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8/10/2019 Market Survey and Creating Awareness of the Pension Plans of Icici Prudential Life Insurance Company.
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A
Project Study Report
ON
Training undertaken at
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD.
JAIPUR
MARKET SURVEY AND CREATING AWARENESS OF THE
PENSION PLANS OF ICICI PRUDENTIAL LIFE INSURANCE
COMPANY.
Submitt! t" RTU# K"t$ i% &$'ti$( )u()i((m%t )"'
t* A+$'! ") !,' ")
MASTER OF -USINESS ADMINISTRATION
Submitted To: Submitted by:Aditi kaushik Priyanka Sharma
MBA Part-III
A& I%/titut ") M$%$,m%t 0 S1i%1# J$i&u'
(Approved by AICTE, New e!"i # A$$i!iated to %niver&ity
o$ Raja&t"an, 'aipur
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23453634578
PREFACE:
For a management student theoretical knowledge as well aspractical orientation expose oneself to experiences, one can again by
mastering it is best possible time. MBA curriculum has been fine
tuned in such a way that a student not apply the theoretical
knowledge but also gain in a practical sense. Thus objecties can be
attained through application of theory tools concepts and techni!ues
of Management.Balanced theoretical and practical knowledge are essential for
eery student and MBA curriculum is conceied in such a way so as
to facilitate practical purpose.
To procure this objectie the researcher undertook the project
"Market #urey and $reating Awareness of the %ension %lans of
&$&$& %rudential 'ife &nsurance $ompany in (aipur city, (aipur).*esearcher collected primary data from market surey in (aipur with
help of +uestionnaire. #econdary data were collected from websites
and journal of &$&$& %rudential.
*esearcher has tired to satisfy the topic of report by help of facts and
finding.
)
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PRIYANA S!ARMA
ACN"#$E%&EMENT:
&t gies the researcher immense pleasure to present the project on'MARET S(R)EY AN% CREATIN& A#ARENESS "F T!E
PENSI"N P$ANS "F ICICI PR(%ENTIA$ $IFE INS(RANCE
C"MPANY*. &t was a totally different and wonderful experience to
be there in &$&$& %rudential $ompany as a summer trainee. The
researcher expresses his sincere gratitude to Mr+ S!I)EN%RA
SIN&! RAT!"RE,Area Manaer., who as his projects guide hasbeen so cooperaties and helpful from the training till its end. -e
helped him a lot in enhancing his knowledge about the
technicalities of &nsurances sector. -e is highly thankful to him for
proiding him constant support and encouragement throughout the
project. -e is also thankful to his team members for giing him the
lie experience of market and customers. -e is also thankful to all
of the employees of ICICI Prudentia/ $i0e Insuran1esfor being so
friendly and supportie throughout his training The researcher
would also take the opportunity to thank his faculty guide,
Mrs+ Aditiaushikfor proiding her the right direction from time
to time.
'ast but not the least he would extend his heartiest gratitude to his
parents whose blessings were helpful for completing this project.
PRIYANA S!ARMA
*
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C"NTENTS Pae No+
2+ INTR"%(CTI"N T" T!E IN%(STRY 3-4
5+ INTR"%(CTI"N T" T!E "R&ANI6ATI"N 7
8+ PR"9ECT PR"FI$E 2-25
"b;e1ti+ INTR"%(CTI"N T" T!E ST(%Y 28-54
Re?uirement 0or =ension =/an 28
ICICI Prudentia/ Retirement So/ution 2>
%es1ri=tion about Reu/ar Premium %e0erred 52
Pension P/ans
Fore
"=tions @ith ICICI PR(+ Retirement So/ution 53
Com=arison o0 Pension P/an 54-85
3+ FACTS FIN%IN&S 88->
+ C"NC$(SI"N >
+ REC"MMEN%ATI"NSAN% S(&&ESTI"NS >4
4+ APPEN%ID >7-35
+
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7+ BIB$I"&RAP!Y 38
2+ INTR"%(CTI"N T" T!E IN%(STRY:
&$&$& %rudential 'ife &nsurance is a joint enture between the industrial
credit and inestment corporation of &ndia &$&$&/ and %rudential, of 0.1. started
off its operation in 2344 with proiding Finance for industrial deelopment, and
since then it has been diersified into housing finance, consumer finance and
mutual funds to being a 5irtual 0niersal Bank and its latest enture in 'ife&nsurance.
