Ensure 2010

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The monthly fund performance update

Our Investment Philosophy

As one of the leading private lifeinsurance companies, we know thatour customers trust their monies with

us to attain their long-term goals andto protect and achieve the dreamsand aspirations of their families.

With this in mind, our investmentfocus is to ensure long term Safety,Stability and Profitability of ourcustomers' funds.

Our aim is to achieve superior returnsfor a given level of risk. In order tomeet this objective, we havedeveloped an investment framework

that is based on a sound investmentprocess coupled with a rigorous andsophisticated risk managementstrategy.

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Performance Summary

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The Investment Team Advises

5 Mantras of Financial Freedom

How we Manage your Money

Glossary of Terms

July, 2010(As on June 30, 2010)

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Performance Summary

* From the date of inception of the benchmark (2-April-2002)

Performance Summary



Glossary of Terms

ULIP Funds InvestShield Funds

Find your Fund


Pension Funds

Preserver 8.75% 8.04% 7.49% 6.12% 6.20% 5.85% 4.98 1.33 17-May-04

Protector* 8.80% 7.25% 7.11% 6.95% 5.63% 5.93% 0.50 0.12 15-Nov-01

Balancer* 10.61% 13.02% 14.20% 8.59% 11.61% 11.93% 0.76 0.60 15-Nov-01

Maximiser 10.15% 20.47% 24.52% 7.47% 19.95% 21.34% 0.73 0.65 15-Nov-01

Flexi Growth 8.55% N.A. 12.36% 6.82% N.A. 11.83% NA NA 20-Mar-07

Flexi Balanced 8.23% N.A. 10.34% 8 .34% N.A. 11.00% NA NA 20-Mar-07

Multiplier N.A. N.A. -0.58% N.A. N.A. -2.88% NA NA 26-Nov-07

R.I.C.H. Fund N.A. N.A. 13.72% N.A. N.A. 9.20% NA NA 17-Mar-08

Pension Preserver 8.61% 7.94% 7.33% 6.12% 6 .20% 5.85% 3.91 1.33 17-May-04

Pension Protector 8.65% 7.18% 7.26% 6.95% 5 .63% 6.01% 0.51 0.12 31-May-02

Pens ion Balancer 9 .38% 12.57% 14.86% 8.59% 11.61% 12.63% 0.76 0.60 31-May-02

Pens ion Maximiser 9 .40% 20.55% 26.25% 7.47% 19.95% 23.03% 0.72 0.65 31-May-02

Pension Flexi Growth 7.57% N.A. 11.73% 6.82% N.A. 11.83% NA NA 20-Mar-07

Pension Flexi Balanced 8.68% N.A. 11.39% 8.34% N.A. 11.00% NA NA 20-Mar-07

Pension Multiplier Fund N.A. N.A. 3.21% N.A. N.A. 0.91% NA NA 25-Feb-08

Pension R.I.C.H. Fund N.A. N.A. 13.31% N.A. N.A. 9.20% NA NA 17-Mar-08

Date ofInceptionFund

Annualized Returns(Benchmark)

5 Year Sharpe Ratio

3 Year 5 YearSince

Inception3 Year 5 Year

SinceInception Fund Benchmark

Annualised returns (Fund)

KEY INDICATORS

Equity IndicesJun 30,2010

May 31,2010

% Change

BSE SENSEX 17,701 16,945 4.5

S&P CNX NIFTY (50) 5,313 5,086 4.5

INDIA BSE MIDCAP 7,149 6,835 4.6

CNX MIDCAP INDEX 8,131 7,756 4.8

Global IndicesJun 30,2010

May 31,2010

% Change

Dow Jones Industrials 9,774 10,137 -3.6

Hang Seng 20,129 19,765 1.8

FTSE 100 4,917 5,188 -5.2

Nikkei 225 Stock Average 9,383 9,769 -4.0

Fixed IncomeYields

Jun 30,2010

May 31,2010

% Change

NSE Mibor 5.73% 5.25% 0.48%

5 year G-Sec 7.37% 7.38% -0.01%

5 year AAA 8.22% 8.19% 0.03%

10 year G-Sec 7.55% 7.52% 0.03%

10 year AAA 8.70% 8.68% 0.02%

Equity:The Nifty gained 4.5% during the month as domestic eventsdominated the market sentiment in the absence significant

developments in international markets and the Europeandebt crisis taking a backseat. On the domestic front, strongIIP growth numbers for April and significantly higher thanestimated revenues from the 3G auction impacted sentimentpositively. Further, the de-regulation of petrol and increase inother fuel prices was very well received by the equity markets.This led to a strong share performance of the upstream anddown stream oil companies. The foreign flows once againturned positive for the month of June. FIIs, who were netsellers in May, bought Rs. 97 bn of Indian equities in June.However, concerns regarding global economic growth losingsteam continued to linger on market sentiment.Consequently, the commodity stocks were amongst theworst performers for the month. Thus, on the back of weakglobal sentiment and positive domestic news markets havebeen volatile but largely range bound.

OutlookWe have a neutral view on the markets for the short term.Recent economic data in the US have been below estimates

indicating that economic recovery could be losing pace. Thiscould lead to risk aversion. On the domestic front the growthdata continues to be extremely robust. IIP for April grew17.6% yoy. However, the robust growth is also leading toinflation and in fact, may inflation came in higher thanexpected at 10.2%. Further, inflation for the month of Marchwas revised up from 9.9% to 11%. This could lead to increasein interest rates by the Reserve Bank of India to moderategrowth momentum. Also, Corporate India will get intoreporting season for the first quarter of FY11 in month of July.This will be crucial data to watch for markets are anticipating~25% growth in earnings for FY11 and the first quarternumber will be the first measure of how the performance istracking vis-a-vis expectations. From a medium termperspective, Indian markets have performed better than theiremerging market peers and valuations are currently ~ 20%above long-term mean. What this means is that the market islikely to remain range bound in the near future. Over thelong-term the Indian economy will likely report double-digit

nominal growth numbers, in annualized terms, and weexpect that to lead to similar returns for investors in Indianequities.

Fixed Income:The debt market started the month on a bearish note on theback of tight liquidity conditions in the system and strong

domestic economic data releases. The IIP data for the monthof April was seen at 17.6% against a consensus estimate of14.5%. WPI inflation for May was seen at 10.16% which wasfar higher than the market expectation of 9.6%. However,towards the end of the month, yields eased on the back ofglobal cues. The government also reduced the size of theauction scheduled to be held on July 2, 2010 by Rs. 3,000crores. The benchmark 10 year bond closed almost flat at ayield of 7.55% as on June 30, 2010. The government hikedthe prices of petrol, diesel, kerosene and LPG by Rs. 3.5, Rs.2,Rs. 3 and Rs. 35 respectively. The RBI also hiked the repo andreverse repo rates by 0.25% each as an inter-policy move.

The main drivers for the movement in government securitiesyields last month were concerns on liquidity and economicdata releases. While the liquidity crunch in the system keptthe short term yields under pressure, the strong domesticdata releases built up expectations of a mid policy hike in therates. However, developments on the global front helped thedomestic bond market recoup some of the losses. At the G-20 economic summit, the world leaders committed to reducethe fiscal deficit to half by 2013. The safe haven treasuriesthereby became appealing on concerns that huge deficitreductions could slow global economic growth and prevent aviable recovery. The Federal Reserve's wary economic outlookand decision to leave short-term interest rates steady nearhistoric lows also helped Treasurys extend gains. Theseglobal factors helped the domestic bond market towards theend of the month. The Indian Rupee depreciated to 46.45against the dollar as on June 30, 2010.

Outlook:We maintain our bearish outlook on the bond market. Weexpect the recent fuel price hikes to have an incrementaleffect of 1% on the headline WPI inflation. The WPI hasalready crossed the 10% mark in the month of May. Weexpect the inflation to remain in double digits till October.Rising inflation, huge borrowing program and rising privatesector credit demand will put pressure on the yields. We

expect the benchmark 10 year bond to trade in the range of7.40%-7.70% for the next few weeks. We expect the RBI toincrease the repo and reverse repo rates by 0.25% in thepolicy meeting to be held on July 27, 2010. On the currencyfront, the US Dollar is expected to remain strong forsometime with concerns lingering over the European debtladen countries and weak global economic data. We expectthe Indian rupee to remain weak against the dollar over thenext few weeks. However, from a medium term perspective,we expect Rupee to appreciate against the US dollar incoming months.

