MBA Project Report on Kotak Life Insurance

7/25/2019 MBA Project Report on Kotak Life Insurance

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ACKNOWLEDGEMENT

Life is a journey and during this journey we explore many places, halt at few stations,

explore them and gain a lot of experience.

Our lifes professional journey began with KOTAK LIFE INSURANCE, its always a

smooth sailing if we are under a guidance of an experienced person. It had been a

golden opportunity to work under the guidance of industry experts like Mr. NITESH

KUMAR

A special thanks to him for motivating me through his own experiences. e kept his

faith in me that I can achieve the targets.

Last but not the least I extend my thanks to all the other members of the !otak Life

Insurance, family for their co"operation during our training days.

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PREFACE

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ABOUT INSURANCE

Insurance is a social device to reduce or eliminate risk of loss to life and property. It s a

provision which a prudent man makes against inevitable contingencies, loss or

misfortune.

As in private life in business also there are dangers and risks of di#erent kinds. $he

aim of all type of insurance is to make provision against such dangers.

$he risks and uncertainties of man have been increasing day"by"day in this modern

world. Along with this change, the signi%cance of insurance also has increased.

Insurance becomes an unbearable part of human life. Insurance plays important role

in the socio"economic prosperity of a country, as it evident from the contribution of

insurance in various industrial and commercial activities. &oyce writes that at the

present time the importance of insurance has been considerably increasing. $he

importance is not only increasing the ful%llment of objectives of certain people or

some category of people, but also contributes towards the socio"economic

development of modern social system. $here will be no exaggeration to say that

industrial world without insurance is like a car without shock"absorber. An individual is

safe when he is insured against death or accident or any other uncertain loss. It

protects the farmer with his crop in the %eld against ruin by 'ood, rain, %re and

windstorm, etc. (imilarly in the case of businessmen who run industrial or commercial

activities.

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)hile stating the signi%cance of insurance, *ins dale writes, +o one can a#ord to be

without Insurance in this world. )hile describing the importance of insurance, .

&oyee )rites, Insurance principle comes to be more and more used and useful in

modern a#airs. +ot only does it serve the ends of individuals, it tends more and more

both to provide and transform our modern social order. It brings into new synthesis not

merely pure and applied sciences, but private and public interests. Individual prudence

and a large regard for the general welfare, thrift and charity.

$he risk which can be insured against includes"%re, perils of sea -marine insurance,

death -Life insurance and accidents and burglary. $hus, collective bearing of risk is

insurance.

Insurance in the modern form originated in the /editerranean during 01"02 thcentury.

$he earliest references to insurance have been found in 3abylonia, the 4reeks and the

&omans. $he use of insurance appeared in the account of +orth Italian merchant

banks who then dominated the international trade in 5urope at that time. /arine

insurance is the oldest form of insurance followed by life insurance and %re insurance.

$he patterns that have been used in 5ngland followed in other countries also in these

kinds of insurance.

$he early development of life insurance was closely linked with that of marine

insurance. $hese %rst insurers of life were the marine insurance underwriters who

started issuing life insurance policies on the life of master and crew of the ship, and

the merchants. $he early insurance contracts took the nature of policies for a short

period only. $he underwriters issued annuities and pensions for a %xed period or for

life to provide relief to widows on the death of their husbands. The frst lie insurance

policywas issued on 06thune, 0761, on the life of )illiam 4ibbons for a period of 08

months.

It was in the eighteenth century, societies began to be formed for issuing life

insurance policies. Among such societies the Amicable (ociety -09:7, $he 5;uitable

Life Assurance (ociety -09


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societies. $he premium rates were varied in view of reputation and of health condition

of the insured.

*uring the early years of nineteenth century, a large number of life insurancecompanies were formed in India, (ome of these companies preferred to amalgamate

their business with other companies and a good number failed to unction e#ectively. In

order to stabili>e and strengthen the insurance business, Life Insurance ?ompanies

Act, 0=81 was passed and later it was amended in 0=2


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E&a)*a%ion of ri!" @or the purpose of evaluation of insurance premium, the

volume of risk is evaluated, which forms the basis of insurance contract.

Pa+$n% on ha##$ning of #$(i-$' $&$n%" $he indemnity insurance

depends on the nature of losses occurred, subject to a maximum of the sum

insured. In life insurance, however a %xed amount is paid on the happening of

some uncertain event or on the maturity of the policy.

Larg$ n*$r of in*r$' #$ron" $he success of insurance business

depends on the large number of persons insured against a similar risk. $his will

enable the insurer to spread the losses of risk among large number of persons,

thus keeping the premium rate at a minimum.

In*ran($ i no% ga)ing"4ambling is an illegal activity which gives gain to

one party loss to the other. Insurance is a valid contract. /oreover, insurable

interest is present in insurance contracts it has the element of investment

also.

In*ran($ i no% a (hari%+"?harity pays without consideration but in the case

of insurance, premium is paid by the insured to the insurer in consideration of

future payment.

Pro%$(%ion again% ri!" It provides protection against risks involved in life,

materials property. It is a device to avoid or reduce risks.

Tranf$r of ri!" It is a plan in which the insured transfers his risk on the

insurer. It is a device to transfer some economic losses to the insurerB otherwise

such losses would have been borne by the insured themselves.

A($r%aining of )o$"3y taking a life insurance policy one can ascertain his

future losses in terms of money. $his is done by the insurer by determining the

rate of premium which is calculated on the basis of maximum risks.

I% i a )$ga) (on%ra(%"It is a legal contract between the insurer the insurer

the insured under which the insurer promises to compensate the insured

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%nancially within the scope of insurance policy, the insured promises to pay a

%xed rate of premium to the insurer

Ba$' *#on ($r%ain #rin(i#)$" It is a legal contract based upon certain

fundamental principles of insurance which includes utmost good faith, insurable

interest, contribution, indemnity, cause proximal, subrogation etc. which are the

basis for successful operation of insurance plan.

In%i%*%iona) $% *#" After nationali>ation, the insurance business in the

country is operation under statutory organi>ational set up.

In*ran($ for #*r$ ri! on)+"Cure risks give only losses to the insured no

pro%ts. 5xamples of pure risks are accident, death, %re, injury etc. which are all

one sided risks the ultimate result is loss. Insurance companies do not issue

policies against speculative risks, as they have chances of pro%t or loss.

So(ia) '$&i($"It is a plan of social welfare for the protection of the interests

of the people. &egal miller observed that insurance is of social nature.

Ba$' on *%*a) goo' fai%h" Insurance is a contract based o good faith

between the parties therefore both the parties are bound to disclose theimportant facts a#ecting the contract before each other.

R$g*)a%ion *n'$r %h$ )a/" $he govt. of every country enacts the law

governing insurance business so as to regulate D control its activities for the

interest of the people. In India, the Life Insurance Act 0=7< the 4eneral

Insurance -+ationali>ation Act 0=98 are the major enactments in this direction.

$o conclude, insurance is a device for the transfer of risks from the insured to the

insurer, who agrees to it for a consideration -known as premium promises that the

speci%ed extent of loss su#ered by the insured shall be compensated.

