INTRODUCTION

Overvier of industry The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era past few centuries yet its beginnings date back almost 6000 years. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business.

1. DEFINITION:Insurance is a legal contract that protects people from the financial costs that result from Loss of life, loss of health, lawsuits, or property damage. Insurance provides a means for individuals and societies to cope with some of the risks faced in everyday life. People purchase contracts of insurance, called policies, from a variety of insurance organizations. Insurance is conceived as a method of sharing of these losses, embodying the principle of co-operation existed in the early civilization. There is evidence that during the Aryan civilizations, loss of profits in industry was insured by the village co-operative in India. Almost everyone living in modern, industrialized countries buys insurance, for instance, laws in most states require people who own a car to buy insurance before driving it on public roads. Lenders require anyone who finances the purchase of a home or car with borrowed money to insure that property.

Business partners take out life insurance on each other to make sure that business will succeed even if one of the partners dies.

Insurance has been divided into two segments: a. Life Insurance b. General Insurance

Life insurance is a contract for payment of a sum of money to the person assured on the happening of the event insured against. Usually the contract provides for the payment of an amount on the date of maturity or at specified intervals or at unfortunate death. The contract also provides for the payment of premium periodically to the corporation by the assured.

General Insurance includes many areas of insurance like marine, motor, engg. Health (medical), fire etc. the contract provides for the payment of an amount on the happening of some contingency. These types of contracts are annual in nature.

2. Insurance: A background
Historians believe that insurance first developed in summer. The merchants and traders of these societies transferred and pooled their money to protect themselves and pirates. In the 18th Century BC, Babylonian king Samurai developed a code of law, known as the code of specific rules governing the practices of early risk sharing activities. Insurance also developed during the 1700s in the North American colonies. In 1730 Benjamin Frank contributed for the Insurance of Houses from Loss by fire. Early development of insurance was unorganized. It was mainly insuring commercial risks. The insurance inhuman life started in England in 1583AD for term Assurance for 12 months, which was issued for the first time. In 1705 amicable society started paying assurance on death a tern carried on unto 1757. In 1762 equitable society was the first co. to start charging premium on scientific basis.

In India the references to insurance history relates to the East India Co. when some policies where issued on the life of Bruisers in foreign currency. In 1870- Bombay Mutual Insurance Limited In 1874- Oriental Govt. Security life Assurance Co Limited In 1896 Bart Insurance Co. and 1897 empire of India. In 1905 no of insurance company life Hindustan co-op United India, Bombay Life National Asian were set up during the above period. After 2nd world war several new companies were established, most important being New India Assurance Co. others were Jupiter, Lame, Andhra, Industrial Metropolitan and New Asiatic. After 1st World War the peace of Industrialization was accelerated in India. The Swedish movement had already gathered momentum and nationalism in the twenties, Indian offices began to take due share of the countrys business. It continuously progressed and there seemed to be steady rise in the per capita insurance in the country. The government started to exercise control with the passing of insurance act 1912 there was a marked increase in the volume of insurance business and other form of Business. More companies were floated. With a view to have a closer watch on the matter of investment of funds and expenditure and general management of business govt. enacted the insurance act in 1938 and also the Dept of Insurance under the authority of the superintendent of Insurance was established. This act was further amended in 1950. Before nationalization there were 97 operating centers almost all urban. There were 245 different insurance companies then. Nationalization off the Insurance business in 19 Jan 1956. LIC act of 1956 was passed by the parliament and received presidential assent on 18th June 1956 and act come into force on 1st July 1956-LIC came into existence on the 1st September 1956 .

3. Importance of Insurance
Insurance benefit society by allowing individuals to share the risks faced by many people. But it also serves many other important economic and societal functions. Because insurance is available and affordable, banks can make loans with the assurance that the loans collateral is covered against

damage. This increased availability of credit helps people buy homes and cars. Insurance also provides the capital that communities need to quickly rebuild and recover economically from natural disasters, such as floods or earthquakes. Insurance itself has become a significant economic force in most industrialized countries. Employers buy insurance to cover their employees against work related injuries and health problems. Businessmen also insure their property, including technology used in production against damage and theft. Because it makes business operations safer; insurance encourages businesses to make economic transactions, which benefit the economies of countries. Insurance companies perform a type of monetary redistribution they collect premium and eventually redistribute that money as payments. Depending on the type of insurance, redistribution can take place anywhere from a few months to many decades. Because of this delay between collections and paying out funds, insurance companies invest their funds to bring in extra revenues. Such investments help businesses and government finance their operations, and few months from those investments deport the operations of insurance companies. With these investments earnings, insurance companies can keep rates much lower than would otherwise be possible.

