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HomeAssure

ACKNOWLEDGEMENT
It gives me an immense pleasure to thank management of ICICI Prudential LIC Ltd.
for allowing me to accomplish on the job summer training in the company. This study
bears the imprints of many persons who in a formal review or in an informal
conversation made a significant contribution to its development.
Firstly I am very thankful to Mr. Naveen Juneja (Area Manager) and Ms Urvashi
Malhotra who provided me the opportunity to do the training in this esteemed
organization and for his continuous support.
At the outset, I wish to express my deep sense of gratitude and indebtedness to Mr.
Sachin singhal (Financial Service Manager) for his judicious guidance, constant
support, sharing their views and suggestions throughout the training that helped me
in this project.
Last but not the least, this internship would not have been possible without the cooperation & generous help from a number of people, while it may not be possible for
us to express our gratitude to them individually. We wish to place on record our
sincere appreciation to all of them for all the help that they extended to me during the
course of my internship.
Vibhanshu dutt

PENETRATION OF HOME ASSURE INSURANCE POLICY
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HomeAssure
PREFACE
Submitted in the partial fulfillment of
Bachelor in Computer Application, KCMT
(Khandelwal

College

Of

Management

Science & Technology) . Here is the
seminar report on 3G TECHNOLOGIES
FOR MOBILE COMMUNICATION.
The project has been prepared to give
the reader complete knowledge about
the technology and the communication
techniques in mobile.

PENETRATION OF HOME ASSURE INSURANCE POLICY
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HomeAssure

EXECUTIVE SUMMARY
When a person’s life and other non life objects both are at risk of loss or damage;
when future is uncertain and one doesn’t know what can happen in the future, the
importance of insurance, insurance companies, insurance advisors or agents
become necessarily important. One can get oneself and non life objects or products
insured from an insurance company through an agent and can get compensated at
the occurrence of some loss.
So, when people take home loan from a bank, and if they die without paying of the
EMIs completely? In such a case, the survivors might have to face a lot of difficulty.
Here, comes the opportunity of growth and popularity of the product that can save
the survivors from this problem. A product named, Home Assure by ICICI Prudential
is a boon to people availing home loan.
The objective of our training was to impart training to DSAs and DMEs in the Home
Finance Company (HFC) about the product Home Assure; to make ensure that DSAs
and DMEs of HFC of ICICI Bank sell Home Assure along with their Home Loans;
handle the queries and solve the problems they are facing and collect application
forms and do further processing.

PENETRATION OF HOME ASSURE INSURANCE POLICY
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HomeAssure
The project facilitates deep understanding about ICICI Prudential’s product Home
Assure. Without understanding the product deeply, one cannot determine what the
product is, how important the product is and what is its significance in life.

OBJECTIVE OF THE PROJECT
When a person’s life and other non life objects both are at risk of
loss or damage; when future is uncertain and one doesn’t know
what can happen in the future, the importance of insurance,
insurance companies, insurance advisors or agents become
necessarily important. One can get oneself and non life objects or products insured
from an insurance company through an agent and can get compensated at the
occurrence of some loss.
So, when people take home loan from a bank, and if they die without paying of the
EMIs completely? In such a case, the survivors might have to face a lot of difficulty.
Here, comes the opportunity of growth and popularity of the product that can save
the survivors from this problem. A product named, Home Assure by ICICI Prudential
is a boon to people availing home loan.
The objective of our training was to facilitate the following:

To impart training to DSAs and DMEs in the Home Finance Company (HFC)
about the product Home Assure.

PENETRATION OF HOME ASSURE INSURANCE POLICY
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HomeAssure

To make ensure that DSAs and DMEs of HFC of ICICI Bank sell Home
Assure along with their Home Loans

Handle the queries and solve the problems they are facing

Collect application forms and do further processing

Therefore, our job as trainee was to build such a sound relationship with the sales
team of HFC that they sell enthusiastically our policy along with their loan.

IRDA
Insurance regulatory and development authority (IRDA) has laid down that
those who wish to become insurance agents will be given licenses only
after they pass an examination prescribed by it. The career of insurance
agency is a profoundly rewarding one, not merely in terms of money, but in
terms of prestige and satisfaction of having done well to others.
This act was passed in December 1999, provided for the establishment of IRDA to
protect the interest of insurance policy holders, to regulate, promote, and ensure
orderly growth of insurance industry and for matters connected therewith or incidental
thereto. IRDA is a corporate body and advised by an insurance advisory committee
consisting of not more than 25 members to represent the interest of commerce,
industry, transport, agriculture, consumer forums, surveyors, agents, intermediaries,
organizations engaged in safety and loss prevention, research bodies and
employee’s association in insurance sector.

INSURANCE
The business of insurance protects economic value of
assets. The asset is valuable to the owner, because he
expects to get some benefit from it. This benefit could be in
PENETRATION OF HOME ASSURE INSURANCE POLICY
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different kinds of risks identified and separate groups made. There are certain principles that make it possible for insurance to remain fair:  The loss will become bearable when the community shares the burden. THE BUSINESS OF INSURANCE Insurance Company are called insurer. Insurance is a mechanism that helps reduce the effect of such adverse situations. after which the benefits from it may not be available. Since. People who are exposed to same risk come together and agree that. HOW INSURANCE WORKS The mechanism of insurance is very simple.e. makes available to himself a substitute of the product.  The loss should be in accident manner i.HomeAssure the form of income or something else. the owner. the others will share the loss and make good to the person who lost. Every asset has some life during which it is expected to perform. all of them may not suffer the loss at the same time the loss suffered by any one of them is divided into bearable small losses by all. But the owner might get deprived of the benefits there from in case of any loss due to an accident.  The manner in which loss is to be shared is to be determined beforehand. So. Insurance companies collect the shares in advance and create a fund from which losses are paid. no one should be in a position to make the risk happen. At the end of its life. being aware of this fact. an unfortunate event etc. if any one of them suffers a loss.6 . The business of insurance is to – PENETRATION OF HOME ASSURE INSURANCE POLICY ….

