Ulips

A REPORT ON
“A Comparative Study and Analysis of Unit Linked

Insurance Plans (ULIPs)-An IDBI FORTIS Perspective”
BY
C. JOHN WILLIAMS
(08BSHYD0323)
IDBI FORTIS LIFE INSURANCE COMPANY
Submitted to: Prof.S.Subramanian

th
Date of Submission: 16 May 2009
AUTHORISATION
This report “ Comparative nalysis of Unit Linked Insurance Plans (ULIPs) – An IDBI FORTIS
Perspective” done during my Summer Internship Program (SIP) is submitted as a partial
fulfillment of the requirement of MBA program of ICFAI Business School (IBS), Hyderabad.
16th May 2009
C.JOHN WILLIAMS
ICFAI BUSINESS SCHOOL-HYDERABAD Page 2

ACKNOWLEDGEMENTS
I would like to express my sincere gratitude to my company guide Ms.Shanthi Yagyanath,

Agency Manager -IDBI Fortis Life Insurance Company, Coimbatore for guiding me throughout
my summer internship and research project. Her encouragement, time and effort are greatly
appreciated.
I would then like to thank my faculty guide, Prof. S Subramanian, for all his valuable inputs and
constant support towards me throughout my project and providing me an opportunity to learn
outside the class room. It was a truly wonderful learning experience.
I would like to thank the training heads Mr.Anand, Ms Sudha and Sales executive Ms Priya for
helping me with the training and other activities and constantly motivating me to give my best.
I would like to dedicate this project to my parents. Without their help and constant support this
project would not have been possible.
I would like to thank all my friends who did their SIP from IDBI FORTIS for their valuable
suggestions and support.
Last but not the least I would like to thank all the respondents who offered their opinions and
suggestions and sometimes critical views throughout the survey which made me constantly
update myself come out with a successful project.

TABLE OF CONTENTS
AUTHORISATION .......................................................................................................................
...2
ACKNOWLEDGEMENTS ..............................................................................................................
..3
ABSRACT ...................................................................................................................................
....6
LIST OF
ILLUSTRATIONS ................................................................................................................8
INTRODUCTION .........................................................................................................................
.10
PURPOSE ...................................................................................................................................
.12
SCOPE OF THE
STUDY .................................................................................................................12
OBJECTIVES OF THE
PROJECT .....................................................................................................12
LIMITATIONS OF THE
STUDY ......................................................................................................12
METHODOLOGY ........................................................................................................................
.13
SOURCES OF
DATA .....................................................................................................................14
LITERATURE
STUDY ....................................................................................................................14
INSURANCE ...............................................................................................................................
..15
CHARACTERISTICS OF
INSURANCE .............................................................................................15
HISTORY OF INDIAN
INSURANCE ...............................................................................................15
INSURANCE MARKET -
PRESENT ................................................................................................16
CAPITAL REQUIREMENTS AND FOREIGN
PARTICIPATION .........................................................17
LIFE
INSURANCE .........................................................................................................................18
COMPANY
PROFILE ....................................................................................................................21
ABOUT IDBI
FORTIS ....................................................................................................................21
PRODUCT RANGE OF IDBI
FORTIS ..............................................................................................23
UNIT LINKED INSURANCE
PLANS................................................................................................24
STRUCTURE OF
ULIPs .................................................................................................................24
TYPES OF FUNDS UNDER
ULIPs ..................................................................................................27
ADVANTAGES OF
ULIPS ..............................................................................................................28
FACTORS INFLUENCING THE BUYING OF UNIT LINKEDINSURANCE PLAN .....................2
(ULIPs)
9
UNIT LINKED INSURANCE PLANS (ULIPs) OF DIFFERENT COMPANIES .......................................3
0
IDBI FORTIS LIFE INSURANCE
COMPANY ...................................................................................30
COMPARITIVE SECONDARY DATA ANALYISIS .............................................................................
31
TATA AIG LIFE INSURANCE
COMPANY .......................................................................................31
BAJAJ ALLIANZ LIFE INSURANCE COMPANY ...............................................................................
33
LIFE INSURANCE CORPORTAION (LIC) OF
INDIA ........................................................................35
HDFC STANDARD LIFE INSURANCE
COMPANY ..........................................................................37
ICICI PRUDENTIAL LIFE INSURANCE
COMPANY .........................................................................39
PERFORMANCE OF ULIPs OF THE SELECTED
COMPANIES .........................................................44
PRIMARY DATA
ANALYSIS ..........................................................................................................48
MERITS AND DE-MERITS OF IDBI FORTIS LIFE INSURANCE COMPANY ......................................57
MERITS ......................................................................................................................................
.57
DEMERITS ..................................................................................................................................
.57
POSITIONING .............................................................................................................................
.59
POSITIONING
STRATEGIES..........................................................................................................59
POSITIONING STRATEGIES OF IDBI
FORTIS ................................................................................60
FINDINGS ...................................................................................................................................
.63
RECOMMENDATIONS ................................................................................................................
.64
MY EXPERINECES AND
LEARNINGS ............................................................................................66
CONCLUSION .............................................................................................................................
.66
ANNEXURE - I
(QUESTIONNAIRE) ...............................................................................................69
ANNEXURE - II (FACTOR ANALYSIS OUTPUT
[SPSS]) ..................................................................73
ANNEXURE - III (SCHEDULE OF THE
PROJECT) ...........................................................................79
REFERENCES ..............................................................................................................................
.80

ABSRACT
The project aims to make a detailed study of Unit Linked Insurance Plans (ULIPs) in the Indian
context, a comparative analysis of ULIPs of some well known selec ted companies and in the
process identify the strengths and weaknesses of IDBI FORTIS.
The different selected companies apart from IDBI FORTIS on which the project is entirely
focused are namely:
a ICICI PRUDENTIAL
.b BAJAJ ALLIANZ
.c TATA AIG LIFE
.d LIFE INSURANCE CORPORATION OF INDIA
.e HDFC STANDARD LIFE
.
The comparative study is primarily based in terms of the various benefits offered viz. Death
Benefits, Health benefits, Maturity Benefits, financial benefits & other benefits. The various
parameters taken into consideration were flexibility, transparency, liquidity and the number of
funds options available.
The project consists of a detailed analysis of the c omparison of various ULIPs of IDBI FORTIS
with that of the selected major players in the market. The results of the project have been an
outcome of a detailed analysis of c ollected secondary data and well supported by analysis of
primary data collected through a survey in the Hyderabad city. The project required me to
design a questionnaire and conduct a primary survey. The survey was mainly conducted to
study the consumer perception, opinion and awareness of various insuranc e products. The
number of respondents targeted was 133.The sample of respondents included was carefully
selected targeting respondents from all age groups. Also the preferences of the respondents
towards these selected insurance companies have been noted and the reasons analyzed. The
data gathered from the primary survey was coded in a statistical tool called as Statistical
Package for Social Science (SPSS) for analysis and to find various factors that affect an investor
dec isions while choosing an investment option in this vast market.
Finally we interpreted the results of the project by combining both the primary and the
secondary data analyses then identified the areas where the company is really strong and the
areas where it needs to have a second look.
We have also found out the amount to which each of the selected companies was affected due
to the market slow down in the last one year
The project also involved a complete study of the positioning strategies adopted by IBDI FORTIS
in general. This includes a detailed study of the various advertising strategies as well.

The sole objective of this study was to understand the strategies being adopted by the company
to counter the highly efficient stronger players in the market and survive with success.
Finally after a detailed study we have found out the merits and demerits of the IDBI FORTIS and
based on those we have given some recommendations to the company in areas where the
company to has to really work on.
The Project helped me enhance my knowledge on various technicalities of the Indian insurance
industry and gave me a broader prospective of various investment opportunities available in
the market. Marketing concepts learnt in the classroom were implemented in a real life
environment.

LIST OF ILLUSTRATIONS
Figure 1: The trend of the Indian insurance industry ($Bn) 2000-2011 .................................17
Table 1 : The list of life insurance companies in
India ............................................................18
Figure 2 : The market share of the Indian Life Insurance industry ........................................19
Figure 3 : Premium break -up under 24
ULIPs ..............................................................................
Table 2 : Types of funds under 26
ULIPs ......................................................................................
Figure 4 : Advantages of Unit Linked Insurance
Plans ............................................................31
Table 3 : NAVs of HDFC Standard 43
Life ....................................................................................
Figure 5 : NAVs of HDFC Standard 43
Life .....................................................................................
Table 4 : NAVs of Bajaj Allianz ............................................................................................ 44
....
Figure 6 : NAVs of Bajaj 44
Allianz ..................................................................................................
Table 5 : NAVs of ICICI Prudential ....................................................................................... 44
....
Figure 7 : NAVs ofICICI 44
Prudential .........................................................................................
Table 6 : NAVs of 45
LIC ...............................................................................................................
Figure 8 : NAVs of 45
LIC ...............................................................................................................
Table 7 : NAVs of IDBI FORTIS............................................................................................. 45
....
Figure 9 : NAVs of IDBI 45
FORTIS .................................................................................................
Table 8 : NAVs of Tata- 46
AIG .....................................................................................................
Figure 10 : NAVs of Tata-AIG............................................................................................... 46
.....
Table 9 : Percentage c hange in NAVs of various companies due to recession ...................... 46
Figure 11 : Percentage change in NAVs of various companies due to recession ..................... 46
Figure 12 : Break-up of respondents between different age groups ....................................... 4 7
Figure 13 : Break-up of respondents by their 48
occupations ........................................................
Figure 14 : Break-up of respondents based on their preferences for various savings
instruments ........................................................................................................................ 48
......
Figure 15 : Break-up of respondents based on factors influencing their decision ................ 49
.
Figure 16 : Break-up of respondents based on preferences for various forms of investment ... 49
Figure 17 : Break-down of respondents based on their frequencies of investment ............5
0
Figure 18 : Break-down of respondents who own/do not own an insurance policy ................ 0
5

Figure 19 : Break-down of respondents who rated risk involved in ULIPs ...............................50
Figure 20 : Break-down of respondents who own insurance policies in various life insurance
companies ...................................................................................................................... 51
......
Figure 21 : Rating scale of selected insurance c 52
ompanies ......................................................
Figure 22 : Break-down of respondents with different perceptions about the term
“WE LTHSUR NCE” ......................................................................................................... 52
.....
Figure 23 : Break-down respondents with various responses about the future of
IDBI Fortis .............................................................................................................................
.53
Table 10 : Average frequency of investments among different age groups ............................ 353
Figure 24 : Average frequency of investments among different age groups ........................5
4
Table 11 : Age and Frequency of investment (Chi-Square table) ........................................5
4
Table 12 KMO and Bartlett’s test of sphericity ..................................................................
55
Table 13 The prominent factors influencing the consumer’s investment decision ........... 5
5
Table 14 : List of the cities with IDBI Fortis
presence ..............................................................59

INTRODUCTIO
N
In the commercial arena, the choice of an effective strategy is perhaps the most important and
the toughest decision to take. The decision to select among the grand strategies and deciding
upon which strategy will best meet the enterprise’s objectives is rendered complex by multiple
considerations. The same is also true with the insurance companies in India who are constantly
revamping their strategies and coming out with innovative options to stay in the competition.
There were days when Life Insurance Corporation of India (LIC) was the only insurance company
available to people in India and where people synonymised Insurance to LIC. Also since it was a
Public Sector Undertaking (PSU) it has a great support from people. But now times have
changed a lot of private players have entered into the fray. There have been a lot of Indian
companies collaborating with foreign insurance giants like ICICI Prudential, Bajaj Allianz etc
who have already made their presence felt in the Indian Insurance industry.
Even though LIC is still the market leader with more than over 60% of the market share, the
private players are giving it a tough time. Since the last decade the market share of LIC had
fallen down by about more than 20%.
The new private players have started offering a variety of unlimited schemes right from
insurance plans for a 30 day old baby to that of a 70 year old senior citizen. Also the private
companies have started creating the importance and need of insurance in today’s life They
have started positioning their brands and are marketing their products in such a way the
people have started feeling the need of security in their lives.
Taking into account the huge population and growing per capita income besides several other
driving factors, a huge opportunity is in store for the insurance companies in India. According to
the latest research findings, nearly 80% of Indian population are without life insurance cover
while health insurance and non-life insurance continues to be below international standards.
And this part of the population is also subjected to weak social security and pension systems
with hardly any old age income security. As per our findings, insurance in India is primarily used
as a means to improve personal finances and for income tax planning; Indians have a tendency
to invest in properties and gold followed by bank deposits. They selectively invest in shares also
but the percentage is very small (4-5%). This in itself is an indicator that growth potential for
the insurance sector is immense. It's a business growing at the rate of 15-20% per annum and
presently is of the order of around more than $55 billion.
India is a vast market for life insurance that is directly proportional to the growth in premiums
and an increase in life density. With the entry of private sector players backed by foreign
expertise, Indian insurance market has bec ome more vibrant.

