INTRODUCTION

INSURANCE

"Insurance is a contract between two parties whereby one

party called insurer undertakes in exchange for a fixed sum called
premiums, to pay the other party called insured a fixed amount of
money on the happening of a certain event."

Insurance is a protection against financial loss arising on the

happening of an unexpected event. Insurance companies collect
premiums to provide for this protection. A loss is paid out of the
premiums collected from the insuring public and the Insurance
Companies act as trustees to the amount collected.

For Example, in a Life Policy, by paying a premium to the Insurer,

the family of the insured person receives a fixed compensation on
the death of the insured.

Similarly, in a car insurance, in the event of the car meeting with

an accident, the insured receives the compensation to the extent
of damage.

It is a system by which the losses suffered by a few are spread

over many, exposed to similar risks.

TYPES OF INSURANCE:
LIFE INSURANCE

Life insurance is a critical part of your long term financial

planning. Every person with dependents should have life insurance.
Life Insurance is particularly important if you are the sole breadwinner
for your family. The loss of you and your income could devastate your
family. Life insurance will ensure that if anything happens to you, your
loved ones will be able to manage financially.

Life insurance is all about making sure your family has adequate
financial resources to make those plans and dreams come true. It
provides financial protection to help your family or business to
manage after your death.

SUB TYPES OF LIFE INSURANCE:

Whole life policies - Cover the insured for life. The insured does
not receive money while he is alive; the nominee receives the sum
assured plus bonus upon death of the insured..

Endowment policies - Cover the insured for a specific period. The

insured receives money on survival of the term and is not covered
thereafter.

Money back policies - The nominee receives money immediately

on death of the insured. On survival the insured receives money at
regular intervals during the term. These policies cost more than
endowment with profit policies.

Annuities / Children's policies - The nominee receives a

guaranteed amount of money at a pre-determined time and not
immediately on death of the insured. On survival the insured
receives money at the same pre-determined time. These policies
are best suited for planning children's future education and
marriage costs.

Pension schemes - are policies that provide benefits to the

insured only upon retirement. If the insured dies during the term of
the policy, his nominee would receive the benefits either as a lump
sum or as a pension every month.

Since a single policy cannot meet all the insurance objectives, one
should have a portfolio of policies covering all the needs.
INSURANCE – GENERAL:

Every asset has a value and the business of general

insurance is related to the protection of economic value of assets.
Assets would have been created through the efforts of owner,
which can be in the form of building, vehicles, machinery and other
tangible properties. Since tangible property has a physical shape
and consistency, it is subject to many risks ranging from fire, allied
perils to theft and robbery.

Concepts of insurance have been extended beyond the coverage

of tangible asset. Now the risk of losses due to sudden changes in
currency exchange rates, political disturbance, negligence and
liability for the damages can also be covered.

But if a person judiciously invests in insurance for his property prior

to any unexpected contingency then he will be suitably
compensated for his loss as soon as the extent of damage is
ascertained.

SUB TYPES OF GENERAL INSURANCE:

Property Insurance: The home is most valued possession. The

policy is designed to cover the various risks under a single policy. It
provides protection for property and interest of the insured and
family.

Health Insurance: It provides cover, which takes care of medical

expenses following hospitalization from sudden illness or accident.

Personal Accident Insurance: This insurance policy provides

compensation for loss of life or injury (partial or permanent)
caused by an accident. This includes reimbursement of cost of
treatment and the use of hospital facilities for the treatment.

Travel Insurance: The policy covers the insured against various

eventualities while traveling abroad. It covers the insured against
personal accident, medical expenses and repatriation, loss of
checked baggage, passport etc.

Liability Insurance: This policy indemnifies the Directors or

Officers or other professionals against loss arising from claims
made against them by reason of any wrongful Act in their Official
capacity.
Motor Insurance: Motor Vehicles Act states that every motor
vehicle plying on the road has to be insured, with at least Liability
only policy. There are

two types of policy one covering the act of liability, while other
covers insurers all liability and damage caused to one's vehicles.

Since a single policy cannot meet all the insurance objectives, one should have
a portfolio of policies covering all the needs

OBJECTIVES

 TO know what is insurance, how it works and to get practical

knowledge of work.

