LIFE INSURANCE

(With Special Reference to ICICI BANK) A dissertation submitted in partial fulfillment of the requirements for Personality Development and Communication Skills BBA (3rd SEM)

By

Name-KHUSHBOO TEWARI Enrolment No-1231921707 (In BBA 3rd SEM) Under the Supervision of Mr.Rakesh Gupta Lalita Devi Institute Of Management And Sciences (Affiliated to GGSIPU) Kashmiri Gate, New Delhi

CERTIFICATE
This is to certify that the Dissertation title LIFE INSURANCE OF ICICI BANK is bonafide & original Research work done by KHUSHBOO TEWARI Student of BBA 3RD SEM, Lalita Devi Institute Of Management And Sciences (affiliated to GGSIPU) , Under my supervision and guidance . This Subject on which this dissertation has been written by her original contribution towards the discipline of Management and it has not previously formed the basis for the award of the Degree, Diploma, or other similar title to any candidate. This Dissertation represents entirely an independent research work of the candidate under my guidance.

Guide Signature Date Place ( ) Mr.Rakesh gupta

DECLARATION
This work has not previously been accepted in substance for any degree and is not being concurrently submitted in candidature for any degree / diploma. Signed: .. Date: ..

Statement 2
This project is the result of my own independent work/investigation, except where otherwise stated. Other sources are acknowledged by giving explicit references. A bibliography is appended.

Signed: .. Date:

ACKNOWLEDGEMENT
This project work has been a great experience to KHUSHBOO TEWARI. This work would not have been possible without the help, cooperation, constructive suggestion and well wishes of many people. I would like to thank all of them, as I mention a few here. I owe my profound respect to Mr.Rakesh Gupta, my project guide, and express my deep sense of gratitude and indebtedness for their inspirations, valuable and scholarly guidance, imperative suggestions and personal attention at each stage of the Work. Their gamut of knowledge, dedication towards research, exemplary devotion and trust towards me has been unique and is the prime key behind the success of this project. His personality has been instrumental in blending an exciting spirit and atmosphere for research. It has been a great opportunity and experience to work with him, as I will forever cherish the deep interaction I had with him. Finally, I am most grateful to my parents for their moral support and blessings and for being an immense source of inspiration for me all through my life.

INDEX
S.NO
1. 2.

TOPICS
WHAT IS LIFE INSURANCE? KEY BENEFITS OF LIFE INSURANCE (NEED,ASSET PROTECTION GOAL BASE SAVINGS) HUMAN LIFE VALUE (WHAT IS YOUR HUMAN LIFE VALUES) (WHY SHOULD YOU CALCULATE YOUR HUMAN LIFE VALUE) HOW DO YOU DETERMINE YOUR HUMAN LIFE VALUE LIFE STAGE PROFILER TYPES OF INSURANCE PLANS(TREDITIONAL OR UNIT LINKED) TRADITIONAL PLANS LIFE INSURANCE PLANS

3.

4. 5.

6. 7. 8. 9. 10. 11. 12.

EDUCATION INSURANCE PLANS WHY SMARTKID WEALTH CREATION PLANS WHY LIFE TIME GOLD WHY LIFE LINK SUPER WHY PREMIERLIFE GOLD WHY LIFESTAGE PREMIUM GUARNTEE PLANS

13. 14. 15. 16. 17. 18. 19. 20.

WHY INVESTSHIELD LIFE NEW Why INVESTSHIELD CASH BANK PROTECTION PLANS LIFEGUARD SAVE NPRODUCT CASH BANK WHY HOME ASSURE HEALTH INSURANCE a.SELECTING THE PLAN b.HEALTH INSURANCE PRODUCT c.WHY MEDIASSURE d.WHY HOSPITAL CARE e.WHY CRISES COVER

21.

f.WHY HEALTH ASSURE PLANS a. WHY IS RETIREMENT PLANING IMPORTANT b.WHY START PLANNING AND RETIREMENT PLAN AWAY c.HOW TO PLAN FOR RETIERMENT d.RETIREMENT SOLUTIONS

22. 23.

e.LIFESTAGE PENSION FINANCIAL AND INVESTMENT PLANNING BENEFITS ON INSURANCE AND PENSION

24. 25.

EXPLANATION OF TAX BENEFITS PREMIUM PAID a.FOR PANSION PLAN,SECTION 80CCC b.FOR MEDICAL INSURANCE,SECTION 80D

26. 27. 28. 29. 30.

BENEFITS UNDER INSURANCE POLICY,SECTION 10(10D) OVERVIEW VISSION AND VALUES OUR VALUES BOARD OF DIRECTORS

*****

What is Life Insurance?

Life insurance ensures that your family will receive financial support in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme. To know more, read the Key Benefits of Life Insurance.

Key Benefits of Life Insurance Need for Life Insurance

Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs saving for life's important goals, and protecting your assets. Let us look at these unique benefits of life insurance in detail.