 Collect the share (premium)  Pay compensation to those who suffer loss (claims) In India. Collectives like companies. the settlement is easy. The fee for grant of PENETRATION OF HOME ASSURE INSURANCE POLICY …. banks. In terms of these regulations. personal accident etc. crop. fidelity. the business of insurance is categorized into two:  Life : include all risk related to life of human  Non life or General : Categorized into three: Fire: fire related risks Marine: deals with all transport related risks and ships Miscellaneous: deals with all other risks like liability. firms.the heirs can collect the money easily because of facility of nominations and assignments.7 . dishonesty or misrepresentation against an insurer or an insured  Not possessing the requisite qualifications and specified training  Not passed such examinations as are specified by the regulations  Found violating the code of conduct as specified by the regulations It is not only an individual who can become an agent.  There are tax benefits both in income tax and in capital gains  A policy is transferable and can be mortgaged to raise loans. who share common risks. Advantages of life insurance as compared to other forms of savings:  In the event of death.  There is a certain amount of compulsion to fulfill the plan of savings or there would be a loss.HomeAssure  Bring together the persons with common interest. a license will not be given if the person is:  A minor  Found to be of unsound mind  Found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of an attempt to commit any such offence  Found guilty of or knowingly participating in or conniving at any fraud. cooperative societies etc can also become agents. motor. whereas in the other forms there is no loss.

he may pay 40% instead of 35% of first year’s premium. During the first ten years of the insurer’s business. for short duration policies. commission of 6% can be paid on the renewal premium even beyond the third year. They may vary and depends upon personal values. 7. the insurer will determine the manner of remunerating the agent. by way of commission or remuneration in any form shall be 35% of the first year’s premium.g. Within these limits. This is also valid for 3 years. Normally. Under certain circumstances. Broadly needs are classified as:  Protection of standard of living of the family. NEED AND INSURANCE Needs of people are not the same. He is paid a stated percentage of the premium collected through his agency. occupation. There are some exceptions to this. It can be cancelled. A life insurance agent works on commission basis. It may be renewed after 3 years. and so on. marriage. start of some business  To continue business e. A license is granted for 3 years. place of residence. commission rates are lesser than under longer duration plans. habits. age.8 . demand of society. The fee of certification of the specified person is Rs. When partner need to rearrange finances on death of a partner  Substitute income when earning capacity ceases due to old age or disability PENETRATION OF HOME ASSURE INSURANCE POLICY ….5% of second and third year’s premium and 5% of subsequent renewal premium. Section 40 A (1) of insurance act stipulates that the maximum amount which can be paid to a life insurance agent.500. under term assurance plans. family and other relationships.250 for individual as well as corporate agents. if the agent acquires any of the disqualifications. which is at risk on early death  Future expenses on account of children’s education. Under single premium plans also commission rate is very small. Similarly. commission rates are less.HomeAssure a license is Rs.

HomeAssure Risks arise because there are needs to be fulfilled. It is also called as the price of insurance policy and can be a one-time payment also. A default in premium can endanger the continuance of the policy and if this happens. If there were no needs. The risks attached to early death arise because of the need to maintain the family that was left behind. the policy lapses and the benefits expected will no more be available to the policyholder. Different plans are designed with different benefits such that they may cater to needs of people.9 . it is necessary to be aware of the needs of people. Often it is paid regularly over a period of time. there would be no risks. Insurance is therefore related to the needs of individuals. While selling life insurance. PENETRATION OF HOME ASSURE INSURANCE POLICY …. PREMIUM Premium is the consideration that the policyholder has to pay in order to secure the benefits offered by the insurance policy.

1956. 2002. the first insurance Company being Bombay Mutual Assurance Society Ltd. and Prudential plc. They agreed to share the loss to the goods while being carried by ships.10 . In India insurance began in 1870. By the year 1956. The loss occurred due to pirates who robbed on the high seas or due to the weather that spoilt goods or made the ship sunk. But the first insurance policy was already issued in 1583 in England.ICICI Prudential’s equity PENETRATION OF HOME ASSURE INSURANCE POLICY …. eleven new insurers had been registered and begun to transact life insurance business in India.HomeAssure BRIEF HISTORY OF INSURANCE The business of insurance started with marine business. By March 31. Traders would gather in the Lloyd’s coffee house in London. a premier financial powerhouse. when the life insurance business was nationalized and the Life Insurance Corporation of India (LIC) was formed on September 1. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). there were 170 Companies transacting life insurance business in India. ICICI PRUDENTIAL: COMPANY PROFILE ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank. a leading international financial services group headquartered in the United Kingdom. the LIC did not have exclusive privilege of doing insurance business in India. After the amendments to the relevant laws in 1999.

China. 2004.818 policies. Malaysia. As of June 30.18 billion as on 30th June. provides retail financial services products and services to more than 16 million customers. Korea. investment management and general insurance. children and loved ones need not be PENETRATION OF HOME ASSURE INSURANCE POLICY …. But in face of adversity. our responsibilities towards our parents.131 crore and wrote 283. ABOUT THE PROMOTERS ICICI Bank (NYSE:IBN) is India’s second largest bank and largest private sector bank with over 50 years of financial experience and with assets of Rs. policyholder and unit holders worldwide. For the half year ended September 30. banking. Thailand and Vietnam.HomeAssure base stands at Rs. mutual funds. 2005.com). the company garnered Rs 820 crore of new business premiums for a total sum assured of Rs 7. Indonesia.030 ATMs. Singapore. ICICI Bank provides a broad spectrum of financial services to individuals and companies. Japan. Prudential is the leading European life insurance company with a vast network of 24 life and mutual fund operations in twelve countries . corporate and agricultural finance.11 . Taiwan. car and personal loans. 1185 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. India. Hong Kong. pensions. the Philippines. the company had over US$300 billion in funds under management. Established in London in 1848. call centers and Internet banking (www. the US and Asia. through its businesses in the UK and Europe. Prudential plc. Prudential has brought to market an integrated range of financial services products that now includes life assurance. The Bank services a growing customer base of more than 14 million customers through a multi-channel access network which includes over 590 branches and extension counters.icicibank. credit and debit cards. In Asia. 2. with a wide range of flexible products that meet the needs of the Indian customer at every step in life. 1 private life insurer in the country. This includes mortgages. ICICI Prudential has retained its position as the No. 1892. Life is unpredictable. 2005. For the past four years.

Ltd HDFC Standard Life Insurance Co. Ltd. Bajaj Allianz Life Insurance Company Limited. Ltd Tata AIG Life Insurance Company Limited PENETRATION OF HOME ASSURE INSURANCE POLICY …. Ltd Met Life India Insurance Company Pvt. Ltd Aviva Life Insurance Co. Reliance Life Insurance Company Limited Sahara India Life Insurance Co. Insurance planning equips you to smooth out the uncertainties and adversities that life might send your way. Ltd.12 . Birla Sun Life Insurance Co. Ltd ING Vysya Life Insurance Company Pvt. Ltd SBI Life Insurance Co.HomeAssure compromised. Ltd Shriram Life Insurance Co. so that the best that life has to offer. COMPANIES DEALING IN LIFE INSURANCE IN INDIA ICICI Prudential Life Insurance Co. Life Insurance Corporation of India Kotak Mahindra Old Mutual Life Insurance Limited Max New York Life Insurance Co. secure in the knowledge that your beloved ones are well provided for.

