EXECUTIVE SUMMARY

The title of the project is Comparison of Life Insurance Products in which mainly three products are compared Child Plan, Pension Plan, Term Plan. All research is done on secondary data. Two types of approaches are used during this study analytical and descriptive. The objective of the report is to reveal comparative analysis of the three plans of Bharti AXA Life Insurance, ICICI Prudential Life Insurance and SBI Life Insurance. The analysis done in the report will reveal the one of the best insurance product available in the market. The report will be come up with some useful suggestion and findings which can help the company to improve their product in different charges applied by company on premium paid by customer and features of the products.

INTRODUCTION INSURANCE INDUSTRY IN INDIA

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular. 1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay Residency. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign companies. In 1914, the Government of India started publishing returns of Insurance Companies in India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers. The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business. An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non- Indian insurers as also 75 provident societies245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a legacy of British occupation. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd was set up. This was the first company to transact all classes of general insurance business.
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1957 saw the formation of the General Insurance Council, a wing of the Insurance Association of India. The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices. In 1968, the Insurance Act was amended to regulate investments and set minimum solvency margins. The Tariff Advisory Committee was also set up then. In 1972 with the passing of the General Insurance Business (Nationalization) Act, general insurance business was nationalized with effect from 1st January, 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1st 1973. This millennium has seen insurance come a full circle in a journey extending to nearly 200 years. The process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been opened up substantially. In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector. The objective was to complement the reforms initiated in the financial sector. The committee submitted its report in 1994 wherein, among other things, it recommended that the private sector be permitted to enter the insurance industry. They stated that foreign companies to be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders interests. In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and at the same time GIC was converted into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002. The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the countrys GDP. A welldeveloped and evolved insurance sector is a boon for economic development as it provides long- term funds for infrastructure development at the same time strengthening the risk taking ability of the country.

OTHER LIFE INSURERS 1. HDFC Standard Life Insurance Company Ltd. 2. Max New York Life Insurance Co. Ltd. 3. ICICI Prudential Life Insurance Company Ltd. 4. Kotak Mahindra Old Mutual Life Insurance Limited 5. Birla Sun Life Insurance Company Ltd. 6. Tata AIG Life Insurance Company Ltd. 7. SBI Life Insurance Company Limited. 8. ING Vysya Life Insurance Company Private Limited 9. Bajaj Allianz Life Insurance Company Limited 10. MetLife India Insurance Company Ltd. 11. Future Generali India Life Insurance Company Limited 12. IDBI Fortis Life Insurance Company Ltd. 13. Reliance Life Insurance Company Limited. 14. Aviva Life Insurance Co. India Pvt. Ltd. 15. Sahara India Insurance Company Ltd. 16. Shriram Life Insurance Company Ltd. 17. Bharti AXA Life Insurance Company Ltd. 18. Future Generali India Life Insurance Company Limited 19. IDBI Fortis Life Insurance Company Ltd. 20. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. 21. Aegon Religare Life Insurance Company Ltd.
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22. DLF Pramerica Life Insurance Company Ltd. 23. Star Union Dai-chi Life Insurance Co. Ltd.

Market share of life insurance companies in India in at the end of FY2010

Market Share
LIC Birla Sunlife Tata AIG ICICI Predential Reliance Life MetLife Allianz bajaj Max New York ING Vysya SBI Life OM Kotak Shriram Life HDFC Standard AVIVA Bharti Axa Life

0.2% 1.8% 1.5% 1.9% 2.4% 3.4% 3.4% 0.2% 1% 1%

4.1%

48.1% 6.2%

10.3%

13.7%

CONCEPTUALIZATION What Is Insurance?

Basically insurance is assurance. Insurance is transfer and sharing of risk by equitable loss sharing. Insurance does not get back or replace the assets, it only compensates for the loss suffered. In other words, we can say that insurance is a mechanism that provides compensation for the financial value of the assets in case of loss or damage. At last insurance an important social security tool that offers the counter balance to risk, that is, security. Essential Features to Insurance There must be large numbers of similar risks. The loss caused by the risk must be definite. The occurrence of the loss must be accidental. The potential loss must be large enough to cause hardships. The cost of insuring must be economically feasible.

