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Post: #1


.doc  1COMPARITIVE ANALYASIS.doc (Size: 1.82 MB / Downloads: 74)

Executive Summary


The main objective of this study was to make a comparative analysis among the products of ICICI Prudential and products of other private and government companies selling insurance products. Acquiring the best knowledge about how insurance companies works? Studying the in depth theories of insurance sectors like how these do companies manage to give such a huge amount of insurance coverage to the customers with such a small amount of premium.

Comparative and Quantitative Research:

This research is a comparative type of research because; a comparison is done among the products of ICICI Prudential and similar products of other such companies. This research is also called as quantitative research because, the ground of comparisons are the amount of minimum premium, percent of charge deductions, minimum and maximum entry and exit age, etc.


This project is all about providing solutions to the clients regarding their investments in “Life Insurance” sector. Now-a-days insurance acts as an investment plan, which gives tax benefits. Though it is a project of ICICI Prudential but I was sent to ICICI Bank Bund Garden Branch as Financial Consultant to supervise the sell of insurance products of ICICI Prudential. Process of selling insurance through bank channel is called as “Bancassurance”.
This project helped us to advice the best possible investment suitable to the profile of the person. This project was a multi-tasking project. It was not only insurance products which I sold but also I dealt with all other kinds of general insurance products like health and motor insurance, and other investments like mutual funds, fixed deposits, fixed maturity plans, and gold. Being placed in the bank I was given the opportunity to learn about the banking operations. Handling customer queries and understanding their expectations from banks was also of great help to interact with them. We prepared a report on comparison different insurance products available with different companies.
Data collection was done by talking to customers standing in the queue, by cheques which used to come for clearance, and also by taking the leads from the staff members who were the main channel to interact with the customers.

Background of the Study

The main background of the study is making comparative analysis of Unit Linked Insurance Plan and also making people aware of what other general insurance plans are available in the market. This also includes selling of insurance to the customers to make their life fully secured as this insurance plan is also supported by investment option. The features of the plan are explained below.


ULIP’s provide insurance cover with investment potential but they seem to charge more for bundling benefits.

What are ULIPs?

A unit linked insurance policy is one in which the customer is provided with a life insurance cover and the premium paid is invested in either debt or equity products or a combination of the two.
In other words, it enables the buyer to secure some protection for his family in the event of his untimely death and at the same time provides him an opportunity to earn a return on his premium paid.
In the event of the insured person's untimely death, his nominees would normally receive an amount that is the higher of the sum assured (insurance cover) or the value of the units (investments).
However, there are some schemes in which the policyholder receives the sum assured plus the value of the investments.

Retire unhurt

Pension plans are essentially tailored to meet old age financial requirements. But there are certain advantages in joining a pension plan.
First of all, contribution to pension funds upto Rs 10,000 is eligible for tax deduction under section 80CCC. In other words, your pension contribution will get deducted from your taxable income.
So if you are in the top tax bracket, liable to pay to a 30.6 per cent tax, then your tax savings will be that much.
All life insurance companies offer pension products - both conventional and unit-linked. In both cases one pays a certain premium amount for a specified length of time.
Usually, the minimum entry age is 18 years and the maximum age is 60 years. One can choose to pay the premium for five to 30 years. When the policy matures, he receives one-third of the value of the accumulated amount as a lump-sum payment.
For the remaining, one can buy annuities either from the existing insurer or any other insurer.

How does ULIP work?

Ravi is a thirty-year old man who wants a product that will give him market-linked returns as well as a life cover. He wants to invest Rs 50,000 a year for 10 years in an equity-based scheme. Based on this premium, the sum assured works out to Rs 532,000, the exact amount of premium being Rs 50,032.
Based on the current NAV of the plan that Ravi chooses to invest in, he is allotted units in the scheme. Then, units equivalent to the charges are deducted from his portfolio.
The charges in the first year include a 14 per cent sales charge, an administration charge (7 per cent for the first Rs 20,000 and 3 per cent for the remaining Rs 30,000) and underwriting charges, which are deducted monthly.
Besides, mortality charges or the charges for the life cover are also deducted. For the remaining nine years a 3.5 per cent sales charge and an administrative charge of 4 percent (for the first Rs 20,000 and 2 per cent for the remaining Rs 30,000) are levied in addition to mortality charges.
Fund management fee of 1.5 per cent (equity) and brokerage are also charged. This cost is built into the calculation of net asset value.


General Insurance business in the country was nationalized with effect from 1st January, 1973 by the General Insurance Business Act, 1972. More than 100 non-life insurance companies including branches of foreign companies operating within the country were amalgamated and grouped into four companies, viz., the National Insurance Company Ltd., the New Indian Assurance Company Ltd. with head office at Calcutta, Mumbai, New Delhi and Madras, respectively. General Insurance Corporation (GIC) which was the holding company of the four public sector .General Insurance Companies has since been delinked from the later and has been approved as the “Indian Reinsurer” since 3rd November 2000. The share capital of GIC and that of four companies are held by the Government of India. All the Five Entities are Government Companies registered under the companies Act.

ICICI LOMBARD General Insurance

ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank; while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management.
Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001.
Post: #2

Generally, ULIPs are not guaranteed unless it is a guaranteed life insurance plan. Therefore, there is always a risk that is assumed by the insured. ... The study has compared and analyzed wealth creation plans of four companies, namely HDFC Life, Bajaj Allianz, Reliance Life and ICICI Prudential.

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