hitting, various states have once again imposed restrictions. The duration of any business disruption and related financial impact cannot be reasonably estimated at this time but may materially affect our ability to operate our business leading to lower business volume and increase in the claim payouts in the FY 21-22. Aegon Life Insurance is at the forefront of the digital revolution and continues its focus on Direct-to-Consumer approach. There is focus on creating an ecosystem of online services. The Company has successfully implemented “Work from anywhere” policy across the organization effective 1 April 2021, wherein all employees have the flexibility and convenience to work from home or from any location within India, on an ongoing basis and contribute to the organizational growth. The Company is also adopting other suitable digital tools and solutions to engender a culture of agile policies and proactive support.

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https://www.aegonlife.com/public-disclosure

Aegon Life Insurance is at the forefront of the digital revolution and continues its focus on Direct-to-Consumer approach. There is focus on creating an ecosystem of online services. The Company has successfully implemented “Work from anywhere” policy across the organisation effective 1 April 2021, wherein all employees have the flexibility and convenience to work from home or from any location within India, on an ongoing basis and contribute to the organisational growth. The Company is also adopting other suitable digital tools and solutions to engender a culture of agile policies and proactive support.

g. REVISION OF FINANCIAL STATEMENT: There was no revision of the financial statements pertaining to previous financial years during the year under review.

2. INDUSTRY OVERVIEW The growth in India's real GDP during 2020-21 contracted by 7.3% as compared to the growth rate of 4.0 % in 2019-20. The lockdown measures taken by the government to contain spread of the pandemic have had an impact on the economic activities. Several Economic packages were declared by the government to boost the overall economy. With the second wave of increased cases posing risks to economic recovery, India's GDP growth projections for the FY 2021-22 are as low as 10 per cent on local lockdowns threatening fragile recovery. On the other hand, Nifty 50, the benchmark Equity Index, has shown remarkable turnround after the lows experienced in March 2021 and registered a growth of about 71% in 2020-21. For the financial year 2020-21 the life insurance industry posted growth of 7% on a total new business premium basis with private sector registering growth rate of 16% and Life Insurance Corporation of India (‘LIC) registering a growth rate of 3%. For the same period, in the individual non-single business premium segment, the industry grew by 1% with the private sector growing by 7% and LIC declining by 6%. (Source: www.irda.gov.in). The outbreak of COVID-19 and subsequent lockdown led to contraction in the first few months of financial year 2020-21. Companies made efforts to accelerate online sales and cash in on the increased demand for protection and health covers, thus leading to overall new business premium rising in financial year 2020-21 as compared to previous financial year 2019-20. During the time, the industry took a major financial hit with increased claim payouts arising from the hospitalization expenses and deaths related to COVID-19. However, the prospects of the industry seem hopeful with renewed interest in pure protection boosting the demand.

3. BRANDING AND MARKETING INITIATIVES In the year gone by, the COVID19 pandemic has made life challenging for individuals and organizations alike. Providing protection has always been our focus—and with the introduction of Aegon Life’s ‘Life Insurance with COVID-19 Cover’ plan, we re-established our commitment to customers. This innovative digital-first solution, reinforced Aegon Life’s Direct-to-Customer focus, as well as our commitment to providing clarity and transparency to consumers. An extensive marketing communication plan was executed on various digital and social media platforms to build awareness for the product, and we received favourable traction in terms of the number of policies sold. Being amongst the first companies to launch Online Term Plan in India, the Aegon Life brand communication for iTerm Insurance bolstered our position as the online protection specialists. Our advertising was focused on propagating the message on digital platforms that customer frequent like Search, Social Media platforms among others, thus establishing high brand-recall in the digital

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http://www.irda.gov.in/

space.

4. RURAL & SOCIAL SECTOR OBLIGATIONS The Company has complied with the rural and social sector obligations as mandated by the Insurance regulator. The Company has underwritten policies 4,617 (previous year 14,988) from rural locations which is 23.96% (previous year 39.99%) of total policies and covered 21,345 lives (previous year 26,325) under the social sector during the financial year.

5. INVESTMENTS Investments by the Insurance Companies are governed by the IRDAI (Investment) Regulations, 2016. The Company has complied with the requirements as stipulated in the said regulations. Company has invested in various classes of investments. As on 31 March 2021, the total assets under management of the Company were Rs. 31,029,099 (‘000) as against Rs 25,551,528 (‘000) as on 31 March 2020.

6. CLAIMS Deaths - Individual During the financial year 2020-21 the Company processed 401 claims, out of which 398 claims aggregating to Rs. 10,59,879 (‘000) were paid and 3 claims aggregating to Rs. 14,589 (‘000) were rejected/repudiated on account of various reasons such as non-disclosure of past medical history, insurance held with other companies etc. Deaths - Group During the financial year 2020-21 the Company received 263 claims aggregating to Rs. 3,66,939 (‘000) from 83 groups business customers. All the 263 claims were processed and paid. Rider - Individual During the financial year 2020-21 the Company received 77 rider claims. 69 claims aggregating to Rs 31,498 (‘000) were processed out of which 8 claims aggregating to Rs. 625 (‘000) were rejected on account of terms & conditions not met. 8 claims aggregating to Rs. 5,217 (‘000) were outstanding at the year-end. Rider – Group Affinity During the financial year 2020-21 the Company received 140 rider claims. All the 140 claims aggregating to Rs 33,725 (‘000) were processed out of which 3 claims aggregating to Rs. 750 (‘000) were outstanding at the year-end. No claims were rejected. Health During the financial year 2020-21 the Company received 75 claims, out of which 51 claims aggregating to Rs. 3,399 (‘000) were processed. 1 claim aggregating to Rs. 8 (‘000) (8,571/-) was rejected on account of exclusion clause (clause no.6) and 23 claims aggregating to Rs. 1,722 (‘000) were closed/ denied on account of various reasons such as policy conditions, requirements not being submitted within the stipulated period etc. There were 7 claims aggregating to Rs. 1,026 (‘000) outstanding at the year-end.

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7. PRODUCT DEVELOPMENT With the organizational strategy focusing mainly on ‘digital only’ channels of business, the product strategy also focused on discovering the product-channel-customer fit for the same. Additionally, the insurance regulator, IRDAI, laid down the ‘standard product’ guidelines with an intent to simplify products and increase penetration. In line with our contemporary strategy, the company introduced a first of its kind (for Life Insurers) COVID-19 Hospitalisation benefit, a standalone group Health product and standard products - ‘Saral Jeevan’ & ‘Saral Pension’, to comply with said regulations. The new products launched reflects the Company’s commitment to a customer centric approach, with each launch bringing unique propositions to our customers. The COVID-19 Hospitalisation benefit was launched as a Rider on Flipkart and saw a high level of adoption during its sale period. We also launched the group Health product with 9 different modules including lump sum payout on Cancer, Cardiac, Neuro, etc. in the last quarter of the year. In compliance with the new IRDAI guidelines, the Company also the Saral Jeevan Bima Plan with a digital first purchase journey. The product was launched in the last quarter of the year and is available for sale on the Company’s website amongst other platforms. As on 31 March 2021, the Company has 16 individual and group product offerings, supported by 5 riders. For Individual customers, the Company offers 13 products and 3 riders. For its Group customers, the Company offers 3 products and 2 riders. With the sole focus on digital partnerships and providing seamless customer experience, the Company will aim to provide easy to purchase bundled propositions for its new age customers, as well as customized solutions catering to its various customer segments and distribution requirements.

8. SHARE CAPITAL

a. During the year under review, the Company has not issued any shares with differential rights and hence no information as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

b. The Company has also not issued any sweat equity shares during the year under review and

hence no information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

c. The Company has not issued any equity shares under Employees Stock Option Scheme during

the year under review and hence no information as per provisions of Section 62(1)(b) of the Act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

d. During the year under review, there were no instances of non-exercising of voting rights in

respect of shares purchased directly by employees under a scheme pursuant to Section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014 and hence no information is furnished under the said section.

e. The Securities Allotment Committee of the Board allotted,

• 22,44,898 (Twenty-Two Lakhs Forty-Four Thousand Eight Hundred and Ninety-Eight) Equity Shares of INR 10/- (Rupees Ten only) each on 30 September 2020; and

• 4,08,163 (Four Lakhs Eight Thousand One Hundred and Sixty-three) Equity Shares of INR 10/- (Rupees Ten only) each on 31 March 2021 on Rights Basis.

f. Depository System

As on 31 March 2021, the entire equity paid-up share capital of the Company comprising of 1,468,252,018 Equity Shares, were held in dematerialised mode.

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9. WEB ADDRESS The web address of the Company is www.aegonlife.com.

10. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL

a. BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL:

The composition of the Board of Directors of the Company is in conformity with the requirements of the Corporate Governance Guidelines issued by IRDAI and the provisions of the Companies Act, 2013. The members of the Company at the Annual General Meeting held on 31 July 2020 regularised the appointment of Mr. Curtis Chen (DIN: 8645455) as the Director of the Company. Mr. Satishwar Balakrishnan (PAN: AFPPB1974A) was appointed as the Chief Executive Officer (CEO) of the Company with effect from 21 August 2020. Mr. Balakrishnan vacated his office as the Chief Financial Officer of the Company on 20 August 2020. The Company received the approval of IRDAI under Section 34A of Insurance Act, 1938 on 3 August 2020 for his appointment as CEO for a period of two years with effect from 21 August 2020. Mr. Satishwar Balakrishnan (DIN: 9050160) was appointed as an Additional Director of the Company with effect from 2 February 2021, to hold office up to the date of the ensuing Annual General Meeting. Further Mr. Satishwar Balakrishnan (DIN: 9050160) was appointed as a Managing Director & CEO with effect from 3 February 2021 for a period of three years. The Company received the approval of IRDAI under Section 34A of Insurance Act, 1938 on 2 March 2021 for his appointment as Managing Director & CEO. The following Independent Directors were appointed for a second term of five consecutive years:

- Mr. Narayanan Kumar (DIN: 00007848) with effect from 08 December 2020 up to 07 December 2025

- Mr. Nani Javeri (DIN: 02731854) with effect from 08 February 2021 up to 07 February 2026 - Mr. Srinivasan V (DIN: 06510677) with effect from 1 July 2021 up to 30 June 2026.

Necessary resolutions for seeking approval of members for the appointment of Mr. Narayanan Kumar (DIN: 00007848), Mr. Nani Javeri (DIN: 02731854) and Mr. Srinivasan V (DIN: 06510677) as Independent Directors and Mr. Satishwar Balakrishnan (DIN: 9050160) as Director and Managing Director, are included in the notice of Annual General Meeting. The Company has received notice from a member proposing the candidature of Mr. Narayanan Kumar (DIN: 00007848), Mr. Nani Javeri (DIN: 02731854) and Mr. Srinivasan V (DIN: 06510677) for their reappointment, and Mr. Satishwar Balakrishnan (DIN: 9050160) for appointment as Director at the ensuing Annual General Meeting of the Company. In accordance with the provisions of the Act, the Independent Directors are not liable to retire by rotation. As per the provisions of Section 152 of the Companies Act, 2013, Mr. Sivakumar Sundaram (DIN: 00105562) and Mr. Ramaswamy P Subramaniam (DIN: 01743480) will retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. The Board recommends their appointment.

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Mr. Jitin Parekh was appointed as the Chief Compliance Officer and was designated as Company Secretary & Chief Compliance & Legal Officer of the Company with effect from 2 June 2021. Mr. Manish Falor was appointed as the Chief Financial Officer of the Company with effect from 3 February 2021 There was no other change in Key Managerial Personnel, other than as mentioned above, under the Companies Act after the end of the financial year and up to the date of signing this Report.

b. DECLARATIONS BY INDEPENDENT DIRECTORS: The Company has received declarations from all the Independent Directors, under Section 149(7) of the Companies Act, 2013 confirming their independence vis-à-vis the Company. The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the Act and the Company’s Code of Conduct for Board Members and Senior Management.

c. A STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR Based on the recommendation of the Nomination & Remuneration Committee after taking into account the performance evaluation of the said Independent Directors, during their first term of five years and considering the knowledge, acumen, expertise and experience in their field and the substantial contribution made by the Directors during their tenure as an Independent Directors since their appointment, Mr. Narayanan Kumar Mr. Nani Javeri and Mr. Srinivasan V were appointed for a second term of five years.

d. FAMILIARISATION PROGRAMME FOR DIRECTORS During the year under review all of the Independent Directors had undergone Orientation Programme for Independent Directors of Insurance Companies organised by the National Insurance Academy (‘NIA’), Pune on various dates between August 2020 to September 2020. Majority of the Non-Executive Directors had also undergone Orientation Programme for Non-Executive Directors of Insurance Companies organised by the National Insurance Academy (‘NIA’), Pune on various dates between April 2021 to May 2021. The remaining Non-Executive Directors will undergo the program in the second quarter of financial year 2021-22.

e. NUMBER OF MEETINGS OF THE BOARD

During the year five Board Meetings were convened and held. The detailed information about dates of meetings and attendance of Directors thereat is given in Annexure A to this report and marked as ‘Disclosures under Corporate Governance Guidelines’.

f. COMPOSITION OF COMMITTEES

These details are provided in Annexure A to this report.

g. AUDIT COMMITTEE

The Audit Committee has been constituted by the Board with its composition, quorum, powers, roles and scope in line with the applicable provisions of the Act read with CG Guidelines issued by IRDAI. During the financial year under review, the Audit Committee reviewed the internal controls put in place to ensure that the accounts of your Company are properly maintained and that the accounting transactions are in accordance with prevailing laws and regulations. In

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conducting such reviews, the Committee found no material discrepancy or weakness in the internal control system of your Company. During the financial year under review, all recommendations made by the Audit Committee were accepted by the Board. Further details on the Audit Committee are provided in the Corporate Governance Report, forming part of this Report.

h. NOMINATION & REMUNERATION COMMITTEE

The Nomination and Remuneration Committee has been duly constituted with its composition, quorum, powers, roles and scope in line with the applicable provisions of the Act. Further details on the Nomination and Remuneration Committee are provided in the Corporate Governance Report, forming part of this Report. The Remuneration Policy, including the criteria for remuneration to Non-Executive Directors is recommended by the Nomination & Remuneration Committee (‘NRC’) of the Board and duly approved by the Board. The key objective of the Remuneration Policy is to ensure that it is aligned to the overall performance of the Company. The Board has in accordance with the provisions of sub-section (3) of Section 178 of the Companies Act, 2013, formulated the policy setting out the criteria for determining qualifications, positive attributes, independence of a Director and policy relating to remuneration for Directors, Key Managerial Personnel and other employees. Major criteria defined in the policy framed for appointment of and payment of remuneration to the Directors of the Company is attached as Annexure B, and forms part of this Report. The Nomination & Remuneration Policy of the Company is available on the Company’s website https://www.aegonlife.com/policies.

i. OTHER COMMITTEES

The Board of Directors has also constituted the following Committees under the relevant provisions of the Companies Act, 2013 read with CG Guidelines issued by IRDAI: - Investment Committee - Policyholders’ Protection Committee - Risk Management Committee - With Profits Committee

Details of the Committees of the Board are provided in Annexure A to this report.

j. ANNUAL EVALUATION OF DIRECTORS, COMMITTEE AND BOARD: Pursuant to the provisions of the Companies Act, 2013, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Committees. Rating sheets were filled by each of the Directors with regard to evaluation of performance of the Board, its Committees and individual Directors (except for the Director being evaluated) for the year under review. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors. A consolidated summary of the ratings given by each of the Directors was then prepared, based on which a report of performance evaluation was prepared by the Chairman in respect of the performance of the Board, its Committees and Directors individually. The report of performance evaluation so arrived at was then discussed in the meeting of the Board of Directors. The Directors expressed satisfaction with the evaluation process. The Nomination and Remuneration Committee reviewed the implementation and compliance of the process of performance evaluation.

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k. PAYMENT OF REMUNERATION / COMMISSION TO DIRECTORS FROM HOLDING OR SUBSIDIARY COMPANIES: Since the Company does not have any Holding or Subsidiary Company, this section is not applicable.

l. DIRECTORS’ RESPONSIBILITY STATEMENT:

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year ended 31 March 2021, the Board of Directors hereby confirm that: a. in the preparation of the annual accounts, the applicable accounting standards had been

followed along with proper explanation relating to material departures; b. such accounting policies have been selected and applied consistently and the Directors

have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2021 and of the loss of the Company for the year;

c. proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. the annual accounts of the Company have been prepared on a going concern basis; e. proper systems have been devised to ensure compliance with the provisions of all

applicable laws and that such systems were adequate and operating effectively.

m. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS: The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

11. REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES

During the year under review, your Company did not have any subsidiary, associate and joint venture company and there were no companies which became or ceased to be its subsidiary, joint venture, or associate.

12. DEPOSITS

The Company has not accepted or renewed any amount falling within the purview of provisions of Sections 73 and 74 of the Companies Act 2013 (‘the Act’) read with the Companies (Acceptance of Deposits) Rules, 2014 during the year under review. Hence, the requirement for furnishing of details of deposits which are not in compliance with Chapter V of the Act is not applicable.

13. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES

Section 186 of the Companies Act, 2013 is not applicable to the Company as Loans, Guarantees and Investments are regulated under the investment regulations of the Insurance Regulatory & Development Authority of India.

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14. PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES During the financial year under review, all contracts / arrangements / transactions entered into by the Company with related parties were in the ordinary course of business and on an arm’s length basis and in accordance with the Policy on Related Party Transactions of the Company and were not considered material as per the provision of Section 188 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014. Hence details as prescribed in Form AOC-2 are not required to be disclosed.

15. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The particulars as required under the provisions of Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the Company during the year under review.

The particulars in respect of foreign exchange earnings and outgo are as under:

(INR in ‘000) Particulars 01 April 2020 to 31

March 2021 01 April 2019 to 31 March 2020

Foreign Exchange earnings/ (Loss) 17 47 Foreign Exchange outgo 604,655 520,391

16. RISK MANAGEMENT FRAMEWORK

The risk management framework of the Company is provided in Annexure A to this report.

17. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL No orders have been passed by any Regulator or Court or Tribunal which can have an impact on the going concern status and the Company’s operations in future.

18. AUDITORS AND REPORTS

The matters related to Auditors and their Reports are as under: a. JOINT STATUTORY AUDITORS:

M/s. V. Sankar Aiyar & Co., Chartered Accountants, (Firm Registration Number: 109208W) were appointed as Statutory Auditors of the Company at the Tenth Annual General Meeting held on 10th August, 2017, for a term of five consecutive years up to the conclusion of the 15th Annual General Meeting, and M/s. Singhi & Co., Chartered Accountants, (Firm Registration No. 302049E) were appointed as Statutory Auditors of your Company at the 11th Annual General Meeting held on 31st July 2018, for a term of five consecutive years up to the conclusion of the 16th Annual General Meeting. The Report given by the Joint Statutory Auditors on the financial statements of the Company is part of this Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report. M/s. Singhi & Co., Chartered Accountants, (Firm Registration No. 302049E) have tendered their resignation as the Joint Statutory Auditors of the Company, expressing their inability due to their preoccupation, resulting in a casual vacancy in the office of the Auditors of the Company w.e.f. 6 July 2021, as per section 139(8) of the Companies, Act, 2013. Accordingly, based on the recommendation of the Audit Committee and conformation received from M/s. Gokhale &

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Sathe, Chartered Accountants, Mumbai, (Firm Registration No.103264W) on their eligibility, the Board recommends to the members for the appointment of M/s. Gokhale & Sathe, Chartered Accountants, Mumbai, (Firm Registration No.103264W) as the Joint Statutory Auditors of the Company. The necessary resolutions for the said appointment are included in the notice of Annual General Meeting

b. SECRETARIAL AUDIT REPORT FOR THE YEAR ENDED 31 MARCH 2021: Provisions of Section 204 read with Section 134(3) of the Companies Act, 2013, mandates to obtain Secretarial Audit Report from Practicing Company Secretary. Since M/s. Rathi & Associates, Company Sectaries had completed five audit years with the Company, as a practice of good corporate governance it was considered prudent to appoint new Secretarial Auditors of the Company. Accordingly, M/s. Parikh and Associates, Practicing Company Secretaries had been appointed as the Secretarial Auditors to conduct the audit of the statutory records of the Company and to issue a Secretarial Audit Report for the financial year 2020-2021.

The Secretarial Audit Report issued by M/s. Parikh and Associates, Practicing Company Secretaries in Form MR-3 for the financial year 2020-2021 is attached as Annexure C, and forms part of this Report. The said report does not contain any observation or qualification requiring explanation or comments from the Board under Section 134(3) of the Companies Act, 2013.

c. COST AUDITOR During the year under review, your Company was not required to maintain cost records under sub-section (1) of section 148 of the Act. Hence, the provisions related to appointment of Cost auditor are not applicable.

d. OBSERVATIONS OF STATUTORY AUDITORS ON ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021: There are no qualifications, reservation or adverse remark or disclaimer made by the Statutory Auditors of the Company in their Report on the Financial Statements of the Company for the year ended 31 March 2021 and therefore, do not call for any further explanation or comments from the Board under Section 134(3) of the Companies Act, 2013.

e. FRAUD REPORTING: During the year under review, there were no instances of material or serious fraud falling under Rule 13(1) of the Companies (Audit and Auditors) Rules, 2014, by officers or employees reported by the Auditors of the Company during the course of the audit.

19. SECRETARIAL STANDARDS OF ICSI

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India from time to time.

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20. ANNUAL RETURN Pursuant to the provisions of Section 134 (3) (a) and Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the draft Annual Return of the Company in Form MGT-7 is available on the website of the Company at www.aegonlife.com.

21. DISCLOSURES UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,

PROHIBITION AND REDRESSAL) ACT, 2013 The Company has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace as stipulated by The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH) and Rules thereunder. An Internal Complaints Committee has been set up to redress complaints, if any, received regarding sexual harassment. All employees (permanent, contractual, temporary trainees) are covered under this policy. During the financial year under review no cases were reported under this policy.

22. CORPORATE SOCIAL RESPONSIBILITY

The Company has not reached the financial criteria within the purview of provisions of Section 135 of the Companies Act 2013 (‘the Act’) read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 during the year under review. Hence, the requirement for furnishing details about the policy developed and implemented by the Company on corporate social responsibility initiatives taken during the year, is not applicable.

23. TRANSFER OF UNCLAIMED AMOUNTS OF POLICYHOLDERS TO NATIONAL SENIOR CITIZEN

WELFARE FUND Pursuant to IRDAI circular no. IRDA/F&A/CIR/ MISC/105/07/2018 dated 11 July 2018, an unclaimed amount (exceeding more than 10 years) of Rs.1,095 (‘000) (previous year 143 (000)) has been transferred to National Senior Citizen Welfare Fund. The age-wise analysis of unclaimed amounts is disclosed in the Annexure 8 Notes to Accounts of the Financial Statements forming part of the Annual Report.

24. COMPLIANCE OF IRDAI CORPORATE GOVERNANCE GUIDELINES The Company is an unlisted Public Company and consequently the provisions relating to Corporate Governance as mentioned in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’) are not applicable. However, the Company makes the reporting / disclosures to the extent applicable and as specified under Guidelines for Corporate Governance for Insurers in India issued by Insurance Regulatory and Development Authority of India on 18 May 2016.

25. CERTIFICATION UNDER IRDAI CORPORATE GOVERNANCE GUIDELINES Certificate for compliance of Corporate Governance Guidelines, as required under the Corporate Governance Guidelines for Insurance Companies, is enclosed as Annexure D, and forms part of this Report.

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26. ACKNOWLEDGEMENTS AND APPRECIATION

The Board takes this opportunity to express its sincere thanks to its valued customers who haveplaced confidence and trust in the Company and commits to give superior customer service toensure continued patronage.

The Board places on record its sincere appreciation of the commitment, professionalism,enthusiasm and teamwork displayed by the employees, distributor partners and vendor partners,which have enabled the Company to strengthen its presence in the tough economic environment.

The Board expresses a deep sense of gratitude to the Insurance Regulatory and DevelopmentAuthority of India (IRDAI), the Auditors of the Company and all statutory authorities for theirvaluable advice, guidance and support received from time-to-time.

Finally, the Board would like to thank the AEGON Group and BCCL Group for their resolute supportand constant guidance, encouragement, and co-operation.

For and on behalf of the Board

Marco Keim Chairman DIN: 07676556

Date: 30.07.2021 Place: Overveen, Netherlands

Registered Office: A - 201, 2nd Floor, Leela Business Park, Near Airport Road Metro Station, Andheri Kurla Road, Andheri (East), Mumbai 400 059 CIN: U66010MH2007PLC169110 Tel No.: 022- 6118 0100 Mail: [email protected] Website: www.aegonlife.com

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mailto:[email protected]


Annexure A DISCLOSURE REQUIREMENTS AS PRESCRIBED BY THE CORPORATE GOVERNANCE GUIDELINES ISSUED BY IRDAI FOR INSURANCE SECTOR DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES The composition of the Board of Directors of the Company is in conformity with the requirements of Corporate Governance Guidelines issued by the IRDAI and the provisions of the Companies Act, 2013.

a. BOARD COMPOSITION:

As on 31 March 2021 the Board consists of 11 (Eleven) Directors, comprising 7 (Seven) Non-Executive Directors, 3 (Three) Independent Directors and 1 (One) Managing Director & Chief Executive Officer.

b. BOARD MEETINGS:

The Board of Directors met five (5) times during the financial year ended 31 March 2021 on 1 June 2020, 13 July 2020, 31 July 2020, 30 October 2020 and on 02 February 2021, in accordance with the provisions of the Companies Act, 2013 and rules made thereunder. Details of composition, qualification, field of specialization, category and attendance of Directors at the Meetings held during the financial year 2020-2021 are as under:

BOARD OF DIRECTORS:

S. No.

Name & DIN of Director

Qualification Field of specialization

Category No. of meetings entitled to attend

No. of meetings attended

1. Mr. Marco Keim DIN: 07676556

Postgraduate – Accounting MSc Economics Master of Law Master of Business Administration

Finance, Marketing and Insurance

Promoter Director/ Non-Executive Chairman

5 5

2. Mr. Patrick Curtin DIN: 07871107

Post Graduate and Professional Qualifications-Institute and Faculty of Actuaries, UK, CFA Institute

Institutional Markets, Product Development, areas of Risk Management Actuarial and Reinsurance.

Promoter Director/ Nominee Director

5 3

3. Mr. S Sivakumar DIN: 00105562

M.Com, FCA, FICWA

Finance Promoter Director/ Nominee Director

5 5

4. Mr. G Ramaswamy DIN: 02712174

B. Com, ACA and ACS

M&As, Investment Banking


5 5

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*Attended as an invitee

c. COMMITTEES OF THE BOARD: The Company has constituted the following mandatory Committees as required under the Corporate Governance Guidelines issued by the Insurance Regulatory & Development

5. Mr. Narayanan Kumar DIN: 00007848

B.E. Electronics Electronics, Telecommunications, Chemicals, Engineering, Technology, Education, Management and Finance

Independent Director

5 5

6. Mr. Nani Javeri DIN: 02731854

B.A. History, Honors

Finance & Insurance


5 5

7. Mr. Srinivasan V DIN: 06510677

C.A. Finance & Insurance


5 5

8. Mr. Sam Subramaniam DIN: 01743480

Engineering from IIT Madras, MS from Vanderbilt University, MBA from the University of Chicago’s Booth School of Business

General management, business strategy, business development, investing, private equity and business turnarounds


5 3

9. Ms. Mitu Samar DIN:07244627

Masters in economics management Degree in Business Administration from SP Jain Institute of Management & Research

Branding, Communications and marketing


5 5

10. Mr. Curtis Chen DIN:8645455

MBA Stanford University

More than two decades of experience conducting both banking and insurance business in India


5 5

11. Mr. Satishwar Balakrishnan DIN:09050160

B.Com., CA Managing Director & Chief Executive Officer

0 *1

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Authority of India and the Companies Act, 2013: - Audit Committee; - Investment Committee; - Risk Management Committee; - Nomination & Remuneration Committee; - Policyholders’ Protection Committee; and

- With Profits Committee as required under the Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019.

All decisions pertaining to the constitution of the Board Committees, appointment of members and fixation of terms of reference of the Committees are taken by the Board of Directors of the Company.

d. AUDIT COMMITTEE:

Four (4) meetings of the Audit Committee were held during the financial year ended 31 March 2021 on 29 May 2020, 31 July 2020, 30 October 2020 and on 02 February 2021. Details of composition and the attendance of members at the Meetings held during the financial year 2020-2021 are as under:

Sr. No.

Name of the member



1. Mr. Srinivasan V

Chairman of the Committee/ Independent Director

4 4

2. Mr. N Kumar Independent Director

4 4

3. Mr. G. Ramaswamy Non-Executive Director

4 4

4. Mr. Nani Javeri Independent Director

4 4

5. Mr. Patrick Curtin

Non-Executive Director

4 4

During the year under review, the Board of Directors of the Company had accepted all the recommendations of the Committee.

e. INVESTMENT COMMITTEE: Four (4) meetings of the Committee were held during the financial year ended 31 March 2021 on 11 May 2020, 31 July 2020, 30 October 2020 and on 02 February 2021. Details of composition and the attendance of members at the Meetings held during the financial year 2020-2021 are as under:

Sr. No.

Name of the member



1. Mr. Patrick Curtin Non-Executive Director

4 4

2. Mr. Sam Subramaniam (Member up to 26.09.2020)


2 1

3. Mr. Saibal Ghosh Chief Investment 4 4

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Officer 4. Mr. Kamlesh Gupta Appointed

Actuary 4 4

5. Mr. Lee Waddle (Member up to 02.02.2021)

Chief Risk Officer

4 4

6. Mr. Satishwar Balakrishnan

Managing Director & CEO

4 4

7. Mr. G Ramaswamy (Member w.e.f. 26.09.2020)

2 2

8. Mr. Manish Falor (Member w.e.f. 03.02.2021)

Appointed Actuary

0 *1

9. Mr. Rajesh Nair (Member w.e.f. 03.02.2021)

Head – Risk 0 *1

*Attended as an invitee

f. RISK MANAGEMENT COMMITTEE: Four (4) meetings of the Committee were held during the financial year ended 31 March 2021 on 11 May 2020, 31 July 2020, 30 October 2020 and on 02 February 2021. Details of composition and the attendance of members at the Meetings held during the financial year 2020-2021 are as under:

Sr. No.

Name of the member





4 4

2. Mr. G Ramaswamy Non-Executive Director

4 4

3. Mr. Satishwar Balakrishnan (Member w.e.f. 03.02.2021)


0 *1

*Attended as an invitee g. NOMINATION AND REMUNERATION COMMITTEE AND POLICY ON DIRECTOR’S

APPOINTMENT AND REMUNERATION: Five (5) meetings of the Committee were held during the financial year ended on 31 March 2021 on 1 June 2020, 13 July 2020, 31 July 2020, 30 October 2020 and on 02 February 2021. Details of composition and the attendance of members at the Meetings held during the financial year 2020-2021 are as under:

Sr. No.

Name of the member



1. Mr. N Kumar Independent Director

5 5


5 5

4. Ms. Mitu Samar Non-Executive Director

5 5

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5. Mr. Marco Keim


5 5

Disclosure on remuneration of Managing Director (MD) and Key Management Persons The Company has a Board approved policy on the remuneration structure of the Managing Director and Chief Executive Officer of the Company which forms a part of the Nomination and Remuneration Policy.

a) Objectives & Key Features of Company’s Remuneration Policy The objective of the policy is that the remuneration structure and the quantum payable

to the MD besides being in compliance with the applicable regulatory requirements should also be competitive in the Insurance industry. The said policy sets out all aspects of the remuneration structure of Managing Director and Chief Executive Officer of the Company.

b) Design & Structure of the Remuneration Process

The Nomination and Remuneration Committee (NRC) considers the size and complexity of the Company for comparison of salary levels prevailing amongst other insurance companies and other comparable companies in financial services like NBFCs, Banks and Mutual Funds etc. Benchmarking is also undertaken periodically in order to arrive at an optimum compensation to be recommended to the Board so as to attract and retain the best talent.

c) Risks adjustment to remuneration

The remuneration process considers the current and future risk factors in terms of setting the targets and evaluation criteria as well. Performance criteria, aligned with the annual reporting plan, are set covering quantitative measures as well as relevant qualitative and risk factors based on priorities set by the Board each year.

d) Elements of Remuneration of Managing Director & Key Management Persons

Other than the Managing Director, no other Director of the Company was paid variable remuneration during FY2020, as all other members of the Board are non-executive. Sitting fees paid to the Independent Directors are reported elsewhere in this report. No sign-on awards and guaranteed bonus were made during FY2020. Elements of remuneration package (including incentives) of MD & CEO and Key Management Persons, along with the break-up of amount of remuneration awarded to MD for FY 2020-2021 into fixed, variable, etc. is given in the Management Report forms a part of the Annual Report.

h. POLICYHOLDERS’ PROTECTION COMMITTEE:

Four (4) meetings of the Committee were held during the financial year ended 31 March 2021 on 08 May 2020, 31 July 2020, 30 October 2020 and on 02 February 2021. Details of composition and the attendance of members at the Meetings held during the financial year 2020-2021 are as under:

Sr. No.

Name of the member Category No. of meetings entitled to

attend



Non-Executive Director 4 4

2. Mr. Sam Subramaniam (Member up to 26.09.2020


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3. Mr. G Ramaswamy (Member w.e.f. 26.09.2020)


4. Mr. Satishwar Balakrishnan (Member w.e.f. 03.02.2021)


0 *1

*Attended as an invitee Mr. Nani Javeri attended all the 4 (four) meetings of the Policyholder’s Protection Committee in the capacity of an expert/ representative of customers.

i. WITH-PROFITS COMMITTEE: Two (2) meetings of the Committee were held during the financial year ended on 31 March 2021 on 08 May 2020 and on 18 March 2021. Details of composition and the attendance of members at the Meetings held during the financial year 2020-2021 are as under:

Sr. No.

Name of the member




2 2

2. Mr. Sanket Kawatkar

Independent Actuary

2 2

3. Mr. Satishwar Balakrishnan


2 2

4. Mr. Kamlesh Gupta

Appointed Actuary

2 2

5. Mr. Manish Falor (Member w.e.f. 03.02.2021)

Chief Financial Officer

1 1

j. INDEPENDENT DIRECTORS’ MEETING In accordance with the provisions of Schedule IV of the Companies Act, 2013, a meeting of the Independent Directors of your Company was held on 16 February 2021 without the presence of the Non-Independent Directors and the members of the management.

k. RISK MANAGEMENT FRAMEWORK: The Board of Directors of the Company has designed Risk Management Policy and framework to avoid events, situations or circumstances which may lead to negative consequences on the Company's businesses, and defined a structured approach to manage uncertainty and to make use of these in their decision making pertaining to all business divisions and corporate functions. A Board approved Risk Management Policy has been put in place to establish appropriate systems or procedures to mitigate all material risks faced by the Company. The said Policy is reviewed periodically by the Risk Management Committee of the Board. Key business risks and their mitigation are considered in the annual/strategic business plans and in periodic management reviews. The Risk Management Committee of the Board has been formed for the purpose.

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l. DISCLOSURE ON INTERNAL FINANCIAL CONTROLS: The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

m. INTERNAL CONTROL SYSTEMS:

Adequate internal control systems commensurate with the nature of the Company’s business and size and complexity of its operations are in place and have been operating satisfactorily. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.

n. REMUNERATION TO NON-EXECUTIVE DIRECTORS: The details of sitting fees paid to the Independent Directors and Non-executive Directors, during the Financial Year 2020-2021, for attending Board and other Committee meetings are as under:

Name of the Director Amount (Rs.) Mr. N Kumar, Independent Director 10,00,000 Mr. Nani Javeri, Independent Director 13,00,000 Mr. Srinivasan V, Independent Director 9,50,000 Ms. Mitu Samar, Non-Executive Director 7,50,000

No remuneration or commission, other than the Sitting Fees for attending Board and/or its Committee meetings, is paid to Non-Executive Directors.

o. WHISTLEBLOWER POLCY

The guidelines on Corporate Governance issued by Insurance Regulatory and Development Authority, and the Companies Act, 2013 inter-alia, provides, for all insurance companies to establish a vigil mechanism for employees to report possible irregularities, governance weaknesses, financial reporting issues or other such matters. In compliance with the same, your Company has formulated the “Whistle Blower Policy” to provide a framework to promote responsible and secure whistle blowing. Summary of cases as and when reported, along with status is placed before the Audit Committee for their review. Whistle-Blower Policy is available on the Company’s website www.aegonlife.com.

p. MANAGEMENT REPORT: Pursuant to the provisions of Regulation 3 of the IRDA (Preparation of Financial Statement and Auditors’ Report of Insurance Companies) Regulations, 2000, the Management Report forms a part of the Annual Report.

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q. SOLVENCY MARGIN

The Company has maintained the required solvency margin as per the IRDAI Guidelines.As on 31 March 2021, the Company had a solvency margin of 241% as against theregulatory requirement of 150%.


