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Comparative study of Insurance Plans of various Companies

The origin of ING Group


ING Group originated in 1991 from the merger between NationaleNederlanden and NMB Postbank Groep. Combining roots and ambitions, the newly formed company called itself 'Internationale Nederland Group'. Market circles soon abbreviated the name to I-N-G. The company followed suit by changing the statutory name to 'ING Groep N.V.' Since the merger, ING Group experienced a decade of rapid expansion. The company expanded mainly through autonomous growth, but it also made several large international acquisitions. Notable examples are the investment bank and asset management firm Barings in 1995, the American insurer Equitable of Iowa Companies in 1997, the Belgian Bank Brussels Lambert in January 1998, the German BHF-Bank in 1999 and the American insurers ReliaStar, Aetna Financial Services and Aetna International in 2000, the Polish Bank Slaski and the Mexican insurer Seguros Comercial America in 2001.

ING
In 1990, the legal restrictions on mergers between insurers and banks were lifted. This prompted insurance company Nationale-Nederlanden and banking company NMB Postbank Group to enter into merger negotiations. The merger took place in 1991. The newly formed company called itself 'Internationale Nederlanden Group'. The name ING Group soon became widely used. The company followed suit by changing the statutory name to 'ING Groep N.V.'

Nationale-Nederlanden
Nationale-Nederlanden was formed on 3 April 1963 by merging the Nationale Levensverzekering-Bank (1863) with De Nederlanden van 1845. In the years to follow, the company experienced strong growth, autonomously as well as Babasabpatilfreepptmba.com Page 1

Comparative study of Insurance Plans of various Companies


through acquisitions. Nationale-Nederlanden developed into the largest insurer in the Netherlands by far. Substantial acquisitions in the United States, Australia and Canada increased the international revenue contribution to more than 50%. Nationale-Nederlanden is one of largest institutional investors in the Netherlands. Its insurance products are mainly sold through independent intermediaries.

NMB Postbank Group


Postbank was created in 1986 out of a merger between the Rijkspostspaarbank (state postal savings bank, 1881) and the Postcheque- en Girodienst (postal cheque and giro service, 1918). NMB Bank (1927) was originally established as a credit institution for small and medium enterprises. As Postbank lacked securities brokerage, mutual funds and commercial lending capabilities and NMB Bank was underrepresented in the retail market, NMB and Postbank agreed to merge on 4 October 1989 to form NMB Postbank Groep. The Dutch government stake in NMB Postbank Groep of 49% has been gradually reduced to less than 1% in ING Group now. Postbank and NMB Bank continued to serve their clients under their own names. NMB Bank changed its name to ING Bank in 1992.

1991 to the present


Since 1991, ING Group has expanded very rapidly. The company expanded mainly through autonomous growth, but it also made several large international acquisitions. Notable examples are the investment bank and asset management firm Barings in 1995, the American insurer Equitable of Iowa Companies in 1997, the Belgian Bank Brussels Lambert in January 1998, the German BHF-Bank in 1999 and the American insurers ReliaStar, Aetna Financial Services and Aetna International in 2000, the Polish Bank Slaski and the Mexican insurer Seguros Commercial America in 2001.

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ING has gained recognition for its integrated approach of banking, insurance and asset management. Further more, the company differentiates itself from other financial service providers by successfully establishing life insurance companies in countries with emerging economies, such as Korea, Taiwan, Hungary, Poland, Mexico and Chile. Another specialization is ING Direct, an internet and direct marketing concept with which ING is rapidly winning retail market share in mature markets. Finally, ING distinguishes itself internationally as a provider of 'employee benefits', i.e. arrangements of non-wage benefits, such as pension plans for companies and their employees. ING Group is a global financial institution of Dutch origin with 115,000 employees. ING offers banking, insurance and asset management to more than 60 million clients in over 50 countries. The clients are individuals, families, small businesses, large corporations, institutions and governments. ING comprises a broad spectrum of prominent businesses that increasingly serve their clients under the ING brand. Key to ING's retail business is its distribution philosophy of 'clickcall face'. This is a flexible mix of internet, call centers, intermediaries and branches that enables ING to deliver what today's clients expect: unlimited access, maximum convenience, immediate and accurate execution, personal advice, tailor-made solutions and competitive rates. ING's wholesale product offering focuses strongly on its strengths in employee benefits/pensions, financial markets, corporate banking and asset management. ING's strategy is to achieve sustainable growth while maintaining healthy profitability. The Group's financial strength, its broad range of products and services, the wide diversity of its profit sources and the good spread of risks form the basis for ING's continuity and growth potential. ING seeks a careful balance between the interests of its stakeholders, its Babasabpatilfreepptmba.com Page 3

Comparative study of Insurance Plans of various Companies


customers, shareholders, employees and society at large. It expects all its employees to act in accordance with the Group's Business Principles. These principles are based on ING's core values are responsiveness to the needs of customers, entrepreneurship, professionalism, teamwork and integrity.

Mission and strategy


INGs mission is to be a leading, global, client-focused, innovative and low-cost provider of financial services through the distribution channels of the client's preference in markets where ING can create value. ING's strategy is to achieve sustainable growth while maintaining healthy profitability.

ING Group has five strategic objectives


Strengthen capital base for a solid financial foundation. Optimize existing portfolio. Create value for clients with a multi-product and multi-channel approach. Develop special skills. Further lower cost base.

ING Business Principles


As a global provider of financial products and services, ING plays an important role in society. In order to fulfill this role it needs to maintain the confidence of its customers, shareholders, employees, and other stakeholders by acting with professionalism and integrity. ING Group attaches paramount importance to upholding its reputation. The Business Principles play an important role. ING expects the highest levels of integrity from its employees, regardless of their position in the organization. The Business Principles describe ING's corporate values and eight Babasabpatilfreepptmba.com Page 4

Comparative study of Insurance Plans of various Companies


operating principles for personal behavior. They apply worldwide to all of ING Group.

View
ING 's view on Corporate Social Responsibility (CSR)
Corporate Social Responsibility is a fundamental part of ING 's strategy. As a global financial-services provider, ING is deeply embedded in the international financial systems and has responsibilities towards a wide range of stakeholders. ING is committed to be a responsible and reliable partner for all its stakeholders. ING wants to contribute to the socio-economic development of the communities where it does business, within its available resources. ING believes there is a clear business case for corporate social responsibility (CSR) provided that CSR is viewed as a long-term commitment. Maximizing financial performance is a prerequisite for future growth, but financials are not the only driver. The intangible benefits of CSR include building corporate credibility, social acceptance and employee retention. Having an eye for the needs of its stakeholders enables ING to stay in touch with outside developments. Awareness of ethical, social and environmental aspects of business transactions minimizes risks at an early stage in credit-lending, insurance and investment activities. ING understands CSR as a commitment to pursue profit and commercial opportunities in an ethical as well as a socially and environmentally acceptable manner. This mission is based on four pillars: 1) Stakeholder dialogue 2) Business Principles Babasabpatilfreepptmba.com Page 5

Comparative study of Insurance Plans of various Companies


3) Embedding CSR into the core business 4) Monitoring CSR performance and activities

ING Vysya Bank Limited


It is one of India's premier private sector banks with a heritage of over 70 years. With 1.5 million customers, 480 outlets and 6000 employees it is known for its innovative banking services and for pioneering several products and services and deals in asset management. Vysya Bank has a long-standing relationship with its customers and deep understanding of the Indian market. VYSYA Bank, which merged, with ING to form ING VYSYA life insurance, which has secured good market in India. OTHER BUSINESS Personal Finance Saving & Investing Individual Loans (based on the project) Current Account Individual Insurance Private Banking Corporate and Institutional Clients Advisory / Mergers & Acquisitions Corporate Insurance Corporate Loans Debt Capital Markets Debt Markets Employee Benefits Babasabpatilfreepptmba.com Page 6

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Equities Equity Capital Markets/IPOs Equity Derivatives Financial Institutions Forex Institutional Asset Management Interest Rate Derivatives Leasing Money Market Products Payments & Cash Management Real Estate Research Securities Services Securitisation Structured Finance

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Comparative study of Insurance Plans of various Companies

IRDA (Insurance Regulatory and Development Authority act 1999)


To permit the private company to enter the insurance market, the government enacted IRDA. Act, which was passed by parliament in Dec 1999. The authority is a 10 members team consists of 1). Chairman 2). 5 whole team members 3). 4 part time members (All appointed by government of India.)

Duties and powers of IRDA


Sec 14 of IRDA act of 1999 lays down the duties, powers and functions of IRDA. Subject to the provision of this act and any other law for the time being in the force, the authority shall have the duty to regulate, promote, and insure or duly growth of insurance business and reinsurance business. Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration. Protection of the interest of the policy holder in the matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurable claims, surrender value of the policy and other terms and conditions of contract of insurance.

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Specifying requisite qualification, code of conduct and practical training for intermediaries or insurance intermediaries and agents. Promoting efficiency in the conduct of insurance business. Promoting and regulating professional organizations connected with insurance and reinsurance business. Levying fees and other charges for carrying out the purpose of this act. Calling for information from, undertaking inspection of, conducting enquires and investigations including audit of the insurers, intermediaries and other organizations connected with the insurance business. Regulating investment of funds by insurance company. Adjudication of disputes between insurers and intermediaries or insurance intermediaries. Supervising the functioning of the tariff advisory committee. Regulating other such matters, which are concerns to the insurance business.

Terms of insurance
What is Insurance?
Insurance is the method of spreading and transfer of risks. Loss of the unfortunate few is shared by the fortunate many who are exposed to same or similar risk. Insurance does not protect the assets but only compensates the economic or financial loss.

Classification of Insurance
Insurance can be classified into two basic categories: 1) Life Insurance. 2) Non-life (General Insurance) Babasabpatilfreepptmba.com Page 9

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Definition of Life Insurance
Life insurance provides a sum of money if the person who is insured dies while the policy is in effect.

Benefits from Life Insurance


It encourages saving and forces thrift. It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing. It provides valuable tax relief. Thus insurance is found to be very useful in the lives of the person both in short term and long term.

Fundamental principles of Life Insurance Contract


1) Principle of almost good faith. 2) Principle of insurable interest.

Principle of almost good faith


A positive duty to voluntary disclose, accurately and fully, all facts, materials to the risk being proposed whether requested or not.

Principle of Insurable Interest


Relationship with the subject matter (a person) which is recognized in law and gives a legal right to insure that person.

Insurance Documents
1) Proposal Form. Babasabpatilfreepptmba.com Page 10

Comparative study of Insurance Plans of various Companies


2) Advisors Confidential Report. 3) Medical Report. 4) Proof of Age. 5) First Premium Receipt. 6) Renewal Premium Receipt. 7) Policy Document. 1) Proposal Form : It includes personal details of the client as well as necessary instructions that pertain to the policy. 2) Advisors Confidential Report : It is obtained for every proposal and gives information and corroborates statements made by the proposal in his personal statements. This also verifies the occupation, sources of income, and the advisors recommendations whether to accept the proposal or not. 3) Medical Report : This is obtained from a medical examiner, who conducts medical examinations then gives his opinion about the proposes state of health. 4) Proof of Age: This is required to determine the risk and for the calculation of premium 5) First Premium Receipt : After accepting the proposal and verifying the receipt of full first premium the amount is adjusted towards premium and the first premium receipt is issued. The first premium receipt is the evidence of assumption of risk by the insurer. The FPR gives the following information: Babasabpatilfreepptmba.com Page 11

Comparative study of Insurance Plans of various Companies


1) Terms on which proposal is accepted. 2) Policy number. 3) Date of commencement. 4) Date of maturity. 5) Date of last premium. 6) Date of next premium due. 7) Amount of premium. 8) Mode of payment. 9) Table and term. 10) Name and address of the insured. 11) Details of the nomination. 12) Age/DOB 13) Rider premium if any,

6) Renewal Premium Receipt : Except for single premium policy, as per the contract, the assured is obliged to pay the premium periodically during the term of the policy on due date or within the days of grace to maintain the risk cover intact, for which the renewal premium receipt is issued. 7) Policy Documents : After the issue of FPR the policy document is issued. The policy document is an evidence of the contract and notes the contract itself. The policy is signed by the authorized officer/authority and stamped according to the Indian Stamp Act.

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The policy also states the conditions and privileges and endorsement on the back of the policy are a part of the policy.

Claims
Claim is the demand for performance of the promise made by the insurer at the time of making the contract. Life insurance claims are of two types: 1) Death claims (made on the death of a policy holder during the policy term). 2) Maturity claims (made when the policy holder survives the policy term).