4. Privatization of Insurance
The Indian insurance has finally opened up. The first move towards liberalization came with the Amphora Committee Report in 1993 which recommended the privatization of insurance. Indian stands to gain witty the following major advantages: Better products with more reasonable and affordable pricing Quick servicing Increased saving rate Long-term funds for infrastructure development will be available to the country Large inflow of foreign capital

It is debated that the insurance business does not produce profit in the first five year. Cross subsidization is a feature of the Indian Market. Event the fire portfolio which is considered profitable, cross subsidizes the other department. Tariff reductions are likely to reduce further. Insurer will have to institute proper claims management process in order to extract proficiencies.

The govt. is soon to present the new model for taxing life insurance companies at internationally competitive rates. New entrants would be well advised to look ahead to the stage where brand strength will be a competitive advantage and sketch their alliances accordingly. Infect alliances related to distribution rather than to product or technology will prove most valuable in the long run. Brokers will come into the market for first time and there is bound to be intense competition as a result of this in the multi channels of distribution.

5. Need of Insurance Since beginning of the world, man has always felt insecurity for his assets and even life. There is uncertainty in every aspect of life. It is an old saying that only death and tax are certain, however even the time of death and rate jog tax is not certain. Uncertainties expose our assets to losses and consequently endless problems. A fire in a factory may burn everything and owners only source of earning with investment of huge capital is finished but insurance will come to ones rescue if insurance is taken, all the operations can be started again. Insurance does not only provide reimbursement at the time of loss but at the time of taking the policy, insurer provides suggestive measures to reduce the effect of hazards and losses. Earthquake, flood, riot, strike, theft, explosion, fire, etc. are some of the common dangers to our assets. Moreover life insurance besides providing financial assistance to the insured, these policies provide investment opportunities and even pension plans at market interest rate.

6. Opportunities in Insurance In Indian market, the opportunity for insurance companies is huge. The efforts of government companies have lacked sincerity, as there is large untapped market even after 45 years of nationalization. According to sources, 30 cores people of India can afford insurance however only 8 cores of them have taken any insurance. Life insurance premium collected in a year is only 2% of gross domestic product in India with that of 12% in USA. Total non-life insurance premium is a mere 0.6% of GDP which is almost negligible. On the basis of this it can be sold that there is huge scope for insurance in India. There is still much to achieve and a big market to explore.

The latent demand foreseen in Indian market and the success of liberalized market in emergent economies make this a great opportunity. To avail this may international players including the world leaders have set up their business in India in last two years. Prudential life insurance was first company to tie up with an Indian company i.e. is ICICI and gets a license. Each company requires 100 crores of capital to start their business, which is a big amount to ensure the solvency of company at all times. Other companies, which have come up, are:

MAJOR PLAYERS OF LIFE INSURANCE IN INDIA

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.

Life Insurance Corporation of India ICICI prudential Life Insurance HDFC Standard Life Insurance Max New York Life Insurance Birla Sun Life Insurance Om Kotak Mahindra Life Insurance Reliance Life Insurance Bajaj Allianz Life Insurance Ing Vyasa Life Insurance SBI Life Insurance MetLife Insurance Sahara Life Insurance Aviva Life Insurance TATA Aig life Insurance

COMPANY PROFILE

HISTORY OF THE COMPANY

ABOUT ICICI BANK
Industrial Credit Investment Corporation of India (ICICI) was formed in 1995 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. ICICI bank is Indias second largest bank with total assets of about Rs. 1 trillion and a network of about 540 branches and offices and over 1,000 ATMs. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non life insurance, venture capital, asset management and information technology. ICIC Banks equity shares are listed in India on stock exchanges at Chennai, Delhi, Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). The Bank offers a broad spectrum of financial services to individuals and companies including deposit accounts, commercial banking, mortgagees, car loans, personal loans, corporate and trade finance, credit and debit cards and other banking services. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. ICICI prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 23 cities and towns in India. These are: Ahemdabad, Bangalore, Chandigarh, Chennai, Coimbatore, Gurgaon, Hyderabad,