&$&$& %rudential was amongst the first priate sector insurance companies to
begin operations in 6ecember 7888 after receiing approal from &nsurance
*egulatory 6eelopment Authority &*6A/ .The $ompany issued its first policy on
6ecember 27, 7888. &$&$& %rudential9s e!uity base stands at *s 2::4 crore with
&$&$& bank and %rudential %lc holding ;= stake respectiely. For the
year ended March :2, 788;, the company garnered *s 7,: policies.
&$&$& %rudential is the only one life insurer in &ndia to receie a @ational &nsurer
Financial #trengths rating AAA &nd/ from Fitch ratings. The AAA rating is the
highest rating, and is a clear assurance of &$&$& %rudential9s ability to meet its
obligations to customers at the time of maturity or claims. For the past 4 years
&$&$& %ru. -as retained its position at the no. 2 priate life insurer in the country
with a wide range of flexible products that meet the needs of the &ndian
customers at eery step in life.
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M$'9t S*$' ") 5/t
:$' &'mium ") ;$'i"u/ (i) i%/u''/2M$: 4
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Break u= o0 others:
Fi,u' 3 -'$9 u& ") "t*'/
>S"u'1= E/1"(i)# Au,u/t 344?@
I+ Promoters=
I$&$& Bank@#CD&B@/ is &ndia9s second largest bank largest priate sector
bank with assets of *s 7?7:.;7 billion as on #eptember :8,788;. &$&$& Bank
proides a broad spectrum of financial serices to indiiduals companies.This includes mortgages, car personal loans, credit debit cards, corporate
agricultural finance. The bank serice are proided through the wide network
which include oer >:4 branches Cxtension counters, 7:74 ATMs, $all
centers &nternet banking.
.
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5+ INTR"%(CTI"N T" T!E !+R+ "F T!E C"MPANY
0&1 S"ik"a S"ar2a 0anaging irector# C1E1O1
0r1 N1S1 3annan E4ecutive irector
0r1 5"argav a&gupta E4ecutive irector
0&1 Anita Pa! C"ie$ 6IT, cu&to2er care
&ervice&, # Operation&
0r1 A7i2 0it"ani C"ie$ Actuary
0r1 Puneet Nanda C"ie$ inve&t2ent o$$icer 0r1 5inayak utta C"ie$ Sa!e& # i&tribution
Tab!e 8 E4ecutive& o$ t"e co2pany
I+ %istribution o0 ICICI Prudentia/ in India :
&$&$& %ru. -as one of the largest distribution networks amongst pt. life insurers
in &ndia with a network of oer 278,888 adisors haing commenced operations
in :23 cities towns in &ndia , stretching from Bhuj in the west to Guwahati in the
east (ammu in the north to Triendram in the south.
The company has 2? bank assurance partners, haing tie ups with &$&$& Bank,
Bank of &ndia, Federal Bank, #outh &ndia Bank, 'ord 1rishna Bank, all regional
rural banks, sponsored by Bank of &ndia, as well as some co. operatie banks, as
well as oer 788 corporate agents and brokers. &t has also tied up with @GHs,
MF&s, corporate for distribution of rural policies
9
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The study has gien a chance to use the conceptual knowledge in actual
enironment and prepared the researcher to use the knowledge for her
future endeaors.
The study is also significant to the researcher for practical fulfillment of theMaster of Business Administration 6egree.
B+ To The Com=any:
The study will proide the base for further assessment and comparatie
analysis of company9s products.
The study would help the company to train the financial consultants to
conince the customer.