Asset Protection
From an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives

the customer the reassurance of asset protection, along with a strong element of asset appreciation.

The core benefit of life insurance is that the financial interests of ones family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.

Goal based savings

Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence. Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage. Life insurance is the only investment option that offers specific products tailormade for different life stages. It thus

ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.

The table below gives a general guide to the plans that are appropriate for different life stages.
Life Stage Young & Single Young & Just married Married with kids Primary Need Asset creation Asset creation & protection Life Insurance Product Wealth creation plans Wealth creation and mortgage protection plans Education insurance, mortgage protection & wealth creation plans Retirement solutions & mortgage protection Health Insurance

Children's education, Asset creation and protection Middle aged Planning for with grown up retirement & asset kids protection Across all lifeHealth plans stages

Human Life Value

What is your Human Life Value?

Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be attributed to the financial support you offer your parents, spouse or children. This worth is referred to as Human Life Value (HLV). In the future, if your family does not have the protective blanket of your presence, they will no longer be able to enjoy the benefits of the income you earned. Put simply, Human Life Value is the present value of your future earnings.

Why should you calculate your Human Life Value?

You should calculate your Human Life Value so you can accordingly invest in insurance plans that provide your family with adequate finances and hence security even in your absence.

How do you determine your Human Life Value?

Your Human Life Value is determined by 3 factors: 1. 2. 3. Your age Current and future expenses Current and future income

As a thumb rule, if you are 30 years of age, you should insure yourself for an amount approximately 8 times your annual income. At 35, your investment should be close to 6 times your income. Of course, the exact amount of your investment should be determined by the number of people who depend on you, your existing investments and your life stage. For example, if you are 30 years of age and have two children and parents to provide for, the amount you invest should be reflective of your requirements.

Life Stage Profiler

All through your life, several significant events the birth of your child, moving to a larger home, his or her education and wedding, buying a new car, retiring from

work will occur at various stages and demand your financial commitment. If you plan in advance for these events, you will quite naturally be prepared when they occur.

Life insurance is an effective tool that assists you to plan for your future such that you are financially equipped to meet all your goals. Our special tool, the Life Stage Profiler, assists you to plan for a secure financial future. Please use the tool, right away!

Which important goals should you plan for in advance?

Your family's protection :- so that your loved ones are secure should an unfortunate event happen to you. Buying Life insurance assures that your family receives a lumpsum that safely tides them over any financial crises that might occur in your absence. Child's education:As parent, your primary responsibility is to ensure your children's future. Our Education

Insurance plans ensure your child receives money at key stages of his or her education even in your absence. Savings: Savings plans allow you to steadily save towards a pre-decided goal in a secure manner. These plans provide you with a host of benefits. You can choose the premium, the underlying fund in which you want to invest your money, the ratio between protection and investment as per your requirements. Retirement: Retirement plans help you secure regular income for your retired life. During the Accumulation phase, you systematically save while you are working. When you retire, the Payout stage of the plan begins. You then purchase an annuity, which will serve as a steady stream of income, for the rest of your life. Health: An integral part for financial planning is protecting oneself against any medical emergencies as well. Hence, a very prudent decision would be to choose a combination of plans that look after your finances and offer you a protective health cover to ensure your financial planning is in track despite any major illnesses.

Types of Insurance Plans - Traditional or Unit Linked

Insurance Plans - At a glance

Broadly, insurance plans can be distinctly divided into ULIP (Unit Linked Insurance Plans) and traditional plans. A brief detail of both segments:

Unit Linked Insurance Product

ULIPs have gained high acceptance due to attractive features they offer. These include: 1. Flexibility 1. Flexibility to choose Sum Assured. 2. Flexibility to choose premium amount. 3. Option to change level of Premium /Sum Assured even after the plan has started. 4. Flexibility to change asset allocation by switching between funds. 2.Transparency

1. Charges in the plan & net amount invested are known to the customer. 2. Convenience of tracking ones investment performance on a daily basis.

3.Liquidity 1. Option to withdraw money after few years (comfort required in case of exigency). 2. Low minimum tenure. 3. Partial / Systematic withdrawal allowed

1. Fund Options 1. A choice of funds (ranging from equity, debt, cash or a combination). 2. Option to choose your fund mix based on desired asset allocation.

Traditional Plans
These are the oldest types of plans available. These plans cater to customers with a low risk appetite. Some of the common features of traditional plans are: 1. Steady Investment

1. Major chunk of investible funds are in debt instruments. 2. Steady and almost assured returns over the long term.

1. Features 1. Death benefit is Sum Assured + guaranteed & vested bonus. 2. Helps in asset creation as they are for a long tenure. 3. Premium to Sum Assured ratios are fixed for each plan and age. 4. Generally withdrawals are not allowed before maturity.

