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Comparison between traditional products and ULIPS in ICICI

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indian project
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  1. Introduction
  2. Objective of the study
  3. Methodology of the study
  4. A review of literature
    1. Brief history
    2. Product profile of ICICI
  5. Company profile
    1. Vision and values
    2. Management
    3. Awards & recognition
  6. Portfolio performance
  7. Data analysis and interpretation
  8. Findings and conclusion
  9. Bibliography

With the largest number of life insurance policies in force in the world, insurance happens to be a mega opportunity in India. It's a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7percent to the country's GDP. Gross premium collection is nearly 2 percent of GDP and funds available with LIC for investments are 8 percent of GDP. Yet, nearly 80 percent of Indian population is without life insurance cover, heath insurance and non-life Insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This it is an indicator that growth potential for the insurance sector is immense. A Well- developed and evolved insurance sector is needed for economic development as it provided long ? term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next 10 years India would require investment of the order of one trillion US dollar. The insurance sector, to some extent, can enable investments in infrastructure development to economic growth of the country. With a large capital outlay and long gestation periods, infrastructure projects are fraught with a multitude of risk throughout the development, construction and operation stager. These include risks associated with project implementation, including geological risks, maintenance, commercial and political risks, without covering these risks the financial institutions are not willing to commit funds to the sector, especially because the financing of most private projects is on a limited or non-recourse basis. he companies not only provide risk cover to infrastructure project, they also contribute long ? term funds. In fact, insurance companies are an ideal source of long ? term debt and equity for infrastructure projects. With long ? term liability, they get a good asset ? liability match by investing their funds in such projects. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sector. International Insurance companies also invest their funds in such projects.

[...] ULIPS Plans Date Premium Sum Assured linked Single Premium Premium TRADITIONAL PLANS Plans Premium Sum Assured COMPANY PROFILE Introduction: ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). [...]

[...] The most important benefit of ULIPs is the flexibility they give the customer in choosing the premium amount and also choosing the underlying fund in which this money is to be invested. Wealth creation plans also offer the customer more liquidity options as compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a life cover to be allied to the returns of market linked instrument giving them an unmatched combination of benefits. Under the wealth creation platform, ICICI Prudential brings the following products to you. [...]

[...] ICICI Prudential Life was awarded with two Bronze Effie's in the services category for its Corporate campaign and Retirement Number campaign ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the Outlook Money & NDTV Profit Awards 2008 Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co. Ltd. was adjudged the Businesswoman of the year at The Economic Times Awards for Corporate Excellence, 2007-08. India's Most Customer Responsive Insurance Company. Avaya Global Connect Economic Times. [...]

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