Indore, Jaipur, Kochi, Kolkata, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Nagpur, Nasik, Noida, New Delhi, Pune and Vadodara. The company has the largest number of banc assurance tie-ups, having agreements with ICICI Bank, Citibank, Allahabad Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, and Punjab & Maharashtra Co-operative Bank, as well as some corporate agents. It has also tied up with organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society.

About Prudential
Established in 1848, prudential is a leading international financial services company in the UK, with some US$276 billion funds under-management and more than 13 million customers worldwide. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, prudential is UKs largest life insurance company with a vast network of 22 life and manual fund operations in twelve countries China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923, Prudential has championed customer centric products and services supported by over 60,000 staff and agents across the region. About the Company (ICICI Prudential) ICICI and prudential came together in 1993 to provide mutual fund products in India and today are the largest private sector mutual fund company in India. 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 Prudentials equity base stands at Rs. 3.75 billion, with IC IC Bank and Prudential plc holding 74% and 26% stake respectively. As of December 31, 2002, the company had issued nearly 230,000 policies with a sum assured of over Rs. 6,500 crore and premium income in excess of Rs. 340 crore. Today the company is the #1 private life insurers in the country.

ICICI prudential has recruited and trained over 16,000 insurance agents to interface with and advise customers, and has the highest number amongst private life insurers on the renowned million-dollar round table (MDRT). Their latest venture ICICI prudential life plans to take care of the insurance needs at various stages of life. ICICI prudential life insurance company has mopped up a premium income of Rs. 75 crore for the year ended March 31, 2004 reflecting a 106 per cent growth over corresponding period last year. It has sold 4.7 lacs policies during the year, against one lakh policies sold in fiscal 2002. ICICI prudential has cornered about 31 percent of the private sector insurance market, which today accounts for 10 percent of incremental sales of the entire industry. Average premium is Rs. 18000+ majority of 1.2 lakh policies sold by ICICI prudential in last quarter of fiscal 2004 were pension and unit-linked plan. Pension products accounts 25 per cent of the sales giving ICICI prudential an overall industry share of 25 percent.

PRODUCT OFFERED BY ICICI PRUDENTIAL

At ICICI prudential customer delight is their guiding principles. Ensuring world class solution by offering customized product with transparent benefits supported by the best technology is their business philosophy benefits supported by the best technology are their business philosophy. According to Mr. Santosh kumar, Agency manager, ICICI PRU. The company has used innovative marketing as well as pricing strategies and their premium chart would be much lower than the other player in the market. Company has launched various products in the market with most competitive premium among all players.

Protection plans

These are very good plan for those who want protection (especially) for their family because happiness and security for our family is all that we want. However, the uncertainties of life often worry you. Unfortunate events can make you are no longer around. Life insurance can help ease many of those worries. It ensures that your loved ones are adequately provided for and that their future is secure, no matter what the uncertainty. ICICI PRU offers you a choice of 3 level term products with insurance protection: Life Guard Level Term Assurance Life Guard Level Term Assurance with Return of Premium Life Guard Single premium

How these plans work Life Guard Level Term Assurance

What is Life Guard level term assurance policy? This plan provides financial

protection to your family in case of the unfortunate event of death. How does the Life Guard Level Term Assurance policy work? You will have to pay a regular annual premium for the term chosen and will be provided the insurance cover on your life equal to the sum assured. What benefit does this plan offer you?

In case of death of the life assured during their term, the sum assured under the plan will be paid to the beneficiary. There are no maturity benefits. Hence, on survival till maturity, the policy will terminate without any returns. How much you have to pay for this plan? The following table gives you indicative premiums for various age term combinations for a sum assured of Rs. 10 Lakhs.