Life Insurance Plans

On the basis of which life stage you are in and the corresponding insurance needs, ICICI Prudential plans can be categorized into the following three types:

Education Insurance Plans Wealth Creation Plans Premium Guarantee plans Protection Plans

Education Insurance Plans

One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided. ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child's education will be secure. These plans ensure that money is made available at the crucial junctures in a child's education Class X, Class XII, graduation and post-graduation - to fund crucial commitments for the child's future. Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child's education continues unhampered. Under the education insurance plans platform, ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans.

Plan Name

Plan Type

SmartKid New Unit-linked Regular SmartKid New Unit-linked Single SmartKid Regular Premium

Premium Premium

Unit Linked Unit Linked Traditional

Why SmartKid
ICICI Prudential's SmartKid is a fixed-term insurance plan that provides you with funds at regular intervals. The plan also keeps your family financially secure should an untoward event ever occur. Read more about the features and benefits of SmartKid.

Wealth Creation Plans

Wealth Creation Plans give the customer the dual benefit of protection along with the potentially higher returns of market-linked instruments. The most important benefit of ULIPs is the flexibility they give the customer in choosing the premium amount and also choosing the underlying fund in which this money is to be invested. Wealth creation plans also offer the customer more liquidity options as compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a life cover to be allied to the returns of market linked instrument giving them an unmatched combination of benefits.

Under the wealth creation platform, ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans.

Plan Name

Plan Type Unit Linked Unit Linked Unit Linked Unit Linked

LifeTime Gold LifeLink Super PremierLife Gold LifeStage RP

Why LifeTime Gold

Gold has always retained its glitter through the ages. This precious yellow metal, much coveted and valued, remains a symbol of class and an ageless asset. The same attributes of gold - precious and valuable - are now yours to enjoy with a policy that's simply pure gold ULIP. Presenting ICICI Prudential's LifeTime Gold, a regular premium unit-linked policy that offers potentially higher returns through the Multiplier Fund that invests in the top 50 large cap companies

LifeTime Gold also offers you the protective benefit of an insurance cover and financial security for your family.

Why LifeLink Super Well-deserved financial incentives, rewarding business profits and even ancestral money are precious amounts that you should invest immediately so they earn you potentially higher returns in the long run. Invest in ICICI Prudential's LifeLink Super policy-a singlepremium unit-linked policy that works best for investors who have in mind long-term financial goals, such as the education of a child or the purchase of a larger home. Apart from the potentially higher returns that you can earn, LifeLink Super insures your family against misfortunes with its protective insurance cover.

Why PremierLife Gold

Knowing the dynamic nature of the environment and your profession, you certainly prefer plans that do not require you to make long-term financial commitments. You

would much rather have the freedom to invest for short periods, say three or five years, and still enjoy good returns for the rest of your life. ICICI Prudential's PremierLife Gold has been tailored to precisely meet your requirements. One of the finest wealth creation plans available, PremierLife Gold provides you with the benefit of paying premiums for a brief period but enjoying the benefits of cover and potentially higher returns over the long run. Put simply, PremierLife Gold ensures you enjoy long-term benefits even when you make short-term investments.

Why LifeStage
We have different priorities at different life stages. With such changing priorities, it is important to adopt Asset Allocation as an investment practice. It helps to strike the right balance by distributing your investments across different asset classes like equity and debt. More importantly, it should also change according to our life stage profile age, risk tolerance, etc. However, the discipline of making the right Asset Allocation at various life stages in todays fast-paced life requires the expertise and dedicated time of someone who can manage your money on a day-to-day basis. Keeping this in mind, ICICI Prudential Life Insurance, brings to you LifeStage RP. This policy provides you with an option of lifecycle-based portfolio strategy) that

continuously re-distributes your money across various asset classes (Automatic Asset Allocation. This will done based on your age, and helps you achieve the right Asset Allocation to meet your desired financial goals.

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the Premium Guarantee plan InvestShield Life New. Premium Guarantee plans are the ideal insurance-cum-investment option for customers who want to enjoy the potentially higher returns(over the long term) of a market linked instrument, but without taking any market risk. Under the Premium Guarantee Plans platform, ICICI Prudential brings to you the following products:

Plan Name

Plan Type

InvestShield Life New InvestShield CashBak

Unit Linked Unit Linked

Why InvestShield Life New?

InvestShield Life New is a one of its kind market linked policy that gives the policyholder the chance of enjoying the potentially higher returns of a market linked instrument. The underlying investment fund in InvestShield Life New has up to 40% investment in equities and related securities.

Moreover, InvestShield Life New also has the added assurance of a Premium Guarantee which ensures that in the event of the market returns being negative, the sum of all premiums paid is returned to the policyholder on maturity of the plan. In other words, InvestShield Life New is a downside protected plan. In addition to this, the policyholder gets a life insurance cover for protecting the family against the financial implications of the death of the policyholder.

Why InvestShield CashBak?

InvestShield CashBak is a one of its kind market linked policy that gives the policyholder the benefit of capital appreciation while maintaining a balance between return, safety and liquidity.