 To know what is ULIP and how it works.

 Proper understanding and analysis the ULIP PLANS OF ICICI

PRUDENTIAL .

 To know the qualitative and quantitative benefits of different

ULIP plans.

 To know who are the active competitors to ICICI PRUDENTIAL.

 To know the ULIP products offered by the competitors.

 To study how ICICI Prudential’s ULIP products different from its

competitors ULIP products.

 METHODOLOGY OF THE STUDY

In order to achieve the objective set out above, the following

methodology was adopted and data will be collected from two sources,
they are-

PRIMARY DATA: data which is collected for the first time keeping in
view the objective of study is known as primary data. It is collected
from the respective Company Guide of ICICI Prudential and visited
competitors company and discussed with Advisors of respective
companies about the ULIP Plans offering by them.

SECONDARY DATA: data available from certain publications or

reports are called secondary data. Such data are already collected by
some other agencies in the past for some other purpose but used for
the investigation of current problem. The sources of secondary data
are magazines, research papers, newspapers, government publication,
Internet etc. For the current study it was collected from the respective
company brochures and company website.
LIMITATIONS OF THE STUDY

 Collecting the information regarding ULIP plans is difficult.

 The numbers of ULIP Plans providing by all the companies is

more, for the current study I have chosen 3 Products of ICICI

Prudential and compared within the products and taken 2 more

products of ICICI Prudential and compared 2 products with

Competitors.

 It is difficult to compare one ULIP plan with another ULIP plan.

 The given time for doing project is limited.

 The data collected for the study is inadequate.

INDUSTRY PROFILE:

THE HISTORY OF INSURANCE:

As with so many things in so many things in so many facts of our

life, insurance too was born out of a primal need and shaped by socio
economic realities of the time. The story goes back to around 2100 BC,
the time ancient civilization of Babylon and a business practice called
‘Bottomry’. For all practical purposes a form of marine insurance,
bottomry enabled ship owners to borrow money against their ships to
pay for the trip. With piracy rampant of high seas, traders and
seafarers were reluctant to sale to other lands for fear of their lives and
goods. Bottomry give them some semblance of security. The
arrangement was that only if their ship returned did trader have to
repay the loan, along with interest, which was pegged at an above
market rate for risk covered. So, if their ship failed to make it back,
they did not have to repay loan, there by covering some or the loss.

The insurance sector in India has come a full circle from being an
open competitive market to nationalization and back to a liberalized
market again. Tracing the developments in the Indian insurance sector
reveals the 360 degree turn witnessed over a period of almost two
centuries.

The business of life insurance in India in its existing form started

in India in the year 1818 with the establishment of the Oriental Life
Insurance Company in Calcutta.

Some of the important milestones in the life

insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the
government to collect statistical information about both life and
non- life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance

Act with the objective of protecting the interests of the insuring
public.

1956: 245 Indian and foreign insurers and provident societies taken
over by the central government and nationalized. LIC formed by an
Act of Parliament, viz. LIC Act,1956, with a capital contribution of
Rs.5crore
from the Government of India.

The General insurance business in India, on the other hand, can

trace its roots to the Triton Insurance Company Ltd., the first general
insurance company established in the year 1850 in Calcutta by
the British.

Some of the important milestones in the general

insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to
transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association

of India, frames a code of conduct for ensuring fair conduct
and sound business practices.

1968: The Insurance Act amended to regulate investments and set

minimum solvency margins and the Tariff Advisory Committee set
up.

1972: The General Insurance Business (Nationalization) Act, 1972

nationalized the general insurance business in India with
effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies viz.
the National
Insurance Company Ltd., the New India Assurance Company Ltd.,
the
Oriental Insurance Company Ltd. and the United India Insurance
Company. GIC incorporated as a company.
INSURANCE SECTOR REFORMS

