A Study on Market Preference for Unit Link Insurance Plan
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21-02-2011, 12:43 PM


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A Study on Market Preference for Unit Link Insurance Plan

India has witnessed the growth of IT industry and mobile communication, the next hot cake is the insurance industry. The insurance industry has shown 95% growth in life insurance sector and 22% growth in general insurance sector during 2006-2007. The total premium collected by the industry is valued to 68037.74 Cr till March 2007. The penetration and density of this industry is 3.14 & 22.7 respectively as of now and the Life Insurance has shown the growth rate of 95% over the last year. United Kingdom has shown the highest penetration and density than any other country. The industry broadly classified as Life insurance and non life insurance. The market share of the public insurers, and the private players was 64.93 and 35.07 per cent respectively for non life insurance and 79% and 21% for life insurance respectively. 1.2 KEY PLAYERS 1. Life insurance Corporation of India (79.03% of the market) 2. ICICI prudential life insurance (10.55% of the market) 3. Max New York Life (1.8% of the market) 4. HDFC standard life insurance (3.08% of the market) 5. Aviva life insurance Company Ltd (1.6% of the market) 6. Birla Sun Life Insurance (1.94% of the market)
The product of the industry classified into two broad categories. They are Traditional product and ULIP products. Each category has the customized products to attract the customers namely, educational plans, health plans, retirement plans, group plans, life cove plans. Based on the benefits, premium, and tax savings each product category has several products.
1.3 Unit Linked Insurance Plan

 Potential for Superior returns by switching between Equity & Debt
 Anytime Liquidity
 No Long Term Commitments
 Flexible Insurance Cover
 100% Tax Free Returns on Withdrawals & Maturity ULIP is Like a
 Endowment Plan by not withdrawing for many years and create tax-free wealth till you retire
 Money-Back Plan by withdrawing as and when you require funds
 Children’s Plan by withdrawing funds for higher studies, marriage expenses
 Whole-Life Plan by not withdrawing at all till 70 or 80 years of age
 Pension Plan by withdrawing every month after you retire
1.5 Milestones of the industry
 1912: The Indian life insurance companies act as the first statue to regulate the life insurance business.
 1928: The Indian insurance companies act enacted to enable the government to collect statically information for both life and no-life insurance.
 1938: Earlier legislation consolidated and amended by insurance act with the objectives of protecting the interest of the insuring public.
 1956: Indian and foreign insurers and provident societies taken over by the central government and nationalized.
The state sponsored life insurance corporation (LIC) of India, before 2000, was the sole player in the Indian life insurance market. The insurance industry in India was opened up to the private sector participation in the year 2000.
1.6 SWOT of the industry
The insurance regulatory and development authority (IRDA)
IRDA has been established with the following mission
“To protect the interest of the policy holders, to regulate, promote, and ensure orderly growth of the insurance industry “
Reforms in the insurance sector were initiated with the passage of the IRDA bill in parliament in December 1999.IRDA has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies.
1.8 List Of Insurance Company and its ULIP products
ICICI Prudential Life Insurance
• SmartKid New Unit-linked-Regular Premium
• LifeTime Super
• LifeLink Super
• PremierLife Gold
• LifeTime Plus
• InvestShield Life New
• InvestShield CashBak
• Invest Assure II
• Invest Assure Gold
• Invest Assure Plus SP
ING Vysya Life Insurance
• New Future Perfect
• ING Life Plus
Reliance Life Insurance
• Market Return Plan
• Golden Years Plan Plus
Kotak Life Insurance
• Kotak Retirement Income Plans
• Kotak Flexi Plan
• Kotak Capital Multiplier Plan
• Kotak Headstart Child Plans


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