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SIGNIFICANCE OF INSURANCE

$he signi%cance or utility of insurance can be categori>ed into the following four

groupsE

INDI0IDUAL1FAMIL2 POINT OF 0IEW"

(ecurity safety

Investment

?onservation of health

Increases eFciency

@osters economic independence

(ecurity of the property mortgaged

/ental peace

Clanning for future

5xemption from tax liability

(afety against decree

Crovision for future needs

Increases goodwill

?apitali>ation of earning capacity

?reates awareness amongst insured

Availability of credit against insurance policy

BUSINESS POINT OF 0IEW

(afety against risk

(ucre of credit

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(afety against perils

Crotection against the loss of key"man

*etermination of cost of accidents

5ncourages loss prevention measures

Crotects employee interests

Cromotes foreign trade

Aid to small business

(tability of partnership business

3usiness stability

/akes cost of accidents certain

(ocial point of view

5conomic security

Crovides employment

Cromotes education

*istribution of risks

Crevention of social evils

Awareness towards health

Crevention of losses

?ontributes towards the development if utility services

(ecurity to public private property

NATIONAL POINT OF 0IEW"

Increases national savings

?ontributes towards investment

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Cromotes capital formation in the country

Increases the employment opportunities

?ontributes towards national income

?ontributes to the function of public welfare

CLASSIFICATION OF INSURANCE

Insurance can be classi%ed into three categoriesE

-i On the basis of +ature of Insurance

-ii On the basis of business

-iii On the basis of risk

CLASSIFICATION OF INSURANCE

0. Life Insurance 0. Life Insurance 0. Cersonal Insurance

8. @ire Insurance 8. 4eneral Insurance 8. Croperty Insurance

1. /arine Insurance 1. Liability Insurance

2. (ocial Insurance 2. @idelity Insurance

7. /iscellaneous

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On the basis of nature

of Insurance

On the basis of

nature of business

On the basis of

risk


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IN BRIEF ONE NEEDS INSURANCE"

REPLACEMENT OF INCOME

Life insurance products can provide support to the family and take care of the family s

%nancial re;uirements. It provides a lump sum or periodic payments to help replace

the income stream, in case of an unfortunate event or an untimely demise of the

breadwinner.

LIFEST2LE MAINTENANCE

Life insurance products can help build a corpus to protect and maintain lifestyle

against 'uctuations in the future income.

COSTS OF EDUCATION

One needs to support his child with a sound educational background, to help child

achieve hisGher dreams. Life insurance products can help an individual ful%ll these

needs, whether he is there or not.

RETIREEMENT E3PENSES

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&etirement is an age when an individual has ful%lled almost all his responsibilities and

looks forward to relaxing. Life insurance products can help you lead a secure and

tension free retired life by ensuring that one gets guaranteed pension.

MORTGAGE AND DEBT PROTECTION

)ith increasing consumerism and ever rising demands, loans and debts are now part

of life. Life insurance products helps one ensure that his family is not unduly burdened

with their repayments, in case of an unfortunate event or an untimely demise of the

breadwinner.

HARDSHIPS PROTECTION

Life insurance provides a sense of security to the income earner and to hisGher family

buying life insurance frees the individual from various unnecessary %nancial burdens

that can otherwise make one spend sleepless nights.

LIMITATIONS OF INSURANCE

In spite of number of advantages of insurance it has certain limitations. On account of

such limitations, the demerits of insurance could not be availed in full. $hese

limitations areE

All the risks cannot be insuredE only pure risks can be insured the speculative risks

cannot be insured.

In*ra)$ in%$r$% 4-nan(ia) in%$r$%5 on %h$ *6$(% a%%$r" Insurance is

possible only when the insured has insurable interest in the subject matter on

insurance either at the time of insurance or at the time of loss, or at both the times, in

the absence of which the contract of insurance becomes void.

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I#oii)i%+ of $a*r$$n% of r$a) )o"in case the loss arisen from happening

of the event cannot be valued in terms of money, such risks are not insurable.

igher premium ratesE certain category of people cannot avail the advantage ofinsurance due too this factor. $he main reason for higher premium rates is the higher

operating cost.

/oral ha>ardsE it becomes diFcult to control moral ha>ards in insurance. $here are

certain people who mistily the insurance plans for their self interest by claiming false

claims from the insurance companies.

Pri&a%$ in*r$r (anno% in*r$ ($r%ain ri!"the private insures are not permitted

to insure certain speci%ed risks like unemployment insurance, bankruptcy of banks

insurance etc.

Hnattractive investmentE insurance is not a pro%table investment. Its main object is to

provide security against risks. Insurance business cannot be a source to ac;uire

pro%ts.

In certain cases cooperation of government if necessaryE certain speci%ed risks can be

insured with cooperation of the government only, such as, unemployment, insurance,

insolvency of banks, food insurance etc.

A)) %h$ #*r$ ri! ar$ no% in*r$'"the insurer does not insure all accept a proposal

of a person whose heart surgery has gone through.

FUNCTIONS OF INSURANCE

13Primary


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0. Crovides protections 0. Creventions of losses 0. /eans of

savings

Investments

8. ?ollective bearing of risk 8. (mall capital to cover 8. (ources of

earning

larger risks forgein exchange

1. 5valuation of risks 1. ?ontributes towards the 1. Cromotes exports

development of larger

enterprise

2. Crovides certainly against 2. ?ontributes towards the 2. Crovides social

risks development of larger security

enterprise

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Secondary Others


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TERMINOLOG2 USED IN INSURANCE

*i#erent terms are used in the theory practice of insurance. Important among them

areE

In*r$'"the party or the individual, who seeks protection against a speci%ed risk is

entitled to receive Cayment from the insurer in the event of happening of the stated

event, is known as the insured. An insured is normally an insurance policy holder.

In*r$r"the party which promises to pay indemnity to the insured on the happening

of any contingency is known as the insurer. $he insurer is an insurance company.

B$n$-(iar+"the person or the party to whom the policy proceeds will be paid in the

event of the death or the happening of any contingency is called the bene%ciary.

Po)i(+"the term policyis derived from the Italian word pla>a which means receipt.

$he document which contains the terms conditions of the insurance contract

issued by the insurer is known as the insurance policy.

In*r$' *"the sum for which the risk is insured is called the insured sum, thepolicy money or the face value of the policy. $his is the maximum liability of the

insurer towards the insured.

P$ri)" a peril is an event that causes a personal or the property loss, by %re,

windstorminsurer towards the insured.

P$ri)" a peril is an event that causes a personal or the property loss, by %re,

windstorm... explosion, collision, premature death. (ickness, 'oods etc.

Ha7ar'"it is a condition that may create, increase or decrease the changes of loss

from a given peril.

E8#o*r$"an exposure is a measure of physical extent of the risk.

Chan($ of )o"it is the probable number of times in any given number of exposures

that loss will occur. $he highestchance of loss is 0::that means the loss is certain.

)hen the chances of loss are >ero, the degree of risk is also >ero.15


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PRESENT SCENARIO

$he 4overnment of India liberali>ed the insurance sector in /arch 8::: with the

passage of the Insurance &egulatory and *evelopment Authority -I&*A 3ill, lifting all

entry restrictions for private players and allowing foreign players to enter the market

with some limits on direct foreign ownership. Hnder the current guidelines, there is a

8< percent e;uity cap for foreign partners in an insurance company. $here is a

proposal to increase this limit to 2= percent. Cremium rates of most general insurance

policies come under the purview of the government appointed $ari# Advisory

?ommittee. About 7 companies, including foreign ones, are going to be licensed soon

by Indias Insurance &egulatory and *evelopment Authority.

