thesis
TRANSCRIPT
INDIAN INSTITUTE OF PLANNING AND MANAGEMENT
NEW DELHI
THESIS REPORT ON
CUSTOMER PERCEPTION STUDY WITH RESPECT TO BAJAJ ALLIANZ LIFE
SUBMITTED TO: PROF. SUMANTA SHARMA EXTERNAL GUIDE: MR. VIKAS KHATRI
SUBMITTED BY SAMEER CHAUDHARY DF/08/10-M-012
ABSTRACTBajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and Bajaj Finserv. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 115 years of financial experience and is present in over 70 countries around the world. At Bajaj Allianz Life Insurance, customer delight is their guiding principle. Their business philosophy is to ensure excellent insurance and investment solutions by offering customised products, supported by the best technology. Bajaj Allianz India offers convenient premium payment and receipt options. The payments can be direct through cheques, DD's or directly from your accounts or through credit card. The premiums can also be paid online. The insurance policy holders who also have an account with Standard Chartered Bank can avail the direct debit mandate facility. The Bajaj Allianz Life Insurance website offers human life value estimator, child education cost calculator, retirement solutions and required pension estimator and premium calculator online. The Bajaj Allianz insurance agents will guide you about the general life insurance policies best suited to your needs. The insurance agent also briefs you about the insurance quote and the terms on the policy quotes. For this thesis I worked on and collected data from various sources such as list of members from renowned clubs & associations and tried to fix appointment with the concerned person. I also had to take the feed back of the people regarding insurance consultancy &companys products.
Page | 2
SIGNATORY PAGEThis is to inform that I (Vikas Khatri) taking the responsibility of becoming the external guide for Mr. Sameer Chaudhary, student of IIPM, batch(FW/08-10/PGP) in completing the thesis work Customer Perception Study with Respect to Bajaj Allianz. on
Vikas Khatri Senior Business Development Manager
Page | 3
THESIS SYNOPSISDETAILS OF THE STUDENT: Name Batch Specialization Section Phone No Email Id : : : : : : SAMEER CHAUDHARY FW 08-10 Marketing P-3 09812904200 [email protected]
DESIRED AREA OF RESEARCH: Insurance Marketing TITLE OF THE THESIS:A study on customer perception in regards to ULIP in the present market scenario: A case study of Bajaj Allianz Life Insurance
RESEARCH OBJECTIVE: Secondary To study the trends with reference to insurance products and innovations with
reference to Bajaj Allianz Life Insurance.
To know about the various products of Bajaj Allianz.
Primary To understand the concept of ULIP with the investors perspective To understand why there has been a recent upsurge in the ULIP sales in India To critically analyse the investor perception about ULIP Plans. To do a reality check on the actual benefits of ULIP through analysis of the performance
of selected ULIP.
INTRODUCTION TO THE AREA OF RESEARCH
Page | 4
Growing at a breakneck pace with a strong pan Indian presence Bajaj Allianz has emerged as a strong player in India. Bajaj Allianz life Insurance Company Limited is a joint venture between two leading conglomerates Allianz AG and Bajaj Auto Limited. Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and Bajaj Finserv. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 115 years of financial experience and is present in over 70 countries around the world. At Bajaj Allianz Life Insurance, customer delight is their guiding principle. Their business philosophy is to ensure excellent insurance and investment solutions by offering customised products, supported by the best technology.
Accelerated Growth Fiscal Year 2001-2002(6 mths) 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 No. of policies sold 21,37 1,15,965 1,86,443 2,88,189 7,81,685 20,79,217 37,44,742 25,90,765 22,30,686 New Business in FY Rs. 7 cr.
Rs. 63.3 cr. Rs. 180 cr. Rs. 857 cr. Rs. 2,717 cr. Rs. 4,302 cr. Rs. 6,674 cr. Rs. 4,491 cr. Rs. 4,451 cr.
SCOPE OF THE STUDY:The study will be limited to Bajaj Allianz Life Insurance only. Over view of life insurance industry in India.
Page | 5
Comparison among the products of major players (Delhi and NCR region) Insurance consultancy as a career in Bajaj Allianz.
The scope of the survey for gauging the investor perception about ULIP will be limited to South Delhi only. The study will analyse the performance of ULIP plans of LIC, MNYL, ICICI Prudential and Bajaj Allianz.
RESEARCH METHODOLOGY: Information Source: Primary Sources:Primary data will be collected from: Survey of Officials of Bajaj Allianz Survey of Investors who have invested in Bajaj Allianz Life Insurance
in Delhi
Survey of Investors to gauge their buying behaviour for Insurance
products based on their profile.
Secondary Sources:Secondary data will be collected from the following sources Internet Magazines Journals Newspaper
Data Analysis Tools: Survey Findings will be analyzed using Bar diagram/Pie diagram
Page | 6
JUSTIFICATION PROPOSAL
FOR
CHOOSING
A
PARTICULAR
RESEARCH
The two strong arguments in favour of unit-linked plans are that the investor knows exactly what is happening to his money and two, it allows the investor to choose the assets into which he wants his funds invested. A traditional with profits, on the other hand, is a black box and a policyholder has little knowledge of what is happening. An investor in a ULIP knows how much he is paying towards mortality, management and administration charges. He also knows where the insurance company has invested the money. The investor gets exactly the same returns that the fund earns, but he also bears the investment risk. The transparency makes the product more competitive. So if you are willing to bear the investment risks in order to generate a higher return on your retirement funds, ULIPs are for you. Traditional with profits policies too invest in the market and generate the same returns prevailing in the market. But here the insurance company evens out returns to ensure that policyholders do not lose money in a bad year. In that sense they are safer. ULIPs also offer flexibility. For instance, a policyholder can ask the insurance company to liquidate units in his account to meet the mortality charges if he is unable to pay any premium installment. This eats into his savings, but ensures that the policy will continue to cover his life. Insurers love ULIPs for several reasons. Most important of all, insurers can sell these policies with less capital of their own than what would be required if they sold traditional policies. In traditional with profits policies, the insurance company bears the investment risk to the extent of the assured amount. In ULIPs, the policyholder bears most of the investment risk. Since ULIPs are devised to mobilise savings, they give insurance companies an opportunity to get a large chunk of the asset management business, which has been traditionally dominated by mutual funds. The problem usually lies in Mis-selling. Mis-selling is Selling insurance products without understanding your needs. It is rampant and whether you are a newborn or a 60 year old, insurance will be the first product sold to you. Selling insurance is a business and the buyer needs to understand what's under all their sweet talk and projects.
Page | 7
ACKNOWLEDGEMENTUndertaking any project in life proves to be a milestone in more ways than one. Its successful completion relies on a myriad people and their priceless help. I am deeply indebted to all who have inspired, guided and helped me in the successful completion of the project. I owe debt of gratitude to them, who were so generous with their valuable time and expertise. My research would have been inchoate without the assistance of the insurance consultants in working for Bajaj Allianz Life Insurance Company Limited and I also acknowledge all the employees and the respondents who helped me without hesitation in sharing their experiences out to learn the process. Through this acknowledgement I express my sincere gratitude towards all those people who helped me in this project, which has been a learning experience. I am thankful to my project guide Mr. Vikas Khatri for guiding me throughout this study without his help this thesis would have not be completed. I appreciate the co-ordination extended by my friends and also express my sincere thankfulness to the entire faculty members of Indian Institute of Planning & Management, Delhi, giving me the opportunity to do this project/study and also assisting me for the same.
Page | 8
TABLE OF CONTENTSSERIAL NO. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 11. 12 13. 14. 15. 16. 17. 18. 19. TOPIC CHAPTER-1 INTRODUCTION INDIAN INSURANCE INDUSTRY LIFE INSURANCE MARKET IN INDIA WINDS OF CHANGE TYPES OF POLICIES IN THE MARKET FINDINGS AND ANALYSIS KEY MAN INSURANCE SWOT ANALYSIS COMPARISION OF PRODUCT INSURANCE CONSULTANT AS A CAREER WITH BAJAJ ALLIANZ EARNIGS AS A INSURANCE CONSULTANT WITH BAJAJ ALLIANZ RESEARCH DESIGN DATA COLLECTION SOURCES AND METHODS DATA ANALYSIS AND INTERPRETATION A KEY COMPARISION SUGGESTIONS & RECOMMENDATIONS CONCLUSION BIBLIOGRAPHY ANNEXURE PAGE NO. 10-12 13-17 18 19-21 22-23 24-54 55-64 65-66 67-74 75-76 77-79 80 81-82 83-87 88 89 90 91 92-93
Page | 9
Chapter-1 COMPANY PROFILEINDIAN OPERATIONGrowing at a breakneck pace with a strong pan Indian presence Bajaj Allianz has emerged as a strong player in India. Bajaj Allianz Life Insurance Company Limited is a joint venture between two leading conglomerates Allianz AG and Bajaj Auto Limited. Characterized by global presence with a local focus and driven by customer orientation to establish high earnings potential and financial strength, Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India.