Competition in this market is increasing with companys’ continuous effort to lure the
customers with new product offerings. However, the market share of private insurance
companies remains low in the 25-35% range. Even to this day, Life Insurance Corporation (LIC)
of India dominates Indian insurance sector. The heavy hand of government still dominates the
market, with price controls, limits on ownership, and other restraints. They private players are
still in their initial days and would take some more time to capture a good market share. At
present they are coming up with new and innovative ideas.
Since the last decade the life insurance industry in India has been growing very fast and many
new companies have entered this business insurance. The Indian life insurance industry has
recorded a robust growth of more than 16 per cent for the nine-month period which ended on
December 31, 2008.It is expected to grow at an amazing rate of 20 per cent this year Also in
the present scenario the most sought after insurance plans are the Unit Linked insurance Plans
(ULIPs)
.
A ULIP is a life insurance policy which provides a combination of risk cover and investment.
ULIPs have gained high acceptance due to attractive features they offer like flexibility,
transparency, liquidity and a vast variety of fund option. Unit linked plans are suitable for all
customer profiles; however as a general belief the risk averse investors tend to choose
traditional plans and an informed customer prefers a ULIP.ULIPs offer the kind of flexibility
that no insurance product can. ULIPs essentially combine the benefits of an insurance policy
and a market-linked investment. Investors c an select a ULIP with an equity-debt combination
that is in line with their risk profile. A risk-taking investor would typically select one with a high
equity component, while a risk-averse investor would opt for a debt-heavy one. Simply
put, ULIPs are structured in such a way that the protection element and the savings element
are distinguishable, and hence managed acc ording to your specific needs. In this way,
the ULIP plan offers unprecedented flexibility and transparency.
So with many players around for a company to really be successful it has to really be very
efficient on all fronts. It has to constantly adapt to the changing consumer preferences with a
lot of new innovations and implementing new technology try to different from the lot.
Especially if it is a new player in the market the company has to really work very hard to get
into the completion and stay afloat.

PURPOSE
The project is being done as a part of summer internship program of ICFAI Business School-
Hyderabad. The completion of the project is a partial fulfillment requirement for being awarded
the Masters in Business Administration (MBA) degree from the university.
SCOPE OF THE STUDY
This study aims to make a comparative study of the Unit Linked Insuranc e Plans (ULIPs) of IDBI
FORTIS Life Insurance Company with that of some major selected players in the Indian
insurance market and study the consumer perception towards various insurance products. The
comparative analysis is based on the empirical data collected from the Hyderabad city. The
study also aims to discuss in detail the various positioning strategies adopted by IDBI FORTIS in
general.
OBJECTIVES OF THE PROJECT
a To compare the Unit Linked Insurance Plans (ULIPs) of IDBI FORTIS with that of some
. other selected companies.
b To identify the strengths and weaknesses of IDBI FORTIS and suggest areas where it
. could focus more and improve upon.
c To study the consumer perception towards various insurance products.
.d To study in detail the positioning strategies of brand IDBI FORTIS in general.
.
LIMITATIONS OF THE STUDY
a The study is confined only to a small segment of the entire population due to
. monetary and time constraints and hence the results are applicable only to the city of
Hyderabad.
b The scope of the project is limited to conceptual and marketing aspects of Life
. Insurance Companies and doesn’t include Claim Settlement and the underwriting
part of the operations which are equally important aspect of learning.
c It is not always possible to evaluate companies under similar parameters since many
. companies deal with various businesses thus clubbing all the companies on the same
parameters is not always possible.

METHODOLOGY
The techniques used for data collection are:
A Internet surveys and

.B Questionnaire method
.
The following methodology has been followed to achieve the objectives of the project.
Step: 1
Developing a right research design and timeline for the project.
Step: 2
Collecting Secondary data of the insurance Industry
Step: 3
Designing of the Questionnaire
Step: 4
Analysis of secondary data
Step: 5
Pilot Study
Step: 6
Collection of primary data-Questionnaires and internet surveys
Step: 7
Analysis of primary data
Step: 8
Study of positioning strategies of IDBI FORTIS
Step: 9
Interpretation of the results
Step: 10
Preparation of the final report

SOURCES OF DATA
In the data collection method, we have collected both primary and secondary data to meet our
objec
tives
Primary Data
The primary data was collected by a survey based on the questionnaire. It was formulated on
the basis of information carefully gathered by me about the various mindsets of the people.
This questionnaire was mainly formulated to target the common man to see his perception and
awareness of various investment options available. The number of respondents targeted was
around 150 and the survey was confined to Hyderabad city.
Secondary Data
The secondary data was collected directly from the companies and their websites and internet
surveys. Also a lot of similar research studies and journals have been referred to.
LITERATURE STUDY
Till today a lot of research has been done on the Indian insurance industry especially the life
insurance sector. The material for this study was collected from various internet sites, journals
and books by various authors. Similar research has been carried out by Sathak Mohanty who
worked on the risk profile of ULIPs and analyzed insurance as an investment option. He says
that Life Insurance Corporation of India (LIC) is still the undisputed leader in the Indian context.
According to Anita Gupta-director, marketing and communication, ING Vysa Life insurance
ULIPs are suitable for all types of customers, right from the lower class to the premium c lass.
Also according to the Financial express (Dated 12th April, 2009) ULIPs are flexible to the core.
During the course of the project some official studies on the products of Tata-AIG and HDFC
standard Life have been referred to. Also the books on Marketing Management by Philip Kotler
and that of Marketing Research by Naresh Malhotra were referred to gain a deeper insight on
positioning strategies and marketing research techniques. A lot of groundwork has also been
done by studying the vast range insurance products before taking up this research.

INSURANCE
Insurance may be described as a social device to reduce or eliminate risk of loss to life and
property. Under the plan of insurance, a large number of people associate themselves by
sharing risks attached to individuals. The risks which can be insured against include fire, the
perils of sea, death and accidents and burglary. Any risk contingent upon these, may be insured
against at a premium commensurate with the risk involved. Thus collective bearing of risk is
insurance.
CHARACTERISTICS OF INSURANCE
1 Sharing of risks
.2 Cooperative device
.3 Evaluation of risk
.4 Payment on happening of a spec ial event
.5 The amount of payment depends on the nature of losses incurred.
.
HISTORY OF INDIA N
INSURANCE
Insurance has a long history in India. Life Insurance in its current form was introduced in 1818
when Oriental Life Insurance Company began its operations in India. General Insurance was
however a comparatively late entrant in 1850 when Triton Insurance company set up its base in
Kolkata.
History of Insurance in India can be broadly bifurcated into three eras:
a Pre Nationalization
.b Nationalization and
.c Post Nationalization
.
Life Insurance was the first to be nationalized in 1956. Consolidating the operations of various
insurance companies formed Life Insurance Corporation of India. General Insurance followed
suit and was nationalized in 1973. General Insurance Corporation of India was set up as the
controlling body with New India, United India, National and Oriental as its subsidiaries. The
process of opening up the insurance sector was initiated against the background of Economic
Reform process, which commenced from 1991. For this purpose Malhotra Committee was
formed during this year who submitted their report in 1994 and Insurance Regulatory
Development Act (IRDA) was passed in 1999. Resultantly Indian Insurance was opened for
private companies and Private Insurance Company effectively started operations from 2001.
(Source: www.irdaindia.org)

INSURANCE MARKET - PRESENT
The insurance sector was opened up for private participation a decade back. For years now, the
private players are active in the liberalized environment. The insurance market has witnessed
dynamic changes, which include presence of a fairly large number of insurers both life, and
non-life segment. Most of the private insurance companies have formed joint venture
partnering well-recognized foreign players across the globe.
The Indian life insurance market generated total revenues of $41.36 billion in 2007, thus
Representing a compound annual growth rate (CAGR) of 11.84% for the period spanning 2000-
2007. Life insurance market had a growth of $22.46 billion within a period of 7 years with a
growth rate of 118.24%. Estimated life premiums rose to INR 1,470,800 million ($36.77 billion)
in 2006 from INR 1,301,540 million ($32.54billion) in 2005. We envisage that life premiums in
2011 will be $65.96 billion, a growth larger than they were in 2007. The performance of the
market is forecast to accelerate, with an anticipated CAGR of 9.78% for the four-year period
2007-2011 expected to drive the market to a value of $65.96 billion by the end of 2011. There
would be a growth of $24.6 billion i.e. 59.48% in the next 4 years.
Non-life premiums in India were $6.53 billion in 2007. Gross written premium (GWP) in the
Indian non-life insurance market reached a value of $5.75 billion in 2006, this representing an
annual growth of 13.55% for the period spanning 2006-2007. Estimated non-life premiums rose
from INR230 billion ($5.75 billion) in 2006 to INR261 billion ($6.53 billion) in 2007.
We anticipate that non-life premiums will grow by a CAGR of 9.40% between 2007-2011. We
are looking for non-life premiums to rise by $405 million over the five years to the end of 2011
with a growth rate of 62.02%. (Source: http://www.scribd.com/doc/4996143/OVERVIEW-OF-
INSURANCE-SECTOR-INDIA,http://www.indiaprwire.com/pdf/pressrelease/200805079347.pdf)
With a huge population base and large untapped market, insurance industry is a big
opportunity area in India for national as well as foreign investors. India is the fifth largest life
insurance market in the emerging insurance economies globally and is growing at 32-34%
annually. This impressive growth in the market has been driven by liberalization, with new
players significantly enhancing product awareness and promoting consumer education and
information. The strong growth potential of the country has also made international players to
look at the Indian insurance market.
Moreover, saturation of insurance markets in many developed economies has made the Indian
market more attractive for international insurance players, according to "Booming Insurance
Market in India (2008-2011)”

Total life insurance premium in India is projected to grow Rs 1,230,000 c rore by
2010-11.
Total non-life insurance premium is expected to inc rease at a CAGR of 25% for the
period spanning from 2008-09 to 2010-11.
With the entry of several low-cost airlines, along with fleet expansion by existing ones
and increasing corporate aircraft ownership, the Indian aviation insurance market is all
set to boom in a big way in coming years.
Home insurance segment is set to achieve a 100% growth as financial institutions have
made home insurance obligatory for housing loan approvals.
Health insurance is poised to become the second largest business for non-life insurers
after motor insurance in next three years.
A booming life insuranc e market has propelled the Indian life insurance agents into the
‘top 10 country list’ in terms of membership to the Million Dollar Round Table (MDRT)
— an exclusive club for the highest performing life insurance agents.
(Source: http://www.marketsmonitor.com/Report/IM588_related.htm)
CAPITAL REQUIREMENTS AND FOREIGN PARTICIPATION
Minimum capital requirement for direct life and Non-life Insurance company is INR1000 million
and that for reinsurance company is INR2000 million. A maximum 26% foreign equity stake is
allowed in direct insurance and reinsurance companies. In the 2004-05 budget, the Government
proposed for increasing the foreign equity stake to 49%.

LIFE INSURANCE
s is evident from its very name it deals with insurance of human life “Life insurance
corporation of India”- a public sector undertaking has the monopoly in this sector since its
nationalization.
In our wordily life, whenever there is uncertainty, there is an involvement of risk. The instinct
for security against such risk is one of the basic motivating forces determining human attitudes.
As a squeal to this quest for Security, the concept of insurance must have been born. The urge
to provide insurance or protection against the loss of life & property must have prompted
people to make some sort of sacrifice willingly in order to achieve security through
“COLLECTIVE CO-OPER TION” in this sense story of ins urance is probably as old as the story of
mankind.
All life insurance companies in India have to comply with the strict regulations laid out by
Insurance Regulatory and Development Authority of India (IRDA). Therefore there is no risk in
going in for private insuranc e players. In terms of being rated for financial strength like
international players, only ICICI Prudential is rated by Fitch India at National Insurer Financial
Strength Rating of AAA (Ind) with stable outlook indicating the highest claims paying ability
rating.
90.00
80.00
70.00
60.00
50.00
Life
40.00
Non-life
30.00
20.00
10.00
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Figure 1: The trend of the Indian insurance industry ($Bn) 2000-2011

(Source: The knowledge Centre)
Life Insurance Corporation of India (LIC), the state owned behemoth, remains by far the largest
player in the market. Among the private sector players, ICICI Prudential Life Insurance(JV
between ICICI Bank and Prudential PLC)is the largest followed by Bajaj Allianz Life Insurance
Company Limited (JV between Bajaj Group and Allianz).