Marco Keim Chairman DIN: 7676556 Date: 30.07.2021

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Annexure B

Appointment criteria, qualifications and positive attributes

a) The Committee shall identify and ascertain the integrity, qualification, expertise and experience ofthe person for appointment as Director, Key Managerial Personnel or at Senior Management leveland recommend to the Board his / her appointment.

b) The criteria for independence of an Independent Director should be determined as per Section149(6) of the Companies Act, 2013 and Rules, Regulations laid down under it.

c) A person should possess adequate qualification, expertise and experience for the position he/sheis considered for appointment. The Committee has discretion to decide whether qualification,expertise and experience possessed by a person are sufficient / satisfactory for the concernedposition.

d) Actively update their knowledge and skills with the latest developments in Financial Industry,market conditions and applicable legal provisions

e) Willingness to devote sufficient time and attention to the Company’s business and discharge theirresponsibilities

f) Ability to develop good relationship with other colleagues and contribute to the long term strategyof the Company.

g) There shall be a female Director on the Board of the Company in accordance with the provisions ofthe Companies Act, 2013


Marco Keim Chairman DIN: 7676556 Date: 30.07.2021

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PARIKH & ASSOCIATES Office

COMPANY SECRETARIES 111, 11th Floor, Sai-Dwar CHS Ltd Sab TV Lane, Opp Laxmi Industrial Estate, Off Link Road, Above Shabari Restaurant, Andheri (W), Mumbai : 400053 Tel No 26301232 / 26301233 / 26301240 Email : [email protected] [email protected]

FORM No. MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2021

(Pursuant to section 204 (1) of the Companies Act, 2013 and rule No. 9 of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014) To, The Members, Aegon Life Insurance Company Limited We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Aegon Life Insurance Company Limited (hereinafter called the Company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon. Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company, the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, the explanations and clarifications given to us and the representations made by the Management and considering the relaxations granted by The Ministry of Corporate Affairs warranted due to the spread of the COVID-19 pandemic, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March, 2021, generally complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter: We have examined the books, papers, minute books, forms and returns filed and other records made available to us and maintained by the Company for the financial year ended on 31st March, 2021 according to the provisions of: (i) The Companies Act, 2013 (the Act) and the rules made thereunder; (ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder; (iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; (iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder

to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;

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Continuation Sheet (v) The following Regulations and Guidelines prescribed under the Securities and Exchange

Board of India Act, 1992 (‘SEBI Act’):

(a)The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; (Not applicable to the Company during the audit period) (b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and amendments from time to time; (Not applicable to the Company during the audit period)

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and amendments from time to time; (Not applicable to the Company during the audit period); (d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014; (Not applicable to the Company during the audit period)

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (Not applicable to the Company during the audit period)

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;(Not applicable to the Company during the audit period)

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable to the Company during the audit period) and (h)The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 and amendments from time to time; (Not applicable to the Company during the audit period)

(iv) Other laws applicable specifically to the Company namely:-

a. The Insurance Act, 1938 amended from time to time; b. The Insurance Regulatory and Development Authority Act, 1999 and other relevant

Circulars, Notifications, Regulations and Guidelines issued by Insurance Regulatory and Development Authority of India;

c. The Prevention of Money Laundering Act, 2002 as amended; and d. The Prevention of Money Laundering (Maintenance of Records) Rules, 2005 as

amended

We have also examined compliance with the applicable clauses of the following: (i) Secretarial Standards issued by The Institute of Company Secretaries of India with respect to board and general meetings. During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.

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Continuation Sheet We further report that: The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act. Adequate notice was given to all directors to schedule the Board Meetings. Agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. Decisions at the Board Meetings were taken unanimously. We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. We further report that during the audit period the following events occurred which had bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, standards, guidelines etc.: 1. The Company allotted shares on Rights basis as under:

a. 22,44,898 (Twenty-Two Lakhs Forty-Four Thousand Eight Hundred and Ninety-Eight) Equity Shares of INR 10/- (Rupees Ten only) each on 30 September 2020; and

b. 4,08,163 (Four Lakhs Eight Thousand One Hundred and Sixty-three) Equity Shares of INR 10/- (Rupees Ten only) each on 31 March 2021

For Parikh & Associates Company Secretaries

Signature Sarvari Shah

Place: Mumbai Partner Date: May 18, 2021 FCS No: 9697 CP No: 117171 UDIN : F009697C000338542

This Report is to be read with our letter of even date which is annexed as Annexure A and Forms an integral part of this report.

SARVARI RAJESH SHAH

Digitally signed by SARVARI RAJESH SHAH DN: c=IN, o=Personal, postalCode=400097, st=Maharashtra, 2.5.4.20=a9714d8912e9a3d876c8687ea0f8e17923e53f5945be2e1db31718cffcdfcc74, pseudonym=64197344B719F72FFD1C7AFD737D2B608F5CB2F5, serialNumber=B7D1DD48A469DF2628F8E9726D5B391E0FAF754A2F17A0325264A5DE20BF4651, cn=SARVARI RAJESH SHAH Date: 2021.05.18 18:35:27 +05'30'

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Continuation Sheet

‘Annexure A’

To, The Members AEGON LIFE INSURANCE COMPANY LIMITED

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of theCompany. Our responsibility is to express an opinion on these secretarial records basedon our audit.

2. We have followed the audit practices and process as were appropriate to obtainreasonable assurance about the correctness of the contents of the secretarial records.The verification was done on test basis to ensure that correct facts are reflected insecretarial records. We believe that the process and practices, we followed provide areasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Booksof Accounts of the Company.

4. Where ever required, we have obtained the Management Representation about theCompliance of laws, rules and regulations and happening of events etc.

5. The Compliance of the provisions of Corporate and other applicable laws, rules,regulations, standards is the responsibility of management. Our examination was limitedto the verification of procedure on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of theCompany nor of the efficacy or effectiveness with which the management has conductedthe affairs of the Company.

For Parikh & Associates Company Secretaries

Signature

Sarvari Shah Place: Mumbai Partner Date: May 18, 2021 FCS No: 9697 CP No: 117171

UDIN : F009697C000338542

SARVARI RAJESH SHAH

Digitally signed by SARVARI RAJESH SHAH DN: c=IN, o=Personal, postalCode=400097, st=Maharashtra, 2.5.4.20=a9714d8912e9a3d876c8687ea0f8e17923e53f5945be2e1db31718cffcdfcc74, pseudonym=64197344B719F72FFD1C7AFD737D2B608F5CB2F5, serialNumber=B7D1DD48A469DF2628F8E9726D5B391E0FAF754A2F17A0325264A5DE20BF4651, cn=SARVARI RAJESH SHAH Date: 2021.05.18 18:35:46 +05'30'

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Annexure D

Certification for compliance of the Corporate Governance Guidelines

To the Members Aegon Life Insurance Company Limited

I, Jitin Parekh, do hereby certify that the Company has complied with the corporate governance guidelines as applicable for Insurance Companies as amended from time to time and nothing has been concealed or suppressed.

Jitin Parekh Company Secretary &

Chief Compliance & Legal Officer

Place: Mumbai Date: 30.07.2021

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INDEPENDENT AUDITOR’S REPORT

To the Members of Aegon Life Insurance Company Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Aegon Life Insurance Company Limited (“the Company”), which comprise the Balance Sheet as at 31 March 2021, the related Revenue Account (also called the “Policyholders’ Account” or the “Technical Account”), the Profit and Loss Account (also called the “Shareholders’ Account” or “Non-Technical Account”) and the Receipts and Payments Account for the year then ended, and a summary of the significant accounting policies and other explanatory information (Financial Statements).

In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 read with Insurance Regulatory and Development Authority of India circular IRDAI/F&A/CIR/FA/059/03/2015 dated 31 March 2015(the “Insurance Act”), the Insurance Regulatory and Development Authority Act (the “IRDAI Act”) , the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (the “IRDAI Financial Statements Regulations”) , orders/directions issued by the Insurance Regulatory and Development Authority of India (the “IRDAI”/“Authority”) in this regard and the Accounting Standards specified under Section 133 of the Companies Act 2013 (“The Act”) , further amended by Companies (Accounting Standard) Amendment Rules, 2006 and read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent applicable and in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, as applicable to Insurance Companies:

(i) in case of Balance Sheet, of the state of affairs of the Company as at 31 March2021;

(ii) in case of Revenue Account, of the net deficit (before contribution from shareholders’account) for the year ended on that date;

(iii) in case of Profit and Loss Account, of the loss for the year ended on that date; and

(iv) in case of Receipts and Payments Account, of the receipts and payments for the yearended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ( “ICAI”) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, the Insurance Act, the IRDAI Act, the IRDAI Financial Statements Regulations and other regulations orders/directions issued by IRDAI, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

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Emphasis of matter

We invite attention to Note No 40 to the Financial Statements regarding the uncertainties arising out of the outbreak of COVID-19 pandemic and management’s assessment of the same on its business and financials, including valuation policy liabilities for the year ended March 31, 2021. This assessment and the outcome of the pandemic is as made by the management and is highly dependent on the circumstances as they evolve in the subsequent periods.

Our Opinion is not modified on the above matter.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Board’s Report and Corporate Governance Report but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 with respect to the preparation of these financial statements, that give a true and fair view of the financial position, financial performance and receipts and payment of the Company in accordance with the accounting principles generally accepted in India, including the provisions of the Insurance Act, IRDAI Act, IRDAI Financial Statements Regulations, orders/directions issued by IRDAI /Authority in this regard and the Accounting Standards specified under Section 133 of the Act, further amended by Companies (Accounting Standard) Amendment Rules, 2016 and read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent applicable. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

29

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements,whether due to fraud or error, design and perform audit procedures responsive to thoserisks, and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error, as fraud may involve collusion, forgery,intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act, we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the ability of theCompany to continue as a going concern. If we conclude that a material uncertaintyexists, we are required to draw attention in our auditor’s report to the related disclosuresin the financial statements or, if such disclosures are inadequate, to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor’sreport. However, future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements,including the disclosures, and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

30

Other Matter

The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 31 March 2021 is the responsibility of the Company’s Appointed Actuary (the “Appointed Actuary”). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 31 March 2021 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Authority and the Institute of Actuaries of India in concurrence with the Authority. We have relied upon Appointed Actuary’s certificate in this regard for forming our opinion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists in Financial Statements of the Company and for the sums transferred to the “Funds for Future Appropriation”.

Report on Other Legal and Regulatory Requirements

1. As required by the IRDAI Financial Statements Regulations, we have issued a separatecertificate dated 1st June 2021 certifying the matters specified in paragraphs 3 and 4 ofSchedule C to the IRDAI Financial Statements Regulations.

2. As required by IRDAI Financial Statements Regulations read with Section 143(3) of theAct, we report that:

i) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit and havefound them to be satisfactory;

ii) in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

iii) as the Company's financial accounting system is centralized, no returns for thepurposes of our audit are prepared at the branches of the Company;

iv) the Balance Sheet, the Revenue Account, the Statement of Profit and Loss and theReceipts and Payments Account dealt with by this report are in agreement with thebooks of account;

v) in our opinion, the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act, further amended by Companies(Accounting Standard) Amendment Rules, 2006 and read with Rule 7 of theCompanies (Accounts) Rules, 2014 to the extent they are not inconsistent with theaccounting principles prescribed in the IRDAI Financial Statements Regulations andorders/directions issued by the IRDAI in this regard;

vi) in our opinion and to the best of our information and according to the explanationsgiven to us, investments have been valued in accordance with the provisions of theInsurance Act, the IRDAI Financial Statements Regulations and/or orders/directionsissued by the IRDAI in this regard;

vii) in our opinion the accounting policies selected by the Company are appropriate andare in compliance with the applicable Accounting Standards specified under section133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (asamended) and with the accounting principles prescribed in IRDAI FinancialStatements Regulations and orders/directions issued by the IRDAI in this regard.

31

viii) on the basis of the written representations received from the directors, as on 31March 2021 and taken on record by the Board of Directors, none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms ofsection 164(2) of the Act;

ix) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls, refer toour separate report in “Annexure A”

x) As per the information and explanation given to us, the managerial remunerationhas been paid in accordance with the provisions of Section 34A of the InsuranceAct 1938. Sitting fees paid to the Directors is in compliance with Section 197 of theCompanies Act, 2013.

xi) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in ouropinion and to the best of our information and according to the explanations givento us:

a) The Company has disclosed the impact of pending litigations on its financialposition as per Schedule 16 Note 4 in the Notes to Accounts to the FinancialStatements.

b) Based on the information and explanation provided to us, the Company has notentered into any long term contract apart from policy contract, wherein they arerequired to make provision for material foreseeable losses.

c) The Company was not required to deposit or pay any dues in respect of theInvestor Education and Protection Fund during the year.

For Singhi & Co.,

Chartered Accountants,

Firm Registration no: 302049E

S Chandrasekhar

Partner

Membership no: 007592

Place: Mumbai

Date:18 May 2021UDIN:21007592AAAAAG7948

For V Sankar Aiyar & Co.


Firm Registration No.:109208W

G Sankar

Partner


Place: Mumbai

Date: 18 May 2021UDIN:21046050AAAAEL4680

sd/- sd/-

32

Annexure - A to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Aegon Life Insurance Company (“the Company”) as of 31 March 2021 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of

33

records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2021, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Other Matter

The actuarial valuation of liabilities for life policies in force and policies where premium is discontinued is required to be certified by the Appointed Actuary as per the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (the “IRDA Financial Statements Regulations”) read with Insurance Regulatory and Development Authority of India circular IRDA/F&A/CIR/CPM/056/03/2016 dated April 4, 2016, and has been relied upon by us, as mentioned in “Other Matter” para of our audit report on the financial statements of the Company as at and for the year ended March 31, 2021. Accordingly, we have not audited the internal financial controls over financial reporting in respect of the valuation, measurement and accuracy of the aforesaid actuarial valuation.

For Singhi & Co.,



S Chandrasekhar

Partner


Place: Mumbai





G Sankar

Partner


Place: Mumbai

Date: 18 May 2021UDIN: 21046050AAAAEL4680

sd/- sd/-

34

INDEPENDENT AUDITOR’S CERTIFICATE

(Referred to in paragraph 1 of our Report on Other Legal and Regulatory Requirements forming part of the Independent Auditor’s Report dated May 18, 2021)

This certificate is issued to comply with the provisions of paragraph 3 and 4 of Schedule C of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002, (“the IRDAI Financial Statements Regulations”) read with Regulation 3 of the IRDAI Financial Statements Regulations.

The Company’s Board of Directors is responsible for complying with the provisions of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 read with Insurance Regulatory and Development Authority of India circular IRDAI/F&A/CIR/FA/059/03/2015 dated March 31, 2015 (the “Insurance Act”), the Insurance Regulatory and Development Authority Act, 1999 (the “IRDAI Act”), the IRDAI Financial Statements Regulations, orders/directions issued by the Insurance Regulatory and Development Authority of India (the “IRDAI”) which includes the preparation of the Management Report. This includes collecting, collating and validating data and designing, implementing and monitoring of internal controls suitable for ensuring compliance as aforesaid

Our responsibility for the purpose of this certificate is limited to certifying matters contained in paragraphs 3 and 4 of Schedule C of the Regulations. We conducted our examination in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issues by the Institute of Chartered Accountants of India (the ‘ICAI’), which include the concepts of test checks and materiality.

In accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination of the books of account and other records maintained AEGON LIFE INSURANCE COMPANY LIMITED (“the Company”) for the year ended March 31, 2021, we certify that:

1. We have reviewed the Management Report attached to the financial statements forthe year ended March 31, 2021, and on the basis of our review, there is no apparentmistake or material inconsistencies with the financial statements;

2. Based on the management representations and compliance certificates submitted tothe Board of Directors by the officers of the Company charged with compliance andthe same being noted by the Board, we certify that the Company has complied withthe terms and conditions of registration stipulated by IRDAI;

3. Company did not had operational branches as at 31st March 2021. Further, due torestriction on movement imposed by state government we could not visit the Headoffice to verify cash in hand at Head office. We thus relied upon certificate bymanagement for cash in hand at Head office and Cheques in hand at various servicecenters appointed to collect premium cheques. We verified the securities relating toCompany’s investments as at March 31, 2021, by actual inspection or on the basis ofcertificates / confirmations received from the Custodians and/or DepositoryParticipants appointed by the Company, as the case may be;

35

4. The Company is not a trustee of any trust; and

5. No part of the assets of the Policyholders’ Funds has been directly or indirectlyapplied in contravention to the provisions of the Insurance Act, relating to theapplication and investments of the Policyholders’ Funds.

This certificate is issued to comply with Schedule C of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002, (“the IRDAI Financial Statements Regulations”) read with Regulation 3 of the IRDAI Financial Statements Regulation and is not intended to be used or distributed for any purpose.

For Singhi & Co.,



S Chandrasekhar

Partner


Place: Mumbai





G Sankar

Partner


Place: Mumbai

Date:18 May 2021UDIN:21046050AAAAEL4680

sd/- sd/-

36

Singhi & Co.

Chartered Accountants

B2, 402, Marathon Innova,

4th Floor, Lower Parel,

Mumbai-400013

V Sankar Aiyar & Co.


2C, Court Chembers,

35, New Marine Lines,

Mumbai - 400 020

INDEPENDENT AUDITORS’ CERTIFICATE

1. At the request of Aegon Life Insurance Company Limited (the “Company”), we have

performed the procedures stated in paragraph 2 below, for the purpose of issuing a

certificate as per clause (B) (5) of Schedule I of the Insurance Regulatory and

Development Authority of India (Investment) (Sixth Amendment) Regulations, 2016 (the

“Regulations”), regarding the declaration and application of Net Asset Value (“NAV”) for

unit link business application received on the last business day.

2. In this connection, we have performed the following procedures:

a) Obtained representation from the management;

b) Obtained the certificate issued by the concurrent auditors of the Company for

compliance with the requirements of the regulation;

c) Obtained the list of applications received in respect of Unit Linked Business on March

31, 2021 (referred to as “application forms”), from the management;

d) Selected samples of application forms from listing mentioned in paragraph 2(c) above

and verified whether:

i) The applications received on March 31, 2021, upto 3.00 pm have been processed

with NAV of March 31, 2021; and

ii) The applications received on March 31, 2021, after 3.00 pm have been processed

with NAV of appropriate dates in subsequent year.

3. The compliance with conditions stated in the regulations is the responsibility of the

Company’s management. Our responsibility is to perform the above-mentioned

procedures on the particulars and state our findings. We performed the above-mentioned

procedures, in accordance with the Guidance Note on Audit Reports and Certificates for

Special Purposes issued by the Institute of Chartered Accountants of India (“ICAI”). The

above-mentioned procedures include examining evidence supporting the particulars on a

test basis. Further, our scope of work did not involve us performing audit tests for the

purposes of expressing an opinion on the fairness or accuracy of any of the financial

information or the financial statements of the Company taken as a whole. We have not

performed an audit, the objective of which would be the expression of an opinion on the

financial statements, specified elements, accounts or items thereof, for the purpose of this

certificate. Accordingly, we do not express such opinion.

4. Based on the procedures performed by us, as mentioned in paragraph 2 above, according

to the information and explanations provided to us and representation by the Company’s

management, we confirm that:

37

(a) The Company has declared NAV for March 31, 2021;(b) The Company did not receive any applications before 3pm on March 31, 2021(c) The Company received only one application after 3 pm on 31st March 2021 and this

is processed with the appropriate NAV of appropriate date in subsequent year.

5. This certificate is issued at the request of the Company solely for use of the Company for

inclusion in the annual accounts as per requirements as per Regulations of the

Regulations and is not intended to be used or distributed for any other purpose. We have

no responsibility to update this certificate for events and circumstances occurring after the

date of this certificate.

For Singhi & Co.,



S Chandrasekhar

Partner


Place: Mumbai

Date:18 May 2021UDIN:21007592AAAAAH5090




G Sankar

Partner


Place: Mumbai


sd/- sd/-

38

Singhi & Co.


B2, 402, Marathon Innova,

4th Floor, Lower Parel,

Mumbai-400013

V Sankar Aiyar & Co.


2C, Court Chembers,

35, New Marine Lines,

Mumbai - 400 020

1

INDEPENDENT AUDITOR’S CERTIFICATE

To,


A-201, 2nd Floor

Leela Business Park, Andheri – Kurla Road,

Andheri – East, Mumbai – 400059.

Dear Sirs,

[Ref: Independent Auditor’s Certificate in accordance with Regulation 11 of Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Regulations, 2016 (the “IRDAI Regulations”) for year ended March 31, 2021]

1. We, the Joint Statutory Auditors of the Aegon Life Insurance Company Limited (the ‘Company’), have been requested by the management of the Company to examine the attached Return of Expenses of Management for the financial year ended 31st March 2021 (the “Return”) prepared by the Company in accordance with the Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Regulations, 2016 (the “IRDAI Regulations”) and issue the certificate to the company as required under the IRDAI Regulations. We have duly stamped and initialed the Return for the purpose of identification only.

Management’s Responsibility

2. The management of the Company is responsible for preparation of the Return. The management of the Company is also responsible for preparation and maintenance of the proper books of account and such other relevant records as prescribed under relevant laws and Regulations. This responsibility includes designing, implementing and monitoring of internal controls relevant to the preparation and maintenance of such books of account and records and the particulars furnished in the aforesaid Return.

3. The management of the Company is also responsible for compliance with, inter alia, the requirements of the IRDAI Regulations and Outsourcing Guidelines issued by IRDAI. This includes the responsibility to design and consistently implement a Policy for allocation and

39

Singhi & Co.


V. Sankar Aiyar & Co.


2

apportionment of expenses of management and a Policy for outsourcing of arrangements, duly approved by its Board of Directors, as envisaged in the aforesaid Regulations.

Independent Auditors’ Responsibility

4. Our responsibility for the purpose of this certificate is to provide a reasonable assurance onthe matters contained in Return of Expenses of Management prepared by the managementof the Company are in compliance with the requirements of Schedule II- Part A & B of IRDAIRegulations.

5. Our responsibility for the purpose of this certificate is to provide a reasonable assurance onthe Company’s compliance with the outsourcing guidelines as per the requirements of theIRDAI and any clarification circulars issued in this regard.

6. We have carried out the verification in accordance with the Guidance Note on Audit Reportsor Certificates for Special Purposes, (Revised 2016) issued by the Institute of CharteredAccountants of India (ICAI) and the Standards on Auditing specified under Section 143(10) ofthe Companies Act 2013. This Guidance Note requires that we comply with the ethicalrequirements of the Code of Ethics issued by the ICAI.

7. We have complied with the relevant applicable requirements of the Standard on QualityControl (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of HistoricalFinancial Information, and Other Assurance and Related Services Engagements.

Conclusion

8. Based on our aforesaid verification and to the best of our knowledge and belief and accordingto the information, explanations and representations given to us by the management of theCompany, we hereby certify that:

i. The computation of Expenses of Management as contained in the attached Return arein accordance with Regulation 3, 4 and 16 of the IRDAI Regulations.

ii. The apportionment and allocation of management expenses amongst various businesssegments is in accordance with the policy laid down by the Company, which is dulyapproved by the Board in this regard.

iii. The Company has complied with the provisions of Regulation 14 read with Regulation17 of IRDAI Regulations and the excess of expenses have been charged toShareholder’s Fund.

iv. The payments made by the Company towards outsourcing arrangement are incompliance with the outsourcing guidelines issued by the Insurance Regulatory and

40

Singhi & Co.


V. Sankar Aiyar & Co.


3

Development Authority of India.

Restriction on Use

9. This certificate is issued at the request of the Company solely for use of the Company forinclusion with the Return of Expenses of Management as per Regulation 11 of the IRDAIRegulations and is not intended to be and should not be used for any other purpose withoutour prior consent. Accordingly, we do not accept or assume any liability or any duty of carefor any other purpose or to any other person to whom this Certificate is shown or into whosehands it may come without our prior consent in writing.

For Singhi & Co.


Firm’s Registration No. 302049E

S Chandrasekhar

Partner

Membership No: 007592

Date:18 May 2021UDIN:21007592AAAAAI7344

For V. Sankar Aiyar & Co.


Firm’s Registration No. 109208W

G Sankar

Partner

Membership No: 046050


sd/- sd/-

41

Life General

Annuity & Pension

Life General

Annuity & Pension

Group Health Life General

Annuity & Pension

Group Life General Annuity & Pension

Life General Annuity & Pension

Group Health Life General Annuity & Pension

Group

(i) Pure Risk Products

In respect of policies with premium payment term 10 yearsand above

- - 1,863 - - - - - - 100 - - 1,863 - - - - - -

Others please specify* Premium paying term 9 years - - - - - - - - - 68 - - - - - - - - - Premium paying term 8 years - - 0 - - - - - - 60 - - 0 - - - - - - Premium paying term 7 years - - 0 - - - - - - 53 - - 0 - - - - - - Premium paying term 6 years - - 1 - - - - - - 45 - - 0 - - - - - - Premium paying term 5 years - - 37 - - - - - - 38 - - 14 - - - - - - Premium paying term 4 years - - - - - - - - - 30 - - - - - - - - - Premium paying term 3 years - - - - - - - - - 23 - - - - - - - - - Premium paying term 2 years - - - - - - - - - 15 - - - - - - - - - Premium paying term 1 year - - - - - - - - - 8 - - - - - - - - -

- - 16,817 - - - - - - 25 - - 4,204 - - - - - - (ii) Life**

First year Regular Premium In respect of policies with premium payment term of 10 years and above

529 - 1 - - 0 327 - - 80 423 - 1 - - 0 261 - -

In respect of policies with premium payment term between 8 years and 9 years (both inclusive)

21 - 105 - - - - - - 70 15 - 73 - - - - - -

In respect of policies in force with premium payment term between 5 years and 7 years (both inclusive)

421 - 57 - - - 60 - - 60 253 - 34 - - - 36 - -

In respect of policies with premium payment term of 10 years and above

9,072 - 1,155 - - 113 9,568 - - 15 1,361 - 173 - - 17 1,435 - -

In respect of policies with premium payment term between 8 years and 9 years (both inclusive)

199 - 2,627 - - - - - - 15 30 - 394 - - - - - -

In respect of policies in force with premium payment term between 5 years and 7 years (both inclusive)

2,270 - 364 - 1 2,324 - - 15 341 - 55 - - 0 349 - -

(i) - - - - - - - 5 - - - - - - - - - (ii) - - - - - - - - 5 - - - - - - - - -

3 0 - - - - 3 9 - - 5 0 - - - - 0 0 - -

4 - - - - - - - - - 10 - - - - - - - - -

5 - - 79 - - - - - - 10 - - 8 - - - - - -

6 - - - - 3,896 - - - - 15 - - - - 584 - - - -

7 Group Fund based policies (i) - - - - - 1,269 1 - - - - - - - - 13 (ii) - - - - - - - - - 1 - - - - - - - - -

8

(i) - - - - - - - - - 10 - - - - - - - - - (ii) - 15 - - - - - 151 - 4 - 1 - - - - - 6 -

9 - - - 2 - - - - - 1 - - - 0 - - - - -

10 21,561 - 15,137 - - - 13,858 100 - 0 11 - 8 - - - 7 0 -

11

(i) 12,140 - 1,356,121 - - 3,203 38,141 - - 0 1 - 136 - - 0 4 - - 46,212 15 1,394,363 2 3,896 3,320 64,287 251 1,269 2,433 1 6,962 0 584 18 2,093 6 13

Notes:1 Actual premium is premium accounted in the financial year and is gross of reinsurance.2

34

Premium from Riders is considered under the category of product classification as applicable to the main underlying product with which the rider is associated. Hence, riders are not considered as pure risk premium products and the rider premium on such riders is treated in the similar classification as the main product to which they are attached

-

-

-

Total * For where the maximum premiums paying period under the policy is less than ten years / five years as the case may be, be reduced to a number equal to seven and half times the number of whole years in that period. **Allowable percetnage of expense shall be in accordance with Part-B of Schedule-I***Participating, Non-participating and Linked Business has to be further classified into the segments as specified in Regulation 15.

As required under Section 40 B(4) (a) of the Insurance Act, 1938, read with IRDA circular no F&A/059 dated 31st March 2015, all expenses of management in respect of life insurance business have been fully debited in the Revenue Account as expenses. The expenses debited to the Profit and Loss Account are expenses other than those directly related to insurance business and therefore have not been considered under total expenses for calculation of 'Expenses of Management'. Annexure 1 contains the reconciliation of First year premium and Renewal Premium considered under Insurance Regulatory and Development Authority of India (Expense of Management of Insurers transacting life insurance business) Regulations, 2016 and the financial statement for the year ended March 31, 2018

AUM in excess of Rs. 10,000 crore

First year's premiumsRenewal premiums

All annuities paid during the year

For average of the total sums assured of paid up policies on which no further premiums are payable at the beginning and end of the year

Total sum assured of lapsed policies under the revival period

All premium received on other single premium policies excluding policies specified in regulation 4 (ii) (a), (b), (c) and (d) All single premiums received during the year on Group Pure Risk policies

All single premiums received during the year on Individual pure risk policies

All premium received on One year renewable group policies, other than group fund based policies

AUM up to Rs. 10,000 crore

For premiums received during the year on policies granting deferred annuity in consideration of more than one premium as under

For lapsed policies under the revival period at the beginning of the year

2

An immediate annuityA deferred annuity

1

Premium Payment Terms

(a) First year Regular Premium

-

-

(b) Renewal Premium

(a)

All single premium received during the year on policies granting

Non-Participating

-

-

-

(b) Renewal Premium

% of Allowable of Expenses of Management

(Rs in Lakhs)

Schedule II- Part-A(Please refer Regulation 10)

S. No.

Premium Payment Terms

Gross written Premium*** Allowable Expenses

Non-linked

Aegon Life Insurance Company Limited Registration no. 138Period ended March 31, 2021

Linked Non-linked

Linked Participating Non-Participating Participating

42

S. No.

Allowable Expense as per

Part A Actual Expenses* Excess**

1

i 2,093 1,155 -

ii. 6 35 (29)

iii. - - - iv.

- - -

v. Group 13 22 (9)

2

i.

a) 6,962 10,865 (3,903)

b)0 0 -

c) 18 19 (1)

d) - - -

e) Group 584 2,495 (1,911)

ii.

a) 2,433 3,917 (1,484)

b) 1 4 (3)

c) - - -

d) - - -

e) Group - - -

12,110 18,512 (6,402)

3

Gross Premium written direct

outside India through such

branch

Percentage of Premium Allowable Expense

NIL

(A+B) 12,110 18,512 (6,402)

Sd/- Sd/- Sd/-

Satishwar Balakrishnan Manish Falor Jitin Parekh

Managing Director and Chief Executive Officer Chief Finanical Officer Company Secretary and

Chief Compliance & Legal Officer

Date: May 18, 2021

Place: Mumbai

Note

*

** Excess represents 100% of actual to allowable expenses for the financial year 2020-21. This excess is transferred

to the Shareholders Account. For more details, refer to Annexure to Schedule-II- Part-B

Total (B)

Total

It is certified that the calculations given above are in accordance with IRDAI (Expenses of Management of Insurers

transacting life insurance business) Regulations, 2016.

Actual expenses represent Expenses of Management debited in Revenue account before considering the limits

prescribed in Regulation 19(3) of Insurance Regulatory and Development Authority of India (Expense of Management of

Insurers transacting life insurance business) Regulations, 2016

Variable

Participating Policies

Life

General Annuity and Pension

Health

Variable

Total (A)

Allowance of Head Office expense where the insurer has branch (please refer Regulation 6)

Branch

Health

Linked policies

Life


Health

Variable

Non-linked

Non-participating policies

Life


Particular

Schedule-II- Part-B

(Please Refer Regulation 10)

Aegon Life Insurance Company Limited Registration no. 138

Period ended March 31, 2021

(Rs in Lakhs)

43

Annexure to Schedule-II- Part-B - Details of the Segment wise allowable expense (after applying the % of Regulations 19 (3) and excess of actual expenses to allowable Rs. in Lakhs



Group Health Life General Annuity & Pension

Group

1) Allowable expenses as per Regulations 4 2,433 1 6,962 0 584 18 2,093 6 13 12,110 2) Percentage of actual expenses to allowable expense allowed under Regulation 19 (3) 100% 100% 100% 100% 100% 100% 100% 100% 100%3) Allowable expenses under Regulations 19 (3) 2,433 1 6,962 0 584 18 2,093 6 13 12,110 4) Segment wise actual expenses before transfer to Shareholders Account 3,917 4 10,865 0 2,495 19 1,155 35 22 18,512 5) Excess of actual expenses above allowable expense, debited to Shareholders Account 1,484 3 3,903 0 1,911 1 - 29 9 7,339 6) Shortfall of actual expenses above the allowable expense of management - - - - - - (937) - - (937) 7) Segment wise expense of management debited to the Revenue Account 2,433 1 6,962 0 584 18 1,155 6 13 11,173

8) % of Actual expenses before transfer to Shareholders Account to Allowable expenses(4/1) 161% 625% 156% 765% 427% 106% 55% 567% 173% 153%9) % of Actual expenses after transfer to Shareholders Account to Allowable expenses before applying transitional provisions (7/1) 100% 100% 100% 100% 100% 100% 55% 100% 100% 92%

Reference1) Represents the allowable expenses as per Regulations 4 and matches with Allowable Expense as per Part A of Schedule II2) Represents the allowable percentage considered to determine the allowable expenses 3) Represents the allowable expenses after applying the allowable percentage for Fy 19-20 4) Represents the Segment wise actual expenses debited in the Revenue Account before transferring the excess to Shareholders Account.5) Represents the Segment wise excess of actual expenses of the Revenue Account above the allowable expenses which is transferred to the Shareholders Account.6) Represents the Segment wise excess of allowable expenses over the actual expenses7) Represents the Segment wise total of Expense of Management debited to the Revenue Account in line with the EOM Regulations, 2016

NotesFor Financial Year 20-21, 100% of the allowable expenses under Regulation 4 is considered to determine the compliance of EOM Regulations, 2016 (Note 2)

Actual expense for Unit Linked Group gratuity is lower than the allowable expense, hence no excess is transferred to Shareholders AccountActual expense debited in the Segments Participating Life & Pension, Non Participating Life, Annuity, Health & Group, Unit Linked life & pension is above than the allowable expense, the excess is transferred to the Shareholders Account (note 5)

Annexure to Schedule-II- Part-B(Please Refer Regulation 10)

Aegon Life Insurance Company Limited Registration no. 138Period ended March 31, 2021

Particular

Non-linked Linked

Total Participating Non-Participating

44

Reconciliation of First year and Renewal Premium for the Period ended March 31, 2021 Annexure 1

Under Statement of Expenses of Management

Financial statements

Difference

(i) (ii) (iii) (iv)=(ii)-(iii)Premium:-First year Premium - Individual - Deferred Annuity - - - First year Premium - Individual - Others 5,563 5,563 - Renewal Premium - Individual - Deferred Annuity 167 167 - Renewal Premium - Individual - Others 46,263 46,263 - Single Premium 91 91 -

52,084 52,084 - AddPremium - Group - Fund based 523Total Premium 52,607

-

Particulars

Amounts (Rs. In Lakhs)

45

AEGON LIFE INSURANCE COMPANY LIMITED IRDA Registration No: 138 Date of Registration: 27th June, 2008

MANAGEMENT REPORT

In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the following Management Report is submitted by the Board of Directors with respect to the operations of the Company for year ended March 31, 2021. The Management of the Company confirms and declares as below:

1. Certificate of Registration

The Certificate of Registration granted by the Insurance Regulatory and Development Authority of India (“IRDAI”) to enable the Company to transact Life Insurance business continues to stand valid as on March 31, 2021 and the same has been renewed for the year 2021-2022.

2. Statutory Dues

All statutory dues payable by the Company have been duly paid as on the date of this Report.

3. Shareholding Pattern

The Company’s shareholding pattern is in accordance with the requirements of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 and the Insurance Regulatory and Development Authority (Registration of Indian Insurance Companies) Regulations, 2000.

4. Investment of Funds

The Company has not invested outside India, either directly or indirectly, any of the policy holders’ funds received in India.

5. Solvency Margin

The Company has adequate assets to cover both its liabilities and the minimum solvency margin as stipulated in Section 64 VA of the Insurance Act, 1938. The solvency margin as at March 31, 2021 is 2.41 as against required solvency margin of 1.58.

6. Valuation of Assets

We certify that the values of all assets have been reviewed on the date of the Balance Sheet and to the best of our knowledge and belief the amounts reflected in the Balance Sheet are shown in the aggregate at amounts not exceeding their realizable or market value under the several headings – ‘Loans’, ‘Prepayments’, ‘Advance tax paid and taxes deducted at source’, ‘Advance to Suppliers’, ‘Advance to Employees’, ‘Income accrued on investment’, ‘Outstanding Premiums’, ‘Agents Balances’, ‘Due from other entities carrying on insurance business (including reinsurers)’, ‘Refundable deposits’, ‘Goods and Services Tax Unutilised Credit’, ‘Sundry Debtors’ and ‘Management fees receivable’ except in case of fixed income securities held in Investments - Shareholders’ and Investments – Policyholders’ (Non Linked) which are carried at net amortised cost.

