Project-Comparitive Study of ULIPs of LIC International

8/6/2019 Project-Comparitive Study of ULIPs of LIC International

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Comparative study of Unit Linked Insurance Plans of Life Insurance Corporation International B.S.C (C), Bahrain

Project report Submitted in partial fulfillment of the requirement for thedegree of

Master of Business Administrationof Mahatma Gandhi University

By

Dhannya P.D(Reg. No :)

Under the guidance of Mr Sreenish

Sree Narayana Guru Institute of Science and Technology North Paravur, Kerala, india


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DECLARATION

I Dhannya P.D, 2nd semester MBA student of Sree Narayana Guru Institute of

Science & Technology North Paravoor, Kerala, India, affiliated to Mahatma Gandhi

University, hereby declare that this is a bona fide record of the Organization study

conducted by me at Life Insurance Corporation (International), Bahrain during

the period May 07, 2010 to June 28, 2010. The study was undertaken in the partial

fulfillment of the Master of Business Administration by Mahatma Gandhi University,

Kottayam, Kerala, India

I also declare that this report has not been submitted to any other University/ institute

for the award of any degree/ diploma.

Place: N.Paravoor DHANNYA P D.

Date:


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ACKNOWLEDGEMENTS

I am grateful to the Mahatma Gandhi University for giving me this opportunity to do

this organizational study. I acknowledge my heart-felt gratitude to Dr Gopakumar,

the Director of SNGIST for encouraging me to go for this organizational study at of

Life Insurance Corporation (International), Bahrain . I acknowledge my sincere

gratitude to Dr. Kuppachi Sreenivas, Head of the Department, for the valuable help

and guidance he has rendered to me and for the strenuous and continuous effort he has

put in by being with me during every stage of the project work.

I would like to express my sincere thanks to Mr.Sreenish, for his unstrained

attention as my project guide at each and every step throughout the preparation of this

project.

I wish to express my sincere thank to Mr.T.Thomas, Marketing Manager of

Life Insurance Corporation (International), Bahrain, and my guides Mr. Umar

Mamdooh and Mr. Rajaram V also deserves a lot of credit for the wholehearted

support extended by them.

I wish to express my sincere thanks to all teaching and non-teaching staff of Department of Management. My friends and colleagues who have directly or

indirectly helped to meet to give successfully a concrete shape of this work.

DHANNYA PD


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No: Contents Pages

1 OBJECTIVE $ METHDOLOGY

2 INTRODUCTION

3 INDUSTRY PROFILE

4 COMPANY PROFILE

5 UNIT LINKED INSURANCE PLANS(ULIPS)

67


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Chapter-1

Objective and Methodology


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OBJECTIVE OF THE STUDY:

To have in depth knowledge of Unit Linked Insurance Plans (ULIPs)

To Study about various Unit Linked Insurance Plans (ULIPs) of LIC

International, Bahrain

To have a comparative study of various Unit Linked Insurance Plans issued by

LIC International, Bahrain

To analyze the performance of various Unit Linked Insurance Plan of LIC

International and various funds on each plan.

SCOPE OF THE STUDY:

A big boom has been witnessed in ULIP Industry in recent times. A large number of

new players have entered the market and trying to gain market share in this rapidly

improving market.

This study is conducted at Life Insurance Corporation (LIC) International, Bahrain.

The scope of this study is to find out the financial performance of each Unit Linked

Insurance Plan and its comparison.

The study will help to know about various ULIP products issued by LIC International,

Company Portfolio, and Mode of Investment. This project report may help the

company to make further planning to develop modified products and frame strategy

towards more effective marketing

METHODOLOGY:

This report is based on primary as well as secondary data, however primary data

collection was given more importance since it is overhearing factor in attitude studies.

One of the most important users of Research Methodology is that it helps in

identifying the problem, collecting, analyzing the required information and data and

providing an alternative solution to the problem .


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It also helps in collecting the vital information that is required by the top management

to assist them for the better decision making both in day to day activities as well as in

long run.

Primary data which are collected directly from the managers and employees and the

methods used are:

Company Financials

Relevant Data records/MIS Reports from the company

Discussion

Secondary data which are collected from the external sources like:Internet

Documents of the Corporation

Magazines


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Chapter-2Introduction


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INTRODUCTION:

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 enterprises 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 synonym 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

than20%.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 70year old senior citizen.