BAJAJ ALLIANZ- THE PRESENT
Over 3,00,000 satisfied customers Leading private sector insurance company in India One of the fastest growing private sector life insurer in India Accelerated Growth Assets under management Rs 350 cr. Shareholder capital base of Rs. 250 cr. Pan India network Wide range of product to suit your needs. Decentralized organizational structure for increased response and service levels
Page | 10
Tie Ups with BanksThey are the Pioneers of Banc assurance in India. Having pioneered the phenomenon, Banc assurance is one the core business strategies. Two of our strong Banc assurance tie-ups are:
Standard Chartered Bank Syndicate Bank
They have developed a range of life insurance products exclusively for our Banc assurance partners. Also, the products are customized to suit specific needs of banks.
All CCCs networked with state of art IT systems.
Highest standard of customer service & simplified claims process in the industry
RESEARCH OBJECTIVESecondary To study the trends with reference to insurance products and innovations with
reference to Bajaj Allianz Life Insurance.
To know about the various products of Bajaj Allianz.
Primary To understand the concept of ULIP with the investors perspective To understand why there has been a recent upsurge in the ULIP sales in India To critically analyse the investor perception about ULIP Plans. To do a reality check on the actual benefits of ULIP through analysis of the performance
of selected ULIP
SCOPE OF THE PROJECT Over view of life insurance industry in India. Comparison among the products of major players (New Delhi region)
Page | 11
LIMITATIONS OF THE PROJECT Detail market study of industry has not been done. The findings of the project are limited to New Delhi region.
Page | 12
Chapter-2 INDIAN INSURANCE INDUSTRYINSURERSInsurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:
Life Insurers Life Insurance Corporation of India (LIC)
General InsurersGeneral Insurance Corporation of India (GIC) (with effect from Dec'2000, a National Reinsures) GIC had four subsidiary companies, namely (with effect from Dec' 2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies. The Oriental Insurance Company Limited The New India Assurance Company Limited, National Insurance Company Limited United India Insurance Company Limited.
Yr: 2000-2001: (From 2nd April 2000 to 31st December' 2001) Insurance Industry in the year 2000-2001 had 12 new entrants, namely:
Life Insurers: Registration Number 101 104 105 107
S. No 1. 2. 3. 4.
Date of Reg. 23.10.2000 15.11.2000 24.11.2000s 10.01.2001
Name of the Company HDFC Standard Life Insurance Company Ltd. Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited
Page | 13
5. 6. 7. 8. 9. 10. 12.
109 110 111 114 116 117 122
31.01.2001 12.02.2001 30.03.2001 02.08.2001 03.08.2001 06.08.2001 14.05.2002
Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited ING Vysya Life Insurance Company Private Limited Bajaj Allianz Life Insurance Company Limited Metlife India Insurance Company Pvt. Ltd. Aviva Life Insurance Co. India Pvt. Ltd.
Yr: 2003:2004: (From 1st Jan 2003 till Date)Insurance Industry in this year, so far has 1 new entrant: namely
Life Insurers: Registration Number 127
S. No 1.
Date of Reg. 06.02.2004
Name of the Company Sahara India Insurance Company Ltd.
Page | 14
INSURANCE BUSINESS:Insurance business is divided into classes: 1. 2. 3. 4. Life Insurance Fire Insurance Marine Insurance and Miscellaneous Insurance.
Life Insurers transact life insurance business; General Insurers transact the rest. No composites are permitted as per law.
LEGISLATION (as on 1.4.2000):Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is: Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999. INSURANCE PRODUCTS (as on 1.4.2000) (for latest information get in touch with the current insurers website information of insurers is provided at the web page for insurers):
Life Insurance:Popular Products: Endowment Assurance (Participating), and Money Back (Participating). More than 80% of the life insurance business is from these products.
General Insurance:Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory. Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products (please visit website of GIC for details) Composition of Authority under IRDA Act, 1999 As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority The Authority is a ten member team consisting of (a) a Chairman; (b) five whole-time members;
Page | 15
(c) four part-time members, (all appointed by the Government of India) Duties, Powers and Functions of IRDA
Section 14 of IRDA Act, 1999 lays down the duties, power and function of IRDA.1. Subject to the provisions of this Act and any other law for the time
being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. 2. Without prejudice to the generality of the provision contained in
sub-section (1), the powers and functions of the Authority shall include, (a) Issue to the applicant a certificate of registration, renew, modify, withdraw,
suspend or cancel such registration; (b) protection of the interests of the policy holders in matters concerning
assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance; (c) specifying requisite qualifications, code of conduct and practical training for
intermediary or insurance intermediaries and agents; (d) (e) Specifying the code of conduct for surveyors and loss assessors; Promoting efficiency in the conduct of insurance business; Promoting and regulating professional organizations connected with the
(f)
insurance and re-insurance business; (g) Levying fees and other charges for carrying out the purpose of this Act; calling for information from, undertaking inspection of, conducting enquiries
(h)
and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business; (i) control and regulation of the rates, advantages, terms and condition that may
be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);
Page | 16
(j)
Specifying the form and manner in which books of account shall be
maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; (k) (l) regulating investment of funds by insurance companies; regulating maintenance of margin of solvency; adjudication of disputes between insurers and intermediaries or insurance
(m)
intermediaries; (n) (o) (f); (p) Specifying the percentage of life insurance business and general insurance Supervising the functioning of the Tariff Advisory Committee; Specifying the percentage of premium income of the insurer to finance
schemes for promoting and regulating professional organization referred to in clause
business to be undertaken by the insurer in the rural or social sector; and (q) Exercising such other powers as may be prescribed
Page | 17
LIFE INSURANCE MARKET IN INDIA
Many may not be aware that the life insurance industry of India is as old as it is in any other part of the world. The first Indian life insurance company was the Oriental Life Insurance Company, which was started in India in 1818 at Kolkata. A number of players (over 250 in life and about 100 in non-life) mainly with regional focus flourished all across the country. However, the Government of India, concerned by the unethical standards adopted by some players against the consumers, nationalized the industry in two phases in 1956 (life ) and in 1972 (non-life). The insurance business of the country was then brought under two public sector companies, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). In line with the economic reforms that were ushered in India in early nineties, the Government set up a Committee on Reforms (popularly called the Mahlotra Committee) in April 1993 to suggest reforms in the insurance sector. The Committee recommended throwing open the sector to private players to usher in competition and bring more choice to the consumer. The objective was to improve the penetration of insurance as a percentage of GDP, which remains low in India even compared to some developing countries in Asia. Reforms were initiated with the passage of Insurance Regulatory and Development Authority (IRDA) Bill in 1999. IRDA was set up as an independent regulatory authority, which has put in place regulation in line with global norms. By any yardstick, India, with about 200 million middle class households, presents a huge untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. With the per capita income in India expected to grow at over 6% for the next 10 years and with improvement in awareness levels, the demand for insurance is expected to grow at an attractive rate in India. An independent consulting company. The Monitor Group has estimated that the life insurance market will grow from Rs. 218 billion in 1998 to Rs. 1003 billion by 2008 (a compounded annual growth of 16.5%).
Page | 18
WINDS OF CHANGE
Reforms have marked the entry of many of the global insurance majors into the Indian market in the form of joint ventures with Indian companies. Some of the key names are AIG, New York Life, Allianz, Prudential, Standard Life, Sun Life Canada and Old Mutual. The entry of new players has rejuvenated the erstwhile monopoly player LIC, which has responded to the competition in an admirable fashion by launching new products and improving service standards. The following are the key winds of change brought about by privatization.
Market Expansion: There has been an overall expansion in the market. This has beenpossible due to improved awareness levels thanks to the large number of advertising campaigns launched by all the players. The scope for expansion is still unlimited as virtually all the players are concentrating on large cities and towns-except by LIC to an extent there was no significant attempt to tap the rural markets.
New product Offerings: There has been a plethora of new and innovative products offeredby the new players, mainly from the stable of their international partners. Customers have tremendous choice from a large variety of products from pure term (risk) insurance to unitlinked investment products. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional money-back policies, which is not considered very appropriate for long-term protection and savings. However, there are still some key new products yet to be introduced-e.g. health products.
Customer Service: Not unexpectedly, this was one area that witnessed the most significantchange with the entry of new players. There is an attempt to bring in international best practices in service and operational efficiency though use of latest technologies. Advice and need based selling is emerging though much better trained sales force and advisors. There is improvement in response and turnaround times in specific areas such as delivery of first policy receipt, policy receipt, policy document, premium notice, final maturity payment, settlement of claims etc. However, there is a long way to go and various customers survey indicates that the standards are still below customer expectation levels.
Page | 19
Channels of Distribution: Till two years back, the only mode of distribution of lifeinsurance products was though Agents. While agents continue to be the predominant distribution channel, today a number of innovative alternative channels are being offered to consumers. Some of them are banc assurance, brokers, the internet and direct marketing. Though it is too early to predict, the wide spread of bank branch network in India could lead to banc assurance emerging as a significant distribution mechanism. But is debatable whether there are any significant differences. In other words, each company is trying to be 'everything to everybody.' Our argument is that the strategy of being everything to everybody is risky. Some players justify the above strategy on the basis that the Indian market is huge and it can accommodate everybody. Still, in a market where it is difficult to distinguish oneself sufficiently on service or any other parameter to be able to charge a premium, it will lead to unmitigated price competition to the detriment of all players. One may achieve sales turnover, but margins and profitability will suffer severely. In the insurance industry where large amounts of capital are required, this is risky. While there is room for a few scale players with a finger in every pie, it is profitable for other players to focus on different segments to survive and thrive in a multi-firm open environment. While each company has to choose its own unique positioning based on its unique strengths, the below-mentioned generic positioning alternatives appear worth considering. Needless to say the positioning choices discussed here are not mutually exclusive and can be overlapping.