)+ RESEARC! MET!%"$"&Y :
A. 6ata #ource D %rimary data
.
B. *esearch Approach D #urey
$. *esearch &nstrument D +uestionnaire.
6. #ampling %lan
#ample 0nit D $onsumers aboe age 2? years.
#ample #iIe D consumer9s profile 248.
#ampling procedure D %robability sample.
#imple *andom surey/.
C. $ontact Method D personal interiew
88
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F. Area of Hperation D (aipur
)I+ Introdu1tion to =sy1hometri1 test:
A+ Chi- s?uare Test:
The chi s!uare test is one of the simplest and most widely used non
parametric
Tests in statistical work. The test was first used by 1arl %earson in the year 2388.
The test describes the magnitude of the discrepancy between theory and
Hbseration. As a non parametric test, it can be used to determine if categorical
6ata shows dependency or the two classifications are independent. &t can also
be
0sed to make comparisons between theoretical populations and actual data
when
$ategories are used. Thus, the chis!uare test is applicable in large number of
%roblems. The test is, in fact, a techni!ue through the use of which it is possible
for all researchers to
i/ Test the goodness of fitJ
ii/ Test the significance of association between two attributesJ and
iii/ Test the homogeneity or the significance of population ariance.
8)
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>+Introdu1tion to the study :
I+ Re?uirement 0or Pension =/an :
'ife expectancy has rising rapidly and today, we can expect to lie much longer
than our earlier generation. For us, this increase will mean a longer retirement
life, stretching into a couple of decades. Therefore, it is more critical than eer to
plan ade!uately and wisely for those incremental retirement years, keeping in
mind that our expenses will spiral upward, our cost of liing will increase, and
inflation will be
Cer present. Therefore, we need a plan that ensures safety, risk coer, income
security.
'ife insurance plans aims at coering the risk from an unfortunate eent. %ension
plans, on the other hand work on the opposite scenario that if an indiidual
suries beyond an age retirement age/ he will need to proide for himself.
&$&$& %rudential life &nsurance presents *etirement #olution that combines the
best of inestment and insurance. These solutions are deeloped to ensure ourpeace of mind for the years to come. #olutions that gie us the power to maintain
our lifestyle needs, for as long as we lie.
A+ Po@er re1ei
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%ower to choose annuity proider.
%ower to add on flexible riders at a nominal extra premium.
II+ ICICI PR(%ENTIA$ RETIRE MENT S"$(TI"NS:
Fig
ure : &$&$& %rudentialKs retirement solutions &
A+ %es1ri=tion about (nit $inked Pension =/ans :
'&FC T&MC %C@#&H@ && D A *egular premium plan
'&FC '&@1 %C@#&H@ && D A #ingle premium plan
a+ Bene0its o0 (nit $inked Pension P/an:
A linked deferred pension plan gies us the freedom to choose the amount of
premium, and inest in market linked funds, to generate potentially higher
returns. Hn the retirement date, the accumulation alue of the units will be used
to purchase an annuity to proide you with regular income for life.
ICICI PRUDENTIAL
RETIREMENT SOLUTIONS
LIFE TIME
PENSION II
LIFE LINK
PENSION II
SECURE PLUS
PENSION
FOREEVER
LIFE
8+
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a+ $i0e Co
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e+ P"#ER T" IN)EST IN A PENSI"N P$ANG BASE% "N
PRI"RITIES:
a/ %ension Maxi miser Growth/ D &f high growth is on priority, then
this is the plan to enjoy long term capital appreciation from a portfolio that
is inested primarily in e!uity and e!uity related securities.
b/ %ension %rotector &ncome/ D &f our priority is steady returns,then this plan can accumulate a steady income at a low risk across a
medium to long term period.
c/ %ension BalancerBalanced/ D &f we prefer a balance of growth
and steady returns then this plan would ensure that our portfolio is
inested in e!uity and e!uity linked securities as well as in fixed income
securities.
d/ %ension %reserer #hortterm money market plan/D The
objectie of this plan is to attempt to ensure capital protection by inesting
in ery low risk inestment like the cash and call money market.
