11-08-2012, 03:06 PM
COMPARATIVE STUDY ON ULIPS IN THE INDIAN INSURANCE MARKET
COMPARATIVE STUDY ON ULIPS.doc (Size: 1.39 MB / Downloads: 38)
INTRODUCTION
The insurance plays a major role in the life of the humanity. Slowly people stared to realize the necessity of the insurance and these needs are unending as long as life exists. In fact insurance is not restricted for any category neither of the society nor in term of cast, ages or life styles. Also many people have a notion that Insurance is very good form of an investment, which is not right. Insurance is just creating a protection for you and your family.
As Indian investors are now more exposed to the capital markets and have started understanding its working, they want to multiply their money rapidly.
This can be done through Unit Linked Insurance Plans (market linked plans ) introduced by the
COMPANY PROFILE
Getting associated with a brand like Tata –AIG for just 2 months was really a prestigious and a memorable period in my MBA tenure. Growth has been the main objective of the company and will continue to be the driving force in the years to come by spreading the wings wider in India and contribute in the economic and social development.
Tata-AIG LIFE INSURANCE
It is a joint venture between TATA and AIG. It provides insurance cover for both for life and group. It deals in all kinds of products. And now concentrates more on UNIT LINKED PLANS.
It is Tata-AIG which consumers trust the more when it comes to giving exact claim valuation, best in consumer satisfaction and trusted as the best in quick disposal of claims. Its working is based on Business brought up by Business Associates who are the advisors/agents for the company.
Areas of business
Tata AIG Life Insurance products include a broad array of life insurance coverage to both individuals and groups. For groups, the company has life products whereas for individuals, it has term products, endowment products as well as money-back products. For groups and individuals, various types of add-ons and options are available to give consumers
flexibility and choice. The company has also designed specific products for the financially
challenged and underprivileged.
MEANING OF ULIPS
A policy, which provides for life insurance where the policy value at any time varies according to the value of the underlying assets at the time. ULIP is life insurance solution that provides for the benefits of protection and flexibility in investment. The investment is
denoted as units and is represented by the value that it has attained called as Net Asset Value (NAV). In order to offset the erosion of money, ULIPS are introduced. The Sum Assured is expressed in units whose price is linked to an inflation related index.
In today’s times, ULIP provides solutions for insurance planning, financial needs, financial planning for children’s future and retirement planning.