(ome of the foreign companies may include @rances largest insurance company S(or

Gro*#B a *i'iar+ of A*%ra)ia 9BE In*ran($ Gro*#: 9BE In*ran($:

Sa*ng Lif$, Kor$a o)'$% in*ran($ (o#an+: an' ;a#an Mi))$a

Ho)'ing.

$here are already 0< life insurers operating in India. $he life insurance industry is

growing by more than 1: per cent and the insurance industry is growing at 07"8: per

cent a year. )ith insurance premiums in India constituting only 1 per cent of the gross

domestic product, there is still room for growth.

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(aving rates have risen from 86 per cent in 8::7"8::< to 18 per cent in 8::ed. LI? formed by an Act of

parliament, vi>. LI? Act, 0=7


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company established in the year 067: in ?alcutta by the 3ritish. (ome of

the important milestones in the general insurance business in India areE

ation Act, 0=98 nationali>ed

the general insurance business in India with e#ect from 0stanuary"


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about 7 companies, including foreign ones, are going to be licensed soon by India s

Insurance &egulatory and *evelopment Authority.

(ome of the foreign companies may include @rances largest insurance company S(or

Gro*#B a *i'iar+ of A*%ra)ia 9BE In*ran($ Gro*#: 9BE In*ran($:

Sa*ng Lif$, Kor$a o)'$% in*ran($ (o#an+: an' ;a#an Mi))$a

Ho)'ing.

$here are already 0< life insurers operating in India. $he life insurance industry is

growing by more than 1: per cent and the insurance industry is growing at 07"8: per

cent a year. )ith insurance premiums in India constituting only 1 per cent of the gross

domestic product, there is still room for growth.

(aving rates have risen from 86 per cent in 8::7"8::< to 18 per cent in 8::


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?" $he Indian Insurance ?ompanies Act enacted to enable the government to

collect statistical information about both life and non life insurance

businesses.

ed. LI? formed by an Act of

parliament, vi>. LI? Act, 0=7ation Act, 0=98 nationali>ed

the general insurance business in India with e#ect from 0stanuary"


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Insurance sector reforms

In 0==1, /alhotra ?ommittee, headed by former @inance (ecretary and &3I 4overnor

&. +. /alhotra, was formed to evaluate the Indian insurance industry and recommend

its future direction.

$he /alhotra committee was set up with the objective of complementing the reforms

Initiated in the %nancial sector.

$he reforms were aimed at creating a more eFcient and competitive %nancial system

suitable for the re;uirements of the economy keeping in mind the structural changes

currently underway and recogni>ing that insurance is an important part of the overall

%nancial system where it was necessary to address the need for similar reforms

includedE

In 0==2, the committee submitted the report and some of the key recommendations

i5 S%r*(%*r$

4overnment stake in the insurance ?ompanies should be brought down to 7:.

4overnment should take over the holdings of 4I? and its subsidiaries so that these

subsidiaries can act as independent corporations. All the insurance companies should

be given greater freedom to operate

ii5 Co#$%i%ion

Crivate ?ompanies with a minimum paid up capital of &s.0bn should be allowed to

enter the industry. +o ?ompany should deal in both Life and 4eneral Insurance

through a single entity. @oreign companies may be allowed to enter the industry in

collaboration with the domestic companies. Costal Life Insurance should be allowed to

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operate in the rural market Only one (tate Level Life Insurance ?ompany should be

allowed to operate in each state

iii5 R$g*)a%or+ Bo'+

$he Insurance Act should be changed. An Insurance &egulatory body should be set up

?ontroller of Insurance -?urrently a part from the @inance /inistry should be made

independent

i&5 In&$%$n%

/andatory Investments of LI? Life @und in government securities to be reduced from

97 to 7:. 4I? and its subsidiaries are not to hold more than 7 in any company

-$here current holdings to be brought down to this level over a period of time

&5 C*%o$r S$r&i($

LI? should pay interest on delays in payments beyond 1: days. Insurance companies

must be encouraged to set up unit linked pension plans ?omputeri>ation of operations

and updating of technology to be carried out in the insurance industry.

$he committee emphasi>ed that in order to improve the customer services and

increase

the coverage of the insurance industry should be opened up to competition. 3ut 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 con%dence in the industry.

ence, it was decided to allow competition in a limited way by stipulating the

minimum

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capital re;uirement of &s.0:: crores. $he 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. @or this purpose, it had

Croposed setting up an independent regulatory body. $he Insurance &egulatory and

*evelopment Authority &eforms in the Insurance sector were initiated with the

passage of the I&*A 3ill in Carliament in *ecember 0===.$he I&*A since its

incorporation as a statutory body in April 8::: has fastidiously stuck to its schedule of

framing regulations and registering the private sector insurance companies.

$he other decision taken simultaneously to provide the supporting systems to the

insurance sector and in particular the life insurance companies was the launch of the

I&*As online service for issue and renewal of licenses to agents.

$he approval of institutions for imparting training to agents has also ensured that the

insurance companies would have a trained workforce of insurance agents in place to

sell their products, which are expected to be introduced by early next year.

(ince being set up as an independent statutory body the I&*A has put in a framework

of globally compatible regulations. In the private sector 08 life insurance and < general

insurance companies have been registered.

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T2PES OF POLICIES

Life insurance is all making sure your family has ade;uate %nancial resources to

make those plans and dreams come true. It provides %nancial protection to help

your family or business to manage after your death.

@ew of the Life insurancepolicies areE

Who)$ )if$ #o)i(i$" ?over the insured for life. $he insured does not receive

money while he is aliveB the nominee receives the sum assured plus bonus

upon death of the insured...

En'o/$n% #o)i(i$" ?over the insured for a speci%c period. $he insured

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

Mon$+ a(! #o)i(i$" $he nominee receives money immediately on death of

the insured. On survival the insured receives money at regular intervals during

the term. $hese policies cost more than endowment with pro%t policies.

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Ann*i%i$ 1 Chi)'r$n #o)i(i$" $he 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. $hese policies are best suited for planning childrenKs future

education and marriage costs.

P$nion (h$$" are policies that provide bene%ts to the insured only upon

retirement. If the insured dies during the term of the policy, his nominee would

receive the bene%ts either as a lump sum or as a pension every month.

(ince a single policy cannot meet all the insurance objectives, one should

have a portfolio of policies covering all the needs.

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COMPAN2

PROFILE

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!otak /ahindra Old /utual Life Insurance Ltd. is a joint venture between !otak

/ahindra 3ank Ltd. -!/3L, and Old /utual plc. At !otak Life Insurance, we aim to

help customers take important %nancial decisions at every stage in life by o#ering

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them a wide range of innovative life insurance products, to make them %nancially

independent.

Ko%a! Mahin'ra Gro*#

O0ER0IEW

!otak /ahindra is one of IndiaKs leading %nancial conglomerates, o#ering complete

%nancial solutions that encompass every sphere of life. @rom commercial banking, to

stock broking, to mutual funds, to life insurance, to investment banking, the group

caters to the diverse %nancial needs of individuals and corporate.

