A REPORT ON

COMPARATIVE ANALYSIS OF LIFE INSURANCE PRODUCT

Project Report Submitted to the Institute for Technology and Management For partial fulfillment of the Degree of

POST GRADUATE DIPLOMA IN MANAGEMENT BY MR. AYUSH KHANDELWAL Reg.No:ITM BAN2011PGDM20F0032 UNDER THE GUIDANCE OF:PROF. SAGAR BALA SAHOO (PLACE COORDINATOR) MISS SINU GEORGE (BUSINESS MANAGER)

INSTITUTE FOR TECHNOLOGY AND MANAGEMENT

BANGALORE-560076 2011-2013

Declaration

This is to declare that the Report entitled A ORGANISATIONAL STUDY OF BHARTI AXA LIFE INSURANCE COMPANY has been made for the partial fulfillment of the Course: Industry Internship Programme (IIP) in Semester II (Batch: 2011-13) by me at BHARTI AXA LIFE INSURANCE under the guidance of Prof. SAGAR BALA SAHOO(Manager Placements). I confirm that this Report truly represents my work undertaken as a part of my Industry Internship Programme (IIP). This work is not a replication of work done previously by any other person. I also confirm that the contents of the report and the views contained therein have been discussed and deliberated with the Faculty Guide.

Signature AYUSH KHANDELWAL Reg. No ITM-BAN2011PGDM20F0032

Certificate
This is to certify that Mr. AYUSH KHANDELWAL Reg.No. ITM BAN2011PGDM20F0032 has completed the Report titled A ORGANISATIONAL STUDY OF BHARTI AXA LIFE INSURANCE COMPANY under my guidance for the partial fulfillment of the Course: Industry Internship Programme (IIP) in Semester II of the Master of Business Administration

Date :Place:- Bangalore

SAGAR BALA SAHOO (Manager Placements)

ACKNOWLEDGEMENT
3

As a part of the MBA curriculum at Indian Institute Of Planning And Management Business School, the Summer Internship Program enables the students to enhance their skills, expand their craniums by applying various theories, concepts and laws to real life scenario which would further prepare them to face the extremely Competitive Corporate World in the near future. I take this opportunity to express my gratitude towards certain key people for their constant guidance and support, without which the project would not have been a success. I would like to show my gratitude to my Mentor Prof. SAGAR BALA SAHOO (Placement coornidator) and Mrs.Latha Balasubramanian, Branch Head, Bharti AXA Life Insurance for giving me an opportunity to be a part of a prestigious organization, and for her constant help and support throughout the course of my project. I extend my sincere thanks to my friends whose guidance and encouragement was of great help in meeting the intended objective of my project. The time I was given and the encouragement I have received, through the discussions and debates with them have proved to be profitable for me. I am forever indebted to my parents who provided me with the support, inspiration, time and guidance throughout my life.

AYUSH KHANDELWAL PGDM-2011-13

TABLE OF CONTENTS 1) 2) EXECUTIVE SUMMARY INTRODUCTION 2.1

4

INDUSTRY OVERVIEW

Indian Scenario Global Scenario Players in the Industry with the Market Shares 2.2 COMPANY OVERVIEW Mission, Vision of the Company 3) ORGANIZATION STRUCTURE OF THE COMPANY

Products and Services offered by the Company 4) SWOT OF THE COMPANY

5)

FINDINGS

6)

RECOMMENDATIONS

7)

BIBLIOGRAPHY

CHAPTER 1:
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EXECUTIVE SUMMARY

1) Executive Summary:
The objective of the project is to know the present status of the Life Insurance products in the market, the awareness and perception levels among the consumers. The present scenario of insurance sector is not only confined to selling of life insurance products, advertising and sales promotion but it also includes consumer satisfaction as a whole. According to the study of the market, it is being observed that markets are doing well in investing in life insurance products. In the coming future a good and proper financial planning is required to invest money in financial products because there is a good potential in the market to invest. For gathering the primary data questionnaire was administered to know the consumer perception of the Life Insurance Products, their investment patterns and general suggestions by the consumers and secondary data is collected through Internet, Magazines, Company Website and other advertising tools.
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CHAPTER 2: INTRODUCTION
7

2) Introduction:
Insurance constitutes one of the major segments of the financial market. Insurance services play predominant role in the process of financial intermediary. Today insurance industry is one of the most growing sectors in India. There is lot of potential in the Indian Insurance Industry. There are many issues, which require study. The scope of the study of insurance industry of India would be very great as there are ongoing developments in the industry after the opening of the sector. In the past few years this sector has undergone many changes, like offering better services, quick settlement of the policies taken by the consumers, following the regulations put by the IRDA( Insurance Regulatory and Development Authority) etc In the present world many insurance companies have entered the market and the environment has become more and more competitive. Creation of differentiation is becoming tough for the consumers as all companies are offering the same kind of products and services.

Objective of the Project:

The objectives of the project are as mentioned below.
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1. to make the comparative analysis of life insurance products offered by Bharti AXA with that of its competitors 2. to know the various types, their features and benefits of different life insurance products 3. to understand the investment pattern of different levels of investors
4. to find out the consumer perception on different life insurance products and determine their

preference towards public insurance companies and private insurance companies.

The major market players which are considered for this project are based on the market shares and their performance in the insurance sector. They are as follows. 1. Bharti AXA Life Insurance 2. HDFC Standard Life 3. ICICI Prudentials 4. Birla Sun Life Insurance 5. Life Insurance Corporation of India 6. SBI Life Insurance The study is based on both the primary and secondary data. The primary data were collected using a questionnaire. This was prepared to know the consumer perception of life insurance products. The questionnaire was clearly explained to the respondents in detail and they were asked to give the perception of life insurance products as delivered by the life insurance companies. These questions were prepared for effective analysis of the data. This was administered through mail and in person to about 50 respondents. These comprises of employees of MNCs and government employees from Bangalore. The secondary data is collected through Internet, Magazines and other advertising tools.
9

The study is done to evaluate and analyze the findings so as to know about the recent trends in the Insurance Sector.