Age

Term of the policy

5 years 10 years 2504 2925 3601 15 years 2553 3072 4287 20 years 2680 3582 5110

30 years 35 years 40 years

2455 2876 3386

What tax benefits are available for this plan? The plan offers tax benefits u/s 88. What additional feature does this plan offer you? You can avail of the Accident and Disability Benefit under this plan. What are your entry conditions for Life Guard Level Term Assurance? Your age at entry should be between 18 years and 50 years. The minimum term is 5 years and the maximum term is 25 years, which is subject to a maximum of 65 years of age. The minimum premium for the product is Rs. 2400 per annum.

Life Guard Level Term Assurance with Return of Premium

How does the Life Guard Level Term Assurance with return of premium policy work? You will have to pay a regular premium for the term chosen and will be provided the insurance cover on your life equal to the sum assured. What benefit does this plan offer you? In case of death of the life assured during the term, the sum assured under the plan will be paid to the beneficiary. On survival till maturity, all the premiums paid, will be returned without interest.

 What tax benefits are available for this plan? The plan offers tax benefits u/s 88. What additional feature does this plan offer you? You can avail of the accident and disability benefit under this plan. What are your entry conditions for Life Guard Level Term Assurance with Return of premium? Your age at entry should be between 18 years and 50 years. The minimum term is 5 years and the maximum term is 25 years, which is subject to a maximum of 65 years of age. The minimum premium for the product is Rs. 2400 per annum.

Life Guard Single Premium What is Life Guard Single Premium policy? This is a single premium variant of the Level Term Assurance Plan. How does the Life Guard Single Premium policy work? You have to make a one-time premium payment, depending upon the term and the sum assured chose by you. What benefit does this plan offer you? In case of the death of the life assured during the term, the sum assured under the plan will be paid to beneficiary. There are no maturity benefits at the end of the term. What tax benefits are available for this plan? The plan offers tax benefits u/s 88. What are your entry conditions for Life Guard Single Premium? Your age at entry should be between 18 years and 50 years. The minimum term is 5 year and the maximum term is 15 years, which is subject to a maximum of 65 years of age. The minimum sum assured for the product is Rs. 2 lakhs.

Saving Plans

Most endowment policies are a good way of saving for the future. A policy can be designed to make your savings grow and have them available to you at the end of a fixed number of years. Or, a policy could provide you with an income every three or four years. ICICI provides you three savings plans with insurance protection: Save n Protect Smart Kid Cashbak How these plans work Smart Kid

What is Smart kid? A plan which gives child the freedom to pursue their dreams, the strength to face challenges, the guarantee to live life to its fullest whatever be the uncertainty. As parents, your biggest concern is that of securing the future of your child. In todays world, with ever increasing competition, escalating cost of education and uncertain financial markets, it is very important to plan for your childs future. It is a plan that provides guaranteed benefits to your child along with the life insurance cover. Smart kid is so designed that it provides money at all the critical milestones in his/her life, whatever be the uncertainties.

Who can purchase this policy? Parents (between 20-60 years) with children in the age group of 0-12 years can purchase this policy What should you buy smart kid? Because smart kid ensures that you have total peace of mind as far as your childs future is concerned.

In the event of death of the Life assured Sum assured of the plan is paid immediately assists the family in meeting the unforeseen expenses incurred because of the unfortunate loss. Waiver of premium no future premier are payable, thereby ensuring that your family is not burdened financially. Thus, there will be no financial obstacle in realizing the dream which the parent or child had. What are the options for premium payment? Mode of payment:: Monthly, half yearly and yearly. What are the limits of Smart Kid? a. Minimum premium: Rs. 8,000/- per year b. Sum Assured: From Rs. 100,000/- to Rs. 3,000,000/c. Maximum limit under Income Benefit Rider: Rs. 1,000,000/d. Maximum limit under Accident & Disability Benefit Rider: Rs. 1,000,000/ What tax benefits will you get? The premium that you will be paying will be tax exempt under section 88 Save n Protect

