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A comparative study on Invest Shield Life

CHAPTER: 1 a. Introduction to finance


Finance is one of the major elements, which activates the overall growth of economy. Finance is the lifeblood of economic activities. The study of business finance is concerned with the provision, flow and use of finance within a business organization and with demand for, and supply of, funds for business within the economy as a whole. Funds for a business are obtained from a variety of sources and it may be classified in two major categories namely internal and external. Internal funds are obtained by retention of a portion of the companys own revenue stream. External financing, on the other hand, representation a transfer of capital funds to the business form other business units or individuals or institutions in the form of loans or additional ownership capital.

b. Investment alternatives
As an investor you have a wide array of investment avenues available to you. Sacrificing some rigor, bewildering range of investment alternatives is available. They fall into two broad categories, viz. financial assets and real assets are paper (or electronic) claims on some issuer such as the government or a corporate body. The important financial assets are equity shares, corporate debentures, government securities, and deposit with banks, mutual fund shares, insurance policies, and derivative instruments. Real assets are represented by tangible assets like a residential house, a commercial property, an agriculture farm, fold, precious stones, and art objects. As the economy advances, the relative importance of financial assets tends to increase. Of course, by and large the two forms of investment of financial assets tend to increase. Of course, by and large the two forms of investments are complementary and not competitive.

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A comparative study on Invest Shield Life For sensible investing, you should be familiar with the characteristics and features of various investment alternatives before you. These may be classified as shown below chart.

Investment alternatives

Investment alternatives

Non-marketing financial assets

Money market instruments

Bonds

Equity shares

Mutual fund schemes

Life insurance

Real estate

Precious objects

Financial derivatives

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A comparative study on Invest Shield Life

c. Insurance Regulatory and Development Act (IRDA)


On the recommendation of Malhotra Committee, an Insurance Regulatory Development Act (IRDA) passed by Indian Parliament in 1993.

MISSION
Its main aim is to activate an insurance regulatory apparatus essential for proper monitoring and control of the Insurance industry. To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of insurance industry and for matters connected therewith or incidental thereto. Due to this Act several Indian private companies have entered into the insurance market, and some companies have joined with foreign partners. Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDAs online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

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A comparative study on Invest Shield Life Section 14 of IRDA ACT, 1999 lays down the duties, powers and function of IRDA. . Without prejudice to the generality of the provision contained in sub section (1), the powers and function of the authority shall includeIssue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration. Protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, solving insurance claim, surrender value of policy and terms and conditions of contract of insurance. Specifying requisite qualifications, code of conduct and practical training for inter mediators or insurance intermediately and agents. Specifying requisite qualifications, code for surveyors and loss assessors. Levying fees and other charges for carrying out the purposes of this act. Promoting efficiency in the conduct of insurance and reinsurance business. Promoting and regulating professional organizations connected with the insurance and re insurance business. Calling for information from, undertaking inspection of, conduction enquires and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business. Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory committee u/s section 64U of the Insurance Act, 1938 (4 of 1938).

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A comparative study on Invest Shield Life Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries. Regulating investment of funds by insurance companies. Regulating maintenance of merging of solvency. Adjudication of disputes between insurers and intermediaries or insurance intermediaries. Supervising the functioning of the tariff advisory committee. Specifying the % of premium income of the insurer to finance schemes for promoting and regulation professional organizations referred to in clause (f). Specifying the % of life insurance business and general insurance business and general insurance business to be undertaken by the insurer in the rural or social sector. Exercising such other powers as may be prescribed. IRDA also try to generate the awareness and regulate the life insurance sector. For this job government also use the print media viz. newspapers and magazines etc. to for public interest. Some of the advertisement cuttings are attached in annexure at end of the project.

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A comparative study on Invest Shield Life

d. Composition Of Insurance Industry


The insurance industry mainly comprises: Insurance Carriers: Insurance carriers are large companies that provide insurance and assume risks covered by the policy Insurance Agents: An insurance agent takes up an agency for selling life insurance policies, while the insurance underwriter reviews insurance applications and decides whether they should be accepted or rejected. Insurance Surveyors: Insurance surveyors are qualified investigators deputed for the assessment of losses, according to their qualifications and experience. Actuaries: An actuary determines premium rates; studies mortality trends, constructs mortality tables and lays down underwriting standards. Development Officers: Development officers in the sector are responsible for the sale of insurance policies in the allotted territorial jurisdiction. They recruit and train insurance agents. the

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A comparative study on Invest Shield Life

PLAYERS LIFE
MetLife Insurance

NON LIFE
Oriental Insurance

ICICI Prudential Life Insurance ICICI-Lombard Insurance

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A comparative study on Invest Shield Life

e. History of Insurance
Im sure weve all heard of the word, and have an idea of how it works. Is it a concept? Idea? Is it something concrete or abstract? It depends on the context of the situation. A quick, simple definition of insurance could be as follows: Reimbursement in a situation of loss. Usually, someone decides that insurance is needed. In order for the concept of insurance to arise, a prepayment of some type is required. In the case of typical, everyday general auto, health and life insurance, for example, the pre-payment is in the form of a premium. Prior to the eve of the year 2000, thousands of people flocked to the stores, stocking up on numerous supplies. They feared that something catastrophic was going to take place once the clock struck midnight, and if so, they wanted to be prepared. Isnt this a form of insurance? Sure- in its basic definition. The supplies they purchased would act as reimbursement in the case of loss. Insurance is not necessarily an investment from which one expects to get one's money back. Nor is it gambling. A gambler takes risks, while insurance offers protection against risks that already exist. Insurance is a way to share risk with others. Since ancient times, communities have pooled some of their resources to help individuals who suffer loss. About 3,500 years ago, Moses instructed the nation of Israel to contribute a portion of their produce periodically for "the alien resident and the fatherless boy and the widow."-Deuteronomy

The Origins of Insurance


Early insurance goes back to the Egyptian times. It was known that around 3000 BC, Chinese merchants dispersed their shipments among several vessels to avoid the possibility of damage or loss. There are some insurance companies

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A comparative study on Invest Shield Life around today in the United States that provided insurance back in the mid 1700s, as well as some that provided relief to banks during the 1930s and the Great Depression. Insurance has existed for thousands of years. A form of credit insurance was included in the Code of Hammurabi, a collection of Babylonian laws said to predate the Law of Moses. To finance their trading expeditions in ancient times, ship owners obtained loans from investors. If a ship was lost, the owners were not responsible for paying back the loans. Since many ships returned safely, the interest paid by numerous ship owners covered the risk to the lenders. It was likewise in a maritime setting that later one of the world's most famous insurance providers, Lloyd's of London, was born. By 1688, Edward Lloyd was running a coffeehouse where London merchants and bankers met informally to do business. There financiers who offered insurance contracts to seafarers wrote their names under the specific amount of risk that they would accept in exchange for a certain payment, or premium. These insurers came to be known as underwriters. Finally, in 1769, Lloyd's became a formal group of underwriters that in time grew into the foremost market for marine risks.

f. Insurance in India A historical prospective


Insurance business is not new to India. It finds mention in the writings of Manu, Rishi Yagnavalkya and others, indicating that it has existed in India of ancient times. It has evolved over time and has drawn heavily from the experience of other countries specially England, where insurance companies have a more than 500 years of history. Bombay Life Assurance Company was established in Bombay (now Mumbai) on 1st May 1823. Oriental Life Assurance 9

OXFORD COLLEGE OF BUSINESS MANAGEMENT.