Moreover, InvestShield CashBak also has the added assurance of a Premium Guarantee which ensures that in the event of the market returns being negative, the sum of all premiums paid is returned to the policyholder on maturity of the plan. In other words, InvestShield CashBak is a downside protected plan. In addition to this, the policyholder gets a life insurance cover for protecting the family against the financial implications of the death of the policyholder.

Protection Plans
The sole objective of these plans, as their name indicates, is to serve the protection needs of the customer and by doing so, safeguard ones family from the financial implications of unfortunate circumstances than one cannot foresee.

Under the Protection Plans platform, ICICI Prudential brings to you the following products:

Plan Name

Plan Type

LifeGuard Save'n'Protect CashBak

Traditional Traditional Traditional

Home Assure

Traditional

Why LifeGuard Protect your family with ICICI Prudential's LifeGuard. LifeGuard acts as a shield that safeguards your loved ones from financial insecurity, at all times. A cost-effective plan, LifeGuard comes in three variants: LifeGuard (life cover without maturity benefit), LifeGuard with Return of Premium (life cover with maturity benefit), and LifeGuard Single Premium (premium at policy inception, cover till policy matures). Invest in a plan that best suits your requirements and guarantee your family lifelong comfort and security.

Why Save'n'Protect
Guarantee your loved ones stay secure, even when you are unable to hold up the protective umbrella yourself. Invest in ICICI Prudential's Save'n'Protect. In addition to safeguarding your family, Save'N'Protect enables you to make regular, systematic savings, so you can effortlessly provide your family with every comfort and meet your long-term financial objectives.

Why CashBak

ICICI Prudential's CashBak is a fixed-term insurance plan that provides you with funds at regular intervals. The plan also keeps your family financially secure should an untoward event ever occur.

Why Home Assure

Owning your very own home is a cherished dream. We want to ensure that this dream comes true, irrespective of what the future holds. We are pleased to bring you Home Assure. This extremely affordable Term Life Insurance Plan offers you protection against your loan amount with complete convinience in application. In case of an unfortunate event of death, the financial security of your family is not affected. The family need not direct their savings towards paying off the outstanding loan. ICICI Prudential will pay the outstanding amount to the bank directly. Your family will continue to retain the home purchased by your hard earned money.

HEALTH INSURANCE
Health insurance policies insure you against several illnesses and guarantee you stay financially secure should you ever require treatment. They safeguard your peace of mind, eliminate all worries about treatment expenses, and allow you to focus your energy on more important things, like getting better. Let's learn more about the various types of health insurance available, and what the best policy for you might be.

Health Insurance Overview

policies

in

India

An

There are several health insurance or medical insurance plans in India. These can be divided into the following categories based on the coverage offered: Hospitalization Plans: These health insurance plans cover your expenses in case you need to be hospitalized. Within this category, products may have different payout structures and limits for various heads of expenditure. The hospitalisation coverage may be reimbursement based plans or fixed benefit plans. These plans aim to cover the more frequent medical expenses. Click to know about our hospitalisation insurance plan Critical Illness Plans: These health insurance plans provide you coverage against critical illnesses such as heart attack, organ transplants, stroke, and kidney failure among others. These plans aim to cover infrequent and higher ticket size medical expenses. Click to know about our critical illness plans (Crisis Cover, Health Assure Plus) Specific Conditions Coverage: These plans are designed specifically to offer health insurance against certain complications due to diabetes or cancer. They may also include features such as disease management programs which are specific to the condition covered. Click to know more about our diabetes (Diabetes Care, Diabetes Care Plus, Diabetes Assure) and cancer (Cancer Care, Cancer Care Plus) suite of products.

5 reasons why health insurance is a must

Indians at greater risk Reason 1: Lifestyles have changed. Indians today suffer from high levels of stress. Long hours at work, little exercise, disregard for a healthy balanced diet and a consequent dependence on junk food have weakened our immune systems and put us at an increased risk of contracting illnesses.

Reason 2: Rare non-communicable diseases are now common. Obesity, high blood pressure, strokes, and heart attacks, which were earlier considered rare, now affect an increasing number of urban Indians.

Shocking Truths

18% of the urban population suffers from hypertension, which leads to renal failure, stroke and cardio-vascular diseases 30% of the population suffers heart attacks before age 40 66% of deaths today are due to cardio-vascular diseases Almost 3.5 million Indians suffer from diabetes Cardio-vascular diseases (CVDs) like heart disease and stroke are the main causes of death and disability

The Cost Factor

Reason 3: Medical care is unbelievably expensive: Medical breakthroughs have resulted in cures for dreaded diseases. These cures, however, are available only to a select few. High operating expenses therapy for breast cancer costs as much as Rs. 2 lakhs for 3 dayshave restricted treatment to the richest. In fact, even among the affluent groups, 20% need to sell their valuable assets so they can accumulate the required amount to meet healthcare costs.