The private companies are coming out with better products which are more beneficial to the
customer. Among such products are the ULIPs or the Unit Linked Insurance Plans which offer
both life cover as well as scope for savings or investment options as the customer desires.
Further, these types of plans are subject to a minimum lock-in period of three years to prevent
misuse of the significant tax benefits offered to such plans under the Income Tax Act.
Unlike the mutual fund product that has a very simple cost structure, ULIPs carry a greater
number of costs (administration and mortality), in addition to the others. So c omparing ULIPs
with mutual funds is erroneous.
(Source: http://www.scribd.com/doc/136703/Indian-Insurance-Changing-Trends-and-a-Fresh-
Perspective
)
Right now there are a total twenty two life insurance companies operating in India, of which
one (Life Insurance Corporation) is a Public Sector Undertaking and the remaining twenty are
all private sector enterprises. (Source: www.irdaindia.org)
List of life insurance companies in India

1 AEGON RELIGARE
2. AVIVA
3. BAJAJ ALLIAZ
.4 BHARATHI AXA
5. BIRLA SUN LIFE
6. FUTURE GENERALI
.7 HDFC STANDARD LIFE
8. HSBC
9. ICICI PRUDENTIAL
.10. IDBI FORTIS
11. ING VYSYA
12. KOTAK LIFE INSURANCE
13. LIC
14. MAX NEWYORK LIFE
15. MET LIFE
16. RELIANCE LIFE
17. SAHARA INDIA
18. SBI LIFE
19. SHRIRAM LIFE
20. TATA AIG LIFE
21. DLF PRAMERICA
22. CANARA HSBC OBC
Table 1: The list of life insurance companies in India

MARKET SHARE
2% LIC
1%
3% 2%
ICICI Prudential
6% Bajaj Allianz
3%
SBI Life
3%
Reliance
7% HDFC Standard
Life
Birla Sun Life
9% 64% Max Newyork
Kotak Mahindra
Others
Figure 2: The market share of the Indian Life Insurance industry (figures are approximate)
(Source: As per a report published in 2008 by Ms Pinky Walia-Financial
Advisor)

COMPANY PROFILE
ABOUT IDBI
FORTIS
IDBI Fortis Life Insurance Co Ltd is a joint venture
between three leading financial conglomerates – India’s premier development and commercial
bank IDBI Bank one of India’s leading private sector banks Federal Bank and Europe’s banking
and insurance giant, Fortis, each of which enjoys a significant status in their respective business
segments. In this venture, IDBI Bank owns 48% equity while Federal Bank and Fortis own 26%
equity each.
IDBI Fortis launched its first set of products across India in March 2008, after receiving the
requisite approvals from the Insurance Regulatory Development Authority (IRDA). The company
offers its services through a vast nationwide network across the branches of IDBI Bank and
Federal Bank in addition to a sizeable network of advisors and partners.
At IDBI Fortis, people endeavor to deliver products that provide value and convenienc e to the
customer. Through a continuous process of innovation in product and service delivery the
company intends to deliver world-class wealth management, protection and retirement
solutions to Indian customers
IDBI Ltd. continues to be since its inception India’s premier industrial development bank
Created in 1956 to support India’s industrial bac kbone IDBI has since evolved into a
powerhouse of industrial and retail finance Today it is amongst India’s foremost commercial
banks, with a wide range of innovative products and services, serving retail and corporate
customers in all corners of the country from over 490 branches and more than 600 ATMs. The
Bank offers its customers an extensive range of diversified services including project financing,
term lending, working capital facilities, lease finance, venture capital, loan syndication,
corporate advisory services and legal and technical advisory services to its corporate clients as
well as mortgages and personal loans to its retail clients. As part of its development activities,
IDBI has been instrumental in sponsoring the development of key institutions involved in India’s
financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock
Exchange of India Limited (NSE) and National Securities Depository Ltd.
Federal Bank is one of India’s leading private sector banks with a national network and
dominant presence in the state of Kerala. It has a strong network of over 550 branches and 450
ATMs spread across India. The bank provides over four million retail c ustomers with a wide
variety of financial products. Federal Bank is one of the first large Indian banks to have an
entirely automated and interconnected branch network. They operate on the core banking
platform and are RTGS/ NEFT enabled through which the Bank offers state-of-the-art
technology enabled products and services.

In addition to interconnected branches and ATMs, the Bank has a wide range of services like
Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, co-branded
credit cards, online bill payment and call centre facilities to offer round the clock banking
convenience to its customers. The Bank has been a pioneer in providing innovative
technological solutions to its customers and the Bank has won several awards and
recommendations.
Fortis, a European financial services provider engaged in banking and insurance with a
presence in over 50 countries, offers its personal, business and institutional customers a
comprehensive package of products and services through its own channels, in collaboration
with intermediaries and through other distribution partners. With a market capitalization of
over EUR 40 billion Fortis ranks among the 20 largest financial institutions in Europe Fortis’
sound solvency position and dedicated, professional workforce of over 80,000, enables it to
combine global strength with local flexibility to provide its clients with optimum support and
service
.
VISIO
N
To be the leading provider of wealth management, protection and retirement solutions that
meets the needs of our customers and adds value to their lives.
MISSIO
N
To continually strive to enhance customer experience through innovative product offerings,
dedicated relationship management and superior service delivery while striving to interact with
our customers in the most convenient and cost effective manner.
To be transparent in the way we deal with our customers and to act with integrity.
To invest in and build quality human capital in order to achieve the mission.
VALUE
S
Transparency:Crystal Clear communication to our partners and stakeholders
Value to Customers:A product and service offering in which customers perceive value
Rock Solid and Delivery on Promise: This translates into being financially strong,
operationally robust and having clarity in claims.
Customer-friendly:Advice and support in working with customers and partners.
Profit to Stakeholders: Balance the interests of customers, partners, employees,
shareholder sand the community at large

PRODUCT RANGE OF IDBI FORTIS
IDBI Fortis offers a variety of products targeting every customer right from a 3 month child to a
70 year senior citizen. All the products have been classified majorly under four plans namely
Wealthsurance
Homesurance
Bondsurance
Retiresurance
WEALTHSURANC
E
The Wealthsurance Foundation Plan enables the customer to save and build wealth to meet
your financial goals. However, unlike other investment alternatives, it also enables him to
achieve his wealth goals even in the event of unexpected death, accidents, disablement or
serious illness. The Wealthsurance Foundation Plan can ensure that his plans for wealth
creation are achieved by protecting that plan with insurance benefits.
HOMESURANC
E
The Homesurance Protection Plan is a reducing term plan, which provides insurance cover
equal to the outstanding balance of your home loan. In the unfortunate event of death of the
home loan borrower, the insurance cover enables repayment of the home loan liability.
BONDSURANC
E
Bondsurance is a single premium plan which allows you to make a one-time investment and get
a guaranteed amount on maturity. You can choose a maturity period of 5 or 10 years for your
investment. At the end of the chosen period, you will receive a guaranteed maturity amount.
Besides the guaranteed maturity amount, Bondsurance also provides a life insurance cover. In
case of death before the maturity date, a Death Benefit which is also guaranteed will be paid.
Thus you can get life insurance cover, while earning an assured return on your investment.
RETIRESURANC
E
Retiresurance is a pension plan without life cover that allows a longer policy term so that the
customer’s investments can get the benefit of compounding The customer has to choose any
vesting age between 40-75 yrs. The vesting age chosen can also be postponed or preponed
within the above range by informing the company 30 days in advance. It is especially for people
who wish to lead a happy and prosperous life even after their retirement.
(Source:www.idbifortis.com)

UNIT LINKED INSURANCE PLANS
Unit linked insurance plan (ULIP) is a life insurance solution that provides the client with the
benefits of protection and flexibility in investment. It is a solution which provides for life
insurance where the policy value at any time varies according to the value of the underlying
assets at the time. The investment is denoted as unit and is represented by the value that it has
attained c alled as Net Asset Value (NAV).
ULIPs are a category of goal-based financial solutions that combine the safety of insurance
protection with wealth creation opportunities. In ULIPs, a part of the investment goes towards
providing a life cover. The residual portion of the ULIP is invested in a fund which in turn invests
in stocks or bonds; the value of investments alters with the performance of the underlying fund
opted by the customer.
Simply put, ULIPs are structured in such that the protection element and the savings element
are distinguishable, and hence managed acc ording to your specific needs. In this way,
the ULIP plan offers unprecedented flexibility and transparency.
ULIPs came into play in 1960s and became very popular in Western Europe and America. The
reason that is attributed to the wide spread popularity of ULIP is because of the transparency
and the flexibility which it offers to the clients.
As time progressed the plans were also successfully mapped along with life insurance needs to
retirement planning In today’s times ULIP provides solution for all the needs of a client like
insurance planning financial needs financial planning for c hildren’s future and retireme nt
planning.( Source:http://www.scribd.com/doc/7216240/Understand-ULIP-Insurance)
STRUCTURE OF ULIPs
ULIPs offered by different insurers have varying charge structures. Broadly the different types
of fees and charges are given below. However the insurers have the right to revise or cancel the
fees and charges over a period of time
( Source: http://www.scribd.com/doc/7044410/ULIPs)
Premium Allocation charges

This is a percentage of the premium appropriated towards charges before allocating the units
under the policy. This charge normally includes initial and renewal expenses apart from
commission expenses.

Mortality Charges
These are charges to provide for the cost of insurance coverage under the plan. Mortality
charges depend on number of factors such as age, amount of coverage, state of health etc .
Fund Management Charges
These are fees levied for management of the fund(s) and are deducted before arriving at the
Net Asset Value (NAV) .
Policy/ Administration Charges
These are the fees for administration of the plan and levied by cancellation of units. This could
be flat throughout the policy term or vary at a pre-determined rate
PREMIUM
LESS CHARGES
INVESTMENT LIFE COVER

REPRESENTED AS UNITS
Fund
ULIPs
Management
Mortality
Structure Charges
Charges
Administration
Charges
Premium
Allocation
Charges
Invested
Amount
Figure 3 : Premium break -up under

ULIPs

Surrender Charges
A surrender charge may be deducted for premature partial or full encashment of units
wherever applicable, as mentioned in the policy conditions.
Fund Switching Charge
Generally a limited number of fund switches may be allowed each year without charge, with
subsequent switches, subject to a charge. But now a days many insurers offer fund switching
free of
cost.
Service Tax Deductions
Before allotment of the units the applicable service tax is deducted from the risk portion of the
premium.

TYPES OF FUNDS UNDER ULIPs
Most insurers offer a wide range of funds to suit one’s investment objectives risk profile and
time horizons. Different funds have different risk profiles. The potential for returns also varies
from fund to fund. The following are some of the common types of funds available along with
an indication of their risk characteristics .
General description Nature of investments Risk category

Equity Funds Primarily invested in company Medium to High
stocks with the general aim of
capital appreciation.
Income, Fixed Interest and Invested in corporate bonds, Medium

Bond Funds government securities and other
fixed income instruments.
Cash Funds Sometimes known as Money Low

Market Funds — invested in
cash, bank deposits and money
market instruments
Balanced Funds Combining equity investment Medium

with fixed interest instruments
Table 2: Types of funds under

ULIPs

ADVANTAGES OF ULIPS
ULIP distinguishes itself through the multiple benefits that it provides to the consumer. The plan
is a one stop solution for everything the customers want. Unit Linked Insurance Plans (ULIPs)
are different from traditional plans purely because, they are much more transparent, various
charges are shared with the customer before the sale of the product, so as to enable the
customer to make an informed decision. ( Source:www.scribd.com /doc/7044410/ULIPs)
Customers have the flexibility to choose their life cover. Also the customers have the choice of
multiple fund options based on their risk appetite, thereby enabling an investor to make the
desired returns from the investment.
The following are some of the advantages of Unit linked plans:
a Life protection
.
b Investment and Savings
.
Market linked fund based on risk profile
Switch option
Premium redirection
Automatic Transfer Plan(ATP)
c Tax Planning
.
d Flexibility of cover continuance
.
e Transparency
.
f Extra protection with riders
.
Death due to accident
Disability
Critical illness
g Liquidity
.
Partial withdrawals during the term
At maturity
h Variable investment options
.
i Premium holiday
.
j Allow Top-ups
.