$he group has a net worth of over &s. 1,16: crore, employs around 08,1:: people in

its various businesses and has a distribution network of branches, franchisees,

representative oFces and satellite oFces across 18: cities and towns in India and

oFces in +ew Jork, London, *ubai, /auritius and (ingapore. $he 4roup services

around 8.= million customer accounts.

$he journey so far In October 8::7, !otak 4roup ac;uired the 2: stake in !otak

Crime held by @ord ?redit International -@?I and @?I ac;uired the stake in @ord ?redit

!otak /ahindra -@?!/ held by !otak 4roup.

In /ay 8::


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Old /utual plc. owns some of the largest companies in the following areas in (outh

Africa

+o. 0 " Life Insurance ?ompany

+o. 0 " Asset /anagement ?ompany

+o. 2 " 3ank

+o. 8 " +on"Life Insurance ?ompany

SUBSIDIARY COMPANIES OF KOAK

Kota! Mahindra Ban! "td#

Kota! Mahindra Ca$ita% Com$any "td#

Kota! Mahindra Internationa% "imited &KMI"'

Kota! Mahindra Prime "td#

Kota! Sec(rities

Kota! Mahindra Asset Mana)ement Com$any

Ko%a! Mahin'ra Ban!E $he !otak /ahindra 4roupKs 'agship company, !otak

/ahindra @inance Ltd which was established in 0=67, was converted into a bank" !otak

/ahindra 3ank Ltd in /arch 8::1 becoming the %rst Indian company to convert into a

3ank. Its banking operations o#er a central platform for customer relationships across

the groupKs various businesses. $he bank has presence in ?ommercial Mehicles, &etail

@inance, ?orporate 3anking, $reasury and ousing @inance.

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Ko%a! Mahin'ra Ca#i%a) Co#an+E !otak /ahindra ?apital ?ompany Limited

-!/?? is IndiaKs premier Investment 3ank. !/??Ks core business areas include 5;uity

Issuances, /ergers Ac;uisitions, (tructured @inance and Advisory (ervices.

Ko%a! S$(*ri%i$" !otak (ecurities Ltd. is one of IndiaKs largest brokerage and

securities distribution houses. Over the years, !otak (ecurities has been one of the

leading investment broking houses catering to the needs of both institutional and non"

institutional investor categories with presence all over the country through franchisees

and coordinators.

Ko%a! Mahin'ra Pri$ !otak /ahindra Crime Limited -!/C -formerly known as!otak /ahindra Crimus Limited has been formed with the objective of %nancing the

retail and wholesale trade of passenger and multi utility vehicles in India. !/C o#ers

customers retail %nance for both new as well as used cars and wholesale %nance to

dealers in the automobile trade. !/C continues to be among the leading car %nance

companies in India.

Ko%a! Mahin'ra A$% Manag$$n% Co#an+!otak /ahindra Asset /anagement

?ompany -!/A/?, a subsidiary of !otak /ahindra 3ank, is the asset manager for

!otak /ahindra /utual @und -!//@. !//@ manages funds in excess of &s 09,8::

crore and o#ers schemes catering to investors with varying risk"return pro%les. It was

the %rst fund house in the country to launch a dedicated gilt scheme investing only in

government securities.

Ko%a! Mahin'ra O)' M*%*a) Lif$ In*ran($ Lii%$'!otak /ahindra Old /utual

Life Insurance Limited is a joint venture between !otak /ahindra 3ank Ltd. and Old

/utual plc. !otak Life Insurance helps customers to take important %nancial decisions

at every stage in life by o#ering them a wide range of innovative life insurance

products, to make them %nancially independent.

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/anagement team

He is the chief operating officer of the compan ho!"s ca# ic$a an" cs "egrees an"possesses 26 ear $or% e&perience' (or%e" $ith )n"ian corporate !i%e n""*# m"s

s$itchgear an" +icho!as pirama!' ,o-e" on to an assignment $ith ion e&change !t"$here he ass.me" -aring positions e-ent.a!! ho!"ing the position of compan

secretar an" genera! manager' )mme"iate! prior to %mom# he he!" the position of

/pfinance at .arat g!ass !t"' t %mom# he o-ersees a!! aspects of finance an" c!ient

ser-icing# inc!."ing operations# reg.!ator# interna! contro!# finance an" acco.nts an"treas.r'

'

Mr# Rah(% Sinha(*ead+Mar!etin) De$artment'

Mr# ,a(ran) shah &mana)in) director'

)+):; 20oc.ments=profi!es=images=re"in'gif< ?@ ,;AB;,:)+:

,r' Chah is the managing "irector of the compan' He is a chartere" acco.ntant a

cost acco.ntant an" a compan secretar $ith a c.m.!ati-e e&perience of 23 ears

primari! in financia! ser-ices# se-era! of those in *.i!"ing the retai! finance*.siness' ,r' a.rang shah has *een $ith the %ota% gro.p for o-er a "eca"e' .ring

his stint $ith the gro.p# he has he!" "ifferent positions of great responsi*i!it an"

.gg!e" m.!tip!e tas%s effecti-e!' rior to %ota% !ife ins.rance# ,r' Chah $as hea"of retai! asset finance gro.p of %ota% mahin"ra *an% an" the oint -ent.res of %ota%

mahin"ra *an% an" for" cre"it for f.n"ing a.tomo*i!es'

CH ?@

,;AB;,:

Mr# Ar(n Pati% &-ice $resident + sa%es . mana)ement de-e%o$ment'

He hea"s the training an" management "e-e!opment f.nction' post gra".ate $ith !a$

D.a!ifications# he has o-er 22 ears e&perience in !ife ins.rance in".str' starte" hiscareer $ith !ic% an" on foreign "ep.tation to Aii is!an"s for 5 ears# ,r' ati!

s.*stantia!! increase" the mar%etshare of !ic in competiti-e en-ironment 'after hea"ing

!icEs premier ,.m*ai "i-ision# he oine" the then icecap !t"' s a mem*er of the

ins.rance -ent.re team an" !ater $or%e" for icici pr."entia! !ife ins.rance compan ashea" of sa!es "e-e!opment' ,r' ati! present! has responsi*i!ities to enhance the s%i!!s#

%no$!e"ge# pro".cti-it# competence an" professiona!ism of the sa!esforce

;ah.! Cinha hea"s the ,ar%eting "epartment' Fache!or of :echno!og

Getro!e.m ngineering an" a ost ra".ate ip!oma in ,anagement )), Fanga!ore# ;ah.! comes $ith o-er 11 ears of rich e&perience in ,ar%eting an"

Ca!es' rior to oining I)# ;ah.! $or%e" $ith ): imite" in its :o*acco

*.siness in Ca!es in -ario.s geographies of )n"ia an" han"!e" mar%eting for):s most prestigio.s *ran" (i!!s' )n his !ast assignment at ):# he $as Hea"

of Ca!es an" ,ar%eting for the reeting# ifting an" Ctationer F.siness an"

$as instr.menta! in creating the Fran" !assmate J &pressions'

34


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Mr# S()ata D(tta &*ead+*(man Reso(rces and Administration /(nction'

Mr# Bryce 0ohns(De-e%o$ment Act(ary and a%so the Chie/ In-estment O//icer'

,echanica! ngineer from F):# ,esra G1990 an" has ost ra".ate ip!oma

in )n".stria! ngineering from +ationa! ro".cti-it co.nci! has specia!iKe" inH.man ;eso.rces rea' Has $or%e" for +ationa! ro".cti-it o.nci!# scortsro.p# anon an" )n"ia :o"a ro.p' His !ast position *efore oining Iota% ife

$as ro.p enera! ,anager H.man ;eso.rce# )n"ia :o"a ro.p for a!!