In 1993, Malhotra Committee headed by former Finance

Secretary and RBI Governor R.N. Malhotra, was formed to evaluate the
Indian insurance industry and recommend its future direction. The
Malhotra committee was set up with the objective of complementing
the reforms initiated in the financial sector.
The reforms were aimed at “creating a more efficient and competitive
financial system suitable for the requirements of the economy keeping
in mind the structural changes currently underway and recognizing
that insurance is an important part of the overall financial system
where it was necessary to address the need for similar reforms…”
In 1994, the committee submitted the report and some of the key
recommendations included:

i) Structure
 Government stake in the insurance Companies to be brought
down to 50%
 Government should take over the holdings of GIC and its
subsidiaries so that these subsidiaries can act as independent
corporations
 All the insurance companies should be given greater freedom to
operate

ii) Competition
 Private Companies with a minimum paid up capital of Rs.1bn
should be allowed to enter the industry
 No Company should deal in both Life and General Insurance
through a single entity
 Foreign companies may be allowed to enter the industry in
collaboration with the domestic companies
 Postal Life Insurance should be allowed to operate in the rural
marketOnly
 one State Level Life Insurance Company should be
allowed to operate in each state
iii) Regulatory Body

 The Insurance Act should be changed

 An Insurance Regulatory body should be set up Controller of
Insurance (Currently a part from the Finance Ministry) should be
made independent

iv) Investments

 Mandatory Investments of LIC Life Fund in government securities

to be reduced from 75% to 50%
 GIC and its subsidiaries are not to hold more than 5% in any
company (There current holdings to be brought down to this
level over a period of time)

v) Customer Service

 LIC should pay interest on delays in payments beyond 30 days

 Insurance companies must be encouraged to set up unit linked
pension plans
 Computerization of operations and updating of technology to be
carried out in the insurance industry The committee emphasized
that in order to improve the customer services and increase the
coverage of the insurance industry should be opened up to
competition. But at the same time, the committee felt the need
to exercise caution as any failure on the part of new players
could ruin the public confidence in the industry.

Hence, it was decided to allow competition in a limited way by

stipulating the minimum capital requirement of Rs.100 crores. The
committee felt the need to provide greater autonomy to insurance
companies in order to improve their performance and enable them to
act as independent companies with economic motives. For this
purpose, it had proposed setting up an independent regulatory body.
 INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY ACT - 1999. (I.R.D.A)

Mission: To protect the interests of the policyholders, to

regulate, promote and ensure orderly growth of the
insurance industry and for matters connected therewith
or incidental thereto.

Reforms in the Insurance sector were initiated with the passage of the
IRDA Bill in Parliament in December 1999. The IRDA since its
incorporation as a statutory body in April 2000 has fastidiously
stuck to its schedule of framing regulations and registering the
private sector insurance companies.

The other decisions taken simultaneously to provide the supporting

systems to the insurance sector and in particular the life insurance
companies was the launch of the IRDA’s online service for issue and
renewal of licenses to agents.
The approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce
of insurance agents in place to sell their products.
Since being set up as an independent statutory body the IRDA has put
in a framework of globally compatible regulations. In the private sector
13 life insurance and 6 general insurance companies have been
registered.

Duties, Powers and functions of Authority:

• The powers and functions of the authority include registration of

insurers, intermediaries and agents regulations of terms and
conditions of contract of insurance, promoting and regulating
professional organizations connected with the insurance,
monitoring investment of funds and solvency margin of insurance
companies.
• The authority is to be advised by a committee to be known as the
insurance advisory committee, which shall consists of not more
than 25 members including ex-officio members in the insurance
sector. The insurance advisory committee is expected to advice the
authority on matters relating to making of the regulations
• An Indian insurance company has been defined as a company
incorporated under the Companies Act - 1956 and the paid capital
of General Insurance business will have to be not less than Rs 100/-
Crores and in case of companies wanting to transact reinsurance
business the paid capital will have to not less than Rs 200/- Crores.
• It has also been notified that every insurance company will have to
appoint an Actuary to be approved by I.R.D.A. The duty of the
Actuary is to insure that
 • The assets are valued in appropriate manner
• The liabilities are evaluated as required
• The prescribed margin for maintaining solvency is complied
with.
The I.R.D.A also issued regulations with regards to advertisement so
as to include almost any public communication for a sale of
insurance policy