A comparative study on Invest Shield Life Company started was in Calcutta by Europeans. The recorded history of Insurance business in India, however, began in 1914 when the Government of India started publishing returns of Insurance Companies in India. The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize the insurance business. An Ordinance issued on 19th January 1956 nationalized the Life Insurance sector and 'LIFE INSURANCE CORPORATION OF INDIA' (L.I.C.) came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies. Since then LIC has been the only player. Similarly, before November 1972, a number of Indian and many foreign companies did general insurance business in India and this business was linked with their branches abroad. In addition, LIC, some mutual companies and cooperative societies also offered this product. In fact, on the eve of nationalization, 68 Indian (including LIC) and 45 non-Indian entities carried out insurance business in India. Nationalization saw the business of all these organizations absorbed by the GENERAL INSURANCE CORPORATION (GIC) with its four subsidiaries. Thus Life Insurance Corporation of India in the field of life insurance and General Insurance Corporation of India in the field of general insurance have enjoyed absolute monopoly. However, the reforms in financial sector in the early 90s have since touched Insurance also. The Govt. of India set up a committee with Shri. R.N. Malhotra as the Chairman to recommend suitable reforms in this sector. As a consequence of the recommendation of the Malhotra Committee, the Government of India set up an Insurance Regulatory Authority. On the 2nd 10

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A comparative study on Invest Shield Life December 1999, Indian Parliament has passed, Insurance Regulatory and Development Act, throwing open the Insurance sector to Banks and other private parties. Since then, RBI has come out with draft guidelines for entry to this sector. This is seen as a major step in financial sector reforms, which introduce, for the first time since nationalization of the insurance business, an element of competition in this sector. This should bring competitively priced insurance for the customer and improve the service available to him. g. Life Insurance Market Life insurance in existing form came in India from UK in 1818 with Oriental Life Insurance Company. The Indian life Assurance companies Act, 1912 was the first measure to regulate life Insurance business. Later in 1928 the Indian Insurance Companies act was enacted, which was amended in 1938. Finally Government of India amended this act in 1950. Life Insurance Corporation of India was formed in September 1956 by passing LIC Act, 1956 in Indian parliament. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Kolkota. Some of the important milestones in the life insurance business in India are: 1912: 1928: The Indian Life Assurance Companies Act enacted as the first The Indian Insurance Companies Act enacted to enable the statute to regulate the life insurance business. government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 11

OXFORD COLLEGE OF BUSINESS MANAGEMENT.

A comparative study on Invest Shield Life 1956: 245 Indian and Foreign Insurers and the Providend Societies taken

over by the Central Government and Nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. The state owned LIC sold insurance as a tax instrument, not as a product giving protection. Most customers were under- insured with no flexibility or transparency in the products. With the entry of the private insurers the rules of the game have changed. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. The new business premiums of the 18 private players have tripled to Rs 2520 crore in 2006- 07 over last year. Meanwhile, state owned LIC's new premium business has fallen. Innovative products, smart marketing and aggressive distribution. That's the triple whammy companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. The growing popularity of the private insurers shows in other ways. They are coining money in new niches that they have introduced. The state owned companies still dominate segments like endowments and money back policies. 12

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A comparative study on Invest Shield Life But in the annuity or pension products business, the private insurers have already wrested over 33 percent of the market. And in the popular unit-linked insurance schemes they have a virtual monopoly, with over 90 percent of the customers. The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatization was around Rs 55,000. That has risen to about Rs 95,000. But the private insurers are ahead in this game and the average size of their policies is around Rs 2.1 lacks to Rs 2.2 lacks- way bigger than the industry average.

h. Kinds of Insurances
Permanent Life Insurance:

This is the one that provides for a lifetime of benefits as long as the premiums are paid as and when they are due. They are beneficial as one can take a loan on the benefits that can be availed on this type of insurance.
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A comparative study on Invest Shield Life Term Life Insurance:

This provides protection for a preset / limited period of time, and would pay the death benefit only on death happening within the preset time. It is considered to be a insurers require the insured to provide proof of their insurability. ICICI Prudential Lifeguard is a policy especially designed to provide insurance at a low cost.
Annuity : An Annuity is a contract that provides an income for a specified period of time, such as a number of years. And Annuity Consideration is the payment, or one of the regular periodic payments; an annuitant makes for an annuity. The business of Insurance essentially means defraying risks attached to any activity over time (including life) and sharing the risks between various entities, both persons and organizations. Life Insurance is universally acknowledged to be an institution that eliminates 'risk' and provides the timely aid to the family in the unfortunate event of death of the breadwinner. Life insurance is a written contract between the insured and the insurer that provides for the payment of the insured sum on the date of the maturity of the contract or on the unfortunate death of the insured, whichever occurs earlier. Life Insurance is a contract for payment of a sum of money to the person assured (or nominee) on the happening of the event insured against. The contract provides for the payment of premium periodically to the Insurance Company by the assured. The contract provides for the payment of an amount on the date of maturity or at specified dates at periodic intervals or at unfortunate death, if it occurs earlier.

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A comparative study on Invest Shield Life Advantages / Benefits of Insurance: Protection: Life Insurance guarantees full protection against risk of death of the assured. In case of death, full sum assured is payable, whereas under other savings schemes the total accumulated savings alone will be available. The later will be considerably less then the sum assured, if death occurs during early years. Long term saving: Life insurance encourages long term saving. By paying a small premium in easy installments for a long period a handsome saving can be achieved. Liquidity: Loan can be obtained against a policy assured whenever required. Tax Profit: Tax relief in income tax and wealth tax can be availed on the premium paid for Life Insurance. Insurance encourages and forces thrift: A savings deposit can be too easily withdrawn. Many may not be able to resist the temptation of using the balance for some less worthy purpose. On the other hand, the payment of life insurance premiums becomes a habit and comes to be viewed with the same seriousness as the payment of interest on a mortgage, thus insurance in effect brings about compulsory savings. Easy settlement and protection against creditor: Life Insurance can assure name of a person to whom the policy moneys would be payable in the event of his death. The proceeds of a life insurance policy, a married womans property act policy constitutes a trust in favor of the 15

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A comparative study on Invest Shield Life wife and /or children and no separate assignment is necessary. The beneficiaries ate fully oriented from radiators except to the extent if any interest in the policy by the assured. Administering the legacy for beneficiaries: It often happens that a provision, which a husband or father has made through insurance is quickly lost through speculative or unwise investment or by unnecessary expenditure on luxuries. These contingencies can be provided against in the case of insurance. The policyholder can arrange receive, interested of single sum or payment of the claim amount by smaller monthly installments over the selected period followed by a lump sum at the end there of. Ready marketability and suitably for quick borrowings: After an initial period, of the policyholder finds himself unable to continue payment of premiums he can surrender the policy for cash the sum. Alternatively, he can tie over a temporary difficulty by taking a loan on the sole security of the policy without delay. Further, a life insurance policy without delay. Further, a life insurance policy is sometime acceptable as security for a commercial loan.

i. Need for the Insurance:


not happen. 16 The possibility of damage to assets caused by any peril is the Risk means the possibility of loss or damage that may or may risk that the asset is exposed to

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A comparative study on Invest Shield Life It is because of the uncertainty about the risk that insurance No person should be in a position to make the risk happen or It covers the risk of dying too early and living too long. Individual himself also needs financial security for the old age It covers tangible assets but the concept can be extended to Human life is an income generating assets that can be lost in

becomes important. occur and take unfair advantages.

or on his becoming permanently disabled when his income will stop. intangibles also. case of early death or disability caused by an accident.

CHAPTER: 2 Company Profile


ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and prudential plc, a leading international financial services group headquartered in the United Kingdom. Incorporated on July 20, 2000 it is a 74:26, ICICI Prudential was amongst the first private sector 17

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A comparative study on Invest Shield Life insurance companies to begin operations in December 12, 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential equity base stands at Rs. 712 crore with ICICI Bank and Prudential plc holding 80% and 31% stake respectively. In the quarter ended Feb 30, 2007, the company issued over 1,30,0000 policies, for a total sum assured of over Rs 4,953 crore and had a new business premium income of Rs.312 crore. Today the company is the #1 private life insurers in the country.