,e"ia F.sinesses Hea"s the H.man ;eso.rce A.nction an" is responsi*!e for;ecr.itment# ompensation# areer ,anagement an" "ministration for the

BrganiKation

He is the "e-e!opment ct.ar an" a!so the hief )n-estment Bfficer' Fache!or

of F.siness Ccience# ct.aria! an" Ainance from the ni-ersit of ape :o$n#

Frce comes $ith a rich e&perience of o-er 10 ears in financia! ser-ices' He is afe!!o$ of :he )nstit.te of ct.aries in the nite" Iing"om' Frce has $or%e"

$ith B!" ,.t.a! since 2000 in "i-erse areas !i%e ro".ct e-e!opment#

istri*.tion an" ,ar%eting Ctrateg# Ainance J apita! ,anagement' rior tothat he $as in-o!-e" in the fie!" of pri-ate eD.it an" infrastr.ct.re finance'

35


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36


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KOAK C*I"D AD1ANA,E P"AN

Iota% chi!" a"-antage p!an is "esigne" to meet o.r chi!"s f.t.re financia! nee"s' )ts a p!an that gi-es o.r

chi!" L) to rea!iKe his "ream'

"Who can avail of this plan?"HOW OLD DOES THE CHILD HAVE TO BE TO AVAIL OF THISPLAN?

Minimum age - 0 yearsMaimum age -!" years

FO# WHAT TE#M CAN I AVAIL OF THIS PLAN? !0 - $0 yearsWHAT IS THE MA%IM&M S&M ASSED ALLOWED &NDE#THIS PLAN?

#s'()*00*000

"What are the advantages of this plan?"

!' On Ma+uri+y* y,u ,u./ reei1e +2e sum assure/ 3.us +2e 4,nus a//i+i,n' B,nus a//i+i,n is +2e am,un+ in +2e

Aumu.a+i,n A,un+* in eess ,5 +2e sum assure/'(' T2e 4a.ane a1ai.a4.e in +2e Aumu.a+i,n A,un+ is in1es+e/ in 1ari,us 5inania. ins+rumen+s 6as 3er I#DA

regu.a+i,ns7 s, y,ur m,ney ,r8s 2ar/ +, earn m,re 5,r y,ur 2i./'$' T2e Au+,ma+i C,1er Main+enane 5ai.i+y ensures +2e 3,.iy remains in 5,re e1en i5 y,u miss 3remium

3aymen+s' T2is 5ai.i+y is a1ai.a4.e a5+er +2e 5irs+ +2ree years ,5 +2e Term'9' :,u an +a8e a .,an agains+ +2is 3.an* a5+er +2e 3,.iy 2as 4een in 5,re 5,r a+ .eas+ +2ree years')' :,u 2a1e +2e 4ene5i+ ,5 a !) /ay 5ree .,,8 3eri,/'

"How does this plan work?"Mr' San;ay


38/61

What is Kotak Endowment Plan?"

>,+a8 En/,men+ P.an is a 3r,+e+i,n 3.an +2a+ ,1ers y,ur .i5e an/ a+ +2e same +ime ensures +2a+ y,ur m,ney /,esn,+ .ie i/.e' I+ in1es+s a 3,r+i,n ,5 y,ur 3remium in 5inania. ins+rumen+s an/ ensures a ,nsi/era4.e gr,+2 in sa1ings'

T2is is a 3ar+ii3a+ing 3.an 6i+2 3r,5i+s7'

"Who can avail of this plan?"

HOW OLD DO :O& HAVE TO BE TO AVAIL OF THISPLAN?

Minimum age - !@ yearsMaimum age - =) years

FO# WHAT TE#M CAN I AVAIL OF THIS PLAN? !0-$0 years

WHAT IS THE MA%IM&M Ath year5Sine Mr'


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!otak $erm Clan is a pure risk product that aims to cover your life at a nominal cost.

Jou may want to take this plan to cover your outstanding debts like a mortgage, a

home loan etc. (ince this is a pure risk cover product, there are no maturity bene%ts

payable on survival.

Who (an a&ai) of %hi #)anO) OL* *O JOH AM5 $O 35 $O AMAIL O@$I( CLA+N

/inimum age " 06 years/aximum age "


40/61

pays is &s.1,929 annually. In the event of his unfortunate death during the next ten

years, his family would receive &s.0:,::,:::.

KOTAK RETIREMENT INCOME PLAN

$he !otak &etirement Income Clan is a savings plan designed to meet your post"

retirement needs. It is a plan that gives you Qeene ki a>aadiQ.$he !otak &etirement

Income Clan is a participating plan. $he plan comes in two formsE

-i )ith ?over -ii )ithout ?over.

Who (an a&ai) of %h$ Ko%a! R$%ir$$n% In(o$ #)an

HOW OLD DO :O& HAVE TO BE TO AVAIL OF THIS PLAN?Minimum age - !@ yearsMaimum age - =0 years

FO# WHAT TE#M CAN :O& CHOOSE TO PA: THEP#EMI&MS?

) yrs - $0 yrs

HOW OLD DO :O& HAVE TO BE TO #ECEIVE :OANN&IT:?

Minimum Age - 9) yrsMaimum Age - =) yrs

AT WHAT INTE#VALS CAN :O& PA: THE P#EMI&M?Guar+er.yHa.5 :ear.y

Annua..y

Wha% ar$ %h$ a'&an%ag$ of %hi #)an

!' :,u an 2,,se +, re+ire a+ any age 4e+een 9) yrs an/ =) yrs'

(' On Retirement::,u may +a8e a .um3 sum in as2 ,5 u3 +, a +2ir/ ,5 y,ur Basi Sum Assure/ ,r Aumu.a+i,nA,un+* 2i2e1er is 2ig2er an/ +2e 4a.ane ,5 +2e 4ene5i+ y,u are e.igi4.e 5,r i.. 4e use/ +, 4uy an annui+y

,5 y,ur 2,ie'

$' Annuity Options:

:,u may 4uy an annui+y ei+2er 5r,m >,+a8 Li5e Insurane 6su4;e+ +, +2e 2,ie an/ ra+es a1ai.a4.e a+ +2a+

+ime7* ,r 5r,m any ,+2er insurer'

9' Early Retirement ene!its:

:,u may ,3+ +, re+ire ear.y* i'e' a+ any age 4e5,re +2e n,rma. re+iremen+ /a+e 6su4;e+ +, +2e 3,.iy 4eing in

5,re 5,r $ years ,r y,ur a++aining a minimum age ,5 9) yrs* 2i2e1er is .a+er7' :,u an +2en seure 4ene5i+s

i+2 y,ur Aumu.a+i,n A,un+* ne+ ,5 an ear.y re+iremen+ 2arge ,5 )'