46

7. Application of Life Insurance funds

We certify that, no part of the life insurance fund has been directly or indirectly applied in contravention of the Insurance Act, 1938 (4 of 1938) as amended by Insurance Laws (Amendment) Act, 2015 relating to the application and investment of the life insurance fund. 8. Risk exposure and Mitigation strategy Risk Management The Company has in place an Enterprise Risk Management (‘ERM’) framework covering both Operational and Financial Risks. Operational risks includes Business risk, Legal and Compliance risk, Tax risk, Fraud risk, Processing and Administration risk, Systems risk, People risk and Facility risk. Financial risk includes Interest rate risk, Expense risk, Credit risk, Counterparty risk, Liquidity risk, and the financial impact of underwriting risk (Mortality, Morbidity, and Persistency). Various risk policies have been drafted to help manage enterprise-wide risks. Risk policies define a broad framework which specifies the different thresholds, governance and controls, reporting requirements, action plans in case of a breach, restrictions, process and conditions for exceptional approval. In accordance with IRDAI regulations, key risk policies are approved by the Board or its committees before being implemented. The Operational Risk Policy manages the operational risks as listed above. Major risks are recorded and assessed from time to time against the controls put in place. These are reported to the Head-Risk and, where necessary, communicated to Board-level committees and internal management committees. The Company has developed process level and enterprise level risk registers, which are reviewed from time to time. Key Risk Indicators have been developed and loss events are recorded in the Loss Data Base. Regarding Financial risks, Interest rate risk is managed through an Asset and Liability Management Framework. On a periodic basis, interest rate sensitivity of both assets and liability portfolio, (measured in terms of effective duration) is calculated, mismatch is determined, and appropriate investments are made to ensure that asset-liability duration mismatch is minimized. Credit quality of different portfolios (Policyholder and Shareholder) and Counterparty risk (in respect of reinsurance contracts) are monitored on a quarterly basis, reported to the Head-Risk, and, where necessary, communicated to Board-level committees and internal management committees. Liquidity and Underwriting risks are managed through their respective risk polices and impacts are reported on quarterly basis. Underwriting risk is mitigated through product design, underwriting processes, and reinsurance contracts. Reinsurance ensures that the company is not exposed to claims volatility since, given its small size, volatility in claims experience can adversely impact the solvency of the company. The experience on mortality, morbidity, and persistency is monitored on a quarterly basis and is reported to the Head-Risk and, where necessary, Board-level committees and internal management committees. Investment risks (especially in respect to ULIP funds) are managed by laying down appropriate guidelines in formal investment policies. Investment Policies are approved by the Board of Directors and reviewed by the Investment Committee periodically. Internal Audit The Company has in place an internal audit framework with a risk based audit approach. The internal audit covers auditing of process as well as transactions. Key audit observations and recommendations made are reported to the Audit Committee of the Board on a quarterly basis and to the Executive Audit committee. Implementation of the recommendations is actively monitored. An audit rating system for all audits is in place.

47

9. Operations in other Countries

The Company does not have any operation outside India.

10. Claims The claims settlement ratio of the company stands at 99.25% as at 31 March 2021. Average claim settlement time since inception along with ageing of outstanding claims as at balance sheet date is disclosed below:

Average claim settlement time (in days) 2020-21 2019-20 2018-19 2017-18 2016-17

Life 5 6 6 16 18

Health 10 6 4 7 6

Summary of claims received, settled and repudiated is given hereunder: Life During the financial year 2020-21 the Company received 401 (#) claims. 398 (#) claims aggregating to Rs. 10,59,879 (‘000) were processed. 3(#) claims aggregating to Rs. 14,589 (‘000) were rejected/repudiated on account of various reasons such as non-disclosure of past medical history, insurance held with other companies etc. Group During the financial year 2020-21 the Company received 263 (#)claims from 83 groups. All 263 (#) claims aggregating to Rs. 3,66,939 (‘000) were processed. Health During the financial year 2020-21 the Company received 75 (#) claims. 51(#) claims aggregating to Rs 3399 (‘000) were processed out of which 7 (#) claims aggregating to Rs. 1026 (‘000) outstanding at the year-end. 1 (#) claim aggregating to Rs. 8 (‘000) (8571/-) were rejected on account of various reasons such as hospitalization for less than 24 hours, waiting period & exclusion clause etc. and 23 (#) claims aggregating to Rs. 1722 (‘000) were closed/ denied on account of various reasons such as policy conditions, requirements not being submitted within the stipulated period etc. Rider - Individual During the financial year 2020-21 the Company received 77 (#) rider claims. 69 (#) claims aggregating to Rs 31,498 (‘000) were processed out of which 8 (#) claims aggregating to Rs. 5,217 (‘000) outstanding at the year-end. 8 (#) claim aggregating to Rs. 625 (‘000) were rejected on account terms & conditions not met. Rider – Group Affinity During the financial year 2020-21 the Company received 140 (#) rider claims. 140 (#) claims aggregating to Rs 33,725 (‘000) were processed out of which 3 (#) claims aggregating to Rs. 750 (‘000) are outstanding at the year-end. 0 (#) claims were rejected. Ageing of claims intimated and not settled, pending for receipt of complete requirement is as below:

48

As at March 31, 2021 (Rs. ‘000)

Period Linked Business

Traditional Health Rider Total

Nos. Amount Nos. Amount Nos. Amount Nos. Amount Nos. Amount

Less than 30 days - - - - 4 549 9 2,450 13 2999

30 days to 6 months - - - - 3 477 2 3,517 5 3994

6 months to 1 year - - - - - - - -

1 year to 5 years - - - - - - - -

5 years & above - - - - - - - -

Total - - - - 7 1,026 11 5,967 18 6993

As at March 31, 2020 (Rs. ‘000)

Period Linked Business

Traditional Health Rider Total

Nos. Amount Nos. Amount Nos. Amount Nos. Amount Nos. Amount

Less than 30 days - - - - 6 177 - - 6 177

30 days to 6 months - - - - 1 83 - - 1 83

6 months to 1 year - - - - - - - - - -

1 year to 5 years - - - - - - - - - -

5 years & above - - - - - - - - - -

Total - - - - 7 1,026 - - 7 1,026

Details of number of claims including all other policy related payouts intimated, disposed and pending with details of duration as at March 31, 2021 are as follows:-

Claims Experience Death Health Maturity Survival Benefit #

Annuities/ Pension

Surrender

Other Benefits

##

Claims o/s at the beginning of the period

- 7 9 289 - 532 9

Claims reported during the period

664 75 2,609 1,713 - 9,129 461

Claims settled during the period

661 51 1,992 1,485 - 8,528 460

Claims repudiated/ rejected during the period

3 1 - 7 - - 1

Claims closed during the period*

- 23 - - - - -

Claims written back - - - - - - -

Claims transferred to Unclaimed amount to Policyholders'

- - 108 168 - 240 3

Claims o/s at end of the period

- 7 626 510 - 1,133 9

a.) Less than 3 months - 5 475 230 - 816 6

b.) 3 months to 6 months - 2 43 112 - 77 -

49

*Closed on account of various reasons such as policy conditions, requirements not being submitted within the stipulated period etc. # Rider Claims (Critical Illness) and money backs are reported in Survival Benefit ## Rider Claims (Accident, income Benefit & Waiver Premium) and Partial withdrawals are reported in Other Benefits

11. Valuation of Investments Valuation – Shareholders’ Investments and Non-Linked Policyholders’ Investments All debt securities are considered as “held to maturity” and are stated at historical cost subject to amortisation of premium or accretion of discount over the period of maturity / holding on a constant yield to maturity basis. Investments in mutual funds are stated at previous business day’s net asset value (NAV) declared by the respective funds. Listed equity securities are measured at fair value on the Balance Sheet date. For the purpose of determining fair value, the last quoted closing prices on the National Stock Exchange of India Limited (‘NSE’), and in case the same is not available, then on Bombay Stock Exchange Limited (‘BSE’) is considered. Unlisted equity securities, if any, are measured at historical cost. In respect of investments in equity shares and mutual funds, the corresponding unrealised investment gains or losses are reported in the Balance Sheet under “Fair Value Change Account”. In case of diminution, other than temporary, in the market value of investments as on the Balance Sheet date, the amount of diminution is recognised as an expense in the Revenue/Profit and Loss Account as the case may be. The market value of Government securities has been determined on the basis of valuations published by Fixed Income Money Market and Derivatives Association of India (‘FIMMDA’). The market value of corporate bonds and debentures has been determined on the basis of benchmark yields and spreads published by FIMMDA. Valuation – Linked Business (Assets held to cover linked liabilities) Government securities are valued at prices obtained from Credit Rating Information Services of India Ltd. (‘CRISIL’). Debt securities, other than Government securities, are valued on the basis of CRISIL Bond Valuer. Investments in mutual funds are stated at previous business day’s net asset value (NAV) declared by the respective funds. Money market instruments are stated at historical cost subject to accretion of discount over the period of maturity / holding on a straight line method. Fixed deposit, money at call and short notice are valued at cost. Listed equity securities are measured at fair value on the Balance Sheet date. For the purpose of determining fair value, the last quoted closing prices on NSE, and in case the same is not available, then on BSE is considered. Unrealised gains and losses arising due to changes in fair value are attributed to policyholders and are recognised in the Revenue Account of the fund. Investments in mutual funds are stated at previous business day’s net asset value (NAV) declared by the respective funds. Transfer of Investments Any transfer of investments from Shareholders’ Account to Policyholders’ Account / Linked Funds is carried out at lower of book value (amortised cost) or market value. In case of debt securities, all transfers are carried out at the net amortised cost. Inter fund transfer of investments between Linked funds is done at market value on the date of transfer. 12. Review of Asset Quality and Performance of Investments All investments at the year-end are performing investments. Investments are managed by competent personnel under the supervision of the Investment Committee appointed by the Board of Directors of the Company. The quality and performance of assets are subject to periodic review by such Committee. The Company invests only in high credit quality instruments.

50

13. Elements of remuneration package (including incentives) of MD & CEO and all other directors and Key Management Persons

The details of remuneration package (including incentives) of MD & CEO and all other directors and Key Management Persons is attached below

(Rs. ‘000)

Sr. No.

Name Designation Year ended March 31, 2021


1. Satishwar Balakrishnan

Managing Director and Chief Executive from February 03, 2021. Earlier designated as Chief Executive Officer with effect from August 21, 2020 to February 02, 2021.

8,772 -

2. Vineet Arora Managing Director and Chief Executive till February 24, 2020

- 39,905

3. Satishwar Balakrishnan

Chief Financial Officer till August 20, 2021

118,712 122,800

4. Manish Falor Chief Financial Officer from February 03, 2021

5. Saba Adil Chief People & Operating Officer till June 28,2019

6. Naveen Bachwani Chief Operating Officer from February 17, 2020

7. Sunita Rath Chief People Officer from January 07, 2020

8. Saibal Ghosh Chief Investment Officer

9. Souvik Jash Appointed Actuary till December 06, 2019

10. Kamlesh Gupta Appointed Actuary from February 27, 2020

11. Jitin Parekh Company Secretary, Chief Compliance and Legal Officer. Appointed Chief Compliance Officer w.e.f. June 02, 2020

12. Anil Agarwal Head – Compliance till June 01, 2020

13. Lee Waddle Chief Risk Officer till February 02, 2021

14. Douglas Kennedy Chief Technology Officer till December 31, 2020

15. Ahmed Zackaria Chief Distribution Officer

16. Mandeep Singh Vice President – Marketing till December 09,2019

17. Daksh Pratap Singh

Vice President - Analytics till September 06,2019

18. Kamlesh Khanchandani

Head – Internal audit till May 15,2019

19. Ketul Patel Head – Internal audit from September 05, 2020

20. Rajesh Nair Head -Risk

51

15. Schedule of transactions with individuals, firms, companies, and organizations in which

the Directors are interested

The Schedule of transactions of related parties in the ordinary course of business, which includes payments made to individuals, firms, companies, and organizations in which Directors are interested is attached below:

(Rs. ‘000)

Sr. No.

Name of Director

Entity in which director is interested

Interested As

Nature of Transaction Year ended March 31,

2021

Year ended March 31,

2020

1 Mr. Gopalkrishnan Ramaswamy

Bennett Property Holdings Company Ltd.

Director Insurance Premium received for Group Insurance Policies (Receipts)

53 71

2 Mr. N Kumar MphasiS Limited Director Insurance Premium received for Group Insurance Policies (Receipts)

4,500 5,108

3 Mr. N Kumar, Mr. S Sivakumar

Times Innovative Media Limited


341 376

4 Mr. Nani Javeri Accelya Kale Solutions Limited


30 1,559

5 Mr. V Srinivasan GOQii Technologies Private Limited

Director Payments towards wellness service activity (done as part of business promotion)

- 115

6 Mrs. Mitu Samar Nath

Times Internet Limited


7,437 -

7 Mrs. Mitu Samar Nath

Times Internet Limited

Director Payment towards Public relation Activity

204 -

16. Directors’ Responsibility Statement The Board of Directors of the Company also state that:

a. in preparation of the financial statements, all applicable accounting standards,

generally accepted accounting principles and policies have been followed, and there

have been no material departures from the aforesaid;

b. the management has adopted accounting policies and applied them consistently and

made judgments and estimates that are reasonable and prudent so as to give a true and

fair view of the state of affairs of the Company at the end of the financial year, and of

the deficit under the Revenue Account and of the loss in the Profit and Loss Account of

the Company for the year ended March 31,2021;

52

c. the management has taken sufficient and proper care for the maintenance of adequate

accounting records in accordance with the applicable provisions of the Insurance Act

1938 as amended by Insurance Laws (Amendment) Act, 2015 and the Companies Act

2013, for safeguarding the assets of the Company and for preventing and detecting fraud

and other irregularities;

d. the management has prepared the financial statements on a going concern basis; and

e. the management has ensured that an internal audit system commensurate with the size

and nature of the business exists and is operating effectively.

For and on behalf of Board of Directors

Sd/- Marco Keim

Sd/- Patrick Curtin

Sd/- G Ramaswamy

Chairman Director Director DIN: 07676556 DIN: 07871107 DIN: 02712174

Sd/- Sd/- Satishwar Balakrishnan Managing Director and Chief Executive Officer DIN:

Sd/- Kamlesh Gupta Appointed Actuary

Manish Falor Chief Financial Officer

Sd/- Jitin Parekh Company Secretary and Chief Compliance & Legal Officer

Date : May 18, 2021

53

(Rs. In '000)

Schedule Year ended

March 31, 2021

Year ended

March 31, 2020

Premiums earned – net

(a) Premium 1 5,260,716 5,757,367

(b) Reinsurance ceded

(Refer Note 2(e) of Schedule 16)

(714,211) (616,014)

(c) Reinsurance accepted - -

Sub Total 4,546,505 5,141,353

Income from Investments

(Refer Notes 2(c)(iii), 2(c)(iv), 2(c)(v), 2(c)(vi) and 2 (i) of Schedule 16)

(a) Interest, Dividends and Rent – Gross 1,443,768 1,394,065

(b) Profit on sale/redemption of investments 1,754,961 861,844

(c) (Loss) on sale/ redemption of investments (499,065) (794,059)

(d) Transfer/Gain on revaluation/change in fair value* 1,889,429 (1,373,179)

(e) Amortisation of premium / discount on investments 196,112 136,534

Other Income

(a) Interest on Policy loans 2,147 1,256

(b) Miscellaneous Income 19,023 3,063

(c) Contribution from Shareholders' Account

(Refer Note 15 of Schedule 16) (Refer

- -

(d) Contribution from Shareholders' funds towards Excess EoM

(Refer Note 35 of Schedule 16)

733,906 799,926

(e) Linked Income - -

TOTAL (A) 10,086,786 6,170,803

Commission 2 50,615 46,219

Operating expenses related to Insurance Business 3 1,799,467 2,209,939

Goods and Service Tax on Unit Linked Charges 34,168 36,602

Provision for doubtful debts

(Refer Notes 2(l) ,2(r) and 2(w) of Schedule 16)

1,077 (4,947)

Bad debts written off - -

Provision for Tax

(a) Income Tax - -

Provisions (other than taxation)

(a) For diminution in the value of investments (net)

(Refer Notes 2(i) of Schedule 16)

- 12,500

(b) Others - -

TOTAL (B) 1,885,327 2,300,313

Benefits Paid (Net) 4 3,096,255 2,802,800

Interim Bonuses Paid

(Refer Note 2(f) of Schedule 16)

810 1,087

Change in valuation of liability in respect of life policies

(Refer Notes 2(h), 3 and 4 of Schedule 16)

(a) Gross** 5,757,255 1,292,450

(b) Amount ceded in Reinsurance (360,580) (221,460)

(c) Amount accepted in Reinsurance - -

TOTAL (C) 8,493,740 3,874,877

SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) (292,280) (4,387)

APPROPRIATIONS

Transfer to Shareholders’ Account 29,917 29,959

Transfer to Balance Sheet being "Deficit in Revenue Account (Policyholders'

Account)"


(719,775) (273,710)

Balance being Funds for Future Appropriations

(Refer Notes 2(u) and 21 of Schedule 16)

397,578 239,364

TOTAL (E) (292,280) (4,387)

* Represents the deemed realised gain as per norms specified by the

Authority

**Represents Mathematical Reserves after allocation of bonus

REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

Particulars

Policyholders’ Account (Technical Account)

FORM A-RA

AEGON LIFE INSURANCE COMPANY LIMITED

IRDAI Registration No: 138

Date of Registration with IRDAI: June 27, 2008

54

The breakup of total surplus is as under:

(a) Interim Bonus Paid


810 1,087

(b) Allocation of Bonus to policyholder 268,443 268,546

(c) Surplus / (Deficit) shown in the Revenue Account (292,280) (4,387)

(d) Total Surplus / (Deficit): [(a)+(b)+(c)] (23,028) 265,246

Significant Accounting Policies and Notes to Accounts 16

As per our report attached

For V Sankar Aiyar & Co. For Singhi & Co For and on behalf of the Board of Directors

Firm Registration No: 109208W Firm Registration No: 302049E

Chartered Accountants Chartered Accountants

Sd/- Sd/- Sd/- Sd/- Sd/-

G Sankar S Chandrasekhar Marco Keim Patrick Curtin G Ramaswamy

Partner Partner Chairman Director Director

Membership No. 046050 Membership No. 007592 DIN:07676556 DIN:07871107 DIN:02712174

Sd/- Sd/-

Satishwar Balakrishnan Manish Falor

Managing Director and Chief Financial Officer

Chief Executive Officer

DIN: 09050160

Sd/- Sd/-

Kamlesh Gupta Jitin Parekh

Appointed Achuary Company Secretary and

Chief Compliance & Legal

Officer

Place: MumbaiPlace: Mumbai

Date: 18 May 2021 Date: May 18, 2021

As required by Section 40 B(4) of the Insurance Act, 1938

(amended by the Insurance Laws (Amendment) Act, 2015 and read

with IRDAI/Reg/14/126/2016, we certify that expenses of

management, in respect of life insurance business transacted in

India by the Company and debited to the Policyholders' Revenue

Account are within the limits specified by the regulations under

this act.

Schedules referred to above form an integral part of the Revenue Account

55

(Rs. In '000)

Schedule Year ended

March 31, 2021

Year ended

March 31, 2020

Amount transferred from Policyholders' Account (Technical Account) 29,917 29,959


(Refer Notes 2(c)(iii), 2(c)(iv), 2(c)(v) and 2(c)(vi) of Schedule 16)

(a) Interest, Dividends and Rent – Gross 39,802 45,693

(b) Profit on sale/redemption of investments 12,983 389

(c) (Loss on sale/redemption of investments) (8) 6

(d) Transfer/Gain on revaluation/change in fair value - -

(e) Amortisation of premium/discount on investments 10,806 34,202

Other Income - -

TOTAL (A) 93,500 110,249

Expenses other than those directly related to the insurance business 3A 245,505 70,085

Bad debts written off

(Refer Note 2(l) of Schedule 16)

- -

Provisions (Other than taxation)

(a) For diminution in the value of investments (net)

(Refer Notes 2(i) of Schedule 16)

- -

(b) Provision for doubtful debts

(Refer Notes 2(l) ,2(r) and 2(w) of Schedule 16)

- (200)

(c) Others - -

Contribution to the Policyholders' Account (Technical Account)

(Refer Note 7 of Schedule A)

- -

Contribution towards the Remuneration of CEO - 24,905

Contribution from Shareholders' funds towards Excess EoM



733,906 799,926

TOTAL (B) 979,411 894,716

Profit/(Loss) before tax (A-B) (885,911) (784,467)

Provision for Tax

(Refer Notes 2(p) and 20 of Schedule 16)

- -

Profit/(Loss) after tax (885,911) (784,467)

APPROPRIATIONS

(a) Balance at the beginning of the year (6,155,209) (5,370,742)

(b) Interim dividends paid during the year - -

(c) Proposed final dividend - -

(d) Dividend distribution on tax -

(e) Transfer to reserves/ other accounts - -

Profit/(Loss) carried forward to the Balance Sheet (7,041,120) (6,155,209)

Particulars

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

Shareholders’ Account (Non-technical Account)

FORM A-PL




56

Earnings per share

(Refer Notes 2(t) and 16 of Schedule 16)

(Refer Note 10 of Schedule A) (Face Value Rs 10/- per share) (1.16) (0.78)


Schedules referred to above form an integral part of the Profit and Loss Account








Sd/- Sd/-




DIN: 09050160

Sd/- Sd/-




Officer

Place: MumbaiPlace: Mumbai Date: 18 May 2021 Date: May 18, 2021

57

(Rs. In '000)

As at

March 31, 2021

As at

March 31, 2020

SOURCES OF FUNDS

Shareholders’ Funds

Share Capital


5 14,682,520 14,655,990

Share Application Money Pending Allotment - -

Reserves and Surplus 6 8,961,705 7,674,705

Credit/(Debit) Fair Value Change Account (Net)

(Refer Note 2(i) of Schedule 16)

- -

Sub-Total 23,644,225 22,330,695

Borrowings 7 700,000 700,000

Policyholders’ Funds

Credit/(Debit) Fair Value Change Account (Net)

(Refer Note 2(i) of Schedule 16)

8,213 (89,425)

Policy Liabilities


18,238,311 15,226,081

Insurance Reserves - -

Linked Liabilities 7,058,726 8,251,230

Fair value change 1,889,428 (1,373,179)

Provision For Linked Liabilities 8,948,154 6,878,051

Sub-Total 27,894,678 22,714,707

Funds for Discontinued Policies


Discontinued on account of non-payment of premium 1,201,125 882,419

Others 7,717 12,081

Funds For Future Appropriations

(Refer Notes 2(u) and 21 of Schedule 16)

Linked - -

Non Linked 1,883,613 1,486,035

TOTAL 54,631,358 47,425,937

APPLICATION OF FUNDS

Investments

Shareholders’ 8 397,433 994,806

Policyholders’ 8A 20,474,669 16,784,170

Assets Held To Cover Linked Liabilities 8B 10,156,996 7,772,551

Loans 9 702,743 683,493

Fixed Assets 10 978,770 783,539

Current Assets

Cash and Bank Balances 11 384,752 521,564

Advances and Other Assets 12 1,514,007 1,362,420

Sub-Total (A) 1,898,759 1,883,984

Current Liabilities 13 1,502,895 1,375,506

Provisions 14 18,976 39,273

Sub-Total (B) 1,521,871 1,414,779

Net Current Assets (C) = (A – B) 376,888 469,205

BALANCE SHEET AS AT MARCH 31, 2021

FORM A-BS




Particulars Schedule

58

Miscellaneous Expenditure 15 - -

(To the extent not written off or adjusted)

Debit Balance of Profit and Loss Account 7,041,120 6,155,209

Deficit in the Revenue Account (Policyholders' Account)



14,502,739 13,782,964

TOTAL 54,631,358 47,425,937









Sd/- Sd/-




DIN: 09050160

Sd/- Sd/-




Officer


Schedules referred to above form an integral part of Balance Sheet

59

Year ended

March 31, 2021

Year ended

March 31, 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Premium collected from Policyholders, including advances receipts 5,359,735 5,739,804

Payments to reinsurers (net of claims) 72,127 (20,703)

Payment for operating expenses (1,721,705) (2,277,242)

Payments for Policyholders' Benefits (3,967,068) (3,297,317)

Payment of Commission (60,926) (39,765)

Deposits, Advances and Staff Loans refunded / (paid) 13,723 (6,482)

Taxes paid 367 (229)

Goods and Services tax collected (paid) (60,417) (15,255)

Net cash used in operating activities (364,164) 82,811

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (531,130) (642,245)

Proceeds from sale of Fixed Assets 5,502 655

Purchase of Investments 20,136,353 (21,411,355)

Proceeds from sale of Investments (22,576,116) 19,278,188

Investments in money market instruments and in liquid mutual funds (Net) 425,217 10,391

Loans given to policyholders (5,719) (13,231)

Other loans (13,531) (12,698)

Interest, Rent and dividend received 1,462,694 1,394,820

Investments in money market instruments and liquid mutual funds (Net)* -

Expenses related to Investments (5,606) (5,052)

Net cash used in investing activities (1,102,336) (1,400,527)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of share capital 26,531 24,898

Proceeds from issuance of Non convertible debenture - -

Proceeds from share premium 1,287,000 1,207,800

Net cash from financing activities 1,313,531 1,232,698

Net increase in cash and cash equivalent (152,970) (85,019)

Cash and cash equivalent at the beginning of the period 541,165 626,184

Cash and cash equivalent at the end of the period 388,195 541,165

RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2021




Particulars

60

2. Cash and Cash equivalent at the end of period comprises of the following Balance sheet amounts :

(Rs. In '000)

Particulars As at

March 31, 2020

Cash (including cheques,drafts, stamps in hand) 54,510

Bank Balances (Other than unit linked funds) 467,054

Bank Balances (unit linked funds) 19,601

Total 541,165

This is the Receipts and Payments Account referred to in our report








Sd/- Sd/-




DIN: 09050160

Sd/- Sd/-




Officer


353,000

3,444

388,195

1. The above Receipts and Payments Account has been prepared as prescribed by Insurance Regulatory and Development Authority

(Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002 under the "Direct Method" laid out in

Accounting standard - 3 on Cash Flow Statements.

As at

March 31, 2021

31,751

61

SCHEDULE 1

PREMIUM

(Refer Notes 2(c)(i), 2(c)(ii) and 13 of Schedule 16)

(Rs. In '000)

Particulars Year ended

March 31, 2021

Year ended

March 31, 2020

First year premiums 556,294 882,318

Renewal premiums 4,642,960 4,840,044

Single premiums 61,462 35,005

TOTAL PREMIUM 5,260,716 5,757,367

Premium Income from business written

In India 5,260,716 5,757,367

Outside India - -

SCHEDULE 2

COMMISSION EXPENSES

(Refer Note 2(g) of Schedule 16)

(Rs. In '000)


March 31, 2021

Year ended

March 31, 2020

Commission paid

Direct - First year premiums 30,296 25,693

- Renewal premiums 20,183 20,519

- Single premiums 136 7

Total (A) 50,615 46,219

Add : Commission on Re-insurance accepted - -

Less : Commission on Re-insurance ceded - -

Net Commission 50,615 46,219

Break-up of Commission Expense (Gross) incurred to procure business

Agents (TA) 2,133 4,832

Brokers (BR) 23,675 19,822

Corporate Agencies (CA) 13,944 18,182

Web aggregators 10,863 3,383

Referrals - -

Total (B) 50,615 46,219


SCHEDULES FORMING PART OF THE REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

62

SCHEDULE 3

OPERATING EXPENSES RELATED TO INSURANCE BUSINESS

(Refer Notes 2(d) and 32 of Schedule 16)

(Rs. In '000)


March 31, 2021

Year ended

March 31, 2020

Employees’ remuneration and welfare benefits

(Refer Notes 2(n), 8 and 17 of Schedule 16)

752,738 834,315

Travel, conveyance & vehicle running expenses 4,443 51,650

Training expenses 2,122 3,423

Rents, rates and taxes

(Refer Notes 2(o) and 9 of Schedule 16)

82,428 88,347

Repairs 1,284 5,767

Printing and stationery 3,500 7,243

Communication expenses 11,917 14,497

Legal and professional charges 27,597 54,142

Medical fees


39,024 38,535

Auditors' fees, expenses etc


a) (i) as auditor 3,850 3,850

(ii) Out of pocket expenses 105 36

b) as adviser or in any other capacity, in respect of

(i) Taxation matters - -

(ii) Insurance matters - -

(iii) Management services; - -

c) in any other capacity 113 63

Advertisement, marketing and publicity 117,585 358,542

Interest and bank charges

(Refer Notes 2 (o) and 9 of Schedule 16)

27,428 27,720

Depreciation/Amortisation

(Refer Notes 2(k) and 2(l) of Schedule 16)

294,386 190,329

Others:

Information technology and related expenses

(Refer Note 2(k) of Schedule 16)

268,782 240,143

Business processing services 57,714 96,045

Office expenses 10,715 19,468

Recruitment 5,919 44,278

Other miscellaneous expenses

(Refer notes 2(m) and 22 of Schedule 16)

13,674 8,764

Electricity 5,119 14,082

Sales and business promotion expenses 2,563 38,628

Goods and Services tax

(Refer Note 2(q) of Schedule 16)

240 1,170

Stamp duty on Policies 66,221 68,902

TOTAL 1,799,467 2,209,939


SCHEDULE FORMING PART OF THE REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

63

SCHEDULE 3A

EXPENSES OTHER THAN THOSE DIRECTLY RELATED TO THE INSURANCE BUSINESS

(Rs. In '000)


March 31, 2021

Year ended

March 31, 2020

Employees’ remuneration and welfare benefits

Refer Notes 2(n), 8 and 17 of Schedule 16)

19,316 9,168

Travel, conveyance & vehicle running expenses - -

Training expenses (57) 105

Rents, rates and taxes 58 1,233

Repairs - -

Printing and stationery - -

Communication expenses - -

Legal and professional charges 2,245 20,200

Director Sitting fees 4,050 1,850

Medical fees


- -



a) (i) as auditor - -

(ii) Out of pocket expenses - -

b) as adviser or in any other capacity, in respect of

(i) Taxation matters - -

(ii) Insurance matters - -

(iii) Management services; - -

c) in any other capacity - -

Advertisement, marketing and publicity - -

Interest and bank charges 3,328 10,941

Custodian charges 2,216 2,083

Depreciation/Amortisation

(Refer Notes 2(k) and 2(l) of Schedule 16)

- -

Others

Information technology and related expenses 1,101 5,632

Policy related charges 482 4,771

Restructuring cost


209,352 -

Other miscellaneous expenses

(Refer Notes 2(m) and 22 of Schedule 16)

3,415 14,102

TOTAL 245,506 70,085


SCHEDULE FORMING PART OF THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

64

SCHEDULE 4

BENEFITS PAID [NET]


(Rs. In '000)


March 31, 2021

Year ended

March 31, 2020

Insurance Claims

(a) Claims by Death 1,426,746 795,158

(b) Claims by Maturity 456,357 276,087

(c) Annuities/Pensions payment 151 151

(d) Other benefits

Riders 56,120 43,749

Health 4,158 6,004

Surrenders 1,860,619 1,691,729

Partial Withdrawal 31,524 53,932

Survival Benefit 111,097 424,552

Other Benefits - Investment income on unclaimed amount


10,163 16,966

(Amount ceded in reinsurance)

(a) Claims by Death (844,557) (466,468)

(b) Claims by Maturity - -

(c) Annuities/Pensions payment - -

(d) Other benefits

Riders (14,122) (36,195)

Health (2,002) (2,865)

Amount accepted in reinsurance

(a) Claims by Death - -

(b) Claims by Maturity - -

(c) Annuities/Pensions payment - -

(d) Other benefits - Riders - -

TOTAL 3,096,254 2,802,800

Benefits paid to claimants

In India 3,096,254 2,802,800

Outside India - -

Total Benefits paid (Net) 3,096,254 2,802,800

SCHEDULE FORMING PART OF THE REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021


65

SCHEDULE 5

SHARE CAPITAL

(Rs. In '000)

Particulars

As at

March 31, 2021

As at

March 31, 2020

Authorised Capital 20,000,000 20,000,000

2,000,000,000 Equity shares of Rs 10 each

Issued Capital 14,958,439 14,958,439

1,495,843,855 Equity shares (As at March 31, 2020 -1,495,843,855) of Rs 10 each

Subscribed Capital 14,682,520 14,655,990


Called up Capital 14,682,520 14,655,990


Less: Calls unpaid - -

Add: Shares forfeited (Amount originally paid up) - -

Less: Par value of Equity Shares bought back - -

Less: Preliminary Expenses - -

TOTAL 14,682,520 14,655,990

SCHEDULE – 5A

PATTERN OF SHAREHOLDING

[As certified by the Management]

Particulars

Number of shares % of Holding Number of

shares

% of

Holding

Promoters

- Indian

Bennett Coleman & Co. Limited and its nominees 681,130,000 46.39% 681,130,000 46.47%

- Foreign

Aegon India Holdings B.V. and its nominees 719,443,487 49.00% 718,143,487 49.00%

Others

- Indian

Aegon Life Insurance Employee Benefits Trust 67,678,531 4.61% 66,325,470 4.53%

TOTAL 1,468,252,018 100.00% 1,465,598,957 100.00%

SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2021


As at

March 31, 2020

As at

March 31, 2021

66

SCHEDULE 6

RESERVES AND SURPLUS

(Rs. In '000)

Particulars

As at

March 31, 2021

As at

March 31, 2021

As at

March 31, 2020

As at

March 31, 2020

Capital Reserve - -

Capital Redemption Reserve - -

Share Premium - -

Opening balance 7,674,705 - 6,466,905 -

Add: Additions during the year 1,287,000 - 1,207,800 -

Less: Utilized during the year - 8,961,705 - 7,674,705

Revaluation Reserve - -

General Reserves - - - -

Less: Debit balance in Profit and Loss Account - - - -

Less: Amount utilized for Buy-back - - - -

Catastrophe Reserve - -

Other Reserves - -

Balance of profit in Profit and Loss Account - -

TOTAL 8,961,705 7,674,705

SCHEDULE 7

BORROWINGS

(Refer Notes 2(v) and Note 33 of Schedule 16)

(Rs. In '000)

Particulars

Debentures/Bonds 700,000 700,000

Banks - -

Financial Institutions - -

Others - -

TOTAL 700,000 700,000



As at

March 31, 2021

As at

March 31, 2020

67

SCHEDULE 8

INVESTMENTS-SHAREHOLDERS

(Refer Notes 2(i), 5, 10,11 and 38 of Schedule 16)

(Rs. In '000)

Particulars

As at

March 31, 2021

As at

March 31, 2020

LONG TERM INVESTMENTS

Government Securities and Government guaranteed bonds including Treasury

Bills

214,989 443,388

Other Approved Securities - -

Approved Investments

(a) Shares

(aa) Equity - -

(bb) Preference - -

(b) Mutual Funds - -

(c) Derivative Instruments - -

(d) Debentures/ Bonds - -

(e) Other Securities - -

(f) Subsidiaries - -

(g)Investment Properties-Real Estate - -

Investments in Infrastructure and Social Sector

(a) Equity Shares - -

(b) Debentures/ Bonds 20,974 70,974

Other Investments


(b) Debentures/ Bonds - -

SHORT TERM INVESTMENTS


Bills

- 97,402



(a) Shares

(aa) Equity - -

(bb) Preference - -




(e) Other Securities 161,470 383,042


(g) Investment Properties-Real Estate - -




Other Investments



(c) Mutual funds - -

TOTAL 397,433 994,806

INVESTMENTS

In India 397,433 994,806

Outside India - -

TOTAL 397,433 994,806

Notes:


SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2021

i) Aggregate book value and market value of long term investments other than equity shares is Rs. 235,963 ('000) (At March 31,2020 Rs. 514,362

('000)) and Rs. 252,434 ('000) (At March 31,2020 Rs. 542,856 ('000)) respectively.

ii) Aggregate book value and market value of Short term investments other than equity shares is Rs.161,470 ('000) (At March 31,2020 Rs.480,445

('000)) and Rs. 161,470 ('000) (At March 31,2020 Rs.480,445 ('000)) respectively.