Prudential plc
Established in London in 1848, Prudential plc, through its businesses in the UK and Europe, the US and Asia, provides retail financial services products and services to more than 16 million customers, policyholder and unit holders worldwide. As of December 2003, the company had over US$300 billion in funds under management. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, 18

OXFORD COLLEGE OF BUSINESS MANAGEMENT.

A comparative study on Invest Shield Life Prudential is UK's largest life insurance company with a vast network of 23 life and mutual fund operations in twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

Prudential Group Overview


Founded in 1848 the UKs largest life insurer for over 150 years Market cap of US $21bn and profits of US $5.5 billion (2006) US $290 billion funds under management Prudential now has operations in 11 Asian countries Prudential is the leading life insurance player in 6 markets in Asia Prudential is the fastest growing life insurance company in Asia

Vision
To make ICICI Prudential the dominant Life and Pensions player built on trust by world-class people and service. This is aimed to achieve through: Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders 19

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A comparative study on Invest Shield Life Providing an enabling environment to foster growth and learning for our employees And above all, building transparency in all our dealings. 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.

Values
The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundary less, Ownership and Passion.

MANAGEMENT:
The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.

Board of Directors
Mr. K.V. Kamath, Chairman Mr. Mark Tucker Mrs. Lalita D. Gupte Mr. Danny Bardin Mrs. Kalpana Morparia 20

OXFORD COLLEGE OF BUSINESS MANAGEMENT. Mrs. Chanda Kochhar


Mr. M.P. Modi Mr. R Narayanan

A comparative study on Invest Shield Life

Mr. S.P.Subhedar, (Alternate Director to Mr. Danny Bardin) Mr. Derek Stott, (Alternate Director to Mr. Mark Tucker) Ms. Shikha Sharma, Managing Director Management Team Ms. Shikha Sharma, Managing Director Ms. Anita Pai, Chief - Operations & Underwriting Mr. Bill Lisle, Chief Agency Officer Mr. Sandeep Batra, Chief Financial Officer & Company Secretary Mr. Saugata Gupta, Chief - Marketing Mr. Shubhro J. Mitra, Chief - Human Resources

Distribution
ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 62 cities and towns in India. These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad, Bangalore, Bareilly, Bhatinda, Bhopal, Bhubaneshwar, Chandigarh, Chennai, Coimbatore, Dehradun, Goa, Guntur, Gurgaon, Gwalior, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, 21

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A comparative study on Invest Shield Life Kochi, Kolkata, Kolhapur, Kota, Kottayam, Kozhikode, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Rourkela, Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vashi, Vijayawada and Vizag. The company has twelve bancassurance tie-ups, having agreements with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and Punjab & Maharastra Co- operative Bank, Shamrao Vithal Co-operative Bank & Jalgaon Peoples Co- operative Bank, Goa state Co-operative Bank, Indoor Paraspar Sahakari Bank, Manipal State Co-operative Bank, as well as some cooperative banks and corporate agents. It has also tied up with organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society. ICICI Prudential has recruited and trained over 100,000 insurance agents to interface with and advice customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers.

Milestones Crossed
Over 1, 2000,000 Policies issued since inception Rs 30,000 crore plus sum assured. Premium income over Rs 32,000 crore. Around 45% market share by premium among private players.

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A comparative study on Invest Shield Life First Private Life Insurer to launch Pension plan with Sec 80CCC First Private Life Insurer to Launch Market Linked Plans

Tax benefit.

Strength In Numbers
14 products 7 regular premium products 7 single premium products 6 riders - Tax benefit (Sec 80D) Over 1, 20,000 agents present in 27 cities 32 Branches) covering all major metros. Delivery through Alternate Distribution channels like Brokers, Corporate Agents and Partner Banks as well. Well positioned to target the mass & the mass affluent segments Largest Bancassurance set up in the country today with more than 4000 policies issued per month First Life Insurer to operationally Tie-Up with a Public sector Bank

ICICI Prudential has 40% of private life insurance market ICICI Prudential Life Insurance has increased its market share among private life insurers to nearly 50%, from 33% as of end-December. The company's first-year premium income in the April-January period stood at Rs 500 crore, 23

OXFORD COLLEGE OF BUSINESS MANAGEMENT.

A comparative study on Invest Shield Life accounting for 45.6% of the Rs 1,500crore premium booked by all private life insurers together. Considering the entire life market, including the Rs 9,780 crore booked by Life Insurance Corporation, ICICI Prudential market share works out to around 4.17%. The life insurance market continues to be dominated by LIC, which has about 87.8% share. This is only a marginal dip from its 88.2% share in endDecember. These comparisons are only for first year or new business premium. If renewal premium were to be taken into account, LIC's share would increase further to over 96%. According to business figures brought out by the Insurance Regulatory and Development Authority (IRDA), the first-year premium mobilized by ICICI Prudential Life Insurance in the first ten months of `03-04 amounted to Rs 464.4. This is more than twice the premium income generated by its closest rival Birla Sun Life that raised Rs 195 crore during the same period. HDFC Standard Life and Tata AIG have retained their third and fourth positions. Interestingly, there are three companies that are neck-and-neck in the battle to be among the top five with a market share of close to 7% - Allianz Bajaj, Max New York Life and SBI Life Insurance. In the group insurance market, LIC's share in the country is around 93%. Among the private companies, SBI Life, Birla Sun Life and HDFC Standard Life dominate the group insurance segment. SBI Life, with its group policies for mortgage loan protection and depositor insurance, has close to 45.8% of the group market among private companies. Birla Sun Life has a 23.4% share, followed by HDFC Standard Life which has an 18.4% share. 24

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A comparative study on Invest Shield Life

TABLE SHOWING NO OF PRODUCTS AT GLANCE


Min Rati Age at Premi ng Entry um
Mi Ma n x Save 'N' Protect Cash Back Smart Kid Smart Kid ULIP (RP) Smart Kid ULIP (SP) Lifeguard SP Lifeguard ROP Lifeguard WROP Life Link- SP Life Time Forever Life- RP Life Time Pension Life Link Pension Secure Plus Pension Secure Plus 1 1 1.5 1.5 1.5 1 1 1 0 1 1 1 0 1 1 0 16 20 20 20 18 18 18 0 0 20 18 18 18 0 60 55 60 60 50 50 50 50 62 60 60 60 62 60 60 6,000 6,000 8,400 18,000

Product

Sum Assured
Min Max

Cove r Matur Ceasi ity ng Term Age Age Riders Allowed


Mi Ma Mi Ma n x n x 30 18 50 50 50 50 30 70 70 70 70 60 65 65 65 70 70 70 75 75 Max 70 70 70 70 60 65 65 65 70 70 70 70 70 75 75 AD, AB, CI (A), MS AD, AB, CI (A), MS AD / AB / IBR AD, IBR, WOP AD, IBR NA AD, AB AD, AB NA AD, CI (S), MS AD, AB, CI(S),MS AD, CI(S), MS NA AD, AB, WOP, CI-S, MS AD, AB, MS, FIB, CI (A), WOP

50,000 1 Crore 10

75,000 1 Crore 15 & 20 1 Lac 30 Lacs 10 1,Lac 30 Lacs 10 25 25 25 15 25 25 30 52 52

50,000 2.5 Lac 50 Lacs 10 2,400 2,400 25,000 18,000 6,000 10,000 25,000 2 Lac 10 Lacs 5 1 Lac 1Crore 5

1 Lac 1 Crore 5 105% Of SA 1

1 Lac 50 lacks 3 No 50,000 Limit 5

1,00,00 0 50 lacks 10 105% Of SA 3 10 10

No 10,000 50,000 Limit 6,000 30,000 -

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life

Here in the above table some points are to be remembered: 1) Non Standard age proof (NSAP) not acceptable for Term, Unit Link and Pension Products. 2) Unit Linked Plans, Secure Plus, Cash plus not allowed beyond class V. 3) Life Guard Products not allowed beyond class IV. 4) For Unit Link products the life cover exists between 7 to 70 yrs.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life