Claim Documents
Maturity Claims
The insurers call for the following documents: 1) Policy Bond. 2) Age proof, if age not already admitted. 3) Deed of assignment, if any. 4) Discharge form, duly signed by the life assured/assignee and witnessed.

Death Claims
On receipt of death intimation, the insurer will ask for the following documents. 1) Policy documents. 2) Deed of assignment, if any. 3) Proof of age, if age not admitted. 4) Certificate of death issued by municipality or the local board. 5) Legal evidence of the title, if there is no nomination/assignment. 6) Claimants statement.

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Giving details like life assureds name, policy number, date and the cause of death. 7) Certificate of identity and cremation/burial by an independent person who attended the same. 8) Form of discharge executed and properly witnessed.

Claim Statement Procedure


Maturity Claim
On receipt of the required documents: Documents are scrutinized. If found all right, the claim amount is sanctioned by an authorized officer. Payment is made by an account payee crossed cheque. Normally claim is paid to life assured himself or assignee, in case of absolute assignment. Hence settlement is simple and easy.

Death Claim In case of proper nomination or assignment, no further proof of title of the client is needed. If there is no nomination or assignment, legal evidence of title to the estate of the deceased from a competent court is required. In case of death due to an accident the incident has to be reported to the police. Additionally a copy of FIR flied with the police, a police enquire Babasabpatilfreepptmba.com Page 14

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report (a report detailing the circumstances of the death) and postmortem report (if conducted) to be submitted to the insurer. Insurers now have less leeway to dilly claims. After you have made a claim a insurer cannot repeatedly ask you for additional documents or clarifications. It can ask you only once that too within 15 days of claim is being made. Further all life insurance claims have to be paid within 30 days of the claim being made. Cases that require investigation have to be completed within 6 months.

THE HISTORY OF INSURANCE


As with so many things in so many facts of our life, insurance too was born out of a primal need and shaped by socio economic realities of the time. The story goes back to around 2100 BC, the time ancient civilization of Babylon and a Babasabpatilfreepptmba.com Page 15

Comparative study of Insurance Plans of various Companies


business practice called bottomry. For all practical purposes a form of marine insurance, bottomry enabled ship owners to borrow money against their ships to pay for the trip. With piracy rampant of high seas, traders and seafarers were reluctant to sale to other lands for fear of their lives and goods. Bottomry give them some semblance of security. The arrangement was that only if their ship returned did trader have to repay the loan, along with interest, which was pegged at an above market rate for risk covered. So, if their ship failed to make it back, they did not have to repay the loan, there by covering some or all the loss.

ORIGINS
With the marine route being the bedrock of trade and commerce in those days, the practice of bottomry evolved, and spread. With the growth towns and trade in Europe, medieval guilds (groups organized on the basses of some common objective like traders) pooled in money to protect their members from loss by fire and ship wreck, to pay ransom if they were captured by pirates and to provide burial and support in sickness and poverty. By the middle of 14 th century, as evidences by earliest known insurance contract (Genoa, 1347) marine insurance was common among maritime nations of Europe. Lioyds of London, the largest marine insurer today, was found in 1688, in a coffee shop in London. Lioyds coffee house became preferred place for merchants, ship owners and underwriters to transact business. Insurance develop rapidly with growth of British commerce in 17 th and 18 th century, and started becoming organized, along the way going through a period of defaults and closures. The British brought insurance to India in 1818, replete with imperialist prejudices. The oriental life insurance company, the first insurance company in the country, insured only European widows. British insurers eventually begin insuring Indian lives, but for a premium that was 15% to 20% higher than that payable by British. It was only in 1870 that the disparity was corrected. Six Indians peeved by this second-class treatment, set-up Bombay Mutual Life Assurance Society, and Babasabpatilfreepptmba.com Page 16

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started insuring Indian lives at the same cost of British lives. Social discrimination, infact, turned out to be catalyst for Indians initiative in insurance sector. In 1909, activist Ishwar Chandra Vidyasagar founded the Hindu family annuity fund- the first instant of a pension-based investment scheme targeted at Indians. As had happened in England earlier, a flood of new players and patchy regulation snowballed into a crisis. Several insurers defaulted on their contractual obligations to policyholders, citing investment losses, some even folded-up. The insurance act 1938 started control on insurance but even they failed to safeguard policyholders interests.

NATIONALSATION
Post-Independence, discontent against insurers reached a pitch. Business was chaotic, foreign insurers were leaving the country, and Indian insurers, driven by greed and business considerations, werent earning much credibility. The cry for nationalizing insurance grew louder a move that insurers were, of course, opposed to. On 19 th January 1956, the life insurance business was nationalized. In one swoop, the government snapped up 245 insurers and provident societies. Eight months later, the life insurance corporation of India (LIC) was formed, which took over the business of the erstwhile private insurers, and started expanding at a frenetic pace. Today, this monolith has 2100 branch offices, 8 lakh agents and offers a bevy of insurance investment products. LIC marketed insurance less has a risk management tool and more has savings instruments with tax edge. A look at LIC policy profile shows that 18% of policies in force currently are protection plans. Insurance cum investment plans account for 60%, with balance being pure investment plans. Still house holds embraced these safe investment avenues, with the sum assured (or the total value of cover) increasing from Rs. 1476cr in 1957 to Rs. 459201cr to 1998 to 1999. Babasabpatilfreepptmba.com Page 17

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Similar circumstances lead to the nationalization of non-life (general insurance). As in life insurance pre nationalization there were an inordinately largely number of insurers many of whom where notorious for floating investment norms and delaying investments settlements of clams. Non life insurance was nationalized in 1972. General Insurance Corporation was setup as a holding company, total of 107 private insurers where merged and group to form general insurance corporation four subsidiaries.

PRIVATISATION
There were various reasons given by the government to nationalise the insurance sector was to take insurance to the mass, facilitate the flow of long term funds (which insurance companies, by virtue of the business they are in, have ready access to) into development of infrastructure in the country, and safe guard the interest of the policy holders. Towards this end, state insurers did develop the insurance sector, though most experts believe that these monopolies could have done much, much more. In the early nineties is, the government went on a reforms binge and started loosing controls on Indian industry. In 1993 the government appointed the Malhotra committee headed former RBI governor R.N. Malhotra, to draw up a blue print for insurance sector reforms. The panel submitted its report a year later, recommending privatization, backed by stiff entry guidelines and stringent regulations, so as to avoid a repeat pre nationalization free for all. The insurance regulatory and development authority (IRDA) was founded to regulate the sector and over see the process of privatization. In 2000, the IRDA started giving out licenses, and a year later, the first of the private players started operation. The wheel had come full circle. Under state control, the insurance sector, both life and non-life, grew steadily. Still, Indians are not adequately insured and lag behind most countries. Babasabpatilfreepptmba.com Page 18

Comparative study of Insurance Plans of various Companies


Total insurance penetration (insurance premium as a percentage of gross domestic product) is dismal when compared to its economic standing. Just 2% of the population has some form of life insurance. But in this huge gap lies a huge opportunity, which is Why private insurers are queuing up. In many ways the re-entry of private insurers has marked second coming for the sector. In just 3 years, the sector has under gone a make over, offering the fruits of free market, more choice better service, and quicker settlements, tighter regulations greater awareness. State insurers have been compelled to get their act together.

Insurance in India
1818 The British introduce to India, with the establishment of the Oriental Life Babasabpatilfreepptmba.com Page 19

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Insurance Company in Calcutta. 1850 Non life insurance debuts, with Triton Insurance Company. 1870 Bombay Mutual Life Assurance Society is the first Indian-owned life insurer. 1907 Indian Mercantile Insurance is the first Indian non-life insurer. 1912 The Indian life assurance Companies act enacted to regulate the life insurance business. 1938 The insurance act, which forms the basis for most current insurance laws, replaces earlier act. 1956 Life insurance nationalized, government takes over 245 Indian and foreign insurers and provident societies. 1956 Government sets up LIC. 1972 Non life insurance nationalized, GIC set up. 1993 Malhotra Committee, headed by former RBI governor R.N. Malhotra, set up to draw up a blue print for insurance sector reforms. 1994 Malhotra Committee recommends re-entry of private players, autonomy to PSU insurers. 1997 Insurance regulator IRDA (Insurance Regulatory and Development Authority) set up. 2000 IRDA starts giving licenses to private insurers, ICICI Prudential and HDFC Standard life first private insurers to sell a policy. 2001 ING VYSYA Life Insurance came into the market, Royal Sundaram Alliance first non-life insurers to sell a policy. 2002 Banks were allowed to sell insurance plans, as TPAs enter the scene, insurers start settling non-life claims in the cashless mode.

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Life Insurance Companies in India
INSURER Allianz insurance AMP Assurance Birla Sun Bajaj WEBSITE life allianzbajaj.co.in INDIAN PROMOTER Bajaj Auto Sanmar Group Aditya Birla Group Dabur India HDFC ICICI Vysya Bank Government of India Max India FOREIGN PROMOTER Allianz AG AMP, Australia Sun Life Financial, Canada Aviva Plc Standard Life Prudential Plc ING Group None New York Life Life

Sanmar ampsamnar.com Life birlasunlife.com

Insurance Aviva Life insurance avivaindia.com HDFC Standard Life hdfcinsurance.com Insurance ICICI Prudential Life iciciprulife.com Insurance ING Vysya Insurance Life Life ingvysyalife.com

Insurance licindia.com

Corporation Max New York Life maxnewyorklife.com Insurance MetLife India metlifeindia.com

J&K Bank, Pallonji & Metropolitan co Kotak Insurance Mahindra Old Mutual Plc

Insurance OM Kotak Mahindra omkotakmahindra.com Life SBI Life Insurance Tata-AIG Insurance sbilife.co.in

Finance State Bank of India Tata Group

Cardif (arm of BNP paribas) American International Group

Life tata-aig.com

Life insurance score card


Insurance company Met life

(first year and single premium in 2003-2004) % Growth 203.70 Market share 0.12 Page 21

Income (in crores) 23.38

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AMP Sanmar ING Vysya Aviva OM Kotak MAX Newyork Allianz Bajaj Tata AIG SBI Life HDFC Standard Birla Sunlife ICICI Prudential Private Total LIC Grand Total 27.88 7.60 77.13 127.10 131.48 17.97 18.01 19.59 209.33 449.86 750.91 2425.46 16284.68 18710.15 341.50 311.15 472.83 260.99 95.34 183.50 245.07 172.54 61.88 247.20 106.23 153.15 1.93 10.48 0.15 0.39 0.41 0.68 0.70 0.96 0.96 1.05 1.12 2.40 4.01 12.96 87.04 100.00

ING Vysya Life Insurance History


ING Vysya Life Insurance Company Private Limited entered the private life insurance industry in India in September 2001, and in a short span of has established itself as a distinctive life insurance brand with an innovative, attractive and customer friendly product portfolio and a professional advisor force. It also Babasabpatilfreepptmba.com Page 22

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distributes products in close cooperation with its sister company ING Vysya Bank through Bancassurance. Currently, it has over 3000 advisors working from 22 locations across the country and over 300 employees. ING Vysya Life Insurance Company is headquartered at Bangalore and has established a strong presence in the cities of Delhi, Mumbai, Kolkata, Hyderabad and Chennai. In addition ING Vysya Life operates in Vizag, Vijaywada, Mangalore, Mysore, Pune, Nagpur, Chandigarh, Ludhiana, Hubli, Coimbatore, Guntur, Secunderabad, Trivandram and Jaipur. ING Vysya Life has pioneered product innovations in the Indian life insurance market with customer-oriented cash bonus endowment and money back products. (Reassuring Life and Maximizing Life), the first anticipated whole life product (Fulfilling Life) and the first Term/Critical Illness combination product (Conquering Life). Conquering Life provides affordable term cover and critical illness coverage for 10 critical illnesses of upto 50% of the Sum Assured. Best year retirement plan, Safal jeevan endowment plan. Rs.17croresin2002. ING Vysya Life Insurance is a joint venture between ING Insurance International BV a part of ING Group, the world's largest life insurance company (Fortune Global 500, 2002), ING Vysya Bank, with 1.5 million customers and over 400 outlets and GMR Technologies and Industries Limited, part of GMR Group also based in Bangalore and involved in the field of power generation, infrastructure development and several other businesses. ING Vysya Life has a paid up capital of Rs.140 crores and an authorized capital of Rs. 200 crores. At ING Vysya Life, It build relationships based on trust, expertise and reliability, helping individuals like you to manage not just life insurance, but in a Babasabpatilfreepptmba.com Page 23 The company has over 25,000 customers at the end of 2002 and has achieved a first premium income of

Comparative study of Insurance Plans of various Companies


way, life itself. For we believe that a well-planned life insurance cover adds life to insurance.

