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GROUP NO. - 9
NAME
ROLL NO.
MEENAKSHI LAKRA 65 ASHUTOSH KUMAR PANDEY 66 RACHIT KESHRI 67 KUMAR RAJAN 68 SURAJ 69 ELA KUMARI 71 ARPANA KUMARI 72
BNP Paribas, part of the worlds top 6 group of banks by market value and a European leader in global banking and financial services. It is one of the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life insurance company in France.
MISSION
To emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer satisfaction and world class operating efficiency, and become a model life insurance company in India in the post liberalisation period"
CATEGORY ANALYSIS
Category-
Product Category-
CATEGORY ANALYSIS:
What is the Unit Linked Pension Plan? The unit linked pension plan is basically an insurance contract, which is designed to provide a retirement income for life. Your premiums are invested in units of the investment fund of your choice, based on the prevailing unit price. On vesting the value of your units will be used to buy your retirement benefits. On earlier death, the beneficiary receives the value of your units plus a cash lump sum of Rs. 1,000.
Category Analysis:
2.Majority of working population in India expects to have better quality of life or atleast maintain the current living standards after retirement. This is the prime reason why pension plans today account for around 39% of insurance industrys total business. Life insurers pension and annuity fund is forecasted to grow at a CAGR of around 39% between 2008-09 and 201213. However, more potential lies under New Pension System (NPS) proposed by the central government.
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. Private companies began to launch pension plans in 2002 following the opening of the insurance market in 2001 and they have already grabbed a 33% share of the overall pensions market. "Pension plans account for 20% of our business already . Since its inception in February 2002 HDFC Standard has collected 410 million rupees as premiums on the Personal Pension Plan. ICICI Prudential, India's largest private life insurer, has captured 73% of the private-sector pensions market and 24% of the overall pension market, as of January 2003.
CATEGORY
ANALYSIS:
The Indian pension market is rapidly vanishing. The market shrunk almost 90 per cent in 2002-03, with assured and guaranteed long-term annuities being discontinued. The Life Insurance Corporation of India, which has a 70 per cent share in the pension business, is expecting a premium income of Rs 275 crore (Rs 2.75 billion) from this segment for 2002-03. This is around 10 per cent of the Rs 2,564 crore (Rs 25.64 billion) it mopped up in 2001-2002. In 2000-01, it earned Rs 563 crore (Rs 5.63 billion). The pension markets in developed nations like the US and the UK have been driven primarily by tax reforms. In India, on investing Rs 10,000 annually for a period of 20 years, one only gets Rs 4,000 a month on retirement. "People are waiting for pension reforms and this partly explains why sales have not increased in 2003,
SITUATIONAL ANALYSIS
CATEGORY SIZE SBI Life has provided cover to only 30 lakh lives and 62% of premium income was from banc assurance model .
...PROJECTED
In the Indian context, the need for systematic retirement planning is even more acute, given the fact that as much as 87 per cent of India's workforce of 425 million has no formal pension cover. NEWDELHI, April 7, 2007. The reform of the pension system in India holds the prospect of enlarging the market size to a whopping Rs.4,06,400 crore (US$ 95 billion) by 2025, from Rs.56,100 crore (in 2002). Demand for pension cover is also seen rising, with 113 million Indians expected to be over 60 by 2016, a figure seen swelling to 179 million by 2026.
PENSION PLAN
VISION- To be a leader and role model in financial services sector with a broad based and integrated business. STRATEGY
Expansion ,Differentiation, Transformation, Excellence
EXPANSION Product and segment expansion Scaling up distribution to reach across market channels. Potential entry in new financial service segment.
DIFFERENTIATION People bound by a vision. Product innovation. Speed to market. Consistent and Superior investment performance. Customer centric approach. Capital efficient.
EXCELLENCE Best employer Trusted brand across households in India. Risk and compliance.
PENSION PLAN
VALUE CHAIN
1.
2.
o 1. 2.
o o
Assets
Min
Max
Risk
100%
20%
Assets
Min
Max 100%
Risk
Low to medium
40%
Max 20%
Risk
Low 100%
ICICI [ Get Bajaj [ Quote ] Prudential Tata AIG Allianz (ForeverLife) (Nirvana) Vishranti)
(Swarna (Jeevan
Suraksha/
SBI [unit link] pension plan
Personal
Plan
Pension
Product type
Minimum premium (Rs) annual
pension plan
pension plan
pension plan
pension plan
6,000
5,000
2,500
1,000
2,400
50,000
50,000
50,000
5 0,000
5 yrs- 40 yrs
10 yrs - 35 yrs
10 yrs - 40 yrs
Dhara);
18-70
Jeevan Suraksha)
18-60
18-65
Term cover, Critical illness Critical illness rider, Term rider, Critical Accident Accident Riders available and illness rider, Accident Family benefit disability benefit rider rider cover, benefit, Term rider assurance no Hospital cash benefit, income rider, Critical illness
Yes
Yes
Yes
Y es
CUSTOMER ANALYSIS
TYPE OF CUSTOMERS:
By Bank Employees
Walk inn
CUSTOMER ANALYSIS
BUYING MOTIVE FOR PENSION PLAN Customer buy the hope and expectations from pension plan - They hope that Pension plan will help them preparing for their retirement needs. And they have expectation that their money is invested in safer funds as their policy approaches maturity.
They use it after retirement by spending a peaceful and financially sound retired life.
CUSTOMER ANALYSIS
Customer buy pension plan : At Company Branch Office and At their home.
WHO CAN BUY THIS PENSION PLAN A person having the age 18 is a customer of this plan. Generally the age duration are 18-60 years for this plan.
CUSTOMER ANALYSIS
Customer will choose the pension plan on the following basis: Guaranteed return Life cover option Tax saving Fund options Investment pattern Other benefits
CUSTOMER ANALYSIS
Customer Preference for Horizon II Pension Plan: SBI Life- Horizon II Pension plan is the most simple unit linked Pension plan. Only the customer has to choose the retirement date, plan option and the regular premium amount. Based on the plan option and the term opted, SBI Life will invest the money in three different funds i.e. Equity pension fund, Bond pension fund and Money market pension fund. This pension plan is available in pure pension and pension cum life cover option. No medical required to enroll for Pure Pension plan No premium allocation charges from year 11 onwards. Tax saving u/s 80ccc(1) of IT Act upto Rs 1Lakh. 15 days free look period from the date on which the customer receive the policy document.
STRATEGIES
STRATEGIES
MARKET PENETRATION
MARKET DEVELOPMENT
STRATEGIES
Market Penetration Strategy (1)Laying a firm foundation Build momentum in pension plan and asset management. Put together a winning team. (2) focus on the consistent investment performance. (3) product innovation age at entry- 18 yrs 65 yrs ( as on last bday ) vesting age_ 50 yrs 75 yrs ( as on last b day)
STRATEGIES
Term period 10 - 40 yrs Mode of payment it can be done through the electronic clearing service ( ECS) Modification in the asset allocation it can be done by following ways.
Cautious
STRATEGIES
moderate
STRATEGIES
AGGRESSIVE
Growth fund II
AFFLUENT
GURANTEED ENDOWMENT
ENTREPRENEUR
RETURN OF PREMIUM
SELF- EMPLOYED
SURVIVOR
GROUP COVER
SUBSISTENCE
THANKS