2.1 Industry Overview: 2.1.1 About Insurance Industry:

Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event. Insurance is a protection against financial losses arising on the occurrence of an unexpected event. Insurance companies collect premiums to provide for the protection. For example, in a Life Policy, by paying the premium to the insurer, the family of the insured person receives compensation on the death of the insured. It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. It is also a protection against financial loss arising on the happening of an unexpected event. The companies collect premiums to provide for its protection. Companies act as trustees to the collected. If there is any loss, then it is paid out of the amount premiums collected from the insuring public. Insurance is desired to safeguard oneself and ones family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of accidental death. Some insurance contracts are made compulsory by legislation. Some of the insurance contracts which are made compulsory are Motor Vehicle Insurance, Environmental Protection Act etc

Insurance in India:
Insurance is a federal subject in India and has history dating back to 1818. Life and general insurance in India is still a nascent sector with huge potential for various global players with the life insurance premiums accounting to 2.5% of the countrys GDP while general insurance premiums to 0.65% of Indias GDP. Currently, the largest life insurance company is still owned by the Govern10

ment of India. The Indian insurance sector is considered as a booming sector in the coming future with every global insurance company wanting to have a lions share.

History of Insurance:
Insurance in India has its history dating back to 1818 when Oriental Insurance Company was started by Europeans in Kolkata to cater the needs of European community. Pre-independent era in India saw discrimination among the life of the foreigners and Indians with the higher premiums being charged with the latter. In 1870, the Bombay Mutual Life Assurance Society, the first Indian insurance company covered Indian lives at normal rates. The Life Insurance Companies Act and Provident Fund Act were passed to regulate the insurance business in 1912. The oldest insurance company in India is National Insurance Company Ltd, which was founded in 1906 is still doing the business even today. The insurance industry earlier consisted of only two types of insurers Life insurers i.e Life Insurance Corporation of India (LIC) and General Insurers i.e General Insurance Corporation of India (GIC). GIC has four subsidiary companies. In December 2000, these subsidiary companies have been separated from the parent company and made as independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.

Advantages of Life Insurance

1. Protection against risk of untimely death 2. Protection during old age 3. Forced savings 4. Educational requirements and charity 5. Nomination and assignment 6. Loans from the investment company
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7. Investment options 8. Tax benefits

Types of Insurance Products:

1. Term Assurance Plan 2. Endowment Assurance Plan 3. Money Back Policy 4. Whole Life Plan 5. Pension Plan 6. Child Plan 7. Unit Linked Insurance Plan 8. Health Plan

Different Insurance Companies in India:

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In the present scenario the insurance sector is an upcoming sector. The insurance sector got liberalized in 2000 after about 50 years. Insurance sector was once a monopoly with LIC as the only company. But now the market opened up and large number of insurance both (private and public) has entered the Indian market. There are about 15 private life insurance companies that have entered the sector. After their entry the market share of LIC has considerably got reduced. The private companies have improves their market share to 18% and able to expand their market growing at about 30% per annum. Private players have made innovations in market channels, advertising of products, training agents and employees in providing services to the consumers, opened outlets in rural areas, creating awareness among people about insurance and its benefits.

The various private life insurers are 1. Aviva Life Insurance Co. India Pvt Ltd. 2. Bajaj Allianz Life Insurance Co. Ltd. 3. Bharti AXA Life Insurance Co. Ltd 4. Birla Sun Life Insurance Co. Ltd 5. HDFC Standard Life Insurance Co. Ltd 6. ICICI Prudential Life Insurance Co. Ltd 7. IDBI Fortis Life Insurance Co. Ltd 8. ING Vysya Life Insurance Co. Ltd 9. Kotak Mahindra Old Mutual Life Insurance Ltd. 10. Max New York Life Insurance Co. ltd
13

11. Met Life India Insurance Co. Ltd 12. Reliance Life Insurance Co. Ltd 13. SBI Life Insurance Co. Ltd 14. Shriram Life Insurance Co. Ltd 15. Tata AIG Life Insurance Co. Ltd The various other general insurance companies are 1. National Insurance Company Ltd 2. Reliance General Insurance 3. Oriental Insurance Company 4. United India Insurance Co. Ltd 5. New India Assurance Co. Ltd 6. Bajaj Allianz General Insurance Co. Ltd 7. ICICI Lombard General Insurance Ltd

Difference between Life Insurance and non Life Insurance:

Two types of insurance people commonly purchase is 1) Life Insurance 2) General Insurance

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Life insurance is a non personal insurance contract. This means that the policyholder and the person being insured do not have to be the same person whereas General insurance is a personal contract where the insurance company contracts with you directly for insurance protection. Life insurance insures your life or the life of someone that you have an economic interest in, like your spouse, children, siblings or business partners. When the insured individual dies, the life insurance policy pays a death benefit that is fixed. This is called a valued contract. A valued contract pays a fixed sum of money, regardless of the nature of the loss insured by the contract. General insurance insures homes, automobiles and other personal property. This type of insurance is sometimes referred to as property and casualty insurance. General insurance is indemnity insurance. Indemnity insurance pays just enough money to you to repair or replace the insured property. The benefit of life insurance is that it pays off any financial obligations you have left after you die. It can pay more than that, however, because life insurance pays a fixed amount. Death benefits can be used to create the wealth for the surviving beneficiaries. General insurance is beneficial in that the insurance ensures that, almost regardless of the damage done, that the property will be repaired or replaced. While general insurance generally has a maximum payout determined by the value of your property, it does not pay a fixed amount.

Market Players Along With Market Shares

The top 5 private life insurance companies in India are, ICICI Prudential Life Insurance Bajaj Allianz SBI Life [Part of the SBI group, though no direct interference of Govt of India] HDFC Standard Life Reliance Life

15

Figure 1: Market Share Of Life Insurance Companies

Website: http://1.bp.blogspot.com/qyxg7ZBvGjM/Tc56NlxlqwI/AAAAAAAAAbc/g9oXnlMjBW4/s1600/marketshare2011pol_2.jpg Source: IRDA (depending upon number of policies as on 2010-11)

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2.2 Company Profile: 2.2.1 About the Company:

Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias leading business groups with interests in telecom, agri business and retail, and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti and 26% stake of AXA. The company launched national operations in December 2006. Their business philosophy is built around the promise of making people "Life Confident".

The Company Profile:

NAME OF THE COMPANY: HEAD OFFICE: FOUNDED: BHARTI AXA LIFE INSURANCE COMPANY Goregaon (East), Mumbai, India The company came into existence in DEC 2006 by the merger of Indias telecom major BHARTI AIRTEL with a 74 % stake and the global insurance majors AXA with a 26% stake in the company. VISION OF THE COMPANY: VALUES OF THE COMPANY: Professionalism Innovation Team Spirit Pragmatism CHAIRMAN: CEO: BRANCHES: EMPLOYEES: Mr. Sunil Bharti Mittal Mr. Sandeep Ghosh Currently the company has 198 branches in INDIA. The Company has more than 5200 employees all over India. To be the leader and one of the preferred companies for financial protection and wealth management in India.