Being the head of the family requires that you bear quite a few responsibilities. Some of these include: being able to fund your childs higher education, your daughters wedding, your own cozy nest and realize all your other dreams. This is an ideal plan for those who want to accumulate funds on a regular basis while enjoying insurance protection. What exactly does the Save n protect do? It is a fixed term policy that combines savings with life cover. It is a fixed term plan in which you pay premium regularly during the term. On the death of the life assured, in the beneficiary will get the sum assured, the guaranteed additions and the vested bonuses. Once the policy matures, i.e. at the

end of the term, you can get the full sum assured and guaranteed additions as well as the vested bonuses. In addition, you will get an extended term insurance cover for five years after the maturity date of the policy for 50% of the sum assured. You will not have to pay any premium for the same. Who can apply? You can apply if you are in the age group of 0 to 60 years. The maximum cover ceasing age is 70 years. The minimum sum assured you should apply for is Rs. 50,000 and the minimum term is 10 years. The minimum premium is Rs. 4,8000 p.a. Can I take a loan against my policy? Yes, you can avail of a loan under the policy, to meet your requirements. This will be dependent on the surrender value your policy acquires. Interest is charged on the amount of loan availed. Can I discontinue my policy? Your policy acquires a paid up value after premiums are paid for three years. A guaranteed surrender value is payable to you, if you decide to terminate the policy after 3 years premiums are paid. However, the insurance protection provided under this policy will also cease. What is the add-on-cover? Accident & Disability Benefit Critical Illness Benefit Major Surgical Assistance What tax benefits will you get? The premium that you will be paying will be tax exempt under section 88. Cash Back

As an individual you have to be financially prepared for various milestones in your life. If you are newly married, you need to plan for a baby a few years from now. If you have teenage children you

need to plan for their university education. What you need is a plan to meet your periodic financial, requirement with the added benefit of insurance protection. What exactly do the Cashbooks do? Sit is a three in one plan that combines savings, liquidity and protection through the following: Fixed term of 15 or 20 years Survival benefit payments at regular intervals Premiums are payable throughout the term of the policy On the death of the life assured, the beneficiary will get the sum assured, the guaranteed additions and the vested bonuses. Who can apply? You can apply if you are 16 years old and no older than 55 years. The minimum sum assured you should apply for Rs. 75,000. The minimum premium amount is Rs. 4,800 p.a. Can I take a loan against my policy? No loans are available under this policy. Can I discontinue my policy? Yes, you can discontinue your policy after premiums are paid for three years. A guaranteed surrender value is payable to you, if you decide to terminate the policy after 3 years premiums are paid. However, the insurance protection provided under this policy will also cease. What is the add-on cover? Accident & Disability Benefit Critical Illness Benefit Major Surgical Assistance

Retirement Plans

When a person grows old both the physical capacity as well as the financial capacity of that person become weak and at some time inefficient and as a result what ever the standard of living that the person maintained in his young get deteriorated with span of time. It is not in the power anybody to return the physical strength back to the person but with some retirement plans i.e. pension plans the financial strength can be regained by the person in order to maintain his present standard of living. These plans take care of the inflation as well future requirement of a person at his old age. At present ICICI Prudential offers four types of retirement plans for the public. This plan gives a safety and security o those people who aged and not involving in any of financial activities and complete depends on any monetary to sustain their living.

Retirement Plans Joint Life, Last Survivor with Return of Purchase Price: In this case the annuity is first paid to the annuitant, after the death of the annuitant the spouse starts getting a pension which is equal in amount of the annuity paid to the annuitant. After the dearth of the last survivor the purchase price is returned back to the beneficiary. Choice of Retirement Date: You have the flexibility to postpone your vesting age up to a maximum of 70 years of age. Open Market Option: This option gives you the flexibility to buy a pension from any other insurer of your choice, at the time of vesting. So you have the freedom to take the best from the market. What tax benefits are available with Life Link Pension? Tax benefit u/s 80CCC (1): Up to Rs. 10,000 deducted from your taxable income. How much you have to pay? The minimum premium in this plan is Rs. 25,000.