Insurance
+
Investmen
Long Term Allow Top Ups
t
Wealth
Creation
Tax Rider
Benefits ADVANTAGES OF s
ULIPS
Guarantee Transparenc
d
Capital y
Returns
Flexibilit Invest as
y per
your risk
Premiu appetite
m
Holiday
Figure 4: Advantages of Unit Linked Insurance

Plans
FACTORS INFLUENCING THE BUYING OF UNIT LINKEDINSURANCE PLAN (ULIPs)
The degree of buying of ULIPs insurance varies from person to person. It depends upon many
factors. The factors can be classified into personal, social, economic, psychological and
company related variables. Age and experience of policyholder are personal factors, while the
co- education is a social factor. Economic factors include occupation, income and wealth, and
the psychological factors consist of perception, satisfaction about the services rendered by
insurance companies, the impact of advertisement and personal selling made by insurance
companies on policyholders. The company related variables are the promotional efforts to sell
the policies to prospective buyers. These include advertisement and personal selling too.

UNIT LINKED INSURANCE PLANS (ULIPs) OF DIFFERENT COMPANIES
IDBI FORTIS LIFE INSURANCE COMPANY
IDBI FORTIS different variety of schemes and a good

range of ULIPs under the flagship banner Wealthsurance. There are a lot of other ULIPs under
Bondsurance, Homesurance and Retiresurance but as our study is only confined to the study
and comparative analysis of ULIPs under Wealthsurance we would just be discussing about the
various plans under Wealthsurance. As discussed earlier the Wealthsurance Foundation Plan
enables the customer to save and build wealth to meet your financial goals. However, unlike
other investment alternatives, it also enables him to achieve his wealth goals even in the event
of unexpected death, accidents, disablement or serious illness.
The Wealthsurance Foundation Plan can ensure that his plans for wealth creation are achieved
by protecting that plan with insurance benefits. Wealthsurance is one of its kind in India. The
company offer 11 investment options and 8 protection benefits under the plan apart from tax
benefits (Source: www.idbifortis.com)
Under Wealthsurance there are a lot of different funds available which are explained below:
WEALTHSURANCE
Min entry age 30
dys
Max entry age 65
yrs
Min premium
10000
Max maturity age 75
yrs
Riders ADBR,ADB,WOPR,MAJOR DISEASES BENIFIT,HOSPITAL
CASH
BENEFIT,T ERMINAL ILLNESS BENEFIT
Min premium payment term 3
yrs
Types of funds EQUITY,NIFTY,Capital Guarantee, Asset
Allocator,
GRF,MONTHLY INT A/C,INCOME,LIQUID
As discussed earlier we would be comparing the Unit Linked Insurance Plans (ULIPs) of the
companies selected initially with those of IDBI FORTIS and then make a detailed analysis. This
analysis would be well supported by the primary data analysis and then the final results would
be interpreted .So here first we would be listing out various ULIPs of the selected companies
and their details. After that we make a detailed comparison with that of the plans under
Wealthsurance of IDBI FORTIS and explain it.
So following are the details of ULIPs of various companies and the comparative analyses.

COMPARITIVE SECONDARY DATA ANALYISIS
TATA AIG LIFE INSURANCE COMPANY
TATA AIG OFFERS FOUR DIFFERENT TYES OF ULIPs
a INVEST ASSURE CARE

.b INVEST ASSURE FLEXI
.c INVEST ASSURE II
.d INVEST ASSURE EXTRA
.
INVEST ASSURE CARE INVEST ASSURE FLEXI

Min entry age 30 dys Min entry age 30 dys
Max entry age 45 yrs Max entry age 70 yrs
Max Maturity age 65 Max Maturity age 80
Min premium 12000 Min premium 15000
No of funds 5 No of funds 7
Riders ADBR,CIBR Riders ADBR,CIBR
Min premium payment term NM Min premium payment term NM
INVEST ASSURE II INVEST ASSURE EXTRA

Min entry age 15,20,30 Min entry age 15,20,30
yrs yrs
Riders ADBR,CIBR, Riders ADBR,CIBR
WOP
Min premium payment term NM Min premium payment term NM
ADBR-Accidental Death Benefit Rider, CIBR-Critical Illness Benefit Rider, NM-Not Mentioned
(Source: www.tata-aig-life.com)

COMPARITIVE ANALYSIS
I Through Wealthsurance a customer can even invest

. at the age of 65 where as in this product if the
customer is beyond 45 years he will not be allowed to
invest
INVEST ASSURE CARE II .Customer can keep his money invested till the age of
. 75 years and take benefit of the market performance
whereas here the plan matures at the age of 65.
III. In Wealthsurance Free partial withdrawal starts after
completion of 3 years where as in this product the
customer needs to wait for 5 completed years before
he can do a withdrawal
IV Wealthsurance has a Premium allocation charge of
. only 4% as against 50% allocation in this product
V Through Wealthsurance a customer can even invest
INVEST ASSURE II customer is beyond 45 years he will not be allowed to
invest
VI .
Customer can keep his money invested till the age of
I Wealthsurance has a Premium allocation charge of

. only 4% as against 40% allocation in this product
II Through Wealthsurance a customer can even invest
INVEST ASSURE EXTRA customer is beyond 45 years he will not be allowed to
invest
III .
Customer can keep his money invested till the age of
IV Min Entry age in Wealthsurance as 0 Years as
. against the Min Entry age of 15 Years
I In Wealthsurance the Min Premium amount is only
. Ten Thousand Rupees in comparison to Fifteen
Thousand Rupees in this Product.
II Wealthsurance has a 4% allocation charge where as
INVEST ASSURE FLEXI . in this product the alloc ation charge is 16%
III Wealthsurance has different riders/protection Basket
. to choose from including Hospital cash benefit which
gives money on a daily basis if hospitalized.

BAJAJ ALLIANZ LIFE INSURANCE COMPANY
BAJAJ ALLAINZ OFFERS FIVE TYES OF ULIPs
a UNIT GAIN PLUS GOLD

.b UNIT GAIN PREMIER
.c CENTURY PLUS
.d NEW UNIT GAIN PLUS
.e PENSION GUARANTEE
.
UNIT GAIN PLUS GOLD UNIT GAIN PREMIER
Min entry age 0 yrs Min entry age 0 yrs
Max Maturity age 70 yrs Max Maturity age 70 yrs
Riders 6(after 18) Riders NM
Min premium payment term 3 yrs Min premium payment term 3 yrs
CENTURY PLUS NEW UNIT GAIN PLUS

Max Maturity age 70 yrs Max Maturity age 70 yrs
Riders ADBR Riders ADBR,WOP
CIBR,FIB,HCB
PDB
PENSION GUARANTEE ADBR-Accidental Death Benefit Rider,

Min entry age 45 yrs CIBR-Critical Illness Benefit Rider,
Max entry age 80 yrs NM-Not Mentioned,
Max Maturity age NA WOP-Waiver of Premium,
Min premium 25000- FIB-Family Income Benefit,
purchase HCB-Hospital Cash Benefit,
price PDB-Permanent Disability Benefit
No of funds NM
Riders NM (Source: www.bajajallianz.com)
Min premium payment term NM

I Wealthsurance only has a allocation charge of only

. 4% in comparison to 15% in this product
UNIT GAIN PLUS GOLD II Max Entry age in Wealthsurance is 65 as against 60
. of Unit Gain Gold Plus
III Wealthsurance has an Min Entry Age of 0 Years

. against this product where the entry age is 8 Years.
IV Min Premium in Wealthsurance is only Ten Thousand
CENTURY PLUS . Rupees in comparison to Twenty Five Thousand
Rupees of this product.
V In Wealthsurance there is a choice of 5 riders where
. as in this product only one rider is available
I Wealthsurance only has a allocation charge of only

NEW UNIT GAIN PLUS . 4% in comparison to 55% in this product
II Max Entry age in Wealthsurance is 65 as against 60
. of Unit Gain Gold Plus
I Min Premium in Wealthsurance is only Ten Thousand

. Rupees in comparison to Fifty Thousand Rupees of
UNIT GAIN PREMIUM this product.
II Max Entry age in Wealthsurance is 65 as against this
. product which has a cut of 60 years.
I Wealthsurance can be customized for retirement

. planning.
II Customers can opt for a partial withdrawal without
PENSION GUARANTEE . any charges post 3 years from his fund value and use
the money as pension. There is no Tax/Charges on the
money withdrawn/taken as pension

LIFE INSURANCE CORPORTAION (LIC) OF INDIA
LIC OFFERS THREE DIFFERENT TYPES OF ULIPS
a MARKET PLUS
.b PROFIT PLUS (RP & SP)
.c FORTUNE PLUS
.
MARKET PLUS PROFIT PLUS(RP&SP)
Max Maturity age 75 yrs Max Maturity age 70,75 yrs
Min premium 5000 RP Min premium 1000 RP
10000 SP 20000 SP
Riders ADBR Riders ADBR,CIBR
FORTUNE PLUS
Min entry age 12 yrs
Max entry age 60 yrs
Max Maturity age 65 yrs
Min premium 20000
No of funds 4
Riders ADBR
Min premium payment term 5 yrs
ADBR-Accidental Death Benefit Rider, CIBR-Critical Illness Benefit Rider
(Source: www.licindia.com)

I Premium allocation charge is 16.5% in this product

. where Wealthsurance has a charge of Max 4%.
II as Wealthsurance there is unlimited
In switching
. redirection and partial withdrawal allowed absolutely
MARKET PLUS free of charge.
III There are no riders available in this produc t as
. against Wealthsurance has a host of riders to choose
from
IV .After 3 years we can go for unlimited partial
. withdrawals as against in this product there are no
partial withdrawal available
I Premium allocation charge is 15% min in this product
. where as Wealthsurance has a charge of Max 4%.
PROFIT PLUS (RP & SP) II In Wealthsurance there is unlimited switching
free of charge.
III There are no riders available in this produc t as
from
.
I Min Entry age in Wealthsurance is 0 years as against
. in this product it is 12 years
FORTUNE PLUS II Max entry age in Wealthsurance is 65 years as
. against in this product it is 60 years only.

HDFC STANDARD LIFE INSURANCE COMPANY
HDFC STANDARD LIFE OFEERS FOUR DIFFERENT TYPES OF ULIPs
a ENDOWMENT PLUS II
.b ENHANCED LIFE PROTECTION II
.c UNIT LINKED PENSION RP
.d UNIT LINKED PENSION SP
.
ENDOWMENT PLUS II ENHANCED LIFE
PROTECTION II
Min entry age 18 Min entry age 18
Max entry age 65 Max entry age 45
Riders ADBR,CIBR Riders NO
Min premium payment term TERM Min premium payment term TERM
UNIT LINKED PENSION RP UNIT LINKED PENSION SP

Min premium 12000 Min premium NM
Riders NO Riders NO
Min premium payment term TERM Min premium payment term TERM
ADBR-Accidental Death Benefit Rider, CIBR-Critical Illness Benefit Rider
(www.hdfcstandardlife.com)

COMPARATIVE ANALYSIS
I Min Entry age in Wealthsurance is 0 years as

. against in this product it is 18 years
II Premium allocation charge is 40% in this product
ENOWMENT PLUS II . where as Wealthsurance has a charge of Max 4%.
III Min Premium in Wealthsurance is 10000 as
. against this product.
IV Min Entry age in Wealthsurance is 0 years as
. against in this product it is 18 years
V Premium allocation charge is 40% in this product
ENHANCED LIFE PROTECTION VI Min Premium in Wealthsurance is 10000 as
I . against this product. Max entry age in this
I product is only 45 years where as in
Wealthsurance it is 65 years
VII In Wealthsurance after 3 years unlimited partial
. withdrawals are allowed where as in this product
the customer needs to wait till the 5th year.
I There are no rider available in this product as
. against Wealthsurance has a host of riders to
choose from.
II Allocation charge of 25% on this produc t and
. Wealthsurance has a 4% c harge.
UNIT LINKED PENSION RP III Annuity is taxable where as all the funds in
. Wealthsurance is tax free. Wealthsurance can be
customized to be a tax free retirement plan.
IV Post 3 years customers can also do unlimited
. partial withdrawal whenever there is a need for
money without being charged or taxed.
V Min Premium in Wealthsurance is 10000 as
I There is no rider available in this product as
. against Wealthsurance has a host of riders to
UNIT LINKED PENSION SP choose from.
II Allocation charge of 6% on this product and
. Wealthsurance has a 4% c harge.
III Post 3 years customers can also do unlimited
. partial withdrawal whenever there is a need for
money without being charged or taxed.
IV Min Premium in Wealthsurance is 10000 as