Also the private companies have started creating the importance and need of

insurance in todays life they have started

Positioning their brand sand is 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 populations are without life insurance


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covering 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.

.

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.

The 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. 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 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 can 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 according 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


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ORIGIN OF LIFE INSURANCE

Life insurance had its origins in ancient Rome, where citizens formed burial clubs that

would meet the funeral expenses of its members as well as help survivors by making

some payments.

As European civilization progressed, its social institutions and welfare practices also

got more and more refined. With the discovery of new lands, sea routes and the

consequent growth in trade, medieval guilds took it upon themselves to protect their member traders from loss on account of fire, shipwrecks and the like.

Since most of the trade took place by sea, there was also the fear of pirates. So these

guilds even offered ransom for members held captive by pirates. Burial expenses and

support in times of sickness and poverty were other services offered. Essentially, all

these revolved around the concept of insurance or risk coverage. That's how old these

concepts are, really.

The 19th century saw huge developments in the field of insurance, with newer

products being devised to meet the growing needs of urbanization and

industrialization.

In 1835, the infamous New York fire drew people's attention to the need to provide

for sudden and large losses. Two years later, Massachusetts became the first state to

require companies by law to maintain such reserves. The great Chicago fire of 1871

further emphasized how fires can cause huge losses in densely populated modern

cities. The practice of reinsurance, wherein the risks are spread among several

companies, was devised specifically for such situations.

In the 19th century, many societies were founded to insure the life and health of their

members, while fraternal orders provided low-cost, members-only insurance


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HISTORY OF INSURANCE IN INDIA:

In 1818, the Oriental Life Insurance Company, Calcutta started life insurance

business. This Company however failed in 1834. In 1829, the Madras Equitable had

begun transacting life insurance business in the Madras Presidency. 1870 saw the

enactment of the British Insurance Act and in the last three decades of the nineteenth

century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were

started in the Bombay Residency.

In 1914, the Government of India started publishing returns of Insurance

Companies in India. The Indian Life Assurance Companies Act, 1912 was the first

statutory measure to regulate life business. In 1928, the Indian Insurance Companies

Act was enacted to enable the Government to collect statistical information about both

life and non-life business transacted in India by Indian and foreign insurers including

provident insurance societies. In 1938, with a view to protecting the interest of the

Insurance public, the earlier legislation was consolidated and amended by the

Insurance Act, 1938 with comprehensive provisions for effective control over theactivities of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies. However,

there were a large number of insurance companies and the level of competition was

high. There were also allegations of unfair trade practices. The Government of India,

therefore, decided to nationalize insurance business.

An Ordinance was issued on 19th

January, 1956 nationalizing the Life Insurancesector and Life Insurance Corporation came into existence in the same year. The LIC

absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies245

Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the

Insurance sector was reopened to the private sector.


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CONCEPT OF LIFE INSURANCE:

Life Insurance is considered to be an important part of an individuals investment

portfolio, not necessarily to accumulate wealth, but to feel financially secure. Other

than this when we opt for a life insurance policy we enjoy other benefits also, like tax-

deduction options, and in some cases long term capital gains.

When you decide to invest in Life Insurance, it is imperative that you understand your

financial status, your future liabilities & commitments and then opt for a policy that

would suit your needs in the longer run. Insurance is by and large regarded as one of

the best savings cum investing scheme.

Ideally all life insurance companies invest the insurance premium funds in the various

types of projects meant for developments and attractive returns. This project varies

from government funded bonds to private companies. As an investor and depending

upon your risk tolerance you can divide your investment funds in various modes

which can be Balance, Maximize, and Minimize.

As of now the top 5 life insurance companies in India are Reliance Life Insurance,

HDFC standard Life insurance, Bharti-Axa life insurance, ICICI Prudential life and

off-course LIC India

CHARACTERISTICS OF INSURANCE:

Sharing of risks.

Cooperative device

. Evaluation of risk

Payment on happening of a special event

The amount of payment depends on the nature of losses incurred.


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TYPES OF LIFE INSURANCE:

Term Insurance

Term assurance provides life insurance coverage for a specified term of years in

exchange for a specified premium. The policy does not accumulate cash value. Term

Insurance is generally considered "pure" insurance, where the premium buys

protection in the event of death and nothing else.