What are your entry conditions? You can apply for this plan if you are between 18 and 62 years of age. You have the flexibility of choosing the vesting age between 50 and 70 years of age. Minimum term of the product is 3 years. Riders Riders are the additional benefit that you can add on to your policy. You can opt for riders when taking the basic policy at a marginally incremental cost. No bonuses are paid on the riders. 1. Critical Illness Benefit Rider A rider added to a life insurance policy to protect the insured in the event of a critical illness. 9 medical conditions are covered by this benefit. This ensures living benefits payable to the insured for medical expenses prior to death. This rider is available with Saven Protect, Cash Bank, Forever Life (Regular Premium Deferred Pension), Life Time and Life Time pension. If the life assured is diagnosed to be suffering from a specified Critical Illness after six months from the date of policy, the Sum assured under this policy shall be paid together with guaranteed additions Conditions When the policy is in force for the full sum assured Any time before the expiry of the policy Before the age of 65 (which ever is earlier) On the payment of the Sum Assured together with the bonuses and guaranteed additions if any, allocated to the policy, the policy terminates Exclusions The critical illness shall not have been caused by the existence of Acquired Immune Deficiency Syndrome or the presence of any Human Immune deficiency Virus Infection in the person of the Life Assured. Self inflicted injury Drug abuse Failure to follow medical advice War, whether declared or not and civil commotion

 Pregnancy Breach of law Aviation other than as a fare paying passenger in a commercial licensed aircraft (being a multi engine aircraft) Hazardous sports/pastimes The benefit shall not be payable in respect of any illness other than those denied as Critical Illness, nor shall it apply or be payable in respect of any of those said illnesses the symptoms of which have occurred or which has been diagnosed or for which the insured person received treatment, during the first 6 months from the date of policy. The maximum aggregate of critical Illness Benefit granted by the Company under all the policies of the Life Assured shall not exceed Rs. 10, 00,000. Premium The premium for this benefit is guaranteed for five years only from the date of commencement of policy. The company reserves the right to carry out a general review of the experience from time to time and change the premium as a result of such review. The company will give notice in writing about the change and the Life Assured will have the option not to pay any increased premium. In such a case the benefit will be appropriately reduced from the effective date of the change in premium and the company will advise the Life Assured accordingly 80D. This rider is available with Saven protect, Cash Bank, Forever Life (Regular Premium Deferred Pension), Life Time and Life Time pension. The maximum sum assured under Major Surgical Assistance Benefit granted by the Company under all the policies of the Life Assured shall not exceed Rs. 10, 00,000. Benefits Under this the life assured is paid 50% of sum assured in respect of major procedures 30% of sum assured in respect of intermediate procedures 20% of sum assured in respect of minor procedures this benefit is payable on more than one occasion when the life assured undergoes surgery. However the total benefit payable in case of all the procedures is restricted to a maximum of 50% of the sum assured.

Conditions The benefit would be available only for medically necessary surgical procedures performed at a hospital as in patient When the policy is in force for the full sum Assured Anytime before the expiry of the policy or before the age of 65 (whichever is earlier) Exclusions The company shall not be liable to pay any sum under or in terms of this benefit in the event of: Preexisting injuries or illnesses, treatment that is not taken from recognized hospitals or doctors. No benefit will be payable in respect of a claim which, in the opinion of our Chief Medical officer, results directly or indirectly from a condition for which the insured person has previously received treatment, or which had previously been diagnosed, or which he was aware of, at the commencement of the policy or within the first 6 months from the date of policy. HIV/AIDS Congenital or hereditary diseases or physical defects Attempted suicide Attempted suicide Self inflicted injury, drug abuse Injuries from natural disasters War and civil commotion Criminal acts Taking part in flying activity other than as a passenger in a commercially licensed aircraft, (being a multi engine aircraft) By engaging in hazardous sports/pastimes, i.e. taking part in (or practicing for) boxing, caving, climbing, horse racing, mountaineering, off piste skiing, pot holing, power boat racing, underwater diving, any race, trial or timed motor sport. Premium

The premium for this benefit is guaranteed for five years only from the date of commencement of policy. The company reserves the right to carry out a general review of the experience from time to time and change the premium as a result of such review. The company will give notice in writing about the change and the life assured will have the option not to pay any increased premium. In such a case the benefit will be appropriately reduced from the effective date of the change in premium and the company will advise the Life assured accordingly. 3. Accident and Disability Benefit Rider This rider is available with Save n protect, Cash Bank, Life Guard (Regular Premium Level Term Assurance), Forever Life (Regular Premium Deferred Pension), Life Time, Life Time Pension, Assure Invest and Re Assure. The rider is eligible for the same tax benefits as the basic policy to which it will be attached. The policy terminates once the benefit of the claim is paid. Accident Benefit This benefit is payable in case of death that occurs as a result of an accident. The death must occur: When the policy is in force for the full sum assured Any time before the expiry of the policy Before the age of 65 (whichever is earlier) Benefits If you are covered under this benefit and if death occurs as the result of an accident during the term of the policy, your beneficiary shall receive an additional amount equal to the accident cover under the rider. If the accidental death occurs during the term of the policy, while you are travelling as a fare paying passenger on an authorized public mass transport namely bus or train, your beneficiary will be entitled to twice the accident cover under the rider. Exclusions The death due to accident should not be caused: By attempted suicide or self inflicted injuries while sane or insane, or whilst the Life Assured is under the influence of any narcotic substance or drug or intoxicating liquor; or