It has also tied up with NGOs. ICICI Prudential has recruited and trained about 60.HomeAssure DISTRIBUTION CHANNELS OF ICICI PRUDENTIAL ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. effective PENETRATION OF HOME ASSURE INSURANCE POLICY …. a policy for the socially and economically underprivileged sections of society. having agreements with ICICI Bank. MFIs and corporate for the distribution of rural policies and organizations like Dhan for distribution of Salaam Zindagi. South Indian Bank. The company has seven banc assurance tie-ups. having commenced operations in 110 cities and towns in India.13 . Further. stretching from Bhuj in the west to Guwahati in the east.000 insurance advisors to interface with and advise customers. Lord Krishna Bank and some co-operative banks. Federal Bank. New products and new technology will play a crucial role in reducing the cost and. therefore. Bank of India. it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers. Having the right target market the right product mix through add-on benefits and riders. and Amritsar in the north to Trivandrum in the south. make it cost-effective to serve the large population in India. as well as about 290 corporate agents and brokers.

ready customer base as well as a trusted name. Finally. the partnership that the new entrant has entered with brings with them a source of strengths such as providing technology. Marketing.14 . therefore. the agent is the primary component of the distribution channel. Functions of agent:  Solicit and procure life insurance business for the insurer who has appointed him. A distribution channel is the route by which the product prepared by the producer reaches the ultimate consumers.HomeAssure branding of products and services and differentiation from competitor’s offering will be the key challenges faced by insurers. Therefore he must be familiar with the benefits and PENETRATION OF HOME ASSURE INSURANCE POLICY …. Equally important are the brokers and other intermediaries like insurance consultants. who can be trusted to give the right advice to the prospects. Awareness is not enough. In case of the life insurance.  Advice the prospect suitably according to his needs. innovative management. nominations etc  Facilitate quick settlements of claims  Be totally honest with both the prospect and the insurer/company An agent is looked upon as a knowledgeable person. it must also be convenient that the goods or service are available to consumer at their convenience. a company must have quality people. medical exam. the cost should be reasonable to the benefit offered. Without customers. there can be no business. Moreover. comprises of all these activities and focuses on consumers. To be Successful. be able to employ technology effectively besides having the right products and distribution channels. Business also has to ensure that the customers are satisfied while using the product.) necessary  Keep on touch with the consumer or policy holder in case of any change in premium. Another method in use is the extensive use of banks. Customers do not come on their own. He is equivalent to the retailer.  Complete the formalities (paper work. they have to be made aware of the availability of the goods or services on offer. The purpose of all business is to create and retain customers. The distribution channel bridges the gap between the producer and consumers.

He should make him feel important. Naveen Juneja) SALES MANAGER (Mrs. The possible drawbacks in terms of tax implications. he needs to fulfill his targets such that his personal goals and growth in terms of hierarchy in the company is not hindered. he need to keep in mind that customer is the matters and should be concerned with his satisfaction more than anything else. As a professional. RISHI SRIVASTAVA) BRANCH RELATIONSHIP MANAGER (Mr. Sachin Singhal) PENETRATION OF HOME ASSURE INSURANCE POLICY …. If there is no genuine concern. Urvashi Malhotra) FINANCIAL SERVICE MANAGER (Mr. ORGANISATIONAL CHART OF THE COMPANY  --------------- HEAD OF SALES --------------- (MR. particularly on taxation matters.HomeAssure advantages of the savings and investments and also the laws. Rahul Chawla) AREA MANAGER (Mr. He builds a long-term relationship with the customer/policyholder. He should have complete product knowledge. and should genuinely show concern for his needs and should fulfill them accordingly. As a businessman. the relationship cannot become strong. the fit with the client needs the extent to which the client has to take precautions so that the benefits may not be lost.15 .

 Product to be offered to customers who opt for a Home Loan with ICICI Bank  Sum assured of Home Assure product to reduce in conjunction to Home Loan PEACE OF MIND In case of any unfortunate incident. Single Premium will depend on the Customer Age. The asset should continue to remain with the family. SECURED FUTURE The child’s future needs should not be compromised on.HomeAssure CUSTOMER SALES REPRESENTATIVE (TRAINEE . WE WILL COVER IT BRIEFLY ABOUT HOME ASSURE  A mortgage reducing term assurance plan. Home Loan amount and the Loan Tenure. The funds saved for the child’s education should not be used to pay the outstanding loan. PENETRATION OF HOME ASSURE INSURANCE POLICY ….Myself HomeAssure OWN YOUR DREAM HOME.16 . the burden of repayment of loan should not fall on the family.  Group single premium product.

the outstanding amount as per the initial loan schedule would be payable. PENETRATION OF HOME ASSURE INSURANCE POLICY ….17 . The premium will vary as per each individual. depending on the following factors:  Age at the time of applying for the cover (first disbursement of home loan)  Sanctioned / Outstanding home loan amount  Tenure of loan Working of the Product  Commencement of Cover Cover will commence from the first disbursement of the loan and the company will accept risk from the date of premium is debited to the account of the life to be assured. If a life assured provides a negative reply to any of the questions in the medical questionnaire or the loan amount exceeds the non medical limit specified. The cover will be available for a term equivalent to the housing loan term.  Premiums Premium will be a single premium payable at the commencement of the cover. All prospective customers of the bank can opt for this cover from the date of first disbursement of the home loan.  Maturity Benefit On survival to the end of the term. The sum assured under the plan at any point of time will be as per the original loan schedule. no benefit will be payable.HomeAssure FEATURES OF HOME ASSURE Target Customers: This single premium term insurance plan is available to all housing loan customers of the bank. In the unfortunate event of death. Product Structure  Death Benefit The sum assured under the plan would be equivalent to the sanctioned loan amount in case of new customers and the outstanding amount in case of existing customers.