-oweer, the returns generated may also be on the lower side due to the
inestment pattern. At inception, inestments up to 78= can be allocated
to this fund. 6ebt instruments maximum 48=/, Money Market, cash
minimum 48=/.
8-
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ASSET A$$"CATI"N
F(N% ASSET MID P"TENTIA$ RIS - RE#AR
%ension Maxi miser C!uity *elated #ecuritiesD
max288=
6ebt, Money market cashD
max74=
-igh
%ension Balancer 6ebt, Money market
cashDmin>8=
C!uity *elated
#ecuritiesDmax4 years in case of Iero death benefit
option.
Clse age should be between 2? and >8 years of age.
Tab/e 5 A//o1ation o0 0und
8.
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The minimum annual premium is *s. 28,888J half yearly is *s. 4888J and
monthly premium is *s. ?:
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6uring the 2stpolicy year 34= of alue of
inestments6uring the 7ndtpolicy
year
3>= of alue of
inestments6uring the :rdpolicy year 3;= of alue of
inestments6uring the Surrender
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Allocation*s./ ear 248,888 34=288,888
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#ecure plus %ension gies the opportunity to shift from one leel of coer to
another as per the changing re!uirement. Hnce the person has decided to aail
of the Lero 6eath Benefit Hption, the person does not get the option to alter their
coer again. &n the unfortunate eent of the death, their spouse is protected by a
lump sum amount, which is the sum assured plus the alue accumulated in the
policy. Additionally, the spouse can exercise the option to draw a pension from
the accumulated amount.
c/ Benefit at the end of the premium payment term D
The total accumulated alue of the policy, including the declared bonuses, would
be used as a purchase price to gie you a pension of your choice. ou hae theoption of taking up to ::.::= of the accumulated as a lump sum and begin a
pension from the rest of the amount.
d/ Accumulation of funds in policy D
The inested premium and the declared bonus interest would be payable on
death in case where death benefit option is chosen/ or would be used as a
purchase price at the time of esting. -oweer, at the time of payment due todeath or at the time of esting,
&f the alue of the indiidual9s inestment account is more than the inested
premium along with the declared bonus interest/ then the additional amount
would also be payable on death or would be used as a purchase price at the time
of esting.
e/ %ower to choose the retirement date D
))
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e can choose the esting age between 48 and ;4 years. e hae the option to
postpone the esting date from the originally chosen esting date up to a
maximum of ;4 years of age. This option can be exercised only once, > months
prior to esting.
b+ ENTRY C"N%ITI"NS :
A. ith life coerD Any person between 2? and >8 years of age can apply.
B. ithout life coer Iero death benefit/D Any person between 2? and >4
years of age can apply.
$. Min. term is 28 years.6. Min. annual premium is *s. 28,888J half yearly premium is *s. 4,888J
and monthly premium is *s ?:
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I Bene0its o0 =/ans :
a/ 'ife coers benefits D
Foreer life pension plan proides life coer during the deferment phase. &n theunfortunate eent of one9s death, the spouse has the option to receie the #.A.
with guaranteed additions and ested bonuses if any/ as a lump sum or get an
annuity that would proide a regular income for life.
b/ %ower to choose retirement date D
we can choose the esting age between 48 to ;8 years. ou hae the flexibility to
postpone the esting from the originally chosen esting date up to a maximum of;8 years of age.
II+ ENTRY C"N%ITI"NS :
Age should be between 78 and >8 years.
Min. #.A. is *s 48,888.
Min. term is 4 years and the maximum is :8 years.
Min. premium is *s >,888.
III+ EDIT "PTI"N :
Foreer life pension plan ac!uires a surrender alue after premiums for :
policy years are fully paid. A surrender alue is payable if one wish to
withdraw after : years.
)+ "PTI"NS #IT! ICICI PR(+ RETIREMENT
S"$(TI"N :
)+
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A+ ho@ does the annuity @orkH :
The accumulated alue would start paying regular income in the form
of an annuity, at a fre!uency chosen by client. This income can bereceied monthly, !uarterly, half yearly or annually.
