TERM PAPER OF

BANKING
AND
INSURANCE
TOPIC: Comparison of Endowment Plans of
four Insurance Companies.

Submitted to: Submitted by:

Miss Nancy Sahni Nidhi Juneja
BBA (hons.) 5th Sem
7020070037
Q1703A02
 ENDOWMENT PLANS

Endowment plans were very popular in the past mainly because there were hardly any
options available in the market. The popularity of such policies could also have been
because of the guaranteed returns assured by the insurance providers. But with time this
type of policy has lost its popularity with so many players in the market and new
innovative products have taken over the insurance industry by surprise.

Endowment Plan is a type of Life Insurance policy where the premium paid is partly
divided to secure the life and partly for investment purpose to generate revenues. The
insurance companies in this reference act like brokers to the insured, they invest the
money in the market and share the returns with the him/her. Such types of plans are long
term plans which cover life. He/she is bound to pay the premium until its maturity and
the premiums payable for such plans are obviously expensive than other term plans.
Since it is an endowment plan, in case the insured survives the tenure of the policy, an
amount equivalent to the sum insured plus the accumulated bonuses is payable to
him/her. If he/she expires during the tenure of the policy, the sum insured plus the
accumulated bonuses is payable to the nominee or beneficiary. Special feature of the plan
is that even on survival the policy holder is payable by the insurance company. This
means that the plan is beneficial in both ways which is not the case in any other term
policies.

In these types of plans the insurance companies use part of the premium paid by the
policy holders for further investment. But it is surprising that the investments made by
the insurance companies lack transparency and the insurer have no control over the
investment made by the companies. He/she have no idea where the money is being
invested and how much and so on. The insurance companies generally invest money in
virtually risk-free government debt, which is a safe bet but earns meager returns. Each
year the insurance companies declare bonuses and these bonuses are nothing but the
profit earned on investments made after deducting the administrative expenses of the
insurance companies. Here also there is lack of transparency because the insured as the
policy holder have no idea about how much the company has earned out of the
investments made and what are the administrative and other expenses of the investing
company. So basically the policy holder has to accept whatever the insurance company
offers to pay. The insurer has monopoly position over the policy holders here.
Thus this is one reason for the plan to have lost its popularity. The plan has a competition
now; with private players in the market Unit Linked Plan has been introduced. It allows
more flexibility and transparency.

The premium for Endowment Plan is significantly higher than any other type of Term life
insurance plans for the same amount of sum assured because it is insurance plus
investment plan clubbed together offering a wider option to the consumers. Therefore
individuals should be aware of the value that endowment plans bring to their financial
and insurance portfolio, then bend down to buy one.

6 things one must know about endowment plans

Till private insurance companies started operating in India, endowment insurance plans
were the most popular form of life insurance. After the onslaught of private insurance
companies unit linked insurance plans (ULIPs) seem to have taken over.

Last year, of the new insurance policies sold by private insurance companies ULIPs
accounted for around 90% of the policies. This though is not the case with the Life
Insurance Corporation of India, endowment policies still form a major part of the
insurance policies it sells. Given this, there are certain things that individuals should
understand about endowment policies.

1. An endowment policy is a combination of insurance and investment: The life of the

individual taking the policy is insured for a certain amount. This life cover is referred to
as the sum assured. A certain part of the premium gets allocated towards this sum
assured. Some portion of the premium is allocated towards the administrative expenses of
the insurance company selling the policy. The remaining portion of the premium gets
invested.
2. An endowment policy may declare a bonus every year: The money that is invested
generates a certain return every year. This return may be declared as a bonus. The bonus
is typically generated as a certain proportion of sum assured or life cover as it is
popularly known. So if an individual taking the policy has a policy of sum assured Rs 10
lakh (Rs 1 million) and the company declares a bonus of Rs 50 per thousand of sum
assured, then the bonus works out to be Rs 50,000.

3. The bonus declared is not payable immediately: Like is the case with a stock dividend
or a mutual fund dividend which is payable immediately after it is declared, the bonus
declared accumulates and is payable only when the policy matures or in case the policy
holder dies.

4. The bonus declared does not compound it, only accumulates: Let us take the case of a
35 year old individual who takes a policy with a sum assured of Rs 10 lakh with a term of
20 years. The premium for this would be around Rs 49,000 per year. At the end of the
first year, the insurance company declares a bonus of Rs 50 per thousand of sum assured
or 5% of sum assured. This amounts to Rs 50,000. This Rs 50,000 remains Rs 50,000 for
the next nineteen years till the end of the policy. The same thing happens to the bonuses
declared for the remaining period of the policy as well.