68

SCHEDULE 8A

INVESTMENTS-POLICYHOLDERS

(Refer Notes 2(i), 5, 10, 11 and 38 of Schedule 16)

(Rs In '000)

Particulars As at

March 31, 2021

As at

March 31, 2020



Bills

8,665,531 7,908,395

Other Approved Securities 2,199,605 1,624,763


(a) Shares

(aa) Equity - -

(bb) Preference - -



(d) Debentures/ Bonds 1,879,637 1,514,436

(e) Other Securities - -





(b) Debentures/ Bonds 5,818,054 4,671,946

Other Investments



(c) Investments in Infrastructure and Social Sector - Debentures/ Bonds - 49,813

Less: Provision for diminution of investments - (12,500)

- 37,313



Bills

445,323 46,410



(a) Shares

(aa) Equity 174,493 225,166

(bb) Preference - -




(e) Other Securities 1,248,895 705,943




(a) Equity Shares - 41,425


Other Investments

(a) Equity Shares - 8,373


Investments in Infrastructure Sector 55,631 -

Less: Provision for diminution of investments (12,500) -

43,131 -

(c) Mutual funds - -

TOTAL 20,474,669 16,784,170

INVESTMENTS

In India 20,474,669 16,784,170

Outside India - -

TOTAL 20,474,669 16,784,170

Notes:



i) Aggregate book value and market value of long term investments other than equity shares is Rs. 18,562,827 ('000) (At March 31,2020 Rs.

15,756,854 ('000)) and Rs.19,997,663 ('000) ( At March 31,2020 Rs. 17,156,823 ('000)) respectively.

ii) Aggregate book value and market value of Short term investments other than equity shares is Rs. 1,737,349 ('000) (At March 31,2020 Rs. 752,353

('000)) and Rs.1,731,718 ('000) (At March 31,2020 Rs.752,353 ('000)) respectively.

69

SCHEDULE 8B

(Rs In '000)

Particulars As at

March 31, 2021

As at

March 31, 2020


Government Securities and Government guaranteed bonds including Treasury Bills 520,470 700,979

Other Approved Securities 261,476 206,220


(a) Shares

(aa) Equity - -

(bb) Preference - -



(d) Debentures/ Bonds 364,847 367,332

(e) Other Securities* - -





(b) Debentures/ Bonds 622,372 439,247

Other Investments

Equity Shares - -

Debentures/ Bonds - -


Government Securities and Government guaranteed bonds including Treasury Bills 826,752 1,074,271

Other Approved Securities 29,819 51,191


(a) Shares

(aa) Equity 4,902,631 2,934,911

(bb) Preference - -



(d) Debentures/ Bonds 491,121 -

(e) Other Securities* 397,789 740,916




(a) Equity Shares 740,185 785,249

(b) Debentures/ Bonds - 86,372

Other Investments

(a) Equity Shares 433,460 96,347


(c) Mutual funds 409,119 253,602

(d) Net Current assets 156,955 35,914

TOTAL 10,156,996 7,772,551

INVESTMENTS

In India 10,156,996 7,772,551

Outside India - -

TOTAL 10,156,996 7,772,551

Notes:

* Other Securities include the Bank Fixed Deposits.



INVESTMENTS - ASSETS HELD TO COVER LINKED LIABILITIES

Refer Notes 2(i), 5, 10, 26 and 38 of Schedule 16)

i) Aggregate book value and market value of long term investments other than equity shares is Rs.1,729,140 ('000) (At March 31,2020 Rs. 1,557,198

('000)) and Rs. 1,769,166 ('000) (At March 31,2020 Rs. 1,618,451 ('000)) respectively.

ii) Aggregate book value and market value of Short term investments other than equity shares is Rs.2,098,735 ('000) (At March 31,2020 Rs. 2,420,839

('000)) and Rs. 2,154,599 ('000) (At March 31,2020 Rs. 2,301,680 ('000)) respectively.

70

SCHEDULE 9

LOANS

(Rs In '000)

Particulars

As at

March 31, 2021

As at

March 31, 2020

SECURITY-WISE CLASSIFICATION

Secured

(a) On mortgage of property

(aa) In India - -

(bb) Outside India - -

(b) On Shares, Bonds, Govt. Securities etc. - -

(c) Loans against policies

(Refer Note 2(j) of Schedule 16)

25,958 20,238

(d) Others - -

Unsecured - Trustees of Aegon Life Insurance Employee Benefits Trust

(Refer Note 17 iii (c) of Schedule 16)

676,785 663,255

Total 702,743 683,493

BORROWER-WISE CLASSIFICATION

(a) Central and State Governments - -

(b) Banks and Financial Institutions - -

(c) Subsidiaries - -

(d) Companies - -

(e) Loans against policies 25,958 20,238

(f) Others - Trustees of Aegon Life Insurance Employee Benefits Trust 676,785 663,255

Total 702,743 683,493

PERFORMANCE-WISE CLASSIFICATION

(a) Loans classified as standard

(aa) In India 702,743 683,493


(b) Non-standard loans less provisions

(aa) In India - -


Total 702,743 683,493

MATURITY-WISE CLASSIFICATION

(a) Short Term 563 -

(b) Long Term 702,180 683,493

Total 702,743 683,493



71

SCHEDULE 10

FIXED ASSETS

(Refer Notes 2(k), 2(l), 5, 6 and 9 of Schedule 16)

(Rs. In '000)

Intangible Assets

Goodwill - - - - - - - - - -

Software 1,650,626 529,188 - 2,179,814 1,039,071 272,435 - 1,311,506 868,308 611,555

Tangible Assets - - - -

Leasehold Improvements 57,953 - 49,875 8,078 34,741 12,411 39,075 8,077 0 23,212

Furniture and Fittings 29,312 - 24,972 4,340 13,291 4,523 13,473 4,341 - 16,021

Information Technology Equipment 80,390 9,022 3,498 85,914 65,569 11,445 3,021 73,993 11,921 14,821

Vehicles 275 - - 275 275 - - 275 - -

Office Equipment 22,694 606 13,317 9,983 11,740 7,753 9,505 9,988 (5) 10,954

Total 1,841,250 538,816 91,662 2,288,404 1,164,687 308,567 65,074 1,408,180 880,224 676,563

Capital Work In Progress

- (including capital advances)

106,976 513,821 522,252 98,546 - - - - 98,546 106,976

TOTAL 1,948,226 1,052,637 613,914 2,386,950 1,164,687 308,567 65,074 1,408,180 978,770 783,539

As on March 31, 2020 1,294,340 1,207,861 553,975 1,948,226 1,000,652 190,329 26,295 1,164,687 783,539

Particulars


Depreciation/ Amortisation Gross Block (at cost)

As at

March 31, 2021

Additions /

Adjustments

As at

March 31, 2021

As at

March 31, 2021 Deductions

Net Block


As at

March 31, 2020

Additions /

Adjustments

As at

April 1, 2020

As at

April 1, 2020

On Sales /

Adjustments

72

SCHEDULE 11

CASH AND BANK BALANCES

(Refer Note 11 (ii) of Schedule 16)

(Rs. In '000)

Particulars

As at

March 31, 2021

As at

March 31, 2020

Cash (including cheques on hand Rs. 863 ('000) (March 31, 2020 Rs.12,217 ('000)), drafts and stamp

in hand)

31,752 54,510

Bank Balances

(a) Deposit Accounts - -

(aa) Short-term (due within 12 months of the date of balance sheet) - -

(bb) Others - -

(b) Current Accounts 353,000 467,054

(c) Others - -

Money at Call and Short Notice

(a) With Banks - -

(b) With other Institutions - -

Others - -

TOTAL 384,752 521,564

Balances with non-scheduled banks - -

CASH AND BANK BALANCES

In India 384,752 521,564

Outside India - -

TOTAL 384,752 521,564



73

SCHEDULE 12

ADVANCES AND OTHER ASSETS


(Rs. In '000)

Particulars As at

March 31, 2021

As at

March 31, 2020

ADVANCES

Reserve deposits with ceding companies - -

Application money for Investments - -

Prepayments 40,727 46,762

Advances to Directors/Officers - -

Advance tax paid and taxes deducted at source

(Net of provision for taxation)

405 772

Others

Advances to suppliers

Gross 5,837 169,786

Less: Provision for doubtful advances

(Refer Note 2 (r) of Schedule 16)

(5,248) (164,578)

Net 589 4,668

Advances to Employees 156 294

TOTAL (A) 41,877 52,496

OTHER ASSETS

Income accrued on Investments 452,418 403,704

Income accrued on policy loans 3,160 1,718

Outstanding Premiums 177,925 235,724

Agents’ Balances

Gross 46,984 46,218

Less: Provision for doubtful agent's balances


(46,976) (46,218)

Net 8 -

Foreign agencies balances - -

Due from other entities carrying on Insurance Business (including reinsurers) 291,573 218,998

Due from Subsidiaries/ Holding Company - -

Deposit with Reserve Bank of India - -

Others

Refundable Deposits 97,411 98,550

Less: Provision for doubtful advances


(12,446) (539)

Net 84,965 98,011

Outstanding sale pending settlement 20,000 20,000

Less: Provision for diminution of investments (20,000) (20,000)

Net - -

Goods & Service Tax Unutilised Credit 104,070 104,711

Sundry Debtors

Gross 15,605 27,124

Less: Provision for Sundry debtors (65) (65)

Net 15,540 27,059

Gratuity - Plan Assets


8,232 -

Assets towards Unclaimed amount of Policyholders 302,150 190,330

Accrued Interest on unclaimed amount of the policyholders 32,090 29,130

Total Unclaimed amount of the Policyholders

(Refer Notes 30 of Schedule 16)

334,240 219,460

TOTAL (B) 1,472,131 1,309,924

TOTAL (A+B) 1,514,007 1,362,420



74

SCHEDULE 13

CURRENT LIABILITIES

(Rs. In '000)

ParticularsAs at

March 31, 2021

As at

March 31, 2020

Agents’ Balances 40,123 50,427

Balances due to other insurance companies - -

Deposits held on re-insurance ceded - -

Premiums received in advance 10,057 14,146

Unallocated premium 123,057 74,251

Sundry creditors 387,459 404,379

Due to Subsidiaries/ Holding Company - -

Claims Outstanding


109,524 118,847

Due to Directors/Officers - -

Others:

Premium / proposal deposits to be refunded 2,538 6,034

Outstanding purchase pending settlement 24,438 -

Others (includes statutory dues payable and payables to employees) 49,112 37,197

Goods & Service Tax payable 82,485 109,135

Reinsurance premium payable

(Refer Note 2(e) of Schedule 16)

339,862 341,630

Unclaimed amount of the Policyholders-Principal 302,150 190,330

Accrued Interest on unclaimed amount of the policyholders 32,090 29,130

Total Unclaimed amount of the Policyholders

(Refer Notes 30 of Schedule 16)

334,240 219,460

TOTAL 1,502,895 1,375,506

SCHEDULE 14

PROVISIONS

(Rs. In '000)

Particulars As at

March 31, 2021

As at

March 31, 2020

For taxation (less payments and taxes deducted at source) - -

For proposed dividends - -

For dividend distribution tax - -

Others:

Provision for Gratuity - 21,339

Provision for long term compensated absence


18,976 17,934

TOTAL 18,976 39,273



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SCHEDULE 15

MISCELLANEOUS EXPENDITURE

(To the extent not written off or adjusted ) (Rs. In '000)

Particulars

As at

March 31, 2021

As at

March 31, 2020

Discount Allowed in issue of shares/ debentures - -

Others - -

TOTAL - -



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Aegon Life Insurance Company Limited Schedule forming part of the Financial Statements SCHEDULE 16 SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021 1. Background

Aegon Life Insurance Company Limited (‘the Company’), a joint venture between AEGON India Holding B.V. (‘AEGON’) and Bennett Coleman & Co. Limited (‘BCCL’) was incorporated on March 23, 2007 under the Companies Act, 1956 (‘the Act’) to undertake and carry on the business of life insurance business in India. The Company has obtained a registration from the Insurance Regulatory and Development Authority of India (‘IRDAI’) dated June 27, 2008 for carrying on the business of life insurance in India.

The Company’s life insurance business comprises of Participating, consisting of Non Linked business of Individual Insurance products and Pension Insurance products, and Non Participating consisting of Non Linked business of Individual, Group, Annuity and Health Insurance and Linked business of Life, Pension and Group Gratuity. These products also have riders attached to them such as Accidental Death, Dismemberment and Disability benefit, Critical illness, Waiver of Premium on death / Critical illness, Women Care, Total Permanent Disability, Term rider, Income Benefit rider etc. These products are distributed through corporate agents, brokers, referral partners, corporate website and direct channel.

2. Significant Accounting Policies

a) Basis of preparation of financial statements The financial statements are prepared under the historical cost convention on accrual basis of accounting to comply in all material aspects with the applicable accounting standards (‘ÁS’) as referred to in Companies (Accounting Standards) Rules, 2014 in accordance with Section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules, 2014, Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations, 2002 (‘the Accounting Regulations’), various circulars issued by Insurance Regulatory and Development Authority (‘IRDAI’), relevant regulations notified by the IRDAI, the Insurance Act, 1938, the Insurance Regulatory and Development Authority Act, 1999, the Insurance Laws (Amendment) Act, 2015 and the Companies Act, 2013 of India, to the extent applicable and in accordance with the practices prevailing within the insurance industry in India. Accounting policies applied have been consistent with previous year except where different treatment is required as per new pronouncements made by the regulatory authorities.

b) Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires the Management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities as of the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based upon Management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial statements. Differences between the actual and estimates, if any, are recognised in the year in which they materialise or are known.

c) Revenue Recognition

i. Premium (net of Good and Services Tax) is recognised as income when due from policyholders. Premium on lapsed contracts are recognised on receipt basis.

ii. For linked business, premium income is recognised when the associated units are allotted and income from linked fund which includes fund management charges, annual administration charges, mortality charge, etc. is recovered from the linked funds in

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accordance with terms and conditions of the policy and is accounted on the accrual basis.

iii. Dividend income is recognised when the right to receive dividend is established. iv. Interest income is recognised on accrual basis. v. Accretion of discount and amortisation of premium in respect of debt securities is

effected over the period of maturity/holding on constant yield–to-maturity for other than linked business and on straight line for linked business.

vi. Realised gains and losses in respect of equity securities and units of mutual funds are calculated as the difference between the net sales proceeds and their cost, which is computed on a weighted average basis. Realised gain/loss on debt securities for linked business is the difference between the net sale proceeds and the book value, which is computed on weighted average basis, as on the date of sale. Realised gains and losses in respect of debt securities for other than linked business is the difference between net sales proceeds or redemption proceeds and weighted average amortised cost, as on the date of sale.

d) Expense Recognition

Expenses are recognised on accrual basis. Expenses other than those directly related to Insurance business are recognised in the Profit and Loss Account and Operating expenses related to Insurance business are recognised in the Revenue Account.

e) Reinsurance Premium

Premium ceded on reinsurance is accounted in accordance with the terms of the treaty. For reinsurance arrangement where the Company is entitled to profit sharing for eligible business outlined in the treaty, the revenue is recognized in accordance with the terms of the arrangement and is netted off against premium ceded on reinsurance.

f) Benefits Paid Claims by death are accounted when intimated. Claims by maturity/survival benefit are accounted on the policy maturity date. Annuity benefits are accounted when due. Surrenders are accounted on receipt of intimation and also include amounts payable towards the lapse policies which is accounted on the due date as per the Policy contract. Surrender is accounted net of surrender charge. Claims cost consist of the policy benefit amounts and claims settlement costs, where applicable. Withdrawals under linked policies are accounted on the date of intimation in the respective schemes along with cancellation of associated units, and are accounted net of charge. Amounts recoverable from Re-insurer are accounted for in the same period as the related claim.

g) Acquisition Costs

Acquisition costs such as commission, medical fees etc. are costs that are primarily related to the acquisition of new and renewal insurance contracts and are expensed in the period in which they are incurred.

h) Policy Liabilities

Actuarial Liabilities on policies in force and policies in respect of which premium has been discontinued but a liability exists are determined by the Appointed Actuary using generally accepted actuarial practice in accordance with the standards and guidance notes issued by the Institute of Actuaries of India, the requirement of the Insurance Laws (Amendment) Act, 2015, the regulations and the relevant circulars issued by the IRDAI. The liabilities are calculated in a manner that together with estimated future premium income and Investment income, the Company can meet estimated future claims and expenses related to maintenance of policies and settlement of claims. The liabilities under unit linked policies comprise of unit reserve and non-unit reserve, the latter being estimated using discounted cash flow method. Liabilities under non linked policies including health product are estimated using gross premium valuation method. For the short term/ long term group protection insurance business, the liability is based on the Unearned Premium Method/ Gross Premium Valuation Method.

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i) Investments

Investments are made in accordance with the Insurance Laws (Amendment) Act, 2015, the Insurance Regulatory and Development Authority (Investment) Regulations, 2016, (‘IRDAI Investment Regulations’) as amended and circulars/notifications issued by IRDAI from time to time. Investments are recorded on the trade date at cost, which includes brokerage and taxes, if any and excludes interest paid, if any, on purchase. Classification Investments maturing within twelve months or intended to be held for a period of less than twelve months from the Balance Sheet date are classified as short term investments. Investments other than short term are classified as long term investments.

Valuation – Shareholders’ investments and Non-Linked Policyholders’ investments All debt securities are considered as “held to maturity” and are stated at historical cost subject to amortisation of premium or accretion of discount over the period of maturity / holding on a constant yield to maturity basis. Investments in mutual funds are stated at previous business day’s net asset value (NAV) declared by the respective funds. Listed equity securities are measured at fair value on the Balance Sheet date. For the purpose of determining fair value, the last quoted closing prices on the National Stock Exchange of India Limited (‘NSE’), and in case the same is not available, then on Bombay Stock Exchange (‘BSE’) Limited is considered. Unlisted equity securities, if any, are measured at historical cost. In respect of investments in equity shares and mutual funds, the corresponding unrealised investment gains or losses are reported in the Balance Sheet under “Fair Value Change Account”. In case of diminution, other than temporary, in the market value of investments as on the Balance Sheet date, the amount of diminution is recognised as an expense in the Revenue/Profit and Loss Account as the case may be. Valuation – Linked Business (Assets held to cover linked liabilities) Government securities are valued at prices obtained from Credit Rating Information Services of India Ltd. (‘CRISIL’). Debt securities, other than Government securities, are valued on the basis of CRISIL Bond Valuer. Investments in mutual funds are stated at previous business day’s net asset value (NAV) declared by the respective funds. Money market instruments are stated at historical cost subject to accretion of discount over the period of maturity / holding on a straight line method. Fixed deposit, money at call and short notice are valued at cost. Listed equity securities are measured at fair value on the Balance Sheet date. For the purpose of determining fair value, the last quoted closing prices on NSE, and in case the same is not available, then on BSE is considered. Unrealised gains and losses arising due to changes in fair value are attributed to policyholders and are recognised in the Revenue Account of the fund. Investments in mutual funds are stated at previous day’s net asset value (NAV) declared by the respective funds. Transfer of Investments Any transfer of investments from Shareholders’ Account to Policyholders’ Account / Linked Funds is carried out at lower of book value (amortised cost) or market value. In case of debt securities, all transfers are carried out at the net amortised cost. Inter fund transfer of investments between Linked funds is done at market value on the date of transfer. Impairment of Investments The Company periodically assesses at each Balance Sheet date, whether there is any indication of impairment of investments or reversal of impairment loss earlier recognised. An impairment loss is accounted for as an expense and disclosed under the head ‘Provision for diminution in the value of investments (net)’ in the Revenue Account or the Profit and Loss Account to the extent of the difference between the re-measured fair value of the

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investments and its acquisition cost as reduced by any earlier impairment loss accounted for as an expense in the Revenue Account or the Profit and Loss Account. Any reversal of impairment loss, earlier recognised for in the Revenue Account or the Profit and Loss Account, is accounted in the Revenue Account or the Profit and Loss Account respectively.

j) Policy Loans Policy Loans are stated at historical cost, subject to provisions for impairment, if any. Policy Loans repayable within twelve months from the Balance Sheet date are classified as short term policy loans. Policy Loans other than short term are classified as long term policy loans.

k) Fixed Assets Fixed Assets are stated at cost, less accumulated depreciation. Cost includes the purchase price and any other cost which can be directly attributed to bringing the asset to its present location and working condition for its intended use. Expenditure incurred on major application software and their customisation/further development is recognised as an intangible asset and capitalized under fixed assets if such expenditure results in a benefit of enduring nature. Other software expenses are expensed as incurred. Fixed assets individually costing less then Rs.5,000 are fully depreciated in the year of purchase. Advances paid towards the acquisition of fixed assets outstanding at each balance sheet date and the cost of fixed assets not ready for its intended use before such date are disclosed under capital work-in-progress.

l) Depreciation/Impairment Depreciation on Fixed Asset is provided using the Straight Line Method based on the economic useful lives of the assets as estimated by the management, which are not greater than the period underlying computed with reference to the rates prescribed in Schedule II to the Companies Act, 2013. Depreciation is charged for the month, if the asset is acquired during the month. Management’s estimates, based on the technical evaluation of the economic useful lives of the various fixed assets, are as follows:

Asset type Estimated useful life

Computer Software 36 months

Computer Software (including development) for New Build

60 months

Information technology Equipment 36 months

Vehicles* 36 months

Office Equipment 60 months

Furniture and Fittings* 60 months

Leasehold Improvements 5 years or the maximum renewable period of the respective leases, whichever is lower

# The Company embarked on development new Policy Admin System along with core business domains, sub domains, the integration layers and the APIs and the data eco system by way of Data Lakes; this development is termed as ‘New Build’. *Based on the technical evaluation carried out, the management believes that the useful life as mentioned above best represent the useful life for these class of asset. However, these are lower than as prescribed under Part C of Schedule II of the Companies Act, 2013. Any additions to the original fixed assets are depreciated over the remaining useful life of the original asset. The carrying amounts of assets are reviewed at each Balance Sheet date for any indication of impairment based on internal / external factors. An impairment loss is recognised, whenever the carrying amount of an asset exceeds its recoverable amount.

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m) Foreign Currency Transactions Transactions in foreign currency are recorded at the rate of exchange prevailing at the date of transaction. Assets and liabilities in foreign currency as at the Balance Sheet date are translated at the exchange rates prevailing as at that date. Premium in case of forward foreign exchange contracts, if any, is recognised over the life of the Contract. All exchange differences are charged to the Revenue Account.

n) Employee Benefits Short term employee Benefits All employee benefits payable within twelve months of rendering the services are classified as short term employment benefits. Benefits such as Salaries, performance linked variable pay, short term compensated absences, premium for staff medical insurance (hospitalisation), premium for employee group term insurance plan, Employee State Insurance Corporation scheme etc are recognised in the period in which the employee renders the related services. Post-employment benefits The Company has both defined contribution plan and defined benefit plan. i. Defined Contribution Plan (Employee Provident Fund Scheme, 1952)

The Company has established a defined contribution scheme for provident fund to provide retirement benefits to its employees. Contributions to Provident Fund scheme are made on a monthly basis and are charged to Policyholders’ Revenue Account when due.

ii. Defined Benefit Plan (Employees’ Gratuity Scheme)

The Employees’ Gratuity Scheme is a defined benefit plan and the liability for future gratuity benefits is accounted based on independent actuarial valuation as per revised AS-15.

Other long term benefits i. Long term Compensated absences Long term Compensated absences are entitled to be carried forward for future encashment subject to the rules framed by the Company in this regards. Accumulated leave entitlements outstanding at the close of year are accounted on the basis of an independent actuarial valuation. ii. Employee stock appreciation rights scheme The cost of cash settled Employee stock appreciation rights (‘ESARS’) is measured initially using the fair value of the ESARS and is the appreciation of the fair value of ESARS at the grant date over the fair value of the ESARS at the vesting date. This appreciation is amortised over the vesting period. In accordance with AS 15 (Revised 2005) Employee Benefits, measurement of the fair value of the ESARS is based on actuarial assumptions and principles, as valued by an independent actuary.

iii. Long term incentive plan The cost of performance based compensation incentive under long term incentive plan is measured considering the achievement of the performance indicators applicable to the plans and applying the actuarial assumptions and principles in accordance with AS 15 (Revised 2005) Employee Benefits as valued by an independent actuary.

o) Lease Leases are classified as finance leases whenever the terms of the lease, transfer substantially all the risks and rewards of ownership to the lessee.

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The Company classifies leases where the lessor effectively retains substantially all the risks and benefits of ownership over the lease term, as Operating Leases. Operating lease rentals including escalations are recognized as an expense over the period of lease on a straight line basis.

p) Taxation

Company’s tax expense comprises of current income tax and deferred tax. Provision for current Income tax, if any, is made at the appropriate rates, as per the applicable provisions of the Income Tax Act, 1961. In accordance with AS 22 “Accounting for Taxes on Income”, deferred income tax is recognised for future tax consequences attributable to timing differences between income as determined by the financial statements and the recognition for tax purposes. The effect of deferred tax asset/ liability of a change in the tax rates is recognised using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets are recognised only to the extent that the assets can be realised in future. However, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is virtual certainty backed by convincing evidence that such deferred tax assets can be realised. Deferred tax assets are reviewed as at each Balance Sheet date and written down or written up to reflect the amount that is reasonably or virtually certain to be realised.

q) Goods & Services Tax Goods & Services tax liability on output service is set-off against available input Goods & service tax credits. Unutilised credits if any, are carried forward as “Goods & Services Tax Unutilized credit” under “Advances and other assets” for set-off against output Goods & service tax liability of subsequent periods. A provision, if required, is created based on estimated realisation of such unutilised credit.

r) Provisions and Contingencies A provision is created when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made. Loss contingencies arising from litigation etc. are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.

s) Segment Reporting In accordance with the Accounting Regulations AS – 17 on “Segment Reporting” read with “Preparation of Financial statements and Auditors Report of Insurance Companies, Regulations 2002” and the Insurance Laws (Amendment) Act 2015, the Company’s business comprises of participating and Non-participating. Non Participating business is segmented as Non Linked consisting of Individual, Group & Health and Linked consisting of Life, Pensions and Group Gratuity. Participating business is Non Linked and is segmented as Individual and Pensions. Since the Company has conducted business only in India, there is only one geographical segment. The accounting policies used in segment reporting are same as those used in the preparation of the financial statements. Income and expenses directly attributable or allocable to the segments are recorded and disclosed under the respective segments in the Segment Revenue Account and which are not directly identifiable, are generally allocated on either of the following basis:

• First year premium, Renewal Premium

• Number of in force policies

• Number of new business policies

• Medical cases

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• Operating Expenses

• Total commission

• Total Investments The method of allocation has been decided based on the nature of the expense and its logical co-relation with various business segments.

t) Earnings per Share In accordance with AS 20 ”Earnings Per Share”, basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and weighted average number of shares outstanding during the year is adjusted for the effects of all dilutive potential equity shares.

u) Funds for Future Appropriation Funds for Future Appropriation – Linked represents amounts estimated by the Appointed Actuary as Funds for Future Appropriation (“FFA”), required to be set aside in the Balance Sheet and are not available for distribution to shareholders until the expiry of the revival period. Funds for Future Appropriation – Non Linked represent the cumulative retained earnings arising on the participating business that has not been allocated to policyholders’ or shareholders’.

v) Borrowing Cost Interest on Sub-ordinated Non-Convertible Debentures is accrued on coupon rate and is charged to the Profit and Loss Account for the period in which it is incurred.

w) Provision for doubtful debts The Company regularly evaluates the probability of recovery and provides for doubtful deposits, advances and other receivables.

3. Actuarial Method and Assumptions

The non-unit actuarial liabilities for individual life, pensions, annuity, health and group credit life businesses have been estimated using Gross Premium Valuation method for non-linked business, Unearned Premium reserves for Group Term business and Discounted Cashflow method for linked business, using assumptions for investment return, mortality, morbidity, expenses, inflation and lapses. These assumptions are based on best estimates with appropriate Margins for Adverse Deviations. Provisions have also been made, inter alia, for ‘incurred but not reported’ (IBNR) claims, lapse revival reserve, Paid-up reinstatement reserve, premium deficiency for group term policies (where required) and free look policy cancellations. Reserves held for free-look option given to policyholders are calculated using a free look cancellation rate of 2.40% as at March 31, 2021 (2.40% as at March 31,2020) Mortality rates used are based on the published Indian Assured Lives (IAL) (2012-14) Ultimate mortality table for assurance adjusted to reflect expected experience whilst morbidity rates used are based on Critical Illness British Table 93 and other relevant tables, also adjusted for expected experience. The expected investment returns on assets backing the policy liabilities (excluding reserves in respect of unit linked liabilities) have been assumed to be c 5.50% depending on nature of liabilities, term of liabilities and assets backing the group of liabilities. Policy maintenance expenses have been assumed based on the long term expected renewal expense levels and appropriately updated with the regulations issued by IRDAI, as applicable from time to time. Per policy renewal expenses have been assumed to inflate at a rate of 5.50% per annum.

83

The unit liabilities have been estimated as the value of the units standing to the credit of policyholders, using the published unit price prevailing at the valuation date. This methodology is as per the guidance provided by the IRDAI.

4. Contingent Liability (Rs. ‘000)

Sr. No Particulars As at

March 31, 2021 As at

March 31, 2020

i. Partly paid – up investments - -

ii. Claims, other than against policies, not acknowledged as debts by the Company

- -

iii. Underwriting commitments outstanding - -

iv. Guarantees given by or on behalf of the Company

2,500 2,500

v. Statutory demands/ liabilities in dispute, not provided for *

82,052 82,052

vi. Reinsurance obligations to the extent not provided for in accounts

- -

vii. Others In relation to Claims against policies**

73,112

68,316

Others*** 1,928 1,928

Total 159,592 154,796

*The Company’s pending litigations comprise of claims against the Company primarily from the proceedings on show cause cum demand notices received from the respective Tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company has been advised by the experts that the grounds of appeal are well supported in law and therefore does not expect the outcome of these proceedings to have a materially adverse effect on its financial results. **In respect of litigations, where the management assessment of a financial outflow is probable, the Company has made a provision of Rs 58,014 (‘000) as at March 31, 2021 (Previous year ended March 31, 2020 Rs. 54,066 (‘000)). ***Represents the amount towards the retrospective amendment of Payment of Bonus Act effective from April 1, 2014 for the financial year 2014-15. The Company has a process of assessing all long-term contracts for material foreseeable losses. At the Year ended March 31, 2021, adequate provision as required under any law / accounting standards for material foreseeable losses on such long-term contracts, if any has been made in the books of account. The Company did not have any derivative contracts as at balance sheet date. For insurance contracts reliance has been placed on the Appointed Actuary for actuarial valuation of liabilities for policies in force.

5. Encumbrances on Assets

There are no encumbrances on the assets of the Company, within and outside India, as at the

Balance Sheet date except to the extent of the monies that are deposited as margin

contributions for investment trade obligations of the Company or as mandated by the court as

detailed below:

i. Assets encumbered with Clearing Corporation of India Limited (‘CCIL’)

(Rs.’000)

Particulars

As at March 31, 2021


Amortised Cost

Market Value

Amortised cost

Market Value

Pledged under Collateralised Borrowings and Lending Obligation segment (‘CBLO’)

- Cash *

19,000 19,000 19,000 19,000

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*Term of pledge: The Company is not entitled to interest on the money deposited with CCIL

towards margin requirements. These deposits can be invoked by CCIL in case of default by the

Company in settlement of trades in CBLO segment.

ii. Other encumbrances

The Company placed fixed deposits / deposits with banks for issuing bank guarantees / based on

the directives of the court.

(Rs.’000)

Particulars



Amortised Cost

Market Value

Amortised cost

Market Value

Fixed Deposit with Bank for Issuance of Bank guarantee in favour of Unique Identification Authority of India

2,500 2,500 2,500 2,500

Fixed deposits / deposits placed with banks / Consumer Dispute Redressal forums for various consumer disputes

10,153 10,153 10,153 10,153

6. Capital Commitment

There are no commitments outstanding for Investments and Loans.

(Rs.’000)

Particulars



Estimated amount of capital contracts to the extent not provided for (net of advances)

73,427 9,279

7. Claims

The Company does not have any claims, which are settled and unpaid for more than six months. All the claims are paid / payable in India. Claims intimated to the Company and outstanding as at March 31, 2021 is as follows:

As at March 31, 2021 (Rs.’000)

Particulars Death/Health/

Rider Maturity/Survival Surrender / Partial

Withdrawal Total

Period No. of claims

Amount* No. of claims

Amount No. of claims


Amount

0-30 days 13 2,999 181 14,459 348 87,485 542 104,943

30 days – 6 months

5 3,994 3 538 1 30 9 4,562

6 months – 1 year

- - - - - - - -

1 year – 5 year - - - - - - - -

5 year and above

- - - - - - - -

As at March 31, 2020 (Rs.’000)

Particulars Death/Health*/

Rider Maturity / Survival Surrender / Partial

Withdrawal Total

Period No. of claims




Amount

0-30 days 6 177 280 13,202 474 98,241 760 111,619

30 days – 6 months 1 83

14

3,105

13

4,039 28 7,227

85

Particulars Death/Health*/

Rider Maturity / Survival Surrender / Partial

Withdrawal Total

6 months – 1 year

- - - - - - - -

1 year – 5 year - - - - - - - -

5 year and above

- - - - - - - -

* There are no death/health claims outstanding during the year, the amount pertains to income benefit.

In line with the Master circular on Unclaimed amount to Policyholders issued by IRDAI on July 25, 2017, the amount outstanding towards Maturity, Surrender / Partial Withdrawal have been included under claims outstanding.

8. Managerial Remuneration

Appointment of managerial personnel is in accordance with the requirement of Section 34A of the Insurance Act, 1938 (amended by the Insurance Laws (Amendment) Act, 2015) and is approved by IRDAI. Details of the managerial remuneration paid/payable by the Company are as follows:

(Rs.’000)

Particulars



Salary, perquisites and bonus 7,771 38,684

Contribution to Provident Fund 418 1,222

i. The above excludes provision in respect of gratuity, leave encashment and other long term

employee benefits schemes, if any, which are accrued based on an actuarial valuation for the Company’s overall liability but inclusive if these amounts are paid

ii. Of the total managerial remuneration as above, an amount of Rs. NIL (‘000) for the Year ended March 2021 (Previous Year ended March 31, 2020 Rs. 24,905 (‘000) has been debited to the Profit and Loss Account

iii. Sitting fees paid to independent directors is Rs.4,050 (‘000) (Previous Year ended March 31, 2020 Rs. 1,850 (‘000))

9. Lease

Operating Lease

The Company has entered into lease agreements with lessors for office premises, IT equipment, and motor cars. These are in the nature of operating lease. The future minimum lease payments under non-cancellable operating leases as at the Balance Sheet date are as follows:

(Rs.’000)


March 31, 2021 Year ended

March 31, 2020

Not later than one year 15,549 120,528

Later than one year and not later than five years 13,493 377,680

Later than five years - 32,364

Lease payments aggregating Rs. 82,042 (‘000) (Previous Year ended March 31, 2020 Rs. 84,850 (‘000)) are recognised in the Revenue Account under “Rent, Rates and Taxes”.

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Finance Lease

The Company had entered into lease agreements with lessors for furniture and fittings, office equipment and were classified and accounted as operating lease. Subsequent to the Authority’s advisory dated November 7, 2017 such lease agreements are classified as Finance Lease with effect from March 1, 2018. This has resulted in decrease of Rs. 262(‘000) (Previous Year March 31, 2020 Rs. 318 (‘000)) and the same is accounted as finance cost under Interest and Bank charges. The other disclosure with respect to Finance lease is as follows:

i. Present Value of minimum lease payment is as under:

(Rs.’000)

Particulars As at


March 31, 2020


Later than one year and not later than five years 2,564 7,675

Total 7,983 14,020

ii. Minimum lease payment as per terms of agreement is as under:

(Rs.’000)

Particulars As at


March 31, 2020


Later than one year and not later than five years

2,749 8,583

Total 8,583 15,446

The PV of future lease payment is calculated considering an intrinsic ROI of 13%. The Authority’s order is specific to classification of the lease agreements as "Finance Lease" from the financial year ended March 31, 2018.

10. Investments

i. Investments have been made in accordance with the Insurance Laws (Amendment) Act, 2015 and IRDAI Investment Regulations and various other circulars and notifications issued by IRDAI in this context from time to time.

ii. All the investments of the Company are performing investments. iii. Details of Value of investment contracts where settlement or delivery is pending is as

follows: (Rs.’000)

Sr. No. Particulars As at March 31, 2021


1 Purchases where deliveries are pending

45,423 46,251

2 Sales where payments are pending 160,477 23,369

iv. As at March 31, 2021, the aggregate cost and market value of Shareholders’ Investments,

which are valued at fair value is Rs. Nil (‘000) (Previous Year ended March 31, 2020 Rs. Nil (‘000)) and Rs. Nil (‘000) (Previous Year ended March 31, 20120 Rs. Nil (‘000)) respectively.

v. Pursuant to IRDAI’s circular no. IRDA/FA/02/10/2003-04 dated October 29, 2003, during the year ended March 31, 2021 the Company has transferred Investments from Shareholders’ Fund to Unit linked Policyholders’ Fund aggregating Rs. 398,957 (‘000) (Previous Year ended March 31, 2020 Rs. Nil (‘000)) and between Unit linked Fund aggregating Rs. 796,488 (‘000) (Previous Year ended March 31, 2020 Rs. 436,183 (‘000)).