Products Launched By ICICI PRUDENTIAL Life Insurance In Brief


Insurance Solutions for Individuals ICICI Prudential Life Insurance offers a range of innovative, customercentric products that meet the needs of customers at every life stage. Its 19 products can be enhanced with up to 6 riders, to create a customized solution for each policyholder. Investments plans LifeLink II is a unique plan that combines the security of a life insurance policy with the opportunity of enjoying high returns on your investments, without the market risks compromising on the protection of your family! Death Benefit: The Sum Assured under the product has 2 options, either 500% of the initial premium or 105% of the initial premium. In the event of an unfortunate death, the beneficiary will receive higher of the value of units or the initial death benefit, less any withdrawals. Withdrawal Benefit: One can make partial withdrawals from the accumulated value of the policy after completion of one policy year. Flexibility: Choose from four fund options, based on your investment objective and risk appetite. If at a later stage your financial priorities change, you can switch between the various fund options, absolutely free, 4 times a year.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life Savings Solutions

Are all investments shield

plans, this product range truly makes the unit linked products ideal even for wider range of audience, with lower premium levels and the added security of a capital guarantee. It is a unique range of product comprising of pension and saving plans, and is ideally suited for those enjoy flexibility, transparency and, of course guarantees. A complete market-linked insurance plan that adapts itself to your changing protection and investment needs, throughout a lifetime.

A market linked an insurance plan that meets your Investment and Protection needs. Is a transparent and feature-packed savings plan that offers 3 levels of protection. Is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. Is a traditional endowment savings plan that offers life protection along with adequate returns. Is an anticipated endowment policy ideal for meeting milestone expenses like a childs marriage, expenses for a childs higher education or purchase of an asset.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life Protection Solutions Lifeguard is a protection plan, which offers life covers at very low cost. It is available in 3 options Level term assurance with level return of premium, Level of assurance without level return of premium along with two riders ADBR and WOP Level term assurance - single premium.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life

Child Plans

The plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the childs life. Smart Kid plans are also available in unit-linked form - both single premium and regular premium. As a responsible parent, you will always strive to ensure a hasslefree, successful life for your child. However, life is full of uncertainties and even the best-laid plans can go wrong. Heres how you can give your child a 100% safe and assured tomorrow, whatever the uncertainties. Smart Kid is especially designed to provide flexibility and safeguard your childs future education and lifestyle, taking all possibilities into account. Choose from amongst a basket of 2 plans: Smart Kid unit-linked regular premium Smart Kid regular premium

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life

All these plans offer you: 1. Financial Benefits: Regular payments at critical stages in your childs life, like Board examinations, Graduation and Post-graduation. 2. Total peace of mind, even if you are not around 3. Sum Assured is paid immediately: Ensures that your loved ones stay financially secure, even in your absence. 4. All future premiums are waived: Ensuring that your family is not financially burdened in your absence. 5. Policy benefits continue: The educational benefits of the policy continue, ensuring that your child can realize his or her dreams without any hassles. 6. Development Allowance: Smart Kid guarantees regular income to secure your childs educational career and also ensures his or her all-round development, for a nominal additional amount. The Income Benefit Rider takes care of this through an annual payment of 10% of the sum assured, to your child, till the maturity of the policy, in the unfortunate event of the death of the parent. All Smart Kid plans can be enhanced with the Accident & Disability Benefit Rider and Rider. You can also an Accident Benefit Rider to a Smart Kid Regular Premium policy, and a Waiver of Premium Rider (WOP) to Smart Kid unit-linked regular premium policy.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life

Market-linked Solutions: Life Link II is a single premium Market Linked Insurance Plan, which combines life insurance cover with the opportunity to stay, invested in the stock market. Offers customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It offers 4 fund options Preserver, Protector, Balancer and Maxi miser.

is a limited premium paying plan that offers customers life insurance cover till the age of 75. Retirement Solutions:

Is a retirement product targeted at individuals in there thirties. Is a flexible pension plan that allows one to select between 3 levels of cover.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life

Market-linked retirement products: Is a regular premium market-linked pension plan. Is a single premium market-linked pension plan. ICICI Prudential also launched ''Salaam Zindagi'', a social sector group insurance policy targeted at the economically underprivileged sections of the society. Group Insurance Solutions:

ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. ICICI Pru Group Gratuity Plan: ICICI Pru''s group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. ICICI Pru Group Superannuating Plan: ICICI Pru offers a flexible defined contribution-superannuating scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. ICICI Pru Group Term Plan: ICICI Pru''s flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life

Rural plans ICICI Pru Life Rural Products are designed to meet the needs of the rural consumers. These products offer the following features: Low and Affordable Premiums Life Cover Savings Option Hassle free procedure ICICI Prudential offers 2 specially designed rural plans ICICI Pru Mitr Endowment Plan ICICI Pru Mitr Endowment Plan ICICI Pru Mitr offers the following features: Life Cover and Savings Regular Premiums Age at entry: 18 - 45 Yrs Sum Assured: Rs.5, 000 -20,000 Premium / Year: Rs. 507 - 553 (SA: Rs.10, 000) Maturity/Death benefit: Sum Assured ICICI Pru Suraksha - Regular Premium: ICICI Pru Suraksha is a regular premium policy with the following features:

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life Individual policy Only Life cover Term - 3 & 5 Yrs Age independent premium Age at entry: 18 - 45 Yrs Sum Assured: Single Premium / Year: Rs 50 200 Maturity/Death benefit: Rs.5, 000 - 20,000 Death Benefit: Sum Assured

NRI plans: Being away from India doesn't mean you have to compromise the safety and security of your loved ones. In fact, your savings from your time overseas can be easily canalized to meet your family's needs - now and in the future. So, whether its your dream to retire in your hometown; to secure funds for your children's education; or to build assets, ICICI Prudential has a range of solutions that can be customized to meet your needs.

(a). Investment Plans (b). Savings Plans Keyman insurance plans:

(c). Retirement Plans (d). Child Plans

A Key man is an individual who directly affects the profitability and the continuity of a business and whose absence may have an adverse effect on

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life the health and continuity of the business. Key man insurance is a life insurance policy taken by the company on the life of such a key person. The objective of the key man insurance is to provide the company with money so that the financial losses to the company can be protected, in absence of the key man. The aim is to indemnify the company of these losses and to allow business continuity. All premiums paid for securing a key man life insurance policy are treated as business expenditure u/s 37 (1). Life Time II, Secure Plus, Save'n 'Protect, Lifeguard and Premier Life plans are available for the purpose of key man insurance. Flexible Rider Options: Riders Critical Illness Benefit Rider This rider provides protection against 9 critical illnesses, namely: Major organ transplants, complete renal failure, Stroke, Paralysis, Heart attack, Valve replacement surgery, Major surgery of the aorta, CAGS (Bypass) and Cancer.

Benefits paid on contracting the illness Accelerated benefits (available with Save n Protect and Cash Back): If the policyholder is diagnosed with any of the specified illnesses, then the policyholder is paid the entire sum assured under the rider. The policy along with all the riders (to the extent of the Rider Sum Assured) is then terminated. However, the remainder of the base policy continues till the end of the term. The policyholder will have to continue paying his premiums for the remainder of the policy.

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Accelerated benefits (available with Secure Plus, Cash Plus and Secure Plus Pension): If the policyholder is diagnosed with any of the specified illnesses, then the policyholder is paid the entire sum assured under the rider. The life cover along with all the riders is then terminated. However, the policy value accumulation continues till the end of the term or death, whichever is earlier. Standalone benefits (available with Premier Life, Life Time, Life Time II, Forever Life, Group Term Plan, Invest Shield Life, Invest Shield Cash and Invest Shield Gold) : If the policyholder is diagnosed with any of the specified illnesses, he/she is paid the rider Sum Assured and the rider terminates. However, the base policy continues till maturity. Premiums paid under this rider are eligible for tax benefits under Section 80D.