BenchmarkReturns

3yr 5yr

BSE 100 24.73 7.48 19.97

CRISIL Bond Index 4.69% 6.95% 5.63%

1yr

GDP Growth Rate

5 year CAGR FY 2009 3m-2010

8.40% 9.00% 6.70%

Economic IndicatorsJun 30,2010

May 31,2010

Change

Rs/$ 46.45 46.37 0.17%

Forex Reserve($ bn) 275.97 271.97 1.47%

Oil Price ($/barrel) 75.63 75.16 0.63%

Gold (Rs. / 10 gm) 18,805 18,377 2.33%

FII Fund flow (INR mn) 102,445 -91,747 194,192

MF Fund flow (INR mn) -9,612 986 -10,598

DII Fund flow (INR mn) -47,771 63,612 -111,382

DII-MF fund flow (INR mn) -38,159 62,626 -100,784

As on June 30, 2010

Equity Market Debt Market

Jun 30, 2010

Monthly Inflation (WPI) 10.16% 9.59%

May 31, 2010

Movement of Sensex and Nifty

Sensex Nifty

16,000

16,500

17,000

17,500

18,000

18,500

19,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

1-Jun

2-Jun

3-Jun

4-Jun

7-Jun

8-Jun

9-Jun

10-Jun

11-Jun

14-Jun

15-Jun

16-Jun

17-Jun

18-Jun

21-Jun

22-Jun

23-Jun

24-Jun

25-Jun

28-Jun

29-Jun

30-Jun

Yield Curve

4%

5%

6%

7%

8%

9%

6m 1y 2y 3y 4y 5y 6y 10y 3 0y

Maturity

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For full portfolio details please Click Here

Balancer

RISK PROFILE

E

xpected

return

Risk

FUND OBJECTIVETo provide a balance between long-term capital appreciation andcurrent income through investment in equity as well as fixed incomeinstruments in appropriate proportions depending on marketconditions prevalent from time to time.

LifeStage Regular Premium IVLifeStage Assure IVLifeTime Plus IILifeTime Gold ILifeTime Super ILifeTime II ILifeTime IPremierLife Gold IIPremierLife IIWealth Advantage II

LifeLink Super IIILifeLink II IILifeLink ISmartKid New Unit Linked Regular Premium IISmartKid Unit Linked Regular Premium Plan II ISmartKid Unit Linked Regular Premium Plan ISmartKid New Unit Linked Single Premium IISmartKid Single Premium II ISmartKid Single Premium IGolden Years II

Equity & equity related securities 40 0Debt, Money Market & Cash 100 60

DATE OF INCEPTION: Nov 16, 2001

BENCHMARK

35% BSE 100&65% CRISIL Composite Bond Index

Indicative Portfolio Allocation

ASSET ALLOCATION

Max (%) Min (%)

Flexi Growth

Preserver

Flexi Balanced

Maximiser

RICH

ProtectorBalancer

Multiplier

InvestShield FundsPension Funds

ULIP Funds

APPLICABLE PRODUCTS

Product Balancer

PORTFOLIO

AUM (Rs. Million): 22,028.37

Allocation inFund

EQUITY 38.21%DEBT 58.63%OTHER CURRENT ASSETS AND EQUIVALENT 3.16%TOTAL 100.00%

Asset Allocation

Allocation as a% in Equity

OIL & GAS 17.28%BANKING 16.44%TECHNOLOGY 10.27%CAPITAL GOODS 9.24%FINANCE 8.93%

Top 5 Sectors In Equity


H D F C BANK LTD. 8.93%RELIANCE INDUSTRIES LTD. 8.39%BHARAT HEAVY ELECTRICALS LTD. 7.84%INFOSYS TECHNOLOGIES LTD. 6.33%AXIS BANK LTD. 5.33%OIL & NATURAL GAS CORPN. LTD. 5.07%I T C LTD. 4.73%MAHINDRA & MAHINDRA LTD. 4.56%

BAJAJ HOLDINGS & INVST. LTD. 4.21%STERLITE INDUSTRIES (INDIA) LTD. 3.92%

Top 10 Equity Stocks

Debt Asset Allocation

GOVERNMENT SECURITIES/ T BILLS 13.89%CORPORATE SECURITIES 41.06%

AAA AND EQUIVALENT 34.41%AA+ AND EQUIVALENT 4.26%AA EQUIVALENT AND BELOW 2.39%

CORPORATE MONEY MARKET SECURITIES 3.68%COMMERCIAL PAPER (P1+AND EQUIVALENT) 3.68%CERTIFICATE OF DEPOSIT (P1+ ANDEQUIVALENT) 0.00%

FIXED DEPOSITS WITH BANKS 0.00%

Allocation in Fund

Average Maturity of Debt Portfol io (Months) 62.19Average Maturity of Debt Benchmark (Months) 39.2Yield to Maturity of Debt Portfolio 7.45%

*** Last Declared NAV (June 30, 2010)

* calculated with effect from 2-Apr-02, as benchmark did not exist

before this date

ANNUALIZED RETURNS

PERFORMANCE SUMMARY

NAV*** Rs.Balancer Fund 33.53Balancer Fund II 22.55Balancer Fund II I 15.51Balancer Fund IV 13.6

NAV GROWTH

Balancer Benchmark

As on June 30, 2010

Balancer Benchmark

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

3 Year 5 Year Since inception*

10

12

14

16

18

20

22

24

26

28

30

32

34

Ap r- 02 Au g- 03 De c-0 4 M ay -0 6 S ep -0 7 Fe b-0 9 J un -1 0
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FUND OBJECTIVETo provide accumulation of income through investment in variousfixed income securities. The fund seeks to provide capital appreciationwhile maintaining a suitable balance between return, safety andliquidity.

RISK PROFILE

Protector

E

xpected

return

Risk


APPLICABLE PRODUCTS





BENCHMARK

CRISIL Composite Bond Index


ASSET ALLOCATION

Max (%) Min (%)

InvestShield Funds

Flexi Growth

Preserver

Flexi Balanced

Maximiser

Pension Funds

RICH

ProtectorBalancer

Multiplier

ULIP Funds

Product Protector

NAV GROWTH

Protector Benchmark

PORTFOLIO

< 1 year 27.80%1-5 years 48.37%5-7 years 1.61%7-10 years 10.30%> 10 years 11.92%TOTAL 100.00%

Portfolio By Maturity Allocation inFund

Average Maturity of Debt Portfol io (Months) 49.91Average Maturity of Benchmark (Months ) 39.2Yield to Maturity of Debt Portfolio 7.3%


Asset Allocation Allocation in Fund


PERFORMANCE SUMMARY

NAV*** Rs.Protector Fund 19.7074Protector Fund II 15.0955Protector Fund III 13.9047Protector Fund IV 12.9587

ANNUALIZED RETURNS

* calculated with effect from 2-Apr-02, as benchmark did not existbefore this date

Protector Benchmark

GOVERNMENT SECURITIES / T BILLS 19.53%CORPORATE SECURITIES 59.50%


CORPORATE MONEY MARKET SECURITIES 12.21%COMMERCIAL PAPER (P1+ ANDEQUIVALENT) 12.21%CERTIFICATE OF DEPOSIT (P1+AND EQUIVALENT) 0.00%

FIXED DEPOSITS WITH BANKS 3.93%OTHER CURRENT ASSETS ANDEQUIVALENT 4.83%

TOTAL 100.00%

As on June 30, 2010

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%7.00%

8.00%

9.00%

10.00%

3 Year 5 Year Since inception*

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

Apr-02 Aug-03 Jan -05 May-06 Sep-07 Feb-09 Jun -10

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Maximiser


Flexi Growth

Preserver

Flexi Balanced

Maximiser

RICH

ProtectorBalancer

Multiplier

ULIP Funds

PORTFOLIO



BANKING 17.77%OIL & GAS 16.06%CAPITAL GOODS 10.25%TECHNOLOGY 10.00%AUTO 8.83%METALS & MINERALS 8.46%CONSUMER 7.92%FINANCE 5.43%CEMENT 3.43%TELECOM 2.87%PHARMA & HEALTHCARE 2.57%EPC 1.81%REAL ESTATE 1.76%RETAIL 1.63%OTHERS 0.91%INFRASTRUCTURE 0.27%MEDIA 0.04%

Sector AllocationAllocation as a

% in Equity

RELIANCE INDUSTRIES LTD. 9.28%H D F C BANK LTD. 9.22%BHARAT HEAVY ELECTRICALS LTD. 8.64%INFOSYS TECHNOLOGIES LTD. 6.80%AXIS BANK LTD. 5.55%MAHINDRA & MAHINDRA LTD. 5.18%I T C LTD. 4.79%OIL & NATURAL GAS CORPN. LTD. 4.43%STERLITE INDUSTRIES (INDIA) LTD. 4.41%BHARTI AIRTEL LTD. 2.87%JINDAL STEEL & POWER LTD. 2.78%DABUR INDIA LTD. 2.69%TATA CONSULTANCY SERVICES LTD. 2.63%

LUPIN LTD. 2.57%SHRIRAM TRANSPORT FINANCE CO. LTD. 2.36%HERO HONDA MOTORS LTD. 2.09%A C C LTD. 1.94%BAJAJ HOLDINGS & INVST. LTD. 1.69%PANTALOON RETAIL (INDIA) LTD. 1.63%RURAL ELECTRIFICATION CORPN. LTD. 1.38%

Top 20 Equity stocksAllocation as a

% in Equity

EQUITY 98.52%

DEBT AND OTHER CURRENT ASSETS &EQUIVALENT 1.48%

TOTAL 100.00%

Asset AllocationAllocation in

Fund

PERFORMANCE SUMMARY

NAV*** Rs.Maximiser Fund 66.32Maximi ser Fund II 36.75Maximiser Fund I II 16.77Maximiser Fund IV 13.09

ANNUALIZED RETURNS

FUND OBJECTIVETo generate long-term capital appreciation through investmentprimarily in equity and equity-related instruments.