17

About Bharti:
Bharti Enterprises is one of Indias leading business groups with interests in telecom, agricultural business, financial services, and retail. Bharti has been a pioneering force in the telecom sector with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is one of Indias leading private sector providers of telecommunications services with an aggregate of over 110 million customers, spanning Mobile services, Telemedia services and Enterprise services. Bharti Airtel has been ranked amongst the best performing companies in the world in the BusinessWeek IT 100 list 2007. Bharti Teletech is the countrys largest manufacturer and exporter of telephone terminals. Bharti has a joint venture Bharti Del Monte India (P) Ltd with Del Monte Foods India Pvt. Ltd., to offer fresh and processed fruits and vegetables in the domestic as well as international markets including Europe, USA and Middle East. Bharti has recently forayed into retail business under Bharti Retail Pvt. Ltd. It also has a joint venture - Bharti Wal-Mart Private Ltd. - with Wal-Mart for wholesale cash-and-carry and back-end supply chain management operations in India.

About AXA:
AXA Group is a worldwide leader in Financial Protection. AXAs operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. In 2010, total revenues amounted to Euro 91 billion and total revenues underlying earnings to Euro 3.9 billion.The above mentioned companies Bharti Enterprises and AXA are the promoters of Bharti AXA Life Insurance Company.

18

Vision and values followed by the company:

19

CHAPTER 3 Organizational Structure

Global and Indian Operations of Bharti AXA Life Insurance:

20

Bharti AXA Life Insurance Company Ltd., the joint venture of Bharti Enterprises and AXA Asia Pacific Holdings Ltd., has no operations outside India. However, AXA group, the majority stakeholder in AXA Asia Pacific Holdings Ltd., is a global player in the life and non-life insurance business, asset management and other financial services with presence in all habitable continents and over 95 million clients worldwide. It is 9th largest company in world in terms of revenue as per Fortune Global 500 list of 2010. Bharti AXA Life Insurance Company Ltd. has a pan-India presence with around 100 offices nation-wide. It offers both traditional and ULIP plans to its existing customers and the prospects. Under traditional plan, it offers both term as well as endowment policies. As per the revenue account of the company, the net premium for first nine months of FY2010 was INR 539.69 crore as against INR 393.98 crore for the same period in the last fiscal, a growth of 37%. As per the latest estimates, the market share of the company in terms of net premium was 0.4% in last fiscal.

Products and Services Offered by Bharti AXA Life Insurance:

Bharti AXA Life Insurance offers both individual plans and group plans as their products and services for the customers. The Individual Plans are as follows: Protection Plans:
1. Bharti AXA Life Elite Secure 2. Bharti AXA Life Secure Confident 3. Bharti AXA Life Family Income Secure 4. Bharti AXA Life Protect Plus

5. Bharti AXA Premium Waiver Rider Wealth Creation with Protection:

21

Bharti AXA Life Child Plans Bharti AXA Life Bright Stars EDGE Bharti AXA Life Future Champs Bharti AXA Life Guaranteed Plans Bharti AXA Life Save Confident Bharti AXA Life True Wealth Bharti AXA Life Aajeevan sampati Health Plan: Bharti AXA Life Easy Health Retirement Plan: Bharti AXA Life Wonder Years Retirement Plan

The Group Plans are as follows: Life Insurance: Bharti AXA Life Shield Bharti AXA Life Sanjeevani Credit Protection: Bharti AXA Life Credit Secure Bharti AXA Life Mortgage Credit Shield Bharti AXA Life Credit Shield Bharti AXA Life Premier Protect Home Shield Health Plan:
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Bharti AXA Life Swasthya Sanjeevani

INTRODUCTION ABOUT THE PLANS

1. CHILD PLANS BHARTI AXA LIFE BRIGHT STAR PLUS Features:
Entry Age(Last Birthday) Policy Term (PT) Minimum Age 18 years. 7-25 years, subject to maximum maturity age of 70 years Premium Payment Term(PPT) Annual Premium 3 years/5 years/equal to policy term Minimum Rs. 15000 if PPT = PT Minimum Rs. 50,000 if PPT = 3years/5years Maximum=No Limit Top-up Premium Minimum: Rs. 1,000; Maximum: 25% of total regular premium paid Sum Assured (SA) Minimum: 5* Annual Premium Maximum: 10*Annual premium Riders Available In Built: Waiver of Premium Optional: Accidental Death Benefit (ADB) Rider. Comprehensive Health Benefit (CHB) Rider. Premium Frequency Yearly, Half yearly, Quarterly, Monthly

23

Fund Options

Grow money plus fund, Growth opportunities plus fund, Build India fund, Save and Grow money fund, Steady money fund, Safe money fund. Regular Premium: After 5 Policy Years Top-up Premium: After 3 Years Minimum: Rs. 1000 Maximum: Fund Value should not be less than 120% of annual premium.

Partial Withdrawal

Switches

1st 12 switches free of charge in a Policy year Subsequent switches are charged at Rs.100 per switch is levied. Minimum switch amount: Rs. 1000

Benefits:
Death Benefit -Sum Assured will be paid immediately. -All the future premiums will be paid by Bharti AXA Life in to the policy fund value. Jumpstart Benefit The Jumpstart benefit is credited to the investment funds during the policy term depending upon the policy term option chosen. Policy Term Jumpstart Benefit Credited to investment Funds
24

7 years & 10 years 15 years 20 years & 25 years

5% of average fund value. 7% of average fund value 7% of average fund value.

At maturity. At maturity. 5 years before maturity

Tax Benefit The premium paid will be eligible for tax benefit as per Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.

Charges:
Policy Administration Charges: This charge is deducted by cancellation of units from the policy fund value on monthly basis. The charge is Rs. 60 per month increasing at 5% p.a. on every policy anniversary. Fund Management Charges: Fund Name Growth Opportunities Plus Grow Money Plus Build India Save and Grow Money Steady Money Safe Money

Percent of Policy Fund Value (p.a.) 1.35% 1.35% 1.35% 1.25% 1.00% 1.00%

Allocation Charges:
Regular premium:

Allocation charges for PT Policy Term Pol25

Annual premium

7 Years

10 Years

15 Years

20 Years

25 Years

icy Year Year 1 >100000 <=100000 Year 2 Both Premium bands Both Premium bands 28% 25% 9% 35% 32% 15% 35% 32% 15% 45% 36% 24% 50% 50% 24%

Year 3

5%

5%

5%

5%

5%

Year 4++

0%

0%

0%

0%

0%

Surrender Charge: This charge is as a percentage of fund value. Policy Term Policy Year Years 1 Years 2 Years 3 Years 4 Years Years 7 Years 10 Years 15 Years 20 Years 25 Years

75% 50% 25% 0% 0% 0%

75% 50% 25% 0% 0% 0%

91% 80% 50% 25% 10% 0%

91% 80% 50% 25% 10% 0%

91% 80% 50% 25% 10% 0%

If the policy is surrendered before completion of first three policy years, surrender value will be payable after completion of three policy years.