Hn esting, we hae the option to take up to one third of the units as a
lump sum and the balance in the form of an annuity.
There is a option of selecting a guaranteed annuity rate period of either
4 or ;years.
The amount of annuity is fixed for a guaranteed annuity rate period4
or ; years/ and will be recalculated at interals of eery guaranteed
period , based on the then preailing annuity rates.
Hn commencement, and the end of eery guaranteed period the
amount of annuity payable for the next guaranteed period of years and
the residual purchase price, on surial, will be guaranteed
Hnce the policy holder is ;4 years of age, the annuity will be fixed for
life and not reiewed thereafter.
At the time of reset of the annuity, we hae an option , which would
enable us to get our annuity from any other annuity proider. -oweer,
there will be a charge of 2= of the residual purchase price.
B+ P"#ER T" RECEI)E PENSI"N IN FI)E %IFFERENT #AYS :
)
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a/. 'ife annuityD annuity for life
b/. 'ife annuity with return of purchase priceD 'ife annuity for the annuitant with
the return of the purchase price to the beneficiary.
c/. 'ife annuity guaranteed for 4, 28, and 24 yearsD Guaranteed annuity is paid
for the chosen term 4, 28, 24 years/ and after that, the annuity continues as long
as the annuitant is alie.
d/. (oint life, last surior with return of purchase priceD &n this case, the annuity
is first paid to the annuitant. After the death of the annuitant, the spouse starts
getting a pension, which is an amount that is e!ual to the annuity paid to the
annuitant. After the death of the last surior, the purchase price is returned to
the beneficiary.
e/. (oint life, last surior without return of purchase priceD &n this case, theannuity is first paid to the annuitant. After the death of the annuitant, the spouse
starts getting a pension, which is an amount that is e!ual to the annuity paid to
the annuitant.
C+ P"#ER T" C!""SE ANN(ITY PR")I%ER :
This option offers the flexibility to buy a pension from any other insurer of the
choice, at the time of esting. Thus, the person has the freedom to take the best
offer aailable in the market.
%+ P"#ER T" A%%-"N F$EDIBI$ITY RI%ERS AT A N"MINA$EDTRA PREMI(M :
a/. $ritical &llness *ider Aailable with foreer life/ D
&n the eent of the life assured contracting a critical illness, an additional payment
e!uialent to the life assured under the rider would be made. The coer would be
aailable up to a maximum of >4 years of age .
b/. $ritical &llness *ider Aailable with #ecure plus pension/ D
)-
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&n the eent of the life assured contracting critical illness, the #.A. under the rider
will be payable and the life coer will come to an end. -oweer, the accumulation
policy alue continues and will be paid on maturity or death, whicheer is earlier.
c/. Major #urgical *ider Aailable with foreer life and #ecure plus
pension/ D
&t offers coer against major surgical procedures. 6epending on the surgery,
48=, :8= or 78= of the #.A. under the rider will be paid.
d/.Accidents and 6isability *ider Aailable with foreer life, #ecure
plus pension 'ife time pension/ D
&t offers coer against Accident and 6isability. &n the eent of death due to anaccident, the nominee gets an additional #.A. under the rider.
i/ &n case of accidental death while traeling by mass transport,
The nominee will get twice the #.A. under this rider.
,ii/&n the eent of total and permanent disability due to an accident, which impairs
one9s capacity to earn, 28= of #.A. is paid eery for 28 years.
e/. Accident Benefit *ider Aailable with life Time pension #ecure
plus pension/ D
Hn death of the life assured due to an accident, the nominee gets an additional
#.A. under the rider.
f/. aier of premium rider Aailable with #ecure plus pension and
'ife Time %ension/ D
&n case of total and permanent disability due to accident, the rider would waie
future %remium until maturity.
)I+ Com=arison o0 =ension =/an :
).