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11. Investments of Funds and Assets pertaining to Policyholders’ Liability

i. Investments made out of the Shareholders’ and Policyholders’ Funds are tracked from inception and income accordingly accounted for on the basis of records maintained. As and when necessary, transfers have been made from Shareholder’s Investments to Policyholders’ Investments. In respect of such transfers, the investment income is allocated from the date of transfer.

ii. The Policyholders’ liability aggregating to Rs. 18,238,311 (‘000) as at March 31, 2021 (Previous Year ended March 31, 2020 Rs. 15,226,081 (‘000)) is adequately backed up by the Investments aggregating to Rs. 20,474,669 (‘000) (Previous Year ended March 31, 2020 Rs. 16,784,170 (‘000)) under Schedule 8A representing ’Policyholders’ Investments’, Cash and bank balances aggregating to Rs. 293,255 (‘000) (Previous Year ended March 31, 2020 Rs. 377,061 (‘000)) under Schedule 11 representing ‘Cash and Bank Balances’, Outstanding sale pending settlement aggregating to Rs. Nil (‘000) (Previous Year ended March 31, 2020 Rs. Nil (‘000)), Accrued interest and Dividend Receivable aggregating to Rs.445,899 (‘000) (Previous Year ended March 31, 2020 Rs. 396,464 (‘000)) and Outstanding Premiums aggregating to Rs. 177,925(‘000) (Previous Year ended March 31, 2020 Rs. 235,724 (‘000)) under Schedule 12 representing ‘Advances and Other Assets’.

12. Progress on implementation of Indian Accounting Standards (Ind AS)

The Accounting Standards Board (ASB) of the Institute of Chartered Accounts of India (ICAI) has issued the Exposure Draft of Amendments to Ind AS 117, Insurance Contracts, the proposed implementation date of Ind AS 117 is financial year periods on or after April 1, 2023.

The Company has initiated a detailed level solution design to identify the changes in the current processes and systems as building blocks for implementation of IFRS 17 and IFRS 9.

13. Percentage of new business sector wise:

Particulars Year ended March 31, 2021


Social - Gross premium underwritten (Rs in 000) - No of policies issued* - No of lives covered# - Percentage of total business procured

244.63 3 21,345 12.42%

345.63 1 26,325 9.10%

Rural - No of policies issued* - Percentage of total policies

4,617 23.96%

14,988 39.99%

Others - No of policies issued* - No of lives covered# - Percentage of total policies

14,651 131,285 76.03%

22,498 225,360 60.01%

Total - No of policies issued* - Total business procured^ - No of lives covered# - Percentage of total policies

19,271 171,901 152,630 100.00%

37,487 289,172 251,685 100.00%

* includes group policies # lives covered by Group policies ^ refers to total number of policies issued in case of individual insurance and number of lives covered in case of Group insurance The Company has met its rural and social obligation of twenty per cent of the total policies issued during the year and five per cent of the total business procured as defined in the Note to Regulation 3.1 (B) of IRDAI (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015 respectively.

88

14. Risk retained and reinsured:

Extent of risk retained and reinsured on the basis of sum at risk is given below:



(Rs.‘000) (%) (Rs.‘000) (%)

Risk Retained 701,145,904 35.86 754,745,812 39.14

Risk Reinsured 1,254,105,370 64.14 1,173,476,845 60.85

15. Deficit in Revenue Account

The Company has reported a ‘Deficit’ of Rs. 719,776 (‘000)(Previous Year ended March 31, 2020 Rs. 273,710 (‘000)) in the Segment Revenue Account under the Non Participating segments. This is in line with the option given under the circular dated March 23, 2004 issued by IRDAI (No F&A/CIR/011/MAR-04) in relation to ‘Preparation of financial statements of life insurers’. It may be noted that the ‘Deficit’ in the Revenue Account is backed by Shareholders’ funds. During the year, an amount of Rs. Nil (Previous Year ended March 31, 2020 Rs. Nil (‘000) is transferred to the Participating Fund in the Segment Revenue Account under Contribution from Shareholders Account from the Profit and Loss Account under Contribution to Policyholders Account.

16. Earnings Per Share



Net (Deficit/Loss) as per the Revenue Account and the Profit and Loss account available for Equity Shareholders (Rs.‘000) #

(1,635,604) (1,088,813)

Weighted average number of equity shares* 1,407,561,633 1,398,558,487

Earnings per share (Rs.) (Basic and Diluted)* (1.16) (0.78)

Face Value per share (Rs.) 10.00 10.00

#Excluding the surplus in participating segments *Excluding the impact of 67,678,531 equity shares (Previous Year ended March 31, 2020 equity shares 66,325,470 ) issued to Aegon Life Employee Benefits Trust.

17. Employee Benefits The Company has classified the various benefits provided to employees as under:

i. Defined Contribution Plan

Provident Fund

The Company has recognised Rs. 34,984 (‘000) (Previous Year ended March 31, 2020 Rs.

39,763 (‘000)) towards Employer’s Contribution to Provident Fund and Employees’ Pension

Scheme 1995 as expense under Employees’ remuneration and welfare benefits in the

Revenue Account.

ii. Defined Benefit Plan

Valuation in respect of Gratuity has been carried out by independent actuary, as at the

Balance Sheet date, based on the following assumptions:-

(Rs.‘000)



March 31, 2020

I Assumptions

Mortality IALM 2012-14 (Ult.) IALM 2012-14 (Ult.)

89



March 31, 2020

Discount Rate 5% pa 5.2% p.a

Rate of increase in compensation 8% pa 8% p.a

Rate of return (expected) on plan assets 5.2% pa 6.7% p.a

Withdrawal rates 0% p.a. to 56% p.a. 0% p.a. to 56% p.a.

Expected average remaining service 3 years 2 Years

II Changes in present value of defined benefit obligations (‘DBO’)

DBO at the start of the year 44,282 44,620

Current service cost 6,519 6,528

Interest cost

Effect of Curtailment

2,303 (4,994)

2,990

Benefits paid (15,502) (15,476)

Actuarial (gain)/loss on obligation 7,927 5,620

DBO at the end of the year 40,535 44,282

III Changes in fair value of plan assets

Fair Value of plan assets at the start of the year 22,943 44,697

Contributions by employer* 21,339 2,783

Benefits paid (15,502) (15,476)

Expected return on plan assets 1,695 2,560

Actuarial gain/(loss) on plan assets 18,292 (11,621)

Fair Value of plan assets at the end of the year 48,767 22,943

Funded Status 100% 52%

IV Actuarial (gain)/loss Recognised

Actuarial (gain)/loss for the year (Obligation) 7,927 5,620

Actuarial gain/(loss) for the year (Plan Assets) 18,292 (11,621)

Total (gain)/loss for the year (10,365) 6,001

Actuarial (gain)/loss recognised for the year (10,365) 6,001

Unrecognised Actuarial (gain)/loss at the end of the year

-

V Amounts to be recognised in the Balance Sheet

DBO as at the end of the year 40,535 44,282

Fair Value of plan assets as at end of year 48,767 22,943

Net (Asset)/Liability (8,232) 21,339

Unrecognised past service cost

Net (Asset)/Liability recognised in the Balance Sheet (8,232) 21,339

Of which, short term provision -

Funded Status 100% 52%

VI Expense recognized

Current service cost 6,519 6,528

Interest cost

Cost of Curtailment

2,303

(4,994)

2,990

Expected return on plan assets (1,695) (2,560)

Net Actuarial (gain)/loss recognised for the year (10,365) 17,241

Expense recognised in the Revenue Account (8,232) 24,199

90



March 31, 2020

VII Movements in the liability recognised in Balance Sheet

Net (Asset) /Liability as at the beginning of the year 21,339 (77)

Expenses (as per Schedule VI) (8,232) 24,199

Contribution paid 21,339 2,783

Net (Asset) / Liability as at the end of the year (8,232) 21,339

*Contributions are made to Aegon Life Insurance Employees’ Gratuity Fund trust to fund the

gratuity liability for the Year ended March 31, 2021.

The amounts of the present value of the obligation, fair value of the plan assets, surplus or deficit in the plan, experience adjustments arising on plan liabilities and plan assets for the five annual periods are given below:

(Rs.‘000)

Gratuity (Funded Plan)


2021


2020


2019


2018


2017

Defined benefit obligation

40,535 44,282 44,620 41,422 42,612

Plan Assets 48,767 22,943 44,697 42,753 43,932

Net (Asset) / Liability

(8,232) 21,339 (77) (1,331) (1,320)

Experience adjustments on obligations (Gain)/Loss

7,604 3,456 1,657 5,749 (972)

Experience adjustments on Plan Assets Gain/(Loss)

17,803 (11,774) 3,454 989 2,709

iii. Other long-term benefits

a) Valuation in respect of Compensated absences has been carried out by independent actuary

and the defined benefit obligation of Compensated absences as at March 31, 2021 is Rs.

18,976 (‘000) (Previous Year ended March 31, 2020 Rs. 17,934 (‘000)). The short term Defined

benefit obligations for Compensated absences as at March 31, 2021 is Rs. 5,823 (‘000)

(Previous Year ended March 31, 2020 Rs. 6,599 (‘000)). The following assumptions have been

considered:



March 31, 2020

Mortality IALM 2012-14 (Ult.) IALM 2012-14 (Ult.)

Discount rate (p.a) 5.0% 5.2%

Salary escalation rate (p.a) 8.0% 8.0%

Leave Encashment recognised during the year 8,967 6,830

b) The Company has formulated Long term incentive plan viz Retention Bonus 2021 Scheme

(referred to as ‘LTIP 2020’). This scheme provides that eligible employees are awarded a

certain percentage of total fixed pay as at the grand date upon the meeting of select

performance indicators as applicable to the plan and the awards are deferred over a period

of three years. The Company has estimated and recognised Rs. 33,708 (‘000) (Previous Year

91

ended March 31, 2020 Rs. 4,128 (‘000)) as the liability in respect of employee benefits arising

out of LTIP Plan. The accounting movement for the year ended March 31, 2021 are as below:

(Rs. ‘000)

Particulars

LTIP 2020



Liability as at the start of the year 4,128 -

Expenses/ (Income) recognised 29,588 4,128

Benefits paid - -

Liability as at the end of the year

33,708

4,128

c) The Company has set up a trust known as ‘Aegon Employee Benefits Trust (‘the Trust’) for the implementation of one or more employee benefits scheme of the Company and other welfare activities. The Company has made payments as un-secured interest free loan amounting to Rs. 13,531 (‘000) (Previous Year ended March 31, 2020 Rs. 12,698 (‘000)) to the Trust.

d) The Company has formulated Employee Stock Appreciation Rights Scheme 2017 (‘ESARS 2017’) that are administered through the Aegon Life Employee Benefits Trust (‘the Trust’). The schemes provide that eligible employees are granted stock appreciation rights of the Company that vest in a graded manner. In accordance with AS 15 (Revised 2005) Employee Benefits, measurement of the liability and the expense in respect of these schemes is based on actuarial assumptions and principles, as valued by an independent actuary.

Details of the activities under ESARS is summarised below: (Units in ‘000)

Particulars

ESARS 2017



Outstanding at the start of the year 6,568 33,898

Granted during the year - -

Forfeited / lapsed/cancelled during the year 6,568 27,330

Exercised during the year - -

Outstanding at the end of year - 6,568

Movement in liability for the year is tabulated below: (Rs. ‘000)

Particulars

ESARS 2017



Liability as at the beginning of the year Nil Nil

Expenses recognised - -

92

Particulars

ESARS 2017



Benefits paid - -

Liability as at the end of the year Nil Nil

The following assumptions have been considered:

Particulars

ESARS 2017



Mortality NA NA

Discount rate (p.a) 0% p.a 0% p.a

Withdrawal rate NA NA

e) The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and postemployment received Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette of India and subsequently on November 13, 2020 draft rules were published and invited for stakeholders' suggestions. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective."

18. Segment Reporting

Disclosure in relation to Segment Reporting as required by AS 17 is contained in Annexure 1 to

Schedule 16.

19. Related Party disclosures

Disclosure in relation to Related party transactions as required by AS 18 is contained in Annexure

2 to Schedule 16.

20. Taxation The Company carries on life insurance business and hence the provisions of Section 44 and the

First Schedule of the Income Tax Act, 1961, are applicable for the computation of Profits and

Gains of its business. No provision for taxation has been made in the accounts for the current

year since the Company does not have any taxable income in the current year. Life insurance is a

long gestation business. As a matter of prudence, the Company deems it proper not to recognise

deferred tax assets.

21. Funds for Future Appropriation Pursuant to IRDAI’s notification dated March 29, 2006, the Appointed Actuary has determined an

amount of Rs. Nil (‘000) (Previous Year ended March 31, 2020 Rs. Nil (‘000)) as FFA to be released

in respect of lapsed policies for the linked business. Further, an amount of Rs. 388,260 (‘000)

(Previous year ended March 31, 2020 Rs. 239,364 (‘000) arising from the with-profits business is

determined to be retained as FFA and taken to Balance Sheet.

93

22. Foreign Exchange differences In accordance with AS 11 “The Effects of Changes in Foreign Exchange Rates”, the Company has

incurred net foreign exchange gain of Rs. 17 (‘000) for the year ended March 31, 2021 (Net

foreign exchange loss in Previous Year ended March 31, 2020 Rs. 47(‘000)) on account of

exchange rate fluctuations and the same has been charged to the Revenue Account.

23. Information pursuant to IRDAI’s circular no. 005/IRDA/F&A/CIR/May-09 dated 7th May, 2009 is

as follows

Sr. no.

Authority Non Compliance/

Violations

Amount in Rs.‘000

Penalty Levied

Penalty Paid

Penalty Waived/ reduced

1. Insurance regulatory and Development Authority - - - -

2. Goods and service Tax Authorities - - - -

3. Income Tax Authorities - - - -

4. Any other Authorities - - -

5. Enforcement Directorate/Adjudicating Authority/Tribunal or any Authority under Companies Act, 2013

- - - -

6. Registrar of Companies/NCLT/CLB/ Department of Corporate Affairs or any Authority under Companies Act, 2013

- - - -

7. Penalty awarded by any Court/Tribunal for any matter including Claims Settlement but excluding compensation

- - - -

8. Securities Exchange Board of India - - - -

9. Competition Commission of India - - - -

10. Any other Central / State/Local Government/Statutory Authority

- - - -

24. The summary of the financial statements of the Company as prescribed by the IRDAI in its

circular dated 29th April, 2003 is attached in Annexure 3 to Schedule 16. 25. The accounting ratios of the Company as prescribed by the IRDAI are attached in Annexure 4 to

Schedule 16. 26. The financial statements of each of the fund under Unit Linked Business as prescribed by IRDAI

are attached in Annexure 5 to Schedule 16. 27. The disclosure as prescribed by IRDAI’s circular no. IRDA/F&I/CIR/F&A/045/03/2010 dated March

17, 2010 in relation to Controlled Fund is attached in Annexure 6 to Schedule 16. 28. The disclosure under IRDAI (Treatment of Discontinued Linked Insurance Policies) Regulations,

2010 dated July 1, 2010 relating to Discontinued Policy Fund is attached in Annexure 7 to Schedule 16.

29. The disclosures prescribed under Circular No. IRDAI/F&I/CIR/CMP/174/11/2010 dated November

4, 2010 relating to treatment of unclaimed amounts of policyholders is attached in Annexure 8 to Schedule 16.

94

30. The disclosures prescribed under Circular No. IRDA/F&A/CIR/CLD/114/05/2015 dated Mar 28, 2015 relating to details of unclaimed amounts and investment income is attached in Annexure 9 to Schedule 16.

31. Pursuant to the requirement of IRDAI (Investment) Regulations 2016 dated August 01, 2016, the compliance with respect to point 11 of Schedule I (Regulation 4 to 7) regarding the applicable NAV for the applications received on the last business day have been adhered to.

32. Additional disclosures on expenses

The additional disclosures on expenses pursuant to IRDAI circular no. 067/IRDA/F&A/CIR/Mar-08

dated March 28, 2008 are as follows:

(Rs.‘000)


March 31, 2021

Year ended

March 31, 2020

Business Development expenses 10,244 39,416

Marketing Support expenses 30,911 57,035

Outsourcing expenses 92,470 454,888

33. Subordinated Non-Convertible Debentures - Other Forms of Capital

The Company raised 9.5% Unlisted, Unsecured, Redeemable Subordinated Non - Convertible

Debentures (Debentures) of Rs. One million each aggregating to 700 million in the financial year

2017-18, redeemable at par on November 16, 2032 as per the agreed terms and conditions

mentioned under the Debenture Subscription Agreement. The debentures are classified as Sub-

ordinated Debt under Insurance Regulatory and Development Authority of India (Other Forms of

Capital) Regulations, 2015. The position is as follows

(Rs,’000)

Sr. No Particulars As at March 31, 2021


i. Debentures 700,000 700,000

ii. Interest accrued on debentures - -

34. Details of payments for additional work to the Statutory auditors (Rs.‘000)


March 31, 2021

Year ended

March 31, 2020

Statutory Auditors – Singhi & Co.

Fees paid towards certification

113 63

35. Compliance of IRDAI (Expense of Management of Insurer transacting life insurance business), Regulations 2016 Pursuant to the IRDAI (Expense of Management of Insurer transacting life insurance business), Regulations 2016 (‘EOM Regulations 2016’), the segment-wise excess of Operating Expenses above 100% of allowable expense of management amounting to Rs. 733,906 ( ‘000) (Previous year ended March 31, 2020 Rs. 799,926) has been charged to the Profit and Loss Account (Shareholders Non-Technical Account) to ensure compliance with prescribed limits under regulation 19 (3) of EOM Regulations, 2016 Formal request to the Authority submitted by the Life Council with respect to the forbearance towards the Non-Compliance of the Expenses of Management Regulations, including other life insurers that are non-compliant with the EOM Regulations on an overall and segmental level. The Authority has since asked individual companies to submit the applications giving roadmap to compliance with the requirements of the Expenses of Management Regulations, 2016. Accordingly, the Company will be making application to the IRDAI requesting to grant forbearance for the financial year 2020-21.

95

The policy on Expense allocation and basis of segment reporting, w.e.f. from Jan 1, 2021 was recommended by the WPC and approved by the Board of Directors on March 19, 2021. A comparative of expense allocation as per old and new policy is given below:

Particulars

Participating Non-Participating

Total (Million

s)

Non-Linked Non-Linked Linked

Individual

Pension

Individual

Group

Annuity

Health

Life Pension

Group Gratu

ity

Expenses of Jan' 21 to Mar' 21 as per Old allocation Policy

23 0 225 44 0 0 -14 2 2 282

Expenses of Jan' 21 to Mar' 21 as per New allocation Policy

23 0 88 181 0 0 -14 2 2 282

The increase in the allocation of expenses under Group is on account of allocation of common cost in addition to the directly identified cost.

36. Assets restructured during the year are as follows: (Rs.‘000)


March 31, 2021

Year ended

March 31, 2020

Loan assets subject to restructuring - -

Standard assets subject to restructuring - -

Sub-standard assets subject to restructuring - -

Doubtful assets subject to restructuring - -

37. The Micro, Small and Medium Enterprises Development Act, 2006

Based on the information available with the Company, on the basis of the intimation received

from the suppliers regarding their status under the Micro, Small and Medium Enterprises

Development Act, 2006 (MSMED Act) , the details of amounts due to Micro, Small and Medium

Enterprises as defined in the said Act are as follows:-

Sno Particulars Year ended


March 31, 2020

a. (i) Principal amount remaining unpaid to supplier under MSMED Act

2,315

1,198

a. (ii) Interest on a) (i) above - -

b. (i) Amount of principal paid beyond the appointed date

- -

b. (ii)

Amount of interest paid beyond the appointed date (as per Section 16)

- -

c.

Amount of interest due and payable for the period of delay in making payment, but without adding the interest specified under section 16 of the MSMED Act

- -

d. Amount of further interest remaining due and payable even in earlier years

- -

e. Total amount of interest due under MSMED Act - -

96

38. Reverse Repo in Government securities and Corporate bonds

Disclosure pursuant to Investments (Master) Circular, IRDAI (Investment) Regulations, 2016 is given below (Rs. ‘000)

(Rs. ‘000)

Particulars


Minimum

outstanding

during the

year

Maximum

outstanding

during the

year

Daily average

outstanding

during the

year

Outstanding as

on

March 31,2020

Securities sold under repo

i.Government Securities

ii. Corporate Debt Securities

3,504

-

1,598,311

-

220,390

-

435,886,000

-

Securities Purchased under

reverse repo

iii. Government Securities

iv. Corporate Debt Securities

17 -

1,054,232

-

99,445

-

436,338,947

-

39. Previous Year Figures

Previous year figures have been regrouped and reclassified, wherever considered necessary, to conform to current year’s presentation.

Regrouped/

Reclassified from

Regrouped /

Reclassified to

Reasons Amount Rs. In ‘000

Schedule 4 -

Survival Benefit

Schedule 4 –

Claims by

Maturity

Guaranteed pay-outs after maturity in

certain products earlier tagged as

‘survival benefit’ are now moved to

‘claims by maturity’

5,403

Particulars


Minimum

outstanding

during the

year

Maximum

outstanding

during the

year

Daily average

outstanding

during the

year

Outstanding

as on

March

31,2021

Securities sold under repo

i.Government Securities

ii. Corporate Debt Securities

776,000

-

2,392,500

-

53,463

-

337,727,000

-

Securities Purchased under

reverse repo

iii. Government Securities

iv. Corporate Debt Securities

775,934 -

2,392,349

-

49,983

-

337,634,645

-

97

40. COVID -19 In light of the ongoing COVID-19 pandemic and information available, the Company has assessed the impact of COVID-19 on its operations as well its financial statements, including but not limited to valuation of investment assets, valuation of policy liabilities and solvency, for the year ended March 31, 2021. Based on the assessment, the Company has made an additional death claim provisions of Rs 65,400 (‘000) as at March 31st 2021 (previous year Nil) explicitly as COVID 19 mortality reserves under the global reserves held by the company, which is over and above the policy level liabilities calculated based on the prescribed IRDAI regulations. The Company continues to closely monitor future developments relating to COVID-19 which may have any further impact on its business and financial position.

41. RESTRUCTING COST

Restructuring Cost represents the cost associated towards closure of the certain existing channels and reduction in the office premises and the overall financial impact amounting to Rs XXX (previous year March 31, 2020 Rs Nil) is accounted under the Profit and Loss – Shareholders’ Non - Technical Account.

98

42. Statement containing names, descriptions, occupations of and directorships held by thepersons in charge of management of the business under Section 11(3) of the Insurance Laws(Amendment) Act, 2015

Name: Satishwar Balakrishnan

Description: Managing Director & Chief Executive Officer

Occupation: Service

Directorships held as at March 31, 2021: Nil

For and on behalf of the Board of Directors

Sd/-

Marco Keim

Chairman

DIN: 07676556

Sd/-

Patrick Curtin

Director

DIN: 07871107

Sd/-

G Ramaswamy

Director

DIN: 02712174

Sd/-

Satishwar Balakrishnan

Managing Director and


DIN: 09050160

Sd/-

Jitin Parekh

Company Secretary and Chief

Compliance & Legal Officer

Place: Mumbai

Date: May 18, 2021

Sd/-

Manish Falor

Chief Financial Officer

Sd/-

Kamlesh Gupta

Appointed Actuary

99

Annexure 1 - Notes to Accounts

(Rs. In '000)

Individual Pension Individual Group Annuity Health Life Pension Group

Gratuity


(a) Premium 1 1,251,192 1,508 2,310,488 389,630 - 11,622 1,228,784 15,142 52,350 5,260,716

(b) Reinsurance ceded (8,007) - (608,316) (88,502) - (3,671) (5,563) (152) - (714,211)

(c) Reinsurance accepted - - - - - - - - - -

Sub Total 1,243,185 1,508 1,702,172 301,128 - 7,951 1,223,221 14,990 52,350 4,546,505

Income From Investments

(a) Interest, Dividends and Rent – Gross 792,204 1,959 435,090 15,652 (0) 1,350 187,298 8,657 1,558 1,443,768

(b) Profit on sale/redemption of investments 112,665 2 55,663 2,047 - 172 1,515,061 35,787 33,564 1,754,961

(c) (Loss) on sale/ redemption of investments (13,996) - (35) 0 - 0 (463,861) (11,590) (9,583) (499,065)

(d) Transfer/Gain on revaluation/change in fair value* - - - - - - 1,753,331 87,575 48,523 1,889,429

(e) Amortisation of premium / discount on investments 7,786 2,049 97,986 3,603 129 303 83,644 488 124 196,112

Other Income

(a) Interest on Policy loans 2,112 - 35 - - - - - - 2,147

(b) Miscellaneous Income 6,635 16 3,659 66 - 244 3,474 4,929 - 19,023

(c) Contribution from Shareholders' Account - - - - - - - - - -

(d) Contribution from Shareholders' funds towards Excess EoM 148,359 317 390,272 191,066 5 109 - 2,853 925 733,906

(e) Linked Income - - - - - - - - - -

TOTAL (A) 2,298,950 5,851 2,684,842 513,562 134 10,129 4,302,168 143,689 127,461 10,086,786

Commission 2 14,368 1 21,896 13,997 - 15 333 5 - 50,615

Operating Expenses related to Insurance Business 3 376,947 376 1,063,947 235,514 6 1,845 115,180 3,458 2,194 1,799,467

Goods and Service Tax on Unit Linked Charges - - - - - - 33,188 908 72 34,168

Provision for Doubtful debts 374 0 670 - - 1 31 1 - 1,077

Bad debts written off - - - - - - - - - -

Provision for Tax

(a) Income Tax - - - - - - - - - -


(a) For diminution in the value of investments (Net) - - - - - - - - - -

(b) Others - - - - - - - - - -

TOTAL (B) 391,689 377 1,086,513 249,511 6 1,861 148,732 4,372 2,266 1,885,327

Benefits Paid (Net) 4 362,074 7,128 481,536 271,071 151 2,156 1,845,527 41,859 84,753 3,096,255

Interim Bonuses Paid 797 13 - - - - - - - 810


(a) Gross** 1,113,921 (4,713) 2,058,460 147,328 (397) 9,340 2,302,242 89,297 41,777 5,757,255

(b) Amount ceded in Reinsurance 6,020 - (340,783) (20,867) - (4,222) (746) 18 - (360,580)

(c) Amount accepted in Reinsurance - - - - - - - - - -

TOTAL (C) 1,482,812 2,428 2,199,213 397,532 (246) 7,274 4,147,023 131,174 126,530 8,493,740

SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 424,449 3,046 (600,884) (133,481) 374 994 6,413 8,143 (1,335) (292,280)

APPROPRIATIONS

Transfer to Shareholders’ Account 29,824 93 - - - - - - - 29,917

Transfer to Balance Sheet being "Deficit in Revenue Account

(Policyholders' Account)"

- (0) (600,884) (133,481) 374 994 6,413 8,143 (1,335) (719,775)

Balance being Funds for Future Appropriations 394,625 2,953 - - - - - - - 397,578

TOTAL (E) 424,449 3,046 (600,884) (133,481) 374 994 6,413 8,143 (1,335) (292,280)

* Represents the deemed realised gain as per norms specified by

the Authority.



(a) Interim bonus paid 797 13 - - - - - - - 810

(b) Allocation of bonus to policyholders 267,620 823 - - - - - - - 268,443

(c) Surplus /(Deficit) shown in the Revenue Account 424,449 3,046 (600,884) (133,481) 374 994 6,413 8,143 (1,335) (292,280)

(d) Total Surplus: [(a)+(b)+(c)] 692,866 3,882 (600,884) (133,481) 374 994 6,413 8,143 (1,335) (23,027)




SEGMENT REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

Non Participating

ParticularsNon LinkedNon Linked Linked

Schedule Participating

Year ended

March 31, 2021

100


(Rs. In '000)


Gratuity


(a) Premium 1 1,609,066 2,100 2,313,414 290,718 - 12,901 1,500,415 17,930 10,823 5,757,367

(b) Reinsurance ceded (7,734) - (548,164) (49,197) - (4,048) (6,711) (160) - (616,014)

(c) Reinsurance accepted - - - - - - - - - -

Sub Total 1,601,332 2,100 1,765,250 241,521 - 8,853 1,493,704 17,770 10,823 5,141,353


(a) Interest, Dividends and Rent – Gross 697,977 1,960 455,239 12,582 0 1,414 211,652 9,863 3,378 1,394,065

(b) Profit on sale/redemption of investments 67,274 - 12,392 337 6 39 698,030 42,023 41,743 861,844

(c) (Loss) on sale/ redemption of investments (20,324) - - - - - (717,189) (22,405) (34,141) (794,059)

(d) Transfer/Gain on revaluation/change in fair value* - - - - - - (1,239,770) (78,886) (54,523) (1,373,179)

(e) Amortisation of premium / discount on investments 11,979 2,549 14,551 396 176 45 105,434 920 484 136,534

Other Income

(a) Interest on Policy loans 1,239 - 17 - - - - - - 1,256

(b) Miscellaneous Income 438 - 44 - - - 2,581 - - 3,063

(b) Contribution from Shareholders' Account - - - - - - - - - -

(c) Contribution from Shareholders' funds towards Excess EoM 50,757 287 712,924 35,170 6 189 - 593 - 799,926

(d) Linked Income - - - - - - - - - -

TOTAL (A) 2,410,672 6,896 2,960,417 290,006 188 10,540 554,442 (30,122) (32,236) 6,170,803

Commission 2 22,316 4 13,292 9,871 - 19 711 6 - 46,219

Operating Expenses related to Insurance Business 3 368,530 368 1,462,220 68,907 7 2,197 306,194 1,312 204 2,209,939

Goods and Service Tax on Unit Linked Charges - - - - - - 35,441 1,041 120 36,602

Provision for Doubtful debts (929) (1) (3,323) - - (5) (686) (3) - (4,947)

Bad debts written off - - - - - - - - - -

Provision for Tax

(a) Income Tax - - - - - - - - - -


(a) For diminution in the value of investments (Net) 12,500 - - - - - - - - 12,500

(b) Others - - - - - - - - - -

TOTAL (B) 402,417 371 1,472,189 78,778 7 2,211 341,660 2,356 324 2,300,313

Benefits Paid (Net) 4 511,115 159 359,585 115,321 151 3,139 1,562,444 86,086 164,800 2,802,800

Interim Bonuses Paid 1,087 - - - - - - - - 1,087


(a) Gross** 1,232,911 4,581 1,511,192 86,430 (19) (144) (1,222,595) (122,103) (197,803) 1,292,450

(b) Amount ceded in Reinsurance (4,397) - (213,470) (4,501) - (271) 788 391 - (221,460)

(c) Amount accepted in Reinsurance - - - - - - - - - -

TOTAL (C) 1,740,716 4,740 1,657,307 197,250 132 2,724 340,637 (35,626) (33,003) 3,874,877

SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 267,539 1,785 (169,079) 13,978 49 5,605 (127,855) 3,148 443 (4,387)

APPROPRIATIONS

Transfer to Shareholders’ Account 29,858 101 - - - - - - - 29,959

Transfer to Balance Sheet being "Deficit in Revenue Account

(Policyholders' Account)"

- - (169,080) 13,978 49 5,606 (127,855) 3,148 444 (273,710)

Balance being Funds for Future Appropriations 237,679 1,685 - - - - - - - 239,364

TOTAL (E) 267,537 1,786 (169,080) 13,978 49 5,606 (127,855) 3,148 444 (4,387)

* Represents the deemed realised gain as per norms specified by

the Authority.



(a) Interim bonus paid 1,087 - - - - - - - - 1,087

(b) Allocation of bonus to policyholders 267,639 907 - - - - - - - 268,546

(c) Surplus /(Deficit) shown in the Revenue Account 267,537 1,786 (169,080) 13,978 49 5,606 (127,855) 3,148 444 (4,387)

(d) Total Surplus: [(a)+(b)+(c)] 536,263 2,693 (169,080) 13,978 49 5,606 (127,855) 3,148 444 265,246

Particulars Schedule




SEGMENT REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2020

Participating Non Participating

Year ended

March 31, 2020

Non Linked Non Linked Linked

101


(Rs. In '000)


Gratuity

SOURCES OF FUNDS


Share Capital 14,682,520 - - - - - - - - - 14,682,520

Share Application Money Pending Allotment - - - - - - - - - - -

Reserves And Surplus 8,961,705 - - - - - - - - - 8,961,705

Credit/(Debit) Fair Value Change Account (Net) - - - - - - - - - - -

Sub-Total 23,644,225 - - - - - - - - - 23,644,225

Borrowings 700,000 - - - - - - - - - 700,000

Policyholders’ Funds:

Credit/(Debit) Fair Value Change Account (Net) - 8,213 - - - - - - - - 8,213

Policy Liabilities - 9,374,004 26,596 8,343,245 306,789 2,590 25,763 156,409 2,915 (0) 18,238,311

Insurance Reserves - - - - - - - - - - -

Linked Liabilities - - - - - - - 6,701,038 258,409 99,279 7,058,726

Fair value change - - - - - - - 1,753,331 87,574 48,523 1,889,428

Provision For Linked Liabilities - - - - - - - 8,454,369 345,983 147,802 8,948,154

Sub-Total 700,000 9,382,217 26,596 8,343,245 306,789 2,590 25,763 8,610,778 348,898 147,802 27,894,678


Discontinued on account of non-payment of premium - - - - - - - 1,201,125 - - 1,201,125

Others - - - - - - - 7,717 - - 7,717


Linked - - - - - - - - - - -

Non Linked - 1,866,198 17,415 - - - - - - - 1,883,613

TOTAL 24,344,225 11,248,415 44,011 8,343,245 306,789 2,590 25,763 9,819,620 348,898 147,802 54,631,358


Investments

Shareholders’ 397,433 - - - - - - - - - 397,433

Policyholders’ - 11,547,219 69,848 8,361,130 307,447 3,541 25,818 156,744 2,922 (0) 20,474,669

Assets Held To Cover Linked Liabilities - - - - - - - 9,663,211 345,983 147,802 10,156,996

Loans 676,785 25,395 - 563 - - - - - - 702,743

Fixed Assets 978,770 - - - - - - - - - 978,770

Current Assets

Cash and Bank Balances 91,497 67,307 164 151,494 14,338 101 482 58,556 759 54 384,752

Advances and Other Assets 105,444 456,417 1,051 571,750 94,181 1 4,393 269,344 11,273 153 1,514,007

Sub-Total (A) 196,941 523,724 1,215 723,244 108,519 102 4,875 327,900 12,032 207 1,898,759

Current Liabilities 156,594 156,721 975 630,368 159,708 1 5,279 380,343 12,554 352 1,502,895

Provisions - 5,384 - 11,444 - - 0 2,148 - - 18,976

Sub-Total (B) 156,594 162,105 975 641,812 159,708 1 5,279 382,491 12,554 352 1,521,871

Net Current Assets (C) = (A – B) 40,347 361,619 240 81,432 (51,189) 101 (404) (54,591) (522) (145) 376,888

Miscellaneous Expenditure - - - - - - - - - -


Debit Balance of Profit and Loss Account 7,041,120 - - - - - - - - - 7,041,120

Deficit in the Revenue Account (Policyholders' Account) 14,502,739 - - - - - - - - - 14,502,739

TOTAL 23,637,194 11,934,233 70,088 8,443,125 256,258 3,642 25,414 9,765,364 348,383 147,657 54,631,358

Non Linked Non Linked


As at

March 31, 2021

Linked




SEGMENT BALANCE SHEET AS AT MARCH 31, 2021

Particulars

Shareholders' Funds

102


(Rs. In '000)


Gratuity

SOURCES OF FUNDS


Share Capital 14,655,990 - - - - - - - - - 14,655,990

Share Application Money Pending Allotment - - - - - - - - - - -

Reserves And Surplus 7,674,705 - - - - - - - - - 7,674,705

Credit/(Debit) Fair Value Change Account (Net) - - - - - - - - - - -

Sub-Total 22,330,695 - - - - - - - - - 22,330,695

Borrowings 700,000 - - - - - - - - - 700,000

Policyholders’ Funds:

Credit/(Debit) Fair Value Change Account (Net) - (89,425) - - - - - - - - (89,425)

Policy Liabilities - 8,254,063 31,309 6,625,567 180,327 2,987 20,646 108,909 2,273 (0) 15,226,081

Insurance Reserves - - - - - - - - - - -

Linked Liabilities - - - - - - - 7,754,485 336,197 160,548 8,251,230

Fair value change - - - - - - - (1,239,770) (78,886) (54,523) (1,373,179)

Provision For Linked Liabilities - - - - - - - 6,514,715 257,311 106,025 6,878,051

Sub-Total 700,000 8,164,638 31,309 6,625,567 180,327 2,987 20,646 6,623,624 259,584 106,025 22,714,707


Discontinued on account of non-payment of premium - - - - - - - 882,419 - - 882,419

Others - - - - - - - 12,081 - - 12,081


Linked - - - - - - - - - - -

Non Linked - 1,471,573 14,462 - - - - - - - 1,486,035

TOTAL 23,030,695 9,636,211 45,771 6,625,567 180,327 2,987 20,646 7,518,124 259,584 106,025 47,425,937


Investments

Shareholders’ 994,806 - - - - - - - - - 994,806

Policyholders’ - 9,823,562 71,599 6,575,695 178,969 3,510 20,490 108,089 2,256 (0) 16,784,170