RISK PROFILE

Expectedr

eturn

Risk

BENCHMARK

BSE 100

APPLICABLE PRODUCTS

LifeStage Regular Premium IVLifeTime Plus IILifeTime Super ILifeTime II ILifeTime IPremierLife Gold IIPremierLife IILifeLink Super IIILifeLink II IILifeLink ISmartKid New Unit Linked Regular Premium II

SmartKid Unit Linked Regular Premium Plan II ISmartKid Unit Linked Regular Premium Plan ISmartKid New Unit Linked Single Premium IISmartKid Single Premium II ISmartKid Single Premium IGolden Years II

Equity & equity related securities 100 75

Debt, Money Market & Cash 25 0



ASSET ALLOCATION

Max (%) Min (%)

Product Maximiser

NAV GROWTH

Maximiser Benchmark

Maximiser Benchmark

As on June 30, 2010

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

3 Year 5 Year Since inception

8.00

16.00

24.00

32.00

40.00

48.00

56.00

64.00

72.00

Nov-01 Apr-03 Oct -04 Mar-06 Aug-07 Jan -09 Jun -10

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Average Maturity of Portfolio (Months) 5.86Average Maturity of Debt Benchmark (Months) 2.23Yield to Maturity of Debt Portfolio 6.33%


Debt

Portfolio by Maturity Allocation inFund

< 1 YEAR 100.00%

1- 5 YEARS 0.00%5 - 7 YEARS 0.00%

7- 10 YEARS 0.00%> 10 YEARS 0.00%TOTAL 100.00%

Preserver


Flexi Growth

Preserver

Flexi Balanced

Maximiser

RICH

ProtectorBalancer

Multiplier

ULIP Funds

FUND OBJECTIVETo provide suitable returns through low risk investments in debt andmoney market instruments while attempting to protect the capitaldeployed in the fund.

BENCHMARK

CRISIL Liquid Index

RISK PROFILE

Risk

APPLICABLE PRODUCTS

LifeStage Regular Premium IVLifeStage Assure IVLifeTime Plus ILifeTime Gold ILifeTime Super ILifeTime II ILifeTime IPremierLife Gold IIPremierLife IWealth Advantage I

LifeLink Super IIILifeLink II ILifeLink ISmartKid New Unit Linked Regular Premium ISmartKid Unit Linked Regular Premium Plan II ISmartKid Unit Linked Regular Premium Plan ISmartKid New Unit Linked Single Premium ISmartKid Single Premium II ISmartKid Single Premium IGolden Years I

Equity & equity related securities 0 0Debt instruments 50 0

Money Market & Cash 100 50

DATE OF INCEPTION: May 17, 2004


ASSET ALLOCATION

Max (%) Min (%)

Product Preserver

E

xpectedr

eturn

PERFORMANCE SUMMARY

NAV*** Rs.Preserver Fund 15.5603Preserver Fund III 14.0507Preserver Fund IV 12.565

ANNUALIZED RETURNS

PORTFOLIO





CORPORATE MONEY MARKET SECURITIES 82.37%COMMERCIAL PAPER (P1+ ANDEQUIVALENT) 82.37%

CERTIFICATE OF DEPOSIT (P1+ ANDEQUIVALENT) 0.00%

FIXED DEPOSITS WITH BANKS 15.85%OTHER CURRENT ASSETS AND EQUIVALENT 0.82%

TOTAL 100.00%


NAV GROWTH

Preserver Benchmark

Preserver Benchmark

As on June 30, 2010

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%


10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

Au g- 04 J ul -0 5 J ul -0 6 J ul -0 7 J ul -0 8 J ul -09 J un- 10
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OIL & GAS 18.23%BANKING 16.23%

TECHNOLOGY 12.64%CAPITAL GOODS 9.26%METALS & MINERALS 7.27%CONSUMER 7.20%FINANCE 6.85%AUTO 6.84%INFRASTRUCTURE 2.68%EPC 2.64%TELECOM 2.52%CEMENT 2.35%PHARMA & HEALTHCARE 2.22%OTHERS 1.51%MEDIA 1.49%REAL ESTATE 0.06%


% in Equity

INFOSYS TECHNOLOGIES LTD. 8.33%H D F C BANK LTD. 8.13%RELIANCE INDUSTRIES LTD. 8.10%BHARAT HEAVY ELECTRICALS LTD. 7.45%I T C LTD. 6.37%AXIS BANK LTD. 5.62%OIL & NATURAL GAS CORPN. LTD. 5.45%STERLITE INDUSTRIES (INDIA) LTD. 3.89%TATA CONSULTANCY SERVICES LTD. 3.30%HOUSING DEVELOPMENT FINANCE CORPN. LTD. 3.24%MAHINDRA & MAHINDRA LTD. 2.94%BHARTI AIRTEL LTD. 2.32%LARSEN & TOUBRO LTD. 1.91%

A B B LTD. 1.74%HERO HONDA MOTORS LTD. 1.70%JINDAL STEEL & POWER LTD. 1.66%MARUTI SUZUKI INDIA LTD. 1.62%SHRIRAM TRANSPORT FINANCE CO. LTD. 1.52%GAIL (INDIA) LTD. 1.46%JAGRAN PRAKASHAN LTD 1.45%

Top 20 Equity Stocks Allocation as a% in Equity

Multiplier


Flexi Growth

Preserver

Flexi Balanced

Maximiser

RICH

ProtectorBalancer

Multiplier

ULIP Funds

PERFORMANCE SUMMARY

NAV*** Rs.Multiplier Fund 9.85Multiplier Fund II 11.07Multiplier Fund III 10.85Multiplier Fund IV 11.03

ANNUALIZED RETURNS

PORTFOLIO


Allocation inFund

EQUITY 97.89%DEBT AND OTHER CURRENT ASSETS & EQUIVALENT 2.11%TOTAL 100.00%

Asset Allocation

Risk

Expectedr

eturn

FUND OBJECTIVETo provide long-term capital appreciation from equity portfoliopredominantly invested in NIFTY scrips.

RISK PROFILE

BENCHMARK

S&P CNX Nifty

APPLICABLE PRODUCTS

LifeStage Regular Premium IVLifeStage Assure IVLifeTime Plus IILifeTime Gold ILifeTime Super ILifeTime II ILifeTime IPremierLife Gold IIPremierLife IIWealth Advantage IILifeLink Super III

LifeLink II IILifeLink ISmartKid New Unit Linked Regular Premium IISmartKid Unit Linked Regular Premium Plan II IISmartKid Unit Linked Regular Premium Plan IISmartKid New Unit Linked Single Premium IISmartKid Single Premium II IISmartKid Single Premium IGolden Years II





ASSET ALLOCATION

Max (%) Min (%)

Product Multiplier



NAV GROWTH

Multiplier Benchmark

Multiplier Benchmark

As on June 30, 2010

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

1 Year Since inception

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

Nov-07 Jul-08 Mar-09 Nov-09 Jun-10

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RICH


Flexi Growth

Preserver

Flexi Balanced

Maximiser

RICH

ProtectorBalancer

Multiplier

ULIP Funds

RISK PROFILE

FUND OBJECTIVETo generate superior long-term returns from a diversified portfolio ofequity and equity related instruments of companies operating in fourimportant types of industries, viz., Resources, Investment-related,Consumption-related and Human Capital leveraged industries.