Vision statement
The vision of the company is to become a leading private life insurance company in the first five years of operation and a corner stone of integrated financial services in the years there after. At ING Vysya Life Insurance, It strongly believes that as life is different at every stage, life insurance must offer flexibility and choice to go with that stage. We are fully prepared and committed to advice you on insurance products and services you require through our well-trained advisers supported by marketing and customer services in the best possible way.

We intend to achieve this by:


Fulfilling customer needs by offering affordable products Offering traditional and sophisticated product and service concepts Providing efficient customer services supported with high-end technology Building a large, world class sales force and also developing other distribution channels Developing bank assurance through different models ING Vysya Life Insurance is a joint venture between three pioneers, ING Insurance, ING Vysya Bank and GMR Group.

Share Holders
ING Vysya Life Insurance is a joint venture between ING Insurance, ING Vysya Bank and GMR Group. Babasabpatilfreepptmba.com Page 24

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The shareholding details are: ING Insurance BV ING Vysya Bank Limited GMR Technologies and Industries 26% 49% 25%

ING Group
Over the last 150 years, ING Group has grown to become one of the largest life insurance organizations in the world. Today it touches the lives of over 50 million people across 65 countries. It offers a range of financial services including insurance, pensions, banking and asset management. In the year 2000, total assets of the group stood at over INR 28, 42,000 crores. ING Group has wide and deep experience in setting up companies in new markets, which require substantial investments underlining ING's long-term commitment. In the last 20 years, ING Group has established successful life insurance companies in 15 countries contributing to the development of insurance services in these countries.

ING Vysya Bank Limited


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It is one of India's premier private sector banks with a heritage of over 70 years. With 1.5 million customers, 480 outlets and 6000 employees it is known for its innovative banking services and for pioneering several products and services. ING Vysya Bank has a long-standing relationship with its customers and deep understanding of the Indian market.

GMR Group
It has a solid track record of over two decades of growth and has wide-ranging interests in fields such as power generation, infrastructure, manufacturing, software and banking. GMR group has an excellent reputation of being able to successfully develop ventures from scratch.

Branch Location
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Locate the ING Vysya Life Insurance Branch Office closest to your city.

New

Branches :

Hubli,

Coimbatore,

Guntur,

Secunderabad,

Trivandram.

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Departments of the company
ING Vysya Life Insurance

CEO

Customer Care

Actuary

Finance

HR

Marketing

Sales

Admin

Finance

Compliance officer

Legal

Branch
Under writers

Customer Care

ORM

Commercial

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ACTUARY Department
This department consists of a team, who works on policies. They decide on the premium, terms, and other conditions of the policy.

UNDERWRITER Department
Underwriter Sr Doctor Jr Doctor

Staff

Functions of underwriters
Underwriters will be checking the documents related to the health. If underwriter thinks that it needs medical then their ask doctor to raise medical. These underwriters have the authority to accept the policy or reject the policy. If the documents doesnt satisfy their demands, or if they are not according to the normas. If Underwriters do not find the detail information in the documents provided, may in turn ask the commercial department to execs for more information regarding the health. If Underwriter finds all the documents are correct and are satisfied, they forward their order to the issuing department to issue the policy.

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ORM COORDINATOR Department


ORM Coordinater Team

Executive

Executive

Executive

Function of ORM (outstanding requirement memo) co-coordinators


ORM co-coordinators are the mediators between underwriters and commercial dept. They check the documents sent by the commercial department and if found incorrect or incomplete, proposal will be intern sent back to commercial department to get it corrected.

COMMERCIAL Department
Manager Commercial

Jr

comm.

Comm. Executive

Sr

Comm.

Executive

Executive

Function of commercial department


Commercial personnel will handle all the processing work of the policy. They help in getting the required information demanded by the underwriters. They are the mediators between underwriters and sales agencies. Babasabpatilfreepptmba.com Page 30

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Commercial department plays an important role where all the claims, collections document work will be handled. Hierarchy of the department depends on the business of the branch. For each branch they have a separate commercial department. Commercial department will have regular interaction between all the departments.

AGENCY/ BRANCH Department


Branch Manager

Sr Sales Manager

Asst Sales Manager

Bus Dev Exe

Advisory team

Advisory team

Advisory team

Functions of sales agencies


Sales agencies are only concerned with sale of product. If any information demanded by the commercial department sales managers are bound to provide it. Agency manager/ branch manager has the authority and is fully responsible for the function of the whole branch and ensures that the targets given are meet.

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ISSUING Department
Dept Head

Staff

Functions of issuing department :


policy. It in turn hands over the policy to dispatch department to send it to the policyholder. Its function is to receive the order from the underwrites and issue the

DISPATCH department
Dept Head

Staff

Function of dispatch department


It receives the policy issued by the issuing department, and sends it to the particular policyholder.

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Policies of the company


Creating life child protection plan Conquering life critical illness plan Rewarding life whole of life plan Fulfilling life anticipated whole of life plan Maximizing life money back plan Powering life limited payment endowment plan Reassuring life endowment plan (with cash bonus) Reassuring life endowment plan (with reversionary bonus)

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Best years retirement plan Safal jeevan endowment plan

CREATING LIFE child protection plan


The life maker: The life maker is the tool that assists you in building a complete financial plan for the life by helping you understand the basic needs for buying life insurance. These are:

Protection : First life insurance helps you to protect your income and your
familys financial future in case you are not around.

Savings : Second, life insurance works as a long term savings, thus giving you
the financial strength to achieve your life goals. it also gives you tax benefits.

Investment: Third, life insurance is the safe long-term investment, free from
risk of market swings. At the end of the term you or your family get added return on your investment. Depending on your personal needs, priorities and individual responsibilities, you can go for a protection, savings or investment plan or a combination. If you have children, you must have a creating life child protection plan. This plan ensures that your childs future is secured in case of your untimely death. Creating life also creates a financial asset for your child. The creating life child protection plan. What is it all about? The creating life plan is ideal because it provides the sum assured to your child immediately in case of your untimely death. Whats more, on maturity, an additional sum assured is paid with an accumulated compound reversionary bonus and a final additional bonus. Babasabpatilfreepptmba.com Page 34

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How do I benefit from this plan?
Guaranteed maturity benefits: The sum assured and the accumulated compound reversionary bonus are paid on maturity. A final additional bonus based upon the performance of the company is paid on maturity. Death benefits: Your child will receive the sum assured in case of your death. The policy continues even after the sum assured on death is paid. No premiums have to be paid after the death of the parent whose life is assured (built-in waiver of premium benefit). Your child will be eligible for guaranteed maturity benefits.

Additional Benefits
Loan benefit Maturity benefits After paying a premium for three years, you will be eligible for a loan Your child can either receive a

lumpsum or receive the amount in 3or 5 equal installments after the maturity Tax benefit date. Tax benefits u/s 88 and sections 10 (10D) are available on all our life Look in period insurance plans and riders. This is a 15 days period for you to go through the terms and conditions and decide upon taking or canceling the policy.

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Product Features
Eligibility Minimum entry age: 18 years Maximum entry age: 55 years Premium payment term Maximum maturity age: 65 years Based upon your current age, and the life cover period, you can choose to Premium payment option Minimum premium payable pay premium between 10-25 years. Annual, half yearly, quarterly monthly. Annual Rs.6000 Half yearly Rs. 3000 Quarterly Rs.1500 Monthly Rs.750 or

CONQUERING LIFE critical illness plan


Before you consider a saving or an investment plan, you should ideally choose a protection plan to secure your and your familys financial future. The conquering life critical illness plan is one such offering as it provides a double benefit of life cover and critical illness cover.

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The conquering life critical illness plan. What is all about?
The conquering life plan is ideal because it provides protection to you and safeguards your familys lifestyle through an easily affordable, pure risk life cover. And more importantly, it covers you against ten life threatening critical illnesses. The critical illnesses covered are cancer, heart attack, coronary artery bypass graft, stroke, kidney failure, a major organ transplant, brain tumor, paralysis, coma and blindness (Please refer to the annexure for exact definitions).

How do I benefit from this plan?


Illness benefits: A critical illness cover of up to 50% of the sum assured is paid to you in the event of a confirmed diagnosis of any one of the critical illnesses covered. This sum can be up to a maximum of Rs. 20 lakhs. The critical illness cover is only valid for the first critical illness suffered and not any that follow. In the event of critical illness, the remaining premium payments for the period of the policy will be waived. Death benefits: Your family will get the total sum assured, or Your family will receive the difference between the total sum assured and the critical illness claim paid, if any.

Additional Benefits
Tax benefits Tax benefits under section 88 and section 10 (10 D) are available on all our life Look in period Babasabpatilfreepptmba.com insurance plans and riders. This is a 15-day period for you to go Page 37

Comparative study of Insurance Plans of various Companies


through the terms and conditions and decide upon taking or canceling the policy.

Product Features
Eligibility Minimum age for application: 18 years Maximum age for application: 50 years Maximum age up to which premium can be Premium payment term paid: 65 years Based upon your current age, and the life cover period you can choose to pay premiums Life coverage term Premium payment options Minimum premium payable between 10 25 years. This period is the same as the premium payment term. Annual, half yearly, quarterly. Annual Rs.2500 Half yearly Rs.1500 Processing fee Quarterly Rs.1000 Rs.700 (A nominal non-refundable one time fee).

REWARDING LIFE whole of life plan

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Rewarding Life Whole of life plan is an offering that enables you to protect, save and invest. With this plan, you can create a sizeable financial asset to pass on to your family.

The Rewarding Life Whole of life plan. What is all about?


The rewarding life plan covers you for the whole of your life even after the premium paying term has ended. It also helps your investment grow, thanks to a reversionary bonus.

How Do I benefit from this plan?


Your life cover goes on increasing every year, thanks to a compound reversionary bonus. This basically means that apart from the bonus earned on the sum assured, your accumulated bonus earns you an additional bonus. Survival benefits: A large lump sum payment to you and your family when you turn 85. This includes the full sum assured, the vested compound reversionary bonus and the final additional bonus. The total amount could be as much as 10 times the sum assured. Death benefit: Your family gets the sum assured the compounded reversionary bonus and the final additional bonus. Final additional bonus: The additional bonus will be paid once the policy reaches its maturity benefit stage (at 85 years of age or earlier death).

Additional Benefits
Loan benefit Babasabpatilfreepptmba.com After paying a premium for three years, Page 39

Comparative study of Insurance Plans of various Companies


Tax benefits you will be eligible for a loan. Tax benefits under section 88 and section 10 (10 D) are available on all our life Look-in-period insurance plans and riders. This is a 15-day period for you to go through the terms and conditions and decide upon taking or canceling the policy.

Product Features:
Eligibility Minimum entry age: 12 years Maximum entry age: 50 years Maximum entry age upto which you can Flexible Premium payment term pay your premium: 65 years Based upon your current age, you can choose to pay your premium in 15, 20 or Life coverage term Premium payment options Minimum premium payable 25 years. Upto the age of 85 years Annual, half yearly, monthly. Annual Rs.6000 Half-yearly Rs. 3000 Quarterly Rs.1500 Monthly Rs. 750

quarterly

or

FULFILLING LIFE anticipated whole of life plan

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Fulfilling Life Anticipated whole of life plan is a unique plan that fulfills your need for protection, saving and investment. It gives a double benefit of a whole life cover along with regular cash returns in your lifetime.

Fulfilling Life Anticipated whole of life plan. What is it all about?


The fulfilling life plan provides your family security even after your death, apart from giving you regular cash returns during your life. The special feature of this plan is you may receive 2005 of the sum assured. The first 100% as money backs during the term, and the remaining 1005 on death or maturity. You can also choose from a range of limited premium payment terms.

How do I benefit from this plan?


Survival benefits: A certain percentage of money is paid back every quarter of the premium term. The money can be reinvested elsewhere or used to meet large expenses during ones lifetime. See the amount you will receive periodically, in the table on Survival benefits below. End of year 4 8 12 16 16year (P.P.T) 20% 20% 20% 40% End of year 5 10 15 20 20year (P.P.T) 20% 20% 20% 40% End of year 6 12 18 24 24year (P.P.T) 20% 20% 20% 40%

Maturity benefits:

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You pay premiums for a limited period of your choice while you get a risk coverage upto the age of 85 years. At the age of 85 you will receive 100% of the sum assured plus a bonus. Death benefit: Your family receives 100% of the sum assured, over and above the survival benefits you have received till then, plus a bonus.