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I+ $IFE TIME PENSI"N II )S $IC F(T(RE P$(S :
Features 'ife Time %ension '&$ Future plusAge 2?>8 years>4 yrs for a
Iero benefit option/2?>4 yrs
Term 28:8 years Minimum 4 years#.A. 6efault sum assured is
Iero. -oweer, thepolicyholder can also optfor a #.A.,which would bea flat amount calculatedas annual contributionterm, with the minimum#. A. being *s.2'akh.-oweer, nochange in the #. A. willbe allowed once chosenat the time of inceptionof the policy.
Minimum #. A. of *s.74,888 under singlepremium plans and*s.48, 888 under regularpremium plans .&n caseof single premium plans,it is up to and e!ual tothe single premium, it is478 times of theannualiIed premium.
#urial benefit 0nit alue is used topurchase an annuity
0nit alue is used topurchase an annuity
$ommutation ::.:: = of the unit aluecan be commuted andthe rest can be used topurchase an annuity
::.::= of the unit aluecan be commuted andthe rest can be used topurchase an annuity.
6eath Benefit 5alue of units in case the#.A. is Iero. &n case a#.A. is chosen ,it will behigher of the #.A. oralue of units
5alue of units in case the#.A. is Iero. &n case a#.A. assured is chosen, itwill be higher of the #.A.or alue of units.
$ontribution Minimum *s.28,888p.a. Minimum *s.4,888p.a.Flexible $ontribution &ncrease or decrease in
contribution is permitted.Maximum decrease canbe up to 78= of the initialcontribution but not below*s.28, 888 or ?8= of theinitial chosen premium,whicheer is higher.
@ot aailable
&ncreaseQ 6ecrease ofdeath benefit
@ot aailable 6ecrease in death benefitis aailable.
)/
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#urrender alue #urrender is aailablefrom the 2styearonwards. The surrenderalue is as after the 2styear premiumD 74= of
the unit alue. After the:rdyear premiumD >8= ofthe unit alue. after the
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assured.$hoice of annuity 4 annuity options @ot #pecified
Admin charge Admin charge of *s 78per month
#.A. under the basicsplan, if any, subject to amax. *s 2888 in each of
the first 7 yrs.&nestment option %ension%rotectorincome/%ensionBalancerBalanced/%ension Maxi misergrowth/
And pension preserer.
&ncome fund, balancedfund, growth fund.
*ider A6B* H% @ot aailable
Tab/e 7 $i0e Time Pension )S $/C Future P/us
II+ $IFE TIME PENSI"N II )S !%FC (NIT $INE% :
Features '&FC T&MC %C@#&H@ && -6F$ 0@&T '&@1C6Age 2?>8 years>4 yrs for
Iero death benefit option/2?>4 years
Term 28 :8 yrs 28
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6eath benefit 5alue of unit in case thesum assured is Iero. incase a sum assured ischosen, it will be higher ofthe sum assured or alue
of unit
5alue of unit cash lumpsum of *s2888
$ontribution Minimum *s28,888p.a. Min. *s. 28,888 p.a.Flexible $ontribution &ncrease or decrease in
contribution is permitted.Max. 6ecrease can be upto 78= of the initialcontribution but below*s28888 or ?8= of theinitial chosen premium,whicheer is higher. @o
cap on increasing thecontribution
Aailable.*egulerpremium can bedecreased any time.These premium can bedecreased any time too,proided :years regularpremium hae been paidand the monetary alue of
all unit is at least *s24888
&nestment options %ensionprotectorincome/,pensionbalancebalanced/,pensionmaxi misergrowth /andpension preserer
'i!uid, defensiemanaged, securemanaged, balancemanaged.