Major Surgical Assistance Rider This rider provides assistance to the policyholder against 43 surgical procedures. These surgical procedures are divided into 3 categories and the extent of assistance provided depends on the type of procedure. Major procedures 50% of the rider sum assured is paid. Intermediate procedures 30% of the rider sum assured is paid Minor procedures 20% of the rider sum assured is paid This benefit is payable on more than one occasion when the life assured undergoes surgery. However the total benefit payable in case of all the procedures is restricted to a maximum of 50% of the sum assured. Major Surgical Assistance rider is available with Save n Protect, CashBak, LifeTime, Lifetime II, ForeverLife, SecurePlus, CashPlus and SecurePlus

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life Pension. Premiums paid under this rider are eligible for tax benefits under Section-80D.

Accident & Disability Benefit Rider (ADBR): Benefits payable on death due to an accident If the policyholder dies due to an accident, 100% of the rider sum assured is paid in addition to the basic sum assured. In case the policyholder dies in a land surface, mass public transport system wherein the policyholder was traveling as a farepaying passenger, then 200% of the rider sum assured is paid. Benefits payable in case of permanent disability due to an accident If the policyholder survives an accident but becomes permanently disabled then the premium for the basic plan is completely waived off to the extent of the rider sum assured. Plus, 10% of the rider sum assured is paid for the next 10 years, which helps in providing that extra money and takes care of sudden financial set back that occurs after a tragic disability. Accident & Disability Benefit rider is available with Save n Protect, CashBak, SmartKid Child Plans, Premier Life, LifeTime, LifeTime II, LifeTime Pension II, ForeverLife, SecurePlus, CashPlus, SecurePlus Pension, LifeGuard ROP, LifeGuard WROP, Group Term Plan, InvestShield Life, InvestShield Cash, InvestShield Gold and InvestShield Pension. In case of Lifetime II, Lifetime Pension II, SecurePlus, CashPlus, LifeGuard ROP and LifeGuard WROP, the waiver of premium benefit is not available. Premiums paid under this rider are eligible for tax benefits under Section 88.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life

Accident Benefit Rider (ABR): If the policyholder dies due to an accident, 100% of the rider sum assured is paid in addition to the basic sum assured. Accident Benefit rider is available with SavenProtect, CashBak, SmartKid regular premium, ForeverLife, SecurePlus, CashPlus and SecurePlusPension. Premiums paid under this rider are eligible for tax benefits under Section 88. Income Benefit Rider In case of death of the life assured during the term of the policy, 10% of the rider sum assured is paid annually to the beneficiary, on each policy anniversary till maturity of the rider. Income Benefit rider is available with SmartKid Child Plans, SecurePlus and CashPlus. Premiums paid under this rider are eligible for tax benefitsunderSection-88D Waiver of Premium Rider (WOP) On total and permanent disability due to an accident, all future premiums for both the base policy and rider(s) will be waived till the end of the term of the rider or death of the life assured, if earlier. Waiver of Premium rider is available with SecurePlus, CashPlus, LifeGuard ROP, LifeGuard WROP, SmartKid Unit-linked regular premium II, Lifetime II, LifeTime Pension II, SecurePlus Pension, InvestShield Life, InvestShield Cash and InvestShield Pension. Premiums paid under this rider are eligible for tax benefits under Section 88.

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CHAPTER: 3 Research Design Introduction


A systematized study requires proper planning and implementation of the same. So, this research design includes an outline of the study, which was conducted at ICICI PRUDENTIAL life insurance. Bangalore. The design of the study contains information stating the statement of the problem, objectives of the study, need for the study, and scope of the study, significance of the study, research methodology, and sources of data, tools and techniques of data collection, plan of analysis, limitations of the study and operational definitions of the concepts.

Statement of the problem


It is always very difficult to make insurance investment decisions in this world of investment alternative companies. It demanded investors to be knowledgeable and tact full regarding the insurance market. Since, many insurance investments are introduced with in a very short span of time, people even having lot of money are confused to invest their hard earning money in effective manner. This confusion made researcher to choose this particular field study in this regard an effort is made to put some light on different investment companies for the sake of brining down the confusion level among the investors. In order to recommend a suitable investment company to an investor, one must be aware of the needs of the customer and the importance of his attributes, the current insurance situation and ascertaining attitude towards risk involved in an investment while he makes his investment decision.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life Keeping in view the above condition, a study titled-A Comparative Study on Invest Shield Life of ICICI with other Insurance Companies. A descriptive study is conducted in ICICI PRUDENTIAL with OM KOTAK, BIRLA SUNLIFE, and MET LIFE. To analyze these various investment companies, a comparison had made with life insurance.

Objective of the study


The specific objectives of the present study are as follows: To study the structure of insurance company and To study the existing business of insurance industry. To study the investors behavior regarding insurance. To study the perception level of insurance companies towards To study the wide spectrum of insurance companies with To evaluate the insurance market under Unit-linked Plan insurance market. customers. a single investment policies. with Capital Guarantee.

Scope of the study


The scope of the study is limited to the city of Bangalore only. The companies, which issue life insurance, have been considered in the study. The respondents have been mostly employees from ICICI PRUDENTIAL, OM KOTAK, BIRLA SUNLIFE, and MET LIFE. The study is focused on analysis of investments, on a particular life insurance policy called INVEST SHIELD LIFE (Unit-Linked Plan with Capital Guarantee) and its out puts in various investment companies, which are mentioned above. A comparative analysis is conducted between these companies on a single & same policy.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life The findings will reveal about Insurance investments as a better option in a better company.

Operational definition of the concepts


Premium: The fee paid by the insured to the insurer for assuming the risk. Life insurance: Insurance that guarantees a specific sum of

money to a designated beneficiary upon the death of the insured or to the insured if he or she lives beyond a certain age. Protection: Savings through life insurance guarantee full

protection against risk of death of the saver. In life insurance, on death, the full sum assured is payable (with bonuses wherever applicable). Liquidity: Loans can be raised on the sole security of a policy

which has acquired loan value. Besides, a life insurance policy is also generally accepted as security for even a commercial loan. Net Asset Value (NAV): Investments + Current Assets - Current liabilities and Provisions Number of units outstanding in the unit fund

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Methodology of research I. Type of Research


The research carried out in this study is descriptive in nature.

II. Sample size


In addition to ICICI PRUDENTIAL, here other insurance companies have been chosen for sampling namely and MET LIFE.

INSURANCE COMPANIES
ICICI PRUDENTIAL MET LIFE

POLICY NAME
Invest shield life Met smart

III. Tool for data collection:


The study was done based on the collection of Primary & Secondary data. Primary Data: Primary data was collected with the use of questionnaire employees. Secondary Data: Secondary data was collected by: Referring several books on insurance issues. Referring different books and previous project reports in a college library. Referring from fact sheets, brochures, journals, reference books, etc. Referring some of the articles, reports and magazines on insurance. Visiting libraries. and personal interaction with the company

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IV. Method of analysis


An analytical research was carried out first to gain insight and proper understanding of the life insurance and its different parameters connected to the unit-linked plan. This was done through questionnaire and personal interaction with the employees of ICICI PRUDENTIAL employees and the employees of the other insurance companies. This was followed by a comparative study analysis between the insurance companies. Several graphs and tables were prepared for a better analization of service provided by them towards a single Unitlinked plan.

g. Limitations Of The Study:


not let out. available. Some of the information was confidential. Which do company & its employees only use. So such informations are not reviled outside for the general public. The time span for the survey was short and hence only The information provided by the respondents in terms of the major aspects are considered, not all the aspects were considered. their income level could not be accurate as people are not very open when it comes to financial matters. insurance Keeping in mind the no. of pages, only four major life companies were taken under consideration for the Free, continuous and reliable information wasnt always Study restricted to Bangalore city only. Some of the major points of the life insurance policy were

comparative study.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life Lack of information could be also be misleading, thus

leading to an undesirable impact as a result such information based on decision making.