Additional benefits:
Loan benefit Tax benefits After paying a premium for three years, you will be eligible for a loan. Tax benefits under section 88 and section 10 (10 D) are available on all our life Look-in-period insurance plans and riders. This is a 15-day period for you to go through the terms and conditions and decide upon taking or canceling the policy.

Product features:
Eligibility Minimum entry age: 18 years Maximum entry age : 49 years Maximum age upto which premium can Premium payment term be paid : 65 years Depending on your current age and when you want to receive your money, you can Life coverage term Premium payment options Minimum premium payable opt for a 16, 20 or 24 year payment plan. Upto the age of 85 years Annual, half-yearly, quarterly or monthly. Annual Rs.8000 Half yearly Rs. 4000 Quarterly Rs. 2000 Monthly Rs. 1000 Babasabpatilfreepptmba.com Page 42

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MAXIMISING LIFE money back plan
The maximizing life money back plan gives the benefits of protection and saving. Its the perfect life span plan, since it helps you meet any large financial requirements during your life.

Maximizing life money back plan. What is it all about?


The maximizing life plan is ideal because you receive a life cover plus periodic cash flows, which take care of your financial needs at different stages of your life.

How do I benefit from this plan?


Survival Benefits: At specific intervals of the premium payment term (P.P.T) youd receive a certain percentage of the sum assured as illustrated in the table below: End of year 4 8 12 16 16year (P.P.T) 20% 20% 20% 40% End of year 5 10 15 20 20year (P.P.T) 20% 20% 20% 40% End of year 6 12 18 24 24year (P.P.T) 20% 20% 20% 40%

Maturity benefits: You will receive 40% of he sum assured on maturity. Death benefit: Your family will receive the sum assured if your death occurs during the coverage term. Cash bonus:

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This plan has the advantage of an annual cash bonus which you may receive based upon the performance of the company. You have the option to accumulate it, withdrawal it or adjust it against payment of future premiums.

Additional benefits
Loan benefit Tax benefits After paying a premium for three years, you will be eligible for a loan. Tax benefits under section 88 and section 10 (10 D) are available on all our life Look-in-period insurance plans and riders. This is a 15-day period for you to go through the terms and conditions and decide upon taking or canceling the policy.

Product features
Eligibility Minimum entry age: 12 years Maximum entry age: 49 years Maximum age upto which premium can Premium payment term be paid: 65 years Depending on your current age and when you want to receive your money, you can Life coverage term Premium payment options Minimum premium payable opt for a 16, 20 or 24 year payment plan. Upto the age of 85 years Annual, half-yearly, quarterly or monthly. Annual Rs.6000 Half yearly Rs. 3000 Quarterly Rs. 1500 Monthly Rs. 750 Babasabpatilfreepptmba.com Page 44

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POWERING LIFE limited payment endowment plan
Ideally, once your protection and saving needs are met, consider an investment plan. The powering life limited payment endowment plan is one such offering. It lets you pay premiums during your key earning period while you enjoy a life cover for along period and high maturity benefits.

The powering life limited payment endowment plan. What is it all about?
The powering life plan is ideal because you get a life cover and your family enjoys long-term financial security. And thanks to a high reversionary bonus, your investment grows over time. You can even customize your coverage term and choose from a range of premium payment terms.

How do I benefit from this plan?


Survival benefits: A large lump sum payment to you when the policy matures. A life cover that enhances rapidly with the addition of a reversionary bonus each year. A final additional bonus at the end of the term. Flexible life covers term. Flexible premium payment options. Death benefit: Your beneficiaries will receive the accumulated reversionary bonus and final additional bonus in addition to the sum assured. Flexible Premium Payment: you can choose a life cover of 10, 15 or 20 years with a flexibility of choosing your premium payment term. Babasabpatilfreepptmba.com Page 45

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Policy term (years) 10 15 20 Premium Payment term 5-9 5-14 5-19

Additional benefits
Loan benefit Tax benefits After paying a premium for three years, you will be eligible for a loan. Tax benefits under section 88 and section 10 (10 D) are available on all our life Look-in-period insurance plans and riders. This is a 15-day period for you to go through the terms and conditions and decide upon taking or canceling the policy.

Product features
Eligibility Minimum entry age: 18 years Maximum entry age: 60 years Premium payment options Minimum premium payable Maximum age: 70 years Annual, half-yearly, monthly. Annual Rs.24000 Half yearly Rs. 12000 Quarterly Rs. 6000 Monthly Rs. 3000 quarterly or

REASSURING LIFE endowment plan


The reassuring life endowment plan with cash bonus fulfills you need for protection and saving. It provides an annual cash bonus just like a fixed deposit, helps you reach your financial goals and also stay protected with a life cover. Babasabpatilfreepptmba.com Page 46

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The Reassuring life endowment plan. What it is all about?
The reassuring life plan is ideal because it helps bear any large expense, helps you save for your post retirement years and protects your family in the case of your untimely death.

How do I benefit from this plan?


Survival benefit: A large financial asset for you and your beneficiaries once the policy matures, so you can meet large expenses like funding higher education for your kids, building a house or even organizing your childs wedding. Death Benefit: Financial support for your family incase anything were to happen to you.

Cash bonus: This plan has the advantage of an annual cash bonus which you may receive based upon the performance of the company. You have the option to accumulate it, withdrawal it or adjust it against payment of future premiums.

Additional benefits
Loan benefit Tax benefits After paying a premium for three years, you will be eligible for a loan. Tax benefits under section 88 and section 10 (10 D) are available on all our life Look-in-period insurance plans and riders. This is a 15-day period for you to go through the terms and conditions and Babasabpatilfreepptmba.com Page 47

Comparative study of Insurance Plans of various Companies


decide upon taking or canceling the policy.

Product features
Eligibility Minimum entry age: 12 years Maximum entry age: 55 years Maximum age upto which premium can Premium payment term be paid: 65 years Based upon your current age and the life cover period, you can choose premiumLife coverage term Premium payment options Minimum premium payable paying terms from 10 30 years. This period will be the same as the premium payment term. Annual, half-yearly, monthly. Annual Rs.4000 Half yearly Rs. 2000 Quarterly Rs. 1000 Monthly Rs. 500 quarterly or

REASSURING LIFE endowment plan (with reversionary


bonus )
Ideally, once your protection needs are met, consider a saving plan. The reassuring life endowment plan with reversionary bonus is one such offering. Besides being a saving option, it also acts as a highly reliable safety net for your family in case something happens to you.

The Reassuring Life Endowment Plan. What is it all about?


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The reassuring life endowment plan is ideal because it gives you the incredible benefit of a reversionary bonus, which enhances your life cover, and hence your sum assured, dramatically, every year. So when the policy matures you can receive almost double the initial sum assured.

How do I benefit from this plan?


Survival benefits: A sizeable financial assets for you and your family once the policy matures, so you can meet large expenses like higher education for kids, investment in a house, or organizing your childs wedding. A life cover that enhances rapidly, annually, thanks to the reversionary bonus feature. This basically means the bonus is earned not just on the original sum assured but also on the previously accumulated bonus an amount which goes on increasing every year. A final additional bonus Death benefit: Your family would receive a large sum, which would include the sum assured and the accumulated reversionary bonus and final additional bonus.

Additional benefits
Loan benefit Tax benefits After paying a premium for three years, you will be eligible for a loan. Tax benefits under section 88 and section 10 (10 D) are available on all our life Look-in-period insurance plans and riders. This is a 15-day period for you to go through the terms and conditions and decide upon taking or canceling the policy.

Product features:
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Eligibility Minimum entry age: 12 years Maximum entry age: 55 years Maximum age upto which premium can Premium payment term be paid: 65 years Based upon your current age and the life cover period, you can choose premiumpaying terms from 10 30 years. Life coverage term Premium payment options Minimum premium payable (i.e10,11,12,20..30) This period will be the same as the premium payment term. Annual, half-yearly, quarterly or monthly. Annual Rs.6000 Half yearly Rs. 3000 Quarterly Rs. 1500 Monthly Rs. 750

SAFAL JEEVAN endowment plan


The unique feature of this Safal jeevan endowment plan is that it provides an opportunity to decide on the cover of your policy. It gives you the option to choose from a convenient range of fixed terms and premiums. The plan ensures an easy and hassle free process, yet offering you a comprehensive protection and savings proposition. Thus making it the simplest life insurance plan. Apart from that it ensures, Death benefit: Sum assured with non-guaranteed bonus, if any, payable on death of the life assured. Inbuilt accident cover: In case of death due to accident, an additional benefit equal to the basic sum assured is payable. Maturity benefit: Sum assured with non-guaranteed bonus, if any , payable on maturity.

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Who is this plan for?
This plan is ideal if you are planning on taking your first life insurance policy. It offers you protection in an easy, hassle free way and helps you secure your goals and dreams despite the odds. All you have to do is to choose a suitable policy term and decide on the frequency and amount of premium payment.

How does this plan work?


Under this plan you make payment of a chosen premium for the term opted. The sum assured and non-guaranteed compound reversionary bonuses if any are payable on maturity or on death, which ever is early. Surrender value Reduced paid up value Surrender value is available after at least three full years premiums are paid. After three full years premiums are paid, and if policy lapses due to non-payment Loan facility Eligibility of premium, the policy becomes paid up. You can avail the loan of up to 90% of surrender value. Min entry age 18 years Max entry age 45 years Premium payment options Premium payment terms Max maturity age 60 Annually, half yearly, of quarterly

during the policy term The policy coverage terms are fixed at 10, 15, and 20 years

Available premium options


Yearly Half yearly Quarterly

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Rs. 2,000 Rs 2,500 Rs. 3,000 Rs. 3,500 Rs, 4,000 Rs.1, 000 Rs.1, 250 Rs. 1,500 Rs. 1,750 Rs. 2,000 Rs.500 Rs. 625 Rs. 750 Rs. 875 Rs.1, 000

BEST YEARS retirement plan


The best years Retirement plan is more than just a long-term investment plan. It enables you to create a sizeable financial asset for you and your family, in case you are not around. Besides, this plan also gives you the freedom to live a secure and peaceful retired life.

What is this plan all about?


ING Vysya life best years retirement plan gives you capital guarantee while protecting you from market swing. Ti also gives you an opportunity to invest in a arrange of investments at a lower cost.

How does the best years retirement plan works?


An ING Vysya lifelion will first help you in deciding on a regular contribution to be made every year, which will ensure an adequate pension on retirement at a vesting date of your choice. You have the complete flexibility to decide the time, amount and frequency of contributions you make each year. All contributions will be transferred to your individual pension account (IPA) and charges, as applicable, will than be deducted. The balance in the IPA will be invested in the ING Vysya capital guaranteed plan, which is invested as follows Types of asset Babasabpatilfreepptmba.com Percentage Page 52

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Government securities Government securities or other approved Securities (inclusive of (I) above) Balanced in approved investments Not less than 40% Not less than 60% Not less than 20%

The investment income, realized gains/losses earned or realized during the year by the company on the investments net of all costs, expenses and taxes if any, will be distributed among policy holders as bonus interest. The bonus interest will be in proportion to the period for which the monies are invested in the ING Vysya capital guaranteed plan during the year and will be credited to your IPA on 31st of march each year.

Main benefits
The benefit amount under this plan on the vesting date or on earlier death of policyholder is the balance amount in the IPA. On your attaining the chosen vesting date, up to 1/3 rd of the benefit amount can be withdrawn and it is tax free under sec 10(10A) of the IT Act. The balance amount will be utilized to purchase an annuity. In case of death during the term, yours spouse were have the following option in respect of the benefits under the policy. - To defer the purchase of annuity if the age of the spouse is less than 45 year, - To encash up to 5% (or such % decided by the company depending upon the investing return) of the benefit amount outstanding each year up to the age of 45 and than apply the balance if any, at age 5 to purchase annuity. In case there is no spouse, the benefit amount will be paid in lump sum to the nominee/legal hires. Balance in your IPA is guaranteed on chosen retirement date or on death. You also have the flexibility - To choose the regular contribution to be made each year Babasabpatilfreepptmba.com Page 53

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With regard to timing and frequency of contribution. - To invest additional amount in the form of top-up contribution. - To take the contribution holiday when you are unable to meet the regular contribution. - To start the pension whenever you wish. - To postpone your retirement date to make best use of market conditions, - To take-up 1/3rd of balance amount at the chosen retirement date as the tax free lump sum. - To attach a term rider if you wish. - To purchase annuity from IVL or any other insurer. Contributions made are eligible for tax exemption under 80 CCC of income tax act.