#urrender alue #urrender is aailable fromthe 2#Tyear onward. Thesurrender alue is asD Afterthe 2#Tyear premiumD 74=of the unit alue. After the7nd year premiumD 8= of theunit alue. After the
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3+ Fiures 0indins:
I+ Psy1hometri1 test :
$HM%A@ H$$0%AT&H@%5T. GH5T. B0#&@C## THTA'
&$&$& %*0 ? : 4 2>-6F$ 2 8 8 2'&$ < 8 2 4#B& 4 8 2 >HT-C*# > 8 2 ;THTA' 7< : ? :4
Tab/e 22 Chi S?uare
@0'' -%HT-C#D
Hccupation does not play an important role in making decision to purchase a
particular company9s pension plan
H C HC/7 HC/7Q C? 28.3; ?.?783 8.?82 88.>? 8.287< 8.24< 8:.8
4 8:.>> 2.;34> 8.488 88.7: 8.8473 8.7:2 82.2< 8.823> 8.82;2 82.:; 8.2:>3 8.8332 82.>8 8.:>88 8.774Total >.2;4
Tab/e 25 E=e1ted "bser
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RHO Hbsered fre!uencies, CO Cxpected Fre!uencies
$hi #!uareO HC/ 7QC O >.2;4
S O r2/ c2/ O 42/
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II+ Findin the ?uestions :
A+ HccupationD
"11u=ation No+ o0res=ondents
J o0res=ondents
%riate 7< >?=Goernment : 3=Business ? 7:=
Tab/e28 "11u=ation o0 res=ondents
Fiure > "11u=ation o0 res=ondents
Most of the respondents were working with priate companies >?=/, 7:= of therespondents were running their own business, rest of the respondents were got.employees.
*
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B. A@@0A' &@$HMC D
Annual income o>8,888 8,8882,48,888 27:=/
Aboe 4,88,888 7>=/
Tab/e2> Annua/ In1ome o0 res=ondents
Fiure 3 Annua/ In1ome o0 res=ondents
Most of the respondents were from the income group of >8,8882, 48,888.
*-
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$. *esponses about %ension %lan D
@o. of sampling 248
@o. of persons haingpension plan :4 7:=/@o. of persons withouthaing pension plan
224 ;;=/
Tab/e 23 =ension =/an ho/ders ,out o0 res=ondents.
Fiure Market Shares o0 =ension =/an,a11ordin to the res=ondents.
Hut of 248 respondents, only 7:= of respondents who were insured with pension
plans i.e. still there is good market remaining for pension plan.
*.
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6. hy *espondents %refer %ension %lanU D
Ta bene0it 27 33J
$i0e saJTab/e 2 reasons 0or =re0errin =ension =/an
Fiure reasons 0or =re0errin =ension =/an
44= of the respondents opting for pension plan to take adantage of tax saing.
*/
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C. Amount of yearly premium D
828,888 7? ?8=28,88874,888 7 >=
74,888
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F. @o of *espondents of arious companies pension plan D
$HM%A@ &$&$& %*0 -6F$ '&$ #B& HT-C*#@o. ofpersons
2> 2 4 > ;
@o. ofpersons in=
: 2< 2; 78
Tab/e 24 No+ o0 res=ondents o0
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G. First %reference of respondents D
Bene0its No+ o0 res=ondents
Flexibility =
74
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+ Con1/usion :
The project was of great experience. &t gae the opportunity to come out of the
books and face the challenge of the. &t was really a great experience to carry out
a surey, which gae the opportunity to meet people.
The surey reealed that pension plans do not hae awareness among the
people and people do not see the pension plans as an inestment. Those people
who were told the adantage of pension plans hae started showing great
interest. Most people were influenced most by the idea of social security and tax
saing benefit.
&T is also noticed that brand image has a ery big impact on the customers mind.
The foreign companies hae not been able to make a considerable mark and
gain the confidence of people. %eople hae more confidence in similar products
from #B& and '&$ but the situation is charging slowly and people are considering
pension plans from companies like &$&$& and -6F$.
&n a surey conducted randomly oer 248 people, it is obsered that only 7
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+ Re1ommendations and S(&&ESTI"NS :
&$&$& %rudential is one of the most trusted name in pension plans. The working
culture and enironment is world class but the organiIation still needs someimproement as & obsered few shortcomings in some areas. The followings are
the suggestions from my side to reduce the shortcomings and to improe in
certain areas.