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 ICICI PRU SMART KID UNIT-LINKED REGULAR PREMIUM

Features: Entry Age(Last Birthday) Parent: 20 60 years Child: 0 15 years Policy Term (PT) Parent: 75 years Child: 19 25 years Premium Payment Term(PPT) 10 -25 years, subject to maximum maturity age of 75 years Annual Premium Minimum Rs. 10000 Maximum=No Limit Top-up Premium Minimum: Rs. 2,000; Maximum: 25% of total regular premium paid Sum Assured (SA) Minimum: 1,00,000 Maximum: 5*Annual premium Riders Available Waiver of Premium Accidental Death & Disability Benefit (ADDB) Rider. Income Benefit(IB) Rider Premium Frequency Yearly, Half yearly, Quarterly, Monthly

27

Fund Options

R.I.C.H II, Multiplier II, Flexi Growth II, Flexi Balanced II, Balancer II, Protector II, Preserver, Return Guarantee Fund.

Partial Withdrawal

Regular Premium: After 5 Policy Years Top-up Premium: Ant time during PT Minimum: Rs. 2000 Maximum: 25% of Fund Value 1 PW in a Policy Year Maximum 5PW during entire PT

Switches

1st 4 switches free of charge in a Policy year Subsequent switches are charged at Rs. 100 per switch Minimum switch amount: Rs. 2000

Benefits:
Death Benefit: -Sum Assured will be paid immediately. -All the future premium will be waived and paid by the company till maturity of the policy. Maturity Benefit: Fund value pertaining to Regular Premium and Top-up Premium will be paid at the time
28

of maturity. Tax Benefit: The premium paid will be eligible for tax benefit as per Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.

Charges:
Policy Administration Charges: Policy administration charge will be Rs. 60 per month. Fund Management Charges: This charge is levied on each of the investment funds and is adjusted daily in the unit price calculation. Fund Name Protector II Preserver Balancer II Flexi Balanced II Flexi Growth Multiplier II Return Guarantee Percent of Policy Fund Value (p.a) 0.75%per annum 0.75%per annum 1.00%per annum 1.00%per annum 1.50%per annum 1.50%per annum 1.50%per annum

Allocation Charges:
Regular premium: Annual Premi- Year 1 um <20,000 >=20,000
29

Year 2 5

Year 6 10

Year 11 Onwards

20% to 19%

5% 5%

2% 2%

1% 1%

<50,000 >=50,000 Top-up Premium: The allocation charge shall be 1% of top-up premium. Surrender Charges: Completed policy years for Surrender value as a % of Surrender Charge Fund Value which premiums are paid Less than 1 year 1 year 2 year 0% 25% 40% 100% 75% 60% 18% 5% 2% 1%

However, this surrender value would be payable only after completion of three policy years or whenever the policy is surrendered thereafter. Following are the surrender values and charges applicable after payment of 3 full years of premium. No. of completed policy Surrender value years Surrender Charge

3 policy years 4 policy years 5 policy years

9 9 1

4% 2% 0%

SBI LIFE- UNIT PLUS CHILD PLAN

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Features:
Entry Age(Last Birthday) Parent: 18 57 years Child: 0 15 years Policy Term (PT) Min.: 8yrs or (18 childs age at entry) whichever is higher Max. : 25 yrs Premium Payment Term(PPT) Annual Premium 3yrs/ 5yrs/ 7yrs/ Till the child attains 18yrs Minimum Rs. 84,000; for PPT = 3yrs Minimum Rs. 60,000; for PPT = 5yrs Minimum Rs. 48,000; for PPT = 7yrs Minimum Rs. 12,000; for PPT = PT Maximum = No Limit Top-up Premium Minimum: Rs. 2,000; Maximum: 25% of total regular premium paid. Sum Assured (SA) Minimum: 5*Annual Premium Maximum: For age 18 40 yrs = 25*AP For age 41 50 yrs = 20*AP For age 51 57 yrs = 15*AP Riders Available Waiver of Premium Accidental Death & Disability(ADD) Rider Dhanvantri Supreme (CI) Rider. Maturity Age Parent: 65 years Child: 18 - 25 years

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Sum Assured (SA)

Minimum: 5*Annual Premium Maximum: For age 18 40 yrs = 25*AP For age 41 50 yrs = 20*AP For age 51 57 yrs = 15*AP

Fund Options

Equity Optimizer Fund, Equity Fund, Bond Fund, Growth Fund, Balanced Fund.

Partial Withdrawal (PW)

Regular Premium: After 3 Policy Years Top-up Premium: Any time during PT Minimum: Rs. 2000, Maximum: 25% of Fund value 4 PW are free in a Policy Year Maximum 5 PW during entire PT

Switches

1st 4 switches free of charge in a Policy year Subsequent switches are charged at Rs. 100 per switch. Minimum switch amount: Rs. 10,000.

Benefits:
Death Benefit: Sum Assured will be paid immediately. The entire future premium will be waived and paid by the company till maturity of the policy. Maturity Benefit:
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Fund value pertaining to Regular Premium and Top-up Premium will be paid at the time of maturity. Loyalty Benefit: To celebrate the 18th birthday of your child, SBI Life offer loyalty units by way of free allocation of units based on the average of last 24 months Fund value. 0.15*average last 24 months fund value*No. of policy till age 18 Tax Benefit: The premium paid will be eligible for tax benefit as per Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.

Charges:
Policy Administration Charges: Policy administration charge will be Rs.60 per month. This charge will increased by 2% per annum for each subsequent year on the 1st business day of the policy month following 1st April each year, subject to maximum of Rs.300 per month.

Fund Management Charges: This charge is levied on each of the investment funds and is adjusted daily in the unit price calculation.
Fund Name Percent of Policy Fund Value (p.a.)