Need for Life Insurance: Possibility of damage caused by any event the risk. Uncertainty and unpredictability about future losses or damages which may or may not happen, which may happen suddenly and unexpectedly. Insurance is relevant about the risk. Insurance is done against the contingency of the happening of such events. If there is no risk then no need of insurance7. Special need like medical expenses. Today insurance has become even more important due to the disintegration of the prevalent joint family system, a system in which a number of generations co-existed in harmony, and a system in which a sense of financial security was always there as there were more earning members.

Types of Insurance
There are two type of insurance. Non- life insurance

Life insurance

1. Non life insurance:

In this we include health and general insurance. GIC was set up by nationalizing the non-life business of insurance sector in 1972. The GIC operates as the holding co. of its four subsidiaries, namely, National Insurance Company Ltd. The New India Assurance Company Ltd. The Oriental Insurance Company Ltd. United India Insurance Company Ltd.

All the 68 Indian insurers and 45 non-Indian insurers who did business before nationalization got merged and taken over by the four subsidiaries of GIC. These four subsidiaries have branches all over the country and concentrate on non-life insurance business like marine, fire, accident, medical expenses, Car and vehicle insurance etc. GIC can invest up to 50% in private corporate and non-government sector.

2. Life insurance:
Life insurance or life assurance is a contract between the policy owner and the insurer where the insurer is agree to pay a sum of money upon the occurrence of the occurrence of the policy owners death. In return policy holder agrees to pay a stipulated amount called a premium at regular intervals. Endowment Insurance Plan: 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. Term Insurance Plan: Term life insurance plans provide insurance cover for a specified period. The defining characteristic of this type of life insurance plan is the complete absence of survival benefit i.e. on maturity (surviving the term of the policy), you receive no money from the insurance company.

Unit linked Insurance Plan: Unit-linked Insurance Plans (ULIPs) combine the benefits of life insurance policies with mutual funds. A certain part of the premium is invested in listed equities/debt funds/bonds, and the balance is used to provide for life insurance and fund management expenses. Yields earned on investments i.e. the value of the investment or the sum assured, whichever is higher, is paid to the insured or nominee. This varies from company to company i.e. some insurance companies pay the value of the investment in addition to the sum assured. ULIPs have gained high acceptance due to attractive features they offer. These include: Flexibility -Flexibility to choose sum assured and premium amount. -Option to change level of Premium/ Sum Assured even after the plan has started. Flexibility to change asset allocation by switching between funds. Transparency -Charges in the plan & net amount invested are known to the customer. -Convenience of tracking ones investment performance on a daily basis. Liquidity -Option to withdraw money after few years (comfort required in case of exigency) Low minimum tenure. -Partial / Systematic withdrawal allowed. Fund Options -A choice of funds (ranging from equity, debt, cash or a combination) is available. -Option to choose your fund mix based on desired asset allocation.

COMPANY PROFILE Bharti AXA Life Insurance

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: To be the leader and one of the preferred companies for financial protection and wealth management in India. 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.

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STRATEGY: To achieve a top 5 market position in India through a multi-distribution, multi-product platform. To adapt AXA's best practice blueprints as a sound platform for profitable growth. To leverage Bharti's local knowledge, infrastructure and customer base. To deliver high levels of shareholder return. To build long term value with our business partners by enhancing the proposition to their customers. To be the employer of choice to attract and retain the best talent in India. To be recognized as being close and qualified by our customers. STRENGTHS: Strong partner Bharti provides access to more than 20 million customer multi channel execution capability. Current Asia product range which is a strong match to products sold to the mass and the mass affluent. Global scale providing cost effective and speedy re-use of systems, products and business capability. Strong AXA and Bharti brands which can be leveraged to attract and retain a high quality management team.