part prepayment results in reduction of the term. the outstanding loan amount as per the initial loan schedule will be payable on death of member.  Surrender Value PENETRATION OF HOME ASSURE INSURANCE POLICY ….  Joint Life Coverage Coverage will be on both the lives. will be payable on death. the amount payable on death remains unchanged from the initial loan schedule.  During the period of payment of EMI Upon payment or commencement of EMI. if any. whish is the sum assured. the age of the older borrower is taken into account and the premium is calculated using joint life premium table. This will be added to the loan term to compute the policy term for the purpose of premium calculation.  Part prepayment After part prepayment. the sanctioned amount. During the under construction period the customer will be covered for the entire sanctioned loan amount. In case. 1 or 2 years. The customer will have to state in advance. when the last EMI due is paid. On death of any one of the lives assured. the cover ceases and the surrender value at that point of time will be payable to the bank. the expected part disbursement period as 0.HomeAssure cover will commence from the date the company underwrites and accepts the life assured and receipt of extra premium.18 . the outstanding loan amount as per the initial loan amount will be paid to the bank.  Period of part disbursement / under construction During the period that the loan is not fully disbursed. Any amount above the loan outstanding will be payable to the family by the bank. who in turn will pay to the customer. who in turn will have to pay it to the customer. the cover will cease and the surrender value at that time will be payable to the bank.  Full prepayment / balance transfer On full prepayment or balance transfer. To calculate the joint life premium.

250.  Non-Medical Limit Age of 18 to 40 years : Rs. The medical tests will be at specified centers and the cost of medical examination will be borne by the insurance company. 15 lacs * * including premium For all those who give a negative reply to any of the medical questions or for those with a sum assured higher than the limits specified above. In both the cases.  During the first year for each member.19 . claims will be paid only on death due to accident. In all other cases death due to all causes will be covered. 25 lacs * Age of 51 to 60 : Rs. PENETRATION OF HOME ASSURE INSURANCE POLICY ….HomeAssure The surrender value will apply on full foreclosure / balance transfer of the loan or any other reason due to which the member covered ceases to be a customer of the bank. deaths due to suicide will not be admitted. The surrender value shall be computed as per the formula and payable as long as it is at least Rs.  Restrictions / Exclusions  On death during the first 45 days for non-medical cases. only the premiums paid after deducting appropriate costs will be refunded. 50 lacs * Age of 41 to 50 years : Rs. medical examinations as prescribed for that sum assured would need to be submitted.

PENETRATION OF HOME ASSURE INSURANCE POLICY …. 25 lacs * Age of 51 to 60 years : Rs. The Sum Assured for the Home Assure policy will not reduce during this period.HomeAssure PRODUCT PARAMETERS Minimum age at entry Maximum age at entry Minimum Term Maximum Term Sum Assured HOME ASSURE 18 (age completed) 60 (age completed) 2 years 22 years (including under construction period) Linked to the Home Loan Amount (Minimum Non Medical Limit 25000. Maximum No Limit) Age 18 to 40 years : Rs. 15 lacs * * including Maximum Age at Maturity Under Construction Period* Death Benefit premium 70 years (Age completed) 0/1/2 years The outstanding loan amount Already paid EMI amount will be paid back to Maturity Benefit Lives Covered Application Form the nominee of the applicant Nil Either one or both the applicants Separate co branded application form * Under Construction Period is the period within which the balance disbursement of Home Loan will happen. 50 lacs * Age of 41 to 50 years : Rs.20 .

Assuming the Home Loan interest rate is the same as the one opted for at the time of sanction: PENETRATION OF HOME ASSURE INSURANCE POLICY …. who has not required submitted the documents to ICICI Bank.21 . to ICICI Bank No further documents ICICI Bank Customer requested to required submit a copy of age and No further documents income proof The customer. Top up (Additional Loan) ICICI Bank Process Loan amount increased to submit the same ICICI Prudential Process New Home Assure policy Prepayment for the existing loan Loan amount to get for the additional amount SA for Home Assure policy reduced to continue as per the Home Loan contract original schedule Home Assure policy is expires Surrendered and the Full Repayment customer is paid the amount as per the Surrender Value Change in Interest Rate The Home Loan tenure is calculation Home Assure policy to (Floating) increased or reduced continue as per original Home Loan contract schedule Home Assure policy is expires surrendered and the Transfer of loan customer is paid the amount as per the Surrender Value calculation BENEFITS: 1.HomeAssure Applicant One Applicant Both the Applicants Age proof & Income Age proof & Income proof SUBMITTED to proof NOT SUBMI. is requested List of Servicing Transact.

 However. Assuming the Home Loan interest rate has increased from the one opted for at the time of sanction:  In case on an increase in the Home Loan interest rate. PRODUCT PARAMETERS Death Benefit HOME ASSURE The outstanding loan amount Already paid EMI amount will be paid Maturity Benefit Lives Covered Application Form back to the nominee of the applicant Nil Either one or both the applicants Section I. the tenure of the Home Loan will increase. PENETRATION OF HOME ASSURE INSURANCE POLICY …. outstanding balance as per the original EMI schedule will be paid to the bank. the insurance cover will continue as per the original loan schedule.  The excess amount will have to be paid by the nominee to the bank. the insurance cover will continue as per the original loan schedule.  In case of death. Assuming the Home Loan interest rate has decreased from the one opted for at the time of sanction:  In case of a decrease in Home Loan interest rate. the tenure of the Home Loan will reduce.  In case of death.  Longer duration of the loan due to an increase in the borrowing interest rate will not be covered. outstanding balance as per original EMI schedule will be paid to the bank.1 Separate co branded application form 2. 3.22 .  Family retains the house.HomeAssure  The outstanding loan amount as per the original schedule will be payable.  However.

HomeAssure  In case of death. PENETRATION OF HOME ASSURE INSURANCE POLICY ….  On death.  If the complete Home Loan is disbursed at the first disbursement.  The deficiency due to non payment of EMI will have to be paid by the customer. 5.  The excess SA will be paid to the nominee. 4.  The excess amount may be used by the family to complete the unfurnished house.  This will be added to the loan tenure to compute the policy term for the purpose of premium calculation. the entire sanctioned amount will be paid to the bank.  The longer duration of the loan due to unpaid EMI is not covered.  COVERAGE:  Coverage will be on the entire sanctioned amount  The expected part disbursement period will have to be specified as 0.  Unpaid EMIs will not be paid. Surrender Value:  Surrender value will apply only on full foreclosure / balance transfer of loan or for any other reason if the member covered ceases to be a customer of the bank.  The excess amount can be used by the nominee in any way he desires.23 .  The excess amount will be paid to the nominee. there will be no under construction period. Under Construction Period:  The Under Construction Period is the period from the date of first disbursement to the final disbursement of home loan. outstanding balance as per the original EMI schedule will be paid to the bank. 1 or 2 years.