5. Since the bonus declared does not compound returns are low: Extending the example
taken above, let us assume that the insurance company declares an average bonus of 5%
every year. What this means is that every year on an average a bonus of Rs 50,000 is
declared. So at the end of twenty years, the total accumulated bonus would amount to Rs
10 lakh (Rs 50,000 x 20). Chances of an insurance company declaring an average bonus
of more than 5% over a period of twenty years are very less. This is primarily because
endowment policies largely invest in government securities and after taking into account
the administrative expenses of the insurance companies, a greater bonus is highly
unlikely. So at the end of twenty years, the individual gets Rs 10 lakh of accumulated
bonus and Rs 10 lakh of sum assured, making a total of Rs 20 lakh (Rs 2 million).
On this he has been paying a premium of Rs 49,000 every year. This amounts to a return
of 6.39% per annum, which is not great. If the individual expires during the period the
policy his nominee gets the Rs 10 lakh of sum assured as well the accumulated bonus till
that point of time.

6. Take a term insurance policy and invest in the public provident fund: A better way out
for an individual is to take a term insurance policy. A term insurance policy is a pure
insurance policy. If the policy holder dies during the period of the policy, his nominee
gets the amount of the sum assured. If he survives the period of the policy, he does not
get anything. Given this, the premiums on a term insurance policy tend to be the least
among all insurance policies and they provide an adequate life cover.

A term insurance policy for a period of 20 years, for a 35 year old individual, would cost
around Rs 4,600 per annum. So instead of taking an endowment policy it makes more
sense to take a term policy of Rs 10 lakh.

The remaining money i.e. the difference between what needs to be paid on taking an
endowment policy of similar sum assured and the premium on the term policy, can be
invested in the public provident fund (PPF). The difference in the example taken here
works out to Rs 44,400 every year.

If this is invested every year into the PPF, at the current interest rate of 8%, the individual
is likely to accumulate Rs 21.94 lakh (Rs 2.194 million) at the end of 20 years, which is
nearly Rs 2 lakh (Rs 200,000) more than Rs 20 lakh he is likely to accumulate in case of
the endowment insurance policy. Also the bonus on the insurance policy is not
guaranteed whereas PPF guarantees an interest of 8% every year.
 Endowment Assurance Plan

Endowment assurance plan is a participating (with profits) insurance plan that offers the
following features:

 Provides financial support to the family by way of a lump sum payment in

case of the unfortunate death of the life assured within the term of the policy.
 provides a lump sum payment to the life assured on survival up to maturity

This plan is with profits saving plan and is well suited for saving money for your long
term financial goals. This plan also helps provide for the needs of your family in
your absence by paying out a lump sum in the event of your unfortunate death
during the term of the policy.

Optional benefits
You can add the following optional benefits to customise your policy to suit your
needs:
Critical Illness (CI) Benefit provides an amount, equal to the sum assured chosen under
this optional benefit, on diagnosis of any one of the 6 common critical illnesses(1).
The sum assured is payable if you survive for 30 days after the date of the claim.
Once such a claim has been met, no further Critical Illness Benefit is payable.
However, your basic policy continues even after we pay a claim On this benefit.
Additional Term Benefit (ATB) provides an additional amount equal to the sum
assured chosen under this optional benefit, in case of your unfortunate death.
Accidental Death Benefit (ADB) provides an additional amount, equal to the sum
assured chosen under this optional benefit, in case of your unfortunate death:
-due to an accident and within 60 days of an accident.
Waiver Of Premium (WOP) Benefit waives the premium for you in case you become
totally disabled. The waiver is applicable during the period of total disability.
This plan can be taken on a single life basis or a joint life (first claim) basis.
Eligibility

This plan can be taken as a single life basis or a joint life (first claim) basis. The
eligibility ages are as follows:

Basic Policy Basic policy with optional benefits

CI ATB ADB WOP
Min. age of entry 12 18 18 18 18
Max. age of entry 60 5 60 55 50
Max. age of expiry 75 70 75 65 60

Minimum term: 10 years Maximum term: 30 years

Tax Benefits

Tax benefits described in Section 88, Section 80D and Section 10 (10D) of the income
Tax Act are applicable.

Applicable to premium paid for CI and WOP.