Additional benefits
Term Rider Benefits The cover shall equal to the lower of five times the regular contribution or Rs 1,00,000. The sum assured under this rider will be used to increase the benefit Term rider premium Tax benefit amount under the basic policy. Premium will be paid by way of deduction from the IPA on each due date. Tax benefits under sec 80CCC of the income tax act, 1961 are available on this plan. Any lump sum received at chosen retirement date or on death is exempted from tax under sec 10 (10A) at the income tax act.

Other features
Eligibility Minimum entry age 18yrs Page 54

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Maximum entry age Minimum deferment period Maximum deferment period Minimum vesting age Maximum vesting age 65yrs 5yrs 52yrs 45yrs 70yrs

Applicable charges
Initial one time charges Contribution related charge All first year contributions On subsequent contributions Annual management will be laved on each the IPA and will be as follows: Balance in IPA Up to Rs 50,000 50,001- 75,000 75,001-1,00,000 Above 1,00,000 Annual management fee per annum 2.5% 2.0% 1.75% 1.5% 10% 3% 31 st march on the IPA after crediting Rs 700

bonus interest. The annual management fee will be depend on the size of balance in

These charges are not guaranteed and are subject to periodic review after approval of the regulatory authority. The annual management fee shall however, not exceed 3% per annum.

Postponement of retirement date


You can postpone your retirement date to a maximum of a5 years subject to a vesting age of 70. No contributions will be accepted during this period and the policy cannot be surrender during this extended period.

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Regular contribution and contributions holidays
Minimum contribution will be 5,000 A contribution holiday is, were you may pay less than the regular contribution or no contribution in any policy year. However any contribution made should be multiple of Rs 1,000 and a minimum of at least Rs 2,000/

Top-up contributions
Make contributions over and above the regular contribution in any year before the vesting age. The minimum amount of such a top-up shall be at least Rs 2,000.

Lapse
If you are unable to meet your regular contributions in any year for any reason the policy will nit lapse and will continue to exist and accrue benefits, based on the investment performance of the ING Vysya capital guaranteed plan.

Surrender
The policy can be surrendered for cash after 3 years. The surrender value will be the accumulated balance in the IPA at the time of surrender less a surrender penalty as determined by the company from time to time. The guaranteed surrendered value is 60% of the balance in the IPA at the time of surrender.

Riders
Riders are the optional contracts, which offer additional benefits for policyholder. They are always attach to basic policy. They cannot be brought separately or independently of a basic policy. Each rider will have its own premium rate and separate policy conditions.

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Term rider
This amount is payable only on death during the application term. This amount will be in addition to the sum assured under the basic policy to which this rider is attached. However this benefit is not payable in case of occurrence of death due to suicide, with in one year of commencement of risk. FEATURES Term SPECIFICATION Subject to premium paying term under the basic policy Minimum: 10 years Maximum applicable age Maximum cover Maximum: 30 years 65 years Equal to sum assured under the basic policy Maximum limits is Rs. 20,00,000/-

Accidental Death Rider


In case of death of the life assured, due to accident during the term of the policy, sum assured under this Rider is paid along with the sum assured under the basic policy.

Definition of Accident
Death, which results from bodily injury, occurs within 180 days from the date of injury resulting from an accident. FEATURES SPECIFICATIONS Term Subject to premium paying term under the basic policy Minimum: 10 years Maximum: 30 years Maximum applicable age 65 years Maximum cover Equal to sum assured under the basic Babasabpatilfreepptmba.com Page 57

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policy Maximum limits is Rs. 20,00,000/-

Exclusions
This Rider shall not cover the death of the life Assured being caused directly or indirectly by any of the following: Any disease or infection. Intentional self-inflection injury, suicide or attempted suicide, while sane or insane. Life Assured being under the influence of alcohol, narcotics, psychotropic substances or drugs unless taken in accordance with the lawful directions and prescriptions of a qualified and registered medical practitioner. War (declared or undeclared), war-like operations, innovation, civil commotion, riots or revolution. Participation in any flying activity, except as a bonafide passenger in a commercially licensed aircraft. Participation in a criminal or unlawful act. Any injury sustained before the effective date of this Rider. Participation in hazardous sports, hobbies or pastimes including (but not limited to) racing, parachuting, mountaineering etc. Atomic energy explosion or radiation of any kind.

Accident Death, Disability and Dismemberment Rider


Death benefit : in case of death due to accident the sum assured under this rider
is payable along with the sum assured of the basic policy.

Definition of accident : An event or series of events of violent, external and


visible nature causing bodily injury is defined as accident.

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Total permanent disability : resulting from an accident and occurring within
180 days of the date of accident and lasting for at least 180 consecutive days. Completely and continuously preventing the life assured from accident and occurs within 180 days from the date of the accident.

Dismemberment of limbs occurring within 180 days of accident


Physical severance of arm at or above wrist. Physical severance of leg at or above ankle. Physical severance of a thumb and index finger at or above metacarpophenageal joint.

Schedule of payment
Total and permanent Disability Benefit
Payment in % of sum Assured 10% of Sum Assured 30% of Sum Assured 30% of Sum Assured 30% of Sum Assured Schedule of payment On the date of Admission of claim After 180 days of disability Paid after 1 year of disability Paid after 2 years of disability

Dismemberment Benefit paid immediately on admission


Payment in % of Sum Assured 25% of Sum Assured 50% of Sum Assured 100% of Sum Assured Schedule of payment Thumb and index finger on same hand Any one limb Two limb or more

Total and permanent loss


Payment in % of Sum Assured 25% of Sum Assured 50% of Sum Assured Babasabpatilfreepptmba.com Schedule of payment Loss of speech Loss of hearing in both ears Page 59

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50% of Sum Assured Loss of use of any one limb 100% of Sum Assured Loss of use of two limbs or more Schedule of payment is as per above table

Waiver of Premiums Rider


Waiver of premium rider under the basic policy and all other riders inn case of total disability occurring due to sickness or accident. The total disability should last for at least 6 consecutive months. No disability cover during the first 6 months of the policy.

Total disability
Resulting from accident or sickness and disability occurring within 180 days of the accident or sickness. The disability should last for at least 180 consecutive days. Applicable only when, the disability completely and continuously prevents life assured from engaging in any occupation to earn any wages. Term Maximum Maximum benefit available Description Premium term of the basic policy not exceeding age of 60 years Till age 65 if the said disability occurs before age 60

Exclusion : The benefit of this life insurance plan will not be payable if death
occurs due to suicide, within one year from the date of commencement of risk.

Withdrawal : if you are unable to pay your premium for some reason within the
specified period, and have paid full premium for at least 3 years, and the plan has acquired a cash surrender value, we will continue your plan without further Babasabpatilfreepptmba.com Page 60

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payments with a reduced paid up sum assured payable on death or on survival to maturity at age 85. in case you wish to withdraw your plan and have paid full premium for at least 3 years, you will receive the cash surrender value.

Introduction
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This is comparative study of the plans of different insurance companies. The study is done only on similar products of ING VYSYA life insurance. The study has been done, taking into consideration the companies, which are in Hubli and Dharwad market.

Objectives of the study:


The study is done to know the similar plans of the different companies. The benefits offered by each company in their different plans. To know the additional benefits covered by different companies with the nominal cost. To know the premium of similar plan, of different companies. To study the operations of the insurance business.

The study was done by collecting the secondary data from all the companies. The study is restricted only to the similar policies, with the help of leaflets.

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COMPARATIVE STUDY OF ING VYSYA LIFE INSURANCE AND ICICI PRUDENTIAC LIFE INSURANCE
The comparison study has been done on the similar products only. And their major difference is highlighted in conclusions.

CREATING LIFE / SMART KIDS Benefits


ING VYSYS I Survival Benefits/Maturity Benefits i. Sum Assured & accumulated compound reversionary bonus & terminal additional bonus in case companys performance is good. II Death Benefits Child will get the sum assured. ii. The policy continues even after the sum assured is paid. iii. No premiums have to be paid after the death of the parent. iv. bonus. Child guaranteed is eligible benefit for / maturity ii. 1st 2nd 3rd 4th 5th iii. i.

(Child plan)

ICICI PRUDENTIAL I Survival Benefits/Maturity benefits Flexibility of withdrawal whenever you require them. It allows you a max of 5 withdrawals Viz. up to 20% up to 25% up to 30% up to 35% up to 40% Premium Holiday If he has paid min of 5 years & then misses out any of the subsequent premium payment, his policy does not lapse. To keep the policy in force, the mortality charges are deducted from his fund. II. i. child. ii. All the future Page 63 Death Benefit The sum assured is paid to

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contributions are waived off. iii. continues. The policy benefit

Additional Benefits

ING VYSYA PRUDENTIAL


I. Rider Benefits i. Accidental Death Rider ii. Disability & Dismemberment. iii. Waiver of Premium Rider. II. III. IV. Tax Benefits U/S 88 & sec 10(10D) Loan benefits up to (90%) Look-in-period of 15 days. I. Raider benefit. i. Income benefit raider.

ICICI

ii. Accident & disability benefit raider iii. Waiver of premium raider II. Tax benefit, U/S 88 & sec 10(10D). III. Choice of investment plan. IV. Change in investment plan (Switch Option).

Product Features
ING VYSYA Eligibility (Parents age) Min 18 Max 55 Premium payment term Maturity age of parents Min premium payable 10-25 yrs. 65yrs Mthly- 750 ly 1,500 ly 3,000 Babasabpatilfreepptmba.com 4,500 9,000 Page 64 ICICI PRUDENTIALS 20-60 years (Child) (1-15) Yrs 10 25 yrs 70 yrs

Comparative study of Insurance Plans of various Companies


1 yearly 6,000 18,000

CONCLUSION
ICICI prudential in a single child plan having 3 options or offers. o Unit linked premium. o Unit linked single premium. o Regular premium smart kids. Were as ING VYSYA has single plan with no option or offer. There is premium holiday given in ICICI, provided after paying 5 yrs of premium. Were as there is no such premium holiday in ING VYSYA. ICICI prudential has given withdrawal options for which certain % of surrender value is given. Were as in ING VYSYA certain % of surrender value is paid in the case of lapse of policy. ICICI prudential has left the option to customers, to customize their investments. Like; a). Maximizer. b). Protector. c). Balancer. ING VYSYA are assuring for more bonus in case if the company performs more than expected. Babasabpatilfreepptmba.com Page 65

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Premium amount is higher in case of ICICI prudential, with compare to ING VYSYA.

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REWARDING LIFE / LIFE TIME Benefits (Whole of life plan)

ING VYSYA Prudential


Survival benefits premium paying term has ended. It ensures the revisory bonus (if the Companys performs is good). Survival Benefits Life is assured even after the Liquidity options.

ICICI

Any time after 3 yrs of policy commencement (provided you have paid premium for 3 full years) you can make partial or complete withdrawal

Death Benefits given. yrs or earlier death.

at no panelty.

Total sum assured + bonus is Switch benefit. Premium holiday benefit. Total sum assured + bonus is given. Additional bonus is given at 85 Death benefit.

Additional benefit with nominal costs

ING VYSYA PRUDENTIAL


1) Rider Benefit Term rider Accidental death Disability and disbursement rider 1) Rider benefit.

ICICI

Accident & disability rider Critical illness rider Major surgical assistance benefit Page 67

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Waiver of premium rider 2) Loan Benefit. 3) Look-in-period of 15 days.

Product Features

ING VYSYA PRUDENTIALS


1. Eligibility age Min 12yrs Max 50yrs 2. Min premium payable Monthly 750 ly ly 3. Life coverage 1,500 3,000

ICICI
Min 1 [Age is considered for the first day of the baby] Max 60 -4,500 9,000 18,000 70years

Yearly 6,000 85 years

CONCLUSION:
Options are left open to customize their investments in ICICI PRUDENTIALS. There is no premium holiday in ING VYSYA. ICICI PRUDENTIAL is covering critical illness and major surgical assistance benefit with the nominal cost in rider benefits. Administrative and other charges are higher in ICICI PRUDENTIAL compared to ING VYSYA. Risk of investment is imposed on customers as the investment option is customized in ICICI PRUDENTIAL. ICICI PRUDENTIAL is providing top-up facility. Unit linked plans are totally market driven, there is no guarantee of the principle as the case in ICICI PRUDENTIAL. Babasabpatilfreepptmba.com Page 68

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MAXIMISING LIFE / CASH BACK Benefits


ING VYSYA Survival benefits/ maturity benefits At specific intervals of the payment term yould premium

(Money back)

ICICI PRUDENTIALS Survival Benefits/ maturity benefits At specific intervals of the premium payment terms you yould receive certain % of sum assured viz. END of 3rd years 6th years 9th years 12th years 15th years P.P.T. (16 years) 10% 15% 20% 25% 50% + guaranteed additional + vested bonus

receive certain % of the sum assured. END of 4th years 8th years 12th years 16th years P.P.T. (16 years) 20% 20% 20% 40%

You will receive 40% of sum Cash bonus is paid annually (if You have the option to

assured + Bonus (if any) declared) accumulate it, withdraw it, or adjust it against payment of future premium. Death Benefits Nominee will receive sum Death Benefits

Full sum assured + Additional Page 69

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assured + Bonus (if any) (if the death occurs during the coverage term). guaranteed at the rate of 3.5% compounded annually for the 1st 4 years + the vested bonus (if any) irrespective of the survival benefits paid.