Reason 4: Indirect costs add to the financial burden: Indirect sources of expensetravel, boarding and lodging, and even temporary loss of incomeaccount for as much as 35% of the overall cost of treatment. Most often, we overlook this fact when planning for medical expenses.

Reason 5: Incomplete financial planning: Most of us have insured our home, vehicle, childs education, and even our retirement years. Ironically however, we have not insured our health. We ignore the fact that illnesses strike without warningand seriously impact our finances and eat into our savings in the absence of a good health insurance or medical insurance plan.

Over two thirds of all Indians sell assets or dip into existing savings to meet healthcare costs.

Selecting the Right Plan

Sound health cover planning ensures you receive both, direct medical expenses and indirect expenses, as soon as any medical emergency or hospitalisation event occurs. When investing, choose a health insurance solution that:

Covers a wide spectrum of medical conditions from the most basic to the most critical health complication Includes a combination of reimbursement and fixed benefit plans, which enable you to meet health expenses that include direct and indirect costs An ideal health insurance solution must help cover for both the frequent and low cost medical expenses while also enabling adequate coverage to meet less frequent high cost critical complications as described in the diagram below

Point to Remember: Select a health solution by taking into consideration factors such as income, age, number of dependants, quality of care desired, current coverage etc. Quick tip When choosing a health insurance plan, ensure that the plan:

Ensures long-term coverage Has very clear and transparent norms Provides a hassle free claims process

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need categories: Hospitalisation Plans

MediAssure Hospital Care

Critical Illness Plans

Crisis Cover HealthAssure Plus

Cancer Products

Cancer Care Cancer Care Plus

Diabetes Products

Diabetes Care Active Diabetes Care Diabetes Care Plus Diabetes Assure

Why MediAssure?
Health problems, in most cases, strike us unexpectedly, resulting in a sudden financial burden. Despite this, only around one in every fifty Indians is covered through some form of individual medical insurance. Further, it has been observed that 2 out of every 5 individuals hospitalized in India end up either borrowing money or selling assets to cover healthcare costs. This situation is set to escalate further as private health care spends in India are estimated to increase by 2 to 3 times over the next 12 years. Hence you need a solution that gives you peace of mind by providing financial cover to both you and your family against unforeseen hospitalization events.

So what should you look medical/hospitalisation cover:

for

when

buying

Does the plan guarantee you insurability at renewal irrespective of your health status? Does the plan ensure that no new exclusions are added or no increase in premiums occurs just because a claim is made? Does the plan clearly state exclusions at the time of taking the policy and also offer you cover against preexisting conditions?

ICICI Prudential Life Insurance presents MediAssure, a health insurance plan with a AAA guarantee to the family

Assured cover till age 75 years Assured coverage for accepted pre-existing illnesses after 2 years Assured price for 3 years

Moreover, this policy covers all your hospitalisation needs with the flexibility to choose your location and quality of treatment

Why Hospital Care?

Today, when you are young and healthy, planning for a contingency is not always a priority but the cost of treating even the smallest of ailments is on the rise. You realize it only when you or your loved ones has to undergo some medical emergency and you are faced with the challenge of organizing funds to meet the hospitalisation related expenses. Hence a medical emergency comes not only with emotional turmoil but also with a huge expense attached to it.

During such an unexpected situation, your only concern should be that the best doctors and medical facilities are available and cost should not be a constraint so that you can take care of things without compromise but to ensure that best in class treatment is provided, the key to that is to be financially prepared for it. To help you manage this unexpected emergency, ICICI Prudential, India's No. 1 private life insurer presents Hospital Care - a comprehensive insurance policy that has:

Facility of cashless hospitalisation in more than 3000 network hospitals.

Benefit amount will be paid in addition to payment received by you from other medical insurance plans.

You will receive lump-sum irrespective of the actual billing.

benefit

amount,

Long term guaranteed coverage up to 20 years.

Tax benefits on premium paid up to Rs.15,000 under Section 80D.

Why Crisis Cover?

Life is hectic in today's fast paced world. Along with the rapid pace and progress comes the bane of modern life such as increased stress, poor diet and lack of exercise. The alarming aspect is that, owing to these factors, more and more Indians are becoming vulnerable to critical illnesses every year. These illnesses, coupled with increasing costs of treatment, have made recovery a long and expensive process. It goes without saying that securing your family's financial future is a part of prudent financial planning. However, no less important is your health and well-being, for which you

need a comprehensive health coverage. And, given our lifestyles, it should ideally be a plan that provides complete protection against Disease, Disability and Death

Keeping this need in mind, ICICI Prudential Life Insurance presents Crisis Cover. This all-inclusive long term insurance policy provides coverage against 35 critical illnesses, total and permanent disability, and also death.

Why HealthAssure Plus

Illnesses have a way of sneaking up on us, weakening our financial stability and stealing our family's peace of mind. It is best to keep oneself insured at all times against the most critical illnesses that are also the most common: Cancer, Coronary Artery Bypass Graft or Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke.