CHAPTER: 4 Presentation and Analysis of Data & Interpretation Minimum and Maximum Age of Investor Table 6.1 Different Company Minimum-Maximum age
ICICI-Invest shield life. 0-55 MetLife- smart 15-70 Table showing Minimum and Maximum Age of Investor

Graph 6.1
Graph showing Minimum and Maximum Age of Investor

80 70 60 50 40 30 20 10 0 1 2 Series2 Series1

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life
GRAPH SHOWING MINIMUM AND MAXIMUM AGE OF INVESTOR

Analysis
From the above table we can clearly know the minimum & maximum age of the investor & the comparison of age groups between 2 insurance companies. In ICICI insurance can be started by the birth of child, while in other in MET LIFE it is from 15 years.

Inference
From the above graph it shows clearly that ICICI gives more opportunity to the Investors as it starts by the birth of child.

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Minimum and Maximum term for Investment Table 6.2 Different Company Minimum-Maximum term
ICICI-Invest shield life. MetLife- smart 10-30 10-20

Table showing Minimum and Maximum term for Investment

Graph 6.2
35 30 25 20 15 10 5 0 1 2 Series2 Series1

Graph showing Minimum and Maximum term for Investment

Analysis:
By the above table we know that in ICICI the minimum term for investment is 10 to 30 years, in OM KOTAK it starts from 5 to 30 years. In BIRLA SUN LIFE it starts from 5 to 30 years and while in MET LIFE it stars from 10 to 35 years.

Inference:
From the above graph it shows that in OM KOTAK and BIRLA SUN LIFE the terms starts from 5 years, which is more flexible for investment comparison with ICICI and MET LIFE, which starts from 10 years.

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Sum assured by the insurance companies Table 6.3 Different Company


ICICI-Invest shield life. MetLife- smart

Sum assured
Option to choose a specific level of sum assured as per your needs, based on a multiple of your annual premium Depends on the option taken

Table showing the sum assured by the insurance companies

Analysis:
In insurance companies like ICICI the sum assured is based on the annual premium. and in METLIFE it is based on the option took by the investor

Inference:
From the above table it shows clearly ICICI is the most advantageous in case of sum assurance while compared to MET LIFE.

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The maturity benefit to investors Table 6.4 Different Company


ICICI-Invest shield life. MetLife- smart

Maturity benefit
Higher of the value of the unit fund of the guaranteed value of the unit fund. Policy fund

Table showing the maturity benefit to investors Analysis:


From the above table we can know that the maturity benefit in ICICI is based on the guaranteed value of unit fund. MET LIFE the maturity is purely based on the policy fund.

Inference:
From the above table it shows clearly that maturity benefit is worthwhile in ICICI when compared to MET LIFE SMART companies.

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The Death benefit to investors Table 6.5 Different Company


ICICI-Invest shield life. MetLife- smart

Death benefit
Sum assured + Higher of the value of the unit fund or guaranteed value of the unit fund. Up to age of 100

Table showing the Death benefit to investors

Analysis:
From the above table the death benefit in MET LIFE is up to 99 years which is extremely beneficial when compared to ICICI where the death benefit is sum assured + unit fund.

Inference:
From the above table it shows clearly that the death benefit in MET LIFE is much more beneficial than ICICI insurance company.

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The Withdrawal benefit to investors Different Company


ICICI-Invest shield life. MetLife- smart

Table 6.6 Withdrawal benefit


None Any time after one year, first two partial withdrawals are free. The company will charge Rs 250 or 2% of amt withdrawn.

Table showing the Withdrawal benefit to investors Analysis:


From the above table it is clear that the withdrawal benefit in ICICI is non. In MET LIFE is after 1 year & first two partial withdrawals are free.

Inference:
From the above table it shows clearly that the withdrawal benefits are advantageous in MET LIFE while compared to ICICI .

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The Contribution by investors Table 6.7 Different Company


ICICI-Invest shield life. MetLife- smart

Contribution
Minimum: Rs. 8,000 p.a. Minimum: Rs 20,970 p.a

Table showing the Contribution by investors Graph 6.7


25000 20000 15000 10000 5000 0 1 2

Graph showing the Contribution by investors

Analysis:
From the above table we can know that minimum contribution to be paid in ICICI is Rs. 8000. In METALIFE it is 20970 p.a.

Inference:
From the above graph, it shows clearly that the contribution in ICICI will be most beneficiaries to the investors compared to MET LIFE insurance companies.

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The Extended life coverage to investors Table 6.8 Different Company


ICICI-Invest shield life.

Extended life coverage


Provided the policy is in force till maturity, additional coverage for 50% of the sum assured will be available for the next 10 years. Provided the policy is in force till maturity. Additional coverage till 99years of the policyholder.

MetLife- smart

Table showing the Extended life coverage to investors

Analysis:
From the above table we can know that the extended life coverage of provided in ICICI, which is when the policy is, matured the additional coverage for 50% of sum for the next 10 years. In METLIFE if the policy is forced to maturity the additional coverage is provided till 99 years of investors.

Inference:
From the above table, the extended life coverage in MetLife is most beneficial compared to ICICI.

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Flexibility to increase or decrease the contribution by investors Different Company


ICICI-Invest shield life.

Table 6.9 Increase / decrease contribution


The maximum decrease in the premiums can be up to 20% of the initial premium chosen by the policyholder at the time of inception of the policy. However, in no circumstances can the premium be reduced to below Rs. 8,000 or 80% of the initial chosen premium, whichever is higher. However, there is no cap on increasing the premium. The premiums can be increased with or without the increase in sum assured. Not limited

MetLife- smart

Table showing the Flexibility to increase or decrease the contribution by investors Analysis:
From the above table, the flexibility to increase or decrease the investors contribution, in MET LIFE is restricted while in ICICI it can be decreased to 20% or up to 80% and increased in premium is not an issue..

Inference:
From the above table, it shows clearly that the flexibilities to increase or decrease the investors contribution are outstanding in MET LIFE, while compared to ICICI.

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The Investment options to investors Different Company


ICICI-Invest shield life. MetLife- smart

Table 6.10 Investment options


A single unit fund with an asset allocation of minimum 70% in debt and a maximum 30% in equity. More than 6 options to invest

Table showing the Investment options to investors Graph 6.10


80% 70% 60% 50% 40% 30% 20% 10% 0% 1 2

Graph showing the Investment options to investors

Analysis:
From the above table, we can know that the investment options in ICICI are single unit fund. In METLIFE, more options are available as much as 6.

Inference:From the above graph, we can know that the investment option in
METLIFE is better wile compared to other insurance companies.

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The Surrender value Table 6.11


Different Company ICICI-Invest shield life. Surrender value The surrender value of the policy is available after the 1st year and would differ from year to year. The surrender value is paid out as a %tage of the value of the unit fund. More than 1 year: 10%. After 2 years 20%. After 3 years 30%. After 4 years 40%. After 5 years 50%. After 6 years 60%. After 7 years 70%. After 8 years 80%. After 9 years 90%. After 10 years and more 95%. MetLife- smart Based on % of premium More than 1 year: 0%. After 2 years 0%. After 3 years 20%. After 4 years 30%. After 5 years 40%. After 6 years 50%. After 7 years 60%. After 8 years 70%. After 9 years 80%. After 10 years 90%. After 11 years & there after 95%

Table showing the Surrender value Graph 6.11


90% 88% 86% 84% 82% 80% 78% 76% 74%

Graph showing the Surrender value

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Analysis:
From the above table, we can know that the surrender value in ICICI starts from 1st year. In MET LIFE it starts from 3rd year.

Inference:
From the above graph, we can know that the surrender value in ICICI starts after 1st year is 10%, which is comparatively better than MET LIFE insurance companies.