Additional benefits
ING VYSYA 1. Rider Benefits Term Rider Accident death rider Disability & dismemberment. ICICI PRODENTIALS 1. Rider Benefits Critical illness rider Major surgical rider Accident & Disability benefits

2. Loan upto 90% 3. Tax Benefits 4. Look in period of 15 days. 2. Exit option

Product Features

ING VYSYA ICICIPRUDENTIAL


Eligibility Min 12yrs Max 49yrs Min sum assured (min premium) 6,000yrly Premium payment option yearly, 1/2ly, 1/4ly, monthly Min1yr Max 55yrs 75,000 Yearly, 1/2ly, 1/4ly, monthly

CONCLUSIONS
ICICI is providing guaranteed additional bonus at the rate of 3.5% compounded annually for the first 4 years. ICICI is covering critical illness riders & major surgical riders. Page 70

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ICICI is not providing loan benefits. Exit option is not available in ING VYSYA, but surrender value will be paid in the case of lapse of the policy.

REASSURING LIFE/ CASH PLUS


Benefits ING VYSYA 1. Survival benefits Large financial assets for you and your beneficiaries once the policy matures. Death benefits Beneficiary will receive sum assured + accumulated reversionary bonus. Cash bonus An annual cash bonus will be paid which may be received based upon the performance of the company. You have the option to accumulate it, withdraw it or adjust it against payment of future premiums. * * A large lumsum payment to you when the policy matures. Cash bonus

(Endowment plan)

ICICI PRODENTIALS 1. Survival Benefits ICICI prudential offers 3 levels of cover (in the form of sum assured) 1. Basic (Term 5) x Premium 2. Std Term x premium 3. Enhanced (Term +5) x Premium Bonus is paid every annually. Flexibility of receiving your maturity proceeds as a lump sum or in equal annual installments over 3 or 5 yrs.

3. Death Benefits Page 71

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Sum assured + Bonus will be given to 2. Death Benefits Beneficiary will receive sum assured + accumulated reversionary bonus. beneficiary.

Additional benefits with extra nominal costs.


ING VYSYA 1. Rider Benefits Term Rider Accident death rider Disability & Dismemberment Rider. Waivers of premium rider ICICI PRODENTIALS 1. Rider Benefits Critical illness rider Major surgical assistance rider Accident & Disability benefit rider Waivers of premium rider

2. Loan Benefit 3. Tax Benefits 4. Look in period of 15 days.

Product Features
ING VYSYA Eligibility Max age covered Premium payment term Min premium payable Min 70yrs 10-30yrs yearly 4,000 1/2ly 2,000 12yrs Min Max Max 55yrs ICICI PRODENTIALS 0yr 60yrs 75yrs 10-30yrs 8,400 4,200 Page 72

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1/4ly 1,000 Monthly 500 700

CONCLUSION
There is no option like level of coverage in ING VYSYA as the ICICI prudential is providing. ICICI is providing both lump sum & installment payment to the beneficiary. ICICI prudential is covering critical illness & major surgical assistance in additional benefits with a nominal cost. ICICI is guaranteeing the bonus of 4% for first year. Administrative & investment charges are more in ICICI compare to ING VYSYA.

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BEST YEARS / RETIREMENT SOLUTIONS Benefits (Pension plan)

ING VYSYA ICICI PRUDENTIALS


Survival benefits Survival benefits On the attaining of chosen vesting date, upto 1/3 1. He can contribute more to the fund. of the benefit amount can be withdrawn and it is 2. He can choose any retirement date. tax-free. The balance amount will be utilized to 3. He can switch between the plans. (One free purchase an annuity. Death Benefit i. In the case of death during the term, your nominee will have the following option. a) To defer the purchase of annuity of the age of the nominee is 45 yrs. b) To encash up to 5% or such % decided by the company of the benefit amount outstanding each year up to the age of 45 and then apply the balance of any, at age 45 to purchase annuity. ii. You have the flexibility. a) b) To Time chose at the regular of contribution. frequency ii. Other Benefits i. You can choose between maxi miser, protector and balanced investment planes. They have 4 different retirement solutions such as. a) Life time pension. b) Service + Pension. c) Life link pension. Page 74 ii. switch ever year). Death Benefit i. Your nominee will receive death benefit amount. Your nominee can choose the mode of payment either lump sum or in an annuity that would provide regular income to the family.

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contribution. c) d) e) f) g) To take contribution holiday. To invest additional contribution. To start the pension when ever you wish. To attach term raider if you wish. To postpone your retirement date. d) Forever life.

PRODUCTS FEATURES
ING VYSYA Eligibility Vesting age Annual management age First contribution Subsequent contribution 10% 3% 20% 18% Min 18yrs 45-70yrs Min Max Max 65yrs ICICI PRUDENTIALS 18yrs 60yrs 45-70yrs

CONCLUSION:
ING VYSYA has only one plan in the policy, were as ICICI prudential has different plans within the policy. ING VYSYA has fixed investment option plan were in customer has no option to customize there investments.

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ICICI prudential has covered critical illness & major surgical assistance rider in additional benefits with the nominal cost.

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COMPARATIVE STUDY OF ING VYSYA & LIC
CREATING LIFE / JEEVAN KISHOR Benefits
ING VYSYA I. Survival Benefits Maturity Benefits i. Sum Assured & compound reversionary bonus & Additional depending II. Death Benefits i. Child will get the sum assured. ii. The policy continues even after the sum assured is paid. iii. No premium has to be paid after the death of the parent. iv. Child is eligible for guaranteed maturity benefit / bonus. performance. Terminal on the Bonus companys II. Death Benefits i. Child will not get any of the amounts. ii. The policy has to be continued by paying the regular premiums. iii. Child is eligible for guaranteed maturity benefits / bonus. LIC I. Survival Benefits Maturity Benefits In case of death of a child, premium paid till the date is given back. accumulated i. The sum assured + bonus is given

(Child Protection Plan)

Product Features ING VYSYA


Eligibility (parent age) Min Max Premium Payment Term Max Age of Maturity 20 60 10-25 65

LIC
Min 1 (child age) Max 12 15-35 45

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CONCLUSION :
ING VYSYA has only one child policy, were as in LIC has different versions in a single plan, viz. iv. v. vi. vii. JEEVAN KISHOR PLAN. JEEVAN CHAYA PLAN. JEEVAN SURAKSHA PLAN. CHILDREN MONEY BACK POLICY.

ING VYSYA covers the life of father were as in LIC only Childs life is covered. In case of death of parents in LIC the premium need to be continued by other family members or the policy would lapse. In LIC they pay back the premium, in case of a death of a child, where as ING VYSYA dont pay any amount. ING VYSYA pays the amount in lump sum or in 3 or 5 equal installment after the maturity date. Were as LIC gives it in last 4 equal installments to the holder before the maturity date.

There is no look-in facility in LIC.

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MAXIMISING LIFE /MONEY BACK Benefits

(Money back policy)

ING VYSYA
Survival benefits At specific intervals of the premium payment term yould receive certain % of the sum assured. End of 5th years 10th years 15th years 20th years P.P.T. (20 years) 20% 20% 20% 40% + bonus End of 5th year 10 th years 15 th years 20th years to Tax benefit. Permanent 20% 20% Survival benefits

LIC
Certain amount is received back even during continuation of the policy term. P.P.T. (20 years) 20%

40% + bonus

There is also 16 and 24 years term You will receive 40% of sum Cash bonus is paid annually You have the option assured + Bonus (if any)

disablement

benefit.

(Covered in basic policy)

accumulate it, withdraw it, or adjust it against payment of future premium. Death Benefits Death benefits In case of natural death nominee will

Your family will receive sum assured (if receive full sum assured + bonus. the death occurs during the coverage In case of death by accident nominee will term + Bonus (if any). Babasabpatilfreepptmba.com get double the sum assured + bonus on Page 79

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the policy.

Additional benefits
ING VYSYA 1. Rider Benefits Term Rider Accident death rider Disability Rider. 2. Loan Benefit 3. Tax Benefits 4. Look in period of 15 days. & 1.Accidental LIC death and accidental disablement benefit is covered in basic policy itself with the basic premium. Dismemberment 2. Tax benefits 3. Loan benefits

Waivers of premium rider

Product Features

ING VYSYA
Eligibility Min Max Max age of Maturity 12yrs 49yrs 65yrs Min 13yrs Max 50yrs 70 yrs

LIC

CONCLUSION:

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ING has maturity age as 65 were as LIC has 70 years, so there is long term assurance to costumer in LIC. ING is providing rider benefits at an extra nominal cost, were as LIC covers it within the basic policy. In case of death, double the sum assured is given to the nominee. where as in ING VYSYA only the sum assured + the bonus is given.

REASSURING LIFE / ENDOWMENT PLAN (Endowment plan) Benefits

ING VYSYA
1. Survival /maturity benefits A large lump sum payment to Cash bonus Beneficiary will receive sum assured reversionary performs) + accumulated bonus (Bonus you when the policy matures. 2. Death Benefits 1. Survival /maturity benefits

LIC
Policyholder will receive the sum assured and bonus accrued. 2. Death benefits Sum assured will be given to the nominee. In case of death by accident double the sum assured will be given to the nominee. 3. Other Benefits Accidental death is assured in basic policy only. Highest bonus paid in LIC.

could vary as per the company

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Additional benefits

ING VYSYA LIC


1. Rider Benefits Term Rider Accident death rider Disability Rider. Waivers of premium rider 2. Loan Benefit 3. Tax Benefits 4. Look in period of 15 days. & 1. Accidental death is covered in basic plan only 2. Tax benefits Dismemberment 3. Loan benefits

Product Features

ING VYSYA
Eligibility Premium payment term Max Age of Maturity Minimum sum assured Premium payment option Monthly Min Max 12 yrs 55 yrs 65 yrs 1 lakh yearly, 1/2ly, 1/4ly, Min 12 yrs Max 65 yrs 5-55 yrs 75 yrs 10,000

LIC

10-30 yrs

yearly, 1/2ly, 1/4ly, Monthly

CONCLUSION :
ING has not covered accidental death in the basic policy. LIC is giving guaranteed bonus. Page 82

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Nominee will get double the sum assured in the case of accidental death in ING VYSYA & LIC.

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CONQUERING LIFE PLAN / AASHA DEEP PLAN (Critical illness plan) Benefits

ING VYSYA
. Survival /maturity benefits 1. It covers major 10 deceases. . Survival /maturity benefits 1. It covers only 5 deceases.

LIC

2. Ones the claim is made for any 2. Ones the claim is made for any deceases, You need not pay further deceases, You need not pay further premium Death Benefits assured. between the total sum assured & critical illness claim paid (of any). premium. Death Benefits 2. In case of accident double the sum

1. The family will get the total sum 1. The nominee will get the sum assured. 2. The family will receive the difference assured is given.

Product Features

ING VYSYA LIC


Eligibility Min Max Maximum Maturity age Premium payment term 18yrs 50yrs 65yrs 10-25 yrs Min Max 18yrs 50yrs 65yrs 15-25yrs

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CONCLUSION :
ING has covered 10 major deceases, were as LIC covers only few deceases. Double the sum assured is given in case of accidental death, This benefit is available with both the companies, [Provided Accidental Benefit rider is taken/attached to the basic plan] Loan facility is given in LIC, were as ING is not providing a loan facility. Maximum sum assured in LIC is 3 lakhs, were as in ING Max 20 lakhs. ING VYSYA is providing the rider benefit with extra nominal cost. Were as LIC is covering it within the basic policy.