Assets Held To Cover Linked Liabilities - - - - - - - 7,409,215 257,311 106,025 7,772,551

Loans 663,255 19,824 - 414 - - - - - - 683,493

Fixed Assets 783,539 - - - - - - - - - 783,539

Current Assets

Cash and Bank Balances 144,502 79,705 71 185,840 14,531 3 617 95,500 346 449 521,564

Advances and Other Assets 85,131 451,198 727 503,682 57,416 0 3,993 259,754 505 14 1,362,420

Sub-Total (A) 229,633 530,903 798 689,522 71,947 3 4,610 355,254 851 463 1,883,984

Current Liabilities 173,066 149,965 439 584,191 118,677 1 7,103 329,221 12,763 80 1,375,506

Provisions - 9,470 - 17,842 - - 7 11,954 - - 39,273

Sub-Total (B) 173,066 159,435 439 602,033 118,677 1 7,110 341,175 12,763 80 1,414,779

Net Current Assets (C) = (A – B) 56,567 371,468 359 87,489 (46,730) 2 (2,500) 14,079 (11,912) 383 469,205

Miscellaneous Expenditure - - - - - - - - - -


Debit Balance of Profit and Loss Account 6,155,209 - - - - - - - - - 6,155,209

Deficit in the Revenue Account (Policyholders' Account) 13,782,964 - - - - - - - - - 13,782,964

TOTAL 22,436,340 10,214,854 71,958 6,663,598 132,239 3,512 17,990 7,531,383 247,655 106,408 47,425,937




SEGMENT BALANCE SHEET AS AT MARCH 31, 2020

Particulars

Shareholders'

Funds

As at

March 31, 2020



103

Schedule 1

PREMIUM (Rs. In '000)


Gratuity

First year premiums 97,046 - 206,293 214,223 - 9 38,724 - - 556,294

Renewal premiums 1,154,146 1,508 2,096,269 175,407 - 11,322 1,189,166 15,142 - 4,642,960

Single premiums 0 - 7,926 - - 291 894 - 52,350 61,462

TOTAL PREMIUM 1,251,192 1,508 2,310,488 389,630 - 11,622 1,228,784 15,142 52,350 5,260,716

Premium Income from Business written

In India 1,251,192 1,508 2,310,488 389,630 - 11,622 1,228,784 15,142 52,350 5,260,716

Outside India - - - - - - - - - -

Schedule 2

COMMISSION EXPENSES (Rs. In '000)


Gratuity

Commission paid

Direct - First year premiums 4,400 - 18,528 7,368 - - - - - 30,296

- Renewal premiums 9,968 1 3,231 6,629 - 15 333 6 - 20,183

- Single premiums - - 136 - - - - - - 136

Total (A) 14,368 1 21,895 13,997 - 15 333 6 - 50,615

Add : Commission on Re-insurance

Accepted

- - - - - - - - - -

Less : Commission on Re-insurance Ceded - - - - - - - - - -

Net Commission 14,368 1 21,895 13,997 - 15 333 6 - 50,615

ParticularsNon Linked

Linked

Participating


Year ended

March 31, 2021

SCHEDULES FORMING PART OF THE SEGMENT REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

ParticularsYear ended

March 31, 2021

Non Linked Linked

Non Participating




104

Schedule 1

PREMIUM (Rs. In '000)


Gratuity

First year premiums 170,637 - 321,516 174,640 - 118 215,407 - - 882,318

Renewal premiums 1,436,912 2,100 1,976,134 116,078 - 12,395 1,278,495 17,930 - 4,840,044

Single premiums 1,517 - 15,764 - - 388 6,513 - 10,823 35,005

TOTAL PREMIUM 1,609,066 2,100 2,313,414 290,718 - 12,901 1,500,415 17,930 10,823 5,757,367

Premium Income from Business written

In India 1,609,066 2,100 2,313,414 290,718 - 12,901 1,500,415 17,930 10,823 5,757,367

Outside India - - - - - - - - - -

Schedule 2

COMMISSION EXPENSES (Rs. In '000)


Gratuity

Commission paid

Direct - First year premiums 9,593 - 9,995 6,095 - (2) 12 - - 25,693

- Renewal premiums 12,723 4 3,292 3,776 - 20 697 7 - 20,519

- Single premiums - - 5 - - - 2 - - 7

Total (A) 22,316 4 13,292 9,871 - 18 711 7 - 46,219

Add : Commission on Re-insurance

Accepted

- - - - - - - - - -

Less : Commission on Re-insurance Ceded - - - - - - - - - -

Net Commission 22,316 4 13,292 9,871 - 18 711 7 - 46,219


SCHEDULES FORMING PART OF THE SEGMENT REVENUE ACCOUNT FOR THE YEAR ENDED March 31, 2020

Particulars


Year Ended

March 31, 2020

Particulars


Year Ended

March 31, 2020




105

(Rs. In '000)

Particulars


Gratuity

Employees’ remuneration and welfare benefits 210,543 208 393,219 76,317 5 748 68,196 2,074 1,428 752,738

Travel, conveyance & vehicle running expenses 835 2 2,437 1,030 0 6 138 0 (5) 4,443

Training expenses 242 1 1,008 786 0 2 110 (12) (15) 2,122

Rents, rates and taxes 21,946 22 43,972 8,835 0 77 7,492 72 12 82,428

Repairs 561 0 571 33 0 1 140 (10) (12) 1,284

Printing and stationery 637 1 2,005 484 0 8 21 174 170 3,500

Communication expenses 2,903 10 6,528 889 1 14 1,425 88 59 11,917

Legal and professional charges 4,700 12 15,084 6,836 0 42 981 (15) (43) 27,597

Medical fees 272 - 38,297 313 - 55 87 - - 39,024


a) (i) as auditor 996 1 2,184 343 - 15 303 8 - 3,850

(ii) Out of Pocket expenses 32 0 63 - - 0 10 0 - 105

b) as adviser or in any other capacity, in respect of - - - - - - - - - -

(i) Taxation matters - - - - - - - - - -

(ii) Insurance matters - - - - - - - - - -

(iii) Management services; - - - - - - - - - -

c) in any other capacity 30 0 64 9 - 1 9 0 - 113

Advertisement, Marketing and publicity 8,486 1 94,135 14,227 - 10 742 (6) (10) 117,585

Interest and bank charges 6,945 11 16,833 1,386 0 88 2,119 46 0 27,428

Depreciation/Amortisation 52,054 45 189,242 36,485 - 397 15,954 209 - 294,386

Others:

Information technology and related expenses 44,532 32 176,913 34,160 - 277 12,727 144 (3) 268,782

Business Processing Services 9,093 18 39,126 5,142 0 60 3,284 520 471 57,714

Office expenses 4,399 2 4,694 550 0 6 733 161 170 10,715

Recruitment 1,243 3 4,069 925 0 11 (322) (0) (10) 5,919

Other Miscellaneous expenses 2,687 4 8,548 1,384 0 20 1,007 20 4 13,674

Electricity 1,740 2 2,324 520 0 4 525 3 1 5,119

Sales and Business Promotion expenses 1,912 0 1,567 (290) 0 3 (588) (18) (23) 2,563

Service tax 51 1 141 32 0 0 15 0 0 240

Stamp Duty on Policies 108 0 20,923 45,118 - - 72 - - 66,221

TOTAL 376,947 376 1,063,947 235,514 6 1,845 115,180 3,458 2,194 1,799,467

Year ended

March 31, 2021

Non Participating

Non Linked Linked


SCHEDULE FORMING PART OF THE SEGMENT REVENUE ACCOUNT MARCH 31, 2021

Schedule 3


Participating

Non Linked


106

(Rs. In '000)

Particulars


Gratuity

Employees’ remuneration and welfare benefits 197,642 179 453,825 25,358 5 728 155,710 724 144 834,315

Travel, conveyance & vehicle running expenses 11,344 6 29,010 1,244 0 31 9,983 27 5 51,650

Training expenses 455 1 2,653 - 0 4 306 3 1 3,423

Rents, rates and taxes 19,157 18 53,368 - 0 90 15,628 73 13 88,347

Repairs 1,625 1 2,660 - 0 4 1,474 3 0 5,767

Printing and stationery 1,386 2 4,893 18 0 13 920 11 0 7,243

Communication expenses 2,776 11 9,527 11 1 21 2,095 42 13 14,497

Legal and professional charges 9,049 14 39,534 355 0 110 5,017 61 2 54,142

Medical fees 341 - 37,251 552 - 17 374 - - 38,535

Auditors' fees, expenses etc - - - - - - - - - -

a) (i) as auditor 1,061 2 2,319 - - 18 440 10 - 3,850

(ii) Out of Pocket expenses 10 0 22 - - 0 4 0 - 36

b) as adviser or in any other capacity, in respect of - - - - - - - - - -

(i) Taxation matters - - - - - - - - - -

(ii) Insurance matters - - - - - - - - - -

(iii) Management services; - - - - - - - - - -

c) in any other capacity 16 0 40 - - 0 7 0 - 63

Advertisement, Marketing and publicity 20,182 4 295,987 796 0 137 41,422 13 1 358,542

Interest and bank charges 6,202 12 18,529 - - 98 2,828 51 - 27,720

Depreciation/Amortisation 28,613 42 144,788 - - 368 16,335 183 - 190,329

Others: - - - - - - - - - -

Information technology and related expenses 28,845 34 192,056 - (0) 312 18,751 145 (0) 240,143

Business Processing Services 11,362 17 75,152 628 0 120 8,675 85 6 96,045

Office expenses 4,727 3 10,924 - 0 15 3,782 14 3 19,468

Recruitment 8,382 13 29,994 61 0 57 5,711 50 10 44,278

Other Miscellaneous expenses 2,066 5 8,372 44 0 22 (1,540) (208) 3 8,764

Electricity 3,521 2 7,598 - 0 11 2,937 11 2 14,082

Sales and Business Promotion expenses 9,356 2 13,524 959 0 15 14,758 13 1 38,628

Service tax 201 0 769 40 0 1 158 1 0 1,170

Stamp Duty on Policies 211 - 29,426 38,841 - 5 419 - 0 68,902

TOTAL 368,530 368 1,462,221 68,907 6 2,197 306,194 1,312 204 2,209,939



Schedule 3


Non Linked


Year ended

March 31, 2020

Non Linked Linked


107

Schedule 4

BENEFITS PAID [NET] (Rs. In '000)


Gratuity

Insurance Claims

(a) Claims by Death 41,257 1,212 984,350 369,668 - - 30,259 - - 1,426,746

(b) Claims by Maturity - 1,398 130,638 - - - 322,475 1,846 - 456,357

(c) Annuities/Pensions payment - - - - 151 - - - - 151

(d) Other benefits

Riders 521 - 18,617 33,975 - - 3,007 - - 56,120

Health - - - - - 4,158 - - - 4,158

Surrenders 252,868 4,518 55,181 - - - 1,461,872 38,413 47,767 1,860,619

Partial Withdrawal - - - - - - 29,925 1,599 - 31,524

Survival Benefit 71,292 - 2,820 - - - - - 36,985 111,097

Other Benefits - Investment income on

unclaimed amount

- - - - - - 10,163 - - 10,163


(a) Claims by Death (3,863) - (695,948) (132,572) - - (12,174) - - (844,557)

(b) Claims by Maturity - - - - - - - - - -

(c) Annuities/Pensions payment - - - - - - - - - -

(d) Other benefits

Riders* - - (14,122) - - - - - - (14,122)

Health - - - - - (2,002) - - - (2,002)


(a) Claims by Death - - - - - - - - - -



(d) Other benefits - - - - - - - - - -

TOTAL 362,075 7,128 481,536 271,071 151 2,156 1,845,527 41,858 84,752 3,096,254


In India 362,075 7,128 481,536 271,071 151 2,156 1,845,527 41,858 84,752 3,096,254

Outside India - - - - - - - - - -

Total Benefits paid (Net) 362,075 7,128 481,536 271,071 151 2,156 1,845,527 41,858 84,752 3,096,254



Linked Particulars

Year ended

March 31, 2021

Non Linked

Participating

Non Linked

Non Participating

* Includes amounts that are received from reinsurer upfront towards Waiver of Premium ('WOP') / Income Benefits ('IB'). A liability equal to these amounts received in advance is maintained as

part of the actuarial liability and would be amortized by the Company over the period of such WOP /IB payment period.


108

Schedule 4



Gratuity

Insurance Claims

(a) Claims by Death 47,022 - 556,671 165,785 - - 25,680 - - 795,158

(b) Claims by Maturity - - 128,304 - - - 144,013 9,173 - 281,490

(c) Annuities/Pensions payment - - - - 151 - - - - 151

(d) Other benefits

Riders 330 - 40,795 - - - 2,624 - - 43,749

Health - - - - - 6,004 - - - 6,004

Surrenders 119,766 159 53,066 - - - 1,338,169 73,469 107,100 1,691,729

Partial Withdrawal - - - - - - 50,488 3,444 - 53,932

Survival Benefit 354,550 - 6,899 - - - - - 57,700 419,149

Other Benefits - Investment income on

unclaimed amount

- - - - - - 16,966 - - 16,966


(a) Claims by Death (9,532) - (391,387) (50,464) - - (15,085) - - (466,468)



(d) Other benefits

Riders* (1,021) - (34,763) - - - (411) - - (36,195)

Health - - - - - (2,865) - - - (2,865)


(a) Claims by Death - - - - - - - - - -



(d) Other benefits - - - - - - - - - -

TOTAL 511,115 159 359,585 115,321 151 3,139 1,562,444 86,086 164,800 2,802,800


In India 511,115 158 359,585 115,321 151 3,139 1,562,444 86,086 164,800 2,802,800

Outside India - - - - - - - - - -

Total Benefits paid (Net) 511,115 158 359,585 115,321 151 3,139 1,562,444 86,086 164,800 2,802,800

Year ended

March 31, 2020

Linked



Particulars




109



i. Related parties where control exists

a) Aegon India Holding B.V.

b) Bennett Coleman & Co. Limited

ii. Key Management Personnel

iii. Associates Companies where transactions have taken place during the year ended March 31, 2021

a) Aegon Life Insurance Employees Gratuity Trust

b) AEGON Asia Pacific B.V.

c) AEGON N.V.

d) Aegon India Holding B.V.

Following transactions were carried out with related parties in the ordinary course of business for the year ended March 31,2021*

(Rs. '000)

Nature of Transactions/Balances Name of the Related PartyQuarter ended

March 31,2021

Year ended

March 31, 2021

Quarter ended

March 31,2020

Year ended

March 31,2020

TRANSACTIONS

Subscription to Equity Shares (including securities premium) Aegon India Holdings B.V. 200,000 1,300,000 610,000 1,220,000

Total 200,000 1,300,000 610,000 1,220,000

OTHER RECEIPTS

Insurance Premium received for Group Insurance Policies Aegon Life Insurance Employees Gratuity Trust - 21,339 - -

Insurance Premium received for Group Insurance Policies Bennett Coleman & Co. Limited - - - -

Issuance of Non Convertible Debentures Aegon India Holding B V. - - - -

Reimbursement for Expenses AEGON Asia Pacific B.V. 3,131 43,887 13,821 30,862

Reimbursement for Expenses AEGON N.V. 1,207 7,812 1,675 6,073

Director nomination fees Bennett Coleman & Co. Limited - - -

Total 4,338 73,038 15,496 36,935

OTHER PAYMENTS

Reimbursement for Travel Related Expenses AEGON Asia Pacific B.V. - 16,518 19,918 19,918

Benefit Paid under Group Policy Aegon Life Insurance Employees Gratuity Trust 8,467 15,502 1,447 12,714

Interest on Debentures accrued but not due Aegon India Holdings B.V. (49,875) - (49,875) -

Advertisement, Marketing and Publicity Bennett Coleman & Co. Limited - - 1,062 1,062

Group Refund Payment Bennett Coleman & Co. Limited - - 526 526

Managerial Remuneration Vineet Arora- MD & CEO** - - 5,757 39,905

Managerial Remuneration Satishwar Balakrishnan - MD & CEO*** 3,363 21,573 - -

Total (38,045) 53,593 (21,165) 74,125

OUTSTANDING BALANCES

Reimbursement for Expenses Receivable AEGON Asia Pacific B.V. 3,131 3,131 2,909 2,909

Reimbursement for Expenses Receivable AEGON N.V. 1,207 1,207 1,675 1,675

Total 4,338 4,338 4,584 4,584

*Related Party relationships are identified by the Management

**Ceased to be Managing Director & Chief Executive Officer with effect from February 24, 2020.

***Appointed as Interim in-charge & Principal Officer with effect from February 25, 2020 and Chief Executive Officer with effect from August 21, 2020 and Managing Director & Chief

Executive Officer with effect from February 03,2021.

b) Satishwar Balakrishnan– Principal Officer & Chief Financial Officer with effect from August 21, 2020 and Managing Director & Chief Executive Officer with effect from February

03,2021.

a) Vineet Arora - Managing Director & Chief Executive Officer up to February 24, 2020

110


(Rs. In '000)

Sr.

No. ParticularsYear ended

March 31, 2021

Year ended

March 31, 2020

Year ended

March 31, 2019

Year ended

March 31, 2018

Year ended

March 31, 2017

Year ended

March 31, 2016

Year ended

March 31, 2015

POLICYHOLDERS' A/C

1 Gross premium income 5,260,716 5,757,367 5,688,819 5,312,067 4,507,191 5,016,025 5,591,996

2 Net premium income 4,546,505 5,141,353 5,180,626 4,902,290 4,158,798 4,713,156 5,326,553

3 Income from investments@

4,785,205 225,205 2,059,484 1,771,402 2,053,979 283,960 2,628,072

4 Interest on Loans 2,147 1,256 624 376 178 76 10

5 Other income - Contribution from Shareholders' Account 733,906 799,926 170,000 600,000 75,312 1,015,379 565,579

6 Total income 10,067,763 6,167,740 7,410,734 7,274,068 6,288,268 6,012,571 8,520,215

7 Commission 50,615 46,219 41,420 56,432 57,553 189,802 346,648

8 Brokerage - - - - - - -

9 Operating Expenses related to insurance business 1,799,467 2,209,939 1,643,873 1,926,082 1,699,199 2,809,068 3,206,046

10 Service tax on charges 34,168 36,602 38,921 41,162 38,339 42,310 13,491

11 Provision for Doubtful debts 1,077 (4,947) 2,727 4,507 8,962 7,694 8,353

12 Provision for tax - - - - - - -

13 Provisions (other than taxation) - 12,500 30,000

14 Total Expenses 1,885,327 2,300,313 1,756,941 2,028,183 1,804,053 3,048,874 3,574,538

15 Payment to policyholders 3,097,064 2,803,888 2,971,443 3,455,384 3,887,285 3,156,005 2,178,111

16 Increase in actuarial liability 3,012,230 2,617,079 2,328,330 2,211,759 2,045,395 1,854,995 1,429,950

17 Provision for Linked Liabilities 2,384,445 (1,546,090) 354,570 (622,582) (751,140) (1,406,097) 2,014,941

18 Surplus / (Deficit) from operations (311,303) (7,450) (550) 201,323 (697,325) (641,206) (677,326)

SHAREHOLDERS' A/C

19 Total income under Shareholder's Account@

63,583 80,290 80,378 572,108 145,631 93,458 76,292

20

Expenses other than those directly related to the insurance

business 245,506 70,085 705,493 552,522 690,217 21,503 25,367

21 For diminution in the value of investments (net) - - 20,000 - - - -

22 Provision for doubtful debts - (200) 7 458 4,900 100,483 -

23 Profit / (loss) before tax (885,911) (784,467) (786,665) (1,070,254) (624,798) (1,043,907) (514,653)

24 Provision for tax - - - - - - -

25 Profit / (loss) after tax (885,911) (784,467) (786,665) (1,070,254) (624,798) (1,043,907) (514,653)

26 Profit / (loss) carried to Balance Sheet (7,041,120) (6,155,209) (5,370,742) (4,584,077) (3,513,823) (2,889,025) (1,845,118)

27 Deficit in the Revenue Account (Policyholders' Account) (719,775) (273,710) (589,765) (505,604) (697,789) (636,797) (672,590)

MISCELLANEOUS

(A) Policyholders' account

28 Total Funds#

29,095,803 23,597,126 22,620,128 19,943,133 17,669,329 16,333,219 15,917,464

29 Total investments 30,631,666 24,556,721 23,404,548 20,042,852 18,452,467 16,844,641 16,305,344

30 Yield on investments (%)^ 19.50% 1.05% 9.84% 9.20% 11.64% 1.71% 18.24%

(B) Shareholders' account

31 Total Funds* 2,100,367 2,392,522 2,218,001 1,760,262 2,340,676 2,129,169 1,791,523

32 Total investments 397,433 994,806 1,494,796 1,417,536 971,657 992,264 829,128

33 Yield on investments (%) ^ 9.29% 8.17% 6.52% 7.10% 14.83% 10.26% 9.09%

34 Yield on total investments(%) ^ 19.22% 1.36% 9.66% 9.08% 11.81% 2.16% 17.74%

35 Paid up equity capital 14,682,520 14,655,990 14,631,092 14,426,194 14,298,515 13,594,410 13,105,000

36 Net worth * 2,100,367 2,392,522 2,218,001 1,760,262 2,340,676 2,129,169 1,791,523

37 Total Assets ^^ 33,087,499 27,487,764 26,097,814 22,397,120 20,027,300 18,484,316 17,721,901

38 Earnings per share (Rs.) (1.16) (0.78) (0.59) (0.65) (0.97) (1.31) (0.93)

39 Book value per share (Rs.) 1.43 1.63 1.52 1.22 1.64 1.57 1.37

# Total fund = Policyholders reserves + Funds for Future Appropriation + Discontinued Policy Fund

* Total fund = Net Worth = Share capital + Credit (debit) fair value change account - Debit balance in Profit & Loss account - debit balance in Revenue Account

@ Includes the effect of gains / losses on sale of investments and excludes the share of bonus transferred from Policyholders' Account

^^ Total Assets = Total Application funds less debit balance in Profit and Loss account less debit balance in Revenue Account

^ Calculated by dividing the investment income as shown in the revenue/profit and loss account by average of period beginning and period closing investments



Summary of Financial Statements

111

Annexure 4- Notes to Accounts

Sr. No. Particulars

Year ended

March 31, 2021

Year ended

March 31, 2020

1 New business premium income growth (segment-wise)*

Participating Individual -44% 3%

Participating Pension 0% 0%

Non - Participating Individual -36% -19%

Non - Participating Group 23% 51%

Non - Participating Annuity 0% 0%

Non - Participating Health -41% -3%

Linked Pension 0% -100%

Linked Life -82% -50%

Linked Group Gratuity 384% -69%

2 Net retention ratio 86% 89%

(Net premium divided by gross premium)

3 Ratio of expenses of management @ 21% 25%

(Expenses of management divided by the total gross direct premium)

4 Commission ratio 1% 1%

(Gross commission paid divided by gross premium)

5 Ratio of policyholders' liabilities# to shareholders' funds$ 1442% 1020%

6 Growth rate of shareholders' funds % -12% 8%

7 Ratio of surplus / (deficit) to policy holders' liability -1% 0%

(Surplus as per Revenue account)

8 Change in net worth (Rs'000) (292,156) 174,521

9 Profit after tax / Total income -12% -13%

Profit after tax = Deficit as per Revenue Account + Profit as per Profit and Loss Account

Total Income = Total Income under Revenue Account (Excluding Contributions

from Shareholders' Account) + Total Income under Profit and Loss Account

10 (Total Real Estate+ Loans) / Cash and invested assets 2% 3%

11 Total Investments / (Capital + Surplus) 1477% 1068%

Note: Total Investments = Shareholders' Investments + Policyholders' Investments +

Assets held to cover Linked Liabilities

12 Total affiliated Investments / (Capital + Surplus) 0% 0%

13 Investment yield (gross and net)^ 10% 1%

14 Persistency Ratio ** ^ #

By annualized Premium

For 13th month 72% 82%



For 49th Month 52% 39%

for 61st month 32% 24%

By no.of policies




For 49th Month 65% 54%

for 61st month 40% 39%

15 Conservation ratio 81% 86%

16 NPA Ratio NA NA

17 Solvency Ratio 2.41 2.36

* New business premium income includes single premium.

@ Expenses of Management includes Operating expenses and Commission

# Policyholders' Liabilities = Policyholders' Funds + Funds for Discontinued Policies + Funds for Future Appropriation

$ Shareholders funds = Share capital + Share application money pending allotment + Reserves and Surplus + Credit / (Debit)

Fair value change account - Debit balance in Profit and Loss Account - Debit balance in Revenue Account

% The growth rate in share holders fund is the absolute incremental growth from March 31, 2020

^ Investment yield is calcuated as per Modified Dietz Method and is without considering unrealised gains / losses



Accounting Ratios as prescribed by IRDAI

* Persistency numbers are calculated for the Retail business only.

# Persistency ratio for the year ended March 31, 2021 has been calculated on April 30, 2021 and is the ratio of in-force policies at end of March

31, 2021 to the policies issued during April 01, 2018 to March 31, 2020.

^Persistency numbers have been calculated in accordance with the methodology in the persistency circular (IRDA/ACT/CIR/MISC/035/01/2014)

from the Authority and hence are on non-reducing basis.

112

(Rs. In '000)

Total

(3)= (1) + (2)

Total

(6)= (4) + (5)

Total

(9)= (7) + (8)

Total Unit Linked

(10) = (3) + (6) +

(9)


(a) Premium 1,228,784 15,142 52,350 1,296,276

(b) Reinsurance ceded (5,563) (152) - (5,715)

(c) Reinsurance accepted - - - -

Sub Total 1,223,221 14,990 52,350 1,290,561


(a) Interest, Dividends and Rent – Gross 187,298 8,657 1,558 197,513

(b) Profit on sale/redemption of investments 1,515,061 35,787 33,564 1,584,412

(c) (Loss) on sale/ redemption of investments (463,861) (11,590) (9,583) (485,034)

(d) Transfer/Gain on revaluation/change in fair value* 1,753,331 87,575 48,523 1,889,429

(e) Amortisation of premium / discount on investments 83,644 488 124 84,256

Other Income - - -

(a) Interest on Policy loans - - - -

(b) Miscellaneous Income 3,474 4,929 - 8,403

(c) Contribution from Shareholders' Account - - - -

(d) Contribution from Shareholders' funds towards Excess - 2,853 925 3,778

(e) Linked Income UL - 1 - - - -

TOTAL (A) 4,302,168 143,689 127,461 4,573,318

Commission 333 5 - 338

Operating Expenses related to Insurance Business 115,180 3,458 2,194 120,832

Service Tax on Unit Linked Charges 33,188 908 72 34,168

Provision for Doubtful debts 31 1 - 32

Bad debts written off - - - -

Provision for Tax - - - -

(a) Income Tax - - - -

Provisions (other than taxation) - - - -

(a) For diminution in the value of investments (Net) - - - -

(b) Others - - - -

TOTAL (B) 148,732 4,372 2,266 155,370

Benefits Paid (Net) UL - 2 1,845,527 41,859 84,753 1,972,138

Interim Bonuses Paid - - - -


(a) Gross** 2,302,242 89,297 41,776 2,433,315

(b) Amount ceded in Reinsurance (745) 18 - (727)

(c) Amount accepted in Reinsurance - - - -

TOTAL (C) 4,147,023 131,173 126,529 4,404,725

SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) 6,413 8,144 (1,334) 13,223

APPROPRIATIONS

Transfer to Shareholders’ Account - - - -

Transfer to Balance Sheet being "Deficit in Revenue Account 6,413 8,144 (1,334) 13,222

Balance being Funds for Future Appropriations - - - -

TOTAL (E) 6,413 8,144 (1,334) 13,222

* Represents the deemed realised gain as per norms

specified by the Authority.

**Represents Mathematical Reserves after allocation of

bonus


(a) Interim Bonus Paid - - - -

(b) Allocation of Bonus to policyholders - - - -

(c) Surplus shown in the Revenue Account 6,413 8,143 (1,335) 13,222

(d) Total Surplus: [(a)+(b)+(c)] 6,413 8,143 (1,335) 13,222

Particulars

Total





ANNEXURE TO THE REVENUE ACCOUNT - BREAKUP OF UNIT LINKED BUSINESS (UL)

Life Group GratuityPension

Schedule


113

s

(Rs. In '000)

Total

(3)= (1) + (2)

Total

(6)= (4) + (5)

Total

(9)= (7) + (8)

Total Unit Linked

(10) = (3) + (6) +

(9)


(a) Premium 1,500,415 17,930 10,823 1,529,168

(b) Reinsurance ceded (6,711) (160) - (6,871)

(c) Reinsurance accepted - - - -

Sub Total 1,493,704 17,770 10,823 1,522,297


(a) Interest, Dividends and Rent – Gross 211,652 9,863 3,378 224,893

(b) Profit on sale/redemption of investments 698,030 42,023 41,743 781,796

(c) (Loss) on sale/ redemption of investments (717,189) (22,405) (34,140) (773,734)

(d) Transfer/Gain on revaluation/change in fair value* (1,239,770) (78,886) (54,523) (1,373,179)

(e) Amortisation of premium / discount on investments 105,434 920 485 106,839

Other Income - - -

(a) Interest on Policy loans - - - -

(b) Miscellaneous Income 2,581 - - 2,581

(c) Contribution from Shareholders' Account - - - -

(d) Contribution from Shareholders' funds towards Excess - 593 - 593

(e) Linked Income UL - 1 - - - -

TOTAL (A) 554,442 (30,122) (32,236) 492,086

Commission 711 6 - 718

Operating Expenses related to Insurance Business 306,194 1,312 204 307,709

Service Tax on Unit Linked Charges 35,441 1,041 120 36,602

Provision for Doubtful debts (686) (3) - (689)

Bad debts written off - - - -

Provision for Tax - - - -

(a) Income Tax - - - -

Provisions (other than taxation) - - - -

(a) For diminution in the value of investments (Net) - - - -

(b) Others - - - -

TOTAL (B) 341,660 2,356 324 344,340

Benefits Paid (Net) UL - 2 1,562,444 86,086 164,800 1,813,330

Interim Bonuses Paid - - - -


(a) Gross** (1,222,595) (122,103) (197,803) (1,542,501)

(b) Fund Reserves - - - -

(b) Amount ceded in Reinsurance 788 391 - 1,179

(c) Amount accepted in Reinsurance - - - -

TOTAL (C) 340,637 (35,626) (33,003) 272,008

SURPLUS/(DEFICIT) (D)=(A)-(B)-(C) (127,855) 3,148 443 (124,262)

APPROPRIATIONS

Transfer to Shareholders’ Account - - - -

Transfer to Balance Sheet being "Deficit in Revenue Account (127,855) 3,148 443 (124,263)

Balance being Funds for Future Appropriations - - - -

TOTAL (E) (127,855) 3,148 443 (124,263)

* Represents the deemed realised gain as per norms

specified by the Authority.

**Represents Mathematical Reserves after allocation of

bonus


(a) Interim Bonus Paid - - - -

(b) Allocation of Bonus to policyholders - - - -

(c) Surplus shown in the Revenue Account (127,855) 3,148 444 (124,263)

(d) Total Surplus: [(a)+(b)+(c)] (127,855) 3,148 444 (124,263)





ANNEXURE TO THE REVENUE ACCOUNT - BREAKUP OF UNIT LINKED BUSINESS (UL)

Group Gratuity Total

Particulars

Schedule Life Pension


114


Schedule UL-1

LINKED INCOME (RECOVERED FROM THE LINKED FUNDS) (Rs. In '000)

Particulars

Linked Life

Unit

Linked

Pensions

Unit

Group

Gratuity

Unit

Year ended

March 31, 2021

Linked Life

Unit

Linked Pensions

Unit

Group Gratuity

Unit

Year ended

March 31, 2020

Policy administration charge 30,226 769 - 30,995 34,521 873 - 35,394

Surrender charge 15 1 - 16 801 304 - 1,105

Switching charge 42 - - 42 18 - - 18

Mortality charge 33,840 504 - 34,344 39,793 465 0 40,258

Waiver premium charge 3,887 - - 3,887 4,999 - - 4,999

Premium Redirection charge 42 - - 42 9 - - 9

Fund management charge 105,739 3,780 401 109,920 103,008 4,133 669 107,810

Auto Rebalancing charge - - - - - - - -

Life Style Charge - - - - - 0 - 0

Discontinuance charge 6,378 - - 6,378 7,152 - - 7,152

Total (UL-1) 180,169 5,054 401 185,624 190,301 5,775 669 196,745




SCHEDULE TO ANNEXURE TO REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

115


Schedule UL-2


Year ended

March 31, 2021

Year ended

March 31, 2020

ParticularsNon Unit

(1)

Unit

(2)

Total

(3)=(1)+(2)

Non Unit

(4)

Unit

(5)

Total

(6)=(4)+(5)

Non Unit

(7)

Unit

(8)

Total

(9)=(7)+(8)

Total Unit

Linked

(10)=(3)+(6)+(9)

Non Unit

(1)

Unit

(2)

Total

(3)=(1)+(2)

Non Unit

(4)

Unit

(5)

Total

(6)=(4)+(5)

Non Unit

(7)

Unit

(8)

Total

(9)=(7)+(8)

Total Unit

Linked

(10)=(3)+(6)+(9)

Insurance Claims

(a) Claims by Death 17,291 12,967 30,258 - - - - - - 30,258 15,725 9,955 25,680 - - - - - - 25,680

(b) Claims by Maturity 32 322,444 322,476 - 1,846 1,846 - - - 324,322 - 144,013 144,013 - 9,173 9,173 - - - 153,186

(c) Annuities/Pensions

payment

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

(d) Other benefits 5,576 1,499,390 1,504,966 627 39,386 40,013 (329) 85,082 84,753 1,629,732 17,338 1,390,909 1,408,247 2,094 74,819 76,913 20 164,779 164,800 1,649,960

TOTAL (A) 22,899 1,834,801 1,857,700 627 41,232 41,859 (329) 85,082 84,753 1,984,312 33,063 1,544,877 1,577,940 2,094 83,992 86,086 20 164,779 164,800 1,828,826

(Amount ceded in

reinsurance)

(a) Claims by Death (12,174) - (12,174) - - - - - - (12,174) (15,085) - (15,085) - - - - - - (15,085)

(b) Claims by Maturity - - - - - - - - - - - - - - - - - - - -

(c) Annuities/Pensions

payment

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

(d) Other benefits - Riders - - - - - - - - - - (411) - (411) - - - - - - (411)

TOTAL (B) (12,174) - (12,174) - - - - - - (12,174) (15,496) - (15,496) - - - - - - (15,496)

TOTAL (A)+(B) 10,725 1,834,801 1,845,526 627 41,232 41,858 (329) 85,082 84,753 1,972,138 17,567 1,544,877 1,562,444 2,094 83,992 86,086 20 164,779 164,800 1,813,329


In India 10,726 1,834,801 1,845,526 627 41,233 41,859 (329) 85,082 84,753 1,972,138 17,567 1,544,877 1,562,444 2,094 83,992 86,086 20 164,779 164,799 1,813,329

Outside India - - - - - - - - - - - - - - - - - - - -

Total Benefits paid UL-2 10,726 1,834,801 1,845,526 627 41,233 41,859 (329) 85,082 84,753 1,972,138 17,567 1,544,877 1,562,444 2,094 83,992 86,086 20 164,779 164,799 1,813,329




Group GratuityLife PensionGroup GratuityPension

SCHEDULE TO ANNEXURE TO REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

Life

116

(Rs. In '000)

Particulars Schedule Enhanced

Equity Balanced Conservative Debt Secure

NAV Protector

Fund Accelerator Stable

Discontinued

Policy Fund Bluechip Opportunity

Linked Life

Total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total

SOURCE OF FUND

Policyholders' Fund:

Policyholders' Contribution F- 1 (329,885) (5,685) 455 698,867 278,089 (246,776) 344,622 92,371 682,831 1,202,319 1,070,106 3,787,315 (53,008) (8,321) 9,669 (685) (25,527) (77,872) (119,280) 314,416 3,904,579

Revenue Account 1,333,607 222,143 3,191 718,282 97,353 521,466 1,507,886 139,496 526,011 389,940 416,521 5,875,896 199,801 42,168 54,126 14,738 113,022 423,855 267,082 95,646 6,662,479

Total 1,003,722 216,458 3,646 1,417,149 375,442 274,690 1,852,508 231,867 1,208,842 1,592,259 1,486,627 9,663,211 146,793 33,847 63,795 14,053 87,495 345,983 147,802 410,062 10,567,058

APPLICATION OF FUND

Investment F-2 1,001,100 214,201 3,504 1,383,399 369,397 206,228 1,827,898 228,204 1,226,697 1,573,228 1,474,898 9,508,754 147,158 32,709 62,356 14,285 87,331 343,839 147,448 300,319 10,300,360