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Bharti-AXA Life insurance products:

Bharti-AXA basically offers two types of plans: 1) Individual plans, and 2) Group plans

INDIVIDUAL PLANS: Individual plans are further of two types: a) Unit-linked insurance plans, and b) Traditional plans

Unit-linked insurance plans: a) Bharti AXA Life Bright Star b) Bharti AXA Life Spot Suraksha c) Bharti AXA Dream Life Pension d) Bharti AXA Life Aspire Life e) Bharti AXA Life Invest Confident f) Bharti AXA Life Wealth Confident g) Bharti AXA Life Future Confident II h) Bharti AXA Life Future Confident

Traditional plans: a) Bharti- AXA Life Save confident b) Bharti-AXA Life Secure confident

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GROUP PLANS: Group plans includes the following: a) Bharti AXA Life Swasthya Sanjeevani b) Bharti AXA Life Sanjeevani c) Bharti AXA Life Mortgage Credit Shield d) Bharti AXA Life Credit Shield e) Bharti AXA Life Life Shield

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THEORETICAL BACKGROUND

Comparative Analysis of Life Insurance Product

Comparative analysis is side by side examination of two or more alternatives, processes, products, qualification, sets of data, systems etc., to determine if they enough common ground, equivalence or similarities to permit a meaningful comparative analysis This study will help in creating awareness among people about the importance and benefits of Life Insurance that will help in creating interest of people in life insurance products and ultimately in the growth of insurance industry that will contribute to the growth of Indian economy and last in the growth of World economy. In this highly competitive scenario, this study will also help people to know about the various plans and in selecting the best insurance plan among the available plans according to their needs. In this study, an attempt has been made to compare the Child Plan, Pension Plan & Term Plan of Top companies viz. ICICI Prudential Life Insurance, SBI Life Insurance with BHARTI AXA Life Insurance which helps the company know about the plans of other companies and their competitive advantage over Aviva lifes plan. That will help company to make more competitive plans and to gain the competitive advantages over its competitor and ultimately by increasing the sale of the company, increase its market share.

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SOME INSURANCE TERMINOLOGIES

Sum Assured: It is the minimum guaranteed amount the nominee get in case of an unfortunate demise of the life covered. Premium: The consideration paid by the insured to the insurer for making insurance. If it is paid regularly during the term of policy, it is called Regular premium and if it is paid as lump sum, for the whole policy term, it is called Single premium. Premium Payment Term (PPT): It is the time period for which one have to pay the Regular Premium. It can be less than or equal to policy term. Additional Regular Premium (ARP): It is the extra amount paid above the Regular Premium. Once you opt for this feature, you are bound to pay it for the whole premium payment term. The minimum and maximum amount is different in different insurance companies. Top-Up Premium: It is also the extra amount paid over and above the Regular Premium. The only difference between ARP and Top-up premium is that one does not obliged to pay it for the whole policy term. The minimum and maximum top-up amount is different for different companies. Partial Withdrawal (PW): One, if needed, can withdraw some amount from the fund value pertaining to regular premium and top-up premium after completion of the 3or 5 policy anniversary or as per the rules of the companies. Fund Option: Premium you paid, after deducting all the charges, rest amount is invested in the Debt, Money and Equity market. Every Life insurance company has some options according to the percentage of money allocated in these markets. These are called Fund Options.

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Switch: By opting this feature you can switch from one fund option to another fund option available in the plan depending on your financial priorities and investment decision. Switching policy of different companies is different. Like minimum and maximum amount switched between fund options are different in different companies and switching charges are also different. Systematic Transfer Plan (STP): This option allows you to enter and exit the equity market not abruptly, at once, but slowly at different times and at different levels. This has the effect of averaging out the risks associated with the equity market, thus reducing the overall risk you face. In this option some proportion of the fund value is automatically switched from debt dominated fund to equity dominated fund on regular basis. Automatic Asset Allocation (AAA): This option helps you to automatically decrease your exposure to equity and increase your exposure to dept, as you grow older. This option relies on the fact that an individuals risk appetite reduces with age and he tends to be more conservative with his investment. This option provides you the flexibility of leveraging the returns from equitys market and secure/ book the profits by the way of auto asset allocation as he advances in his age. Premium Re-direction: This option helps you to modify the allocation proportion of your future premium into various funds in accordance with your changing needs / preferences. Settlement Option: This option allows you to keep your money invested in the fund even after maturity and enables you to receive the same systematically over a period of up to 5 years. Cover Continuance Option: This option ensures that your life insurance cover continues in case you are unable to pay premiums, anytime after payment of first three years premium. All applicable charges will be automatically deducted from the units available in your fund. Free Look Period: You can review the terms and conditions of the policy, 15 days from the date of the receipt of the policy document and where you disagree to any of those terms and conditions; you have the option to return the policy stating the reason of your objection.