00.HomeAssure  Payable as long as it is at least RS.843% (as per the intent form) = Rs. 12876 THE FOLLOWING COULD BE THE SITUATIONS IN CASE OF HOME ASSURE: PENETRATION OF HOME ASSURE INSURANCE POLICY ….000 * 2.24 . 28430 Loan elapsed duration: 6 years Surrender value: 70% * 28430*(11/17) = Rs.10 lakhs Loan term: 15 years Under construction period / moratorium period: 2 years Total term: 15+2=17 years Actual premium: 10.250 based on the following formula: SV = 70 Х Single Premium Х Outstanding Term 100 Total Policy Term Illustration: Single life cover Age of customer: 34 years Loan amount: Rs.

Death in case of full prepayment of EMI: The policy will terminate.HomeAssure Death during the original period: Sum assured as per the original loan schedule is payable to the bank. Death in case of non-payment of EMI: The SA as per the original loan schedule will be payable to the bank. The excess amount will be paid to the nominee.25 . JOINT LIFE COVER: PENETRATION OF HOME ASSURE INSURANCE POLICY …. Any access amount will be paid to the nominee. Unpaid EMIs will not be paid. The excess amount will be paid to the nominee. Death during under construction period: The complete SA (as per the sanctioned amount) will be payable to the bank. Death in case of part prepayment of EMI: The SA as per the original loan schedule will be payable to the bank. The surrender value will be payable to the nominee. Any deficiency will have to be made good by the nominee.

26 . will be paid back to the nominee.000)) + (10. (due to medicals) is not eligible for discounts.000) = 15937. if any.  There will be no refund of premium Illustration: Joint Life Cover Age of primary applicant: 24 years Age of co applicant: 48 years Loan amount: Rs.  The remainder of the SA.626% Actual premium: (0.  The younger borrower will pay the premium as per his/her age group with a 25% discount.5 + 96050 = 1.626%*10.125% Premium rate (co applicant): 10. 00.  In case of death of any one of the borrowers:  The loan amount is repaid to the bank.10 lakhs Loan term: 15 years Moratorium period: 2 years Total term: 15+2=17 years Premium rate (primary applicant): 2.  Both the borrowers should be earning members.HomeAssure  Each borrower will be covered for 100% of the outstanding loan amount. if any. 11.75*(2.5 REQUIREMENTS: PENETRATION OF HOME ASSURE INSURANCE POLICY ….  The survivor exits from the scheme.  The older borrower will pay the full premium as per his/her age group.125%*10.  Extra premium.657. 00.

 Premium is calculated as per loan term plus under construction period.27 .  Name matches with the applicant or co applicant on the loan application form. 25 lakhs for all eligible age groups.  All the fields in the application are filled. Non-medical limit is Rs.  The SA is not higher than the loan amount sanctioned.  Date on the cheque should be valid (not expired or future date).  Fill in the medical questionnaire and sign a declaration that you are not suffering from any critical illness or any condition requiring medical treatment for a critical illness.  All corrections/changes on the form are counter signed.25 lakhs.  All questions in health declaration are answered.  Loan tenor and the loan sanction amount matches with the sanction terms.  The cheque should be withdrawn in favor of ‘ICICI Prudential LIC Ltd’. Relationship between primary and co applicant is first line of blood relations and spouse.  The cheque amount matches the premium amount. PENETRATION OF HOME ASSURE INSURANCE POLICY ….  If satisfactory answers are provided.  The correct Home Loan interest rate is mentioned in the form.HomeAssure  Separate forms for applicant and co applicant. there is no need for a medical examination up to a limit of Rs.  The applicant and co applicant are between 18-60 years.  Income and age proofs of both the applicants to be collected if not submitted to ICICI Bank.  Under construction period is to be added to the loan term.  Proposal form signed by both applicant and co applicant (joint life cases).

HomeAssure THE LIFE COVER WILL TERMINATE ON THE EARLIEST OF  The date on which the loan is paid in full.  The date on which the mortgage is transferred to another financial institution/ company/ bank.  The date on which the member dies or the date on which the first death takes place (in case of a joint cover).  The date on which the member ceases to be the customer of the bank for any reason whatsoever.  The date on which the life covers benefit is paid in full in respect of mortgage. which is not a subsidiary or branch of ICICI Bank.  The date on which the member is no longer a guarantor or registered owner of the property for which the lives cover has been affected.28 . DOCUMENTS The following are not required to be submitted to ICICI Prudential if already submitted to ICICI Bank.  The date on which the member or the last applicant (in case of joint cover) attains age 70.  Passport  School leaving certificate  College leaving certificate  Municipal record  Defense I card  Form 16  Latest pay slip  Appointment letter  Audited P&L  Balance Sheet PENETRATION OF HOME ASSURE INSURANCE POLICY ….  The date of cessation of the term of the life cover for which the life cover was effected.

5 lakhs 1. 70. unto a maximum of Rs.14000 Rs.29 .HomeAssure TAX BENEFIT  Tax rebate u/s 88 available on the premium paid.21000 (should not be less than 90% of GTI ) PENETRATION OF HOME ASSURE INSURANCE POLICY ….10500 Nil 30% Rs. Rs.  Death benefits are tax-free in the hands of the nominee u/s 10 (10d) Tax Rebate Slabs for Section 88: Gross Total Income Unto Rs. 1. 1 Lakh Tax Rebate 20% 15% Nil Max Admissible Amt.000. 5 lakhs Gross Salary Income Not exceeding Rs.5lakhs – 5 lakhs More than Rs.

 In case Home Assure is not availed. It should also be mentioned whether the applicant wants to opt for loan for the insurance premium. Sanction process:  During the Sanction process.  ICICI Bank’s Branch Credit Manager (BCM) based on intention to purchase sanctions him a loan amount that includes Home Assure premium (in case the customer gets it financed too). if not submitted to bank. the loan amount will need to reduce to that extent. then the customer fills the Home Assure Intention to Purchase form. then a separate application form is to be filled.  The age proof and financial documents are collected from the customer.30 . and is interested in Home Assure.HomeAssure NEW BUSINESS PROCESS  Home Loan Sanction Process: The Home Loan process has two parts. the DSA/DMA/DST has to get the Home Assure Application form filled along with the Disbursement Request Form.  Customer specifies whether he wants to opt for the cover for the co applicant as well.  If the customer is interested in the Home Assure product. Disbursement Process:  At the time of first disbursement. PENETRATION OF HOME ASSURE INSURANCE POLICY ….  The Home Assure policy will be explained to the customer during the Sanction process and the Home Assure risk will commence from the date of first disbursement.  In case the co-applicant is also covered under the Home Assure policy. the customer’s Home Loan eligibility is calculated. the Sanction process and the Disbursement process. he needs to pay the premium on his own.  In case the customer does not meet the criteria of re-enhancement.  The DSA/DMA/DST will explain the features of the Home Assure product to the customer at the same time when the Home Loan features are explained.