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Automatic Premium payment to investors Table 6.12 Automatic Premium payment


If the term if the policy is less than 15 years, then this facility can be availed once and twice if the term is greater than or equal to 15 years. Initial 3 years as per schedule should be paid & then u can avail this option

Different Company
ICICI-Invest shield life.

MetLife- smart

Table showing the Automatic Premium payment to investors

Analysis:
From the above table, we can know the automatic premium payment in ICICI is less than 15 years policy and facility can be available 1 and twice. While in METLIFE initial 3 years of premium should be paid and then investors have the facility of not paying for nominal of 2 to 3 years.

Inference:
From the above table, the automatic premium payment in METLIFE is beneficiary to the investors compared to ICICI, because investor has the option of stopping the premium for a certain period of time.

Increase / decrease of death benefit to investors Table 6.13 OXFORD COLLEGE OF BUSINESS MANAGEMENT
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Different Company
ICICI-Invest shield life. MetLife- smart

Increase / decrease of death benefit


Not available After the first three policy years, have a benefit for once a year.

Table showing the Increase / decrease of death benefit to investors

Analysis:
IN METLIFE the death benefit provisions can be taken after 3 years, while in ICICI this provisions is not available.

Inference:
From the above table, we can know that the death benefit in METLIFE is superior ICICI as it can be taken after 3 years and can have a benefit to change once a year.

Additional credits to investors Different Company Table 6.14 Additional credits

ICICI-Invest shield life. End of the 5th policy year: 10% of the initial annual premium. End of the 10th policy year: 15% of the initial annual premium. End of the 15th policy year: 20% of the

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life initial annual premium End of the 20th policy year: 25% of the initial annual premium. End of the 25th policy year: 30% of the initial annual premium. End of the 30th policy year: 35% of the initial annual premium. Not available

MetLife- smart

Table showing the Additional credits to investors Graph 6.14


30 25 20 15 10 5 0 1 2

Graph showing the Additional credits to investors

Analysis:
From the above table, we can know that, the additional credit given by the ICICI starts from 5th year and ends at 30th year while in other companies such facilities are not provided.

Inference:
From the above graph, we can know that additional credits are only given in ICICI but not in MET LIFE INSURANCE COMPANIES.

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Flexibility of Top-up to investors Table 6.15 Different Company


ICICI-Invest shield life. MetLife- smart

Top-up
Available, with a minimum top-up of Rs. 5,000 Dump in premium are available up to 25,000

Table showing the flexibility of Top-up to investors


TABLE 6.15

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6000 5000 4000 3000 2000 1000 0 1 2

GRAPH SHOWING THE FLEXIBILITY OF TOP UP TO INVESTOR

Analysis:
From the above table, we can know that the top-up facility in ICICI is up to Rs. 5000. In METLIFE it is up to Rs. 25000.

Inference:
From the above table we can clearly described that the top-up facility in METLIFE is better compared to ICICI .

Flexibility of Switch to investors Table 6.16 OXFORD COLLEGE OF BUSINESS MANAGEMENT


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Different Company
ICICI-Invest shield life. MetLife- smart

Switch
Not applicable 1st switch of the policy free. Any time after the first three months for each switch. Company charges 400/- or 0.05% of the ant on switched.

Table showing the flexibility of Switch to investors

Analysis:
From the above table, its clear that in METLIFE free switch can be made after 3 months of the policy and the first switch of the policy is free. After that every switch costs Rs. 400 of the amount switched. In ICICI there is no such switching facility available.

Inference:
From the above table, we can know that the switch facility in METLIFE is good when compared to ICICI.

Initial charge to the investors Table 6.17 Different Company


ICICI-Invest shield life.
st

Initial charge
<15,000-1 year; 70%; 2nd year; 90%; 3rd year onwards 97% 15,000-24,999- 1st year; 72%; 2nd year; 92%; 3rd year on wards 97% 25,000-49,999-1st year; 75%; 2nd year; 92%; 3rd year on wards: 97% 62

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MetLife- smart

Table showing the Initial charge to the investors

Analysis:
From the above table, we can know that in ICICI the initial charges vary according to the premium paid. in METLIFE first year 200(per month) and second 75 (per month).

Inference:
From the above table, it is clear that the initial charges varies from company to company depending upon their premium paid.

Showing Admin charge to the investors Table 6.18 Different Company


ICICI-Invest shield life. MetLife- smart

Admin charge
Admin charge of Rs 50/month Base premium 7.0% + dump in premium 3.5%

Table showing the Admin charge to the investors

Analysis: OXFORD COLLEGE OF BUSINESS MANAGEMENT


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A comparative study on Invest Shield Life A comparative study on Invest Shield Life From the above table, we can know that the admin charges, in ICICI are Rs. 50 per month. In METLIFE base premium 7% + dump in premium 3.5%.

Inference:
From the above table, we can know that the admin charge varies form company to company according to their internal rules.

Fund management charge to the investors Table 6.19 Different Company Fund management charge
ICICI-Invest shield life. MetLife- smart Regular management charge of 1.25% p.a. on the fund value Maximum of 2.5% p.a

Table showing the Fund management charge to the investors Analysis:


From the above table, we can know that the fund management charges in ICICI are 1.25% p.a. And in METLIFE it is maximum of 2.5% p.a.

Inference: OXFORD COLLEGE OF BUSINESS MANAGEMENT


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A comparative study on Invest Shield Life A comparative study on Invest Shield Life From the above table, we can clearly know that the fund management charge is maximum in METLIFE while compared to ICICI .

Riders benefit to the investors Table 6.20 Different Company


ICICI-Invest shield life. MetLife- smart

Riders
ADBR, WOPR& CIBR Not available

Table showing the Riders benefit to the investors

Analysis:
From the above table, we can know that the riders provided by ICICI are 3. And in METLIFE is has not been disclosed.

Inference:
From the above table, we can know that there are different riders in different insurance companies according to availability.

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FROM ALL THE ABOVE DATA & INTERPRETATION A SUMMARIZED TABLE IS AS BELOW

The best insurance company in the unit-linked plan Table 6.21


FEATURES / INSURANCE COMPANIES

ICICI PRUDENTIA L (INVEST


SHIELD LIFE)

MET LIFE Smart

AGE TERM SUM-ASSURED MATURITY BENEFIT DEATH BENEFIT WITHDRAWAL BENEFIT CONTRIBUTION EXTENDED LIFE COVERAGE

1 0 0 1 0 0 1 0

0 0 0 0 1 1 0 1
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INCREASE / DECREASE YOUR CONTRIBUTION INVESTMENT OPTIONS SURRENDER VALUE AUTOMATIC PREMIUM PAYMENT INCREASE / DECREASE OF DEATH BENEFIT ADDITIONAL CREDITS TOP-UP SWITCH INITIAL CHARGE ADMIN CHARGE FUND MANAGEMENT CHARGE RIDERS

0 0 1 0 0 1 0 0 1 1 0 1

1 1 0 1 1 0 1 1 1 1 0 0

Total

10

Table showing the best insurance company in the unit-linked plan

Graph 6.21
12 10 8 6 4 2 0 1 2

Graph showing the best insurance company in the unit-linked plan

Conclusion for the above graph considering the summarized table Out of 20 features taken for comparison;
ICICI has gained 8 points, MET LIFE has gained 10 points.