APPLICABLE PRODUCTS



DATE OF INCEPTION: Mar 17, 2008

Product RICH

PERFORMANCE SUMMARY

NAV*** Rs.R.I.C.H. Fund 13.42R.I.C.H. Fund II 13.67R.I.C.H. Fund III 13.44R.I.C.H. Fund IV 13.67

ANNUALIZED RETURNS

PORTFOLIO


Allocation inFund


Asset Allocation


AUTO 8.96%TECHNOLOGY 8.64%FINANCE 8.44%METALS & MINERALS 8.07%CONSUMER 7.75%EPC 6.36%INFRASTRUCTURE 4.08%PHARMA & HEALTHCARE 4.07%CAPITAL GOODS 3.73%OTHERS 3.44%CEMENT 2.35%TELECOM 1.66%REAL ESTATE 1.38%MEDIA 0.59%BROKERS 0.42%FMCG 0.32%


% in Equity

RELIANCE INDUSTRIES LTD. 7.92%H D F C BANK LTD. 5.75%LARSEN & TOUBRO LTD. 5.12%I T C LTD. 4.64%HOUSING DEVELOPMENT FINANCE CORPN. LTD. 4.60%INFOSYS TECHNOLOGIES LTD. 3.44%AXIS BANK LTD. 3.17%MARUTI SUZUKI INDIA LTD. 2.34%BHARAT HEAVY ELECTRICALS LTD. 2.29%PUNJAB NATIONAL BANK 2.28%MAHINDRA & MAHINDRA LTD. 2.16%TATA CONSULTANCY SERVICES LTD. 2.15%OIL & NATURAL GAS CORPN. LTD. 2.11%

TATA MOTORS LTD. 2.06%STERLITE INDUSTRIES (INDIA) LTD. 2.02%JINDAL STEEL & POWER LTD. 1.90%N T P C LTD. 1.83%DR. REDDY'S LABORATORIES LTD. 1.75%GAIL (INDIA) LTD. 1.69%CAIRN INDIA LTD. 1.56%

Top 20 Equity StocksAllocation as a

% in Equity





ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK

BSE 100

Expected

return

Risk

ANNUALIZED RETURNS

NAV GROWTH

RICH Benchmark

RICH Benchmark

As on June 30, 2010

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%


5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

Mar-08 Oct-08 May-09 Dec-09 Jun-10

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OIL & GAS 18.62%BANKING 13.64%OTHERS 10.14%CAPITAL GOODS 8.43%INFRASTRUCTURE 7.90%

Top 5 SectorsIn Equity

OIL & NATURAL GAS CORPN. LTD. 8.90%H D F C BANK LTD. 6.88%RELIANCE INDUSTRIES LTD. 6.10%MARUTI SUZUKI INDIA LTD. 4.35%AXIS BANK LTD. 3.76%GUJARAT STATE PETRONET LTD. 3.75%N T P C LTD. 3.66%LUPIN LTD. 3.49%

TATA CONSULTANCY SERVICES LTD. 3.19%I T C LTD. 2.92%

Top 10 Equity Stocks



CORPORATE MONEY MARKET SECURITIES 12.63%

COMMERCIAL PAPER (P1+ ANDEQUIVALENT) 12.63%CERTIFICATE OF DEPOSIT (P1+ ANDEQUIVALENT) 0.00%


Allocation in FundDebt Asset Allocation

Average Maturity of Debt Portfolio (Months) 46.06Average Maturity of Debt Benchmark (Months) 39.2Yield to Maturity of Debt Portfolio 7.09%


Allocation inFund

Flexi Balanced


Flexi Growth

Preserver

Flexi Balanced

Maximiser

RICH

ProtectorBalancer

Multiplier

ULIP Funds

FUND OBJECTIVETo achieve a balance between capital appreciation and stable returnsby investing in a mix of equity and equity related instruments of large,mid and small cap companies and debt and debt related instruments.

RISK PROFILE


PERFORMANCE SUMMARY

NAV*** Rs.Flexi Balanced Fund 13.81Flexi Balanced Fund II 14.53Flexi Balanced Fund III 13.68Flexi Balanced Fund IV 12.86

ANNUALIZED RETURNS

APPLICABLE PRODUCTS


LifeLink Super IIILifeLink II IILifeLink ISmartKid New Unit Linked Regular Premium IISmartKid Unit Linked Regular Premium Plan II ISmartKid Unit Linked Regular Premium Plan ISmartKid New Unit Linked Single Premium IISmartKid Single Premium II IISmartKid Single Premium IGolden Years II


Product Flexi Balanced




ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK

55% CNX 500 & 45% CRISIL Composite Bond Index

PORTFOLIO


Asset Allocation




Risk

Expectedr

eturn

Flexi Balanced Benchmark

NAV GROWTH

Flexi Balanced Benchmark

As on June 30, 2010

0.00%

5.00%

10.00%

15.00%

20.00%


8.00

8.50

9.00

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

Mar-07 Jan-08 Nov-08 Sep-09 Jun-10

8/8/2019 Ensure 2010

10/28


TECHNOLOGY 8.62%CAPITAL GOODS 7.55%METALS & MINERALS 7.12%CONSUMER 6.49%EPC 6.30%INFRASTRUCTURE 5.90%AUTO 5.73%OTHERS 5.27%FINANCE 4.14%PHARMA & HEALTHCARE 2.69%CEMENT 2.33%TELECOM 1.84%MEDIA 0.84%REAL ESTATE 0.09%

Sector Allocation

H D F C BANK LTD. 7.44%OIL & NATURAL GAS CORPN. LTD. 5.74%LARSEN & TOUBRO LTD. 5.31%RELIANCE INDUSTRIES LTD. 4.89%AXIS BANK LTD. 4.24%N T P C LTD. 2.99%I T C LTD. 2.93%MARUTI SUZUKI INDIA LTD. 2.91%GAIL (INDIA) LTD. 2.80%BHARAT HEAVY ELECTRICALS LTD. 2.77%OIL INDIA LTD. 2.42%INFOSYS TECHNOLOGIES LTD. 2.37%HOUSING DEVELOPMENT FINANCE CORPN. LTD. 2.05%

KANSAI NEROLAC PAINTS LTD. 1.86%BHARTI AIRTEL LTD. 1.84%LUPIN LTD. 1.82%STERLITE INDUSTRIES (INDIA) LTD. 1.78%TATA CONSULTANCY SERVICES LTD. 1.71%GRASIM INDUSTRIES LTD. 1.57%VOLTAS LTD. 1.56%

Flexi Growth

Pension Funds

ULIP Funds

Flexi Growth

Preserver

Flexi Balanced

Maximiser

RICH

ProtectorBalancer

Multiplier

InvestShield Funds

FUND OBJECTIVETo generate superior long-term returns from a diversified portfolio ofequity and equity related instruments of large, mid and small capcompanies.

APPLICABLE PRODUCTS


LifeLink Super IIILifeLink II IILifeLink ISmartKid New Unit Linked Regular Premium IISmartKid Unit Linked Regular Premium Plan II ISmartKid Unit Linked Regular Premium Plan ISmartKid New Unit Linked Single Premium IISmartKid Single Premium II IISmartKid Single Premium IGolden Years II


Product Flexi Growth




ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK

S&P CNX 500

RISK PROFILE

PERFORMANCE SUMMARY

NAV*** Rs.Flexi Growth Fund 14.66Flexi Growth Fund II 15Flexi Growth Fund III 14.61Flexi Growth Fund IV 12.83

ANNUALIZED RETURNS


PORTFOLIO


Allocation inFund


Asset Allocation




Risk

Expectedr

eturn

NAV GROWTH

Flexi Growth Benchmark

Flexi Growth Benchmark

As on June 30, 2010

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%


6.007.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00


8/8/2019 Ensure 2010

11/28



CORPORATE MONEY MARKET SECURITIES 6.68%COMMERCIAL PAPER (P1+ ANDEQUIVALENT) 6.68%CERTIFICATE OF DEPOSIT (P1+ ANDEQUIVALENT) 0.00%


Debt Asset Allocation Allocation in Fund

Pension Balancer

InvestShield FundsULIP Funds

Pension Balancer

Pension Funds

Pension Protector

Pension RICHPension Multiplier

Pension Maximiser

Pension Flexi Balanced

Pension Preserver

Pension Flexi Growth


FUND OBJECTIVETo provide a balance between long-term capital appreciation andcurrent income through investment in equity as well as fixed incomeinstruments in appropriate proportions depending on marketconditions prevalent from time to time.