There are three key factors to be considered in term insurance:

1. Face amount (protection or death benefit),

2. Premium to be paid (cost to the insured), and

3. Length of coverage (term).

Various insurance companies sell Term Insurance with many different combinations

of these three parameters. The face amount can remain constant or decline. The term

can be for one or more years. The premium can remain level or increase. Common

types of term insurance include Level, Annual Renewable and Mortgage insurance."

Permanent Insurance

Permanent life insurance is life insurance that remains in force (in-line) until the

policy matures (pays out), unless the owner fails to pay the premium when due (the

policy expires OR policies lapse). The policy cannot be canceled by the insurer for

any reason except fraud in the application, and that cancellation must occur within a

period of time defined by law (usually two years). Permanent insurance builds a cash

value that reduces the amount at risk to the insurance company and thus the insurance

expense over time. This means that a policy with a million dollar face value can be

relatively expensive to a 70 year old. The owner can access the money in the cash

value by withdrawing money, borrowing the cash value, or surrendering the policy

and receiving the surrender value.
http://en.wikipedia.org/wiki/Permanent_life_insurancehttp://en.wikipedia.org/wiki/Permanent_life_insurancehttp://en.wikipedia.org/wiki/Permanent_life_insurance


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Whole Life Insurance

Whole life insurance provides for a level premium, and a cash value table included in

the policy guaranteed by the company. The primary advantages of whole life are

guaranteed death benefits; guaranteed cash values, fixed and known annual premiums,

and mortality and expense charges will not reduce the cash value shown in the policy.

The primary disadvantages of whole life are premium inflexibility, and the internal

rate of return in the policy may not be competitive with other savings alternatives.

Also, the cash values are generally kept by the insurance company at the time of

death, the death benefit only to the beneficiaries. Riders are available that can allow

one to increase the death benefit by paying additional premium. The death benefit can

also be increased through the use of policy dividends. Dividends cannot be guaranteed

and may be higher or lower than historical rates over time.

Endowments

Endowments are policies in which the cash value built up inside the policy, equals the

death benefit (face amount) at a certain age. The age this commences is known as the

endowment age. Endowments are considerably more expensive (in terms of annual

premiums) than either whole life or universal life because the premium paying period

is shortened and the endowment date is earlier.

Cash Back

A Cash Back Policy is designed to help policy holders to plan availability of funds at

periodical intervals to meet planned and/or unplanned expenses with the help of

regular savings.

Even after the payment of Cash back installments at regular intervals, life risk is

covered for the full Sum Assured to provide total protection to the family.
http://en.wikipedia.org/wiki/Whole_life_insurancehttp://en.wikipedia.org/wiki/Internal_rate_of_returnhttp://en.wikipedia.org/wiki/Internal_rate_of_returnhttp://en.wikipedia.org/wiki/Internal_rate_of_returnhttp://en.wikipedia.org/wiki/Endowment_policyhttp://en.wikipedia.org/wiki/Whole_life_insurancehttp://en.wikipedia.org/wiki/Internal_rate_of_returnhttp://en.wikipedia.org/wiki/Internal_rate_of_returnhttp://en.wikipedia.org/wiki/Endowment_policy


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Unit Linked Insurance Plans


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Chapter-4

Company profile

LIC International BSC (c)


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Different Life Insurance Plans Provided By LIC International, Bahrain

Cash back type plans whereby periodical cash payment is made to the policy

holder while insurance cover is continued for the full amount.

Double cover endowment plans, where death risk is covered for twice the

amount of policy

Participating endowment plan, where sum assured and cumulative bonus is

payable on maturity

Professional education plan, which creates a fund to meet the expenses of

higher education of children

Pension plans, which take care of our needs in old age

Investment plan with attractive rate of returns.

Unit Linked Insurance Plans

Joint Venture Partner of LIC International, Bahrain

From modest beginnings in 1957 representing a single shipping company, Intercol is

today a well-diversified, 100%-Bahraini-owned company representing over 200

leading corporations. To enhance the confidence of principals and customers alike,Intercol became the first company of its kind in Bahrain to attain ISO 9001:2000

certification company-wide and ISO 14001: 1996 accreditation in recognition to the

environmental, health and safety standards adhered to.