Variety-based Positioning : This type of positioning is based on varieties inproducts and services rather than customer segments. It is a sensible strategy for those companies who have distinctive advantage or strengths in offering certain products and services. In the insurance industry too, it is possible, to achieve a unique position by focusing on certain category or products. The insurance company can deliver better returns of its investment -linked products and thereby carve for itself a leadership position in this segment. Then there is the entire category of pension products which is widely touted to have immense growth potential in Indian due to imminent pension reforms. It is possible to achieve profitable positioning by focusing and excelling in only pension products.
Page | 20
Needs- based Positioning : This is the most commonly understood positioning and isbased on the differing needs of different groups of consumers. This can be done successfully if a company has unique strengths to service a group of customer needs better than others. The Insurance needs of customers vary significantly for different groups of customers. The insurance needs of young family with small children will be quite different from that of a family in which the income-earner is close to retirement, in India most of the life insurance companies have a wide variety of products tailored for different customer needs and there is no company focusing on a particular customer need. An example would be a life insurance company that focuses only on High Net-worth Individuals (HNIs). The needs of HNIs would be quite different from those of a general consumer and would require an entirely different marketing mix right from the type of products offered and the way they are distributed, to the promotion methods employed.
Access-based Positioning: Positioning of customers can also be done by the waythey are accessible. That is different groups of customers may be accessible in different ways even though they may have similar needs. Access is typically a function of customer geography or customer scale. There is excellent opportunity in the insurances industry to employ access-based positioning by targeting the rural insurance sector. The rural market for life insurance is very different form the urban market in terms of needs, income levels and distributions (seasonality, for example), penetration of media and so on. So far except for LIC, no other player has paid any attention or focus on the rural sector. Contrary to common perception it is a big opportunity as emphasized repeatedly by such eminent strategists like C.K. Prahlad. Rural market can be a highly profitable position if one is able to carefully plan and tailor an entire set of low-cost activities of advertising, distribution, and product design etc. to successfully exploit the potential.
Page | 21
TYPES OF POLICIES IN THE MARKET
Endowment insurance policyThis plan is appropriate for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. It covers risk for a specified period, at the end of which the assured sum is paid back to the policyholder, along with the bonus accumulated during the term of the policy. Many investors use endowment policy to fund anticipated financial needs, such as college education for their children or retirement. Premium for an endowment life policy is much higher than that of a whole life policy. In an endowment policy, a 20-year term for a 30-yearold cost around Rs. 50,000 a year, whereas in a whole life plan it costs around Rs 40,000.
Money back schemeUnlike other policies, this policy gives you a return after a certain period of time. it provides periodic payments of partial survival benefits during the term of the policy. The rest of the amount is paid at the end the term with a bonus. The risk cover on the life continues for the full sum assured even after payment of survival benefits and the bonus is also calculated on the full sum assured. This is suitable to the Indian psyche of the life insurance policyholder who wants returns at frequent intervals.
Pension plansThis is suitable for those who want a regular income after their retirement. In this scheme policyholders contribute regularly over a period of time or in a lump sum amount to form a corpus. This corpus is used to yield a regular income that is paid to policyholders until death starting from his desired retirement age. This is also known as annuity schemes. Typically, annuities are bought to provide a solution to one of the biggest financial in-securities of old age.
Page | 22
Unit linked insurance plans (Ulips)Unit linked insurance plans (Ulip) are the flavor are now contributing over 50 per cent of the private life insurance companies since their inception in 2004. In an area of booming stock market, these schemes are giving investors a higher return as life protection. Encouraged by the response, many players are launching different savings and endowment plans in the unit-linked format. According to the IRDA, a company offering unit linked plans must give the investor an option to choose amount of debt, balanced and equity funds. This policy is suitable for young people who can take risk. These give flexibility as mutual funds.
Page | 23
CHAPTER 3: FINDINGS AND ANALYSISPRODUCTS OF BAJAJ ALLIANZ
Individual plans Group plans Insurance for NRI's Special plans
Individual Plans UNITGAIN A Unit Linked Plan UNITGAIN SP A Single Premium unit Linked Plan INVESTGAIN An Endowment Plan CHILDGAIN Children's Policy CASHGAIN Money Back Plan SWARNA VISHRANTI Retirement Plan UNITGAIN PLUS Unit Link plan with higher allocation UNITGAIN EASY PENSION: A Plan that enables you retire with laughter lines... not worry lines RISK CARE Pure Term Plan TERM CARE: term Plan with Return-of-Premium LIFETIME CARE Whole Life Plan SAVE CARE ECONOMY SP Single Premium Endowment Plan LOAN PROTECTOR A Mortgage Reducing term Insurance Plan KEYMAN INSURANCE A Promising Business Opportunity UNITGAIN PLUS SP A Single premium Unit Linked Plan UNITGAIN LIFE PENSION A Plan that enables you retire with laughter lines... not worry lines
Page | 24
SWARNA RAKSHA-ROC: A plan that provides you with regular income ... for life.
MAHILAGAIN RIDER The unique plan that takes care of you and your loved ones.
The "Bajaj Allianz Unit Gain SP PlanThe Bajaj Allianz Unit Gain SP comes with a host of features to allow you to have the best of all worlds-Protection and Investment with flexibility. Some of the key features of this plan are:
Key Features Guaranteed death benefit Choice of 5 investment funds with flexible investment management: you can change funds at any time. Attractive investment alternative to fixed interest securities. Provision for full/partial withdrawals any time after three full years premiums are paid. Unmatched flexibility- to match your changing needs.
Benefits
Death Benefit
Cash withdrawal option
The five funds offered are as under: (a) Equity Fund-This fund provides the scope of high appreciation over a long term.
The fund will primarily invest in equities & is expected to match returns given by NSE NIFTY. This fund will invest at least 90% in equities and maximum 10% in cash. Equity Gain Fund-The investment objective of this Fund is to provide capital appreciation through investment in select equity stocks that have the potential for high capital
Page | 25
appreciation. This fund will invest at least 90% in equities and maximum 10% in debt & cash instruments.
(b)
Debt Fund-This fund provides the scope for steady returns at low risk through
investment in high quality fixed income securities. This fund will be invested fully in debt instruments. (c) Balanced Fund-The balanced fund is primarily for those who prefer a mix of
steady returns & growth. The balanced fund will invest 30% to 50% in the equity fund and 50% to 70% in the debt fund.
(d)
Cash Fund - The cash fund will invest conservatively in money market & short-
term investments to ensure that return on investments shall never be negative. 100% of this fund will be invested in money market instruments. The price of the units in this fund is guaranteed never to go down.
The "Bajaj Allianz Invest Gain" PlanBajaj Allianz Invest Gain is a specially designed plan that offers a unique combination of benefits which help in developing a sound financial portfolio.. Among the many unique benefits, the most significant is the Family Income Benefit (FIB) that sustains the family by compensating the loss of income due to death or permanent disability.. Available as:
Bajaj Allianz Invest Gain Economy: The basic package Bajaj Allianz Invest Gain Gold: With double protection Bajaj Allianz Invest Gain Diamond: With triple protection Bajaj Allianz Invest Gain Platinum: With quadruple protection
All these package participate in the profits of the company by way of bonus, and therefore, grow with time.
Page | 26
The Ultimate ProtectionThis plan gives the unique Family Income Benefit ,that ensures total financial protection for your loved ones. In case of death or accidental total permanent disability, a guaranteed monthly income of 1% of the sum assured (12% per annum) is paid till the end of the policy term or at least for a period of 10 years, whichever is higher. Moreover, all future premiums are waived.
Additional ProtectionYou have the option to add the following additional benefits, providing total protection against uncertainties. a) Family Income Benefit (FIB) - as already described. b) Comprehensive Accident Protection This benefit provides comprehensive cover in case of an accident. It comprises of:
Accidental Death BenefitBajaj Allianz Accidental Death Benefit pays an amount equal to Sum Assured. (subject to a maximum of Rs. 50,00,000/- under all policies with Bajaj Allianz taken together)in case of accidental death .
Accidental Permanent Total/Partial Disability BenefitThis Benefit provides a financial cushion of 50% of the Sum Assured in case of partial disability and 100% in case of total disability under all policies with Bajaj Allianz taken together).
Waiver of Premium BenefitIt waives off all future premiums while keeping the valuable the insurance cover alive. (C) Critical illness Benefit (CI) You have the flexibility of choosing Critical illness cover up to the basic Sum Assured selected by you (Minimum Rs. 50,000).
Page | 27
(d) Hospital Cash Benefit (HC) Bajaj Allianz Hospital Cash Benefit reduces the burden of paying hospital bills
Flexibility in CoverageBajaj Allianz offers you the flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary, subject to conditions relating to such inclusions and exclusion.