ICICI PRUDENTIA L LIFE INSURANCE COMPANY
ICICI PRUDENTIAL OFFERS ELEVEN DIFFERENT TYPES OF ULIPs
a LIFE TIME GOLD

.b LIFE LINK SUPER
.c PREMIER LIFE GOLD
.d LIFE TIME PLUS
.e LIFE STAGE
.f SMART KID CHILD PLAN
.g LIFE TIME SUPER PENSION
.h LIFE STAGE RP PRNSION
.i LIFE STAGE RP
.j LIFE STAGE ASSURE
.k INVEST SHEILD LIFE NEW
.
LIFE TIME GOLD LIFE LINK SUPER

Riders ADBR,CIBR, Riders NO
WOP
Min premium payment term 3 yrs Min premium payment term SP
PREMIER LIFE GOLD LIFE TIME PLUS

Max entry age 65,69 Max entry age 65
WORP
Min premium payment term 3,5 yrs Min premium payment term 3 yrs

LIFE STAGE SMART KID CHILD PLAN
WOP
Min premium payment term LIFE BASED Min premium payment term 3 yrs
LIFE TIME SUPER PENSION LIFE STAGE RP PENSION

Max Maturity age 45 yrs Max Maturity age 50-80 yrs
vesting age Vesting age
Riders ADBR,CIBR Riders NO
LIFE STAGE RP LIFE STAGE ASSURE

Max entry age MAX TERM Max entry age 65
75
INVEST SHIELD LIFE NEW

ADBR-Accidental Death Benefit Rider,
Min entry age 0 CIBR-Critical Illness Benefit Rider,
Max entry age 65 NM-Not Mentioned,
Max Maturity age 75 WOP-Waiver of Premium
Min premium 12000 SP-Single Premium
No of funds 6
Riders NM (Source: www.iciciprulife.com)
Min premium payment term 3 yrs

COMPARATIVE ANALYSIS
I Premium allocation charge is premium based in this

. product where as Wealthsurance has a charge of Max
4% and with higher premium the allocation charge
LIFE TIME GOLD decreases
II .
Min Premium in Wealthsurance is only Rs.10000 as
. against in this product it is 20000
III In Wealthsurance there is unlimited switching
free of charge.
I Premium allocation charge is 20% in this product
II Min Premium in Wealthsurance is only Rs.10000 as
LIFE LINK SUPER . against in this product it is 20000
III In Wealthsurance there is unlimited switching
free of charge.
. where as Wealthsurance has a charge of Max 4%
II There are no riders available in this product as
PREMIER LIFE GOLD . against Wealthsurance has a host of riders to choose
from
III . Wealthsuranc e there is unlimited switching
In
free of charge
LIFE TIME PLUS . against in this product it is 20000
III In Wealthsuranc e there is unlimited switching
free of charge.
I Premium allocation c harge is 25% in this product
III In Wealthsuranc e there is unlimited switching
LIFE STAGE RP . redirection and partial withdrawal allowed absolutely
free of charge.
IV There are only 2 riders available in this product as
from
.
LIFE STAGE III In Wealthsuranc e there is unlimited switching
free of charge.
IV There are only 2 riders available in this product as
from
I .
Premium allocation charge is 20% in this product
SMART KID CHILD PLAN . against in this product it is 12000
III Wealthsurance can be beautifully customized to be a
. child plan by just adding wavier of premium.
I Premium payable in this product is Rs.75000 as

. against in Wealthsurance it is only Rs.10000
II There are only two rider available in this product as
from
III .
Allocation charge of 20% on this product and
LIFE TIME SUPER . Wealthsurance has a 4% charge.
PENSION IV Annuity is taxable where as all the funds in
customized to be a tax free retirement plan. 4. Post 3
years customers can also do unlimited partial
withdrawal whenever there is a need for money
without being charged or taxed.
I Premium payable in this product is Rs.15000 as

. against in Wealthsurance it is only Rs.10000
II There are only two rider available in this product as
from
LIFE STAGE PR PENSION III .
Annuity is taxable where as all the funds in
customized to be a tax free retirement plan.
IV Post 3 years customers can also do unlimited partial
. withdrawal whenever there is a need for money with
being c harged or taxed, absolutely free.

I In Wealthsurance partial withdrawals are allowed
. right after 3 years where as in this product the
customer cannot touch his funds till 7th year.
II First year premium is utilized towards Guaranteed
. additions and returned on maturity as a Guarantee.
LIFE STAGE ASSURE III If you surrender the policy the GA component is not
. given to the customer and only the FV which gets
accumulated from 2nd premium is returned after
deducting surrender charges, where as in
Wealthsurance there will not be any other charges
apart from surrender charges that too if applicable
IV Premium allocation charge is 20% in this product

V Min Premium in Wealthsurance is only Rs.10000 as
VI In Wealthsuranc e there is unlimited switching
INVEST SHEILD LIFE . redirection and partial withdrawal allowed absolutely
NEW free of charge.
VII There are only 2 riders available in this product as
from
VIII .
This product has no top up facility where as in
. Wealthsurance tops are allowed any time.
IDBI FORTIS is a new company with over just over one year of operations and so we have very
less information about its past performance. Therefore not many negatives can be found with
the company in regard to the Unit Linked Insurance Plans. Some general demerits with regard
to the distribution network and marketing strategies have been mentioned after the analysis of
the primary data.
As a part of this comparative analysis we have also compared the performance of ULIPs of a
selected fund since the last one year (as the data of IDBI FORTIS is limited only to the last one
year). The comparison has been carried out in the next page.

PERFORMANCE OF ULIPs OF THE SELECTED COMPANIES
Here in order to compare the performances of the ULIPs of the selected five companies with
that of IDBI FORTIS we have selected a particular type of fund called equity growth funds. The
reason for selecting equity growth fund is that we would be very c learly able to understand the
effect of market slowdown on these companies. Here we have considered the Net asset Values
(NAV) of the equity growth funds from April 1 s 2008 to April 30 th 2009.We have then compared
t
the compared the maximum and minimum NAVs during the period and found out the
percentage change for the NAVs observed for the equity funds of the respective selected
companies selected companies.
We have calculated the average NAV for every month (from April 1 st 2008 to April 30 th 2009) for
all the companies and then plotted them on graphs. We have then found out the extent to
which each company was affected due to the market slowdown. We have also taken into
consideration the latest NAVs of these companies to see the pattern of growth of these funds
post recession. The percentage change (negative) in the Net Asset value for all the companies
has been calculated below and we observe that LIC was the least affected among the selected
companies with only a percentage change of only -23.38% which is quite low compared to
-43.84% of that of Bajaj Allianz.
IDBI Fortis has shown a percentage change of -38.95%.But since IDBI Fortis is a new company
which was started just a year back we c an say that it has managed quite well and right now it
is showing a quite good and positive growth as we can see from its present NAV.
Month NAV
Apr-08 8.4099
May-08 7.7124 HDFC STANDARD LIFE
Jun-08 7.5374 9
Jul-08 8.1797 8
7
Aug-08 7.9632 6
Sep-08 5.9740 5
4
Oct-08 5.7968 3
Nov-08 5.6706 2
1
Dec-08 5.5100 0
Jan-09 5.4479
Feb-09 5.1516
Mar-09 6.1597
MONTH
Apr-09 6.4646
Table 3 & Figure 5: NAVs of HDFC Standard Life

(Source:
wwww.hdfcstandardlife.com)
Month NAV
Apr-08 8.4099
May-08 7.7124 BAJAJ ALLIANZ
Jun-08 7.5374 30
Jul-08 8.1797 25
Aug-08 7.9632 20
Sep-08 5.9740
15
Oct-08 5.7968
10
Nov-08 5.6706
5
Dec-08 5.5100
0
Jan-09 5.4479
Feb-09 5.1516
Mar-09 6.1597
Apr-09 6.4646 MONTH
Table 4 & Figure 6: NAVs of Bajaj Allianz

(Source www.bajajallianz.com )
:
Month NAV
Apr-08 56.3500
May-08 56.6050 ICICI PRUDENTIAL
Jun-08 48.9250 60
Jul-08 48.8700 50
Aug-08 51.4450 40
Sep-08 49.1450 30
Oct-08 39.4450
20
Nov-08 35.6850
10
Dec-08 36.4000
0
Jan-09 34.8450
Feb-09 34.2650
Mar-09 33.4050
Apr-09 39.9150 MONTH
Table 5 & Figure 7: NAVs of Bajaj Allianz

(Source www.iciciprulife.com )
:

Month NAV
Apr-08 12.2400
May-08 12.1735 LIC
14
Jun-08 11.0585
12
Jul-08 11.0290
10
Aug-08 11.4950
8
Sep-08 11.1155
6
Oct-08 9.5505
4
Nov-08 9.3775
2
Dec-08 9.6165
0
Jan-09 9.6130
Feb-09 9.5395
Mar-09 9.4765
Apr-09 10.5715 MONTH
Table 6 & Figure 8: NAVs of LIC

(Source www.licindia.com )
:
Month NAV
Apr-08 10.5838
May-08 10.4991 IDBI FORTIS
Jun-08 9.1765 12
Jul-08 9.3448 10
Aug-08 9.8183 8
Sep-08 9.0915 6
Oct-08 7.0785 4
Nov-08 6.9028 2
Dec-08 6.9151 0
Jan-09 6.6861
Feb-09 6.5328
Mar-09 6.4605
MONTH
Apr-09 7.7746
Table 7 & Figure 9: NAVs of IDBI FORTIS

(Source:
www.idbifortis.com)

Month NAV
Apr-08 13.4790
TATA-AIG
May-08 13.3460 16
Jun-08 11.9805 14
Jul-08 11.9125 12
Aug-08 12.3240 10
Sep-08 11.7975 8
6
Oct-08 10.1290
4
Nov-08 9.8400 2
Dec-08 9.9140 0
Jan-09 9.8000
Feb-09 9.6675
Mar-09 9.4175
MONTH
Apr-09 10.7340
Table 8 & Figure 10: NAVs of TATA AIG

(Source www.tata-aig-life.com )
:
COMPANY % CHANGE
BAJAJ ALLIANZ -43.84%
HDFC STANDARD LIFE -38.74%
ICICI -40.98%
PRUDENTIAL
IDBI -38.95%
FORTIS
LIC -23.38%
TATA AIG -30.13%
PERCENTAGE (% ) CHANGE
TATA AIG -30.13%
LIC -23.38%
IDBI -38.95%
FORTIS
ICICI -40.98%
PRUDENTIAL
HDFC STANDARD -38.74%
LIFE
BAJAJ ALLIANZ -43.84%
Table 9 & Figure 11: Percentage changes in NAVs of various companies due to recession

PRIMARY DATA ANALYSIS
We have done a detailed survey in Hyderabad c ity to understand and study the consumer’s
responses. The primary data was collected through questionnaires. This questionnaire was
mainly formulated to target the c ommon man to see his perception and awareness of various
investment options available. The sample size of the survey was 133.Out of these 89 were male
and 45 were female. The sample of respondents was carefully selected covering people in all
age groups and with different backgrounds and occupations. The analysis of these
questionnaires gives us an insight about the mindset of people regarding various investments.
We have also used factor analysis in SPSS to extract the prominent factors influencing the
investments decisions of the c ustomers .Customer preferences as to where they would like to
invest have been studied . Also we come to know about the preferences given by customers
towards various top life insurance companies and their reasons for it. Here we see that most of
the customers invest regularly from quite some time but since the last few months their
investments have come down due to recession and market slowdown. Following is the analysis
of the primary data collected through questionnaires. (Please refer to annexure I)
The sample included respondents from all the age groups out of which people in the age group
18-40 constituted around 70%.
50
45
40
35
30
25
20
15
10
5
0
18-30 31-40 41-50 >50
AGE
GROUP
Figure 12: Break-up of respondents between different age groups
The sample of respondents was heterogeneous with people of various occupations right from
government service to ones who were self employed. Out of these people who were working in
private companies constituted round 65%.