APPLICABLE PRODUCTS

LifeStage Pension ILifeTime Super Pension IILifeTime Pension II IILifeTime Pension IPremierLife Pension IILifeLink Super Pension IILifeLink Pension II IILifeLink Pension I


Product




ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK

35% BSE 100 & 65% CRISIL Composite Bond Index

RISK PROFILE

Expectedr

eturn

Risk

Pension Balancer

PERFORMANCE SUMMARY

NAV*** Rs.Pension Balancer Fund 30.67Pension Balancer Fund II 22.56

PORTFOLIO



Allocation inFund

Asset Allocation

Top 5 Sectors in EquityAllocation as a

% in Equity

OIL & GAS 15.71%BANKING 14.99%TECHNOLOGY 11.62%FINANCE 9.65%CONSUMER 8.03%

RELIANCE INDUSTRIES LTD. 9.27%INFOSYS TECHNOLOGIES LTD. 9.01%H D F C BANK LTD. 7.75%LARSEN & TOUBRO LTD. 5.53%OIL & NATURAL GAS CORPN. LTD. 4.87%I T C LTD. 4.75%HOUSING DEVELOPMENT FINANCE CORPN. LTD. 4.37%ALLAHABAD BANK 4.00%

BHARAT HEAVY ELECTRICALS LTD. 3.93%LUPIN LTD. 3.37%


% in Equity



Pension Balancer Benchmark

NAV GROWTH

Pension Balancer Benchmark

ANNUALIZED RETURNS

As on June 30, 2010

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%


8

10

12

14

16

18

20

22

24

26

28

30

32

M ay -0 2 S ep -0 3 Fe b-0 5 J un-0 6 O ct -0 7 Fe b- 09 J un- 10

8/8/2019 Ensure 2010

12/28

GOVERNMENT SECURITIES / T BILLS 23.51%CORPORATE SECURITIES 46.81%


CORPORATE MONEY MARKETSECURITIES 17.09%

COMMERCIAL PAPER (P1+ AND

EQUIVALENT) 17.09%CERTIFICATE OF DEPOSIT (P1+AND EQUIVALENT) 0.00%

FIXED DEPOSITS WITH BANKS 7.86%OTHER CURRENT ASSETS ANDEQUIVALENT 4.74%TOTAL 100.00%


Pension Protector


Pension Balancer

Pension Funds

Pension Protector


Pension Maximiser


Pension Preserver



FUND OBJECTIVETo provide accumulation of income through investment in variousfixed income securities. The fund seeks to provide capital appreciationwhile maintaining a suitable balance between return, safety andliquidity.

APPLICABLE PRODUCTS



Product




ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK


Pension Protector

RISK PROFILE

Expectedr

eturn

Risk

PERFORMANCE SUMMARY

NAV*** Rs.Pension Protector Fund 17.6233Pens ion Protector Fund II 15.0032


PORTFOLIO





NAV GROWTH

Pension Protector Benchmark

ANNUALIZED RETURNS

Pension Protector Benchmark

As on June 30, 2010

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%


10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

16.50

17.00

17.50

18.00

18.50

May-02 Sep-03 Feb-05 Jun -06 Oct -07 Feb-09 Jun -10

8/8/2019 Ensure 2010

13/28

Pension Maximiser


Pension Balancer

Pension Funds

Pension Protector


Pension Maximiser


Pension Preserver



FUND OBJECTIVETo generate long-term capital appreciation through investmentprimarily in equity and equity-related instruments.

APPLICABLE PRODUCTS



Product




ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK

BSE 100

Pension Maximiser

RISK PROFILE

Expected

return

Risk

PERFORMANCE SUMMARY

NAV*** Rs.Pension Maximiser Fund 65.88Pension Maximiser Fund I I 37.99

PORTFOLIO


Allocation inFund


Asset Allocation

Allocation as a% in EquitySector Allocation


TECHNOLOGY 10.87%CAPITAL GOODS 9.02%METALS & MINERALS 8.64%AUTO 7.23%CONSUMER 6.60%FINANCE 4.78%PHARMA & HEALTHCARE 4.75%CEMENT 4.22%TELECOM 2.70%RETAIL 2.01%INFRASTRUCTURE 1.86%REAL ESTATE 1.40%EPC 1.32%BROKERS 1.08%OTHERS 0.57%

RELIANCE INDUSTRIES LTD. 9.31%H D F C BANK LTD. 8.95%BHARAT HEAVY ELECTRICALS LTD. 8.00%INFOSYS TECHNOLOGIES LTD. 7.17%OIL & NATURAL GAS CORPN. LTD. 4.76%AXIS BANK LTD. 4.61%I T C LTD. 4.18%STERLITE INDUSTRIES (INDIA) LTD. 3.96%MAHINDRA & MAHINDRA LTD. 3.84%BHARTI AIRTEL LTD. 2.70%BAJAJ HOLDINGS & INVST. LTD. 2.63%TATA CONSULTANCY SERVICES LTD. 2.59%JINDAL STEEL & POWER LTD. 2.54%LUPIN LTD. 2.53%DR. REDDY'S LABORATORIES LTD. 2.22%SHRIRAM TRANSPORT FINANCE CO. LTD. 2.07%PANTALOON RETAIL (INDIA) LTD. 2.01%HERO HONDA MOTORS LTD. 1.89%A C C LTD. 1.66%DABUR INDIA LTD. 1.53%



NAV GROWTH

Pension Maximiser Benchmark

ANNUALIZED RETURNS

Pension Maximiser Benchmark

As on June 30, 2010

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%


8.00

14.00

20.00

26.00

32.00

38.00

44.00

50.00

56.00

62.00

68.00

74.00

May-02 Sep-03 Feb-05 Jun -06 Oct -07 Feb-09 Jun -10

8/8/2019 Ensure 2010

14/28




FIXED DEPOSITS WITH BANKS 13.33%OTHER CURRENT ASSETS AND EQUIVALENT 0.82%

TOTAL 100.00%


Pension Preserver


Pension Balancer

Pension Funds

Pension Protector


Pension Maximiser


Pension Preserver



FUND OBJECTIVETo provide suitable returns through low risk investments in debt andmoney market instruments while attempting to protect the capitaldeployed in the fund.

APPLICABLE PRODUCTS

LifeStage PensionLifeTime Super PensionLifeTime Pension IILifeTime PensionPremierLife PensionLifeLink Super PensionLifeLink Pension IILifeLink Pension


Product


Debt instruments 50 0

Money Market & Cash 100 50


ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK

CRISIL Liquid Index

Pension Preserver

RISK PROFILE

Expectedr

eturn

Risk

PERFORMANCE SUMMARY

NAV*** Rs.Pension Preserver Fund 15.4236


< 1 YEAR 99.98%1- 5 YEARS 0.02%5 - 7 YEARS 0.00%7- 10 YEARS 0.00%> 10 YEARS 0.00%TOTAL 100.00%

Average Maturity of Debt Portfolio (Months) 6.24

Average Maturity of Debt Benchmark (Months) 2.23Yield to Maturity of Debt Portfolio 6.37%


PORTFOLIO


NAV GROWTH

Pension Preserver Benchmark

ANNUALIZED RETURNS

Pension Preserver Benchmark

As on June 30, 2010

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%


10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

May-04 Nov-05 Jun-07 Dec-08 Jun-10

8/8/2019 Ensure 2010

15/28


RELIANCE INDUSTRIES LTD. 9.63%INFOSYS TECHNOLOGIES LTD. 8.87%H D F C BANK LTD. 7.84%

LARSEN & TOUBRO LTD. 6.25%I T C LTD. 6.05%AXIS BANK LTD. 5.34%HOUSING DEVELOPMENT FINANCE CORPN. LTD. 5.25%OIL & NATURAL GAS CORPN. LTD. 4.87%BHARAT HEAVY ELECTRICALS LTD. 4.85%MAHINDRA & MAHINDRA LTD. 3.28%RURAL ELECTRIFICATION CORPN. LTD. 2.50%TATA CONSULTANCY SERVICES LTD. 2.42%TATA TEA LTD. 2.42%PUNJAB NATIONAL BANK 2.08%MARUTI SUZUKI INDIA LTD. 1.95%ALLAHABAD BANK 1.82%JINDAL STEEL & POWER LTD. 1.77%STERLITE INDUSTRIES (INDIA) LTD. 1.74%WIPRO LTD. 1.64%

HERO HONDA MOTORS LTD. 1.56%

Pension Multiplier


Pension Balancer

Pension Funds

Pension Protector


Pension Maximiser


Pension Preserver



FUND OBJECTIVETo provide long-term capital appreciation from equity portfoliopredominantly invested in NIFTY scrips.