INSURANCE PLAYERS AND THEIR MARKET SHARE IN

INDIA[DEC,2006]
COMPANIES MARKET SHARE

BAJAJ ALLIANZE 3.63

ING VYSYA LIFE 0.43

AMP SANMAR 0.55

SBI LIFE 1.72

TATA AIG LIFE 2.00

HDFC STANDARD LIFE 2.91

ICICI PRUDENTIAL 7.68

BIRLA SUN LIFE 1.76

AVIVA LIFE 1.11

OM KOTAK MAHINDRA 0.79

MAX NEW YORK LIFE 1.33

MET LIFE 0.38

SAHARA LIFE 0.02

LIC 75.71

COMPANY PROFILE OF ICICI PRUDENTIAL LIFE INSURANCE

• About ICICI PRUDENTIAL
• Vision
• Products
 • Recent developments
• Promotion
• Brand values

COMPANY PROFILE OF BIRLA SUN LIFE INSURANCE [BSLI]

• About the History of BSLI

• Vision
• Mission
• Values

COMPANY PROFILE OF HDFC STANDARD LIFE INSURANCE

• About the HDFC and partnership

• Mission
• Values
• Incorporation of HDFC life insurance

COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank, a premier financial powerhouse and Prudential plc, a

leading international financial services group headquartered in the

United Kingdom. ICICI Prudential was amongst the first private sector

insurance companies to begin operations in December 2000 after

receiving approval from Insurance Regulatory Development Authority

(IRDA).

ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank

and Prudential plc holding 74% and 26% stake respectively. In the

financial year ended March 31, 2005, the company garnered Rs 1584

crore of new business premium for a total sum assured of Rs 13,780

crore and wrote nearly 615,000 policies. The total sum assured crossed

30000 crores. The total policies are 1.4 million. The company has a

network of about 80,000 advisors; as well as 7 banc assurance and 150

corporate agent tie-ups. For the past four years, ICICI Prudential has

retained its position as the No. 1 private life insurer in the country with

a wide range of flexible products that meet the needs of the Indian

customer at every step in life.

VISION:

“To make ICICI Prudential the dominant Life and Pensions

player built on trust by world-class people and service.”

This we hope to achieve by:

• Understanding the needs of customers and offering them

superior products and service
 • Leveraging technology to service customers quickly, efficiently
and conveniently
• Developing and implementing superior risk management and
investment strategies to offer sustainable and stable returns
to our policyholders
• Providing an enabling environment to foster growth and learning
for our employees
• And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching

commitment to 5 core values -- Integrity, Customer First, Boundary
less, Ownership and Passion. Each of the values describes what the
company stands for, the qualities of our people and the way we work.

We do believe that we are on the threshold of an exciting new

opportunity, where we can play a significant role in redefining and
reshaping the sector. Given the quality of our parentage and the
commitment of our team, there are no limits to our growth.

PRODUCTS

ICICI Prudential’s ultimate promise is financial security. A strong

brand certainly boosts sales but without customer friendly innovative
products, even the best brand would not last long.

ICICI Prudential’s product range has been developed on the

understanding that different people have their own sets of needs at
various stages of their lives. It has thus built a flexible portfolio of
products that can be customized to cater to varying needs of people at
each life stage, and thus ensure protection in every step of life. The
company’s philosophy has been to help customers understand their
financial needs and work closely with them to customize a product that
would meet this need.

Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-

centric products that meet the needs of customers at every life stage.
Its 20 products can be enhanced with up to 6 riders, to create a
customized solution for each policyholder.
Savings Solutions

• Secure Plus is a transparent and feature-packed savings plan

that offers 3 levels of protection.
• Cash Plus is a transparent, feature-packed savings plan that
offers 3 levels of protection as well as liquidity options.
• Save?n?Protect is a traditional endowment savings plan that
offers life protection along with adequate returns.
• Cash Bak is an anticipated endowment policy ideal for meeting
milestone expenses like a child?s marriage, expenses for a child?
s higher education or purchase of an asset.
• LifeTime & LifeTime II offer customers the flexibility and
control to customize the policy to meet the changing needs at
different life stages. Each offer 4 fund options ? Preserver,
Protector, Balancer and Maxi miser.
• Life Link II is a single premium Market Linked Insurance Plan
which combines life insurance cover with the opportunity to stay
invested in the stock market.