Equity Fund Equity Optimiser Fund Bond Fund Balanced Fund Growth Fund
33

1.50% per annum 1.50% per annum 1.00% per annum 1.25% per annum 1.35% per annum

Allocation Charges:
Regular premium: Annual Premium Up to 500,000 500,100 10,00,000 10,00,000 Above & 15% 5% 2% 1% 18% to 17% 5% 5% 2% 2% 1% 1% Year 1 Year 2 3 Year 4 7 Year 8 Onwards

Top-up Premium: The allocation charge shall be 1% of top-up premium. Surrender Charges: Year Surrender charges 2 25% 3 15% 4 4% 5 2% 6 & Onwards Nil

2. PENSION PLANS Bharti AXA Life Dream Life Pension Plus: Features:
Entry Age
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Min: 18 years

Max: 75 years Vesting/Maturity Age Min: 40 years Max: 90 years Policy Term Min: 10 years Max: Vesting age chosen Annual Premium Min: Rs.12,000 For PT > 20 years Rs.15,000 For PT > 15 years Rs.10,000 For PT< 15 years Rs. 50,000 for Single Premium Max: No Limit Additional Regular Premium Minimum: Rs.1000 Maximum: No Limit Top-up Premium Minimum: Rs.1000 Maximum: No Limit Fund Options Grow Money Pension Plus, Growth Opportunities Pension Plus, Build India Pension Fund, Save and grow Money Pension, Steady Money Pension. 1st 12 switches free of charge in a Policy year Subsequent switches are charged at Rs. 100 per switch, Minimum switch amount: Rs. 1000.

Switches

Benefits: Death Benefit:

35

In case of death during the policy term, the nominee will get the entire fund value and the policy will cease to exist. Maturity Benefit: Take up to 1/3rd of the fund value as lump sum and use the balance to purchase an annuity from Bharti AXA Life. Buy an annuity from any other life insurance company. Tax Benefit: Tax benefit will be as per Section 80C/80CCC (1) & Section 10(10A)(3) of the Income Tax Act, 1961. Charges: Policy Administration Charges: Policy administration charge will be Rs.60 per month (Rs.35 in case of Single Premium policies). This charge will increase from 1st Jan every year by 5%. Fund Management Charges: The charge is levied on each of the investment funds and adjusted in a unit price calculation on a daily basis.
Fund Name Grow Money Pension Plus Growth Opportunities Pension Plus Build India Pension Fund Save and Grow Money Pension Steady Money Pension Safe Money Pension Fund Management Charge (p.a.) 1.35% 1.35% 1.35% 1.25% 1.00% 1.00%

Allocation Charges: Annual Regular Premium: Annual Regular

36

Year 1

Year 2-4

Year 5+

Premium Band Rs.12,000 99,999 19% 9% 0%

Rs.1,00,000 & above

12%

9%

0%

Single Premium:
Single Premium Band Rs.50,000 99,999 Rs.1,00,000 & above Premium Allocation Charge 6% 2.5%

Top-up Premium: The allocation charge shall be 2% of top-up premium

Surrender Charge: The surrender charge is applicable as and when customer surrenders his policy. The surrender value that you will receive will be the policy fund value less this charge. If policy is surrendered within first three years policy years then the surrender value as on the date of intimation of surrender will be paid only after completion of three policy years. Surrender Charge as a Percentage of Policy Fund Value.
Policy Year Annual Regular Premium Single Premium

1 2 3 4
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91% 50% 30% 15%

Surrender Not Allowed Surrender Not Allowed Surrender Not Allowed 5%

5 6

10% NIL

3% 0%

ICICI PRU LIFE TIME SUPER PENSION Features:

Entry Age Min: 18 Years Max: 65 Years Vesting/Maturity Age Min: 45 years Max: 75 years

38

Policy Term (PT)

Min: 10 years Max: 57 years

Annual Premium(APE)

Min: 10,000 Max: No Limit

Sum Assured(SA)

Minimum: 100,000 Maximum: PT*Annual Premium

Top-up Premium

Minimum: 2000 Maximum: No Limit

Fund Options

Pension R.I.C.H. II, Pension Flexi Growth II, Pension Multiplier II, Pension Flexi Balanced II, Pension Balancer II, Pension Protector II, Pension Preserver, Pension Return Guarantee

Switches

1st 4 switches free of charge in a Policy year Subsequent switches are charged at Rs. 100 per switch Minimum switch amount: Rs. 2000

Riders Available

Accidental Death & Disability Rider, Waiver of Premium Rider

Benefits: Death Benefit: The Nominee will get the higher of sum assured or fund value as lump sum where spouse is not the nominee. Where spouse is nominee, this amount can be given as lump sum or can be used to purchase an annuity from the company. Alternately, 1/3rd of this value can be taken as lump sum and balance can be used to purchase an annuity.
39

Maturity Benefit: Take up to 1/3rd of the fund value as lump sum and use the balance to purchase an annuity from ICICI Prudential. Buy an annuity from any other life insurance company. Tax Benefit: Tax benefit will be as per Section 80CCC & Section 10(10A) of the Income Tax Act, 1961.

Charges: Policy Administration Charges: Policy administration charge will be Rs. 40 per month. Fund Management Charges: The charge is levied on each of the investment funds and adjusted in a unit price calculation on a daily basis. Fund Name Pension R.I.C.H. II Pension Flexi Growth II Pension Multiplier II Pension Return Guarantee Fund Pension Balancer II Pension Preserver Fund Management Charge (p.a.) 1.50% per annum 1.50% per annum 1.50% per annum 1.50% per annum 1.00% per annum 0.75% per annum

Allocation Charges: Regular premium: Annual Premium

40

Year 1

Year 2

Year 3 10

Year 11 Onward

10,000-19,999 20,000-49,999 50,000 & above

20% 17% 14%

9% 9% 9%

1% 1% 1%

Nil Nil Nil

Top-up Premium: The allocation charge shall be 1% of top-up premium.