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Considering the above points gained by this insurance companies it has been ranked as under,

Ranks
1 2

Insurance companies with name of the policy


ICICI PRUDENTIAL- INVEST SHIELD LIFE MET LIFE SMART

CHAPTER: 5 Summary Of Findings, Conclusion and Recommendations Findings:


ICICI gives more opportunity to the investors in Age factor The Term for investment in MET LIFE starts from 10-20, In ICICI the Maturity benefit is advantageous when The Death benefit in MET LIFE s beneficial as it covers up to In ICICI there is no withdrawal benefit when compared to

as it starts from the birth of the child. which is not as flexible as other insurance companies.. compared to MET LIFE. the age of 100. MET LIFE.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life The Contribution in ICICI is Rs 8000 p.a., which is affordable In MET LIFE the Extended life coverage facility is most The flexibility to Increase / Decrease the Investors Investors have a best option to invest as much as six The Surrender value in ICICI has a greater value as it starts The Automatic premium payment in MET LIFE has got the

by all type of insurance investors. beneficial as it covers till the age of 99. contribution is outstanding in MET LIFE. (options) in MET LIFE. after 1st year, which is 10%. option to investors to stop the premium for a certain period of time. The flexibility to Increase / Decrease the death benefit in MET LIFE is most beneficial. The Additional credits are given to insurance investors only in ICICI, but not in others. The Top-up facility in MET LIFE is better as it allows to dump-in as much as Rs. 25,000. The Switch facility in MET LIFE is relevant than ICICI. The Initial charges of the insurance companies vary depending upon their premium paid. The Admin charges of the insurance companies vary according to their internal rules.. The Riders facility differs from company to company according to policy.

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Conclusion
Numbers of factors were taken into consideration before reaching a conclusion about the insurance & ICICI PRUDENCIAL LIFE INSURANCE companies. That is overall performance of INVEST SHIELD LIFE including following factors. Investors are enjoying the cheap loans provided by the banks which shows that there will further activity down the line. Insurance has a unique feature, i.e., risk cover for life. Even through return is in insurance, it is important instrument in its portfolio to fulfill the monetary loss of the investors towards their dependants. By entry of private insurance players in the market, there are new products, which also take care of your investments. Long-term policies are better than medium term and short-term policies for better future

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life arrangements. Private life insurances are doing well in Indian market by providing innovative products and better services to the customers. People mostly go for childs plan to meet the future need of their children. The company believes that the corporate plans formulated in response to its anxiety for systematic long range planning, will serve as a vital and dynamics document which guide the company in the year that die a head. It is reasonably certain that some of the assumption on which this plans to be valid through the planned years. Even the corporate planning exercise will provide effective trust and direction to the organization as selection its future and deliberate strategic decision making. The customers and employees of the company are fulfilling their role that has been assigned to them. The companys future apprehension is lies on the head of its customers.

Suggestions:
To make investment in insurance one should be aware of Indian Financial System is changing rapidly with changes come different investment strategies and ways to allocate the assets. a lots of challenges and it is only the alert and behaviors of investors with a long-term thinking will success to meet all their future unseen challenges. More reputation is needed for the company, as insurance There should be the arrangement of drop-boxes in all-important policies are sold on the basis of reliability. places in the city.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life As all knows advertisement cant sell the policies but the people

can do the same. So they should be aware of the products of the company and benefits of those products. Company should concentrate on the 25-30 year age group, There should be low premium amount in the urban area. So because this is the time when people show more interest in investment. that even low-income group people can also invest their money in policies. Company should give special training to their insurance There should be some arrangement of telecasting their products To make investment in insurance one should be aware of consultants time by time. in regional television in order to reach the rural people. different investment strategy & ways to allocate the assets, the detail description is given below.

Table showing the different investment strategies and ways to allocate the asset Life Cycle
Young Adult
20s Has no dependent, has taken car / bike loan, invertible surplus low. Life needs insurance low &

Age Circumstances

Strategy
Buy you

Life Insurance
only if have

accumulated growth, as risktaking ability is high stage. at this

dependents.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life Young Family
30s Children and spouse may be dependent has loan, taken home starts Shouldve adequate insurance and life and Subtract existing assets from current needs and cover the difference. Maintain cover balance shorter existing assets. by safer Covers as the of the

asset protection continue aggressive

invertible in earnest.

Mature Family

40s

High Home rapid,

education loan

of

wealth creation. Needs low as asset builds should debts & dehiscing investment portfolio in deploying funds instruments. Divert new surplus to paid retirement corpus, reduce portfolio risk. base up; clear start

grown up children. nearly income invertible

peaking,

surplus high.

Empty Nesters

50s

Children independent, debts, surplus preparation

are home

long as you are earnings.

loan repaid, no other invertible peak, and for

Retired

60 +

liquidation. Health expenses replace work related expenses; creating regular cash flows & beating inflation are top priority.

Create adequate cash flows from safe investments, invest surplus in instruments that comfortable bat inflation of to prevent erosion retirement capital.

No life cover needed. Your retirement corpus should fund needs. now your

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For The Further Research


Indian Financial System is the biggest in the world. In post LPG period, the scenario is quit complex and challenging. Every sunrise is seeing the rise of new financial products along with new investment strategies and evaluation of those strategies. So, it gives fabulous opportunities for further research in following areas. Research can be held on The Impact of privatization of Indian Financial System. Comparative analysis of different market products and funds. By taking any one type of financial instruments.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life On building the portfolio of the investor. Recently introduced products in the market.

Questionnaire:

I, Mr. PINTU ORANG, student BBM Final Semester under Bangalore University, and doing my project in Comparative Study on Invest shield life with special reference to ICICIs. I will be very much thankful if you spare few moments of your precious time with me to give the answer of following questions, which will be of great help to me. QUSTIONNAIRE 1. what is your annual income?

Less than R.s 300000 R.s 600000 and above

R.s 30000-600000

2. what is the appropriate age for your investment?

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Less than 1 year 15-70 years

0-55 years

3. what is the amount you intend to invest annually?

Less than Rs 25000 R.s 75000-100000

R.s 25000-50000 More than R.s 100000

4. out of your total money how much you want to invest now?

Less than 25% More than 50%

between 25% and 50%

5. what is your minimum and maximum term for investment?

Less than 10 years 10-20 years

10-30 years

6. how long the death benefit is given to the investors?

Less than 30 years Up to age of 100 years

30-60 years

7. what is the percentage of withdrawal benefit are given to the invest

tors?1%

2%

none

8. how much the minimum contribution made by the investors?

8000 p.a

20970 p.a

none

9. Rank the order of your priority when it comes to investing?

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10.what is the percentage of surrender value is given to the investor? Less than 10% 10% - 95%

And the time surrender value is given After 10 years and more after 11 years & more 11. How much the additional credit is given to the investors? 12. How are the flexibility of top up facility given to the investors? safety Debt equity Minimum R.s 5000 More than R.s 25000 13. How much the initial charges are made to the investors? < 15000-1st year R.s 24000 none R.s 15000-24900 1 2 3 4 1 2 3 4 1 2 3 4 R.s 5000 -25000 5 5 5

14. which type of investors are investing in these? Lawyers Doctors govt job holders engineers

15. how much admin charges are made to the investors? R.s 10/ month in R.s 50/ month base premium 7.0%+dump

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premium 3.5%
16. what is the percentage of charging the fund management to the

investors? 1% p.a 1.25% 1.25% - 3% maximum2.5%

17.The riders provided to the investors. ADBR WOPR CIBR NONE

18.How much percentage of your income save annually? 10%-20% 20%-30% 30%-40% above 40%

19.out of your total money how much would you like to invest? Less than 25% More than 50% 20. which is the best insurance company? Mention why? between 25% and 50%

Bibliography

Books:
1. I.M.Pandey --Financial Management, 8th Edition, Vikas Publication, New Delhi. 2. Prasanna Chandra --Investment Analysis and Portfolio Management CFM TMH Professional Services in Finance, Tata MacGraw Hill. 3. Dr. B.G.Sathyprasad --Financial management, 2nd Edition, Himalaya Publication, New Delhi.

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A comparative study on Invest Shield Life A comparative study on Invest Shield Life 4. L.M.Bhole --Financial Institutes and Markets, 3rd Edition, Tata MacGraw Hill.

Magazines:
The Chartered Accountants Journal of The Institute Of Chartered Accountants Of India. Insurance Post Outlook Money Dalal Street Investment Monitor Insurance Industry, June 2003-04, Volume: - 51, No: 12

WEBSITES:
www.irdaindia.org www.metlife.com www.iciciprilife.com www.moneycontrol.com

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