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Waiver of Premium Rider: According to this rider, In case of an unfortunate event of death of the policy holder, the sum assured is paid to nominee at that point of time and all the future premium will be paid by the company. Income Benefit (IB) Rider: If this rider is opted for, then upon your death, 10% of the income benefit rider sum assured will be payable to the appointee for every year. Accidental Death Benefit (ADB) Rider: If this rider is opted for, then in case of accidental death, the nominee will receive an additional sum assured along with the death benefit. Comprehensive Health Benefits (CHB) Rider: If this rider is opted for, then upon permanent total disability due to illness or accident or contracting any of listed 18 critical illnesses, then we shall pay the benefits payable in case of your death.

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INTRODUCTION ABOUT THE PLANS 1. CHILD PLANS BHARTI AXA LIFE BRIGHT STAR PLUS

Features:
Entry Age(Last Birthday) Policy Term (PT) Premium Payment Term(PPT) Annual Premium Minimum Age 18 years. 7-25 years, subject to maximum maturity age of 70 years 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 Sum Assured (SA) Riders Available Minimum: Rs. 1,000; Maximum: 25% of total regular premium paid Minimum: 5* Annual Premium Maximum: 10*Annual premium In Built: Waiver of Premium Optional: Accidental Death Benefit (ADB) Rider. Comprehensive Health Benefit (CHB) Rider. Premium Frequency Fund Options Yearly, Half yearly, Quarterly, Monthly 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

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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 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. Credited to investment Funds 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%

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Allocation Charges:
Regular premium:

Allocation charges for PT Policy Term Policy Year Year 1 Year 2 Year 3 Year 4++ 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 75% 50% 25% 0% 0% 0% 10 Years 75% 50% 25% 0% 0% 0% 15 Years 91% 80% 50% 25% 10% 0% 20 Years 91% 80% 50% 25% 10% 0% 25 Years 91% 80% 50% 25% 10% 0% Annual premium 7 Years 10 Years 15 Years 20 Years 25 Years

>100000 <=100000 Both Premium bands Both Premium bands

28% 25% 9% 5% 0%

35% 32% 15% 5% 0%

35% 32% 15% 5% 0%

45% 36% 24% 5% 0%

50% 50% 24% 5% 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 Parent: 75 years Child: 19 25 years Premium Payment Term(PPT) Annual Premium 10 -25 years, subject to maximum maturity age of 75 years Minimum Rs. 10000 Maximum=No Limit

Policy Term (PT)

Top-up Premium Sum Assured (SA) Riders Available

Minimum: Rs. 2,000; Maximum: 25% of total regular premium paid Minimum: 1,00,000 Maximum: 5*Annual premium Waiver of Premium Accidental Death & Disability Benefit (ADDB) Rider. Income Benefit(IB) Rider

Premium Frequency Fund Options

Yearly, Half yearly, Quarterly, Monthly R.I.C.H II, Multiplier II, Flexi Growth II, Flexi Balanced II, Balancer II, Protector II, Preserver, Return Guarantee Fund. 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

Partial Withdrawal

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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 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
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Allocation Charges:
Regular premium: Annual Year 1 Premium <20,000 20% >=20,000 to 19% <50,000 >=50,000 18% Top-up Premium: The allocation charge shall be 1% of top-up premium. Surrender Charges: Completed policy years Surrender value as a % of Surrender Charge for which premiums are Fund Value paid Less than 1 year 1 year 2 year 0% 25% 40% 100% 75% 60% Year 2 5 5% 5% 5% Year 6 10 2% 2% 2% Year 11 Onwards 1% 1% 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%

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 SBI LIFE- UNIT PLUS CHILD PLAN 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

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.

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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: 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.

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Fund Management Charges: This charge is levied on each of the investment funds and is adjusted daily in the unit price calculation.

Fund Name Equity Fund Equity Optimiser Fund Bond Fund Balanced Fund Growth Fund

Percent of Policy Fund Value (p.a.) 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% Year 1 18% to 17% Year 2 3 5% 5% Year 4 7 2% 2% Year 8 Onwards 1% 1%

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

Surrender charges

25%

15%

4%

2%

Nil

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2. PENSION PLANS Bharti AXA Life Dream Life Pension Plus:

Features:
Entry Age Vesting/Maturity Age Policy Term Annual Premium Min: 18 years Max: 75 years Min: 40 years Max: 90 years Min: 10 years Max: Vesting age chosen 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 Minimum: Rs.1000 Maximum: No Limit Minimum: Rs.1000 Maximum: No Limit 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.