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BEST YEARS / JEEVAN SURAKSHA Benefits (Pension plan)

ING VYSYA
On the attaining of chosen 1. Insured will be getting vesting date, upto 1/3 of the pension. benefit amount can be withdrawn and it is tax-free. The balance Death Benefits amount will be utilized to purchase an annuity. the term, your spouse will have the following option (i) To defer the purchase of annuity if the age of the 1. It has option within the plan. spouse is < 45 years. (ii) To encash upto 5% or (such % as decided by the 2. Option of paying the premium. i. ii. Option. Annually Lump sum Other Benefits

LIC
monthly

1. Sum assured is given in case it is

In the case of death during covered.

company) of the benefit 3. 5 different option for getting monthly amount O/S each year upto the age of 45 years and then apply the balance if any at age 45 to purchase annuity. In case there is no spouse, the benefit amount will be paid in lumpsum to the nominee. You have the flexibility like To choose the regular Page 86

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contribution Time To and invest additional additional contribution contribution To take contribution holiday To start the you pension with min whenever

seizing term is 5 years To postpone your retirement date the option is available one in the term of the policy.

Product Features

INGVYSYA
Eligibility Vesting age Min 18yrs Max 65yrs Min 45yrs Max 70yrs Min 25yrs Max 60yrs Min 55yrs Max 70yrs

LIC

CONCLUSION :
ING is providing top-up facility, were in LIC is not providing top-up facilities. ING gives contribution holiday in case you are unable to meet the regular contribution. There is no such option in LIC. Babasabpatilfreepptmba.com Page 87

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COMPARISION OF ING VYSYA AND AMP SANMAR CREATING LIFE / YUVA SHREE Benefits
ING VYSYA Survival/Maturity Benefits i. Sum assured + AMP SANMAR Survival/Maturity Benefits accumulated i. The sum assured is payable in 4 bonus + installment + bonus payable at the end of the 4 installment / Policy Term. Death Benefit i. Child will get the sum assured + child is eligible for bonus, which is paid at i. ii. Child will get the sum assured. The policy continues even after the sum assured is paid. iii. No premium has to be paid after the death of the parent. iv. Child is eligible for guaranteed maturity benefit / bonus. the end of policy term.

(Child plan)

compound according

reversionary to the

Final additional bonus which varies company performance. Death Benefits

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Additional Benefits
ING VYSYA 1. Rider benefits Accidental death rider Disability & Dismemberment & waiver of premium rider. 2. Loan benefit 3. Tax 4. Lock-in-period of 15 days. 3. Tax 1. Rider benefit. Critical condition (10 major illness cover) Accident cover 2. Loan benefit AMP SANMAR

Product Features

ING VYSYA AMP SANMAR


Eligibility Premium Payment Term Premium Payment Option Sum assured 10 25yrs Monthly, ly, ly, yearly depends on the age of Parent and term. Min 25,000 Max No limit 5 20yrs yearly, ly, ly Min Max 18 55 yrs Min Max 20 60 yrs

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CONCLUSION :
ING VYSYA is providing the benefit of sum assured in one lump sum. Were as AMP SANMAR is providing in 4 equal installments. ING VYSYA provides the bonus & the final additional bonus (if any) at maturity or at death. AMP SANMAR pays it in the 4 th installment. There is no such additional bonus given. Additional benefits in AMP SANMAR covers major illness with accident cover provided with nominal extra cost. The brochure is self explanatory giving full details about rider benefit, S/A benefits age applicable, sum assured for critical & accident benefit are given clearly. Were as in case of ING VYSYA the Riders broachers give us the full details required

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MAXIMISING LIFE / DHANA SHREE Benefits


ING VYSYA Survival benefits At specific intervals of the premium payment term yould receive certain % of the sum assured. END of 4th years 8th years 12 th years 16th years Maturity Benefits You will receive 40% of Cash bonus is paid annually sum assured + Bonus (if any) (if declared) You have the option to accumulate it, withdraw it, or adjust it against payment of Babasabpatilfreepptmba.com P.P.T. (16 years) 20% 20% 20% 40%

(Money back plan)

AMP SANMAR Survival Benefits At specific intervals of the premium payment terms, you would receive certain % of sum assured at the end of 4 th year & then after every 3 yrs

Maturity Benefits Remaining % of sum assured + Bonus. Cash Bonus It is paid at the last on maturity.

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future premium. Death Benefits Your family will receive sum assured (if the death occurs during the coverage term + Bonus (if any). Death Benefits Full sum assured + accursed bonus up to the date of death.

Additional benefits
ING VYSYA 1. Rider Benefits Term Rider Accident death rider Disability & dismemberment. 2. Loan benefit 3. Tax Benefit 4. Look in period of 15 days. 1. Rider Benefits Critical condition covers 10 major illnesses. Accident cover Tax Benefit AMP SANMAR

Product Features

ING VYSYA SANMAR


Eligibility Min Max Maturity Max P.P.T P.P.O 16, 20 or 24 yrs Yearly, , 1/4, monthly 12 yrs 49 yrs 65 yrs Min Max Max Min 15 yrs 63 yrs 70 22

AMP

7 34 yrs yearly, , Page 93

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Sum assured (min premium) 6,000 per annum Min Max 25,000 (S/A) No limit

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CONCLUSION :
ING VYSYA pays back the amount in 4 installments as 20%, 20%, 20% & 40% each Bonus is paid annually, which can be with drawn, accumulated or adjusted in premium payment. AMP SANMAR payback after 4 th year as 1st installment & there after in every 3 years. On maturity remaining of sum assured + bonus is paid. Additional benefits in AMP SANMAR covers company major illness (specified in additional benefit) with accident cover provided with some nominal charges. All the benefits with age limits and sum assured of critical conduction & accident benefit are given in detail in leaflet.

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POWERING LIFE [Limited Period Endowment Plan] / SUBHA SHREE Benefits


ING VYSYA 1. Survival benefits Flexible life cover term Flexible option Policy Term 10 15 20 59 5 14 5 19 P.P.T (yrs) premium payment AMP SANMAR 1. Survival Benefits P.P.T is shorter than the term Full sum assured at the end Full vested bonuses of the policy by 5 yrs. of the P.P.T. compounded on maturity.

(Endowment plan)

A large lumsum payment to Cash bonus 2. Death Benefits Full sum assured + bonus till the date of death. If death occurs before the end of P.P.T One more sum assured + bonus. 1. Rider Benefits Critical condition cover Accident cover Beneficiary will receive sum + accumulated bonus (if the

you when the policy matures. 2. Death Benefits assured reversionary

company performs good.)

Additional benefits
1. Rider Benefits Term Rider Accident death rider Disability rider etc. Babasabpatilfreepptmba.com &

dismemberment 2. No loan benefit 3. Tax Benefit Page 96

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2. Loan benefit 3. Tax Benefit 4. Look in period

Product Features

ING VYSYA AMP SANMAR


1. Eligibility Min Max 2. Premium Payment Option Monthly, ly, ly, yearly Monthly, ly, ly, yearly 18 yrs 60 yrs Min Max 12 yrs 65 yrs

CONCLUSION :
ING VYSYA is allowing flexible life cover term & flexible premium payment options. AMP SANMAR has no option, as 5 yrs more life is covered. AMP SANMAR covers 10 major illness (specified in leaflet) in additional benefits. Bonus is compounded in both the companies.

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REWARDING LIFE / NITYA SHREE Benefits


ING VYSYA 1. Survival benefits Life [PPT] It helps to get reversionary bonus. (Which could be 10 times sum assured). 2. Death Benefits The total sum assured + The additional bonus is bonus is given. given at maturity an early death. is insured even after premium-paying term concludes

(Whole of life plan)

AMP SANMAR 1. Survival Benefits Life is insured even after premium-paying term concludes [PPT] Vested bonus is added to sum assured.

2. Death Benefits The total sum assured + Additional bonus is given on bonus is given the death or at maturity.

Additional benefits
ING VYSYA 1. Rider Benefits Term Rider Accident death rider Disability & dismemberment 1. Rider Benefits Critical condition. Accident cover. Disability benefit Page 98 AMP SANMAR

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rider & waiver of premium. 2. Loan benefit 3. Tax Benefit 4. Look in period 2. Loan benefit 3. Tax Benefit

Product Features

ING VYSYA SANMAR


1. Eligibility Min Max 2. Premium Payment Term (Based open the age) 3. Life coverage term 85 yrs 85 yrs 12 yrs 50 yrs Min Max 20 yrs 60 yrs

AMP

15, 20 or 25 yrs

5 40 yrs

CONCLUSION :
Additional coverage is less compare to AMP SANMAR. Both have compounding bonus system. All the details of other benefits, its min sum assured, age limit, and Maturity age are given in AMP SANMAR. 10 major critical condition cover option is available in the policy with the nominal cost.

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BEST YEARS / BHAGYASHREE Benefits
ING VYSYA On the attaining of chosen vesting date, upto 1/3 of the benefit amount can be withdrawn and it is tax-free. The balance amount will be utilized to cover purchase an annuity. In the case of death during the term, your spouse will have the following option AMP SANMAR Offers you the choice of life cover. You have the flexibility to choose this option at any time during the pendency of the policy but before the vesting date. You have a flexibility in options when you choose the life

(Pension plan)

(iii) To defer the purchase of Fixed risk cover annuity if the age of the Decreasing risk cover spouse is < 45 years. (iv) To encash upto 5% or You have choice in investment also

(such % as decided by the Capital secure fund company) of the benefit Balanced fund amount O/S each year upto the age of 45 years and then apply the balance if any at age 45 to purchase annuity. In case there is no spouse, the benefit amount will be paid in lumpsum to the nominee. You have the flexibility like To choose the regular (20% equities) You will also have switch option One switch every year is You have option to add on force of cost. accidental death and disablement benefit with the extra nominal cost. You also have the exit option from Capital secure fund option and balanced fund option. Page 100

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contribution Time To and invest additional additional contribution contribution To take contribution holiday To start the you pension wish min whenever In case of total and permanent disability, 1/10 th of the accidental sum assured will be paid at the end of each year for 10 years. Flexibility in choosing the annuity provider (i) Whole life (ii) 5/10/15 years (iii) Death of the annuitant AMP SANMAR will provide you with a statement of A/c. at the end of every policy year, showing your contribution, expense charges and interest on your accumulated balances.

vesting age as 5 yrs. To postpone your retirement date option available one once.

Product Features
ING VYSYA Eligibility Resting age Applicable Charges Additional charges Subsequent contribution Up to 50,000 2.5% 2% 1.75% 10% 3% 10% 5% Investment charges Capital Secure fund Min 1.5% Max 2% Balanced fund Page 101 Min Max Min Max 18 years 65 years 45 years 70 years AMP SANMAR 18 years 65 years 45 years 70 years

Management Charges Annual Mgmt. Fees (p.a) 50,001 75,000 75,001 1, 00,000

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Comparative study of Insurance Plans of various Companies


Above 1,00,000 1.5% Min 1.5% Max 2%

CONCLUSION :
The customer is left with option to customize his investment. In ING VYSYA customer is given rider benefit in lump sum, long with the sum assured were as in AMP SANMAR, customer if liable, is paid in 10 equal installments every year. Customer in AMP SANMAR has 1 free switchover option every year.

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COMPARISON OF SBI LIFE & ING VYSYA CREATING LIFE / SCHOLAR Benefits
ING VYSYA Survival / maturity benefits

(Child plan)

SBI LIFE
Survival / maturity benefits The sum assured will be paid in 4 equal installments when the child attains 18 years of age or a lumpsum. Last installment includes additional vested bonus. Death benefits receive sum Child will receive sum + vested bonus assured

The sum assured + accumulated compound reversionary bonus + final additional bonus (If the company performance is good) Death benefits Child will assured immediately. Policy continues even after the sum assured on death is paid. Waiver of premium is in built Child will be eligible for one more S/A + Bonus until the end of the term.

immediately after death. Waiver of premium is in Additional another sum will be paid on built assured

maturity of the policy.

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Additional benefits
ING VYSYA Rider Benefit SBI Life Rider Benefit Term rider, accident death rider, accidental death, disability and dismemberment rider and waiver of premium rider receive a Maturity benefit

Term rider, accident death rider, accidental death, disability and dismemberment rider and waiver of premium rider Loan benefit Maturity benefit can either

Child

Child can either receive a lumpsum or receive 4 equal installment after his attainment of 18 years Tax benefits Lock-in-period of 30 days

lumpsum or receive the amount in 3 or 5 equal installment after the maturity date Tax benefits Lock-in-period of 15 days

Product Features

ING VYSYA SBI Life


Eligibility Max maturity age Premium Payment Term Premium Payment Option Min Max 18 yrs 55 yrs 65 yrs 10-25 yrs Yrly, 1/2, 1/4 mthly 18 yrs 55 yrs 65 yrs 5-25 yrs Yrly, 1/2, 1/4 mthly

CONCLUSION :
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Loan benefit is not provided in SBI life, were as in ING VYSYA upto 90% of sum assured is given, provided if the customer pay the premium for min of 3 years. All the other benefits in the policy of both the Companys are similar.