 In case of medicals.  The FSC to mention the advisor code. the FSC to coordinate with the customer for resolution. ICICI Prudential Sales Process:  ICICI Prudential FSC to pick up the application forms from ICICI Bank hub branches. the FSC to pick up the ME slip from the branch and to assist the customer in getting the medicals done at an ICICI Prudential approved medical examiner. The entire docket will be stapled. In case of any discrepancy. If the age proof and the income proof are not submitted by the customer to ICICI Bank Home Loans. ICICI Prudential Branch Process:  The branch to check the form and the premium cheque.  The form and the premium are checked. Process at ICICI Bank Hub Branches:  The hub branch issues the loan account number.  This docket will be picked up by ICICI Prudential representative. then the FSC to mention the application number of the other form on both the forms. PENETRATION OF HOME ASSURE INSURANCE POLICY …. This data will be available for ICICI Prudential to download.  In case the co applicant wants the insurance under the Home Assure product.  The details of the customers opting for the Home Assure product will be uploaded on the ICICI Bank database. the Bank-Branch-Source codes on the form and to login the case at an ICICI Prudential branch. then the FSC to collect a copy of the same from the customer.  The data of Home Loan gets updated.HomeAssure  The loan cheque is handed over to the customer.31 .  Home Assure Application form and the premium cheque are sent to ICICI Bank’s hub branch.  The hub branch will check the Home Assure form and will mention the LAN Number on the form.  The hub branches to attach a photocopy of the Home Loan form to the Home Assure form and the premium cheque.

 The premium for Home Assure is to be checked through the premium calculator. the branch to inform the same to FSC. The naming convention is HIXXXXXXX (no spaces / hyphen are to be updated). the insurance term will be the home loan term plus the under construction period. then two Home Assure forms will be collected.  In case the co applicant is also covered.  The complete application number is to be entered. ICICI Prudential COPS and CUW Process:  COPS (Seshasai / non Mumbai branches) to create client and contract on the basis of the physical forms and the data uploaded by ICICI Bank. No form is to be rejected or retained at the branch.  If these is an under construction period.  During the contract creation COPS to update the rate of interest and do an assignment to ICICI Bank. update ATS and send them to COPS.  The SA will be the Home Loan amount plus the premium amount (in case the premium amount is also financed).32 .  Post the contract creation the files are to be sent to Central Underwriting in a separate schedule.  CUW will underwrite the case and may take one of the under mentioned decisions on the main and / or the co applicant:  Accept at standard rates  Accept at revised premium  Trigger medicals  Postpone  Decline PENETRATION OF HOME ASSURE INSURANCE POLICY ….  In case of any discrepancy.  The pin code and the address are to be taken from ICICI Bank’s Home Loan form.HomeAssure  The branch to do the receipting and create the Application Tracking System (ATS) entry for the Home Assure application.  The branches to update the underwriting decision.  Loan Account number is to be updated.

Top Up Loan: In case the customer avails a top up loan. postpone.  A master policy will be sent to ICICI Bank.HomeAssure  Counter offer  In case of medicals. the welcome kit is sent to the customer. SERVICING PROCESS On and Off Statement:  On a monthly basis. the Home Assure policy statement. Part Pre Payment: In an event of part prepayment. withdrawn.  The date of first disbursement is taken as risk commencement date. and cancelled cases to be sent to ICICI Bank.  FSC to assist the customer in getting the medicals done. loan amortization schedule. COPS to send a letter to the customer and to FSC also.  The welcome kit contains the welcome letter. and the terms and conditions of policy. Surrender. Change in the Home Loan Interest Rates: PENETRATION OF HOME ASSURE INSURANCE POLICY …. Refund Process: All refunds for decline. They will function as per the original amortization schedule.  Post issuance. It has at least 25 members. the details of all the On (new issuances in the month) and all Off (all exits from the group – Maturity. It is franked with insurance stamps. the first premium deposit. he will have to take up an additional Home Assure policy to cover the top up amount.  The ON statement is to be franked with the insurance stamps. the Home Assure contract and the amortization schedule will not change.33 . Death claims) to be sent to ICICI Bank.

medicals. Monthly Sharing of MIS and Monthly Reconciliation: ICICI Prudential COPS will send the following report to ICICI Bank Home Loan COPS:   On Statement:  Loan Account number  Contact number  Customer name  Age of the customer  Premium amount  Sum Assured Pending Application Data: (pending for cheque bounce. Surrender or Full Foreclosure of Home Loan or Transfer of Home Loan:  The customer can’t voluntarily surrender a Home Assure policy.  On a fortnightly basis.  COPS to surrender the policies in Life Asia and to payout the surrender value to the customer. PENETRATION OF HOME ASSURE INSURANCE POLICY …. where the customer had opted for a Home Assure policy.  The computation of surrender value being 70% of Single Premium x (remaining term / total term). the Home Assure contract and amortization schedule will not change.34 . ICICI Bank is to provide ICICI Prudential the details of all the cases foreclosed. They will function as per original schedule.HomeAssure In an event of change in Home Loan interest rates. some clarifications awaited. will the Home Assure policy get surrendered. data dump from ICICI Bank awaited etc)  Loan Account number  Customer name  Premium amount ICICI Prudential COPS to also send ICICI Bank Home Loan COPS the data of all applications where there is discrepancy between the Home Assure application form and the data uploaded by ICICI Bank Home Loan.  Only after the Home Loan is completely paid out.