ICICI Prudential's HealthAssure Plus financially insures you against these six critical illnesses. Should you ever be diagnosed with one or more of these, HealthAssure Plus provides you with a fixed sum, irrespective of your actual medical expenses. The health plan thus shoulders the heavy costs of your treatment and ensures you stay financially stable, come what may. This financial guarantee during illness is not all that HealthAssure Plus delivers. HealthAssure Plus comes with an added benefit: it insures your life, as well. So should an unexpected accident or disability claim your life, your family will receive the entire Sum Assured-an amount large enough to ensure they live securely, even in your absence.

WHY IS RETIREMENT PLANNING IMPORTANT?

RETIRE FROM WORK. NOT FROM LIFE. A retirement plan is an assurance that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working. To understand why an increasing number of individuals have already started planning for their retirement, and why you should too, read on. INDEPENDENCE IS THE NEW WAY OF LIFE: An increasing number of young Indian professionals are

moving away from the traditional joint family structure. Since support no longer comes easily, parents have realized the need to provide for themselves during their retirement years. COSTS SET TO SOAR: Skyrocketing costs throw even a well-salaried person off balance. With rates rising everyday, you can imagine how high they will be when you are ready to retire. A retirement plan provides you with a steady income every month, to arm you in the face of rising costs. To understand how inflation can impact your monthly expenses, use our special tool, the Inflation Index calculator. NON-EARNING RETIREMENT PHASE IS NOW LONGER: Only 4% of India working population- mostly government employees are covered by pensions. The remaining 96% comprises self-employed and salaried professionals who do not have a formal, mandated provision for pensions. ICICI Prudential offers two key retirement plans, LifeLink Super Pension and LifeTime Super Pension - flexible income cum insurance plans that ensure you meet all your retirement requirements. So you can retire peacefully from work, but not from life.

WHY START PLANNING FOR RETIREMENT RIGHT AWAY?

Both Ramesh and Vikram want to retire at the age of 60 years. To take care of his post-retirement requirements, Ramesh invests a total amount of Rs. 35 lakhs towards his retirement corpus. On the other hand, Vikram invests a total of Rs 50 lakh towards his retirement. Despite investing less, Ramesh accumulates Rs 298 lakh, compared to Vikram's accumulation of Rs 216 lakh!. Read on to find out how..

What Ramesh had in his favour was TIME. He began investing a sum of Rs 1 lakh p.a. earlier, at the age of 25 years, up to the age of 60. Ramesh, to compensate for lost time, saved twice the amount invested by Ramesh i.e. Rs. 2 lakhs every year from the age of 35, till the age of 59 years. It is for this precise reason you should plan for your retirement now-and not later; so you get the advantage of investments that multiply quickly each year, giving you the added advantage!

The graph above shows the retirement amount both Ramesh and Vikram accumulate by the age of 60 years.

Please note: The assumption is that both investments appreciate at the rate of 10% per annum.

HOW TO PLAN FOR RETIREMENT?

5 simple steps to arrive at an ideal retirement plan STEP 1: DECIDE HOW MUCH INCOME YOU REQUIRE to live comfortably in your post-retirement years. Remember to take into account aspects like increased medical costs, vacations and gifts for family, but reduce costs like children's education and rent, if you own your home. Use our easy Inflation Index Calculator to calculate the impact of inflation. STEP 2: DETERMINE HOW MUCH YOU NEED TO SAVE REGULARLY, starting today. Use our Retirement Calculator to determine how large a kitty you will need and how much you need to save each year. STEP 3: SELECT THE RIGHT RETIREMENT PLAN that enables you to meet your post-retirement requirements. Preferably invest in market-linked plans, which can provide you with potentially higher returns in the long run. Our Life

Stage Profiler will help you select the plan that meets your criteria STEP 4: START SAVING NOW so you have time on your side and can enjoy the power of compounding. Use our simple Power of Compounding Calculator. STEP 5: SYSTEMATICALLY INVEST A FIXED AMOUNT every month for your post-retirement years

TYPES OF INSURANCE PLANS TRADITIONAL OR UNIT LINKED

INSURANCE PLANS - AT A GLANCE Broadly, insurance plans can be distinctly divided into ULIP (Unit Linked Insurance Plans) and traditional plans. A brief detail of both segments:

UNIT LINKED INSURANCE PRODUCT

ULIPs have gained high acceptance due to attractive features they offer. These include: 1. Flexibility 1. Flexibility to choose Sum Assured. 2. Flexibility to choose premium amount. 3. Option to change level of Premium /Sum Assured even after the plan has started. 4. Flexibility to change asset allocation by switching between funds. 2. Transparency 1. Charges in the plan & net amount invested are known to the customer. 2. Convenience of tracking ones investment performance on a daily basis. 3. Liquidity 1. Option to withdraw money after few years (comfort required in case of exigency). 2. Low minimum tenure. 3. Partial / Systematic withdrawal allowed 4. Fund Options 1. A choice of funds (ranging from equity, debt, cash or a combination). 2. Option to choose your fund mix based on desired asset allocation.