APPLICABLE PRODUCTS


DATE OF INCEPTION: Feb 25, 2008

Product




ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK

S&P CNX Nifty

Pension Multiplier

RISK PROFILE

Expected

return

Risk

PERFORMANCE SUMMARY

NAV*** Rs.Pension Multiplier Fund 10.77Pens ion Mult ipl ie r Fund II 11.01

Allocation inFund

Asset Allocation



TECHNOLOGY 12.93%FINANCE 10.99%CONSUMER 9.46%EPC 6.97%AUTO 6.95%CAPITAL GOODS 5.60%METALS & MINERALS 4.26%INFRASTRUCTURE 3.14%CEMENT 2.61%PHARMA & HEALTHCARE 1.56%


% in Equity


PORTFOLIO


NAV GROWTH

ANNUALIZED RETURNS

Pension Multiplier Benchmark

As on June 30, 2010

Pension Multiplier Benchmark

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%


4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

Feb-08 Sep-08 Apr-09 Nov-09 Jun-10

8/8/2019 Ensure 2010

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Pension RICH


Pension Balancer

Pension Funds

Pension Protector


Pension Maximiser


Pension Preserver



FUND OBJECTIVETo generate superior long-term returns from a diversified portfolio ofequity and equity related instruments of companies operating in fourimportant types of industries viz., Resources, Investment-realted,Consumption-related and Human Capital leveraged industries.

APPLICABLE PRODUCTS



Product




ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK

BSE 200

Pension RICH

RISK PROFILE

E

xpectedr

eturn

Risk

PERFORMANCE SUMMARY

NAV*** Rs.Pension R.I.C.H. Fund 13.31Pension R.I.C.H. Fund II 13.54


H D F C BANK LTD. 7.41%RELIANCE INDUSTRIES LTD. 6.28%LARSEN & TOUBRO LTD. 5.62%HOUSING DEVELOPMENT FINANCE CORPN. LTD. 5.25%I T C LTD. 5.01%AXIS BANK LTD. 4.12%INFOSYS TECHNOLOGIES LTD. 3.79%MARUTI SUZUKI INDIA LTD. 3.23%GAIL (INDIA) LTD. 3.19%STATE BANK OF INDIA 2.81%BHARAT HEAVY ELECTRICALS LTD. 2.35%OIL INDIA LTD. 2.30%TATA CONSULTANCY SERVICES LTD. 1.99%HINDUSTAN UNILEVER LTD. 1.89%

TATA CHEMICALS LTD. 1.85%HERO HONDA MOTORS LTD. 1.76%A B B LTD. 1.75%HINDUSTAN PETROLEUM CORPN. LTD. 1.61%JINDAL STEEL & POWER LTD. 1.58%BHARTI AIRTEL LTD. 1.49%

Allocation inFund

Asset Allocation


BANKING 17.56%OIL & GAS 16.25%

CONSUMER 8.73%FINANCE 8.28%AUTO 7.98%TECHNOLOGY 7.34%OTHERS 6.48%EPC 6.45%CAPITAL GOODS 6.23%METALS & MINERALS 4.69%INFRASTRUCTURE 3.72%PHARMA & HEALTHCARE 2.07%CEMENT 2.03%TELECOM 1.63%MEDIA 0.52%REAL ESTATE 0.05%



PORTFOLIO


NAV GROWTH

Pension R.I.C.H Benchmark

ANNUALIZED RETURNS

Pension R.I.C.H Benchmark

As on June 30, 2010

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%


5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

Mar-08 Oct-08 May-09 Dec-09 Jun-10

I tShi ld F dULIP F d

8/8/2019 Ensure 2010

17/28



Pension Balancer

Pension Funds

Pension Protector


Pension Maximiser


Pension Preserver


FUND OBJECTIVETo achieve a balance between capital appreciation and stable returnsby investing in a mix of equity and equity related instruments of large,mid and small cap companies and debt and debt related instruments.

APPLICABLE PRODUCTS



Product



BENCHMARK

55% CNX 500 & 45% CRISIL Composite Bond Index


RISK PROFILE

Expectedr

eturn

Risk


ASSET ALLOCATION

Max (%) Min (%)

PERFORMANCE SUMMARY

NAV*** Rs.Pension Flexi Balanced Fund 14.25Pension Flexi Balanced Fund II 14.55







PORTFOLIO



Allocation inFund

Asset Allocation


% in Equity

OIL & GAS 16.16%OTHERS 11.58%CAPITAL GOODS 11.17%BANKING 11.13%INFRASTRUCTURE 8.55%

BHARAT HEAVY ELECTRICALS LTD. 7.29%OIL & NATURAL GAS CORPN. LTD. 7.04%RELIANCE INDUSTRIES LTD. 6.17%H D F C BANK LTD. 5.09%RALLIS INDIA LTD. 4.56%N T P C LTD. 3.88%AXIS BANK LTD. 3.79%LUPIN LTD. 3.12%

TATA CONSULTANCY SERVICES LTD. 2.86%TATA POWER CO. LTD. 2.65%


% in Equity

Average Maturity of Debt Portfolio (Months) 45.09Average Maturity of Benchmark (Months) 7.19Yield to Maturity of Debt Portfolio 7.19%


Pension Flexi Balanced Benchmark

NAV GROWTH

Pension Flexi Balanced Benchmark

ANNUALIZED RETURNS

As on June 30, 2010

0.00%

5.00%

10.00%

15.00%

20.00%


8.00

8.50

9.00

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00



8/8/2019 Ensure 2010

18/28



Pension Balancer

Pension Funds

Pension Protector


Pension Maximiser


Pension Preserver


FUND OBJECTIVETo generate superior long-term returns from a diversified portfolio ofequity and equity related instruments of large, mid and small capcompanies.

APPLICABLE PRODUCTS



Product



BENCHMARK

S&P CNX 500


RISK PROFILE

Expectedr

eturn

Risk


ASSET ALLOCATION

Max (%) Min (%)

PERFORMANCE SUMMARY

NAV*** Rs.Pension Flexi Growth Fund 14.39Pension Flexi Growth Fund II 14.77


Allocation inFund

Asset Allocation



CAPITAL GOODS 8.40%OTHERS 7.85%CONSUMER 7.84%METALS & MINERALS 7.68%INFRASTRUCTURE 7.44%AUTO 6.17%TECHNOLOGY 5.96%EPC 5.29%FINANCE 4.45%CEMENT 2.66%TELECOM 1.67%PHARMA & HEALTHCARE 1.64%MEDIA 0.59%BROKERS 0.40%REAL ESTATE 0.07%

H D F C BANK LTD. 6.22%OIL & NATURAL GAS CORPN. LTD. 5.28%LARSEN & TOUBRO LTD. 5.03%RELIANCE INDUSTRIES LTD. 4.73%AXIS BANK LTD. 3.83%I T C LTD. 2.85%MARUTI SUZUKI INDIA LTD. 2.82%BHARAT HEAVY ELECTRICALS LTD. 2.75%N T P C LTD. 2.73%GAIL (INDIA) LTD. 2.69%INFOSYS TECHNOLOGIES LTD. 2.07%OIL INDIA LTD. 2.04%KANSAI NEROLAC PAINTS LTD. 1.87%STERLITE INDUSTRIES (INDIA) LTD. 1.81%BHARTI AIRTEL LTD. 1.67%HOUSING DEVELOPMENT FINANCE CORPN. LTD. 1.63%TATA CONSULTANCY SERVICES LTD. 1.56%STATE BANK OF INDIA 1.55%VOLTAS LTD. 1.42%SUTLUJ JAL VIDYUT NIGAM LIMITED 1.40%




PORTFOLIO


NAV GROWTH

Pension Flexi Growth Benchmark

ANNUALIZED RETURNS

Pension Flexi Growth Benchmark

As on June 30, 2010

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%


6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00


Pension FundsULIP Funds

8/8/2019 Ensure 2010

19/28



CORPORATE MONEY MARKET SECURITIES 9.80%COMMERCIAL PAPER (P1+AND EQUIVALENT) 9.80%

CERTIFICATE OF DEPOSIT (P1+AND EQUIVALENT) 0.00%FIXED DEPOSITS WITH BANKS 5.18%OTHER CURRENT ASSETS ANDEQUIVALENT 6.54%

TOTAL 100.00%


Portfolio By Maturity


Allocation inFund

InvestShield Cash

Pension Funds

InvestShield Life InvestShield Pension InvestShield Life - New

ULIP Funds

InvestShield Funds

FUND OBJECTIVEThe investment objective of this Plan is to provide accumulation ofincome through investment in various fixed income securities. Inaddition to protecting the capital, the Plan seeks to provide capitalappreciation while maintaining suitable balance between return,safety and liquidity.