Current Assets F-3 6,427 2,729 145 33,750 6,045 69,601 24,610 4,144 29,630 25,690 18,863 221,632 836 1,206 1,439 350 526 4,357 829 32,408 259,225

Current Liabilities and Provisions F-4 (3,805) (472) (3) - - (1,138) - (481) (47,485) (6,658) (7,134) (67,175) (1,201) (68) - (581) (362) (2,212) (476) 1,514 (68,350)

Net Current Assets 2,622 2,257 142 33,750 6,045 68,463 24,610 3,663 (17,855) 19,031 11,729 154,457 (365) 1,138 1,439 (232) 164 2,145 353 33,921 190,875

Total 1,003,722 216,458 3,646 1,417,149 375,442 274,690 1,852,508 231,867 1,208,842 1,592,259 1,486,627 9,663,211 146,793 33,847 63,795 14,053 87,495 345,983 147,801 334,240 10,491,235

Net Asset Value (NAV) per Unit:

(a) Net Asset as per Balance Sheet (Total Assets less Current

Liabilities and Provisions) (Rs. in '000)

1,003,722 216,458 3,646 1,417,149 375,442 274,690 1,852,508 231,867 1,208,842 1,592,259 1,486,627 9,663,211 146,793 33,847 63,795 14,053 87,495 345,983 147,801 334,240 10,491,235

(b) Number of Units outstanding (in '000) 28,634 7,294 136 46,876 17,032 13,276 76,355 10,496 62,956 94,088 89,975 447,118 2,618 1,034 2,634 622 1,648 8,556 5,135 -

(c) NAV per Unit (a)/(b) (Rs.)* 35.0538 29.6777 26.8108 30.2316 22.0438 20.6910 24.2617 22.0917 19.2013 16.9230 16.5227 56.0695 32.7381 24.2226 22.5838 53.1028 28.7819 -

* Represents NAV after last day's unitisation

FORM A-BS (UL)




FUND BALANCE SHEET AS AT MARCH 31, 2021


117

SCHEDULES FORMING PART OF FUND BALANCE SHEET AS AT MARCH 31, 2021

Schedule F-1

Policyholders' Contribution (Rs. In '000)

Particulars Enhanced

Equity

Balanced Conservative Debt Secure NAV Protector

Fund

Accelerator Stable Discontinuance Bluechip Opportunity Linked Life

Total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total

Opening Balance (203,146) 10,304 690 772,778 269,596 42,161 728,138 95,338 405,775 1,226,302 1,042,302 4,390,238 (41,238) (9,423) 15,256 (121) (16,035) (51,561) (87,322) 314,416 4,565,771

Add - Addition during the Year*^ 103,387 27,823 232 598,959 202,753 10,291 455,362 71,347 942,491 556,034 526,683 3,495,362 21,210 7,592 16,835 4,384 11,276 61,297 53,124 - 3,609,783

Less- Redemption during the Year*^ (230,126) (43,812) (467) (672,870) (194,260) (299,228) (838,878) (74,314) (665,435) (580,015) (498,879) (4,098,284) (32,980) (6,490) (22,422) (4,948) (20,768) (87,608) (85,083) - (4,270,975)

Closing Balance (329,885) (5,685) 455 698,867 278,089 (246,776) 344,622 92,371 682,831 1,202,319 1,070,106 3,787,315 (53,008) (8,321) 9,669 (685) (25,527) (77,872) (119,280) 314,416 3,904,579

* Additions represents units creation and deductions represent unit cancellations

^ Includes last day's unitisation

Schedule F-2

Investments


Equity


Fund


Total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total


Government Bonds - 57,145 2,454 534,324 225,351 - - 49,614 - - - 868,888 - 6,699 25,166 11,765 - 43,630 - - 912,518

Corporate Bonds * - 3,440 - 297,313 50,652 - - 1,147 - - - 352,552 - - 12,295 - - 12,295 - - 364,847

Infrastructure Bonds / Equity 127,911 38,926 97 511,272 32,322 32,004 209,336 48,361 - 192,889 87,084 1,280,202 18,332 8,026 22,425 1,076 14,070 63,929 18,426 - 1,362,557

Equity 708,882 91,366 488 - - 155,441 1,310,173 99,629 - 1,099,255 1,149,093 4,614,327 103,973 13,512 - - 67,565 185,050 103,254 - 4,902,631

Money Market 30,138 16,899 426 40,490 61,072 8,548 30,214 22,622 1,226,697 72,429 84,992 1,594,527 5,793 3,457 2,470 1,444 697 13,861 6,522 300,319 1,915,228

Mutual Funds - - - - - - - - - - - - - - - - - - - - -

TOTAL 866,931 207,776 3,465 1,383,399 369,397 195,993 1,549,723 221,373 1,226,697 1,364,573 1,321,169 8,710,496 128,098 31,694 62,356 14,285 82,332 318,765 128,202 300,319 9,457,781

Other Investment

Corporate Bonds - - - - - - - - - - - - - - - - - - - - -

Infrastructure Bonds / Equity - - - - - - - - - - - - - - - - - - - - -

Equity 48,609 6,425 39 - - 10,234 113,598 6,831 - 73,515 153,729 412,980 7,084 1,015 - - 4,999 13,099 7,381 - 433,460

Money Market - - - - - - - - - - - - - - - - - - - - -

Mutual Funds 85,560 - - - - - 164,577 - - 135,141 - 385,278 11,976 - - - - 11,976 11,865 - 409,119

TOTAL 134,169 6,425 39 - - 10,234 278,175 6,831 - 208,656 153,729 798,258 19,060 1,015 - - 4,999 25,074 19,246 - 842,579

GRAND TOTAL 1,001,100 214,201 3,504 1,383,399 369,397 206,227 1,827,898 228,204 1,226,697 1,573,229 1,474,898 9,508,754 147,158 32,709 62,356 14,285 87,331 343,839 147,448 300,319 10,300,360

% of Approved Investment to Total 86.6% 97.0% 98.9% 100.0% 100.0% 95.0% 84.8% 97.0% 100.0% 86.7% 89.6% 91.6% 87.0% 96.9% 100.0% 100.0% 94.3% 92.7% 86.9% 100.0% 91.8%

% of Other Investment to Total 13.4% 3.0% 1.1% 0.0% 0.0% 5.0% 15.2% 3.0% 0.0% 13.3% 10.4% 8.4% 13.0% 3.1% 0.0% 0.0% 5.7% 7.3% 13.1% 0.0% 8.2%

* Includes Fixed Deposits with Banks

Schedule F-3

Current Assets (Rs. In '000)


Equity


Fund

Accelerator Stable Discontinuance Bluechip Opportunity Linked Life total Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total

Accrued Interest - 1,527 40 29,253 5,698 - - 1,725 - - - 38,243 - 214 1,282 248 - 1,744 - - 39,987

Cash & Bank Balance 157 126 101 170 128 151 201 128 643 206 310 2,321 109 105 104 102 111 531 105 486 3,443

Dividend Receivable 290 22 0 - - 58 68 23 - 432 39 932 41 3 - - 16 60 42 - 1,034

Receivable for Sale of Investments 4,380 488 3 - 30,000 69,392 18,491 497 28,987 7,438 - 159,677 686 70 - - 375 1,131 682 28,987 190,477

Less: Provision for diminution of investments - - - - (30,000) - - - - - - (30,000) - - - - - - - - (30,000)

Net 4,380 488 3 - - 69,392 18,491 497 28,987 7,438 - 129,677 686 70 - - 375 1,131 682 28,987 160,477

Other Current Assets

Unit Receivable 1,600 566 - 4,327 207 - 5,850 1,771 - 17,614 18,514 50,448 - 814 53 - 24 891 - 2,934 54,273

Margin Money - - - - - - - - - - - - - - - - - - - - -

Tax Deducted At Source - - - - 11 - - - - - - 11 - - - - - - - - 11

Others assets - - - - - - - - - - - - - - - - - - - - -

TOTAL 6,427 2,729 144 33,750 6,044 69,601 24,610 4,144 29,630 25,690 18,863 221,632 836 1,206 1,439 350 526 4,357 829 32,407 259,225

Schedule F-4

Current Liabilities and Provisions (Rs. In '000)


Equity


Fund


Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total

Payable for Purchase of Investments (3,805) (472) (3) - - (1,050) - (481) - (6,658) (7,134) (19,603) (476) (68) - - (362) (906) (476) - (20,985)

Interest recevied in Advance - - - - - - - - - - - - - - - - - - - - -

Other Current Liabilities

Management fees payable - - - - - - - - - - - - - - - - - - - - -

Unit Payable - - (0) - - (88) - - (47,484) - - (47,572) (725) - - (581) - (1,306) - 1,513 (47,365)

TOTAL (3,805) (472) (3) - - (1,138) - (481) (47,484) (6,658) (7,134) (67,175) (1,201) (68) - (581) (362) (2,212) (476) 1,513 (68,350)

118

FORM A-RA (UL)


IRDA Registration No: 138

Date of Registration with IRDA: June 27, 2008

FUND REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

(Rs. In '000)

Particulars

Schedule

Enhanced

Equity


Fund

Accelerator Stable Discontinuance

Bluechip Opportunity

Linked Life total Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total


Interest Income** 550 5,918 188 97,828 23,814 10,448 2,277 5,596 50,279 953 1,653 199,504 98 774 4,576 935 27 6,410 124 10,798 216,836

Dividend Income 9,625 1,396 8 - - 2,588 16,279 1,437 - 14,598 6,521 52,452 1,414 203 - - 938 2,555 1,580 - 56,588

Profit/(Loss) on sale of Investments 119,604 6,282 148 35,171 1,107 41,664 373,971 5,493 (4) 162,043 304,672 1,050,154 15,856 1,057 1,957 99 5,208 24,177 23,981 4 1,098,315

Miscellaneous Income 0 (0) - (0) - (0) 0 0 - 0 - 0 (0) - - (0) 0 (0) (0) - 1

Unrealised gains/loss* 329,638 52,446 226 (18,469) (3,349) 46,062 427,477 56,909 - 492,804 369,587 1,753,331 47,296 7,561 (1,148) (140) 34,007 87,575 48,523 - 1,889,428

Total (A) 459,417 66,043 570 114,530 21,572 100,762 820,004 69,435 50,275 670,398 682,433 3,055,441 64,664 9,595 5,385 894 40,180 120,717 74,208 10,802 3,261,168

Fund Management expenses 11,119 2,514 40 15,681 3,628 6,640 23,933 2,818 5,602 17,759 15,464 105,198 1,575 363 730 151 961 3,780 401 541 109,920

Goods and Service tax on Linked charges 2,002 453 7 2,823 653 1,195 4,308 507 1,008 3,197 2,783 18,936 284 65 131 27 173 680 72 97 19,786

Swachh Bharat Tax - - - - - - - - - - - - - - - - - - - - -

KK Cess - - - - - - - - - - - - - - - - - - - - -

Diminution in the value of investments (Net) - - - - - - - - - - - - - - - - - - - - -

Other charges F-5 4,124 857 10 12,154 3,619 4,323 16,565 1,840 6,379 13,269 11,249 74,389 455 109 210 84 416 1,274 0 - 75,663

Total (B) 17,245 3,824 57 30,658 7,900 12,158 44,806 5,165 12,989 34,225 29,496 198,523 2,314 537 1,072 262 1,550 5,734 473 638 205,368

Net Income/(Loss) for the year (A-B) 442,172 62,219 513 83,872 13,672 88,605 775,198 64,270 37,286 636,173 652,938 2,856,919 62,350 9,057 4,313 632 38,630 114,983 73,735 10,163 3,055,799

Add: Fund Revenue Account at the beginning of the year 891,435 159,924 2,678 634,410 83,681 432,861 732,688 75,226 488,725 (246,233) (236,417) 3,018,977 137,451 33,111 49,813 14,106 74,391 308,873 193,347 85,483 3,606,680

Fund Revenue Account at the end of the year 1,333,607 222,143 3,191 718,282 97,353 521,466 1,507,886 139,496 526,011 389,940 416,521 5,875,896 199,801 42,168 54,126 14,738 113,021 423,856 267,082 95,646 6,662,479

* Net change in mark to market value of investments

** Interest income includes income from Amortisation of premium / discount on investments

SCHEDULE FORMING PART OF THE FUND REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2021

Schedule F-5

Other Charges (Rs. In '000)


Equity


Fund


Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders Total

Policy administration charge 2,596 581 9 5,151 1,466 1,849 6,005 630 - 6,210 5,729 30,226 301 76 144 43 205 769 - - 30,995

Surrender charge 5 1 - 9 - - - - - - - 15 1 - 0 - - 1 - - 16

Switching charge 1 0 - 13 6 - 14 3 - 4 2 43 - - - - - - - - 43

Mortality charge 1,410 256 1 6,300 1,748 2,474 9,193 1,078 - 6,302 5,078 33,840 153 33 66 41 211 504 - - 34,344

Waiver premium charge 112 19 - 681 400 - 1,353 128 - 754 440 3,887 - - - - - - - - 3,887

Auto rebalancing charge 0 - - - - - - - - - - 0 0 - - - - 0 - - 0

Discontinuance charge - - - - - - - - 6,378 - - 6,378 - - - - - - - - 6,378

Premium Redirection charge - - - - - - - - - - - - - - - - - - - - -

Life Style charge - - - - - - - - - - - - - - - - - - - - -

TOTAL 4,124 857 10 12,154 3,620 4,323 16,565 1,840 6,379 13,269 11,249 74,389 455 109 210 84 416 1,274 0 - 75,663

119

(Rs. In '000)

Particulars Schedule Enhanced

Equity Balanced Conservative Debt Secure

NAV Protector

Fund Accelerator Stable

Discontinued

Policy Fund Bluechip Opportunity

Linked Life

Total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension

Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total

SOURCE OF FUND

Policyholders' Fund:

Policyholders' Contribution F- 1 (268,672) (16,396) 441 573,668 249,801 58,194 626,442 73,476 294,514 1,334,903 1,210,251 4,136,622 (40,352) (6,185) 6,112 3,960 (19,601) (56,067) 30,640 268,181 4,379,376

Revenue Account 891,435 159,924 2,677 634,410 83,681 432,862 732,688 75,225 488,725 (246,233) (236,417) 3,018,977 137,451 33,111 49,813 14,106 74,392 308,873 193,347 85,482 3,606,679

Total 622,763 143,528 3,118 1,208,078 333,482 491,056 1,359,130 148,701 783,239 1,088,670 973,834 7,155,599 97,099 26,926 55,925 18,066 54,791 252,806 223,987 353,663 7,986,055

APPLICATION OF FUND

Investment F-2 686,929 168,505 3,323 1,347,903 344,394 474,876 1,450,063 175,448 980,151 960,777 784,156 7,376,525 95,734 23,549 62,864 13,871 58,088 254,106 106,006 217,076 7,953,713

Current Assets F-3 13,319 2,383 45 59,285 8,883 484 10,763 3,122 635 40,936 21,728 161,583 2,057 224 2,204 114 317 4,916 1,950 3,215 171,665

Current Liabilities and Provisions F-4 (11,959) (660) (0) - - (337) - (8,006) (86,286) (21,645) - (128,893) (1,578) (84) - - (48) (1,711) (1,932) (790) (133,327)

Net Current Assets 1,360 1,723 45 59,285 8,883 147 10,763 (4,884) (85,651) 19,291 21,728 32,690 479 140 2,204 114 269 3,205 18 2,425 38,338

Total 688,289 170,228 3,368 1,407,188 353,277 475,023 1,460,826 170,564 894,500 980,068 805,884 7,409,215 96,213 23,689 65,068 13,985 58,357 257,311 106,024 219,501 7,992,051

Net Asset Value (NAV) per Unit:

(a) Net Asset as per Balance Sheet (Total Assets less Current

Liabilities and Provisions) (Rs. in '000)

688,289 170,228 3,368 1,407,188 353,277 475,023 1,460,826 170,564 894,500 980,068 805,884 7,409,215 96,213 23,689 65,068 13,985 58,357 257,311 106,024 219,501 7,992,051

(b) Number of Units outstanding (in '000) 32,817 7,926 145 49,808 16,828 27,885 94,508 10,713 48,454 96,565 88,810 474,459 2,867 1,004 2,876 650 1,860 9,257 6,206 -

(c) NAV per Unit (a)/(b) (Rs.)* 20.9737 21.4766 23.1846 28.2522 20.9932 17.0349 15.4571 15.9207 18.4607 10.1493 9.0743 33.5552 23.5916 22.6284 21.5272 31.3722 17.0847 -

* Represents NAV after last day's unitisation

FORM A-BS (UL)




FUND BALANCE SHEET AS AT MARCH 31, 2020


120

SCHEDULES FORMING PART OF FUND BALANCE SHEET AS AT MARCH 31, 2020

Schedule F-1

Policyholders' Contribution (Rs. In '000)


Equity


Fund


Total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension

Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total

Opening Balance (36,694) 52,595 572 754,324 271,529 196,081 887,104 106,996 375,618 955,600 873,717 4,437,441 (10,426) (2,305) 23,343 4,132 (185) 14,558 66,634 314,416 4,833,049

Add - Addition during the Year*^ 110,151 32,987 354 427,892 139,838 22,569 524,563 55,421 379,832 590,247 618,097 2,901,950 24,561 5,637 13,341 10,553 20,300 74,391 36,952 219,721 3,233,014

Less- Redemption during the Year*^ (342,129) (101,978) (485) (608,548) (161,566) (160,456) (785,225) (88,942) (460,935) (210,943) (281,562) (3,202,768) (54,487) (9,517) (30,572) (10,725) (39,716) (145,016) (72,946) (265,956) (3,686,687)

Closing Balance (268,672) (16,396) 441 573,668 249,801 58,194 626,442 73,476 294,514 1,334,903 1,210,251 4,136,622 (40,352) (6,185) 6,112 3,960 (19,601) (56,067) 30,640 268,181 4,379,376

* Additions represents units creation and deductions represent unit cancellations

^ Includes last day's unitisation

Schedule F-2

Investments


Equity


Fund


Total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension

Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total


Government Bonds - 35,875 2,579 543,247 217,196 - - 37,440 - - - 689,726 - 6,134 24,571 6,090 - 36,795 - - 873,131

Corporate Bonds * - 3,423 - 316,638 31,464 - - 1,141 - - - 352,666 - - 14,666 - - 14,666 - - 367,332

Infrastructure Bonds / Equity 150,538 39,854 100 410,302 54,244 12,674 215,424 38,645 - 207,960 101,650 1,231,392 21,111 4,777 19,859 - 10,533 56,281 23,196 - 1,310,868

Equity 418,662 77,275 389 - - 62,730 1,007,712 82,342 - 577,559 529,788 2,756,457 58,776 10,982 - - 44,119 113,876 64,578 - 2,934,911

Money Market 49,537 7,818 232 77,716 41,490 394,869 126,482 10,783 980,151 80,694 103,112 1,872,884 6,499 977 3,768 7,781 653 19,678 7,885 217,076 2,117,522

Mutual Funds - - - - - - - - - - - - - - - - - - - - -

TOTAL 618,737 164,245 3,300 1,347,903 344,394 470,273 1,349,618 170,351 980,151 866,213 734,549 6,903,124 86,386 22,870 62,864 13,871 55,305 241,295 95,658 217,076 7,603,764

Other Investment

Corporate Bonds - - - - - - - - - - - - - - - - - - - - -

Infrastructure Bonds / Equity - - - - - - - - - - - - - - - - - - - - -

Equity 8,254 4,260 23 - - 4,603 7,110 5,097 - 11,441 49,607 90,395 1,188 679 - - 2,783 4,650 1,302 - 96,347

Money Market - - - - - - - - - - - - - - - - - - - - -

Mutual Funds 59,938 - - - - - 93,335 - - 83,123 - 236,396 8,160 - - - - 8,160 9,046 - 253,602

TOTAL 68,192 4,260 23 - - 4,603 100,445 5,097 - 94,564 49,607 326,791 9,348 679 - - 2,783 12,810 10,348 - 349,949

GRAND TOTAL 686,929 168,505 3,323 1,347,903 344,394 474,876 1,450,063 175,448 980,151 960,777 784,156 7,376,525 95,734 23,549 62,864 13,871 58,088 254,106 106,006 217,076 7,953,713

% of Approved Investment to Total 90.1% 97.5% 99.3% 100.0% 100.0% 99.0% 93.1% 97.1% 100.0% 90.2% 93.7% 93.6% 90.2% 97.1% 100.0% 100.0% 95.2% 95.0% 90.2% 100.0% 95.6%

% of Other Investment to Total 9.9% 2.5% 0.7% 0.0% 0.0% 1.0% 6.9% 2.9% 0.0% 9.8% 6.3% 4.4% 9.8% 2.9% 0.0% 0.0% 4.8% 5.0% 9.8% 0.0% 4.4%

* Includes Fixed Deposits with Banks

Schedule F-3

Current Assets (Rs. In '000)


Equity


Fund


total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension

Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total

Accrued Interest - 1,407 41 36,914 7,212 - - 1,545 - - - 47,119 - 156 1,779 78 - 2,013 - - 49,132

Cash & Bank Balance 2,835 498 4 9,045 26 310 178 28 635 4,247 164 17,970 404 68 381 5 61 917 433 281 19,601

Dividend Receivable - (0) - - - (0) (0) (0) - - - (0) - (0) - - (0) (0) - - (0)

Receivable for Sale of Investments 9,787 - - - 30,000 (0) - - - 10,362 - 50,149 1,535 - - - 168 1,702 1,517 - 53,369

Less: Provision for diminution of investments - - - - (30,000) - - - - - - (30,000) - - - - - - - - (30,000)

Net 9,787 - - - - (0) - - - 10,362 - 20,149 1,535 - - - 168 1,702 1,517 - 23,369

Other Current Assets

Unit Receivable 697 478 - 13,326 1,634 174 10,585 1,549 - 26,327 21,564 76,334 118 0 44 31 88 283 - 2,934 79,551

Margin Money - - - - - - - - - - - - - - - - - - - - -

Tax Deducted At Source - - - - 11 - - - - - - 11 - - - - - - - - 11

Others assets - - - - - - - - - - - - - - - - - - - - -

TOTAL 13,319 2,383 45 59,285 8,883 484 10,763 3,122 635 40,936 21,728 161,583 2,057 224 2,204 114 317 4,916 1,950 3,215 171,665

Schedule F-4

Current Liabilities and Provisions (Rs. In '000)


Equity


Fund


total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension

Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total

Payable for Purchase of Investments (11,959) (660) - - - (337) - (8,006) - (21,645) - (42,607) (1,578) (85) - - (48) (1,711) (1,932) - (46,251)

Interest recevied in Advance - - - - - - - - - - - - - - - - - - - - -

Other Current Liabilities

Management fees payable - - - - - - - - - - - - - - - - - - - - -

Unit Payable - - (0) - - - - - (86,286) - - (86,286) - - - - - - - (790) (87,076)

TOTAL (11,959) (660) (0) - - (337) - (8,006) (86,286) (21,645) - (128,893) (1,578) (85) - - (48) (1,711) (1,932) (790) (133,327)

121

FORM A-RA (UL)


IRDA Registration No: 138


FUND REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2020

(Rs. In '000)

Particulars

Schedule

Enhanced

Equity


Fund

Accelerator Stable Discontinuance

Bluechip Opportunity

Linked Life

total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension

Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders

Total


Interest Income** 680 6,826 188 98,097 24,491 10,509 4,752 5,564 59,241 1,084 3,293 214,725 112 937 4,975 957 61 7,043 486 17,476 239,730

Dividend Income 14,556 1,924 8 - - 6,197 21,393 1,826 - 16,550 10,494 72,947 2,103 273 - - 1,195 3,571 3,374 - 79,892

Profit/(Loss) on sale of Investments 9,991 23,181 107 36,918 (2,673) (12,348) 15,596 17,099 - (25,766) (81,692) (19,586) 2,179 4,177 1,969 (33) 11,322 19,614 7,608 223 7,859

Miscellaneous Income (0) 0 0 (0) (0) 0 0 0 - (0) 0 1 (0) 0 (0) - 0 1 (0) - 2

Unrealised gains/loss* (279,960) (51,714) (159) 31,094 3,670 (73,066) (331,516) (45,422) - (330,808) (161,890) (1,239,770) (40,406) (8,004) 1,398 73 (31,946) (78,886) (54,523) - (1,373,179)

Total (A) (254,733) (19,783) 145 166,109 25,488 (68,708) (289,775) (20,933) 59,241 (338,940) (229,795) (971,682) (36,011) (2,617) 8,342 997 (19,368) (48,657) (43,055) 17,699 (1,045,696)

Fund Management expenses 12,555 2,724 37 14,133 3,312 9,409 24,967 2,674 5,036 15,385 12,157 102,388 1,800 404 710 147 1,072 4,133 669 621 107,811

Goods and Service tax on Linked charges 2,260 490 7 2,544 596 1,694 4,494 481 907 2,769 2,188 18,430 324 73 128 26 193 744 120 112 19,406

Swachh Bharat Tax - - - - - - - - - - - - - - - - - - - - -

KK Cess - - - - - - - - - - - - - - - - - - - - -

Diminution in the value of investments (Net) - - - - - - - - - - - - - - - - - - - - -

Other charges F-5 5,184 1,095 10 12,842 3,939 4,479 19,922 2,092 7,152 16,085 14,491 87,291 691 126 282 111 431 1,641 1 - 88,933

Total (B) 19,999 4,309 53 29,519 7,847 15,582 49,383 5,247 13,095 34,239 28,836 208,109 2,815 603 1,120 284 1,696 6,518 790 733 216,149

Net Income/(Loss) for the year (A-B) (274,732) (24,092) 93 136,590 17,641 (84,290) (339,158) (26,181) 46,146 (373,179) (258,631) (1,179,791) (38,826) (3,220) 7,222 713 (21,064) (55,175) (43,845) 16,966 (1,261,846)

Add: Fund Revenue Account at the beginning of the year 1,166,167 184,016 2,585 497,819 66,040 517,151 1,071,846 101,406 442,579 126,946 22,214 4,198,768 176,277 36,331 42,591 13,393 95,456 364,048 237,192 68,516 4,868,524

Fund Revenue Account at the end of the year 891,435 159,924 2,678 634,410 83,681 432,861 732,688 75,225 488,725 (246,233) (236,417) 3,018,977 137,451 33,111 49,813 14,106 74,391 308,873 193,347 85,482 3,606,678

* Net change in mark to market value of investments

** Interest income includes income from Amortisation of premium / discount on investments

SCHEDULE FORMING PART OF THE FUND REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2020

Schedule F-5

Other Charges (Rs. In '000)


Equity


Fund


total

Pension

Enhanced

Equity

Pension

Balance

Pension

Debt

Pension

Secure

Pension

Index

Linked

Pension

Total

Group

Gratuity

Equity

Unclaimed

amount to

Policyholders Total

Policy administration charge 2,981 641 9 5,304 1,577 2,045 7,091 697 - 7,164 7,013 34,522 353 87 161 46 226 873 - - 35,394

Surrender charge 632 120 - 44 3 - - - - - - 799 158 3 45 20 78 304 - - 1,103

Switching charge 1 1 - 4 5 - 3 1 - 2 1 18 - - - - - - - - 18

Mortality charge 1,419 306 1 6,668 1,886 2,434 11,005 1,206 - 7,962 6,905 39,792 180 36 76 45 127 465 0 - 40,257

Waiver premium charge 151 27 - 822 466 - 1,816 188 - 957 572 4,999 - - - - - - - - 4,999

Auto rebalancing charge - - - - - - - - - - - - - - - - - - - - -

Discontinuance charge - - - - - - - - 7,152 - - 7,152 - - - - - - - - 7,152

Premium Redirection charge - - - - 2 - 7 0 - 0 0 9 - - - - - - - - 9

Life Style charge - - - - - - - - - - - - - - - - - - - - -

TOTAL 5,184 1,095 10 12,842 3,939 4,479 19,922 2,092 7,152 16,085 14,491 87,291 691 126 282 111 431 1,642 1 - 88,933

122

Aegon Life Insurance Company Limited.

Annexure 5 – Notes to Accounts

ADDITIONAL DISCLOSURES FOR UNIT LINKED BUSINESS FOR THE PERIOD ENDED MARCH 31, 2021.

1. Performance of the Fund (Absolute growth %):

Fund name Year of

inception As at March

31, 2021 As at March

31, 2020 As at March

31, 2019 Since

inception

Enhanced Equity Fund 2008-09 67.13% -27.81% 13.97% 250.54%

Balanced Fund 2008-09 38.19% -12.43% 10.41% 196.13%

Debt Fund 2008-09 7.01% 12.35% 6.78% 202.13%

Secure Fund 2008-09 5.00% 6.71% -2.43% 120.27%

Conservative Fund 2009-10 15.64% 3.35% 7.64% 167.25%

Accelerator Fund 2010-11 56.96% -18.09% 11.98% 142.69%

Stable Fund 2010-11 38.76% -13.15% 10.94% 120.29%

Pension Enhanced Equity Fund 2008-09 67.10% -27.70% 14.07% 460.79%

Pension Balance Fund 2008-09 38.77% -12.66% 11.34% 223.72%

Pension Debt Fund 2008-09 7.05% 12.21% 6.33% 140.20%

Pension Secure Fund 2008-09 4.91% 5.77% 5.72% 123.93%

Pension Index Fund 2008-09 69.27% -25.87% 14.68% 430.42%

NAV Protector Fund 2009-10 21.46% -13.62% 10.46% 106.91%

Group Equity Fund 2010-11 68.47% -27.79% 15.28% 187.99%

Discontinuance Fund 2010-11 4.01% 5.45% 6.03% 92.01%

Blue Chip Equity Fund 2014-15 66.74% -27.95% 13.98% 69.23%

Opportunity Fund 2016-17 82.08% -24.39% 5.23% 65.23%

*Segregated Fund Identification Number ‘SFIN’ for each fund is mentioned in point no.10 at the end

of this annexure.

2. Investment Management

a) Activities outsourced

➢ Nil

b) Fees paid for various activities charged to Policyholders’ Account

➢ Fees paid to Outsourced party charged to Policyholders’ Account is Rs. Nil (Previous year

Rs. Nil)

c) Basis of Payment of fees

➢ Not Applicable

3. Related Party Transactions:

Not Applicable

a) Brokerage Paid or Purchases and Sales:

There are no brokerage paid or purchases and sales from / to any entity in the promoter group

from any related party investments held in the Promoter Group as at March 31, 2021 (Previous

year Rs. Nil)

123

4. Company Wise details of investments held in the Promoter Group:

There are no Investments held in the Promoter Group as of 31st March’ 2021. 5. Unclaimed redemption of units

There are no unclaimed redeemed units as on 31st March’ 2021 (Previous year Rs. Nil).

6. Net Asset Value (in Rs.): Highest, Lowest and Closing during the year:

Fund name As at March 31, 2021 As at March 31, 2020

Highest Lowest Closing Highest Lowest Closing

Enhanced Equity Fund 36.5687 19.9736 35.0538 30.1298 18.8741 20.9737

Balanced Fund 30.293 20.7023 29.6777 26.5273 19.8108 21.4766

Debt Fund 30.5022 27.727 30.2316 28.428 24.9859 28.2522

Secure Fund 22.0856 20.9704 22.0438 20.9932 19.6766 20.9932

Conservative Fund 27.039 22.8922 26.8108 24.361 22.3398 23.1846

Accelerator Fund 25.1903 14.6431 24.2617 20.3447 13.7033 15.4571

Stable Fund 22.5321 15.3004 22.0917 19.7478 14.7332 15.9207

Pension Enhanced Equity Fund

58.4521 31.9539 56.0695 48.0904 30.1881 33.5552

Pension Balanced Fund 33.4817 22.7154 32.7381 29.1834 21.8238 23.5916

Pension Debt Fund 24.4414 22.2053 24.2226 22.7737 20.0413 22.6284

Pension Secure Fund 22.6068 21.5297 22.5838 21.5272 20.3554 21.5272

Pension Index Fund 55.3163 29.5263 53.1028 44.943 27.8278 31.3722

NAV Protector Fund 21.3641 16.8539 20.691 20.459 16.808 17.0349

Group Equity Fund 30.0132 16.2741 28.7821 24.5813 15.3727 17.0848

Discontinued Policy Fund 19.2013 18.4633 19.2013 18.4607 17.5094 18.4607

Blue Chip Equity Fund 17.6428 9.6714 16.923 14.5972 9.1383 10.1493

Opportunity fund 17.05 8.8246 16.5227 12.8136 8.4076 9.0743

7. Expenses and Gross Income charges to Fund (%)

Annualised expense ratio and gross income ratio (including unrealised gains) to average daily net

assets of the Fund.

Investment

Fund name

Period ended Period ended

31-Mar-21 31-Mar-20

Expense ratio (%)

Gross Income ratio (%)

Expense ratio (%)

Gross Income ratio (%)

Enhanced Equity Fund 1.25% 50.95% 1.25% -26.55%

Balanced Fund 1.25% 32.84% 1.25% -10.56%

Debt Fund 1.10% 8.03% 1.10% 11.63%

Secure Fund 1.00% 5.95% 1.00% 6.52%

124

Conservative Fund 1.10% 15.63% 1.10% 3.08%

Accelerator Fund 1.35% 45.88% 1.35% -17.11%

Stable Fund 1.35% 33.26% 1.35% -12.16%

Pension Enhanced Equity Fund 1.25% 50.61% 1.25% -26.20%

Pension Balanced Fund 1.25% 33.05% 1.25% -9.58%

Pension Debt Fund 1.10% 8.11% 1.10% 11.62%

Pension Secure Fund 1.00% 5.92% 1.00% 5.61%

Pension Index Fund 1.25% 52.29% 1.25% -24.05%

NAV Protector Fund 1.45% 22.00% 1.45% -12.30%

Group Equity Fund 0.30% 52.75% 0.30% -18.95%

Discontinued Policy Fund 0.50% 4.49% 0.50% 5.29%

Blue Chip Equity Fund 1.35% 50.32% 1.35% -31.02%

Opportunity fund 1.35% 59.58% 1.35% -27.10%

8. Provision for doubtful debts on assets of the respective fund

(Rs. ‘000)

Fund name As at March 31, 2021 As at March 31, 2020

Total Amount % Total Amount %

Fund NIL NIL

9. Fund wise disclosure of appreciation and / or (depreciation) in value of investments

segregated class wise


(Rs. ‘000)

Fund Name Equity Government Security

Corporate Bonds

Total

Enhanced Equity Fund 149,892 - 14,573 164,465

Balanced Fund 34,851 1,878 477 37,206

Conservative Fund 260 73 - 333

Debt Fund - (4,332) 39,166 34,834

Secure Fund - (1,026) (726) (1,752)

Accelerator Fund 303,613 - 17,704 321,316

Stable Fund 36,459 1,396 (21) 37,834

Pension Enhanced Equity Fund

21,543 - 1,755 23,298

Pension Balanced Fund 5,657 114 154 5,924

Pension Debt Fund - (201) 1,274 1,073

Pension Secure Fund - (153) 23 (130)

Pension Index Fund 44,376 - - 44,376

NAV Protector Fund 30,348 - - 30,348

Group Equity Fund 19,888 - 833 20,722

Discontinuance Fund

-

Blue Chip Equity Fund 213,722 - 22,931 236,653

Opportunity Fund 258,716 - - 258,716

125


(Rs. ‘000)

Fund name Equity Government Security

Corporate Bonds*

Total

Enhanced Equity Fund (142,782) - (22,392) (165,174) Balanced Fund (17,801) 2,066 494 (15,241)

Conservative Fund 25 82 - 107 Debt Fund - 7,681 45,622 53,303

Secure Fund - 370 1,227 1,597 Accelerator Fund (51,331) - (54,829) (106,161)

Stable Fund (21,080) 1,874 130 (19,076) Pension Enhanced

Equity Fund (20,444) - (3,554) (23,998)

Pension Balanced Fund (1,964) 282 46 (1,637) Pension Debt Fund - 409 1,813 2,221 Pension Secure Fund - 11 - 11 Pension Index Fund 10,369 - - 10,369 NAV Protector Fund (15,713) - - (15,713) Group Equity Fund (22,696) - (5,105) (27,801) Discontinuance Fund - Blue Chip Equity Fund (222,019) - (34,132) (256,151) Opportunity Fund (110,871) - - (110,871)

10. Details of SFIN for each segregated funds:

Fund name SFIN

Enhanced Equity Fund ULIF00105/07/08EEF0138

Balanced Fund ULIF00205/07/08BF0138

Conservative Fund ULIF00310/07/08CONSERVATE0138

Debt Fund ULIF00405/07/08DB0138

Secure Fund ULIF00505/07/08SF0138

Accelerator Fund ULIF01203/09/10ACCELERATE0138

Stable Fund ULIF01303/09/10STABLE0138

Pension Enhanced Equity Fund ULIF00605/01/09PEEQUITY0138

Pension Balanced Fund ULIF00705/01/09PBALANCE0138

Pension Debt Fund ULIF00805/01/09PDEBT0138

Pension Secure Fund ULIF00905/01/09PSECURE0138

Pension Index Fund ULIF01005/01/09PINDEX0138

NAV Protector Fund ULIF01124/08/09NAVPF0138

Group Equity Fund ULGF00228/03/11GEQUITY0138

Discontinuance Fund ULIF01403/09/10DISCONPF0138

Blue Chip Equity Fund ULIF01511/02/14BLUECHIPEQ0138

Opportunity Fund ULIF01627/06/16OPPORTUN0138

126

11. Industry wise disclosure of Investments

The industry-wise disclosure of Investments as required under the guidelines is given below for each

Fund. The industry classification is as per National Industrial Classification Code for Extra Territorial

Organizations and Bodies in India.