Increase in risk coverageBajaj Allianz provides the option to increase coverage upto 50% of the basic Sum Assured on each of the following happy moments in your life. Your marriage the birth of your first child the birth of your second child This additional coverage is not subject to underwriting
Important details of the Bajaj Allianz Invest Gain" Plan. Invest Gain Conditions Invest Gain Economy Gold/Diamond/Platinum/Any additional benefit Minimum Age at Entry Maximum Age at Maturity Minimum Term Maximum Term 0 (Risk Commences at age 7) 65 5 years 40 years 18 50
Page | 28
Minimum Sum Assured Maximum Sum Assured Minimum Premium Premium Payment term
Rs. 50000
No Limit Rs. 5000 for Yearly, Rs. 2500 for half Yearly, Rs. 1250 for quarterly, and Rs. 500 for monthly Equal to the policy term or limited as per the table given
Monthly mode is available under salary savings scheme onlyMore value for money- there is a attractive High Sum Assured Rebate Allianz Bajaj offers an attractive premium discount structure, where you can have a discount of at least Rs. 84* on the annual premium for every additional Rs. 10000 Sum Assured purchased over and above the minimum sum Assured of Rs. 50000.
Limited Premium Payment Terms- For Your ConvenienceYou do not have to pay premiums for the full term of the policy. This plan provides you with a range of limited premium payment terms for you to finish obligation as fast as possible and enjoy the benefits of life cover without any worry thereafter.
Advantage WomenThere will be a premium discount for female policyholder in the package. Basic premium payable will be equivalent to the premium for a two-year younger male policyholder for the base policy only.
Page | 29
Tax Benefits as per current tax lawsPremiums paid are eligible for Tax Exemption under Section 88 of the Income Tax Act. Maturity and death proceeds are Tax Free under Section 10 (10D) of the Income Tax Act. The premiums for the Critical illness Benefits and the Hospital Cash Benefit will be eligible for Tax Exemption under Section 80 (D) of the Income Tax Act.
Surrender Values Premium Term
Surrender Value after
Guaranteed Surrender Value 60% of the premiums excluding premiums for additional benefits and extra premiums. 30% of premiums excluding first year
2-3 years
1 year form commencement.
5-6 years
2 full years premium payment
premium and the premium for additional benefits and extra premiums. 30% of premiums excluding the first
7 and above
3 full years premium payment
year premium and the premium for additional benefits and the extra premiums.
Fund Access- LoansYou can avail of Loans under your policy provided the policy has acquired a surrender value. The loan amount shall be within 90% of the surrender value.
Page | 30
Change of OccupationOn change of occupation, depending upon the nature of the new occupation, the premiums and benefit with respect to the Critical illness and Hospital Cash may be modified.
Bajaj Allianz "Child Gain" PlanBajaj Allianz Child Gain offers a wide array of solutions that allows you to plan for your child's future by providing you with as many as 4 distinct and unique options. Option 1: Child Gain 21 Option 2: Child Gain 24 Option 3: Child Gain 21 Plus Option 4: Child Gain 24 Plus Common features in the 4 Options of Bajaj Allianz "Child Gain" Plan 1. Limited Premium Payment Term which means that the premiums are payable till your child attains age 18 years. 2. Your contributions grow by the way of compounded annual bonuses, which will be paid to you with the first guaranteed payout (policy anniversary following age 18 of your child), for in-force policies. In addition to the annual bonuses, a terminal bonus may also be paid. 3. You are also eligible for Tax Benefit under Section 88 and Section 10 (10D) of the Income Tax Act. 4. Assuring Your Child's Future: In an uncertain world, the prime interest of your child cannot be jeopardized in any way. Which is why we have built in some added benefits in all our plans to protect the interests of your child's future, by counter insuring you-the policyholder. 5. Option to purchase Further Insurance at Maturity
Page | 31
In-Built Benefits (a)Premium Waiver Benefit: In case of death or Accidental Total Permanent
Disability of the policyholder during the premium payment term, all future premium payments are waived. This benefit will not be available in the event of accidental permanent total disability after age 65 of policyholder.
(b)
Family Income Benefit: In case of death or accidental total permanent
disability of the policyholder during the term of the policy, a monthly income benefit of 1% of the sum assured (12% per annum) subject to a maximum of Rs. 10,000 p.m. becomes payable till the end of the policy term. This benefit will not be available in the event of accidental permanent total disability after age 65 of the policyholder.
Payout Structures For Child Gain 21 and Child Gain 21 Plus: The minimum guaranteed payouts are asfollows:
Policy Anniversary following completion of Age Payout as % of Sum Assured 20% + Assured Bonuses 25% 25% 35%* 18 19 20 21
For Child Gain 24 and Child Gain 24 Plus: The minimum guaranteed payouts are asfollows:
Policy Anniversary following completion of Age Payout as % of Sum Assured 25% + Assured Bonuses 25% 25% 40%* 18 20 22 24
Page | 32
START OF LIFE BENEFITUnique Feature of Bajaj Allianz "Child Gain" 21 Plus and 24 Plus These packages offer you the choice of providing a unique start of Life Benefit for your child. For a amount, an additional Sum Assure Subject to a maximum limit of Rs. 10 lacs will become payable to enable the child start his/her professional life smoothly, in case of an unfortunate death or Accidental Permanent Total Disability of the Policyholder during the term of the policy.
Death PayoutIn the event of unfortunate death of the child during the policy term, the payouts shall be as under:
Age Below 7 years
Payout Premiums paid will be refunded without interest and the policy will terminate Sum assured with accrued bonuses will be paid and the policy will terminate. Outstanding payouts will be paid as one lump sum and the policy will terminate.
Above 7 and below 18 years
Above 18 and below 24
Page | 33
Important details of Bajaj Allianz "Child Gain" Solutions Child Gain 21 and Child Gain 21 plus 20 Child Gain 24 and Child Gain 24 plus 20
Eligibility Conditions Minimum age of policyholder Maximum age of policyholder Minimum age of child Maximum age of Child Minimum premium payment Term maximum Premium payment Term Maximum Policy term Maximum age of child at maturity Minimum Sum Assured Maximum Sum Assured
50 0 13 5
50 0 13 5
18 21 less age at entry or LA (Child) 21 Rs. 100000 Rs.5000000
18 24 less age at entry of LA (Child) 24 Rs. 100000 Rs., 5000000
Minimum Premium Rs. 5000 for yearly mode Rs. 2500 Minimum Premium for half year mode Rs. 2000 fro quarterly mode and Rs. 700 for monthly mode
SurrenderThis plan offers you the choice of surrendering the policy provided three full years premiums have been paid (Two years for premium payment terms of 5 and 6 years).
Page | 34
The guaranteed minimum surrender value is 30% of all premiums paid excluding the fist year premium and excluding the premiums for premium waiver benefit and Family Income Benefit and Additional Benefit opted for. The guaranteed minimum surrender value after the premium payment term will be the discounted value of the outstanding installment payments discounted at 10% p.a. rate of interest.
CASH GAIN (MONEY BACK)Bajaj Allianz Cash gain is a plan that offers a host of additional benefits you may choose to develop a sound financial portfolio for your family. Among the many unique benefits, the most significant is the Family Income Benefit (FIB) that sustains the family by compensating the loss of regular income due to death or permanent disability.
Bajaj Allianz Cash gain Economy: The basic package Bajaj Allianz Cash gain Gold: With double protection Bajaj Allianz Cash gain Diamond: With triple protection Bajaj Allianz Cash gain Platinum; With quadruple protection
A Uniform Life CoverBesides giving your regular Cash Benefits, this plan takes care of your life insurance needs also. On death during the term of policy, the following would be paid irrespective of the Cash Benefits already paid:
Bajaj Allianz Cash gain Economy: Sum Assured+ Bonuses Bajaj Allianz Cash gain Gold: Double Sum Assured + Bonuses Bajaj Allianz Cash gain Diamond: Triple Sum Assured+ Bonuses Bajaj Allianz Cash gain Platinum: Quadruple Sum Assured + Bonuses Choice of
Term Range of terms: 15, 20, 25 and 30 years.
Page | 35
Additional Protection for you and your familyYou have the option to add the following additional benefits, providing total protection against uncertainties.
Family Income Benefit (FIB) - The Ultimate Protection- For Your Loved Ones: In case of death or accidental total permanent disability, a guaranteed monthlyincome of 1% of the sum assured (12% per annum) is paid till the end of the policy term or at least for a period of 10 years, whichever is higher. Moreover, all future premiums are waived.
Comprehensive Accident Protection: These benefits provide comprehensivecover in case of an accident. It comprises of:
Accidental Death Benefit:
Accidental Death Benefit pays an amount
equal to the Sum Assured. (Subject to a maximum of Rs. 50, 00,000/- under all policies with Bajaj Allianz taken together) after the permanent loss of income
Accidental Permanent Total/Partial Disability Benefit : You will get 50% ofthe Sum Assured in case of partial disability and 100% in case of total disability. (Subject to a maximum of Rs. 25,00,000/- for partial and Rs. 50,00,000/- for total disability under all policies with Bajaj Allianz taken together).