• Premier Life is a limited premium paying plan that offers

customers life insurance cover till the age of 75.
• Invest Shield Life is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus
interest.
• Invest Shield Cash is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus
interest along with flexible liquidity options.
• Invest Shield Gold is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus
interest along with limited premium payment terms.

Protection Solutions
Lifeguard is a protection plan, which offers life cover at very low cost.
It is available in 3 options ? level term assurance, level term assurance
with return of premium and single premium.
Child Plans
Smart Kid education plans provide guaranteed educational benefits to
a child along with life insurance cover for the parent who purchases
the policy. The policy is designed to provide money at important
milestones in the child’s life. Smart Kid plans are also available in unit-
linked form ? both single premium and regular premium.

Retirement Solutions

• Forever Life is a retirement product targeted at individuals in

their thirties.
• Secure Plus Pension is a flexible pension plan that allows one
to select between 3 levels of cover.

Market-linked retirement products

• LifeTime Pension II is a regular premium market-linked
pension plan
• Life Link Pension II is a single premium market-linked pension
plan.
• Invest Shield Pension is a regular premium pension plan with
a capital guarantee on the ingestible premium and declared
bonuses.

ICICI Prudential also launched ?Salaam Zindagi?, a social sector

group insurance policy targeted at the economically underprivileged
sections of the society.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies

seeking to enhance benefits to their employees.

ICICI Pru Group Gratuity Plan: ICICI Pru?s group gratuity plan helps
employers fund their statutory gratuity obligation in a scientific
manner. The plan can also be customized to structure schemes that
can provide benefits beyond the statutory obligations.

ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible

defined contribution superannuation scheme to provide a retirement
kitty for each member of the group. Employees have the option of
choosing from various annuity options or opting for a partial
commutation of the annuity at the time of retirement.
ICICI Pru Group Term Plan: ICICI Pru?s flexible group term solution
helps provide affordable cover to members of a group. The cover could
be uniform or based on designation/rank or a multiple of salary. The
benefit under the policy is paid to the beneficiary nominated by the
member on his/her death.

RECENT DEVELOPMENTS

In keeping with the belief that a happy customer is the best

endorsement .ICICI Prudential has embraced the ‘Six Sigma’ approach
to quality, an exercise that begins and ends with the customer from
capturing his voice to measuring and responding to his experiences.
This initiative is currently helping the company improve processes,
turnaround times and customer satisfaction levels. Another novel
introduction is the ICICI Prudential Lifestyle rewards Club, India’s first
rewards programme for Life Advisors it allows ICICI Prudential Advisors
to redeem points for items ranging from kitchenware to gold, white
goods, and even international holidays.

PROMOTION

ICICI Prudential is a case study in how advertising and marketing

can play a vial role in re shaping an industry. It has demonstrated how
an industry where the customer was nothing more than a policy
number has changed to one where customer preference rules the
roost.

Brand building in a complex category like life insurance is an

uphill and multi faceted task. At the time of launching operations, the
communications task was to build credibility, so as to give the
customer the confidence that it was a company that could be trusted
to invest funds with . the aim was to encourage people to view
insurance not as a compulsory tax saving instrument , but as a means
to lead a worry-free , secure life and in the process, create the
differentiator for brand ICICI Prudential.

The brand proposition for all the campaigns was reflected in the
line: “Suraksha: Zindagi ke har kadam par”. The campaign featured a
significant competitive advantage, the sound financial backing and
credentials of ICICI and Prudential, and showcased products from
different segments. The advertising idea was encapsulated in the
symbol of protection-the “Sindoor”. This campaign contributed
extensively to raising brand awareness and creating a distinctive
identity for the company.

At the same time the theme of protection was carried forward

with ICICI Prudential’s “Safe Puja” contest where Puja Pandals
contested to be the ‘Safest’ Puja Pandal. This beautifully tied in the
concept of protection with the popular local event of Durga Puja. The
refreshingly different ‘Retire from work, not life’ campaign succeeded
in bringing retirement planning into the consideration set of a younger
target audience, and won a Silver Effie for its efforts. The media
campaign was complemented by seminars to spread awareness about
the need for retirement planning.