Surrender Charge: Completed policy years for which premiums

Less than 1 year

Surrender value as a % of Fund Value 0% 25% 40%

Surrender Charges

100% 75% 60%

1 2

However, this surrender value would be payable only after completion of three policy years or whenever the policy is surrendered thereafter. Following are the surrender values and charges applicable after payment of 3 full years premium. No. of completed policy 3 policy years 4 policy years 5 policy years & above 96% 98% 100% Surrender Value Surrender Charge 4% 2% 0%

41

SBI LIFE UNIT PLUS II PENSION Features:

Entry Age Min: 18 Years Max: 65 Years Vesting/Maturity Age Min: 50 years Max: 70 years Policy Term (PT) Min: 5 years Max: as per the vesting age chosen Annual Premium(APE) Min: 24,000 Min: 25,000 for single premium Max: No Limit Sum Assured(SA) Single Premium Mode Age 18 35 125% of SP. MAX: 10 lakh 36 45 years 40 60 years Same, MAX: 5 lakh Same, MAX: 12 lakh

Regular Premium Mode Age 18 35 36 45 years 40 60 years Top-up Premium Minimum: 5000 Maximum: No Limit MAX: 10 lakh MAX: 5 lakh MAX: 1.2 lakh

42

Fund Options

Equity Optimizer, Equity Pension, Bond Pension, Growth Pension, Balanced Pension

Switches

1st 4 switches free of charge in a Policy year Subsequent switches are charged at Rs. 100 per switch Minimum switch amount: Rs. 10,000

Riders Available

Accidental Death & Permanent Disability Rider, Dhanvantri Supreme (Critical illness) Rider

Benefits:
Death Benefit: The Nominee will get the higher of sum assured or fund value. Maturity Benefit: Take up to 1/3rd of the fund value as lump sum and use the balance to purchase an annuity from SBI Life. Buy an annuity from any other life insurance company. Tax Benefit: Tax benefit will be as per Section 80CCC (1) of the Income Tax Act, 1961.

Charges:
Policy Administration Charges: Policy administration charge will be Rs.60 per month. This charge will increased by 2% per annum for each subsequent year on the 1st business day of the policy month following 1st April each year, subject to maximum of Rs.300 per month.
43

Fund Management Charges:

The charge is levied on each of the investment funds and adjusted in a unit price calculation on a daily basis. Fund Name Fund Management Charge (p.a.)

Equity Optimizer Fund

1.50% per annum

Equity Pension Fund

1.50% per annum

Bond Pension Fund

1.00% per annum

Growth Pension Fund

1.35% per annum

Balanced Pension Fund

1.25% per annum

Allocation Charges: Regular premium: Annual Premium 24,000 99,999 100,000 49,999 500,000 &
44

Year 1

Year 2 & 3

Year 4 & 5

Year 6-10

Year 11 Onward

15% 12%

7.5% 5%

5% 5%

2% 2%

Nil Nil

9%

3%

3%

2%

Nil

above

Single Premium:
Annual Premium Allocation Charges

25,000-100,000 100,000-500,000 500,000 & above

4% 3% 2%

Top-up Premium: The allocation charge shall be 1% of top-up premium received during 1st 10 policy years. 11th onward allocation charges will be nil. Surrender Charge: The surrender charge is applicable as and when customer surrenders his policy. The surrender value that you will receive will be the policy fund value less this charge Policy Year For Regular Premium Mode For single Premium Mode

Year 4 & 5 Year 6-10 11 onwards

2% of F.V. 1% of F.V. Nil

Nil Nil Nil

3. PROTECTION PLANS
45

 BHARTI AXA LIFE SECURE CONFIDENT Features:

Entry Age Minimum: 18 years Maximum: 55 years Maturity Age Minimum: 28 years Maximum: 65 years Policy Term (PT) Sum Assured (SA) 10 30 years Minimum: 5 lacs Maximum: Rs.24,99,999 Premium Frequency Single Regular: Yearly, Half-yearly, Quarterly & Monthly Riders Available In-Built: No Additional: Accidental Death Benefit, critical illness benefit rider

Benefits: Death Benefit: In case of your unfortunate death during the policy term, nominee will receive the full Sum Assured. Maturity Benefit: As this is a purely protection plan (Term Plan), there is no maturity benefit. Tax Benefit: Tax Benefits will be as per the Section 80C, 80D & 10(10D) of the Income Tax Act, 1961.

46

ICICI PRU PURE PROTECT: Features:

Entry Age Minimum: 18 years Maximum: 55 years Maximum Coverage Age 75 years

Policy Term (PT)

10 30 years

Premium

Minimum: 2400 per annum

Sum Assured (SA)

Maximum: 24,99,999 for Classic Minimum: 25 lacs for Elite Maximum: No Limit

Riders Available

In-Built: No Additional: Accidental Death & Disability Benefit Rider, Waiver of Premium Rider

Benefits: Death Benefit: In case of your unfortunate death during the policy term, nominee will receive the full Sum Assured.
47

Maturity Benefit: As this is a purely protection plan (Term Plan), there is no maturity benefit. Tax Benefit: Tax Benefit as per section 80C.

SBI LIFE- SHIELD Features:

Entry Age Minimum: 18 years Maximum: 60 years Maximum Coverage Age 65 years

Policy Term (PT)

5 25 years

Sum Assured (SA)

Minimum: 3 lakh Maximum: No Limit

Riders Available

In-Built: No Additional: Accidental Death & Permanent Disability Benefit Rider, Premium Waiver Benefit Rider

Benefits: Death Benefit: In case of your unfortunate death during the policy term, nominee will receive the full Sum Assured. Maturity Benefit: As this is a purely protection plan (Term Plan), there is no maturity benefit. Tax Benefit:
48

Tax Benefit as per Section 80C & 10(10D).

CHAPTER 4
SWOT ANALYSIS

49

SWOT Analysis of Bharti AXA Life Insurance: Strengths

Weaknesses

Excellent services Brand image of Bharti Customization of product as per customer needs Business Experience Strong financial base Innovative product technology, organizational culture and environment

Loads of competitors in the market Offer product difference in premium and offerings Higher premium as compared to other companies Large sales development

Flexible working hours for the employees

Opportunities
Uncapping of huge insurance market Setting up a bank and collaborating it with the insurance Targeting the pension field as old people want good life Attract customers by customizing children plans as they get sold like hot cakes.

Threats
Weak perception of private players in the Indian minds due to financial scams Large number of insurance players Changing of rules day by day makes it difficult for the company Current government policies do not discourage gross domestic savings.

50

CHAPTER 5 METHODOLOGY

OBJECTIVE OF THE STUDY

The main objectives of this study are:51

1. To do comparative analysis of the plans of Bharti AXA Life Insurance Company Ltd. with its competitors. 2. To compare the features offered in various plans. 3. To compare the various charges levied in the plans. 4. To find out a plan that best secures the childs future. 5. To find out one best retirement solution and protection plan that protects your life in cheapest cost. In an increasingly competitive environment, where insurance companies fight for the same customers, the companies need to keep the plans as competitive as possible and for that companies need to keep the charges as low as possible. With this comparative analysis of different plans charges, benefits and features, we will be able to find out where company is good as compared to other players in the market and where company can improve. It will also help the company, customers and other persons involved with the company as they can compare the plans and find out the details as per the requirement.