Waiver or premium Benefit: It waives off all future premiums while keeping thevaluable life insurance cover alive.
Critical Illness Benefit (CI): You have the flexibility of choosing Critical Illnesscover up to the basic Sum Assured selected by you (Minimum Rs. 50,000).
Hospital Cash Benefit (HC): Bajaj Allianz Hospital Cash Benefit reducesfinancial burden of paying the hospital bills.
Page | 36
Flexibility in CoverageYou have the flexibility to change your package and move to a package that provides lower protection at each policy anniversary (premiums would be adjusted accordingly). "Comprehensive Accident Protection" can be included and excluded at each policy anniversary. Family Income Benefit, Critical Illness Benefit and Hospital Cash Benefit can be taken at inception only. FIB, CI & HC can be reduced or excluded subsequently at any policy anniversary. Once reduced or excluded, they cannot be increased or included subsequently.
Increase in risk coveragePlan provides you the option to increase coverage up to 50% of the basic Sum Assured on each of the following happy moments in your life.
Bajaj Allianz Swarna VishrantiThe plan works in two parts- the deferment period and the annuity period, the plan provides valuable life cover and builds up the funds required to purchase the immediate annuity. The deferment period ends at the vesting date. You are free to choose your age of retirement (vesting date) between 45 and 70 years. Since the Bajaj Allianz Swarna Vishranti plan participates in the profits of the company, the Sum Assured grows with time through the bonuses declared by the company. The benefits on Vesting Date (the date you choose to retire) A. The Sum Assured along with all accrued bonuses will be used to purchase an immediate annuity. The immediate annuity will be purchased at rates prevailing at that point of time. B. Option to take lump sum: You have the option to take upto 33% of Sum Assured plus accrued bonuses on the vesting date as a lump sum. This amount would be tax free in your hand, as per current tax laws. The balance amount will be used to purchase an immediate annuity. C. Open Market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other company. If the immediate annuity is purchased from Bajaj Allianz, the amount available for purchase of the annuity will be marked up by
Page | 37
2%. At present, we offer our immediate annuity plan for life, Swarna Raksha, tied to this plan. D. The minimum installment of annuity from Bajaj Allianz is Rs. 1000/- The annuity mode may be changed to make each installment more than the minimum requirement. If it is still below the minimum, the Sum Assured + Accrued Bonuses would be paid.
Added Assurance- for your familyIn the unfortunate event of death during the deferment period, your spouse will have the option to take the Sum Assured plus accrued bonuses as a lump sum or purchase an annuity to get regular income for life. For the immediate annuity, your spouse will have the Open market Option as well. Bajaj Allianz immediate annuity, with a mark up of 2% will be available only if the spouse is above 45 years of age. In all ages low than 45, the Sum Assured + Accrued bonuses would be paid out.
Flexibility in CoverageThe flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary till the vesting date, subject to conditions relating to such inclusion and exclusion. With Bajaj Allianz Swarna Vishranti, you have the option to choose the following additional benefits:
(a) Family Income Benefit: You can select the unique Family Income Benefit fromBajaj Allianz that ensures total financial protection for your loved ones. In case of death or accidental total permanent disability, a guaranteed monthly income of 1% of the sum assured (12% per annum( is paid till the vesting date or at least for a period of 10 years, whichever is higher. Moreover, all future premiums are waived. This unique regular income benefit can act as an important supplement to the pension available to the spouse in case of death.
(b) Comprehensive Accident Protection: This benefit provides comprehensivecover in case of an accident. It comprises of: Accidental Death Benefit Accidents are always sudden and sometimes fatal. You can't lessen the emotional shock but you can certainly soften the financial one. Bajaj Allianz Accidental Death Benefit gives the loved one something to start with after the permanent loss of income by paying an
Page | 38
amount equal to the Sum Assured. (Subject ot a maximum of Rs. 50,00,000/- under all policies with Bajaj Allianz taken together). Accidental Permanent Total/Partial Disability Benefit Accident are unpredictable and so are the consequences. They may lead to a disability-partial or total. This benefit provides a financial cushion against such misfortunes. One will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability. (Subject to a maximum of Rs. 25,00,000/- for partial and Rs. 50,00,000/- for total disability under all policies with Bajaj Allianz taken together). Waiver of Premium Benefit: An accident may lead to permanent total disability, limiting one's ability to earn. Bajaj Allianz Waiver or premium Benefit is a helping hand when one needs it most. It waives off all future premiums while keeping the valuable life insurance cover commitments. alive, thus enabling you to live up to your
(c) Term Cover: Additional Protection for your family You have the option to includea Term Cover in your policy, which will provide an additional life insurance protection at a nominal cost. This also ensures that the pension available to spouses is further supplemented.
(d) Critical Illness Benefit: Some illnesses are critical. They not only alter your life'spattern but also result in a financial drain. Bajaj Allianz Critical Illness Benefit softens the impact on the family by paying out the Critical Illness benefit under the plan immediately, while other policy benefits continue (excluding Hospital Cash Benefit). We cover 11 critical illness. You have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected by you (Minimum Rs. 50,000).
(e) Hospital Cash Benefit: The worry of settling hospital bills (room charges) adds tothe trauma of hospitalization. Bajaj Allianz Hospital Cash Benefit reduces this financial burden and helps recovery with peace of ind.
The "Bajaj Allianz Swarna Raksha"( RETIREMENT PLAN)Bajaj Allianz Swarna Raksha, ensures a regular income after retirement. The plan offers a life annuity with Return of Capital.
Page | 39
How does Bajaj Allianz Swarna Raksha work?All you have to do is pay a lump sum amount to Bajaj Allianz Life Insurance Company, and the annuity payments will start after expiry of monthly/quarterly/half-yearly/yearly interval corresponding to the payment mode selected by you. Here annuity is payable for life, so you do not have to worry about your income stopping at any stage. What more, under the return of capital option, the amount used to purchase the annuity is paid to the nominee on the death of the annuitant. Important details of the "Bajaj Allianz Swarna Raksha ROC" Plan Minimum Age at Entry 45 Maximum Age at Entry 80 Minimum Lump Sum Rs. 50,000 Minimum Annuity Installment Rs. 1000
RETUNSFor Rs. 10,00,000/- invested in Swarna Raksha at age 60, you will receive Rs. 53,690/- per annum GUARANTEED for life, with return of Rs. 10,00,000/- to your nominee on death.
Annuity Frequency ModeThere are four Annuity Frequency Modes that can be Yearly, Half yearly, quarterly or monthly. The annuity will be payable one month/quarter/half year/ year after the date of purchase depending on the mode selected.
Female LivesThe annuity rates for female lives shall be the corresponding annuity rate for a 4 year younger male.
Page | 40
The "Bajaj Allianz Unit Gain Easy Pension" PlanThere are two packages to choose from: Unit Gain Easy Pension Regular Premium Unit Gain Easy Pension Single Premium
Benefits availableThe plan works in two parts-the deferment period and the annuity period. During the deferment period, the plan builds up the funds required to purchase the immediate annuity. The deferment period ends at the vesting date. You are free to choose your age of retirement (vesting date) between 45 and 70 years. The benefits on Vesting Date (the date you choose to retire) 1.The Account Value as on the vesting date will be used to purchase an immediate annuity. The immediate annuity will be purchased at rates prevailing at that point of time. 2.Option to take lump sum: You have the option to take upto 1/3rd of the account value on the vesting date as a lump sum. This amount would be tax free in your hand, as per current tax laws. The balance amount will be used to purchase an immediate annuity. 3.Open market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other company. If the immediate annuity is purchased form Bajaj Allianz, the amount available for purchase of the annuity will be marked up by 2%. 4.The minimum installment of annuity from Bajaj Allianz is Rs. 1000/- The annuity frequency may be changed to make each installment more than the minimum requirement. If it still below the minimum, the Account Value may be utilised to purchase an immediate annuity from any other company in the open market as per your choice, or paid in lump sum, is permissible, subject to the prevailing tax laws.
Page | 41
Assurance-for your familyIn the event of death during the deferment period, the policy holders spouse will have the option to take the Account Value as a lump sum or purchase an annuity to get regular income for life. For the immediate annuity, also the beneficiary will have the Open Market Option as well. The immediate annuity from Bajaj Allianz will be available only if the spouse is above 45. If age were below 45, the Account Value would be paid out
RISK CARE (PURE TERM)The "Bajaj Allianz Risk Care" Plan offers two premium payment options.
Regular Premium Payment - Premium payment throughout the selected term. Single Premium Payment - one time premium payment for the selected term at commencement.
Apart from covering the risk of natural death, this plan also provides you the option to choose up to 5 additional benefits. You can select a specific combination of additional benefits best suited to your needs, available in 4 attractive package to choose form. i. Economy: This is the basic plan, which is available for both the regular and single premium payment options. ii. Protect: This pack comes with the following 3 in-built additional benefits: (a) Accidental Death Benefit. (b) Accidental permanent Total/Partial Disability Benefit. (c) Waiver of Premium Benefit (in case of accidental permanent total disability). The Protect Pack is available with the regular premium payment option only. iii. Health: This pack comes with the following 2 in-built additional benefits: a. Critical Illness Benefit. b. Hospital Cash Benefit. The Health Pack is available with the regular premium payment option only. iv. Total: This pack comes with the following 5 in-built additional benefits. a. Accidental Death Benefit.