80%
60%
40%
20%
0%
OCCUPATION
Figure 13: Break-up of respondents by their occupations
lso the customers’ preferences for different forms of savings have been c arefully studied The
main savings instruments generally preferred by customers are bank deposits, fixed deposits,
investments and post office schemes. Out of these Investments has been preferred by around
43% respondents and fixed deposits by around 27%.
PREFERENCE OF SAVINGS
6% 12%
Bank Deposits
12%
Fixed Deposits
Investments
27%
Post Office Schemes
Others
43%
Figure 14: Break-up of respondents based on their preferences for various savings instruments

When we talk about making investment decisions around 45% respondents considered their
own decision and another 40% respondents considered their family’s opinion before making
any important investment dec ision.
50%
40%
30%
20%
10%
0%
Family's Friend's Broker's Own Any
Opinion Advice Advice Decision Others
DECISION MAKING
Figure 15: Break-up of respondents based on factors influencing their

decision
The various forms of investments generally preferred by customers have been identified as
mutual funds, stocks and shares, insurance products and government bonds. Out of these
around 35% preferred stocks and shares and around 20% preferred insurance products.
FORMS OF INVESTMENT
35
%
29
%
20
%
13
%
5
%
Mutual Stocks and Insurance Govt Bonds Others

funds Shares Products
Figure 16: Break-up of respondents based on preferences for various forms of investment

The main reason for people to invest in the insurance products was that they had the
advantage of both life cover and tax benefits apart from other normal benefits.
Talking about the frequency of investment around 45 respondents preferred investing once a
year and another 25% preferred investing 2-3 times a year. It was also noticed that greater
majority of respondents owned an insurance policy. Only 11% of the respondents did not own
an insurance policy.
FREQUENCY OF INVESTMNET
1% Once a year
14%
2-3 Times a year
15% 45%
More than 3 Times a year
25% Not Investing (No Idea)
Not Interested
Figure 17: Break-down of respondents based on their frequencies of investment
OWN AN INSURANCE
POLICY
89%
11%
Yes No
Figure 18: Break-down of respondents who own/do not own an insurance policy

Unit Linked Insurance
Plans
39%
28%
23%
6% 4%
High risk Moderate Low risk They are No idea

risk safe
Figure 19: Break-down of respondents who rated risk involved in ULIPs
LIC
1% 1% ICICI Prudential
2% 2% 3% IDBI Fortis
3% 5%
Bajaj Allianz
7%
HDFC Standard
Life
13% 63% SBI Life
Max New York
Birla Sunlife
Kotak Mahindra
Others
Figure 20: Break-down of respondents who own insurance policies in various life insurance companies
Around 63% respondents felt that there was an amount of moderate to high risk involved with
ULIPs. Around 63% of the respondents owned an insurance policy in LIC which clearly shows
that LIC still continues to be the market leader in as it has been since the last 50 years or so in
spite of the presence various powerful private players which are still finding hard to capture a
major market share. Around 13%b respondents chose ICICI Prudential.

Following is the rating (from 1-5, 1-bad, 5-best) given by respondents to the five selected life
insurance companies .Here we can clearly see that LIC has the best rating. The reasons given by
the respondents were that LIC was a public sector company which is well established and has
got loads of experience
1 2 3 4
5
BAJAJ ALLIANZ
HDFC STANDARD LIFE
ICICI PRUDENTIAL
IDBI
FORTIS
LI
C
TATA-AIG
Figure 21: Rating scale selected insurance companies
w WEALTHSURANCE
No idea 29%
All the above 42%
A finacial security and risk coverage 16%
A savings plan with good returns 10%
Tax saving plan 3%
0% 20% 40% 60%
Figure 22: Break-down of respondents with different perceptions about the term “WE LTHSUR
NCE”

71%
26%
3%
IDBI Fortis is one of It has a long way to Don't know

the best go
Figure 23: Break-down respondents with various responses about the future of IDBI Fortis
Many people responded that they have no idea about IDBI Fortis or its various products under
the umbrella “wealthsurance” That is true as it is a new company it has a long way to go as
responded by around 26% of the respondents.
This could be due to the fact that IDBI FORTIS has a limited presence and it has just started its
operations just more than a year ago.
We also have found out the age played an important role in deciding the investing patterns of
the respondents .It was found out that people who were generally in between 18-30 had a
higher tendency to invest quite frequently in a year. The following table and the figure below
show us the results.
Age No of % Average Frequency of investments per

Respondents year
18-30 49 36.84% 2.105263158

30-50 70 52.63% 1.537313433
>50 14 10.52% 1.461538462
133 100%
Table 10: Average frequency of investments among different age groups

2.5
2.10
2
1.53
1.5
1.46 Average
1 Frequency of
investments per
year
0.5
0
18-30(young) 30-50(middle) >50(old)
AGE
Figure 24: Average frequency of investments among different age groups
In order to find the relationship between the age of the respondents and their investment
patterns, a chi-square test for independence of attributes was used and results of the test is
shown in the following table :
Factor Calculated 2 Tabulated 2 DF Significance

value value
AGE 2.801856 7.814728 3 Significant at 5% level
of significance
Table 11: Age and Frequency of investment (Chi-Square table)
It is noted from the above table that the calculated Chi-square value is less than the table value
and the result is significant at 5% level Hence the null hypothesis “the age of the respondents
and frequency of investment” holds good From the above analysis it is concluded that there is
a c lose relationship between the age of the respondents and their investment patterns
We have also used factor analysis in SPSS (Statistical Pac kage in Social Sc iences) extract most
prominent factors that considered by a consumer before making an investment decision. We
had initially considered 28 factors which can influence a consumer’s investment decision and
we have asked the customers to rate them according to their importance in the questionnaire
(Refer to annexure I).

So through the factor analysis the number of factors extracted was 9.KMO ( Kaiser-Meyer-Olkin
Measure of Sampling Adequacy) and Bartlett’s test of sphericity were used and for extraction
principle component method had been used. About 75.68% of the information has been
extracted through this test which shows that the results are reliable. The output of the factor
analysis has been included in the annexure. (Refer to annexure II).
Also we c an see from below that the KMO coefficient is 0.702. The coefficient always lies
between 0 and 1 and the requirement is that it should not be less than 0.50. So here we can say
this is a good test.
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .702

Bartlett’s test of Sphericity :
Approx Chi-Square 1363.096
DF
378
Sig .
000
Table 12: KMO and Bartlett’s test of sphericity
So following are the nine extracted prominent factors that influence the consumer while
making an investment decision:
1. Rate of return
2 .Death benefits and lock in period
3. Present market scenario and tax benefits
4. Past performance of the company
5. Flexible investment options and the risk involved
6. Amount payable and the after investment service
7. Opinion of media, friends and acquaintances
8. Level of knowledge about investment
9 .Commercials associated with investments
Table 13: The prominent factors influencing the consumer’s investment decision

MERITS AND DE-MERITS OF IDBI FORTIS LIFE INSURANCE COMPANY
We have already discussed the advantages of Wealthsurance products compared to the

products of the other companies. There the advantages were specific to individual products. So
here after the complete analysis of primary and secondary data we have the following merits
and demerits of IDBI Fortis Life Insurance Company in general. Since IDBI Fortis is a new
company not many demerits can be pointed out right now at this stage but we have tried our
best here to point out some major ones.
MERITS
1 When compared to the other selected insurance companies IDBI Fortis gives a min fixed
. Interest rate for monthly interest account and a min fixed NAV (Net Asset Value) for
funds under Unit Linked Insurance Plans (ULIPs) at the time of maturity. So here in terms
of market slowdown and recession the fund value will not come down below a specified
limit which is not the case with the other companies.
2 The Fund allocation charges and fund management charges are very low when
. compared to most of the other companies in the market.
3 The growth of the company has been tremendous in terms of the premiums collected
. and the variety of funds introduced. All this has been done in a very short span of time
which indicates that there is a great future for IDBI Fortis.
4 IDBI Fortis offers funds almost to everyone right from a 3 month child to a 70 year old
. elderly person. The variety of funds offered is very vast.
5 The tie-up of the well known IDBI bank with Fortis International and Federal bank both
. of which are well established and good rated gives the company a greater sc ope for
good growth in the future.
6 All the plans offered by the company espec ially under ULIPs are really flexible as there
. are no charges charged for switching and a customer can make use of the switc hing
facility any number of times he wants to free of charge. Also the premiums payable can
be decided by the customers themselves ac cording to their feasibility and capacity.
DEMERITS
1 IDBI Fortis has a limited presence right now so most of the people know nothing about
. the company.
2 With already around more than 20 private companies in the market it is really a
. mammoth task for IDBI Fortis to establish itself and move forward successfully as it is
always difficult for any new company to capture the market very early.

3 Also with LIC still at the helm as the market leader it is really difficult for the company to
. move anywhere closer to it because LIC is the only public sector lif e insuranc e company
and generally people would prefer a public company rather than a private company.
4 The company has to improve its distribution network as its reach to a common man is
. very limited .Also the number of agents working for the company is very less right now
when compared to the other companies.
5 It is very difficult to convince the customers first because this is a new unknown
. company and secondly there are no part records which normally the customers consider
seriously to show the company’s performance.
6 Also the company has no funds like SBI Smart ULIPs of SBI, Tata-AIG life invest assure of
. Tata-AIG and Birla Sun life insuranc e platinum plans of Birla Sun life which offer the
highest NAV observed during the entire policy term at the time of maturity of the fund
which are really a great hit among the customers.
7 The variety of funds under IDBI FORTIS has to increase as competitors like ICICI
. Prudential have a larger and better variety of the same.

POSITIONIN
G
Positioning is the process by whic h marketers try to create an image or identity in the minds of
their target market for its product, brand, or organization. A product's position is the way the
product is defined by consumers on important attributes - the place the product occupies in
consumers' minds relative to competing produc ts. Positioning is the difference the company
creates for its products relative to the products of the other companies
Not all brand differences are meaningful or worthwhile. Not every difference makes a good
differentiator. Each difference has the potential to create company costs as well as customer
benefits. Therefore, the company must carefully select the ways in which it will distinguish itself
from competitors. A difference is worth establishing insofar as it satisfies the following criteria:
(source: http://www.determan.net/Michele/mposition.htm)
IMPORTANT The difference delivers a highly valued benefit to target buyers

DISTINCTIVE Competitors do not offer the difference, or the company can offer it in a
more
distinctive .
SUPERIOR way
The difference is superior to other ways that customers might obtain the
same benefit.
COMMUNICABLE The difference is communicable and visible to buyers
PRE-EMPTIVE Competitors cannot easily copy the difference
AFFORDABLE Buyers can afford to pay for the differenc e
PROFITABLE The Company can introduc e the difference profitably
POSITIONING STRATEGIES
There are seven positioning strategies that can be pursued:
Product Attributes : What are the specific product attributes?

Benefit : What are the benefits to the customers?
s
Usage Occasions: When / how can the product be used?
User : Identify a class of users.
s
Against a Competitor : Positioned directly against a competitor.
Away from a Competito r: Positioned away from competitor.
Product Classes: Compared to different classes of products.

POSITIONING STRATEGIES OF IDBI FORTIS
At present IDBI Fortis has its presence in 29 cities ac ross India and it has 31 branches overall.
Mumbai has got three branches. Following is the list of all the cities where the company is
operating right now:
AHMEDABAD MANGALORE
BENGALURU MUMBAI
CALICUT NAGPUR
CHANDIGARH
NASHIK
CHENNAI NEW DELHI
COIMBATORE NOIDA
DEHRADUN PUNE
GOA RAJKOT
GURGAON SURAT
HYDERABAD THIRUVUNATHAPURAM
INDORE UDAIPUR
JAIPUR VARNASI
KOCHI VIJAYAWADA
LUCKNOW VISAKHAPATNAM
LUDHIANA
Table 14: List of the cities with IDBI Fortis presence
IDBI Fortis has positioned itself quite nicely by offering all the produc ts under one single
umbrella “WE LTHSUR NCE” The Wealthsurance Foundation Plan enables the customer to
save and build wealth to meet his financial goals. However, unlike other investment
alternatives, it also enables him to achieve his wealth goals even in the event of unexpected
death, accidents, disablement or serious illness. Here under WEALTHSURANCE the company
offers all various varieties of plans right from plans for a 3 month baby to plans for elderly
people. Also in all its advertisement campaigns the company has been using the term
“WE LTHSUR NCE” extensively. The company has positioned itself in such way the customers
started feeling that Wealthsurance is the solution for all problems.
Some major strategies used by the company
The name “Wealthsurance” is being marketed very effectively that too with the tag line
“investment chalta jaye chahe kuchh ho jaye” which means that the we alth creation
continues no matter whatever happens. This concept is being well supported by a new
commercial released by the company being aired on all major channels.

The company has already created sensation by introducing the term Wealthsurance and
now it wants to project Wealthsurance is the solution for any kind of problem in life
insurance.
The company has also been promoting itself well especially since the past few months.
It created ripples across India when it became the first insurance company ever to
sponsor a major c ricket tournament singlehandedly when it sponsored the
Wealthsurance cup between India and Srilanka in Jan-Feb 2009.It made a right decision
to do so because India is a cricket crazy country and there is nothing better than
reaching to the people through cricket.
Also the logo and pictures IDBI Fortis has been using in its advertisement campaigns
through commercials and printed media have been really good. For example let us talk
about the most common picture used i.e. that of a peeled orange with its peel by its
side. The orange wouldn’t grow if the peel hadn’t protected it fruits from all sorts of
dangers like birds worms etc. The same is with all fruits, nuts and grains or for the
matter a human embryo. With this the company wants to say the best growth happens
under a protective cover that just as nature has provided a protective shield for every
fruit which projects the actual fruit and helps it grow IDBI Fortis acts as a protective
shield for the investments the customers make and helps the best growth to happen. So
with new innovative advertising strategies the company has been able to position itself
as a new company with innovative products. All the punch lines used by the company
easily attract the customers. Some of the advertising pictures used by the company are
illustrated below with their taglines:
Protection Guaranteed
Your dreams and aspirations need money to fulfill.