METHODOLOGY

52

RESEARCH APPROACHES
Two types of approaches are used during this study: 1. Analytical 2. Descriptive

DATA COLLECTION METHODS

To conduct the Business research, the data is collected by Secondary Data. Secondary data is one which already exists and is collected from the published sources.

POPULATION:
The following three Insurance companies made the population of this study: Bharti AXA Life Insurance Co. Ltd ICICI Prudential Life Insurance Co Ltd SBI Life Insurance Co Ltd

SAMPLE:
Child Plan, Pension Plan and Term Plan were taken for comparison as samples.

COMPARISON TECHNIQUE
The plans of selected companies were compared based on three important factors: Plan features Allocation charge Policy Administration charges. Each feature fetches 1 point.

53

Points Regarding Allocation charges & Policy Administration charges were as follows: Least Allocation Charges & Policy Admin. Charges fetched 15 points each. Next least Allocation Charges & Policy Admin. Charges fetched 10 points each. Highest Allocation Charges & Policy Admin. Charges fetched 5 points each. Then all the points regarding features, allocation charges and policy administration charges were added to find out the total points collected by the plans of each company. The plan having highest points is rated 1 and so on. The Term plan is compared on other basis because there are no allocation charges and no policy administration charges. The annual premium is calculated for different age people opting for the same policy term and same sum assured. The company offering least annual premium in an age group for the same policy term and same sum assured is rated 1 and so on.

CHAPTER 6. DATA ANALYIS AND IN54

TERPRETATION

DATA ANALYSIS
COMPARISON OF CHILD PLANS
Product Features Bharti AXA Life ICICI PRU Smart SBI Life- Unit Plus Bright Star Plus Kid New ULRP Child Plan Yes No Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes No Yes No Yes Yes

Cover on parent Cover On Child WOP IB Rider ADB Rider CHB Rider
55

Increase/Decrease Premium Increase/Decrease S.A Top-up premium Partial Withdrawal Cover continuance option Premium Re-direction Switches Systematic Transfer plan Automatic Asset Allocation Settlement option Loyalty Addition Free Look Period Total Points

Yes Yes Yes Yes Yes

No Yes Yes Yes Yes

Yes Yes Yes Yes Yes

Yes Yes Yes

No Yes Yes

Yes Yes No

Yes Yes Yes Yes 17

No Yes No Yes 13

No Yes Yes Yes 14

Comparison of Charges
The charges are compared with the help of examples. Consider
Policy Term: Premium Payment Term: Annual Premium: 15 Years 15 Years 15,000/20,000/50,000

Allocation Charges
Year
56

APE: 15,000

APE: 20,000

APE: 50,000

Bharti AXA Life Bright Star Plus

ICICI PRU Smart Kid ULRP 3000 750 750 750 750 300 300 300 300 300 150 150 150 150 150 8250

SBI LifeUnit Plus Child Plan

Bharti AXA Life Bright Star Plus

ICICI PRU Smart Kid ULRP 3800 1000 1000 1000 1000 400 400 400 400 400 200 200 200 200 200 10,800

SBI LifeUnit Plus Child Plan

Bharti ICICI SBI AXA PRU LifeLife Bright Smart Unit Plus Star Kid Plus ULRP Child Plan 16,000 7500 2500 0 0 0 0 0 0 0 0 0 0 0 0 26,000 900 250 250 250 250 100 100 100 100 100 500 500 500 500 500 9000 2500 2500 1000 1000 1000 1000 500 500 500 500 500 500 500 500

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total charges

5150 2250 750 0 0 0 0 0 0 0 0 0 0 0 0 8150

2700 750 750 300 300 300 300 150 150 150 150 150 150 150 150 6600

6000 3000 1000 0 0 0 0 0 0 0 0 0 0 0 0 10,000

3600 1000 1000 400 400 400 400 200 200 200 200 200 200 200 200 8800

26,500 22,000

From the above table, It can infer that in every case the allocation charges are least in SBI Life Unit Plus Child Plan and highest in ICICI PRU SmartKid Unit Linked Regular Premium.
57

Hence rating According to Allocation charges are: 1. SBI Life Unit Plus Child Plan 2. Bharti AXA Life Bright Star Plus 3. ICICI PRU SmartKid Unit Linked Regular Premium : 15 : 10 : 05

Policy Administration Charges: Year Bharti AXA Life Bright Star Plus 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total 660 693 728 765 803 843 885 929 976 1024 1075 1129 1186 1245 1307 14,248 ICICI PRU SmartKid ULRP 720 720 720 720 720 720 720 720 720 720 720 720 720 720 720 10,800 SBI Life- Unit Plus Child Plan 750 765 780 795 811 828 844 861 878 896 914 932 951 970 990 12,965

From the above table, it can infer that Policy Administration charges are least in ICICI PRU Life
58

SmartKid Unit Linked Regular Premium and highest in Bharti AXA Bright Star Plus. Hence rating according to the Policy administration charges are: 1. ICICI PRU Life SmartKid Unit Linked Regular Premium: 15 2. SBI Life Unit Plus Child Plan 3. Bharti AXA Life Bright Star Plus : 10 : 05

Total Points Collected: Company Features Allocation Charges BHARTI AXA LIFE 17 ICICI PRU LIFE SBI LIFE 13 14 10 05 15 05 15 10 Policy Admin. Charges 32 33 39 Total Points

59

Interpretation: From the above Column chart, it is clear that Bharti AXA Life Bright Star Plus has got the least points; ICICI PRU Life SmartKid Unit Linked Regular Premium got the second highest points. Hence SBI Life Unit Plus Child Plan is the best plan among these three life Insurer.

COMPARISON OF PENSION PLANS

Product Features Bharti AXA Life ICICI PRU Life Dream Life Pension Time Super Pension Plus No No No No No Yes Yes Yes Yes Yes Yes Yes No No No No Yes No SBI Life- Unit Plus II Pension Yes No Yes Yes Yes No No Yes No

Option of Life Cover WOP ADDB Rider Critical Illness Rider Increase RP Additional RP Indexation Top-up premium Partial Withdrawal
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Cover option

continuance

Yes Yes

Yes No

Yes Yes

Premium Redirection Switches Systematic plan Transfer

Yes No No

Yes No Yes

Yes No No

Automatic Transfer Strategy Change of Maturity Date Free Look Period Open Market Option Single Premium Total Points

Yes

Yes

No

Yes Yes Yes 11

Yes Yes No 10

Yes Yes Yes 11

Comparison of Charges: The charges are compared with the help of examples: Consider Policy Term: Premium Payment Term: Annual Premium: 15 Years 15 Years 15,000/20,000/50,000