Page | 42
b. Accidental permanent Total/Partial Disability Benefit. c. Waiver of Premium Benefit (in case of accidental permanent total d. Critical Illness Benefit e. Hospital Cash Benefit. The Total Pack is available with the regular premium payment option only. disability)
The in-built benefits of "Bajaj Allianz Risk Care" Plan(a) Accidental Death Benefit (b) Accidental Permanent Total/Partial Disability Benefit
Type of disability Accidental Permanent partial disability Accidental Permanent Total Disability
Benefits 50% of the Sum Assured* 100% of the Sum Assured*
(c) Waiver of Premium Benefit (d) Critical Illness Benefit (e) Hospital Cash Benefit
Flexibility in Coverage Combination 1 : Accidental Death benefit; Accidental PermanentTotal/Partial Disability Benefit; Waiver of Premium Benefit. This combination can be added, if not taken earlier, deleted and added subsequently at each policy anniversary.The flexibility of excluding the following benefit combination.
Combination 2: Critical Illness Benefit; Hospital Cash Benefit.This Combination can be taken at inception only but can be excluded subsequently at any policy anniversary. Once excluded, Combination 2 cannot be included in the policy subsequently.
*Available with the regular premium payment option only. Other Important details of the "Bajaj Allianz Risk Care" Plan. Page | 43
Condition Minimum Age at Entry Maximum Age at Entry Maximum Age at Maturity Minimum Term Maximum Tem Minimum Sum Assured Maximum Sum Assured Minimum Premium (Rs.)
Eligibility 18 50 65 5 40 Rs. 1,00,000/Rs. 10,00,000/1500/- for Yearly & 1500/- for Half Yearly.
Indicative PremiumsThe table below illustrates annual premium for the ECONOMY PLAN (Regular Premium):
Sum Assured Rs. 3,00,000 Age 15 30 35 NA 1640 20 NA 2060 5 1655 1950 Term
Sum Assured Rs. 5,00,000
10 1805 2250
15 2050 2700
20 2440 3400
Premium Payment Mode3 Premium Payment Modes that can be single premium, yearly or half-yearly.
Tax BenefitsPremiums paid are eligible for Tax Exemption under Section 88 of the Income Tax Act and maturity and death proceeds are Tax Free under Section 10 (10D) of the Income Tax Act.
Term Care (term with return of premium) Page | 44
This plan not only offers life insurance cover at a low cost, but also provides for return of premiums on maturity. The premiums returns at maturity will be equal to the single premium or the sum total of equivalent annual premiums of the Economy Pack (excluding extra premiums charged if any). In case of pre-mature death during the policy term, the full sum Assured will be paid to the nominee. The "Bajaj Allianz Term Care" Plan offers two premium payment options.
Regular Premium Payment - Premium payment throughout the selected term. Single premium Payment- One time premium payment for the selected term at commencement
Apart from covering the risk of natural death, this plan also provides the option to choose up to 5 additional benefits. You can select a specific combination of additional benefit best suited to your needs, available in 4 attractive packages to choose from. i. Economy: This is the basic plan, which is available for both the regular and
single premium payment options. ii. Protect: This pack comes with the following 3 in-built additional benefits: a. Accidental Death Benefit. b. Accidental Permanent Total/Partial Disability Benefit. c. Waiver of Premium Benefit (in case of accidental permanent total disability). The Protect Pack is available with the regular premium payment option only. iii. Health: This pack comes with the following 2 in-built additional benefits: a. b. Critical Illness Benefits. Hospital Cash Benefit. The Health Pack is available with the
regular premium payment option only. iv. a. b. c. d. Total: This pack comes with the following 5 in-built additional benefits: Accidental Death Benefit. Accidental permanent Total/Partial Disability Benefit. Waiver of Premium Benefit (in case of accidental permanent total disability). Critical Illness Benefit.
Page | 45
e.
Hospital Cash Benefit. The Total Pack is available with the regular premium payment option only.
Benefits Accidental Death Benefit Accident Permanent Total/Partial Disability Benefit Waiver of premium Benefit Critical Illness Benefit Hospital Cash Benefit Premium Payment mode Tax Benefits Surrender Loans
Type: Whole Life PolicySpecial Info: this plan provide you the option to include additional death coverage of 50% of sum Assured on each of the following happy moments in your life: 1. 2. 3. Your marriage The birth of your first child The birth of your second child This additional coverage is not
subject to underwriting
Page | 46
BenefitsMaturity Benefits Survival Benefits Death Benefit : (Natural) Accidental death benefit: A Loan Facility : Available : : N/A N/A N/A
Policy Feature Min Join Age Max Join Age Min Amt insured Max Amt insured Max age at maturity Min Premium paying term Max premium paying term Premium payment option 18 50 50000 1000000 80 10 N/A Yearly Half yearly Quarterly Monthly
Page | 47
SAVE CARE ECONOMYSP Bajaj Allianz Save Care Economy-SPO offers you:The "Bajaj Allianz Save Care Economy-SP" is a Single Premium investment plan for 10 years that also participates in the profits of the company. These highlights of the plan are: 1. Minimum Guaranteed Return up to 3.54% (depending on age at entry). 2. The Minimum Guaranteed Amount (Sum Assured) would grow further by way of Compounded annual bonuses. 3. A high risk-cover of up to 142% (depending on age at entry) of the sum invested from the beginning of the policy term as a financial safety net to provide for unpredictable adversities. 4. Eligible for Tax Benefits under Section 88 and Section 10 (10D) of the Income Tax Act.* 5. At Maturity you will receive the Sum Assured (Minimum Guarantied Amount) along with the accrued bonuses.
Page | 48
6. Indicative Return for Save Care Economy -SP plan Guaranteed Premium Paid** Minimum Payment at Maturity 35300 70600 50000 100000
Accrued Bonus@ 1% Compounded (at maturity)**** 5231 10462
Gross Payment (at maturity)
55231*** 110462***
**The rates are for a healthy person up to age 40. Work to a pre-tax return of 4.58% and a post tax return of 6.29% (Assuming full benefit of section 88) **** Bonus rates applicable to Single Premium benefits may differ from those applying to regular premium benefits and for those applying to other single premium benefits affected at different times.
7. Death Benefit: In case of death during the term of the plan, the nominee will be paidthe Sum Assured plus accrued bonuses. In case of death of a minor.
8. The death benefit will be the surrender value or Single Premium whichever ishigher.Other Important details of the Of Bajaj Allianz Save Care Economy-SPO plan.
Eligibility Minimum Age at Entry Maximum Age at Entry Maximum Age at Maturity Minimum Term Minimum Sum Assured Minimum Single Premium
Condition 0 (Risk commences at age 7) 60 70 10 Years Rs. 50,000 Rs. 35,300
Page | 49
The premium rates for Rs. 1000 Sum Assured, are given in the table below. Age 0-40 41 42 43 44 45 Premium 706 707 708 709 710 711 Age 46 47 48 49 50 Premium 712 713 714 715 716 Age 51 52 53 54 55 Premium 718 720 722 724 726 Age 56 57 58 59 60 Premium 728 730 732 734 736
SurrenderThis plan offer you the choice of surrendering the policy at any time. The company will provide the actual surrender values on a fair basis.
Fund Access-LoansYou can avail of Loan under policy.
The Bajaj Allianz "Protector" PlanThe Bajaj Allianz "Protector" Plan is a mortgage term insurance plan that covers the outstanding principal amount of a loan. It is an economical way to protect the family from the burden of repayment of death of the loanee. The plan is designed to pay a sum insured that will be equal to the outstanding principal amount of the loan due. The Bajaj Allianz "Protector"" Plan offers two premium payment options Regular Premium Payment - Premium Payment limited to approximately 2/3rd of the loan tenure, while coverage continues for the full tenure of the loan. Single Premium Payment - One time premium payment covering you for the full tenure of the loan.
Page | 50
Joint life availabilityThe plan has the option to cover the co-applicant of the loan under this plan. Under this option, both lives will be covered and the death benefit will be payable in case of death of either life. The policy terminates on either life.
BENEFITS PAYABLEDeath BenefitThe death benefit is equal to the outstanding principal amount of the loan due as per the loan schedule, irrespective of changes in interest rate/term at a later stage. The outstanding amount of loan due will depend on the loan amount, loan tenure and interest rate as agreed upon at the time of disbursement of loan. Important details of the "Bajaj Allianz Protector" Plan
Eligibility Minimum Sum Assured (Loan Amount) Maximum Sum Assure (Loan Amount) Minimum Age at entry Maximum Age at entry Maximum Age at policy Expiry Date Minimum term for Single Premium Minimum term for Regular Premium Maximum term (Regular & Single Premium)
Condition Rs. 2,00,000 No Limit 20 55 65 2 5 30
In case of joint life, the maximum age at entry and the maximum age at maturity are for the elder life and the minimum age entry is younger life.