Make a promise to build wealth.

A wealth building plan protected by insurance.
Unlimited flexibility and choice
IDBI Fortis positions itself as one of the top insurance companies in India. It aspires to be
in the top four in the next five years and in the top 3 in the next seven years from now.
Although the company has other products like Bondsurance, Homesurance and
Retiresurance right now it is just focusing on Wealthsurance as it feels that the
company needs to first capitalize on one particular product initially and latter on can
diversify
.
IDBI Fortis aims to position itself as an insurance company for all classes. As the
premiums payable and the plans are flexible according to the customers choices every
person right from a worker to a high class businessman can purchase a policy. The
minimum premium payable per month is Rs.1000 which is very affordable by anyone.

FINDING
S
There is a great future of the life insurance sector in India as 80% of the Indian
population is still without life cover and people are just now c oming in response to the
awareness campaigns being carried out by almost all the insurance companies.
We have found out that age plays a major role in deciding the investment patterns of
people as generally the younger class of people tend to take more risk and invest in
various instruments more frequently in a year( 2.10 times a year) when compared with
the older class of people(1.46 times a year).
Life insurance Corporation (LIC) of India is the company to be least affected during this
market slowdown as NAV of its equity growth funds came down just by 23% during this
major recession.
Life Insurance Corporation (LIC) of India is still the undisputed market leader as 63% of
the respondents surveyed owned a policy in it and it has also got a tremendous rating
of 4.2 out of 5 in the survey conducted.
A good positive growth is being shown by IDBI FORTIS and even though it is still over
one year old and has a long way to go it has already started working hard and is trying
to make competition much tougher.
All the products of IDBI FORTIS under Wealthsurance are really very good and have an
edge over most of the products of other major life insurance companies as the plans
offered by the company are really very flexible.

RECOMMENDATIONS
IDBI FORTIS has to improve its distribution network as its reach to a common man is
very limited .Also the number of agents working for the company is very less right now
when compared to the other companies
The company should constantly come out with innovative products as the competition is
very tough with around 22 companies fighting hard for the market share. Some new
innovative ideas have been suggested below.
An insurance plan for the unborn babies. The premium payment term
could be for 6 months and it could start once the fetus is 3 months old
inside the mother’s womb There could be various benefits under this
plan for the customers like in case of a premature or a complicated birth
the company would bear the expenses till the baby is healthy again
through the insurance policy. Also there could be death benefits in case
of the death of the baby inside the womb or at the time of delivery. This
plan could really be suc cessful as in India there are lot of premature child
deaths and if the company comes out with a plan like this very tactfully
with some implied conditions it would be the first Indian company to
offer insurance to unborn babies.
An insurance plan for mentally retarded and physically handicapped

people. This might be hard to digest but if at all plans like these are
possible and really come out then a good amount of Indian population
would really be interested.
The company could also come out with a plan for both the husband and
wife where automatically the wife gets insured along with her husband
when her husband purchases the policy. This could also be the other way
round. This could be called the combo family plan. In simple words it
means buy one policy and get another free. No other company has done
something like this till now.
As the company is a new company it has to really work hard to get itself promoted. The
company could start sponsoring major events and conduct talk shows and seminars to
get noticed. It could also take the help of NGOs. There are many people in India who
still do not know about the concept of insurance.The company could take this as an
opportunity by trying to create awareness.

The company could start using star personalities for their endorsements especially
cric ket stars and film stars as India is a nation of crazy cricket and film followers and
there is nothing better than reaching to the hearts of people through cricket.
The company should come out with some really outstanding and out of the world
advertisements like the ones Vodafone has released recently which people find it hard
to forget soon.
The company should first promote the brand IDBI FORTIS and create a positive
impression in the minds of the people In today’s world it is really tough for the
customer to choose from among a vast list of insuranc e companies as almost all of
them offer the same plans .So the company has to be a bit different from others in
order to stand apart.

MY EXPERIENCES AND LEARNINGS
My SIP at IDBI FORTIS Life Insurance Company has been an extremely enriching one. My SIP
was divided into two main parts. One was the project work and the other was the promotion of
the company. Since the company is a new company we the students doing our SIP were given
the major job of promoting the company through sales. So apart from the project work I had to
generate sales for the company. Initially we found it very difficult to sell policies as the
company was a new company and no one was willing to buy moreover as we were basically
located at Hyderabad for our SIP it was even more diffic ult for us as we knew no-one out there.
We faced a lot of hurdles but at the end we took it as a challenge and moved forward. The first
twenty days were really terrifying as I could not sell even a single policy and it was really very
de-motivating but latter on I moved ahead with the experience gained in the first few days
tackling different customers in different ways. Finally when I sold my first policy in the second
week of March I gained confidence and after that I did not look back At the end of my SIP I
generated a sales of over 1.5 lakhs for the company and ended up being one among the
students with the highest sales generated. Though I did not have the opportunity of sitting in
the office and have much corporate exposure I don’t regret it as I got full hands -on on-the field
experience. I got to interact with a lot of customers and in the process learnt of their different
mindsets and the way to deal with each of them differently. Once I was also thrown out of the
house by an angry house-wife when I tried to sell insurance early in the morning to her. It was a
harrowing experience but after that incident I learnt that marketing is all about dealing with
right people at the right time. To summarize my experience in one line I would say that my
experience At IDBI FORTIS was a really great learning experience with a lot of new things learnt
and as I also wish to specialize in marketing this experience is really a big bonus for me.
The Learnings I gained during my SIP are mentioned below:
I gained a broader perspective about various investment opportunities and the risk
involved in them.
I came to know about the various technicalities about the Indian insurance industry.
Interactions with customers during surveys and sales helped me enhance my marketing
skills
.
My on- hands on- the- field sales experience was an enriching one teaching me the
different facets a marketing personnel should posses and the way to deal differently in
different situations.

Through this research I enriched my knowledge on various competitive marketing
strategies adopted b different companies y to survive in a highly competitive market.
I learnt in a more detailed way about the nature of work existing in the insurance
industry, the kind of deadlines they have to meet, the kind of pressure and levels of
stress which they work under and the kind of recognitions given to them after they meet
or exc eed their targets.
Segmentation, Positioning, Diffrencaition, Communication Mix, Direct selling were all

the concepts learnt by be in the classroom before but this summer internship really
helped me practically experience all these.

CONCLUSIO
N
Here I conclude that the summer internship program, done in IDBI FORTIS Life Insurance
company , for partial fulfillment of the MBA program in ICFAI Business School (IBS)-Hyderabad.
has been completed successfully.
Following are the achievements done during the summer internship from 23th February 2008
to 23th May 2008:
a Survey done with interest of IDBI FORTIS has been conducted successfully and
. results are discussed above.
b Sales done by me during the time have done great business to the company.
.
c I was one of the Sales toppers with a generated sales of more than 1.5 lakh.
.
d The experienc e gained during the internship has sharpened my marketing and
. negotiable skills and given me a great on the field experience.

ANNEXURE - I
(QUESTIONNAIRE)
QUESTIONNAIRE
(This questionnaire is only of the sake of some research work being done on insurance
companies. Confidentiality would be maintained.)
Name : _________________________________________________________________
Gender : Male Female Contact no : _______________________________
Age Group:
18-30 31-40 41-50 >50
Qualification:
Post Graduate Graduate th < 12 th
12
Occupation:
Government Service Businessman Private Company
Self Employed Any Other (Please specify) ____________________
Your income range (per annum):
Below 150000 150000-250000 250000-350000
350000-450000 More than 450000
Your savings per year:
Below 10000 10000-25000 25000-50000
50000-100000 More than 100000
You would prefer savings in which form?
Bank deposits Fixed deposits Investments
Post Office schemes Any other (please specify) _________________________
What do you consider while making an investment decision?
Family’s opinion Friends advice Broker’s advice
Your own decision Any other (please specify) _________________________

Your opinion about investment:
Tax Saving Good returns Better future after retirement
Wealth creation Any other (please specify) _________________________
Preferably you would like to invest in:
Mutual funds Stocks and shares Insurance products
Govt. Bonds & securities Any other (please specify) _____________________
How frequently do you invest?
Once a year 2-3 times a year More than 3 times a

year
Not investing (no idea) Not interested
Do you agree that Insurance products are susceptible to very low risk when compared to the
other options for investment?
Yes No Don’t
know
What do you understand by the term “Wealthsurance”?
A tax savings plan A savings plan with good returns
A financial security and risk coverage for your family All the above
I have no idea
Name three insurance companies that come to your mind:
1. ___________________________________
2. ___________________________________
3. ___________________________________
Do you own an insurance policy?
Yes
No
If yes in which company? ______________________
According to you what is the amount of risk involved in (ULIPs) Unit Linked Investment Plans?
High risk Moderate risk Low

risk
They ar e Safe No Idea

Rate the following insurance companies (on a scale of 1-5):
Company Rating
IDBI FORTIS
ICICI Prudential
Life Insurance Corporation of India
Bajaj Allianz
Max NewYork Life Insurance
Tata AIG Life
According to you which is the best insurance company and why?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
With the different variety of schemes and unbelievable plans offered by IDBI FORTIS Do you
think IDBI FORTIS is one of the best?
Yes
No
Why?_______________________________________________
Please rate between 1-5 for all the following factors depending on thier effectiveness in
influencing you to make an investment decision.
1- If the factor has no eff ect on your preference for the investment option
2- If the factor has only a slight affect on your preference for investment option
3- If the factor affects your preference for an investment option
4- If the factor will strongly affect your preference for the investment option
5- If the factor will be decisive in your preference for the investment option
Particulars Rating
Rate of return( The amount which you get in return)
Extra returns for extra investments
Returns constant in all conditions (No opportunity for multiple returns)
Can give huge returns but high risk ( no guarantee of even min returns)

Tax benefits
Lock in period (Money cannot be withdrawn before a specific period)
Death benefits( Benefits upon your inadvertent death)
Compulsory investment (Mandatory for you to save a specific amount every
year making you get greater amount at maturity date, e.g. Regular premium in
insurance )
Transmission ( The investment option gets transferred to your nominee in case
of any eventuality for example death)
Amount payable can be adjusted later
Amount payable ( Amount that you have to pay for investing)
Amount of charges( Amount deducted for maintenance of your investment etc)
Level of knowledge about an investment option in particular
General level of knowledge about investment options
Level of knowledge to be developed once you start investing
After investment service( Level of advice you get when needed)
Renewal procedure( in case of any discontinuity in payment)
Time to be spent in future
Regulatory authority
Past histor y& performance of that investment option
Market scenario
Opinion of friends & acquaintances
Opinion of Media
Commercials associated with an investment option
Your past experience in investments.
Political factors( Government policies)
Investment option caters to my group (Retired employees, etc)
Other factors( Known person working in that sector etc)
--------------THANK YOU SO MUCH FOR YOUR VALUABLE TIME----------- -------

ANNEXURE - II (FACTOR ANALYSIS OUTPUT [SPSS])
Factor Analysis
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling

Adequacy. .702
Bartlett's Test of Approx. Chi -Square 1363.096

Sphericity df 378
Sig. .000
Communalities
Initial Extraction
ROR 1.000 .768
ER 1.000 .530
RC 1.000 .735
HRHR 1.000 .554
TB 1.000 .715
LIP 1.000 .661
DB 1.000 .781
CI 1.000 .673
T 1.000 .665
APA 1.000 .750
AP 1.000 .789
AC 1.000 .744
LK 1.000 .707
GK 1.000 .701
LKS 1.000 .620
AIS 1.000 .727
RP 1.000 .689
TS 1.000 .755
RA 1.000 .689
PP 1.000 .623
MS 1.000 .612
OPNF 1.000 .561
OPNM 1.000 .707
COM 1.000 .704
PE 1.000 .738
PF 1.000 .747
IO 1.000 .669
OF 1.000 .616
Extraction Method: Principal Component Analysis.