Payment options
You have the choice of paying your premium either in yearly, half-yearly or quarterly
modes, depending on your convenience.

BASIC DIFFERENCE IN ENDOWMENT PLANS AMONG SOME

PRIVATE PLAYERS
Endowment plans are very popular as they serve two purposes — life cover and savings.
Under a plain vanilla endowment plan, the policyholder pays regular premiums for the
policy term. If the policyholder dies during the policy term, the nominee gets the death
benefit — the sum assured and accumulated bonuses. On survival, the policyholder gets a
survival benefit, including vested bonus and terminal bonus, if any.

After the entry of private players, a number of innovative variants have been introduced.
The features offered, structuring of bonus payments and the riders differentiate the
products. This week, we will take a look at the endowment schemes offered by HDFC
Standard Life, Max New York Life, ING Vysya Life, OM Kotak Mahindra and Birla Sun
Life.

Basic features

The age limit set for entry and exit is very important as it gives more flexibility.
Generally, an endowment plan can be taken on a minor too. But ING Vysya and OM
Kotak's endowment plans are available only for those above 18. Birla Sun Life Flexi
Save Plus and HDFC Endowment Assurance are more flexible when it comes to entry
and exit ages. Birla Flexi Save also lets the person structure the plan such that it matures
it at a particular time.

This allows the person to plan for a certain event, or expense that might occur at a certain
age— say, his/herr child's marriage or education. Max New York has two endowment
plans, one that matures at age 60 and the other which has a fixed term of 20 years.

Bonus payments

The primary difference lies in the structuring of payments. Some accumulate the bonus
and pay it either on maturity or death (reversionary bonus), while others allows an
individual to encash it (non-reversionary). For instance, ING Vysya has variants of its
endowment product — Reassuring Life and Powering Life. The first version allows the
individual to encash the bonuses declared from time to time whereas the second declares
a reversionary bonus. Bonus declaration depends on the company's investment
performance and is not guaranteed.

If the bonus is non-reversionary, companies such as Max New York, offer other bonus
payment options. Max New York allows the person to use bonuses to offset future
premiums, or buy a term insurance policy. One can also choose to use the bonus to
increase the sum assured. These are in addition to the encashment and accumulation
options. Birla Sun Life allows him/her to encash the bonus after three years, or
accumulate it.

Again, there is a difference in the bonus accumulation. It could be simple or

compounded. When bonuses are compounded, not only the bonus amount but also the
interest earned on the bonus earns interest.

Therefore, a compounded reversionary bonus generates a higher return on one’s

investment. Most players compound the bonus annually. HDFC is an exception. It pays a
reversionary bonus, but it is not compounded.
Another difference lies in the calculation of bonus payments. Some declare it as a
percentage of the sum assured, while others declare it on the premiums paid. For
instance, Birla Sun Life declares bonuses on premium payments. Bonuses paid on the
sum assured will be higher than those declared on the premiums paid. Most players
declare bonuses on the sum assured.

Premium payment term

One can either pay premiums throughout the policy term, a limited term or lump sum
(single premium). In Max New York and HDFC Standard, the premiums have to be paid
the full policy term. Others, such as OM Kotak and Birla Sun Life, allow premium
payments to be made over a limited period and bonuses accrue for the rest of the term.

A limited payment option is suitable for people who have a very short career, for instance
— film stars, or people who do not want to carry the burden of premium payment for
long.

However, a plan that entails a single premium payment in excess of 20 per cent of the
sum assured is no longer attractive. It makes sense to phase out the premium payment so
that tax benefits can be claimed in different years.

All insurers allow premium payments to be made at quarterly, half-yearly or annual

installments. Some also collect premiums monthly. In most cases, higher the number of
installments, higher the absolute premium payout.

Loan availability
One can take a loan against the endowment policy after the policy acquires cash value,
that is, after three years.

The loan amount will depend on the surrender value of the policy (the amount realized on
surrender of the policy).

Rider benefits

The person can choose from a wide variety of riders to add on to the basic product at an
additional premium for extra protection. The common add-on benefits available are Term
Benefit, Critical Illness Cover, Accident Death Cover, Accidental Permanent and Total
Disability Cover and Waiver of Premiums. The structuring of the riders is important.

The payout in each rider also differs from player to player. For instance, in the critical
illness rider, the number of diseases covered under the rider differs for different players.
HDFC covers six illnesses; Birla Sun Life covers four; and OM Kotak 12.