Premium Payment Mode
Page | 51
Five Premium Payment Modes that can be single premium, yearly, half-yearly, quarterly or monthly. The premium for frequencies other than yearly mode is the annual premium multiplied with the frequency factor (0.51 for the half yearly mode 0.26 for the quarterly mode, and 0.09 for the monthly mode). Monthly mode is permitted only by salary deduction or direct bank debit. The minimum premiums are Rs. 2500 for the Single Premium, Rs. 1000 fro the annual mode, Rs. 700 for the half-yearly mode, and Rs. 175 for the monthly mode.
Tax BenefitTax benefit under section 88 and 10 (10D) available as per applicable tax laws.
Surrender values /Paid Up ValuesThere are no surrender value or paid-up values under this plan.
LoansLoans are not available under this plan.
Change of OccupationOn chance of occupation, depending upon the nature of the new occupation, the premiums and benefits may be modified.
Page | 52
Days of GraceIn case of non-payment of premiums, a grace period of 30 days will be allowed for the yearly, half yearly and quarterly modes (15 days for the monthly mode). After that the policy will lapse.
Revival of the PolicyIt is possible to revive a policy that has lapsed due to non-payment of premiums within 5 years from the date of lapse.
Benefits availableThe plan works in two parts-the deferment period and the annuity period. During the deferment period, the plan builds up the funds required to purchase the immediate annuity. The deferment period ends at the vesting date. You are free to choose your age of retirement (vesting date) between 45 and 70 years. The benefits on Vesting Date (the date you choose to retire) (a) The Account Value as on the vesting date will be used to purchase an immediate annuity. The immediate annuity will be purchased at rates prevailing at that point of time. (b) Option to take lump sum: You have the option to take upto 1/3rd of the account value on the vesting date as a lump sum. This amount would be tax free in your hand, as per current tax laws. The balance amount will be used to purchase an immediate annuity. (c) Open market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other company. If the immediate annuity is purchased form Bajaj Allianz, the amount available for purchase of the annuity will be marked up by 2%. (d) The minimum installment of annuity from Bajaj Allianz is Rs. 1000/- The annuity frequency may be changed to make each installment more than the minimum requirement. If it still below the minimum, the Account Value may be utilised to purchase an immediate annuity from
Page | 53
(e) any other company in the open market as per your choice, or paid in lump sum, is permissible, subject to the prevailing tax laws.
Assurance-for your familyIn the event of death during the deferment period, the policy holders spouse will have the option to take the Account Value as a lump sum or purchase an annuity to get regular income for life. For the immediate annuity, also the beneficiary will have the Open Market Option as well. The immediate annuity from Bajaj Allianz will be available only if the spouse is above 45. If age were below 45, the Account Value would be paid out.
Page | 54
KEY MAN INSURANCEIn case the life assured (in case of joint life, either of the life assured) commits suicide within one year of the date of commencement/reinstatement of the policy, the benefits of the plan would not be payable, and the premiums would be refundedurance is a Life Insurance cover under a suitable Plan of Assurance affected by the company to compensate for the FINANCIAL LOSS suffered following the death of a Key Member or Staff of the organization. Key man Assurance does not provide for indemnification of loss incurred but only for the benefits as per the plan of assurance selected.
Purpose of Key man Cover It provides a financial cushion to the company for: The loss of customers or sales affected by the key mans ability and personality. The loss of day-to-day specialised skills. The cost of recruiting and training a suitable replacement. Delay or cancellation of any business project that the key man is working in. The loss of opportunity to expand in the future. The loss of stable management and good labor relations. Reduction of credit worthiness-recall of loans guaranteed by the key man.
Who can be a Key man?Anybody with specialized skills, whose loss can cause a financial strain to the company are eligible for Key man Insurance. For example, they could be: Director of a Company Key Sales People Key Project Manager People with Specific Skills
Page | 55
Benefits to the Company Insulate the risk of financial loss against loss of a key man. Premiums paid under key man insurance may be fully allowed as Business Expenses under Section 37(1) of the Income Tax Act, 1961, subject to satisfaction of the assessing authority. Interest on loans taken against a key man insurance policy may also be allowed as business expenses. Premiums paid by the company on the life of a key man would not be treated as perquisites in the hands of such a key man when the company's request is accepted by the assessing authority. Key man Insurance policy is a positive measure to improve the retention of the key man in the company.
Treatment of Payment for the Company All claims - maturity, surrender or death benefit received by the company are taxable. In case of the key man retiring, the company may surrender the policy for its cash value, or assign the policy absolutely in favour of the key man. In case of an assignment, the surrender value of the policy at the time of assignment may be treated as perquisite in the hands of the employee, and taxed accordingly by the assessing authority.
Insurances Worth of a Key man The insurance worth of a key man is the lower of: 5 times the average net profit of the company the for the past 3 years. 2 times the average gross profit of the company for the past 3 years. 10 times of the key mans annual compensational package.
Note: If number of shareholder or number of employees are less than or equal to 10 butgreater than or equal to 5, the maximum sum assured will be two times of average of three
Page | 56
years net profit. For new companies where 3 years Profit and Loss Account is not available, the maximum cover will be equal to net profit it accounts are available for one year, and two time average net profit if accounts are available for two years.
Limits in Key man InsuranceKey man cover is permissible if: Key person shareholding is less than equal to 51%. Family shareholding is less than equal to 70%. Family includes spouse and minor
Products Available from Bajaj Allianz for Key man InsuranceInvest Gain (Endowment Plan) It is a participating (with profits) endowment plan. Limited premium payment options available, making it an attractive proposition. Loans available against the policy. Various packages with differing levels of additional protection also available. Attractive additional benefit available.
Other Product available from Bajaj Allianz for key man Insurance Cash Gain- Our Money Back Plan. Risk Care- Our Pure Term Insurance Plan. Term Care- Our Term Insurance plan that returns premiums paid at maturity. With all these plans, attractive additional benefits like Comprehensive Accident Protection and Critical Illness Benefit are also available for Key man Insurance.
Page | 57
UNIT GAIN LIFE PENSIONThe "Bajaj Allianz Unit Gain Life Pension" Plan There are two packages to choose from:
Unit Gain Life Pension Regular Premium Unit Gain Life Pension Single Premium
Depending on the amount of premium you want to pay, you can choose a Sum Assured as per the conditions given below. Minimum Sum Assured= 5 times the annual/1.01 times single premium. Maximum Sum Assured = y times the annual/single premium where y will be as per the following table:
Age Group y for regular Premium y for single Premium
18-30 125
31-35 90
36-40 60
41-45 40
46-55 20
55-60 15
61-65 10
45
35
20
10
5
5
1.5
Benefits availableThe plan works in two parts-the deferment period and the annuity period. During the deferment period, the plan provides valuable life cover and builds up the fund required to purchase the immediate annuity. The deferment period ends at the vesting date. You are free to choose your age of retirement (vesting date) between 45 and 70 years. The benefits on Vesting Date (the date you choose to retire 1. The Account Value as on the vesting date will be used to purchase an immediate annuity. The immediate annuity will be purchased at rates prevailing at that point of time. 2. Option to take lump sum: You have the option to take up to 1/3rd of the account value on the vesting date as a lump sum. This amount would be tax free in your hand,
Page | 58
as per current tax laws. The balance amount will be used to purchase an immediate annuity. 3. Open Market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other company. If the immediate annuity is purchased form Bajaj Allianz, the amount available for purchase of the annuity will be marked up by 2%.
4. The minimum installment of annuity from Bajaj Allianz is Rs. 1000/- The annuityfrequency may be changed to make each installment more than the minimum requirement. If it still below the minimum, the Account Value may be utilised to purchase an immediate annuity from any other company in the open market as per your choice, or paid in lump sum, if permissible, subject to prevailing tax laws.
Assurance-for your familyIn the event of death during the deferment period, the spouse will get the greater of the Sum Assured of the Account Value. She will have the option to take it as a lump sum or purchase an annuity to get regular income for life. For the immediate annuity, the spouse will have the open market Option as well. The immediate annuity form Bajaj Allianz will be available only if the spouse is above 45. If age were below 45, the amount would be paid out as a lump sum.
Annuity OptionsYou will be able to choose from all annuity products offered by Bajaj Allianz Life Insurance at the vesting date. The annuity products currently available are: (a) Annuity for Life (b) Annuity for Life with 5, 10 or 15 years certain payout (c) Annuity for Life with Return of Capital You also have the open market option to purchase immediate annuity.
Page | 59
How does the "Bajaj Allianz Unit Gain Life Pension" Plan work?The premiums paid are invested in a fund/funds of your choice (depending on the allocation rate) & unit are allocated depending on the price of units for the fund/funds. The value of your policy is the total value of units that you hold in the fund/funds. The insurance cover and administration charge are deducted through cancellation of unit. The Fund Management Charge is priced in the unit value.
INVESTMENT OPTIONSBajaj Allianz offers you a choice of 5 funds. You can choose to invest fully in any one fund or allocate your premiums into the various funds in a proportion that suits your investment needs. The five funds offered are as under: Equity Index Pension Fund Equity Plus Pension Fund. Debt Plus Pension Fund Balanced Plus Pension Fund Cash Plus Pension Fund
Flexibility- to manage your investmentInitially, you can allocate the premium into the 5 funds that are available in a proportion of your choice. Subsequently, depending on the performance of funds, you can switch between funds and also change the allocation of premium to various funds. Plan allows you three free switches every policy year. You can also change the proportion of premium allocation to various funds at each policy anniversary.