TRADITIONAL PLANS

These are the oldest types of plans available. These plans cater to customers with a low risk appetite. Some of the common features of traditional plans are: 1. Steady Investment 1. Major chunk of investible funds are in debt instruments. 2. Steady and almost assured returns over the long term. 2. Features 1. Death benefit is Sum Assured + guaranteed & vested bonus. 2. Helps in asset creation as they are for a long tenure. 3. Premium to Sum Assured ratios are fixed for each plan and age. 4. Generally withdrawals are not allowed before maturity.

TYPES OF ANNUITY
An annuity is a series or stream of payments. In the context of retirement planning, an annuity is a contract between you and the insurance company under which the insurance company promises pays you money for a stipulated periodoften for life. You, the person receiving the payments, is the "annuitant". Types of annuity options offered by ICICI Prudential:

LIFE ANNUITY: In this plan, you receive annuities for as long as you live. Payments are no longer made after your demise. LIFE ANNUITY WITH RETURN OF PURCHASE PRICE: You receive annuities for as long as you live and your nominee receives the purchase price of the policy after demise. The purchase price refers to the value of your investment corpus at the end of the accumulation phase (with which the annuity was purchased).

LIFE ANNUITY GUARANTEED FOR 5, 10 AND 15 YEARS AND LIFE THEREAFTER: You receive annuities for a minimum term i.e. 5, 10 or 15 years. Annuities continue for life thereafter. If death occurs before the end of the pre-decided term, the company pays the annuity till the end of that term to the nominee. JOINT LIFE, LAST SURVIVOR ANNUITY WITHOUT RETURN OF PURCHASE PRICE: Both your spouse and you will receive annuities for life. JOINT LIFE, LAST SURVIVOR ANNUITY WITH RETURN OF PURCHASE PRICE: Both your spouse and you will receive annuities for life. After this, the purchase price is returned to your nominee.

RETIREMENT SOLUTIONS
To cater to the needs of a customer looking for retirement planning, ICICI Prudential presents a wide array of products. These products have been designed to take into account the diverse set of needs that characterize individual customers. Please click on the plans to know more about them and identify which plan is just right for you.

Plan Name

Plan Type

LifeStage Pension PremierLife Pension LifeTime Super Pension LifeLink Super Pension ForeverLife Immediate Annuity

Unit Linked Unit Linked Unit Linked Unit Linked Traditional Traditional

WHY LIFESTAGE PENSION

Retirement time is the time to live your dream, dream that you have been putting off as you never had the time for it. But your retirement dream has a cost attached to it. We call this your retirement number. To help you achieve your retirement number ICICI Prudential presents to you, LifeStage Pension. One of the most distinguishing features of this policy is that it has no premium allocation charge for regular premiums which means 100% of your money is invested. Whats more, the policy provides you with a unique lifecycle-based strategy that continuously re-distributes your money across various asset classes based on your life stage and risk tolerance, eventually providing you with a customised retirement solution. Invest today to attain your retirement number and fulfill your dreams.

KEY BENEFITS OF LIFESTAGE PENSION

Option to choose a unique and personalised lifecycle based portfolio strategy to create ideal balance between Equity and Debt.

This plan invests 100% of your money in the portfolio of your choice. Enjoy the flexibility to choose from 5 pension options through which you can receive your pension. Opportunity to earn potentially higher returns by investing in Unit Linked Funds. Receive tax-free commutation up to one-third of the accumulated value on vesting (retirement) date. Avail tax benefits on premiums paid u/s 80CCC.

FINANCIAL & INVESTMENT PLANNING

Financial planning is a plan to save and spend your future income. It should be carefully budgeted. When you do your investment planning, you must budget for both big and small spends. Financial planning needs to account for expenses like rent, utilities, and food per month. When Financial planning, you must think about short term and long term savings. After expenses, you must set aside money for savings every month. Most people who are

financial planning believe in setting aside 20% of monthly income towards savings. For long term savings, your best investment options should be explored. Financial planning can be an investment planning. You put a portion of savings into assets. Investment planning carefully ensures these assets increase your money. There are various investment options in the form of assets: stocks, shares, mutual funds. Financial planning will allow you to make major purchases in your life. You can not buy a house or a car without proper investment planning, and the right investment options will allow you to enjoy your retirement. Financial planning isnt something that happens by itself. It requires focus and discipline. Many people think that the future will take care of itself. Good financial planning means that your dream car will not be a dream, but a reality. Investment planning means that you can take care of your family, exploring your best investment options to give them everything you want in life. Financial planning means that you take care of your future. Financial planning for your retirement should start at an early age. Many people think that their children or job will take care of their pension, but this is not always the case. Ensure that your retirement is a comfortable one by making wise investment plans, so you can maintain a lifestyle in your retirement that you enjoyed throughout your life.