The Permanent Disability Benefit under the Om Kotak's endowment plan adds up to 120
per cent of the rider amount. The payout is made at 12 per cent in the first five years
adding to 60 per cent of the rider amount. Another 60 per cent is paid in the sixth year.

A term rider for an amount equal to the basic sum assured can also be appended to the
basic plan. In the event of death, the payout will be twice the basic sum assured. Max
New York Life offers two riders that are not offered by other players - Term Renewable
and Convertible rider and Payer rider.

The former provides additional life insurance for a five-year term. At the end of the term,
it gives one an option of either renewing it for another five years without providing any
evidence for insurability, or convert in into a permanent whole life or endowment life
insurance plan. The payer rider is beneficial if the policy is taken on a minor. If the
proposer were unable to pay premiums due to death or disability, the rider guarantees the
 benefit to the nominee. The choice of riders available and bonus payments are the key to
choosing an endowment plan.

ING MAX
Features HDFC SLIC BIRLA SUN LIFE Vysya NEWYORK
Age 18 - 60 years 18 - 60 years 0 – 60 years 12 - 55 years
Term 10 - 30 years Minimum Term of 10 Choice rests with the
years consumer with a
minimum premium
payment term of 3
years

10 years
Sum Assured Only 5, 10, 20 Minimum Sum Assured Minimum Sum Maximum limit up
(age-based) is Rs. 50,000. Zero Assured is 5 times to Rs. 2 lakhs
multiples are Death Benefit is also the premium paid.
allowed as Sum available.
Assured.
Survival benefit Value of units Unit Value is used to Value of Fund at Bid
partly in cash purchase an annuity price
partly converted Bid Value of the
to annuity. fund units
Death benefit Value of units, Value of units in this Higher of Sum Death during the
no sum assured case the Sum Assured is Assured or value of first 6 months -
is given. zero. units. 30% of SA + value
of units, next 6
months - 60% of
SA + value of
units. Death after
1st year - SA +
value of units.
 Death during the
10th year - 105%
of SA + value of
units.
Partial or complete Premature
Withdrawal No Partial No Partial withdrawals withdrawal at bid withdrawal
benefit withdrawals are are available price after 3rd year allowed after one
available. year (after
applying bid-offer
spread.

Contribution/ Minimum: Rs. Minimum Rs. 5,000 p.a. Minimum: Rs. Minimum Rs.
premium 10,000 p.a. 10,000 p.a. 10,000 p.a
Flexible Available Not available Only an increase in Not available
contribution contribution is
allowed
Investment 5 Fund Options- Nourish, Growth and Equity Fund, Debt Balanced, Secured
options Balanced, Enrich Fund, Balanced & Risk
Defensive Fund, Cash Fund
Managed, Safe
Managed, Liquid
& Growth
Surrender Value The surrender Surrender is available A selling / purchase Partial surrender
charge is 25% of from the 1st year itself. price spread of 5% up to 50% of bid
3 years of In the 1st year surrender will be applicable value of units
regular premium. charges are 75%, in the from the 3rd year allowed after 3
No charges after 2nd year the charges are onwards years from date of
3 years 50%, in the 3rd year the commencement
charges are 25%..
Top-up Available with a Available, with a Available Available
minimum top-up minimum top-up of Rs. (Charges: 1.5% of
of Rs 5,000 and 10,000 the top-up)
maximum of
 20% of sum
assured.
Switch 24 Switches are 2 free switches every Three free switches
free. year. Every additional every policy year.
switch will be charged Subsequent switches
at 0.5% of the switch would be charged No free switches.
amount. @1% of switch Cost of switching
amount or Rs. 100, is 2% of the fund
whichever is higher. value.
Initial Charge Charges Charges Charges
1st yr-27%, 2nd 20% of the initial 1st year - 70%; 2nd
yr- 27%, 3rd yr premium in the 1st year year - 2%; 3rd year -
onwards- 1% and 2% of the premium 1%; No charges
from the 2nd year from the 4th year
onwards. onwards Not Disclosed
Admin Charge Admin charges Policy admin fee of Rs. Annual admin
of Rs.180 fixed 20 per month charges of 1.25%
charge p.a. of net assets
Per annum. Not applicable
Fund Least in the A fund based fee of 2.25 Annual investment 1% of the fund per
Management industry 0.8% of % p.a. of the policy charge of 1% p.a. of annum
Charges the fund per fund. fund.
annum
Bonus units Available Not Available Not Available Available