I5 +2e ear.y re+iremen+ is /ue +, i.. 2ea.+2* +2en y,u may re+ire 4e5,re a++aining +2e age ,5 9)' :,u an +2en

seure 4ene5i+s i+2 y,ur 5u.. Aumu.a+i,n A,un+'

)' Late Retirement ene!its:

:,u may ,3+ +, re+ire a5+er +2e re+iremen+ /a+e ,rigina..y se.e+e/* an/ se.e+ a ne re+iremen+ /a+e 6su4;e+ +,

a maimum ,5 =) years7' N, 5ur+2er 3remiums i.. 4e 3aya4.e an/ +2e /ea+2 4ene5i+ i.. 4e eua. +, +2e

4a.ane in Aumu.a+i,n A,un+' 6H,e1er* a.. ri/ers i.. ease a+ +2e ,rigina. re+iremen+ /a+e7'

40


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=' :,u an ma8e .um3-sum in;e+i,ns in+, y,ur 3,.iy a+ any +ime 4e5,re re+iremen+ 6su2 %(m$+s(m in?ections

/uring a year may n,+ eee/ () ,5 +2e Basi Sum Assure/7' A Su33.emen+ary Aumu.a+i,n A,un+ i.. 4e

rea+e/ 5,r +2is* an/ i.. 4e 3ai/ ,u+ in +2e same manner as ,+2er 4ene5i+s'

"' :,u may eerise +2e ,3+i,n ,5 3aying 3remiums 5r,m +2e S($$%ementary Acc(m(%ation Acco(nt* rea+e/ 5,r

.um3-sum in;e+i,ns* i5 +2e nee/ arises'

@' F,r a Wi+2 C,1er 3.an* y,u 2a1e +2e 5ai.i+y ,5 A(tomatic Co-er Maintenance* 2i2 ensures +2a+ +2e ,1er

remains in 5,re e1en 2en y,u miss +2e 3remium 3aymen+s' T2is 5ai.i+y is a1ai.a4.e a5+er +2e 5irs+ +2ree years

,5 +2e +erm'

Ho/ 'o$ %h$ Ko%a! R$%ir$$n% In(o$ P)an /or!

Mr' Me2+a is a $)-year-,./ man* 2, is2es +, re+ire a+ age =0' He +a8es +2e >,+a8 #e+iremen+ In,me P.an i+2 a

Basi Sum Assure/ ,5 #s' $ .a82s' He ,nsi/ers +2e 5,..,ing +, ,3+i,ns 2ith Co-er - O3+i,n A* an/ 2itho(t

Co-er - O3+i,n B'

Option A Option

>OTA> #ETI#EMENT INCOME PLAN P#EMI&M #s *")0 #s *0=0TE#M BENEFIT P#EMI&M 6$ LA>HS OF COVE#7 #s !*@!@

ACCIDENTAL DEATH BENEFIT P#EMI&M 6$ LA>HS OFCOVE#7

#s (=)

TOTAL ANN&AL P#EMI&M PAID Rs ==7;:< Rs @798;

4a5Wha% i %h$ $n$-% a&ai)a)$ %o Mr.M$h%a on r$%ir$$n%"

Under O$tion A7

Assuming +2a+ Mr' Me2+aJs Aumu.a+i,n A,un+ gr,s a+ = 3'a* +2e 5un/ a1ai.a4.e +, 2im i.. 4e #s' 9*="*)00'

Assuming +2a+ i+ gr,s a+ !0* +2en +2e 5un/ a1ai.a4.e +, 2im i.. 4e #s' @*"0*000'

Mr' Me2+a may ,mmu+e u3+, a +2ir/ in as2 imme/ia+e.y* an/ 4uy an annui+y i+2 +2e remaining 4ene5i+'

Under O$tion B7

Assuming +2a+ Mr' Me2+aJs Aumu.a+i,n A,un+ gr,s a+ = 3'a* +2e 5un/ a1ai.a4.e +, 2im i.. 4e #s'9*=$*000'

Assuming +2a+ i+ gr,s a+ !0* +2en +2e 5un/ a1ai.a4.e +, 2im i.. 4e #s' @*)=*=00'

Mr' Me2+a may ,mmu+e u3+, a +2ir/ in as2 imme/ia+e.y* an/ 4uy an annui+y i+2 +2e remaining 4ene5i+'

45 Wha% i %h$ $n$-% a&ai)a)$ in %h$ $&$n% of %h$ *nfor%*na%$

'$a%h of Mr. M$h%a af%$r


42/61

Mr' Me2+aJs 4ene5iiary i.. 4e e.igi4.e 5,r +2e grea+er ,5 #s' $ .a82s ,r +2e 4a.ane in +2e Aumu.a+i,n A,un+' T2e

4a.ane in +2e Aumu.a+i,n A,un+ i.. 4e .ess +2an #s' $ .a82s e1en i5 +2e aumu.a+i,n a,un+ gr,s a+ !0 3er

annum' Hes2e i.. a.s, reei1e an a//i+i,na. #s'$ .a82s un/er +2e Term Bene5i+ as Mr' Me2+a a1ai.e/ ,5 +2is 1a.ue-

a// 4y 3aying a n,mina. 3remium ,5 #s'!*@!@ 3'a* 5,r i+' T2e 4ene5iiary may ,mmu+e u3+, a +2ir/ in as2

imme/ia+e.y* an/ 4uy an annui+y 5r,m +2e remaining 4ene5i+'

"nder Option #

Mr' Me2+aJs 4ene5iiary i.. 4e e.igi4.e 5,r #s' !*)*900 i5 2is Aumu.a+i,n A,un+ gr,s a+ = 3er annum* an/ #s'

(*")*=00 i5 2is Aumu.a+i,n A,un+ gr,s a+ !0 3er annum' In +2e e1en+ +2a+ Mr' Me2+aJs /ea+2 2as 4een /ue +, an

ai/en+* +2en 2is 4ene5iiary i.. reei1e an a//i+i,na. #s'$ .a82s un/er +2e Ai/en+a. Dea+2 Bene5i+* as Mr' Me2+a

a1ai.e/ ,5 +2is 1a.ue-a// 4y 3aying a minima. 3remium ,5 #s'(=) 3'a' 5,r i+' T2e 4ene5iiary may ,mmu+e u3+, a +2ir/

in as2 imme/ia+e.y* an/ 4uy an annui+y i+2 +2e remaining 4ene5i+'

BIRLA SUN LIFE INSURANCE COMPAN2

3irla (un Life Insurance ?ompany Limited is a joint venture between $he Aditya 3irla

4roup, one of the largest business houses in India and (un Life @inancial Inc., a leading

international %nancial services organisation. $he local knowledge of the Aditya 3irla

BIR"A SUN

"IFE

INSURANCE

ADIYA

BIR"A

,ROUP

SUN"IFE

FINANCIA"

INC#

42


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4roup combined with the expertise of (un Life @inancial Inc., o#ers a formidable

protection for your future.