2. Around 78=/ market is captured which is ery low for a product like
pension plans.
7. %eople are not aware about the pension plans.:. 'ack of adertisement. $ompany focuses more on life insurance products
and pension plans are not adertised separately or with the same interest
which could be the possible reason for lack of awareness among masses.
. $onsidering the benefits of the pension plans, the got. of &ndia should
take appropriate steps to encourage people to opt for pension plans.
+/
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4+ APPEN%ID :
L(ESTI"NNAIRE:%lease tick mark V/ in the s!uare where necessary.
@ame WWWWWWWWWWWWWWWW
Age WWWWWWWWWWWWWWWW
Address WWWWWWWWWWWWWWWW
Gender Male Female
2/ HccupationD
%riateDGoernmentDBusinessJ
7/ Annual &ncomeD
8>8,888>8,8882,48,8882,48,8887,48,8887,48,8884,88,888
Aboe 4,88,888
:/ 6o you hae any pension planU
es@o
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4/ Amount of your yearly premiumD
828,88828,88874,88874,888
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&/ossary :
Annuity A contract that proides an income for a specificperiod of time such as a no. of years or for life.
Age limits #tipulated minimum maximum ages below aboewhich the company will not accept proposals or maynot renew policies.
$ancellation This discontinuance of an insurance policy before itsnormal expiration date, either by the insured or theinsurance company.
$laim A re!uest for payment of a loss which may not comeunder the terms of an insurance contract.
6eferred *etirement hen the employee works past normal retirement
age.6isability A condition that curtails to some degree a person9s
ability to carry on his normal pursuits. A disability maybe partial or total, temporary or permanent.
Fixed Annuity An annuity contract in which the insurance companymakes fixed or guaranteed/ payment to the annuitant.
&nsured A person or organiIation coered by an insurancepolicy, any other parties for whom protection isproided under the policy terms.
&nsurer The party to the insurance contract who proides topay losses or benefits. Also, any corporation engagedprimarily in the business of furnishing insurance to thepolicy.
'iability Any legally enforceable obligation.%aid up policy Hnce the premium on a life insurance policy for a
specified period is paid in full, the policy may not lapseeen if no subse!uent premiums are paid.
%olicy The legal document issued by the company to thepolicy holder, which outlines the conditions terms ofthe insurance.
%olicy Term That period for which an insurance policy proidescoerage.
%olicy holder The person who pays a premium to an insurancecompany in exchange for the insurance protectionproided by a policy of insurance
%remium The sum paid by a policy holder to keep an insurancepolicy in force. &t is the amount paid to secure aninsurance policy.
#urrender alue The cash alue payable by the insurer on termination
8
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of the policy contract at the desire of the policy holderbefore the expiry of policy term.
Termination of policy &t is caused by the policy holder9s failure to pay thepremium within the stipulated period.
arranties arranties are expressly stated in the policy to ensure
that the insured shall not do a particular thing. Theyprotect insurers against any increase in the risk afterthe issue of the policy. hether or not breach ofwarranty is material to the loss, the insurers hae aright to repudiate the loss.
)
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7+ Bib/iora=hy :
1otler,%hilip, Marketing Management, @ew 6elhi, %rentice -all
of &ndia, 7888
1otler,%hilip, principles of Marketing, @ew 6elhi, @ew 6elhi,
%rentice -all of &ndia, 7888
1othari, $.*. *esearch Methodology, @ew 6elhi, @ew Age
&nternational%/ 'imited, %ublishers, 7884
1othari, $.*., +uantitatie Techni!ues, @ew 6elhi, 5ikas
%ublishing -ouse %t. 'td.,23;?
Gupta, #.%., #tatistics, @ew 6elhi, #ultan $hand #ons, 7887
&$&$& 6irect.com
&$&$&%rulife.com
Cscolife, 5olumeD 2, &ssueD X, August 788;, p.2>.