Unmatched Flexibility-to suit your changing requirement Flexibility- to Increase the Sum Assured (available with regular premium): Youhave the option to increase the Sum Assured without any medical tests every 3rd years up to 4 times. The quantum of increase would be 25% of the original sum assured or Rs. 1,00,000/-
Page | 60
whichever is lower. If you do not exercise an option when it is due, it cannot be carried forward. This benefit will be available up to age 45. Apart from exercising the option to increase the Sum Assured.
Flexibility-to Decrease the Sum Assured: You Can decrease the Sum Assured (inmultiples of 1000) at any time to suit your changing needs. The Sum Assured, after decrease, must be at least 5 time the annual premium or 1.01 times the single premium as applicable.
Flexibility-to pay top ups: You may have received a bonus or some lump sum money.You can use that to increase your investment in your policy. 98% of any amount paid as topup is allocated to your funds.
Flexibility-to increase the level of Regular Premium Payment: Your earnings growover time, and so does your savings potential. With Bajaj Allianz, you have the flexibility to increase your regular premium amount at any time.
Assured Protection- even if you miss payment of your premiums-for the regular premium payment:. After payment of 3 full years regular premiums (including top-ups),when premiums due are not paid, the policy will stay in force with full benefits so long as there are enough units available for charging the Cost Insurance (including Additional Benefit selected) and all other charges.
Additional Protection for you and your family (available with regular premium):you have the option to add the following four additional benefits, providing total protection against uncertainties. Accidental Death Benefit Accidental Permanent Total/Partial Disability Benefit Critical Illness Benefit (CI) Hospital Cash Benefit (HC)
Page | 61
Important Details of the 'Bajaj Allianz Unit Gain Easy Pension' Plan Minimum Age at Entry Deferment Period Age at Vesting 18 5 45 Maximum 65 40 70
Premium Payment ModeFour premium payment modes that can be Single, Yearly, Half Yearly, and Quarterly.
Full WithdrawalsUnit Gain Life Pension offers you the flexibility of full withdrawals by surrendering unit. For single premium plan full withdrawals are allowed anytime after the payment of the single premium. For regular premium plan full withdrawal is allowed after 3 full years regular premiums (including top ups) are paid. The surrenders are paid out at the value of units, and there is no surrender penalty on full withdrawals after 3 full years regular premiums (including to ups) are paid.
Days of Grace (not applicable for Single Premium)Before the payment of full 3 years regular premiums, premiums must be paid when due to keep the policy in-force. Till such time the company receives 3 full year's regular premiums (including top-up premiums), 30 days of grace period will be allowed for the yearly, half yearly and quarterly modes and 15 days of grace will be allowed for the monthly mode.
Revival of the PolicyIt is possible to revive a Policy that has lapsed due to non-payment of premiums or exhaustion of unit within 5 years from such date of lapse. The revival will be effected subject to underwriting.
Page | 62
Termination of PolicyThe policy will terminate on occurrence of any of the following: (a) The unit in the policy are fully surrendered (b) The account value becomes Rs 100/- or less (c)The account value is not sufficient to support deduction of units for a period of three months.
Fund Access-LoansLoans are not available under this Plan.
Change of OccupationOn change of occupation, depending upon the nature of the new occupation, the premiums and benefit with respect to the Critical illness and Hospital Cash may be modified.
Tax BenefitsDeath Benefit is tax-free. The 1/3rd lump sum that can be taken on the Vesting Date is also tax-free. Premiums paid are eligible for tax relief under Sec. 80 CCC (1) or Sec. 88 or IT Act. Value of Units cancelled for Critical illness and Hospital Cash Benefits is eligible for tax relief under Section 80 (D). In case of change in any tax laws relevant to the policyholder or the fund performance, the same will be applied as per regulations prevailing at that point of time.
Risks of Investment in the Units of the plan:The Proposer/Life Assured is aware that the investment in the Units is subject to the following, amongst other risks and agrees that he is making the investment in the Units with full knowledge of the same. (a) Bajaj Allianz UnitGain Life Pension is only the name of the policy and does not in any way indicate the quality of the policy, its future prospects or returns.
Page | 63
(b) Equity Index Pension Fund, Equity Plus Pension Fund, Balance Plus Pension Fund, Debt Plus Pension Fund and Cash plus pension Fund are the names of the funds offered currently with Bajaj Allianz Unit Gain Life Pension, and in any manner does not indicate the quality of the respective fund, their future prospects or returns. (c) The investments in the Unit are subject to market and other risks and there can be no assurance that the objectivities of any of the funds will be achieved. (d) The price of unit of each fund can go up or down depending on the factors and forces affecting the financial and debt market from time to time and may also be affected by changes in the general level of interest rates. (e) All benefits payable under the policy are subject to the tax laws and other financial enactments, as they exit from time to time.
(f) The past performance of other funds of the company is not necessarily indicative ofthe future performance of any of these
Page | 64
SWOT ANALYSISSTRENGTH
Domestic image of Bajaj Finserv supported by Allianz SEs international image is strength of the company.
Strong and well spread network of qualified intermediaries and sales person. Strong capital and reserve base. The company provides customer service of the highest order. Huge basket of product range which are suitable to all age and income groups. Large pool of technically skilled manpower with in depth knowledge and understanding of the market.
The company also provides innovative products to cater to different needs of different customers.
WEAKNESS
Heavy management expenses and administrative costs. Low customer confidence on the private players. Vertical hierarchical reporting structure with many designations and cadres leading to power politics at all levels without any exception.
Poor retention percentage of tied up agents.
OPPORTUNITIES
Insurable population According to ING only 10% of the population is insured, which represents around 30% of the insurable population. This suggests more than 300m people, with the potential to buy insurance, remain uninsured.
There will be inflow of managerial and financial expertise from the worlds leading insurance markets. Further the burden of educating consumers will also be shared among many players.
Page | 65
International companies will help in building world class expertise in local market by introducing the best global
THREATS Risk 1. Interest rate drop Bajaj Allianz Response Investment in long term paper Re-price product Focus on sale of participating products Focus on protection products Lobby with government 2.Change in tax treatment Tax exemption on Annuities Additional tax benefit for genuine protection products Ensure that Life Council, IRDA monitor and 3. Irrational pricing check irrational pricing Lobby for Long-term government bond 4. ALM mismatch Overseas investments
Page | 66
COMPARISON OF PRODUCTS
BAJAJ ALLIANZ ICICI PRUDENTIAL LIFE INSURANCE KOTAK LIFE H.D.F.C STANDARD LIFE
CHILDREN'S POLICYCompany BAJAJ ALLIANZ ICICI PRUDENTIAL Smart Kid Education Plan Child Gain. Child gain 21 Name of Product Child gain 24 Child gain 21 plus Child gain 24 plus (i) Regular Premium (ii) Unit linked Regular Premium (iii) Unit Linked regular Premium II (iv) Unit Linked Single Premium II Child Advantage Plan (1) Children's Plan (2) Unit Linked young Star plan. KOTAK LIFE HDFC STANDARD LIFE
Limit of Premium Payment
18 years. Section 88 & Section 10 (10D)
25 years
Tax Benefit
Section 88 and Section 10 (10D)
Section 88
Section 88 & Section 10 (10D)
Insurance of policy holder Option of Purchasing Further Insurance at maturing Loans
Available.
Available
Not available Can Surrender after payment of three full years premium (1) Life Guardian Benefit (2) Accidental Disability Guardian Benefit
available
available
available
Surrender
Value adds
(1) Life Guardian Benefit (2) Accidental Disability Guardian Benefit
(1) Life Guardian Benefit (2) Accidental Disability
Page | 67
Guardian Benefit Minimum age of Policy holder Maximum age of Policy holder Minimum age of Child Maximum age of Child Minimum premium Payment Term Minimum Sun assured Maximum sum assured 20 year 20 years 18 years
50 year
60 years
60 years
0 years
0 years
0 yeas
0 years
13 years
12 years
17 years
18 Years
10 years
10 years
100000
100000
50,00000
30,00000
2500000
ENDOWMENT PLANBAJAJ ALLIANZ Invest gain ICICI PRUDENTIAL KOTAK LIFE Kotak Endowment Plan HDFC STANDARD LIFE Unit linked endowment Plan.
Name of Product
LifeLink II
(1) ICICI Pru fore ever (1) Economy (2) Gold (3) Diamond (iv) Platinum (2) ICICI pru Seven Project (3) ICICI Single Premium Plan (4) ICICI Pru Assure vest 0 years 18 years 12 years
Minimum age at Entry Maximum age at Entry Loan against Policy Surrender Option Advantage for women Tax benefit available available Premium discount for women policy holders Sec 88 Sec 10 (10D)
65 years
65 years
60 years
available available Not available Sec 88 & Sec 10 (10D) available Not available Sec 80, Sec
Not available Not available Not available Sec 88, Sec 80D and sec 10
Page | 68
of the income Tax Act and S