$he Aditya 3irla 4roup has a turnover close to &s. 16::: crores with a market

capitalisation of &s. 712:: crores -as on 10st /arch 8::


44/61

,m3any in emen+ing i+s 3.ae am,ngs+ +2e .ea/ers in +2e in/us+ry in +erms ,5 ne 4usiness

3remium in,me' T2e ,m3any 2as a a3i+a. 4ase ,5 #s 9=0 r,res as ,n $!s+ Mar2*(00='

PRODUCS

rotectionM

Fir!a C.n!ife term p!an

remi.m *ac% term p!an

Ca-ingM

A!e&i cash f!o$

A!e&i sa-e p!.s Ai&e" !ife !ine

C.preme !ife

Cimp! !ife

ream p!an

!assic !ife premier

Cing!e premier *on"

44


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rime !ife

rime !ife premier

ife companion

;etirementM

A!e&i sec.re !ife retirement p!an ))

hi!"renM

hi!"rens "ream p!an

;.ra!M

Fima %a-ach ona

1ision

:o *e a $or!" c!ass pro-i"er of financia! sec.rit to in"i-i".a!s an" corporate an" to *e

amongst the top three pri-ate sector !ife ins.rance companies in )n"ia

Mission

:o *e the first preference of o.r c.stomers * pro-i"ing inno-ati-e# nee" *ase" !ife ins.rance

an" retirement so!.tions to in"i-i".a!s as $e!! as corporates' :hese so!.tions $i!! *e ma"e

a-ai!a*!e * $e!!traine" professiona!s thro.gh a m.!ti channe! "istri*.tion net$or% an"

s.perior techno!og'

B.r en"ea-or $i!! *e to pro-i"e constant -a!.e a""ition to c.stomers thro.gho.t their

re!ationship $ith .s# $ithin the reg.!ator frame$or%' (e $i!! pro-i"e career "e-e!opment

opport.nities to o.r emp!oees an" the

highest possi*!e ret.rns to o.r shareho!"ers'

45


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$alues: )ntegrit

ommitment

assion

assion

Ceam!essness

Cpee"

"IFE COMPANION ENDO2MEN&4s%i'

$he Life ?ompanion 5ndowment plan gives you family protection and helps your

savings over long term. ItKs a plan that not only %ts your budget but also takes care of

your varied needs. It provides for emergency support for education, marriage and

medical costs by blending life insurance protection and long term savings. 4iving you

complete peace of mind. No/ fai)+ hi -% ,*'g$% hi -%.

Who (an a&ai) of %hi #)an

HOW OLD DO :O& HAVE TO BE TO AVAIL OF THIS PLAN?Minimum age $0 /aysMaimum age =0years

FO# WHAT TE#M CAN I AVAIL OF THIS PLAN? !)-$0 yearsWHAT WILL BE THE MINIM&M S&M ASSED?WHAT IS THE MA%IM&M A


47/61

!' On ,m3.e+i,n ,5 +2e 3,.iy /ura+i,n* y,u i.. reei1e a minimum guaran+ee/ am,un+ eua.+, +2e Sum Assure/' In ase +2e Fun/ Va.ue ,n ma+uri+y is 2ig2er* +2en Fun/ Va.ue i.. 4e3ai/ ins+ea/ ,5 Sum Assure/

(' T2e /ea+2 4ene5i+ is +2e am,un+ 3aya4.e +, y,ur n,minees in ase ,5 /ea+2' T2e 4ene5i+am,un+ i.. 4e eua. +, +2e sum ,5 +2e Sum Assure/ an/ +2e en+ire Fun/ Va.ue a+ +2e +ime,5 /ea+2

$' In ase ,5 /ea+2 as a resu.+ ,5 an ai/en+ an a//i+i,na. am,un+ eua. +, +2e Sum Assure/2,sen 4y y,u i.. 4e 3aya4.e +, y,ur n,minee' T2e maimum am,un+ i.. 4e #s'!0 .a82ar,ss a.. Li5eC,m3ani,n En/,men+ 3,.iies ,ne/ 4y y,u' T2is 4ene5i+ is a1ai.a4.e ,n.yin ase ,5 /ea+2 in an ai/en+ 4e+een +2e ages ,5 !@ an/ =) years

9' :,u s+an/ +, gain an a//i+i,na. ) ,5 +2e Fun/ Va.ue as


48/61

0. In the unfortunate event of your demise, your child -the nominee will receivethe 3asic (um Assured plus any 5nhanced (um Assured you have selected.

8. Our ?hildrens *ream Clan comes with three 4uaranteed /aturity Optionsdesigned to allow you to secure more for your child with three separate maturityamount payout schedules.

&s. 97,::: for the 0:: 4uaranteed /aturity option

&s.19,7:: for the8:: 4uaranteed /aturity option

&s.87,::: for the1:: 4uaranteed /aturity option

1. )e o#er three investment funds to suit your particular investment needs Crotector, 3uilder and 5nhancer.

2. )e give you the option to increase this protection to suit your particularinsurance needs. (imply specify the amount you want -the 5nhanced (umAssured in addition to the 3asic (um Assured and your insurance protection wille;ual the sum of the 3asic and 5nhanced (um Assured.

7. In this plan, the investment risk in the investment funds chosen by you is borneby you.


49/61

WHAT WILL BE THE MINIM&M S&M ASSED?

!0 years6regu.ar3remium7#s ))*0006sing.e3remium7#s )0*0006 regu.ar3remium7

WHAT IS THE MA%IM&M VESTIN< A


50/61

Only amount paid in excess of the Annual premium in any policy year will be

considered as a top up amount.

Ann(ity PhaseOn the date of vesting, you can either

)ithdraw one third of the policy fund as a lump sum and utilise the remaining

portion of the fund to purchase any annuity provided by us then and at the thenprevailing rates or buy an annuity from any other Annuity Crovider in the marketBor

Htilise the entire policy fund to purchase any annuity provided by us then and at

the then prevailing rates or buy an annuity from any other Annuity Crovider inthe market.

BIR"A SUN "IFE ERM P"AN

$he plan has been designed for people who want to avail of the bene%ts of lifeinsurance at low cost. It is a low premium, pure risk coverage plan which takes care ofyour %nancial commitments towards your family or dependants, should anythingunfortunate happen to you.

Who (an a&ai) of %hi #)an

50


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O) OL* *O JOH AM5 $O 35 $O AMAIL O@ $I( CLA+N/inimum age " 06 years/aximum age " 77years

@O& )A$ $5&/ ?A+ I AMAIL O@ $I( CLA+N

)A$ )ILL 35 $5 /I+I/H/ (H/ A((H&5*N

7 years-single premium0: years-regular premium&s 87:,::: -single premium&s 8::,:::-regular premium

@O& )A$ $5&/ ?A+ I AMAIL O@ $I( CLA+N 7"87 years

Wha% ar$ %h$ a'&an%ag$ of %hi #)an0. &iders " Accidental *eath *ismemberment &ider, ?ritical Illness &ider, )aiver

Of Cremium &iders available along with the plan, you can avail of riders even inthe case of (ingle Cremium Colicy.

8. @avourable $erm " @avourable Cremium &ates for @emale ?lient.1. @ace Malue &ebate " Attractive &ebate for @ace Amounts e;ual to or greater than&s.7 Lakhs for regular pay and for face amount greater than or e;ual to 9 Lakhsfor single pay.

2. @ree Look Ceriod " &eview your decision for 07 days from the date of receipt ofthe policy document.