 By engaging in aerial flights (including parachuting and skydiving) other than as a fare paying passenger or a licensed passenger carrying commercial aircraft (being a multi-engine aircraft) operating on a regular scheduled route; or By the Life Assured committing any breach of law; or Due to war, whether declare door not or civil commotion; or practicing for boxing, caving, climbing, horse racing, jet skiing, martial arts, mountaineering, off piste skiing, pot holding, power boat racing, underwater diving, yacht racing or any race, trial or timed motor sport. DISABILITY BENEFIT This benefit is payable in case of disability that occurs as a result of an accident. The maximum cover under this benefit is Rs. 10, 00,000. This is inclusive of all the policies you may have taken with us. The disability must occur. When the policy is in force for the full Sum Assured Any time before the expiry of the policy Before the age of 65 (whichever is earlier)

BENEFITS If the Life Assured is totally and permanently disabled as a result of an accident the following additional benefit paid: 10% of the Sum Assured every year for 10 years commencing from the first anniversary of the disability date. Premiums under this rider falling due on or after the disability date shall be waived. If there are any other benefits payable under this rider then all such benefits shall cease to be available on and after the disability date The dearth due to accident should not be caused; By attempted suicide or self inflicted injuries while sane or insane, or whilst the Life Assured is under the influence of any narcotic substance or drug or intoxicating liquor; or By engaging in aerial flights (including parachuting and skydiving other than as a fare paying passenger on a licensed passenger carrying commercial aircraft (being a multi engine aircraft) operating on a regular scheduled route; or

 By the Life assured committing any breach of law; or Due to war, whether declared or not or civil commotion; or By engaging in hazardous sports/pastimes, i.e. taking part in (or practicing for) boxing, caving, climbing, horse racing, jet skiing, martial arts, mountaineering, off piste skiing, pot holing, power boat racing, underwater diving, yacht racing or any race, trail of timed motor sport.

3. Income benefit rider Besides education, aspects lie extra curricular activities, sports, picnics, trips etc. ensure the all round development of your child. So long as the parent is alive, these needs are taken care of. But, what if something unfortunate was to happen? Income benefit rider takes care of this through payment of 10% of sum assured annually to your child on each policy anniversary following an unfortunate demise, till maturity of the rider.

Is there any testing period the policies? Yes, under the free look period, insured now have the flexibility to review the policy. If, during this period, he wish to return your policy after reviewing the terms and conditions, he may do the same, by returning the original policy certificate, the policy document and a letter stating the reasons for the return. This must reach companies customer service desk within 15 days from the date of receipt of the policy at your end. Company shall refund the premium paid by you, after deducting

certain charges. These charges include a proportionate risk premium for the period of cover, the stamp duty on the policy and/or any expenses borne by the company on the medical examination. In case of a market linked policy, your units will be repurchased by us at the unit value determined on the valuation date following the date of cancellation after deducting the charges mentioned above. Is there any free look period for the policies? Under the free look period, insured now have the flexibility to review the policy. If, during this period, he wish to return your policy after reviewing the terms and conditions, he may do the same, by returning the original policy certificate, the policy document and a letter starting the reasons for the return. This must reach companies customer service desk within 15 days from the date of receipt of the policy at your end. Company shall refund the premium paid by you, after deducting certain charges. These charges included a proportionate risk premium for the period of cover, the stamp duty on the policy and/or any expenses borne by the company on the medical examination. In case of a market linked policy, your units will be repurchased by us at the value determined on the valuation date following the date of cancellation after deducting the charges mentioned above.