PENETRATION OF HOME ASSURE INSURANCE POLICY ….35 .  The beneficiary can approach any of ICICI Prudential branch or call at the call center of ICICI Prudential.  If the applicant and the co applicant both are covered under Home Assure policy. which will be issued by ICICI Bank.  ICICI Prudential can call the beneficiary for further documentation. The call center numbers will be mentioned in the terms and conditions document.HomeAssure CLAIMS PROCESS  The outstanding sum assured (as per original amortization schedule) will be payable on death to ICICI Bank.  The beneficiary is to fill up the Claim Intimation Form and also to attach a No Objection Certificate. then the death claim will be paid to ICICI Bank on the death of either of the applicants.

and it is ICICI Lombard’s HOME SAFE PLUS BASIS HOME ASSURE HOME SAFE PLUS Term Tax Benefit ICICI Prudential Product Entire Home Loan Tenure Dual tax benefit is ICICI Lombard Product Five Years Sec 24(1) is applicable.2 crore Not Applicable Joint Life Option over Rs.HomeAssure HOW HOME ASSURE IS DIFFERENT FROM ITS COMPETITORS There is only one competitor of ICICI Prudential’s HOME ASSURE. (u/s 24(1) and u/s 80(c)) Yes (entire coverage in No (coverage is for case of part disbursement amount disbursed only) Max Entry Age Max Coverage Health Consultancy also) 60 years No Limit Free Health Consultancy 50 years Max Rs. available.25 lacs Both the applicant and the Only single life covered Under Construction Period co applicant can be Scope of Coverage covered Death due to any reason There are certain Premium Surrender Value Comparatively low Applicable in case of part exclusions Comparatively high Not Applicable prepayment PENETRATION OF HOME ASSURE INSURANCE POLICY ….36 .2.

the incentive would be Rs. it will be 2% of the premium amount.25% of 400) = 379 Now if we take a case that DSA offers 2% to its FOS. minor bruises being claimed under total permanent disability claimed under MSAT rider. CLAIMS BASICS Types of claims Corporate Claims Cell (CCC) processes following claims:  Death claims under all plans  Rider Claims under all plans CCC also processes following cases. if a DSA collects premium of Rs.  In this type of payout structure. PENETRATION OF HOME ASSURE INSURANCE POLICY ….HomeAssure PAYOUT PROCESS  The payout will be made as a percentage of premiums collected from the customer. though technically. payout would be :  400 – (5. These are called ‘Terms and conditions Rejects’. then the adjustments will be made in the next payout cycle.  Payout for DMA will be 4% of the premium amount given by the customer.  ICICI Prudential will provide a report on the cases where insurance policy was taken and where it wasn’t.2000 and the premium left out for the DSA is Rs.400 out of which TDS is deducted @ 5.  Death / Critical illness / Disability / Surgery occurring while the policy is in lapsed condition. not claims.10000.25%. So.g.  Event not covered under the policy conditions e.1790.  In case any customer does not take insurance.  For example. And for I Channel counselor.  Rider not attached to the policy for which the claim is put up by the customer.37 . the company do not have direct control over the FOS of DSA because it is not very sure that whether the DSA passes on a part of his incentive to his FOS or not. then what is the criteria like. and if passing. then the DSA would pay Rs.

IF ANY TO CCC .38 BRANCH OFFICIAL / CSE TO LOG A CALL ON GM & FORWARD THE DOCUMENTS RECEIVED.HomeAssure PROCESS RECEIPT OF INFORMATION AT BRANCH VERBAL CLAIMANT / ADVISOR / FAMILY MEMBER INFORMS ABOUT A CLAIM WRITTEN E MAIL FAX PENETRATION OF HOME ASSURE INSURANCE POLICY ….

39 .HomeAssure DEATH CLAIM PROCESS DEATH / RIDER CLAIM DAY 0 – CCC to call the informant and confirm details and also send a letter requesting for written intimation DAY 20 – Remainder call to claimant and also to the advisor to check why written claim intimation is pending On receipt of written intimation. CCC to ask for requirements based on type of claim PENETRATION OF HOME ASSURE INSURANCE POLICY ….

then it is not asked again) Send repudiation letter to claimant with proposal copy PENETRATION OF HOME ASSURE INSURANCE POLICY ….40 .HomeAssure DEATH CLAIM On receipt of all requirements CCC to initiate investigation. if required DECISION: DECISION: Accept Claim Repudiate Claim CCC to send the claim cheque with Acceptance letter & Discharge Voucher Call the customer to explain ‘why repudiation’ (if discharge voucher is already received.

CCC may call for medical records & certificates from doctor / employer. also with CCC Last Medical Attendant / Treating Doctor’s Certificate * Family Doctor’s Certificate * Employer’s Certificate * * Additional documents may be called for on case-to-case basis.HomeAssure DOCUMENTS DOCUMENTS ACCIDENTAL / NON ACCIDENTAL MURDER / SUICIDE (ILLNESS) Yes Yes Yes Yes Yes Yes Yes X Yes Yes Yes X X Yes X Yes X X Yes Yes Death certificate by local authority (Municipal Corporation) Cause of death certificate given by doctor Claimant’s statement Original policy Police FIR + Panchnama Post Mortem Report Medical Records Formats available on KR.41 . For suicide cases. APPLICATION PROCESS PENETRATION OF HOME ASSURE INSURANCE POLICY ….

On the Intention to Purchase Form. premium amount. date of birth. he needs to fill the Home Assure form and gives the cheque for the premium amount to the ICICI Bank. PROCESS AT ICICI PRUDENTIAL Clear Cases Rejections Medical Cases For such cases. loan period. . On disbursement. he needs to fill the Intention to Purchase Form.42uploaded chequedatabase. During the loan sanction. under construction period. ICICI Prudential representative will pick up the form and the cheque from ICICI Bank. touch with the customer and application can get classified as under: will get the medical done To be given to ICICI Prudential FSC for coordinating with the customer and rectification. the ICICI Bank is to check for the Intention to Purchase Form.HomeAssure Prospect wants to opt for home loan The channel partner also explains the customer about Home Assure along with Home Loan If the customer wishes to opt for Home Assure. and send The issue. ICICI ICICI Prudential (Premium mismatch. to calculate and include Home Assure premium in the sanctioned amount and to inform the customer about the premium amount. following details are taken: single or joint cover. the premium cheque the PENETRATION OF HOME ASSURE INSURANCE POLICY form / documents) …. incomplete Prudential will bank the representative willand get in ICICI Prudential to check all the applications. if the customer is interested in Home Assure policy.

43 .HomeAssure CLAIM PROCESS In the policy terms and conditions. ICICI Prudential to mention the Claim telephone number PENETRATION OF HOME ASSURE INSURANCE POLICY ….

The cheque will be accompanied with the discharge voucher. the bank will need to pay it back to the customer.44 . In case of any excess amount.HomeAssure The beneficiary will be informed all the necessary documents (an NOC from ICICI Bank is also a mandatory document) On the receipt of all the documents.MAY 2006 --------------CHANNEL NAME TOTAL PREMIUM NO. SUMMARY OF POLICIES SOLD THROUH DIFFERENT CHANNELS --------------. ICICI Prudential will initiate the claim process. ICICI Bank to sign and return the Discharge voucher to ICICI Prudential. OF POLICIES PENETRATION OF HOME ASSURE INSURANCE POLICY …. The outstanding loan amount to be paid to ICICI Bank. On the receipt of the cheque. All payments will be made only to the bank.