APPLICABLE PRODUCTS

InvestShield Cash

Product

DATE OF INCEPTION: Jan 3, 2005



ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK


InvestShield Cash

RISK PROFILE

Expectedr

eturn

Risk

PERFORMANCE SUMMARY

NAV*** Rs.Cash Plus Fund 15.6585Cash Plus Fund II 14.9715




PORTFOLIO


NAV GROWTH

InvestShield C ash Benchmark

ANNUALIZED RETURNS

InvestShield Cash Benchmark

InvestShield Cash

As on June 30, 2010

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%6.00%

7.00%

8.00%

9.00%

10.00%


10.00

11.00

12.00

13.00

14.00

15.00

Jan-05 Feb-06 Mar-07 Apr-08 May-09 Jun-10


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InvestShield Life

Pension Funds

InvestShield Cash InvestShield Pension

ULIP Funds

InvestShield Funds

FUND OBJECTIVETo provide a balanced investment between long-term capitalappreciation and current income while protecting the capital.Investment will be in fixed income instruments as well as equity inappropriate proportions, depending on market conditions prevalentfrom time to time.

APPLICABLE PRODUCTS

InvestShield Life

InvestShield Gold

Product




ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK


InvestShield Life

RISK PROFILE

Expectedr

eturn

Risk

PERFORMANCE SUMMARY

NAV*** Rs.Invest sheild Fund - Life 18.32

GOVERNMENT SECURITIES/ T BILLS 13.26%

CORPORATE SECURITIES 34.84%



COMMERCIAL PAPER (P1+AND EQUIVALENT) 13.40%CERTIFICATE OF DEPOSIT (P1+AND EQUIVALENT) 0.00%




PORTFOLIO



Allocation inFund

Asset Allocation


% in Equity

BANKING 16.36%OIL & GAS 14.71%TECHNOLOGY 10.59%CAPITAL GOODS 10.22%FINANCE 9.63%

RELIANCE INDUSTRIES LTD. 8.76%INFOSYS TECHNOLOGIES LTD. 7.63%H D F C BANK LTD. 6.94%LARSEN & TOUBRO LTD. 5.61%TATA TEA LTD. 5.33%AXIS BANK LTD. 5.24%BHARAT HEAVY ELECTRICALS LTD. 4.73%OIL & NATURAL GAS CORPN. LTD. 4.16%

HOUSING DEVELOPMENT FINANCE CORPN. LTD. 4.12%RURAL ELECTRIFICATION CORPN. LTD. 3.96%


% in Equity



NAV GROWTH

InvestShield Life Benchmark

ANNUALIZED RETURNS

InvestShield Life Benchmark

InvestShield Life InvestShield Life - New

As on June 30, 2010

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%


9.50

10.0010.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

16.50

17.00

17.50

18.00


ULIP Funds Pension Funds

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InvestShield Pension

InvestShield Cash InvestShield Life InvestShield Life - New

ULIP Funds

InvestShield Funds


APPLICABLE PRODUCTS


Product




ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK


InvestShield Pensioin

RISK PROFILE

Exp

ectedr

eturn

Risk

PERFORMANCE SUMMARY

NAV*** Rs.InvestShield P ension 18.58





COMMERCIAL PAPER (P1+AND EQUIVALENT) 14.48%CERTIFICATE OF DEPOSIT (P1+AND EQUIVALENT) 0.00%

FIXED DEPOSITS WITH BANKS 8.09%%



PORTFOLIO

AUM (Rs. Million): 335.12


Allocation inFund

Asset Allocation


% in Equity

BANKING 17.80%OIL & GAS 16.94%CAPITAL GOODS 12.87%FINANCE 8.76%TECHNOLOGY 7.66%

RELIANCE INDUSTRIES LTD. 9.63%H D F C BANK LTD. 7.84%INFOSYS TECHNOLOGIES LTD. 6.74%BHARAT HEAVY ELECTRICALS LTD. 5.83%LARSEN & TOUBRO LTD. 5.72%AXIS BANK LTD. 4.77%HOUSING DEVELOPMENT FINANCE CORPN. LTD. 4.40%STERLITE INDUSTRIES (INDIA) LTD. 4.29%

TATA TEA LTD. 3.18%CUMMINS INDIA LTD. 3.16%


% in Equity



NAV GROWTH

InvestShield Pension Benchmark

ANNUALIZED RETURNS

InvestShield Pension Benchmark

Pension Funds


As on June 30, 2010

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%


9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

16.50

17.00

17.50

18.00

18.5019.00



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New InvestShield

InvestShield Cash InvestShield Life InvestShield Pension InvestShield Life - New

InvestShield Funds


APPLICABLE PRODUCTS

InvestShield Life New

Product

DATE OF INCEPTION: Aug 21, 2006



ASSET ALLOCATION

Max (%) Min (%)

BENCHMARK


New InvestShield

RISK PROFILE

Exp

ectedr

eturn

Risk

PERFORMANCE SUMMARY

NAV*** Rs.New Invest Shield Balanced Fund 15.47





COMMERCIAL PAPER (P1+ ANDEQUIVALENT) 14.59%CERTIFICATE OF DEPOSIT (P1+ ANDEQUIVALENT) 0.00%




PORTFOLIO



Allocation inFund

Asset Allocation


% in Equity

OIL & GAS 18.14%BANKING 13.95%CAPITAL GOODS 11.33%TECHNOLOGY 9.92%CONSUMER 7.83%

RELIANCE INDUSTRIES LTD. 9.09%INFOSYS TECHNOLOGIES LTD. 7.30%H D F C BANK LTD. 6.95%LARSEN & TOUBRO LTD. 5.56%BHARAT HEAVY ELECTRICALS LTD. 4.82%AXIS BANK LTD. 4.65%OIL & NATURAL GAS CORPN. LTD. 4.44%I T C LTD. 4.32%

CUMMINS INDIA LTD. 3.09%HOUSING DEVELOPMENT FINANCE CORPN. LTD. 2.98%


% in Equity



NAV GROWTH

New InvestShield Benchmark

ANNUALIZED RETURNS

New InvestShield Benchmark

As on June 30, 2010

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%


9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

15.50

16.00

Aug-06 Jun-07 Mar-08 Dec-08 Sep-09 Jun-10

ULIP Funds InvestShield FundsPension Funds

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Product - Fund Matrix

Performance Summary



Glossary of Terms

Find your Fund


I, II, III, IV refer to the fund series of the respective fund applicable to the product

InvestShieldPension

InvestShieldCash

InvestShieldLife

InvestShieldLifeNew

LifeLinkPension

LifeLinkPensionII

LifeLinkSuperPension

PremierlifePension

LifeTimePension

LifeTimePensionII

LifeTimeSuperPension

LifeStagePension

GoldenYears

SmartKidSinglePrem

ium

SmartKidSinglePrem

iumII

SmartKidN

ewUnitLinked

SinglePremium

SmartKidUnitlinked

RegularPremium

Plan

SmartKidUnitlinked

RegularPremium

PlanII

SmartKidN

ewUnitlinked

RegularPremium

LifeLink

LifeLinkII

LifeLinkSuper

WealthAdvantage

PremierLife

PremierLifeG

old

LifeTime

LifeTimeII

LifeTimeSuper

LifeTimeG

old

LifeTimeplus

LifeStageAssure

LifeStageRegularPremium

Balancer

Protector

Maximiser

Preserver

Multipiler

RICH

Flexi Balanced

Flexi Growth

Pension Balancer

Pension Protector

Pension Maximiser

Pension Preserver

Pension Multiplier

Pension RICH



InvestShield Life - New

InvestShield Life

InvestShield Cash


IV

IV

IV

IV

IV

IV

IV

IV

IV

IV

IV

IV

IV

IV

IV

II

II

II

I

II

II

II

II

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

II

II

II

I

II

II

II

II

II

II

I

II

II

II

II

II

II

II

I

II

II

II

II

II

II

II

I

II

II

II

II

II

II

II

II

II

II

II

II

I

I

I

I

I

I

I

I

III

III

III

III

III

III

III

III

II

II

II

I

II

II

II

II

I

I

I

I

II

I

I

I

II

II

II

I

II

II

II

II

I

I

I

I

II

I

II

II

II

II

II

I

II

II

II

II

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

II

II

II

I

II

II

II

II

II

II

II

I

II

II

II

II

II

II

II

I

II

II

II

II

II

II

II

I

II

II

II

II

II

II

II

I

II

II

II

II

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

ElitePension

LifeStageAssurePension

II

II

II

II

II

II

II

II

II

II

II

II

I I


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The Investment TeamAdvises

Performance Summary



Glossary of Terms

Find your Fund


Overall Advice ICICI Prudential Highlights

Investment Team

With volatility expected to continue in the near future, ATS may be used for any newinvestments.

For existing investments, determine your risk profile and optimal asset allocation if notalready done so. Determine the current asset allocation of your overall investmentportfolio. Make suitable adjustment to your portfolio to bring it in line with youroptimal asset allocation. You can use Switch or ATS facilities to easily adjust yourasset allocation.