Over the years Intercol has achieved sustained growth through diversification. Having

started as a shipping agent, the company now has interests in consumer goods; (for

which it maintains one of the most technologically-advanced dry, chilled and frozen

goods warehouses in the region); shipping and forwarding; transportation and

logistics; telecommunications and information technology; medical equipment and

supplies; lubricants and chemicals; paints and coatings; and insurance.


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Objectives of LIC International, Bahrain

Spread Life Insurance widely with a view to reaching all insurable persons in

the country and providing them adequate financial cover against death at a

reasonable cost

Maximize mobilization of peoples savings by making insurance-linked

savings adequately attractive.

In the investment of funds, the primary obligation to its policyholders, whose

money it holds in trust, without losing sight of the interest of the community

as a whole; the funds to be deployed to the best advantage of the investors as

well as the community as a whole, keeping in view national priorities and

obligations of attractive return.

Conduct business with utmost economy and with the full realization that the

moneys belong to the policyholders.

Act as trustees of the insured public in their individual and collective

capacities.

Meet the various life insurance needs of the all nationalities in Bahrain that

would arise in the changing social and economic environment.

Involve all people working in the Corporation to the best of their capability in

furthering the interests of the insured public by providing efficient service

with courtesy.

Promote amongst all agents and employees of the Corporation a sense of

participation, pride and job satisfaction through discharge of their duties with

dedication towards achievement of Corporate Objective.


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Audited Statement of accounts of LIC International, Bahrain

To be inserted


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Chapter-5Unit Linked Insurance Plans (ULIPs)


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childrens future and retirement planning. The number of units represents the

policyholders share in the fund. The value of the unit is determined by the total value

of all the investments made by the fund divided by the number of units. If the

insurance company offers a range of funds, the insured can direct the company to

invest in the fund of his choice. Insurers usually offer three choices equity

(growth) fund, balanced fund and secured.

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 . Charges, Fees and

Deductions in ULIP Premium are:

Allocation Charge: - this is a premium-based charge. After deducting this charge from

premiums, the remainder is invested to buy units.

The Mortality Charge: - This is the life cover premium and will apply on the Sum

Assured. It will be deducted by monthly cancellation of units from the policy holders

unit account.

Accident Benefit Premium:- A policy holder can opt for accident benefit by paying anominal premium which will be deducted by monthly cancellation of units from

policy holders unit account.

PAC (Policy Administration Charge):- will be deducted monthly by cancellation of

units from the accumulation unit account. The rate of policy admin charges will be as

per plan conditions.

The total investible amount can be determined by the below

Investible amount = Premium (Allocation charges + Policy Admin Charges +

Mortality Charges +Accident benefit Charges)


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DIFFERENCE BETWEEN ULIP AND CONVENTIONAL POLICY

In Terms of CONVENTIONAL INSURANCE ULIP

High potentiality Mostly full investment is made on

debt instrument only so the return will

be less

ULIP invest in market linked

instruments with varying debt

and equity proportions and if we

can even choose 100% equity

option if the plan condition

allows so.High

transparency

There is no idea about where the

money is invested

High transparency is possible (we

will be aware of how our money

is invested, where it is invested

and what the value of our

investment is.)Flexibility in

investment

Low flexibility in investment High flexibility in

investment(flexibility means we

can invest our money in any way)Flexibility in

insurancecoverage

There is no option to choose coverage,

and increase risk coverage.

There is an option to choose the

insurance coverage and increasethe risk coverage also.

Higher liquidity There is no possibility to withdraw

money before maturity as the

premature surrender value are usually

far below the Paid up Value

Possibility to withdraw money

before maturity through Full

redemption or partial redemption

when the NAV is high and book

the profit with nominal charges.

DIFFERENTS BETWEEN ULIP AND MUTUAL FUND


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Unit Linked Insurance Plan (ULIP) and Mutual Fund (MF) both are investment

options but most of the people are confused whether to choose ULIP or MF. Many

people are purchasing ULIP as it covers insurance as well as investment. Here we will

see some differences between ULIP and MF.