Very recently, the company launched a new corporate campaign-

an extension of the ‘Sindoor’ communication which aims at reassuring
customers that the company is committed to staying with them
through all the ups and downs in life, using marriage and the seven
vows or ‘Saat Pheras’ as a metaphor for commitment. The campaign
aims at strengthening the brand by memorably bringing out the
commitment for life element continuous efforts to reach out to
customers in new and innovative ways, the company recently tied up
with the Forbes Six Sigma rated Dabbawalla organization in Mumbai for
a direct marketing exercise.

In a unique effort to create awareness about a tax-saving

product, the company attached a creative of a bitten apple to
Mumbai’s ubiquitous lunchboxes. It worked wonderfully with Mumbai’s
office-goers and one that translated into substantial business for the
company.

BRAND VALUES

Market research reveals that the values people associate with

ICICI Prudential are, indeed, those that the company hopes to project:
lifelong protection and value for money. The core value is protecting
your loved ones, throughout life’s ups and downs. It is a powerful
proposition: one, which ICICI Prudential, is taking into the marketplace.

THINGS DIDN’T KNOW ABOUT ICICI PRUDENTIAL

The logo is the combination of ICICI Bank’s I-man and Prudential’s lady
prudence. The I-man signifies the dynamic individual with drive and
conviction, while Prudence epitomizes wise conduct.
Every three minutes ICICI Prudential protects one more Indian life.
ICICI Prudential is the only Indian life insurance company to have an
equity base of more than rupees 5bn.
ICICI Prudential is the only life insurance company to implement a six
sigma quality programme.
Of the company’s 2000+ employees, less than 5% have prior
experience in the life insurance industry.
The average age of its employees is 29 years.

COMPANY PROFILE

HDFC STANDARD LIFE INSURANCE

THE PARTNERSHIP

HDFC and Standard Life first came together for a possible joint
venture, to enter the Life Insurance market, in January 1995. It was
clear from the outset that both companies shared similar values and
beliefs and a strong relationship quickly formed. In October 1995 the
companies signed a 3 year joint venture agreement.

Around this time Standard Life purchased a 5% stake in HDFC, further

strengthening the relationship.

The next three years were filled with uncertainty, due to changes in
government and ongoing delays in getting the IRDA (Insurance
Regulatory and Development authority) Act passed in parliament.
Despite this both companies remained firmly committed to the
venture.

In October 1998, the joint venture agreement was renewed and

additional resource made available. Around this time Standard Life
purchased 2% of Infrastructure Development Finance Company Ltd.
(IDFC). Standard Life also started to use the services of the HDFC
Treasury department to advise them upon their investments in India.

Towards the end of 1999, the opening of the market looked very
promising and both companies agreed the time was right to move the
operation to the next level. Therefore, in January 2000 an expert team
from the UK joined a hand picked team from HDFC to form the core
project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC

and a 5% stake in HDFC Bank.

In a further development Standard Life agreed to participate in the

Asset Management Company promoted by HDFC to enter the mutual
fund market. The Mutual Fund was launched on 20th July 2000.

INCORPORATION OF HDFC STANDARD LIFE INSURANCE

COMPANY LIMITED:

The company was incorporated on 14th August 2000 under the name
of HDFC Standard Life Insurance Company Limited.
Our ambition from as far back as October 1995, was to be the first
private company to re-enter the life insurance market in India. On the
23rd of October 2000, this ambition was realised when HDFC Standard
Life was the only life company to be granted a certificate of
registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%,
while Standard Life owns 18.6%. Given Standard Life's existing
investment in the HDFC Group, this is the maximum investment
allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon
shared values and trust. The ambition of HDFC Standard Life is to
mirror the success of the parent companies and be the yardstick by
which all other insurance company's in India are measured.

MISSION:

We aim to be the top new life insurance company in the market.

This does not just mean being the largest or the most productive
company in the market, rather it is a combination of several things
like-

• Customer service of the highest order

• Value for money for customers
• Professionalism in carrying out business
• Innovative products to cater to different needs of different
customers
• Use of technology to improve service standards
• Increasing market share

Company profile
Bajaj allianz life insurance company ltd

Bajaj allianz life insurance company limited is a union between Allianz

AG, the worlds leading insurer and Bajaj Auto one of India’s most
respected names.

Allianz is a leading insurance conglomerate globally and the largest

asset manager in the world, managing assets worth 996 billion euros