Mr. Jitendra Arora

Senior Vice President and Vice President andHead - Investments Fund Manager - Fixed Income

Mr. Arun Srinivasan Mr. Lakshmikanth ReddyVice President and Fund Senior Vice President andManager - Fixed Income Fund Manager - Head of Equity

Ms. Meghana BajiVice President - Investmentand Risk Management

Mr. Manish Kumar

We are one of the market leaders in the Indian private life insurance space

We currently have over Rs. 59,000 cr (as on June 30, 2010) in assets under management.

We are capitalized at Rs. 4,780 cr (as on June 30,2010) making us one of India's highestcapitalized companies across sectors


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The 5 Mantras ofFinancial Freedom

Performance Summary



Glossary of Terms

Find your Fund


Goal Based Investing

Regular Investments

Cover Your Financial Risks

Asset Allocation

Start Early, Stay Long Term

Managing one's financial investments may appear very complicated given all the confusingadvice around and the jargon people often use. We will give you an overview of how wemanage the complex part on the next page. Here, we discuss the critical few things you need tokeep in mind. Think of them as your mantras of financial freedom.

While most of us know this, few recognize the incredible

power of compounding' that forms the basis of thismaxim. For example, a person who invests Rs. 2 lac eachyear for 30 years and another person who invests Rs. 3 laceach year for 20 years would both have invested Rs. 60lacs. However, at 10% rate of return, the first person willend up with over Rs. 3.6 crore and the second person withnot even Rs. 1.9 crore, a difference of almost 50% ! Themessege is clear, resist the temptation to splurge today.Go that extra mile to invest whatever you can as early asyou can. Your Golden Years depend on it!

This is a key decision to be taken and is r esponsiblefor attaining the significant returns that one getsover a long period of time. Asset allocation basicallyrefers to the balance an investor maintains betweenhis or her exposure to debt and equity instruments.The greater a person's risk taking ability the moreinvestments he should assign to equity, and thehigher will be the returns he will potentially make inthe long-run. Risk appetite in turn depends on

factors like age, income, dependants, investment hor izon, inherent risk appetite, etc. Based onthese parameters, an investor may calculate his optimal asset allocation using the calculator on

our website. One should invest sticking closely to this asset allocation. Every quarter, assetallocation of one's investments should be reviewed and the fund switch feature should be usedto bring asset allocation back in line with optimal asset allocation. Through this mechanism,one systematically invests more in equities when markets are low and less when markets arehigh, thus generating superior returns in the long run without worrying about things liketiming the market.

We all invest with certain goals in mind which can rangefrom buying a car, to childrens higher education, toretirement. It is important to recognize these goals andbuild a plan suitable for each. One needs to particularlytake note of the time horizon and level of risk one can takefor each of these goals. For instance, if next year one plansto send his daughter to a foreign university, he cannottake any risks and it would be best to invest in somethinglike a fixed deposit. Conversely with something likeretirement, this if a long time away, one must have someexposure to equities since one can tolerate short termvolatility for better returns in the long run.

We have all heard stories from friends or relatives abouthow a sudden illness or death completely degraded thelifestyle of someone they knew. Some of us take thecavalier attitude Oh that will never happen to me.Likewise there will be others who worry excessively andbecome victims of fear keeping their savings in liquid

assets thus foregoing higher returns. Of course, the smartones insure away all their risks, and their fears. For a fee(premium), insurance companies can insure against

almost all risks such as death, illness, accidental disability, even house theft or fire. It isimportant to adequately cover the financial risks and live a life free from the burden of fear orlow yielding emergency funds. For more details on how much life cover you need use thehuman life value calculator on our website.

This is another piece of advice that we hear very often andwhich has its basis in a key concept called rupee costaveraging. The simple fact to recognize is that no one canconsistently time the market. In fact we make thingsworse by trying to time the market, because ourpsychology is such that we generally invest more whenmarkets are high and everybody is cheerful, and likewisebecome fearful and invest less when markets are low,

whereas we should be doing the opposite! Rupee Cost Averaging implies that by sticking to asystematic plan of investing regularly, say every month or quarter, we minimize the risk of

entering the market when it is at its peak or missing our when valuations are at their mostattractive. The Automatic Transfer Strategy (ATS) is an ideal tool to ensure regular investments.


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The cornerstone of our investment philosophy is the investment policy put in place by our board's investment committee keeping in mind policyholders' long-term interests and regulatorynorms. Following are some of the salient features of our investment philosophy as detailed in this charter:

Superior risk adjusted returns: The investmentpolicy has well defined limits on permissible risksthat can be taken even as it gives freedom to fundmanagers to out perform the relevant benchmarks.The idea is not only to earn high returns but to do sowithout taking high risks. We have a qualified and

experienced team of fundmanagers who continuouslyanalyze the factors affectingmarket movements l i keeconomic fundamentals,institutional fund flows andmarket sent iment. Theirconstant endeavour is tomaximize risk adjusted returns.

Regulatory guidelines: Lifeinsurance companies in Indiaare regulated by InsuranceRegulatory DevelopmentAuthority (IRDA), and theseregulations focus on:(I) safety of investors' moneyby defining a minimum

acceptable quality of the investment portfolio, and(ii) transparency in terms of adequate disclosuresabout portfolio.

Process-driven approach to investments:Every fund has a defined investment objective,a benchmark suitable to the objective and pre-decided style of investing so that fundperformance is not a function only of a specificfund manager's skill but rather an outcome ofpolicy defined features.Policyholders in insuranceproducts commit moneyfor the long-term and theinvestment performancecannot be purely subjectt o a spec i f i c f undm a n a g e r ' s s k i l l o rcompetence who may ormay not be consistentover the long-term.

Safety is paramount:One of our primaryobjectives is the safety ofyour investments andstability of returns. Wee n s u r e t h a t o u rinvestment portfolio isadequately diversified

and adheres to high standards of quality. Ourinvestment policy does not permit us to followrisky strategies, whatever be the reward, suchas holding poor quality credit or underdiversified portfolios, etc.

How we go aboutManaging your Money

Performance Summary



Glossary of Terms

Find your Fund



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Glossary of Terms



Glossary of Terms

Find your Fund


As on June 30, 2010

Performance Summary

Fund: This is a collective pool of money created fromindividual investments such that each individual shares risksand rewards in the proportion of their contribution. Since afund is managed as a single investment vehicle, all theinvestors will face the same risks and rewards. Aprofessional fund manager invests the fund according tothe objective of the fund defined in the offer document orpolicy document. In case of a policyholder who payspremium, a predetermined part of this is used to pay for lifecover and other expenses. The remaining part of thepremium is the investment which is put in the var ious funds(such as Maximiser and Balancer) as per the investors

instructions. The investor is free to change the allocation ofinvestments at any time during the term of the policy.

NAV: Net Asset Value of a fund on a given day is the totalclosing value of the securities held in the portfolio of thefund divided by the number of units outstanding. When aperson invests a sum (say Rs. 10000) in a fund on a certainday when the NAV was Rs. 20 per unit he is assigned1000020=500 units. On any given day, the investor canfind the value of his investment in the fund by multiplyingthe units he holds by the NAV of the day. So if the NAV of thefund has become Rs. 30 per unit, the investor can calculatethe value of his holdings as 500x30=Rs. 15000. The NAV

changes with changes in value of investments in the fund.

Risk: Concept of risk of an investment essentially capturesthe possibility of loss in that investment. Risk, in terms ofportfolio management, is defined as variability of thereturns of a fund or more correctly expected variability. So iffund A and fund B both given 10% annualized returns,however fund A gives this same 10% consistently every yearbut fund B gives 3% in one year, 12% in another year andso on but still averages 10% per annum in the long run,then fund B is said to be more risky than fund A. Risk isgenerally measured as standard deviation or variance ofreturns. For similar levels of returns a rational investor will

always choose the least risky asset.

Returns:Return is the reward one has got for taking riskand giving time. Absolute rate of return (or simply return) ina period is the ratio of increase (or decrease) in the NAV ofthe fund at the end of the period over the NAV at the start of

the period. Generally when reporting for a period longerthan 1 year, the return is annualized (generally using theCAGR method) for the purpose of comparison. For exampleif in the last 1 year, the NAV of a fund has increased from Rs.20 to Rs. 25, then absolute return (and in this case theannualized return as well) is (25-20)20=25%. If over thelast 2 years, the NAV has grown from Rs. 15 to Rs. 30 thenthe absolute return in 2 years is (30-15)15=100%;however the annualized return, or compound annualgrowth rate is 41.4% per annum.

Benchmark: Every investment has to have a yardstick to

evaluate whether it has met the objective of investment. Abenchmark is a standard against which the performance ofa fund can be compared. The benchmark for each fund ispredetermined based on the investment objective andtarget as

Documents

Ensure 2010