Additional Regular Premium Top-up Premium Fund Options

Switches

Benefits: Death Benefit: 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.

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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 Premium Band Rs.12,000 99,999 Rs.1,00,000 & above Year 1 19% 12% Year 2-4 9% 9% Year 5+ 0% 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

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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 5 6

91% 50% 30% 15% 10% NIL

Surrender Not Allowed Surrender Not Allowed Surrender Not Allowed 5% 3% 0%

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ICICI PRU LIFE TIME SUPER PENSION Features:

Entry Age Vesting/Maturity Age Policy Term (PT) Annual Premium(APE) Sum Assured(SA) Top-up Premium Fund Options Min: 18 Years Max: 65 Years Min: 45 years Max: 75 years Min: 10 years Max: 57 years Min: 10,000 Max: No Limit Minimum: 100,000 Maximum: PT*Annual Premium Minimum: 2000 Maximum: No Limit 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 Accidental Death & Disability Rider, Waiver of Premium Rider

Riders Available

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.

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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 10,000-19,999 20,000-49,999 50,000 & above Year 1 Year 2 Year 3 10 Year 11 Onward Nil Nil Nil

20% 17% 14%

9% 9% 9%

1% 1% 1%

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

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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 Surrender Value 96% 98% 100% Surrender Charge 4% 2% 0%

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SBI LIFE UNIT PLUS II PENSION Features:

Entry Age Min: 18 Years Max: 65 Years Min: 50 years Max: 70 years Min: 5 years Max: as per the vesting age chosen Min: 24,000 Min: 25,000 for single premium Max: No Limit 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

Vesting/Maturity Age

Policy Term (PT)

Annual Premium(APE)

Sum Assured(SA)

Regular Premium Mode Age 18 35 MAX: 10 lakh 36 45 years 40 60 years Top-up Premium Minimum: 5000 Maximum: No Limit Equity Optimizer, Equity Pension, Bond Pension, Growth Pension, Balanced Pension 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 MAX: 5 lakh MAX: 1.2 lakh

Fund Options

Switches

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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.
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 Equity Optimizer Fund Equity Pension Fund Bond Pension Fund Growth Pension Fund Balanced Pension Fund Fund Management Charge (p.a.) 1.50% per annum 1.50% per annum 1.00% per annum 1.35% per annum 1.25% per annum

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Allocation Charges: Regular premium: Annual Premium 24,000 99,999 100,000 49,999 500,000 & above Year 1 15% 12% 9% Year 2 & 3 7.5% 5% 3% Year 4 & 5 5% 5% 3% Year 6-10 2% 2% 2% Year 11 Onward Nil Nil Nil

Single Premium:
Annual Premium 25,000-100,000 Allocation Charges 4%

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

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

Premium For single Premium Mode

Year 4 & 5 Year 6-10 11 onwards

Nil Nil Nil

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3. PROTECTION PLANS BHARTI AXA LIFE SECURE CONFIDENT Features:

Entry Age Minimum: 18 years Maximum: 55 years Minimum: 28 years Maximum: 65 years 10 30 years Minimum: 5 lacs Maximum: Rs.24,99,999 Single Regular: Yearly, Half-yearly, Quarterly & Monthly In-Built: No Additional: Accidental Death Benefit, critical illness benefit rider

Maturity Age

Policy Term (PT) Sum Assured (SA) Premium Frequency

Riders Available

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.

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ICICI PRU PURE PROTECT: Features:

Entry Age Maximum Coverage Age Policy Term (PT) Premium Sum Assured (SA) Minimum: 18 years Maximum: 55 years 75 years 10 30 years Minimum: 2400 per annum Maximum: 24,99,999 for Classic Minimum: 25 lacs for Elite Maximum: No Limit In-Built: No Additional: Accidental Death & Disability Benefit Rider, Waiver of Premium Rider

Riders Available

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 Benefit as per section 80C.