In Terms of MUTUAL FUND ULIP

Risk cover Mutual fund is purely

investment

ULIP is the combination of

investment and insurance

Cost Less expensive ULIPs are quite expensive as they

recover the various charges such as

premium allocation charges, fund

management charges, policy

administration charges, and

morality charges.Flexibility In Mutual Funds there will be

no lock in period except for

tax saving schemes.

In ULIPs there are lock in period

as per the plan condition specifies.

Transparency Stricter transparency

requirements comparatively

Lenient transparency requirements

comparatively

ADVANTAGES OF ULIPs:


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It 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. 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.

Market linked fund based on risk profile

Switch option

Premium redirection

Automatic Transfer Plan (ATP).

Tax Planning

Flexibility of cover continuance

Transparency

Extra protection with riders

Coverage for Death due to accident

Disability Benefits

Critical illness Benefits

.Liquidity

Partial withdrawals during the term

.Variable investment options

.Premium holiday

.Allow Top-ups


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DIFFERENT TERMINOLOGY USED IN UNIT LINKED LIFE INSURANCE

PLAN:

ULIP Premium

In ULIPs the premium is decided by the prospective policy holder. The premium is

decided depending upon the paying capacity of the party or the capacity to invest. The

premium is further divided into viz. ULIP Premium Unit Fund and ULIP Premium

Non Unit Fund

The allocated (invested) portions of the premiums after deducting for all the charges

and premium for risk cover under all policies in a particular fund as chosen by the

policy holders are pooled together to form a ULIP Premium Unit fund .

The various charges viz. Allocation Charges, Policy Admin Charges, Life cover

Charges, Accident Benefit Charges etc form part of ULIP Premium Non Unit fund

Premium allocation charges:

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

apart from commission expenses.

Life cover Charges

Accident Benefit Charges

Policy Admin Charges

Unitization:

The total number of units held by the fund manager from various transactions should

be distributed to the individual policy holders according to their invested amount.

The process is called Unitization

De unitization:


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Any Subsequent charges under the policy say recovery of monthly mortality

premium, policy admin charges will be deducted

By redeeming appropriate number of units

The process is called De unitization

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.

Accident benefits rider charges:

A level charge at us $1.00 per thousand sum assured per year will be charged towards

the accident benefit rider by cancellation of the appropriate number of units out of the

policy holders fund value every month .

Fund management charges:

The fund management charges are realized while computing the NAV. The NAV

declared will be the net of fund management charges is 1.5% per annum under all the

funds.

Switching charges:

Generally a limited number of fund switches may be allowed each year without

charge, with subsequent switches, subject a charge.

Top up:

One can invest additional contribution over and above the regular premiums as per

their choice subject to the feature being available in the product. This facility is

known as top up.

Surrender charge:

A surrender charge may be deducted for premature partial or full encashment of units

wherever applicable, as mentioned in the policy conditions.

Net Asset Value :( NAV)

NAV of an ULIP product is the total value of assets under the pool of funds minus its

liabilities (as mentioned earlier, this pool of funds consists of premium of all the


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policyholders who have invested in that particular ULIP product).

Calculation of Net Asset Value:

Eg : Mr. X who has a lot of experience in the share market decides to start a MF. He calls for

prospective investors. Say investors A, B, C, D & E decide to invest Rs. 10000/- each, Mr. X

would be starting his MF with a corpus of Rs. 50000/- X would be creating MF units of face

value Rs. 10/- each and distribute it to all the investors. So each A, B, C, D & E would get

1000 units each.

Inv amount = 10000 & Unit Face Value (NAV) = 10

==> No. of units given = 1000

Using this Rs. 50000/- X would buy/sell shares and make profit. At the end of each trading

day X would calculate the total net worth of the initial investment. Say after 1 month of

trading, the total value of the investment is Rs. 58000/- then the current NAV of the fund

would be Rs. 11.60/- which means each of the investors has made a profit of Rs. 1.60 per unit

they bought from Mr. X.

Note: This 58000 would be the amount that is arrived at after subtracting the profit margin

that Mr. X would take for using his expertise in forming this MF and making profit.

Consider the following points before choosing the ULIP Policy :

Buy the policy with minimum of 10 years. In the long term, ULIP policies give

very good returns. If possible, try to analyze the market condition before staring the investment. Learn the fundamentals of ULIP policies. Dont buy the ULIP just for the tax savings purpose. Compare the different ULIP policies in the market.


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