TAX BENEFITS ON INSURANCE AND PENSION

Life insurance and retirement plans are effective ways of saving taxes. The tax breaks that are available under our various insurance and pension policies are described below: 1 Our life insurance plans are eligible for deduction under Sec. 80C. 2 Our Pension plans are eligible for a deduction under Sec. 80CCC. 3 Our health insurance plans/riders are eligible for deduction under Sec. 80D. 4 The proceeds or withdrawals of our life insurance policies are exempt under Sec 10(10D), subject to norms prescribed in that section.

EXPLANATION OF TAX BENEFITS

Premiums paid for Life insurance - Deduction under Section 80C

1.

2.

3.

4.

CATEGORY OF ASSESSES ALLOWED DEDUCTION: Individual assessee and Hindu Undivided Family assessee. ELIGIBLE SAVINGS: Premiums paid or deposited by assessee to effect or to keep in force insurance on the life of following persons: o In case of individual assessee Himself/Herself, spouse, children of such individual o In case of HUF assessee any member 20% LIMIT: If the amount of premium paid in a financial year for a policy is in excess of 20% of the actual capital sum assured, then deduction will be allowed only for premiums upto 20% of the sum assured. LIMIT ON AMOUNT OF DEDUCTION: Deduction will be restricted to investments upto Rs 100,000 in savings specified under Section 80C (including life insurance premiums). If any investments have been made under Section 80CCC and 80CCD, then the qualifying amount under Section 80C will stand reduced to that extent.

PREMIUMS PAID FOR PENSION PLANS SECTION 80CCC

1.

2. 3.

4.

PERMITTED DEDUCTION: Section 80CCC allows for deduction of premiums paid under a pension plan. As per this Section, premiums paid upto Rs 10,000 (till FY 2005-06) & Rs. 1 Lakh (from FY 2006-07) by an individual is allowed as deduction from his total income. DISALLOWANCE: This benefit will be reversed if the policy lapses / is cancelled. LIMIT: It may be noted that from FY2005-06, the limit of deduction under Section 80CCC will be part of the overall limit prescribed under Section 80CCE. RECEIPT UNDER POLICY: Amounts received on surrender (whole/part) of annuity plan, amounts received as Pension is taxed as income.

PREMIUMS PAID FOR MEDICAL INSURANCE - SECTION 80D

1.

2.

CATEGORY OF ASSESSES ALLOWED DEDUCTION: Individual assessee and Hindu Undivided Family assessee. ELIGIBLE PREMIUMS: Premiums paid by assessee by any mode other than cash out of his taxable income to effect or to keep in force an insurance on the health of following persons: o In case of individual assessee Himself/Herself, spouse, dependant children and parents. The

condition of dependency of parent has been removed from FY 2008-09. In other words, even if the parent is independent, the individual can pay the premia and claim the deduction. In case of HUF assessee any member of HUF

3.

DEDUCTION AND UPPER LIMIT: The qualifying amounts under Section 80D for self, spouse and dependent children is upto Rs. 15,000/- and additional deduction upto Rs. 15,000/- for the parents (from FY 2008-09 onwards). However, a higher amount of upto Rs 20,000/- is permitted if the person, for whose health insurance the premium was paid, was aged 65 years or more at any time during the financial year in which the premium was paid. Such amounts of premium paid would be allowed as deduction from the total income of the assessee.

OVERALL DEDUCTION LIMIT - SECTION 80CCE A new Section 80CCE has been inserted from FY2005-06. As per this section, the maximum amount of deduction that an assessee can claim under Sections 80C, 80CCC and 80CCD will be limited to Rs 100,000.

BENEFITS UNDER INSURANCE POLICY SECTION 10(10D)

As per Section 10(10D) of Income tax Act, 1961, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt from tax. However, this rule does not apply to following amounts:

sum received under Section 80DD(3), or any sum received under a Keyman Insurance Policy, or any sum received other than as death benefit under an insurance policy which has been issued on or after April 1 2003 and if the premium paid in any of the years during the term of the policy is more than 20% of the sum assured.

Overview
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and Prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 42.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over 2000 branches (inclusive of 1,074 micro-offices), over 274,500 advisors; and 20 bancassurance partners. ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted

Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.

Vision & Values

Our vision: To be the dominant Life, Health and Pensions player built on trust by world-class people and service. This we hope to achieve by:

Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees And above all, building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth. Our values : Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. K.V. Kamath, Chairman Ms. Kalpana Morparia, Vice Chairperson Ms. Chanda Kochhar, Director Mr. Barry Stowe, Director Mr. H.T. Phong, Director Prof. Marti G. Subrahmanyam, Director Mr. Mahesh Prasad Modi, Director Mr. N.S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Rama Bijapurkar, Director