The category ‘Others’ also includes ‘Net current assets’ in the Fund.

ACCELERATOR FUND

Sector Name Script Name Market Value

of Assets "000"

% of Net

Assets

Infrastructure

Bharat Petroleum Corporation Limited 17,973.90 0.97%

Bharti Airtel Limited 33,520.01 1.81%

Reliance Industries Limited 138,107.74 7.46%

Container Corporation Of India Limited 19,734.00 1.07%

Infrastructure Total 209,335.64 11.30%

Financial And Insurance Activities

Axis Bank Limited 17,506.00 0.94%

Hdfc Bank Limited 79,141.05 4.27%

Icici Bank Limited 87,769.04 4.74%

Kotak Mahindra Bank Limited 40,140.19 2.17%

State Bank Of India 36,430.00 1.97%

Housing Development Finance Corporation Limited

76,207.04 4.11%

Indusind Bank Limited 34,909.01 1.88%

Max Financial Services Limited 9,110.17 0.49%

Hdfc Life Insurance Company Limited 21,582.20 1.17%

Sbi Cards And Payment Services Private Limited

18,286.53 0.99%

Financial And Insurance Activities Total 421,081.21 22.73%

Computer Programming, Consultancy And Related Activities

Infosys Limited 162,600.95 8.78%

Tata Consultancy Services Limited 99,298.28 5.36%

Computer Programming, Consultancy And Related Activities Total

261,899.23 14.14%

Manufacture Of Motor Vehicles, Trailers And Semi-Trailers

Tata Motors Limited 32,264.83 1.74%

Ashok Leyland Limited 17,748.11 0.96%

Bosch Limited 26,824.31 1.45%

Endurance Technologies Limited 30,381.11 1.64%

Manufacture Of Motor Vehicles, Trailers And Semi-Trailers Total

107,218.37 5.79%

Mutual Fund

Sbi-Etf Nifty Bank 58,234.75 3.14%

Nippon India Etf Bankbees Exchange Traded Scheme

85,407.15 4.61%

Nippon India Mutual Fund - Nippon India Etf Nifty It

20,936.00 1.13%

Mutual Fund Total 164,577.90 8.88%

Manufacture Of Chemicals And Chemical Products

Hindustan Unilever Limited 87,524.27 4.72%

Dabur India Limited 9,188.50 0.50%

Srf Limited 23,807.52 1.29%

Pidilite Industries Limited 20,111.48 1.09%

127

Manufacture Of Chemicals And Chemical Products Total

140,631.78 7.59%

Others

Cipla Limited 26,312.24 1.42%

Hindalco Industries Limited 28,109.10 1.52%

Itc Limited 18,943.95 1.02%

Tata Steel Limited 22,731.80 1.23%

Ultratech Cement Limited 30,859.81 1.67%

Abb India Limited 18,612.66 1.00%

Titan Company Limited 16,739.69 0.90%

Dr Reddys Laboratories Limited 14,351.85 0.77%

Jsw Steel Limited 12,179.70 0.66%

Crompton Greaves Consumer Electricals Limited

4,867.00 0.26%

Info Edge (India) Limited 8,775.13 0.47%

Current Assets 24,609.73 1.33%

Divis Laboratories Limited 38,485.00 2.08%

Tata Consumer Products Limited 9,583.50 0.52%

Nestle India Limited 20,237.77 1.09%

Bharat Forge Limited 36,090.73 1.95%

Johnson Controls - Hitachi Air Conditioning India Limited

20,716.81 1.12%

Oberoi Realty Limited 9,202.40 0.50%

Varun Beverages Limited 18,419.18 0.99%

Treps - 05Apr2021 30,213.84 1.63%

Ambuja Cements Limited 30,267.30 1.63%

Honeywell Automation India Limited 84,466.65 4.56%

Sundram Fasteners Limited 22,988.12 1.24%

Others Total 547,763.97 29.57%

Grand Total 1,852,508.10 100.00

%

BALANCED FUND


of Assets "000"

% of Net

Assets

CBLO & Other Money Market Securities Treps - 05Apr2021 15,420.29 7.12%

CBLO & Other Money Market Securities Total

15,420.29 7.12%

Infrastructure

Bharat Petroleum Corporation Limited 637.22 0.29%


Ntpc Limited 964.28 0.45%

Power Grid Corporation Of India Limited

1,032.10 0.48%


Oil & Natural Gas Corporation Limited 691.15 0.32%

Indian Oil Corporation Limited 432.98 0.20%

7.85% Ncd Power Finance Corporation Ltd. Md 03/04/2028

1,078.19 0.50%

9.41% Ncd India Infrastructure Finance Company Ltd. Md 27/07/2037

2,472.36 1.14%

128

8.49% Ncd Lnt Infra Debt Fund Ltd Md.28/01/2025

8,080.48 3.73%

7.14% National Highways Authority Of India Md 10/09/2040

8,078.56 3.73%








Yes Bank Limited 58.31 0.03%


8,548.50 3.95%


Bajaj Finserv Limited 1,111.89 0.51%

Bajaj Finance Limited 2,600.67 1.20%

10.15% Ncd Bajaj Finance Ltd. Md 19/09/2024

3,440.39 1.59%


Cp Hdb Financial Services Ltd Md 06/08/2021

1,478.00 0.68%

Sbi Life Insurance Company Limited 656.23 0.30%



Hcl Technologies Limited 1,990.85 0.92%



Tech Mahindra Limited 1,138.18 0.53%

Wipro Limited 1,141.81 0.53%


19,767.66 9.13%

Sovereign Industry

8.83% Gsec Md 12/12/2041 366.69 0.17%

8.03% Food Corporation Of India Spcial Bond Md 15/12/2024

1,293.07 0.60%

7.95% Fertiliser Bond Md 18/02/2026 31,364.16 14.49%

7.17% Gsec Md 08/01/2028 8,057.04 3.72%

8.15% Gsec Md 24/11/2026 548.00 0.25%

5.77% Gsec Md 03/08/2030 6,730.10 3.11%

6.22% Gsec Md 16/03/2035 956.07 0.44%

6.45% Gsec Md 07/10/2029 7,830.22 3.62%

Sovereign Industry Total 57,145.35 26.40%

Others

Asian Paints Limited 2,133.95 0.99%

Bajaj Auto Limited 888.29 0.41%

Cipla Limited 768.64 0.36%

Coal India Limited 506.54 0.23%

Grasim Industries Limited 1,069.06 0.49%

Hero Motocorp Limited 705.09 0.33%

Hindalco Industries Limited 890.67 0.41%


129

Itc Limited 3,540.36 1.64%

Maruti Suzuki India Limited 1,701.08 0.79%




Larsen & Toubro Limited 3,213.81 1.48%

Mahindra & Mahindra Limited 1,421.11 0.66%

Sun Pharmaceutical Industries Limited 1,205.16 0.56%


Britannia Industries Limited 797.51 0.37%


Eicher Motors Limited 674.42 0.31%

Jsw Steel Limited 866.63 0.40%

Upl Limited 655.33 0.30%


Divis Laboratories Limited 854.98 0.39%

Tata Consumer Products Limited 472.79 0.22%


Shree Cement Limited 736.64 0.34%

8.70% Ncd Lic Housing Finance Ltd. Md 23/03/2029

1,130.34 0.52%

Others Total 37,460.18 17.31%

Grand Total 216,458.01 100%

CONSERVATIVE FUND


of Assets "000"

% of Net

Assets

CBLO & Other Money Market Securities Treps - 05Apr2021 425.84 11.68%


425.84 11.68%


Axis Bank Limited 17.44 0.48%

Hdfc Bank Limited 61.24 1.68%

Icici Bank Limited 40.75 1.12%

Kotak Mahindra Bank Limited 24.54 0.67%

State Bank Of India 14.21 0.39%



44.97 1.23%

Indusind Bank Limited 6.68 0.18%

Bajaj Finserv Limited 9.67 0.27%

Bajaj Finance Limited 15.45 0.42%

Hdfc Life Insurance Company Limited 3.48 0.10%


Financial And Insurance Activities Total 240.48 6.60%

Sovereign Industry

9.23% Gsec Md 23/12/2043 38.31 1.05%

7.17% Gsec Md 08/01/2028 837.10 22.96%

8.15% Gsec Md 24/11/2026 548.00 15.03%

130

6.17% Gsec Md 15/07/2021 201.51 5.53%

7.40% Gsec Md 09/09/2035 532.20 14.60%

5.77% Gsec Md 03/08/2030 96.14 2.64%

6.45% Gsec Md 07/10/2029 200.77 5.51%


Others

Asian Paints Limited 12.69 0.35%



Bharti Airtel Limited 11.90 0.33%



Grasim Industries Limited 7.25 0.20%

Hcl Technologies Limited 13.76 0.38%



Hindustan Unilever Limited 19.45 0.53%

Infosys Limited 47.88 1.31%

Itc Limited 21.41 0.59%

Maruti Suzuki India Limited 6.86 0.19%



6.69 0.18%

Reliance Industries Limited 62.10 1.70%

Tata Consultancy Services Limited 31.78 0.87%

Tata Motors Limited 7.55 0.21%

Tata Steel Limited 8.12 0.22%

Tech Mahindra Limited 8.92 0.24%

Ultratech Cement Limited 6.74 0.18%

Wipro Limited 8.70 0.24%

Larsen & Toubro Limited 15.61 0.43%

Mahindra & Mahindra Limited 10.34 0.28%


Sun Pharmaceutical Industries Limited 8.97 0.25%

Titan Company Limited 7.79 0.21%


Dr Reddys Laboratories Limited 4.52 0.12%




Current Assets 142.01 3.90%


Others Total 525.58 14.42%

Grand Total 3,645.93 100.00

%

DEBT FUND


of Assets "000" % of Net

131

Assets

Infrastructure


48,518.55 3.42%

8.79% Ncd Indian Railway Finance Corporation Ltd. Md 04/05/2030

17,080.83 1.21%


3,406.21 0.24%

8.56% Ncd Rural Electrification Corporation Ltd. Md 29/11/2028

54,058.18 3.81%


8,080.48 0.57%


22,216.04 1.57%

7.98% Ncd National Highways Authority Of India 23/12/2049

53,476.03 3.77%


1,062.71 0.07%

8.65% Reliance Industries Ltd 11/12/2028

107,838.05 7.61%

8.95% Reliance Industries Limited Md 09/11/2028

11,396.59 0.80%




50,459.02 3.56%

10.20% Ncd Hdb Financial Services Ltd. Md 17/10/2023

87,794.68 6.20%


53,495.65 3.77%

9.37% Tata Capital Financial Services Ltd. Md 31/03/2025

105,563.43 7.45%


Sovereign Industry

9.23% Gsec Md 23/12/2043 446.90 0.03%

7.72% Gsec Md 26/102055 4,493.08 0.32%

7.17% Gsec Md 08/01/2028 87,371.81 6.17%

7.63% Gsec Md 17/06/2059 33.42 0.00%

5.77% Gsec Md 03/08/2030 77,107.73 5.44%

6.22% Gsec Md 16/03/2035 88,436.48 6.24%

6.45% Gsec Md 07/10/2029 128,596.26 9.07%

6.67% Gsec Md 17/12/2050 187.63 0.01%

7.08% State Govt Of Gujarat Md 10/03/2031

48,955.68 3.45%

6.97% Karnataka Sdl Md 30/09/2031 48,572.50 3.43%

7.29% State Govt Of Karnataka Md10/03/2039

50,122.18 3.54%


Housing Sector

7.90% Ncd Housing Development Finance Corporation Ltd Md.24/08/2026

31,983.81 2.26%


102,861.12 7.26%

7.25% Ncd Housing Development Finance Corporation Ltd Md 17/06/2030

49,293.79 3.48%

132

Housing Sector Total 184,138.72 12.99%

Others Current Assets 33,749.98 2.38%

Treps - 05Apr2021 40,490.00 2.86%

Others Total 74,239.98 5.24%

Grand Total 1,417,148.80 100.00

%

ENHANCED EQUITY FUND


of Assets "000"

% of Net

Assets

Infrastructure





Mfg Of Pharmaceuticals, Medicinal Chemical And Botanical





Mfg Of Pharmaceuticals, Medicinal Chemical And Botanical Total

68,920.63 6.87%








46,899.33 4.67%


The Federal Bank Limited 4,669.28 0.47%









141,127.80 14.06%

Mutual Fund



31,583.90 3.15%


20,936.00 2.09%




Srf Limited 14,825.59 1.48%

Deepak Nitrite Limited 10,932.90 1.09%


55,583.27 5.54%

Others Bajaj Auto Limited 10,428.17 1.04%

133


Itc Limited 14,042.12 1.40%












Treps - 05Apr2021 30,137.87 3.00%





Others Total 295,216.00 29.41%

Grand Total 1,003,721.85 100.00

%

GROUP EQUITY FUND


of Assets "000"

% of Net

Assets

Infrastructure











10,170.91 6.88%








6,812.32 4.61%


The Federal Bank Limited 697.36 0.47%



134







20,382.22 13.79%

Mutual Fund



6,206.59 4.20%


2,617.00 1.77%




Srf Limited 2,164.32 1.46%



8,041.29 5.44%

Others

Bajaj Auto Limited 1,504.95 1.02%


Itc Limited 2,081.21 1.41%











Oberoi Realty Limited 678.68 0.46%

Treps - 05Apr2021 6,521.59 4.41%





Others Total 45,700.28 30.92%

Grand Total 147,801.90 100.00

%

DISCONTINUANCE POLICY FUND


of Assets "000"

% of Net

Assets

Infrastructure Cp Power Finance Corporation Cp 30/07/2021

98,725.45 8.17%




89,665.39 7.42%

Cp Bajaj Finance Limited Md 98,926.90 8.18%

135

30/06/2021

Cp Tata Capital Financial Services Ltd. Md 06/07/2021

98,652.50 8.16%


Sovereign Industry

364 Days Treasury Bill Md 03/06/2021 19,884.21 1.64%









Housing Sector Cp Lic Housing Finance Ltd Md 14/02/2022

96,282.81 7.96%


Others Current Assets -17,854.57 -1.48%

Treps - 05Apr2021 46,873.64 3.88%

Others Total 29,019.07 2.40%

Grand Total 1,208,842.08 100.00

%

NAV PROTECTOR FUND


of Assets "000"

% of Net

Assets

Infrastructure



Ntpc Limited 2,041.50 0.74%


2,191.65 0.80%


Oil & Natural Gas Corporation Limited 1,475.05 0.54%


Adani Ports And Special Economic Zone Limited

2,025.72 0.74%










11,573.70 4.21%



136












30,690.35 11.17%




Upl Limited 1,395.38 0.51%


14,463.33 5.27%

Others



Coal India Limited 1,081.25 0.39%


Hero Motocorp Limited 1,491.76 0.54%


Itc Limited 7,524.92 2.74%









Britannia Industries Limited 1,685.65 0.61%


Eicher Motors Limited 1,432.17 0.52%






Shree Cement Limited 1,591.13 0.58%

Treps - 05Apr2021 7,565.20 2.75%

364 Days Treasury Bill Md 16/09/2021 983.78 0.36%

Others Total 134,981.72 49.14%

Grand Total 274,690.42 100.00

%

PENSION BALANCED FUND

Sector Name Script Name Market Value % of

137

of Assets "000" Net Assets



3,457.72 10.22%

Infrastructure


Bharti Airtel Limited 332.62 0.98%



148.15 0.44%





1,078.19 3.19%


1,009.82 2.98%


1,062.71 3.14%



Axis Bank Limited 485.43 1.43%



Kotak Mahindra Bank Limited 708.21 2.09%

State Bank Of India 385.79 1.14%



1,234.06 3.65%








Hcl Technologies Limited 295.78 0.87%


Tata Consultancy Services Limited 892.98 2.64%




2,860.22 8.45%

Sovereign Industry


7.17% Gsec Md 08/01/2028 1,569.55 4.64%

7.40% Gsec Md 09/09/2035 1,383.72 4.09%

5.77% Gsec Md 03/08/2030 1,153.73 3.41%


Housing Sector 8.70% Ncd Lic Housing Finance Ltd. Md 23/03/2029

2,260.68 6.68%


138

Others

Asian Paints Limited 317.18 0.94%







Hindustan Unilever Limited 581.13 1.72%

Itc Limited 511.07 1.51%

Maruti Suzuki India Limited 253.79 0.75%



Ultratech Cement Limited 208.88 0.62%

Larsen & Toubro Limited 463.98 1.37%

Mahindra & Mahindra Limited 210.74 0.62%











Nestle India Limited 171.65 0.51%


Others Total 6,131.00 18.11%

Grand Total 33,847.24 100.00

%

PENSION DEBT FUND


of Assets "000"

% of Net

Assets

Infrastructure


2,156.38 3.38%

8.79% Ncd Indian Railway Finance Corporation Ltd. Md 04/05/2030

1,138.72 1.78%


2,252.42 3.53%

9.30% Ncd Power Grid Corporation Md 28/06/2027

1,431.23 2.24%


1,009.82 1.58%

7.98% Ncd National Highways Authority Of India 23/12/2049

2,228.17 3.49%

8.65% Reliance Industries Ltd 11/12/2028

4,493.25 7.04%

8.95% Reliance Industries Limited Md 09/11/2028

1,139.66 1.79%

139




2,293.59 3.60%


5,556.63 8.71%


4,444.78 6.97%


Sovereign Industry

7.17% Gsec Md 08/01/2028 3,662.29 5.74%

5.77% Gsec Md 03/08/2030 3,845.77 6.03%

6.22% Gsec Md 16/03/2035 4,780.35 7.49%

6.45% Gsec Md 07/10/2029 6,725.96 10.54%


2,039.82 3.20%

6.97% Karnataka Sdl Md 30/09/2031 2,023.85 3.17%

7.29% State Govt Of Karnataka Md10/03/2039

2,088.42 3.27%


Housing Sector


4,521.37 7.09%

7.25% Ncd Housing Development Finance Corporation Ltd Md 17/06/2030

2,053.91 3.22%



Treps - 05Apr2021 2,470.09 3.87%

Others Total 3,908.88 6.13%

Grand Total 63,795.27 100.00

%

PENSION ENHANCED EQUITY FUND


of Assets "000"

% of Net

Assets

Infrastructure











9,990.63 6.81%








6,924.73 4.72%

140


The Federal Bank Limited 629.14 0.43%









20,622.69 14.05%

Mutual Fund



6,363.67 4.34%


2,617.00 1.78%




Srf Limited 2,164.32 1.47%



8,765.88 5.97%

Others



Itc Limited 2,043.85 1.39%







Current Assets -364.60 -0.25%




Oberoi Realty Limited 678.68 0.46%

Treps - 05Apr2021 5,792.86 3.95%





Others Total 43,391.85 29.56%

Grand Total 146,793.30 100.00

%

PENSION INDEX FUND


of Assets "000"

% of Net

Assets

Infrastructure Bharat Petroleum Corporation Limited 501.99 0.57%

141




790.79 0.90%




Adani Ports And Special Economic Zone Limited

734.71 0.84%










6,080.38 6.95%














14,585.17 16.67%






5,051.94 5.77%

Others







Itc Limited 2,592.94 2.96%





142












Nestle India Limited 858.26 0.98%


Treps - 05Apr2021 696.74 0.80%

Others Total 21,020.80 24.03%

Grand Total 87,494.56 100.00

%

PENSION SECURE FUND


of Assets "000"

% of Net

Assets

CBLO & Other Money Market Securities Treps - 05Apr2021 955.65 6.80%


955.65 6.80%

Sovereign Industry

6.17% Gsec Md 15/07/2021 3,828.60 27.24%

7.89% State Govt Of Maharashtra Md 31/01/2024

3,728.46 26.53%

7.68% Gsec Md 15/12/2023 2,138.52 15.22%

364 Days Treasury Bill Md 16/12/2021 488.20 3.47%


2,069.30 14.72%


Housing Sector 7.99% Ncd Housing Development Finance Corporation Ltd. Md 11/07/2024

1,076.18 7.66%


Others Current Assets -231.84 -1.65%

Others Total -231.84 -1.65%

Grand Total 14,053.07 100.00

%

SECURE FUND


of Assets "000"

% of Net

Assets



31,651.28 8.43%

Infrastructure 8.49% Ncd Lnt Infra Debt Fund Ltd Md.28/01/2025

32,321.91 8.61%


143



17,781.20 4.74%


1,111.19 0.30%


31,121.40 8.29%


2,463.33 0.66%


Sovereign Industry

6.17% Gsec Md 15/07/2021 96,722.59 25.76%


44,208.91 11.78%

7.68% Gsec Md 15/12/2023 56,670.89 15.09%




27,749.29 7.39%



8% Ncd Britannia Industries Ltd. Md 28/08/2022

637.95 0.17%

Others Total 6,682.73 1.78%

Grand Total 375,442.20 100.00

%

STABLE FUND


of Assets "000"

% of Net

Assets



17,695.45 7.63%

Infrastructure



Ntpc Limited 1,014.25 0.44%


1,085.37 0.47%





1,078.19 0.47%


5,386.99 2.32%


18,176.76 7.84%


1,062.71 0.46%

7.75% Power Finance Corporation Limited 11/06/2030

1,060.24 0.46%


Financial And Insurance Activities Axis Bank Limited 2,940.45 1.27%


144






8,123.82 3.50%





1,146.80 0.49%



4,926.67 2.12%










21,070.28 9.09%

Sovereign Industry


7.72% Gsec Md 26/102055 3,931.45 1.70%

7.17% Gsec Md 08/01/2028 3,139.11 1.35%

7.40% Gsec Md 09/09/2035 2,182.03 0.94%


5,326.38 2.30%

5.77% Gsec Md 03/08/2030 7,210.82 3.11%

6.22% Gsec Md 16/03/2035 1,434.11 0.62%

6.45% Gsec Md 07/10/2029 7,227.89 3.12%


Others









Itc Limited 3,750.99 1.62%






145















2,260.68 0.97%

Others Total 46,212.53 19.93%

Grand Total 231,867.44 100.00

%

BLUE CHIP EQUITY FUND


of Assets "000"

% of Net

Assets

Infrastructure












105,411.80 6.62%








72,764.66 4.57%










146



217,628.58 13.67%

Mutual Fund



51,300.89 3.22%


31,404.00 1.97%




Srf Limited 23,915.74 1.50%



92,540.38 5.81%

Others



Itc Limited 20,250.14 1.27%














Treps - 05Apr2021 72,429.25 4.55%





Others Total 492,946.90 30.96%

Grand Total 1,592,259.43 100.00

%

OPPORTUNITY FUND


of Assets "000"

% of Net

Assets



84,991.61 5.72%

Infrastructure

Gujarat State Petronet Limited 34,988.80 2.35%

Knr Constructions Limited 14,511.20 0.98%

Mahanagar Gas Limited 18,936.99 1.27%

147

Torrent Power Limited 18,647.20 1.25%



Ipca Laboratories Limited 31,221.50 2.10%

Ajanta Pharma Limited 13,618.44 0.92%

Alembic Pharmaceuticals Limited 12,636.02 0.85%

Emami Limited 35,089.20 2.36%


92,565.16 6.23%


Cholamandalam Investment And Finance Company Limited

41,462.96 2.79%


Max Financial Services Limited 58,483.85 3.93%

Mahindra & Mahindra Financial Services Limited

16,592.43 1.12%

Rbl Bank Limited 5,935.93 0.40%

City Union Bank Limited 29,942.40 2.01%

Muthoot Finance Limited 15,676.70 1.05%

Nippon Life India Asset Management Limited

24,898.88 1.67%

Canara Bank 13,971.96 0.94%

Cholamandalam Financial Holdings Limited

7,430.08 0.50%

Lic Housing Finance Limited 22,437.68 1.51%

Shriram Transport Finance Company Limited

15,645.30 1.05%




Mindtree Limited 45,216.46 3.04%

L&T Technology Services Limited 32,090.96 2.16%

Mphasis Limited 31,621.70 2.13%

Coforge Limited 32,196.45 2.17%


155,626.90 10.47%


Aarti Industries Limited 10,539.60 0.71%

Pi Industries Limited 15,057.34 1.01%

Coromandel International Limited 6,573.61 0.44%

Srf Limited 58,653.07 3.95%


Bayer Cropscience Limited 17,948.78 1.21%

Rallis India Limited 7,584.00 0.51%

Sudarshan Chemical Industries Limited 18,653.40 1.25%


181,723.11 12.22%

Manufacture Of Machinery And Equipment N.E.C.

Voltas Limited 34,066.30 2.29%

Escorts Limited 28,331.60 1.91%

Johnson Controls - Hitachi Air Conditioning India Limited

13,427.46 0.90%

Manufacture Of Machinery And Equipment N.E.C. Total

75,825.36 5.10%

148

Mfg Of Fabricated Metal Products, Except Machinery & Equipments


Sundram Fasteners Limited 25,791.30 1.73%

Mfg Of Fabricated Metal Products, Except Machinery & Equipments Total

82,895.23 5.58%

Others

Bata India Limited 17,718.12 1.19%

The Ramco Cements Limited 35,490.27 2.39%

Balkrishna Industries Limited 11,144.10 0.75%

Crompton Greaves Consumer Electricals Limited

30,405.41 2.05%

Tvs Motor Company Limited 16,381.40 1.10%



Godrej Properties Limited 14,911.55 1.00%

Jindal Steel & Power Limited 27,350.56 1.84%


Syngene International Limited 20,008.74 1.35%

Tube Investments Of India Limited 14,373.90 0.97%

Varun Beverages Limited 14,240.89 0.96%

Whirlpool Of India Limited 9,797.04 0.66%

Ashok Leyland Limited 14,326.08 0.96%



Aditya Birla Capital Limited 7,181.86 0.48%

Bharat Electronics Limited 13,672.68 0.92%

Graphite India Limited 22,528.00 1.52%

Indian Railway Catering And Tourism Corporation Limited

27,057.80 1.82%

Polycab India Limited 17,382.33 1.17%

Steel Authority Of India Limited 11,820.00 0.80%

Others Total 432,201.94 29.07%

Grand Total 1,486,626.86 100.00

%

Grand Total 10,156,996.46 1700.00

%

149


(Rs. In '000)

Sr. No. Particulars As at

March 31, 2021

As at

March 31, 2020

1 Computation of Controlled fund as per the Balance Sheet

Policyholders' Fund (Life Fund)

Participating

Individual Assurance 9,374,004 8,254,063

Individual Pension 26,596 31,309

Any other - -

Non-participating

Individual Assurance 8,343,245 6,625,568

Group Assurance 306,789 180,327

Individual Annuity 2,590 2,987

Non unit reserve - Life 156,409 108,909

Non unit reserve - Pension 2,916 2,273

Non unit reserve - Group Gratuity (0) (0)

Any other (Health) 25,763 20,646

Linked

Unit reserve - Life 8,454,369 6,514,715

Unit reserve - Pension 345,983 257,311

Group Superannuation - -

Unit reserve - Group Gratutiy 147,802 106,025

Any other - -

Funds for Discontinued Policies - Non Payment of Premium 1,208,842 894,500

Funds for Future Appropriations 1,883,613 1,486,035

Fair Value Change - Policyholders' Funds 8,213 (89,426)

Total (A) 30,287,134 24,395,242

Shareholders' Fund

Paid up Capital 14,682,520 14,655,990

Share Application Money - -

Reserves & Surpluses 8,961,705 7,674,705

Fair Value Change - Shareholders' Funds - -

Total (B) 23,644,225 22,330,695

Misc. expenses not written off - -

Credit / (Debit) from Revenue Account (14,502,739) (13,782,963)

Credit / (Debit) from Profit and Loss Account (7,041,120) (6,155,209)

Total (C ) (21,543,859) (19,938,172)

Total shareholders' funds (B+C) 2,100,367 2,392,523

Controlled Fund (Total (A+B+C)) 32,387,500 26,787,765




STATEMENT SHOWING THE CONTROLLED FUND AS AT MARCH 31, 2021

150


March 31, 2021

As at

March 31, 2020

2 Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account

Opening Balance of Controlled Fund 26,787,765 25,397,815

Add: Inflow

Income

Premium Income 5,260,716 5,757,367

Less: Reinsurance ceded (714,210) (616,014)

Net Premium 4,546,506 5,141,353

Investment Income 4,785,204 225,206

Other Income 21,170 4,319

Funds transferred from Shareholders' Accounts - -

Total Income 9,352,880 5,370,878

Less: Outgo

(i) Benefits paid (Net) (3,096,254) (2,802,800)

(ii) Interim Bonus Paid (810) (1,087)

(iii) Change in Valuation of Liability (5,396,675) (1,070,990)

(iv) Commission (50,615) (46,219)

(v) Operating Expenses (1,065,562) (1,410,013)

(vi) Service Tax on linked charges (34,168) (36,602)

(vii) Provision for Doubtful debts (1,076) 4,947

(viii) Provision for Taxation

(a) Income Tax - -

(ix) Provisions (other than taxation)

(a) For diminution in the value of investments (Net) - (12,500)

Total Outgo (9,645,160) (5,375,264)

Surplus of the Policyholders' Fund (292,280) (4,386)

Less: transferred to Shareholders' Account (29,917) (29,959)

Net Flow in Policyholders' account (322,197) (34,345)

Add: Net income in Shareholders' Fund (885,911) (784,467)

Net In Flow / Outflow (1,208,108) (818,812)

Add: change in valuation Liabilities 5,396,675 1,070,989

Add: Increase in Paid up Capital 26,530 24,898

Add: Share Application Money - -

Add: Share Premium 1,287,000 1,207,800

Add: Fair Value Change Account - Shareholders' Fund - -

Add: Fair Value Change Account - Policyholders' Fund 97,638 (94,925)

Closing Balance of Controlled Fund 32,387,500 26,787,765

As Per Balance Sheet 32,387,500 26,787,765

151


March 31, 2021

As at

March 31, 2020

3 Reconciliation with Shareholders' and Policyholders' Fund

Policyholders' Funds

3.1 Policyholders' Funds - Traditional-PAR and NON-PAR

Opening Balance of the Policyholders' Fund 16,712,116 13,855,673

Add: Surplus of the Revenue Account transferred to Balance Sheet 397,578 239,364

Add: change in valuation Liabilities 3,012,230 2,617,079

Total 20,121,924 16,712,116

As per Balance Sheet 20,121,924 16,712,116

3.2 Policyholders' Funds - Linked

Opening Balance of the Policyholders' Fund 7,772,551 9,318,641

Add: Surplus of the Revenue Account transferred to Balance Sheet - -

Add: change in valuation Liabilities 2,384,445 (1,546,090)

Total 10,156,996 7,772,551


3.3 Shareholders' Funds

Opening Balance of Shareholders' Fund 2,392,523 2,218,002

Add: net income of Shareholders' account transferred to Balance Sheet (885,911) (784,467)

Add: net income of Revenue account transferred to Balance Sheet (719,775) (273,710)

Add: Infusion of Capital 26,531 24,898

Add: Share Application Money - -

Add: Share Premium 1,287,000 1,207,800

Add: Fair Value Change Account - -

Closing Balance of the Shareholders' fund 2,100,367 2,392,523


Note 1: The new circular now overrides the Regulation 3 of the Insurance Regulatory and Development Authority (Investment) (Fourth

Amendment) Regulations, 2008, according to which the assets relating to Unit Linked business should not form part of the

Controlled Fund. The Control Fund now includes Shareholders' Investments, Policyholders' investments, Assets held to cover

linked liabilities, Fixed Assets and Net Current Assets.

152


Sr. No Particulars Year ended

March 31, 2021

Year ended

March 31, 2020

Fund for Discontinues Policies

Opening Balance of Funds for Discontinued Policies (Rs. In '000) 894,499 818,196

Add: Fund of policies discontinued during the year (Rs. In '000) 987,155 702,696

Less: Fund of policies revived during the year (Rs. In '000) (369,442) (224,805)

Add: Net Income/ Gains on investment of the Fund (Rs. In '000) 49,267 58,334

Less: Fund Management Charges levied (Rs. In '000) (5,602) (5,036)

Less: Amount refunded to policyholders during the year (Rs. In '000) (347,035) (454,886)

Closing Balance of Fund for Discontinued Policies (Rs. In '000) 1,208,842 894,499

Fund for Discontinues Policies

No. of policies discontinued during the year 5,335 4,927

Percentage of discontinued policies to total policies (product-wise) during the year:-

Aegon Life Assure Plan 0.00% 0.00%

Aegon Life Future Protect Insurance Plan 3.02% 6.01%

Aegon Life Future Protect Plan 0.00% 0.00%

Aegon Life Future Protect Plus Insurance Plan 2.43% 5.91%

Aegon Life Future Protect Plus Plan 0.00% 0.00%

Aegon Life Future Protect Premier 0.00% 0.00%

Aegon Life i Max Plan - Regular Option 1 0.00% 0.00%

Aegon Life i Max Plan - Regular Option 2 0.00% 0.00%

Aegon Life iInvest Insurance Plan 20.19% 20.12%

Aegon Life iMaximize Insurance Plan Option 1 24.42% 19.56%

Aegon Life iMaximize Insurance Plan Option 2 14.06% 19.67%

Aegon Life Rising Star Insurance Plan 2.84% 6.58%

Aegon Life Rising Star Plan 0.00% 0.00%

Aegon Life iMaximize Insurance Single Premium Plan 0.00% 0.56%

No. of policies revived during the year 1,979 1,543

Percentage of policies revived (to discontinued policies) during the year 37.09% 31.32%

Charges imposed on account of discontinued policies (Rs. In '000) 10,139 9,835

Charges readjusted on account of revival of policies (Rs. In '000) 3,760 2,684



Disclosures under IRDA (Treatment of Discontinued Linked Insurance Policies) Regulations, 2010 relating to Discontinued Policy Fund


153


Unclaimed amounts of policyholders as at March 31, 2021 (Rs. In '000)

1-6 months 7-12 months 13-18 months 19- 24 months 25 - 30

months

31 - 36

months

Beyond 36

months

Claims settled but not paid to the policyholders / insureds due

to any reasons except under litigation from the insured /

policyholders

398 - - - - - - 398

Sum due to the insured / policyholders on maturity or otherwise 9,253 2,088 4,955 534 303 25 382 966

Any excess collection of the premium / tax or any other charges

which is refundable to the policyholders either as terms of

conditions of the policy or as per law or as may be directed by

the Authority but not refunded so far

7,616 1,171 2,292 2,220 264 519 121 1,029

Cheques issued but not encashed and turned stale 312,738 138,102 97 22,643 10,947 10,987 14,131 115,831

Accretion on UAPH investment payable 4,235 4,235 - - - - - -

Total 334,240 145,596 7,344 25,397 11,514 11,531 14,634 118,224

Unclaimed amounts of policyholders as at March 31, 2020 (Rs. In '000)

1-6 months 7-12 months 13-18 months 19- 24 months 25 - 30

months

31 - 36

months

Beyond 36

months

Claims settled but not paid to the policyholders / insureds due

to any reasons except under litigation from the insured /

policyholders

435 37 - - - - - 398

Sum due to the insured / policyholders on maturity or otherwise 11,147 3,559 3,068 292 2,764 53 14 1,397

Any excess collection of the premium / tax or any other charges

which is refundable to the policyholders either as terms of

conditions of the policy or as per law or as may be directed by

the Authority but not refunded so far

5,059 3,282 380 584 22 519 176 96

Cheques issued but not encashed and turned stale 199,689 19,711 14,426 14,977 17,559 17,723 10,255 105,038

Accretion on UAPH investment payable 3,130 3,130 - - - - - -

Total 219,460 29,719 17,874 15,853 20,345 18,295 10,445 106,929




Disclosures relating to treatment of unclaimed amounts of policyholders

Particulars Total Amount Age-Wise Analysis

Particulars Total Amount Age-Wise Analysis

154


(Rs. In '000)

Sr. No Particulars

Year ended

March 2021

Year ended

March 2020

Opening balance 219,460 382,932

Add: Amount transferred to unclaimed amount 585,887 147,516

Add:

Cheques issued out of the unclaimed amount but not encashed by

the policyholders - -

Add: Investment income 10,163 16,967

Less: Amount paid during the year (480,180) (327,812)

Less:

Amount transferred to Senior Citizen Welfare Fund 'SCWF' (net of claims paid in respect of

amounts transferred earlier) (1,090) (143)

Closing Balance of Unclaimed Amount 334,240 219,460




Disclosures relating to treatment of unclaimed amounts of policyholders

155

Documents

Aegon Life Insurance Company Limited 14th Annual Report