REVIEW OF LITERATURE
Currie, Janet, and Jonathan Gruber. “Health Insurance Eligibility, Utilization of
Medical Care, and Child Health.” The Quarterly Journal of Economics, Vol.111,
No.2 (May, 1996), 431-466. Previous work on the effects of public insurance on health
outcomes includes a paper by Currie and Gruber (1996). They looked at how two
different Medicaid expansion covering low-income pregnant women affected the rates of
low birth weight and infant mortality rates. They find that the more narrowly targeted
expansion had an effect on reducing infant mortality by about 8.5%. They estimate that
this reduction in infant mortality came at a cost of $840,000 per life saved. One
innovation they developed was to create an instrumental variable to correct the problem
that the number of women eligible for the expansion depended on not just state eligibility
limits, but state demographic and and economic conditions. They simulate eligibility in
each state using a national sample of 3000 women. This simulated fraction eligible was
used as an instrument for the number of women eligible in each state. This IV only
depends on the legislative environment that created the guidelines. Currie and Thomas
(1995) look at the effects that having public or private insurance has on health care
utilization. They find that there are racial differences in how whites respond to having
insurance versus how blacks respond. They find that white children covered by either
form of insurance are more likely to visit a doctor when sick. White children covered by
Medicaid are more likely to receive preventive care than white children with private
insurance or no insurance. The authors find that for blacks Medicaid coverage has less
effect on increasing preventive care and no increase in health care utilization. They also
find that private insurance coverage for blacks has no increased effect of health care
utilization over no coverage.
Currie and Gruber (May 1996) looks at how the Medicaid expansions effected child
health looking at measures such as probability of not having a hospital visit in the last
year , the probability of hospitalizations, and mortality. They find that the expansion of
eligibility cut in half the probability of not seeing the doctor in the last year, while
doubling the probability of a hospital visit.
The expansion also decreased mortality by 5.1%, with an average cost of $1.6. million
per life saved. They have a small section on site of treatment, but it is very small and
mostly, just talk; they did run a few regressions. Most papers look not at health outcomes,
but health inputs like hospitalization. The one health outcome paper for SCHIP was Joyce
and Racine (2003). They look at the effect that the mandatory coverage of vaccinations
had on the likelihood of children being up to date on vaccinations, and if coverage
changed the number receiving all shots from a single private provider. Using the National
Immunization Survey (NIS), they find that SCHIP only increased the use of the new
varicella vaccine, and that instead of seeing more vaccines done by
a single private provider, the percentage actually decreased.
 OBJECTIVES OF STUDY

1. Comparative study of HDFC SLIC, BIRLA SUN LIFE, MAX NEWYORK LIFE
and ING Vysya.

2. To analyze the endowment plans on the basis of features offered.

RESEARCH METHODOLOGY
STUDY
The present investigation is a descriptive type of study undertaken to estimate the
comparative study pension plan of HDFC SLIC, BIRLA SUN LIFE, BAJAJ ALLIANZ,
LIC.

SAMPLE SIZE
For the purpose of analysis a sample size of different companies were selected. The
sample size taken was 4.
SAMPLING METHOD
The sampling method used for the project was “Random Sampling”. This type of
sampling is also known as probability sampling where each and every item in the
population has an equal chance of inclusion in the sample and each one of the possible
samples. This procedure gives each item an equal probability of being selected.

DATA COLLECTION
SECONDARY DATA
The secondary data was collected by referring through web sites, and the final data was
analyzed systematically to achieve the desired result.

DATA ANALYSIS AND INTERPRETATION

After analyzing the data above in the table we came to the following interpretation.
Interpretation has been done on the basis of the features mentioned in the table.

1. AGE AND TERM OF POLICY: Since the minimum age is minimum in Max
Newyork and the term depends on the customer. The customer has probability of
getting the maximum returns (all other things being equal). And HDFC is offering
investment for maximum 30 years which is rated as second best in this feature.

2. SWITCHES: After analyzing the feature the conclusion drawn is that HDFC is
offering the most switches in the year.

3. CHARGES: The charges levied on the policy of the insurer is lowest in HDFC
SLIC like FMC, PAC, but initial charge is second lowest which is also not bad in
terms of investment.

4. WITHDRAWALS: Withdrawals not allowed in HDFC SLIC & BIRLA SUN

LIFE because if withdrawals are there plan would not yield good return.