7. Large life cover at low cost


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)ith over 019 years of experience, the /etLife companies serve millions of customers

in the Americas and Asia with one goal in mind to build %nancial freedom for

everyone. $he /etLife companies are a leader in group bene%ts that serve 66 of the

top one hundred @O&$H+5 7::D companies, and provide bene%ts to 19 million

employees and family members through its plans sponsors in the H.(. $he /etLife

companies are also ranked R0 in group life and R0 in commercial dental in the H.(.

$he /etLife companies are the number one life insurer in the H.(. with approximately

H( S8.6 trillion of life insurance in force.

In India, /etLife was incorporated in 8::0, and aims to di#erentiate itself through

customi>ed need based selling, simple and innovative products, and technology"

backed service experience, to tread its path to build %nancial freedom for everyone.

Mission 6 1ision 6 1a%(es

52


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O*r 0iion an' Miion

3uild %nancial freedom for all through leadership in providing %nancial advice and

building long"term relationships through innovative protection, accumulation andretirement products, robust underwriting processes and creating world"class customerservice experience for our customers.

)e want to provide customers in India with world"class solutions for %nancial security,and in the process add signi%cant value to our shareholders, associates and society.

O*r Cor$ 0a)*$

)e lead through Innovation to o#er world class and competitive products to ourcustomers

)e build Long $erm &elationships with our customers by creating a world classservice experience through operational excellence and the innovative use oftechnology

)e create a ?ustomer ?entered and &esult @ocused Mision that inspires eachone of our Associates and has their buy"in

)e are committed to creating a igh Cerformance Organi>ation by creating anenvironment that allows each one of our Associates to perform at their peak. As

a result we will also be recogni>ed as an 5mployer of ?hoice

)e are committed to Cartnering with our internal and external ?ustomers formutual success

)e work with Integrity, @airness and @inancial Crudence in all our dealingskeeping the interests of our (hareholders, ?ustomers and Associates paramount

53


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Cor$orate Partners

s the -ita! channe! for ,etifes pro".cts# $e ha-e chosen some e&emp!ar *an%s an" financia!

instit.tions' :hese $i!! ser-e as the interface *et$een o.r c.stomers an" .s to ai" .s .n"erstan" the .niD.e

nee"s an" aspirations of e-er )n"ian' n" .p"ate o.r pro".cts $ith feat.res that form the cornerstones of

financia! free"om'

Dhana%a!shmi Ban!

Karnata!a Ban!

Ais Ban!

0.K Ban!

Other Partners

KAR1Y

,EO0I SECURIIES

2AY82EA"*

MINI MU*OO*U

54


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Pro'*(%

A((**)a%ion

)hole Life Colicy

/et 0::" Limited Cay )hole life +on " Carticipating

/et 0::" Limited Cay )hole life Carticipating

5ndowment Colicy

/5$ (uvidha

/oney 3ack Colicy

/et (ukh /oney 3ack +on Carticipating

/et 3havishya

M*)%i P*r#o$

/et (mart Clus /et (mart Cremier

/et (mart Clus " (ingle Cay

/et (mart Cremier " (ingle Cay

Pro%$(%ion

/et (uraksha " $&OC

55


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/et (uraksha " $A

/et"/ortgage Crotector (CGLimited pay-/&$A

R$%ir$$n%

/5$ Cension " Carticipating *eferred Annuity

/5$ Advantage Clus

A'' On

Accidental *eath 3ene%t -A*3

$erm &ider

)aiver Of Cremium

?ritical Illness

ME SU1ID*A

,: C.-i"ha# a f!e&i*!e en"o$ment p!an# com*ines sa-ings $ith sec.rit that pro-i"es o. the .niD.eoption of f!e&i*i!it of choosing *oth# the term of the po!ic an" the premi.m paing term' )t gi-es o. the

f!e&i*i!it of choosing a term an$here *et$een 530 ears' Co that# o. ha-e greater f!e&i*i!it in p!anningfor -ario.s mi!estones in o.r !ife'


HOW OLD DO :O& HAVE TO BE TO AVAIL OF THISPLAN?

Minimum age !) yearsMaimum age - "0 years

FO# WHAT TE#M CAN I AVAIL OF THIS PLAN? )-$0 yearsWHAT IS THE MA%IM&M A


57/61

NON-PA# 4ene5iiary i.. ge+ 4ase 5ae am,un+'=' T2ree 3remium 3aying ,3+i,ns are a1ai.a4.e- sing.e* .imi+e/ an/ regu.ar'

"How does this plan work?"

Mr' #a;i1* a $(-year ,./* marrie/ 3ers,n /ei/es +, in1es+ in MET S&VIDHA n,n-3ar 3,.iy* 5,r a5ae am,un+ ,5 #s )00*000' His 3remium i.. 4eA


58/61

ME SMAR P"US

No. $ant to protect o.r fami! from !ifes .ncertaintiesO at the same time# o. $ish ins.rance $o.!" ie!"

higher ret.rns on o.r in-estments' No. $ant o.r ins.rance po!ic to he!p rea!iKe a!! o.r "reams' ,etCmart !.s is the ans$er for o.r D.est'

,et Cmart !.s is a transparent# nit in%e" $ho!e !ife p!an that mat.re at the age 100' :he premi.m o.pa is .se" part! for ins.rance co-er an" the *a!ance is in-este" in f.n"s to *. .nits'

"Who can avail of this plan?"HOW OLD DO :O& HAVE TO BE TO AVAIL OF THISPLAN?

Minimum age 0 yearsMaimum age "0 years

FO# WHAT TE#M CAN I AVAIL OF THIS PLAN? !00 years .ess y,ur age

WHAT IS THE MA%IM&M A


59/61


MET BHA0ISH2A$his is a non par money back policy that provides guaranteed returns that specially

designed to meet childrens educational expenses at di#erent life stages. $here are

two options to choose from and %xed term bene%ts, periodic additions terminal

additions are payable based on the option that you select.


O) OL* *O JOH AM5 $O 35 $O AMAIL O@ $I( CLA+N

?IL*( A45

CA&5+$( A45

OC$IO+ A OC$IO+ 3

:"6 Jrs. :"6Jrs.8:"7: Jrs. 8:"7: Jrs.

/I+I/H/ C&5/IH/


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In built )aiver of premium in case death of the life assured and the %xed term

bene%ts will continue post the death of the life assured to the bene%ciary

$he policy can be customi>ed through 2 riders " Accidental *eath 3ene%t,?ritical Illness -0: illness, )aiver of Cremium -Accidental *isability and $erm

&ider.


/r Ajay is aged 8< year years old and works for a software company in 3angalore. e

was recently married to (angeeta and has a < month year old baby. /r Ajay buys /et

3havishya option 3. e pays a premium of &s 70,:1: per year. e has a sum assured

of &s 0:,::,:::.

Chi)'

ag$Pa+o*%

for a #o)i(+ of

R &s 7: per &s 0::: of (um assured - 4uaranteedadditions and 8: of 4uaranteed additions @or 87

years of premium paying

&s.07,::,:::

In case of the unfortunate death of /r Ajay

(um assured of &s 0:,::,:::

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)aiver of all future premiums @ixed term bene%ts will continue as per the

policy schedule

Documents

MBA Project Report on Kotak Life Insurance