) PENETRATION OF HOME ASSURE INSURANCE POLICY ….HomeAssure RGS FL CITRIT RVFS AVOSYS VEUR HITECH SSFS KAMSON SFS I CHANNEL IFS I LAP CREDIT SOLUTIONS TUBITICIAN TOTAL 976920 173745 69202 271839 283665 94340 159502 0 0 682843 76789 286335 272622 50000 33.45 .97. GRAPH SHOWING CHANNEL WISE DISTRIBUTION (Value in Rs.802 17 3 2 5 5 2 4 0 0 14 3 10 3 4 72 * Sales Channel allotted to me.

46 .HomeAssure Cases in the month of May and June 2006 PENETRATION OF HOME ASSURE INSURANCE POLICY ….

Out of 95 cases 50 cases of home assure had taken by the customer and 32 cases of Lombard taken by the customer and 13 cases were nil. 69. 99. 06.646 Above table shows the total 95 cases disbursed.126 17.HomeAssure Policy Name No of Cases Amount Home Assure Lombard Total 50 32 95 30.The percentage of home assured was 61 percent. 39. PENETRATION OF HOME ASSURE INSURANCE POLICY ….428 16.47 .

RECOMMENDATIONS PENETRATION OF HOME ASSURE INSURANCE POLICY …. but problem was lack of coordination with DSA and their queries.HomeAssure KRAs and KPIs While working with my bosses Mr. I noticed that during these two months. business was very good.Sachin Singhal has given me the assurance to place me as Banc assurance Officer and currently I am continuing my job as CSR. I had also undertaken direct calling to customer from whom some additional declaration or documents is required by operations. many times I directly went to customers to explain Home Assure and thereby convincing them to sell our product. Finally after noticing my performance in 2 months.Sachin Singhal. FSM and . Even. I also went to several visits with Mr. my boss Mr.48 .Sachin to various DSA and DMA who used to sell our product and thereby handling their required queries and to give training to new sales executives in their teams.

 Further more. and credit worthiness of the insurance company in the market. products and prices.  There must be timely visits to hfc. CONCLUSION PENETRATION OF HOME ASSURE INSURANCE POLICY …. to keep sales teams enthused. making it more understandable. magazines. This would be fruitful if the company makes the client believe that the company offers the best products and is better than others in terms of services. The sales executives must be given due time and importance. simple and easily acceptable.49 . mouth-to-mouth campaigning can also prove to be useful in long run if existing clients or customers can create it. television and radio in both rural and urban areas. quiz contests (related to the product) must be conducted. This will surely add up to the awareness of the people in general as to what the company is and that there is significance of such a product. Because advertising can not only create awareness of a new policy in the market or remind of an old one but can also be used to aware people of the credibility.  Riders such as disability should also be added to the policy.  The sales teams of hfc who are the key persons while selling this product must be motivated enough such that they become self motivated to sell the policy. just to make a mark in the competitive world. And corporate gifts and presents should also be given from time to time if the given target gets fulfilled. Because it does not make sense that a very good product fails or does not grow well just because the executives did not feel like selling due to insufficient motivational force. financial position. being the only channel.  Besides this.  Promoting the products through various media channels like newspapers.HomeAssure Following recommendations could be made to make the system more effective:  Introduction and aggressive marketing of policies in both urban and rural areas.

50 . ICICI Prudential developed Home Assure with a view to give security to the people taking home loans from ICICI Bank. including disability rider in the plan. and keeping sales executives happy. The only thing that needs to be taken care of is serious marketing. In case of death of the applicant. So how could insurance companies lag behind? ICICI Prudential has developed a product that will grow to significant heights because of its numerous advantages to people taking home loans from ICICI Bank. the home rests in the hands of the survivors without any fear. And both the companies are facing tough competition. ICICI Prudential has a good product as compared to ICICI Lombard’s.HomeAssure Competition is growing with a rapid pace in global as well as in Indian market. But the fear is always there! ICICI Lombard General Insurance Company also developed a similar product called Loan Shield. The rest itself gets assured!! PENETRATION OF HOME ASSURE INSURANCE POLICY ….

HomeAssure GLOSSARY Accidental death benefit. Is a supplementary policy benefit paying a lump sum benefit to an insured diagnosed with any of the listed critical illnesses while the policy is in force? Face amount. The initial Sum Assured of the Basic Policy. The person designated by the owner of a life insurance policy to receive policy benefits Critical illness (CI) coverage. the policy shall lapse Insured. 18 years. An insurance policy where a policy owner does not share in the insurance company’s profits. allowed for paying each premium. Non-participating policy. If subsequently altered.51 . A person below the age of legal capacity. If any premiums remain unpaid at the end of the grace period. the adjusted amount will then become the face amount Grace period. A supplementary life insurance benefit offering a specified amount of death benefit over and above the policy’s basic death benefit in the event of the Insured’s Accidental Death Beneficiary.e. A person covered by an insurance policy. i. Minor. The policy will remain in force during this period. when the policy is issued. Also called a non par policy PENETRATION OF HOME ASSURE INSURANCE POLICY …. The period of 31 days from the due date.

Policy dividend. The sum paid by the policyholder to keep an insurance policy in force. Also known as a par policy. The additional benefit added to a life policy. Whole life insurance.HomeAssure Participating policy. An agreement under which an Employer establishes a plan to provide it’s Employees with a pension—a lifetime monthly income benefit that begins at retirement. The voluntary discontinuance of a policy by the insured. the sum assured is paid to his nominee and legal representative. The person or organization that owns a life insurance policy. Policy anniversary. Reversionary Bonus. Policy owner. as a percentage of sum assured and payable on the maturity of the policy or the earlier death of the life insured. PENETRATION OF HOME ASSURE INSURANCE POLICY …. A type of life insurance where the insured pays a fixed premium throughout his life and after his death. An insurance policy where a policy owner shares in the insurance company’s profits in the form of policy dividends.52 . Pension plan. Refers to the same date each year on which coverage under the insurance policy was effected. Surrender. The share of an insurance company’s profits that the insurance company pays to or credits to the owner of a participant policy. Premium.

iciciprulife.icicibank.HomeAssure BIBLIOGRAPHY  www.53 .google.irdaindia.com  www.com  www.com  www.com  Database of HFC  Database of Home Assure Insurance Policy PENETRATION OF HOME ASSURE INSURANCE POLICY ….