5. INVESTMENT OPTIONS: HDFC SLIC provides the maximum funds for

investment (Balanced fund, Defensive Managed fund, Safe Managed fund, Liquid
fund & Growth fund). So HDFC SLIC provides better portfolio to diversify funds
which reduces the risk and maximizes the return.

6. TOP UP: In HDFC SLIC the minimum top up is of RS 5000 with no charges
levied but in others it is Rs 10000. Here we could see that people with low income
can increase the premium with small amount.

7. BONUS UNIT: Only one firm is offering bonus unit to the customer and it is
HDFC SLIC.
8. FLEXIBLE CONTRIBUTION: This feature is available in HDFC SLIC where
a customer can increase or decrease its premium.

RECOMMENDATIONS

1. Premium allocation charge (initial charge) should be reduced to provide customer

with better return.

2. Policy administration charge should be reduced to gain more advantage in the

market.
3. Surrender charges should be reduced.

CONCLUSION

Based on comparative study HDFC SLIC is on the upper side in the private life
insurance companies in comparison to Birla sun life, Max Newyork and ING Vysya.
HDFC SLIC based on the comparative study has many advantage in this segment of
product like fund management charge, switches facility and maximum number of
investment funds in offering (i.e., 5 namely Balanced fund, Defensive Managed fund,
Safe Managed fund, Liquid fund & Growth fund ) but the rest of the insurance player
that is Birla sun life, Max Newyork and ING Vysya are also not far behind HDFC
SLIC.
 SUMMARY

This report is based upon the fact & figure gathered from the websites about the plans of
the firm.

In the first part of the report there are some plans which are frequently sold by HDFC
SLIC in the market, and then comparative study of pension plan of different firm
namely BIRLA SUN LIFE, ING Vysya and Max Newyork is there.

In the last part of the project I have given some of the findings and conclusion about the
insurance market and what is the potential of the market. In the end I have given all
the sources from which I have collected all the information.

Endowment plans provide life insurance cover for a specified period. The important
aspect is that on maturity i.e. if the insured survives the term of the insurance, he/she
receives the sum assured at the end of the term. In these types of plans the insurance
companies use part of the premium paid by the policy holders for further investment. But
it is surprising that the investments made by the insurance companies lack transparency
and the insurer have no control over the investment made by the companies. He/she have
no idea where the money is being invested and how much and so on. The insurance
companies generally invest money in virtually risk-free government debt, which is a safe
bet but earns meager returns. Each year the insurance companies declare bonuses and
these bonuses are nothing but the profit earned on investments made after deducting the
administrative expenses of the insurance companies. Here also there is lack of
transparency because the insured as the policy holder have no idea about how much the
company has earned out of the investments made and what are the administrative and
other expenses of the investing company. So basically the policy holder has to accept
whatever the insurance company offers to pay. The insurer has monopoly position over
the policy holders here. Thus this is one reason for the plan to have lost its popularity.
The plan has a competition now; with private players in the market Unit Linked Plan has
been introduced. It allows more flexibility and transparency.

The premium for Endowment Plan is significantly higher than any other type of Term life
insurance plans for the same amount of sum assured because it is insurance plus
investment plan clubbed together offering a wider option to the consumers. Therefore
individuals should be aware of the value that endowment plans bring to their financial
and insurance portfolio, then bend down to buy one.

A comparative analysis of endowment plans of four insurance companies namely HDFC

Standard life, Birla sun life, Max Newyork and ING Vysya is done and the results are
very clearly stated that HDFC Standard life provides better endowment plans while
others are no way behind.

Two main objectives were set for this study which is achieved by using secondary
sources of data that is books, journals and websites. Based on comparative study
HDFC SLIC is on the upper side in the private life insurance companies in
comparison to Birla sun life, Max Newyork and ING Vysya.
 REFERENCES

List of Books & Magazines:

• Marketing Management- ICFAI publication

• Marketing Management- Philip kotler
• Outlook- the Layman’s Guide to Insurance
• Business line
• IRDA Journal

Webliography:

• http://www.newsandreviews.in/index.php/Finance/?tag=endowment+plans
• http://www.raagvamdatt.com/index.php?
module=pnEncyclopedia&func=display_term&id=59&vid=1
• http://www.scribd.com/doc/11706217/consumer-base-monetry-insvestment-at-
Reliance-Money-Hyderabad
• http://cniss.wustl.edu/workshoppapers/2005butikofer.pdf
• http://www.hdfcsl.com/
• www.irda.com