REASSURING LIFE / SUDARSHAN Benefits


ING VYSYA Survival benefits

(Endowment plan)

SBI Life Survival benefits

A large financial asset for you and your beneficiaries once the policy matures. Death benefits will + receive sum accumulated

A large sum of money at the time of maturity is paid to the customer. Death benefits

Beneficiary assured Cash bonus

The beneficiary will get in 10 equal installments for 10 years. Cash bonus Cash bonus is added back to sum assured. Thus increase in total accumulation sum assured + Bonus every year.

reversionary bonus in whole. An annual cash bonus will be paid which may be received based upon the performance of the company. You have the option to Babasabpatilfreepptmba.com Page 105

Comparative study of Insurance Plans of various Companies


accumulate it, withdraw it or adjust it against payment of future premiums.

Additional benefits
ING VYSYA Rider Benefit SBI Life Rider Benefit

Term rider, accident death rider, accidental death, disability and dismemberment rider and waiver of premium rider Loan benefit Tax benefit Lock in period of 15 days

Term rider, accidental death and total permanent disability cover. Critical illness covers six Tax benefits V/S 88 Lock in period of 30 days major illnesses

Product Features
ING VYSYA Eligibility Max maturity age Premium Payment Term Life Coverage Term Min Max 12 yrs 55 yrs 65 yrs 10-30 yrs Same as the premium Payment term Premium Payment Option Yrly, 1/2, 1/4 mthly SBI Life 12 yrs 60 yrs 70 yrs 5-30 yrs same as the premium payment term Yrly, 1/2, 1/4 mthly

CONCLUSION :

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SBI life is covering critical illness in additional benefits with extra nominal cost. Were, as ING VYSYA is not covering any critical illness in additional benefits. SBI life is not providing any loan on the policy Were as ING VYSYA is providing 90% of loan to almost all the policies. Lock-in-period is 30 days in SBI life were as there is 15 days in ING VYSYA. Cash bonus is only accumulated in SBI life. Were as ING VYSYA has the option to choose as withdraws annually, adjust it to future premium or accumulate it. SBI life is providing 5 years more coverage and 5 years more premium payment term in SBI life.

BEST YEARS PLAN / LIFE LONG PENSION (Retirement plan)


Benefits ING VYSYA vesting date, upto 1/3 of the benefits amount can be withdrawn and it is tax-free. The balance amount will be utilized to purchase an annuity. In the case of death during the term, your spouse will have the following option (v) SBI Life Policy guarantees you a min Of 4.5% per annum (compounded annually upto 31st March 2010) In addition you will be entitled for bonus declared by SBI life every year based on the net surplus from the pension fund investments. On the attaining of chosen Guaranteed Return

To defer the purchase of Computer flexibility Page 107

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annuity if the age of the spouse is < 45 years. (vi) To encash upto 5% or (such % as decided by the company) of the benefit amount O/S each year upto the age of 45 years and then apply the balance if any at age 45 to purchase annuity. In case there is no nominee, the benefit amount will be paid in lumpsum to the nominee. You have the flexibility like To Time To choose and invest the regular additional additional contribution contribution contribution To take contribution holiday To start the pension whenever you wish [A min vesting age is for 5 years]. To postpone your retirement date option available only once. This policy leaves you option to target saving amount that you would expect to accumulate at the age of at which you would draw the pension. Then the periodical contribution amount that is to be made to reach the targeted sum is indicated to the customer. To pay the contribution at any convenient frequency. Free to increase the contribution. Choice of Pension Payment You have the option to use amount from your personal pension A/c. (i) Withdraw upto 33% of the accumulated sum for your immediate cash needs. (ii) Withdraw the remaining amount with a view to seeking annuity payment benefit from any other insurance company. (iii) Ask to utilize the balance purchase amount (Annuity

price) to draw pension payments from SBI life under one of several choices. (a) Fixed, annuity Page 108

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Comparative study of Insurance Plans of various Companies


amount as long as you live. (b) amount Increase as that the life provides

progressively higher pension by 3% every year to keep up with the increasing cost of living. (c) amount Fixed for a annuity minimum

guaranteed period of 5, 10 or 15 years and there after the nominee would receive for the remaining guaranteed period. The annuity could be payable yearly, 1/2, 1/4, monthly as you wish.

Product Features

ING VYSYA SBI Life


Eligibility Vesting age Min Max Min Max Applicable Charges Additional charges Subsequent contribution Babasabpatilfreepptmba.com 10% 3% Page 109 18 yrs 65 yrs 45 yrs 70 yrs 18 yrs 65 yrs 52yrs 72yrs

Comparative study of Insurance Plans of various Companies


Min Contribution first time 5,000 Subsequent Contributions Lock-in-period 2,000 15 days 3,000 3,000 30 days

CONCLUSION :
SBI life is guaranteeing at least 4.5% of returns per annum. Were as there is no such guaranteed return highlighted by ING VYSYA. SBI life has left option to the customers to withdraw with a view to select the annuity payment benefit from any other insurance company. A similar option is also available with ING VYSYA along with a option for Term Rider with a maximum limit of Rs. 1.00.000 [One Lakh only].

SIMILAR PLANS OF DIFFERENT COMPANIES


ING VYSYA LIFE INSURANCE Creating life Child Protection Plan Maximizing life Money Cash Back Young sanjeevini Dhana Shree ICICI PRUDENTIAL Smart kids Scholarship SBI LIFE AMP SANMAR Yuva Shree Jeevan Kishore Money Back Plan Page 110 LIC

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Back Plan Conquering life Critical illness Reassuring life Endowment plan Best years Retirement Solutions Life Time Life Long Pension Nitya Shree Bhagya Shree Jeevan Suraksha Cash Plus Sudarshan Subha Shree Asha Deep Plan Endowment Plan

Pension plan Rewarding Life Whole of Life Plan

SIMILAR POLICIES AND THERE TERM OF DIFFERENT COMPANIES Term plans


Insurer AMP SANMAR ICICI PRUDENTIAL ING VYSYA LIC Policy Raksha shree Life guard Conquering life Convertible term assurance Babasabpatilfreepptmba.com Page 111 Entry age 30-55yrs 18-50yrs 18-50yrs 20-50yrs Policy term 5-20yrs 5-25yrs 10-25yrs 5-7yrs Annual premium (Rs) 2,600 8,340 3,475 4,771

Comparative study of Insurance Plans of various Companies


plan SBI LIFE Swadhan 18-55yrs 5-10yrs 13,815 For 30 years old healthy male, for sum of Rs 10 lakhs, term of 20 years.

Whole of life
Insurer AMP SANMAR ICICI PRUDENTIAL ING VYSYA Policy Nitya Shree Life time Rewarding Entry age 20-60yrs 0-60yrs 12-50yrs Payment period 5- 40 yrs 15,000 (min 15, 20, 24 contribution) 18,103 Premium (Rs)

life yrs LIC Whole of life 18-60yrs 30yrs 11,852 SBI LIFE For 30 years of old male, for sum assured of 5 lakhs and maximum premium payment period.

Endowment plan
Insurer Policy Entry age Policy term AMP SANMAR ICICI PRUDENTIAL ING VYSYA Subha shree Save and protect Reassuring life (Cash bonus) Reassuring life LIC (Reversionary bonus) Endowment plan (with 12-55yrs 12-65yrs 10-30yrs 5-55yrs 22,778 23,977 20,208 12-65yrs 0-60yrs 12-55yrs 10-40yrs 10-30yrs 10-30yrs Annual premium (Rs) 37,625 22,833 22,171

profit) SBI LIFE Sudarshan 12-65yrs 5-30yrs For 30 years old male, for the sum assured of Rs 5 lakhs term 20 years.

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Child plan
Insurer AMP SANMAR ICICI PRUDENTIAL ING VYSYA LIC SBI LIFE Policy Yuva shree Smarts kids Creating life Jeevan kishore Scholar Entry age (p) 20-60yrs (p) 20-60yrs (c) 0-15 (p) 18-55yrs (p) 20-60yrs (c) 1-12yrs (p) 20-60yrs Policy term 5-60yrs 10-25yrs 10-25yrs 15-35yrs 6-21yrs Annual premium (Rs) 28,100 27,271 23,655 18,270 39,200

(c) 0-15yrs For 30 years old parent, for sum assured of Rs 5 lakhs ands 20 years term

Money back
Insurer AMP SANMAR ICICI PRUDENTIAL ING VYSYA LIC SBI LIFE Policy Dhana shree Cash back Maximizing life Money back Young Entry age 30-55yrs 16-55yrs 12-49yrs 13-50yrs 25-60yrs Policy term 19 15yrs, 20 yrs 16yrs, 20yrs, 24yrs 20yrs 10yrs Annual premium (Rs) 36,200 33,099 29,293 31,398 3.46 lakhs

sanjeevan For the 30 years old male, for sum assured of 5 lakhs and 20 years term.

Pension plan
Insurer AMP SANMAR ICICI Policy Bhagya shree Forever life Entry age 18-65yrs 18-60yrs Vesting age 45-70yrs 50-70yrs Minimum contribution 10,000 Tax treatment 40% tax free at

vesting 12,000 (with 20% tax free at Page 113

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PRUDENTIAL Life link Life time
ING VYSYA Best years

out unit link) 18-62yrs 18-60yrs


18-65yrs

vesting vesting vesting


30% tax free at vesting

50-70yrs 50-70yrs
45-70yrs

18,000 (with 20% tax free at out unit link) out unit link)
5,000

18,000 (with 20% tax free at

LIC

Jeevan suraksha

18-65yrs

50-79yrs

33,000

Treated as net income which is taxable 20% tax free at vesting

SBI LIFE

Life pension

long 18-65yrs

50-7-yrs

3,000

BONUS DECLARED BY ING VYSYA LIFE INSURANCE FOR 2003-04


Products Powering life Limited Endowment plan Fulfilling life Anticipated Whole of Life Reassuring life Endowment Plan with cash bonus Maximizing life Money Back Plan Rewarding life Whole of Life Plan Reassuring life Endowment Plan with reversionary bonus Creating life Child Plan Type of bonus Simple Reversionary bonus paid on sum assured Simple Reversionary bonus paid on sum assured Cash bonus paid on premiums Cash bonus paid on premiums Compound Reversionary Bonus paid on sum assured Compound Reversionary Bonus paid on sum assured Compound Reversionary Bonus paid on sum assured 2.00 Percentage (%) 7.50 6.50 5.75 5.65 4.00 2.00

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Findings
There are no much changes in the plans, but there is very the premium payable comparatively with other companies. There is cut throughout competition in the insurance market, and there is huge potentiality as well. Various tax benefit is given in all the plans. It is found that there is more sales of endowment plan of all the companies. All the companies are giving loan benefit on the policy, except SBI Life. LIC is having almost 87% of market share. Rest of which, 13% is shared by private companies. ING VYSYA stands at 10 th place among the private sector (premium collection) in 2003-04. It is found that major customer purchase the plan for tax rebate. It is found that most of the customers are satisfied with the service provided by ING VYSYA. ING VYSYA has a market share of 0.39% with the growth rate of 311.15% and the income of 72.60 crores for the year 2003-04. Babasabpatilfreepptmba.com Page 115 variation in

Comparative study of Insurance Plans of various Companies


ING VYSYA has covered 10-15 years more coverage than compared to other companies in some of the policies. Premium of ING VYSYA is less compare to other companies except LIC. ING VYSYA has not covered critical illnesses in all the plans, but have the specific plan as conquering life critical illnesses plan.

Recommendations
Make aggressive advertisements of the company and plans. Try to cover major critical illnesses in all the plans, so that customer may have option to get more coverage in nominal charges. Increase the advisory strength to broaden your customer base. Set the targets to the advisors at least 3 per month. Concentrate more on bank assurance, so that the customer of the bank may purchase your plans and hence will increase your growth rate. Try to have the awareness program in rural areas, so that people living there come to know the importance of the insurance and also the company. Motivate the advisors to take up the advisory work as full time job rather than as a part time one. Try to change the perception of the customers that life insurance is for unfortunate happenings and not for only tax rebate. Have some promotional activities between the advisors, so that they are motivated to get more business. Provide mobile service facility between the advisors and sales managers (group calls free), so that there is good communication link.

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Segment the market like, private company employees, government employees, business people, farmers, etc and allot the each group one segment to market the products, so that there will be specific target customers. Come up with the policy, which covers both the life of husband as well as wife. And if possible whole of family plan.

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