Allocation Charges
Year APE: 25,000 APE: 50,000 APE: 1,00,000

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Bharti AXA Life Dream Life Pension Plus

ICICI PRU Life time Super Pension

SBI LifeUnit Plus II Pension

Bharti AXA Life Dream Life Pension Plus

ICICI PRU Life

SBI LifeUnit

Bharti AXA Life Dream Life Pension Plus

ICICI PRU Life time Super Pension

SBI LifeUnit Plus II Pension

time Su- Plus II per Pen- Pension sion

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Total charges

4750 2250 2250 2250 0 0 0 0 0 0 0 0 0 0 0 11,500

4250 2250 250 250 250 250 250 250 250 250 0 0 0 0 0 8,500

3750 1875 1875 1250 1250 500 500 500 500 500 0 0 0 0 0 12,500

9500 4500 4500 4500 0 0 0 0 0 0 0 0 0 0 0 23,000

7000 4500 500 500 500 500 500 500 500 500 0 0 0 0 0 15,500

7500 3750 3750 2500 2500 1000 1000 1000 1000 1000 0 0 0 0 0 25,000

19000 9000 9000 9000 0 0 0 0 0 0 0 0 0 0 0 46,000

14000 9000 1000 1000 1000 1000 1000 1000 1000 1000 0 0 0 0 0 31,000

13500 5000 5000 5000 5000 2000 2000 2000 2000 2000 0 0 0 0 0 47,500

From the above table, it can infer that in every case the allocation charges are least in ICICI Prudential Life Time Super pension and highest in SBI Life Unit Plus II Pension.
62

Hence rating According to Allocation charges are: 1. ICICI Prudential Life Time Super pension 2. Bharti AXA Life Dream Life Pension Plus 3. SBI Life Unit Plus II Pension Policy Administration Charges:
Year Bharti AXA Life Dream Life Pension Plus ICICI PRU Life time Super Pension SBI Life- Unit Plus II Pension

15 10 05

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total
63

612 643 675 709 744 782 821 862 905 950 998 1047 1100 1155 1213 13,216

480 480 480 480 480 480 480 480 480 480 480 480 480 480 480 7,200

765 781 796 812 829 845 862 879 897 915 933 952 971 990 1010 13,237

From the above table, it can infer that Policy Administration charges are least in ICICI PRU Life Time Super Pension and highest in SBI Life- Unit Plus II Pension. Hence rating according to the Policy administration charges are:
1. ICICI PRU Life Time Super Pension 2. Bharti AXA Dream Life Pension Plus 3. SBI Life- Unit Plus II Pension 15 10 05

Company

Allocation Charges

Total Points Collected Policy Admin. Features Charges 10 15 05 11 10 11

Total Points

Bharti AXA LIFE ICICI PRU LIFE SBI LIFE

10 15 05

31 40 21

Interpretation: From the above column chart, it is clear that ICICI PRU LIFE has got the maximum points & SBI
64

LIFE has got the minimum points. Hence ICICI PRU Life Time Super Pension is the best retirement solution among the 3 Insurer.

COMPARISON OF TERM PLAN

Term plan can be compared on the basis of premium payable for level covered. Table below shows the sample of premium payable for Policy Term of 10 years & Sum Assure of 15 lakh for different companies: Premium payable for PT=10 Years & SA=1500000 Lakh Age Bharti AXA Life Secure Confident 2580 3080 3960 ICICI Pru Pure Protection 2920 3771 5373 2988 3753 5237 SBI Life- Shield

30 35 40

65

Interpretation: From the above data it is clear that Bharti AXA Life Secure Confident provide you the basic cover level for your life charging the minimum cost among the 3 life Insurer.

66

CHAPTER 7.
SUMMARY OF FINDING,SUGGESTION AND CONCULIONS

67

FINDINGS
The findings from the above study are as follows: 1. Allocation charges of Bharti AXA Life Bright Star Plus Plan are higher than SBI Life- Unit Plus Child Plan. 2. Policy Administration Charges in Bharti AXA Life Bright Star Plus are very much higher than other two insurers. 3. There is no option of life cover in Bharti AXA Life Dream Life Pension Plus whereas ICICI Pru Life and SBI Life provide the option of life cover in their respective retirement plan. 4. Bharti AXA Dream Life Pension Plus does not have any rider, whereas ICICI Pru Life and SBI Life provide two Riders in their respective plan.

5. Bharti AXA Dream Life Pension Plus has the option of Additional Regular Premium and
Indexation, which the other two insurers do not provide.

68

6. Allocation charges and Policy Administration charges in Bharti AXA Life Dream Life Pension Plus are higher than ICICI Pru Life Time Super Pension but lower than SBI Life Unit Plus-II Pension Plan.

7. Annual Premium in Bharti AXA Life Secure Confident is lower than the other two insurers.
8. LIC is more popular among people than any other private insurance company.

9. Bharti AXA Life Insurance is new in market therefore not much recognized in market among
people but due to brand image of Bharti it will soon capture a good market share.

RECOMMENDATIONS
Based upon the above findings, the following recommendations were made:
1. Company should reduce the charges in order to make the products more competitive. 2. Company must reduce the policy administration charges levied in Bharti AXA Life Dream Life Pension Plus. 3. Company should provide the option of life cover & Rider in Pension Plan as done by the other 2 Life Insurers. 4. The company should spend on the promotional activities like advertisement in television, newspapers to create more awareness of the product as they have more recall value. 5. Company needs greater awareness of its product among target audience. 6. Company should use the name of Airtel to create more awareness among people. 7. Company should open more branches in rural area also so as it can target more people and also promote its products.
69

CONCLUSION

After comparative analysis of the plans of these three companies, it is concluded that charges are varying significantly between companies. Policy Administration Charges by Bharti AXA Life Insurance and SBI Life Insurance Companies are more than charges levied by ICICI Prudential Life Insurance Company. Hence among Pension Plans, ICICI Prudential Life Time Super Pension Plan is the best plan among these three life insurers. Whereas for Child Plan, SBI Life- Unit Plus Child Plan is the best plan among these three companies. Bharti AXA Life Insurance Provides the cheapest term among these three life insurers.

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REFERENCES
http://www.bharti-axalife.com/products/default.asp http://www.bharti-axalife.com/about/default.asp http://connect.in.com/bharti-axa-life-insurance-company-ltd/profile-517249.html http://www.irdaindia.org/ http://www.investopedia.com/dictionary/default.asp http://www.bharti-axalife.com/public_disclosures.asp

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