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SBI LIFE- SHIELD Features:

Entry Age Maximum Coverage Age Policy Term (PT) Sum Assured (SA) Riders Available Minimum: 18 years Maximum: 60 years 65 years 5 25 years Minimum: 3 lakh Maximum: No Limit 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: Tax Benefit as per Section 80C & 10(10D).

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OBJECTIVE
The main objectives of this study are: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.

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METHODOLOGY

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.

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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.

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DATA ANALYSIS COMPARISON OF CHILD PLANS

Product Features Cover on parent Cover On Child WOP IB Rider ADB Rider CHB Rider 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 17 No Yes No Yes 13 No Yes Yes Yes 14 Yes Yes Yes No Yes Yes Yes Yes No 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 Yes Yes Yes Yes Yes No Yes Yes Yes Yes No Yes Yes Yes Yes Yes No Yes No Yes Yes Yes Yes Yes Yes Yes

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

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Allocation Charges
Year APE: 15,000 Bharti AXA Life Bright Star Plus 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 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 2700 750 750 300 300 300 300 150 150 150 150 150 150 150 150 6600 APE: 20,000 Bharti AXA Life Bright Star Plus 6000 3000 1000 0 0 0 0 0 0 0 0 0 0 0 0 10,000 ICICI PRU Smart Kid ULRP 3800 1000 1000 1000 1000 400 400 400 400 400 200 200 200 200 200 10,800 APE: 50,000 SBI Bharti ICICI SBI Life- AXA PRU LifeUnit Life Unit Smart Plus Bright Plus Child Star Kid Child Plus Plan ULRP Plan 3600 1000 1000 400 400 400 400 200 200 200 200 200 200 200 200 8800 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

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. 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

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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 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

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Total Points Collected: Company Features Allocation Charges 10 05 15 Policy Admin. Charges 05 15 10 Total Points

BHARTI AXA LIFE ICICI PRU LIFE SBI LIFE

17 13 14

32 33 39

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.

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COMPARISON OF PENSION PLANS

Product Features Bharti AXA Life ICICI PRU Life Dream Life Pension Time Super Pension Plus No Yes No No No No Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes Yes 11 Yes Yes No No No No Yes No Yes No Yes No Yes Yes Yes Yes No 10 SBI Life- Unit Plus II Pension Yes No Yes Yes Yes No No Yes No Yes Yes Yes No No No Yes Yes Yes 11

Option of Life Cover WOP ADDB Rider Critical Illness Rider Increase RP Additional RP Indexation Top-up premium Partial Withdrawal Cover continuance option Premium Redirection Switches Systematic Transfer plan Automatic Transfer Strategy Change of Maturity Date Free Look Period Open Market Option Single Premium Total Points

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
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Allocation Charges
Year
Bharti AXA Life Dream Life Pension Plus

APE: 25,000
ICICI PRU Life time Super Pension SBI LifeBharti AXA Life Unit Dream Plus II Life Pension Pensio n Plus

APE: 50,000
ICICI PRU Life time Super Pension SBI LifeBharti AXA Life Unit Dream Plus II Life Pension

APE: 1,00,000
ICICI PRU Life time Super Pension SBI LifeUnit Plus II Pension

Pension Plus

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. 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 15 10 05

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Policy Administration Charges:

Year Bharti AXA Life Dream Life Pension Plus ICICI PRU Life time Super Pension SBI Life- Unit Plus II Pension

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

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
Bharti AXA LIFE ICICI PRU LIFE SBI LIFE

Allocation Charges 10 15 05

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

Total Points 31 40 21
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Interpretation: From the above column chart, it is clear that ICICI PRU LIFE has got the maximum points & SBI LIFE has got the minimum points. Hence ICICI PRU Life Time Super Pension is the best retirement solution among the 3 Insurer.

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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 30 35 40 Bharti AXA Life Secure Confident 2580 3080 3960 ICICI Pru Pure Protection 2920 3771 5373 SBI Life- Shield 2988 3753 5237

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.

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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. 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.

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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.

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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 http://www.sbilife.co.in/sbilife/content/home http://www.iciciprulife.com/public/Life-plans/Pure-Protection-Plans.htm

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Contact Details: Name: Lokesh Chander R Mobile: +919739459169 e-mail: lokeshchanderr@gmail.com

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