Total Variance Explained
Extraction Sums of Squared Rotation Sums of Squared

Initial Eigenvalues Loadings Loadings
% of Cumulative % of Cumulative % of Cumulative
Component Total Variance % Total Variance % Total Variance %
1 4.467 15.955 15.955 4.467 15.955 15.955 2.925 10.447 10.447
2 3.481 12.433 28.389 3.481 12.433 28.389 2.908 10.385 20.831
3 2.612 9.328 37.716 2.612 9.328 37.716 2.499 8.926 29.757
4 1.882 6.722 44.438 1.882 6.722 44.438 2.412 8.614 38.371
5 1.799 6.424 50.863 1.799 6.424 50.863 2.167 7.741 46.112
6 1.547 5.525 56.387 1.547 5.525 56.387 2.076 7.413 53.526
7 1.290 4.607 60.994 1.290 4.607 60.994 1.462 5.223 58.749
8 1.137 4.059 65.053 1.137 4.059 65.053 1.407 5.023 63.772
9 1.016 3.629 68.683 1.016 3.629 68.683 1.375 4.911 75.683
10 .868 3.100 71.783
11 .835 2.982 74.765
12 .713 2.545 77.310
13 .701 2.503 79.813
14 .681 2.433 82.246
15 .602 2.150 84.396
16 .543 1.939 86.334
17 .515 1.838 88.173
18 .476 1.699 89.872
19 .421 1.504 91.376
20 .395 1.410 92.786
21 .347 1.239 94.025
22 .310 1.106 95.131
23 .284 1.014 96.145
24 .266 .950 97.095
25 .246 .878 97.973
26 .211 .754 98.727
27 .191 .682 99.409
28 .165 .591 100.000

Scree
Plot
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Component
Number

Component Matrix(a)
Component
1 2 3 4 5 6 7 8 9
ROR .058 -.043 .127 -.162 .123 -.100 .729 -.264 .307
ER .052 .365 .002 -.014 -.182 -.261 .416 .094 -.332
RC -.324 -.577 .077 .267 -.079 .217 .086 -.374 -.137
HRHR .261 -.303 .193 .297 .291 .423 -.046 .041 .037
TB .455 -.674 .088 .158 .105 .076 -.066 -.005 -.026
LIP .618 -.086 .077 -.085 -.003 -.496 -.066 .083 .019
DB .622 -.480 .161 .051 -.138 -.316 -.053 -.094 -.071
CI .682 .044 -.404 .180 .048 -.004 .057 -.048 -.046
T -.573 -.084 -.176 .234 -.382 -.046 .122 -.178 .221
APA -.726 -.249 .010 .098 .143 .281 .170 .153 -.013
AP -.429 .166 .567 -.314 .068 -.005 -.086 .081 -.371
AC .297 .388 .432 -.027 .543 -.125 -.085 .021 .000
LK .439 -.243 -.072 -.087 -.588 .233 .050 -.076 .183
GK .675 -.187 -.330 -.066 .121 .242 .080 .122 -.040
LKS .349 -.087 -.453 -.465 -.120 -.013 .092 -.197 -.083
AIS .082 .216 .618 -.146 -.413 -.032 -.033 .038 .309
RP .272 .435 -.262 -.169 -.179 .437 -.323 .021 .025
TS .337 .489 .338 .462 -.049 -.150 -.037 -.096 .197
RA -.162 .092 -.647 -.012 .467 -.060 .070 -.089 -.031
PP -.186 -.277 .117 -.540 .366 -.010 .192 -.126 .139
MS .273 -.190 .431 -.323 .127 .274 .137 .216 .235
OPNF .131 .447 .174 .328 .022 .114 .161 -.359 -.194
OPNM -.200 .194 -.288 .369 .276 -.079 -.018 .293 .491
COM .353 .192 -.166 -.029 -.155 .103 .414 .544 -.114
PE -.384 -.403 -.180 .251 -.135 -.494 .022 .263 -.044
PF -.354 .677 -.200 -.152 -.242 .184 .072 .052 .009
IO .400 .562 .035 .284 .161 .098 .179 -.201 -.055
OF .067 -.268 .305 .407 -.097 .265 .287 .268 -.217
Extraction Method: Principal Component Analysi s.
a 9 components extracted.

Rotated Component Matrix(a)
Component
1 2 3 4 5 6 7 8 9
ROR .047 .036 .132 -.056 -.008 .053 .119 .852 .025
ER -.116 -.001 .263 -.061 -.220 -.020 .600 .082 -.165
RC -.122 .001 -.080 -.523 .462 -.105 -.348 .124 -.281
HRHR .118 .088 .074 .207 .658 -.019 -.212 -.014 .073
TB .235 .561 -.166 .037 .527 -.026 -.179 .016 -.077
LIP .143 .710 .042 .244 -.193 .109 .157 -.004 .039
DB .213 .812 -.013 -.005 .143 .153 -.016 .011 -.177
CI .583 .347 .288 .118 .035 -.268 .165 -.089 .091
T -.113 -.273 -.063 -.723 -.096 .061 -.107 .071 .147
APA -.388 -.483 -.344 -.278 .345 -.166 -.063 .126 .070
AP -.650 -.265 -.104 .245 -.055 .216 .037 -.043 -.415
AC -.283 .144 .378 .692 -.032 .033 -.046 .081 .103
LK .651 .158 -.072 -.218 .097 .413 .032 -.002 -.155
GK .649 .255 -.039 .293 .242 -.212 .150 -.003 -.013
LKS .563 .127 -.164 .048 -.310 -.211 .069 .144 -.304
AIS -.096 -.008 .111 .085 -.126 .823 .005 .071 -.012
RP .527 -.358 .140 .275 -.179 .087 -.036 -.381 -.042
TS -.062 .167 .707 .108 -.036 .331 .030 -.100 .300
RA .089 -.161 -.037 .018 -.198 -.750 -.043 .094 .202
PP -.137 -.045 -.393 .236 -.056 -.098 -.214 .555 -.160
MS .105 .037 -.225 .453 .305 .392 -.003 .312 -.029
OPNF -.047 -.123 .721 .005 .052 -.008 .035 .015 -.140
OPNM -.060 -.165 .021 -.039 -.024 -.185 -.015 -.022 .799
COM .311 -.042 -.017 .164 .115 .042 .743 -.005 .111
PE -.351 .284 -.378 -.523 -.018 -.167 .162 -.107 .227
PF .022 -.692 .159 -.053 -.412 .063 .232 -.108 .031
IO .160 -.048 .741 .247 -.002 -.068 .144 .034 .072
OF -.103 .053 .065 -.131 .685 .149 .294 -.031 -.050
Rotation Method: Vari max with Kaiser Normali zation.
a Rotation converged i n 13 iterations.

Component Transformation Matrix
Component 1 2 3 4 5 6 7 8 9
1 .607 .567 .293 .418 .104 .110 .152 -.034 -.045
2 -.055 -.456 .592 .296 -.486 .082 .252 -.150 .148
3 -.535 .120 .175 .272 .281 .666 -.099 .145 -.202
4 -.146 .142 .527 -.417 .474 -.116 .002 -.297 .425
5 -.291 .031 .044 .592 .183 -.593 -.242 .257 .229
6 .406 -.647 .011 .159 .568 .077 -.172 -.074 -.164
7 .038 -.099 .146 -.200 .184 -.076 .569 .750 -.034
8 -.112 -.046 -.471 .270 .204 .128 .603 -.313 .413
9 .240 -.058 -.102 -.030 -.133 .380 -.357 .367 .709
Extraction Method: Principal Component Analysi s.
Rotation Method: Vari max with Kaiser Normali zation.

ANNEXURE - III (SCHEDULE OF THE PROJECT)

REFERENCES
www.idbifortis.com
www.hdfcstandardlife.com
www.licindia.com
www.bajajallianz.com
www.iciciprulife.com
www.tata-aig-life.com
www.irdaindia.org
http://www.scribd.com/doc/11005006/Insurance-Industry-Growth-Chart-Under-Drive-of-
Demand-and-Value-Recommended20090121
http://www.scribd.com/doc/4996143/OVERVIEW-OF-INSURANCE-SECTOR-INDIA
http://www.scribd.com/doc/7044410/ULIPs
http://www.indiaprwire.com/pdf/pressrelease/200805079347.pdf
http://www.scribd.com/doc/136703/Indian-Insurance-Changing-Trends-and-a-Fresh-
Perspectiv
e
http://www.scribd.com/doc/7216240/Understand-ULIP-Insurance
The knowledge times
http://www.financialexpress.com/search/news/ulips+flexible+to+the+co
re/
http://unpan1.un.org/intradoc/groups/public/documents/apcity/unpan002873.pdf
http://wealth.moneycontrol.com/yourstartupkit/ulip/why-invest-in-ulips-/9051/0
http://economictimes.indiatimes.com/Personal-Finance/Insurance/Life-insurance-industry-
targeting-20-pc-growth-in-FY-09/rssarticleshow/4095144.cms
http://www.marketsmonitor.com/Report/IM588_related.htm
http://www.marketsmonitor.com/Report/IM126.htm
http://www.marketsmonitor.com/Report/IM126.htm

Principles of Marketing-Philip Kotler
Marketing Research-Naresh Malhotra
http://www.determan.net/Michele/mposition.htm
http://www.quickmba.com/marketing/ries-trout/positioning
http://tutor2u.net/business/marketing/brands_ positioning.asp
www.ducttapemarketing.com/strategies_for_positioning.htm
http://www.quickmba.com/marketing/research/
http://www.ats.ucla.edu/stat/Spss/output/factor1.htm
http://www.moneycontrol.com/planning_desk/fininvoption.php

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A REPORT ON

“A Comparative Study and Analysis of Unit Linked

IDBI FORTIS LIFE INSURANCE COMPANY

Submitted to: Prof.S.Subramanian

16th May 2009

ICFAI BUSINESS SCHOOL-HYDERABAD Page 2

I would like to express my sincere gratitude to my company guide Ms.Shanthi Yagyanath,

ICFAI BUSINESS SCHOOL-HYDERABAD Page 3

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SCOPE OF THE STUDY

OBJECTIVES OF THE PROJECT

LIMITATIONS OF THE STUDY

ICFAI BUSINESS SCHOOL-HYDERABAD Page 12

The techniques used for data collection are:

A Internet surveys and

ICFAI BUSINESS SCHOOL-HYDERABAD Page 13

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History of Insurance in India can be broadly bifurcated into three eras:

ICFAI BUSINESS SCHOOL-HYDERABAD Page 15

ICFAI BUSINESS SCHOOL-HYDERABAD Page 16

CAPITAL REQUIREMENTS AND FOREIGN PARTICIPATION

ICFAI BUSINESS SCHOOL-HYDERABAD Page 17

Figure 1: The trend of the Indian insurance industry ($Bn) 2000-2011

ICFAI BUSINESS SCHOOL-HYDERABAD Page 18

List of life insurance companies in India

Table 1: The list of life insurance companies in India

ICFAI BUSINESS SCHOOL-HYDERABAD Page 19

ICFAI BUSINESS SCHOOL-HYDERABAD Page 20

ICFAI BUSINESS SCHOOL-HYDERABAD Page 21

ICFAI BUSINESS SCHOOL-HYDERABAD Page 22

ICFAI BUSINESS SCHOOL-HYDERABAD Page 23

Premium Allocation charges

ICFAI BUSINESS SCHOOL-HYDERABAD Page 24

INVESTMENT LIFE COVER

Figure 3 : Premium break -up under

ICFAI BUSINESS SCHOOL-HYDERABAD Page 25

ICFAI BUSINESS SCHOOL-HYDERABAD Page 26

General description Nature of investments Risk category

Income, Fixed Interest and Invested in corporate bonds, Medium

Cash Funds Sometimes known as Money Low

Balanced Funds Combining equity investment Medium

Table 2: Types of funds under

ICFAI BUSINESS SCHOOL-HYDERABAD Page 27

The following are some of the advantages of Unit linked plans:

ICFAI BUSINESS SCHOOL-HYDERABAD Page 28

Figure 4: Advantages of Unit Linked Insurance

FACTORS INFLUENCING THE BUYING OF UNIT LINKEDINSURANCE PLAN (ULIPs)

ICFAI BUSINESS SCHOOL-HYDERABAD Page 29

IDBI FORTIS LIFE INSURANCE COMPANY

IDBI FORTIS different variety of schemes and a good

ICFAI BUSINESS SCHOOL-HYDERABAD Page 30

TATA AIG LIFE INSURANCE COMPANY

TATA AIG OFFERS FOUR DIFFERENT TYES OF ULIPs

a INVEST ASSURE CARE

INVEST ASSURE CARE INVEST ASSURE FLEXI

INVEST ASSURE II INVEST ASSURE EXTRA