INTRODUCTION

Life insurance is a guarantee that your family will receive financial support, even in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It thus permanently protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably. Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event. It provides financial protection to help your family to manage after your death. Insurance companies collect premiums to provide for this protection. ! loss is paid out of the premiums collected from the insuring public and the insurance companies act as trustees to the amount collected Life insurance: Life insurance is a contact between you and a life insurance company, which provides your beneficiary with a pre determined amount in case of your death during the contract term. "uying insurance is extremely useful if you are the principal earning member in the family .In case of your unfortunate premature demise, your family can remain finically secure because of the life insurance policy that you have purchased. #he primary purpose of life insurance is therefore protection of the family in the event of death . #oday insurance is also seen as a tool to plan effectively for your future years .$our retirement and for $our children%s future needs.#oday the market offer insurance plan%s that not &ust cover your life and but and the same time grow your wealth too.

Why we Need Life Insurance in Today Life: 1) Family s !ro"ec"ion # so that your loved ones are secure should an unfortunate event happen to you. Life insurance can guarantee that your family receives a lumpsum that safely tides them over any financial crises that might occur in your absence. $) Child s educa"ion: !s parent, your primary responsibility is to guarantee your children's future. (ur )ducation Insurance plans ensure your child receives money at key stages of his or her education even in your absence. %) &a'in(s: *avings plans allow you to steadily save towards a pre-decided goal in a secure manner. #hese plans provide you with a host of benefits. $ou can choose the premium, the underlying fund in which you want to invest your money, the ratio between protection and investment as per your re+uirements. )) Re"iremen": ,etirement plans help you secure guaranteed income for your retired life. -uring the !ccumulation phase, you systematically save while you are working. .hen you retire, the Payout stage of the plan begins. $ou then purchase an annuity, which will serve as a steady stream of income, for the rest of your life. *) +eal"h: !n integral part for financial planning is protecting oneself against any medical emergencies as well. /ence, a very prudent decision would be to choose a combination of plans that look after your finances and offer you a protective health cover to ensure your financial planning is in track despite any ma&or illnesses. In India, insurance has a deep-rooted history. 0101 saw the ad'en" of life insurance ,usiness in India with the establishment of the (riental Life Insurance 2ompany in 2alcutta. #his 2ompany however failed in 0134. In 0156, the 7adras )+uitable had begun transacting life insurance business in the 7adras Presidency. 0189 saw the enactment of the "ritish Insurance !ct and in the last three decades of the nineteenth century, the "ombay 7utual :0180;, (riental :0184; and )mpire of India :0168; were started in the "ombay ,esidency. #his era, however, was dominated by foreign insurance

offices which did good business in India, namely !lbert Life !ssurance, ,oyal Insurance, Liverpool and London <lobe Insurance and the Indian offices were up for hard competition from the foreign companies. In 0604, the <overnment of India started publishing returns of Insurance 2ompanies in India. #he Indian Life !ssurance 2ompanies !ct, 0605 was the first statutory measure to regulate life business. In 0651, the Indian Insurance 2ompanies !ct was enacted to enable the <overnment to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 0631, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance !ct, 0631 with comprehensive provisions for effective control over the activities of insurers. !n (rdinance was issued on 06th =anuary, 06>? nationali@ing the Life Insurance sector and Life Insurance 2orporation came into existence in the same year. #he LI2 absorbed 0>4 Indian, 0? non-Indian insurers in all. #he LI2 had monopoly till the late 69s when the Insurance sector was reopened to the private sector. In 0685 with the passing of the <eneral Insurance "usiness :Aationali@ation; !ct, general insurance business was nationali@ed with effect from 0st =anuary, 0683. 098 insurers were amalgamated and grouped into four companies, namely Aational Insurance 2ompany Ltd., the Aew India !ssurance 2ompany Ltd., the (riental Insurance 2ompany Ltd and the Bnited India Insurance 2ompany Ltd. #he <eneral Insurance 2orporation of India was incorporated as a company in 0680 and it commence business on =anuary 0sst 0683.

CO-./N0 .ROFIL1

CO-./N0 .ROFIL1

)very day we wake up to the fact that more than 559 million lives are part of our family called LI2. .e are humbled by the magnitude of the responsibility we carry and realise that the lives that are associated with us are very valuable indeed. !lthough this &ourney started five decades ago, we are still conscious of the fact that, while insurance may be a business for us, being part of millions of lives every day for the past >5 years has been a process called #,B*#.

)213

BRIEF HISTORY OF INSURANCE

#he story of insurance is probably as old as the story of mankind. #he same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. #hey too sought to avert the evil conse+uences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. #hough the concept of insurance is largely a development of the recent past, particularly after the industrial era C past few centuries C yet its beginnings date back almost ?999 years. Life Insurance in its modern form came to India from )ngland in the year 0101. (riental Life Insurance 2ompany started by )uropeans in 2alcutta was the first life insurance company on Indian *oil. !ll the insurance companies established during that period were brought up with the purpose of looking after the needs of )uropean community and

Indian natives were not being insured by these companies. /owever, later with the efforts of eminent people like "abu 7uttylal *eal, the foreign life insurance companies started insuring Indian lives. "ut Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. "ombay 7utual Life !ssurance *ociety heralded the birth of first Indian life insurance company in the year 0189, and covered Indian lives at normal rates. *tarting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. "harat Insurance 2ompany :016?; was also one of such companies inspired by nationalism. #he *wadeshi movement of 069>-0698 gave rise to more insurance companies. #he Bnited India in 7adras, Aational Indian and Aational Insurance in 2alcutta and the 2o-operative !ssurance at Lahore were established in 069?. In 0698, /industan 2o-operative Insurance 2ompany took its birth in one of the rooms of the =orasanko, house of the great poet ,abindranath #agore, in 2alcutta. #he Indian 7ercantile, <eneral !ssurance and *wadeshi Life :later "ombay Life; were some of the companies established during the same period. Prior to 0605 India had no legislation to regulate insurance business. In the year 0605, the Life Insurance 2ompanies !ct, and the Provident Dund !ct were passed. #he Life Insurance 2ompanies !ct, 0605 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. "ut the !ct discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. #he first two decades of the twentieth century saw lot of growth in insurance business. Drom 44 companies with total business-in-force as ,s.55.44 crore, it rose to 08? companies with total business-in-force as ,s.561 crore in 0631. -uring the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. #he Insurance !ct 0631 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. #he demand for nationali@ation of life insurance industry was made repeatedly in the past but it gathered momentum in 0644 when a bill to amend the Life Insurance !ct 0631 was introduced in the Legislative !ssembly. /owever, it was much later on the

06th of =anuary, 06>?, that life insurance in India was nationali@ed. !bout 0>4 Indian insurance companies, 0? non-Indian companies and 8> provident were operating in India at the time of nationali@ation. Aationali@ation was accomplished in two stagesE initially the management of the companies was taken over by means of an (rdinance, and later, the ownership too by means of a comprehensive bill. #he Parliament of India passed the Life Insurance 2orporation !ct on the 06th of =une 06>?, and the Life Insurance 2orporation of India was created on 0st *eptember, 06>?, with the ob&ective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them ade+uate financial cover at a reasonable cost. LI2 had > @onal offices, 33 divisional offices and 505 branch offices, apart from its corporate office in the year 06>?. *ince life insurance contracts are long term contracts and during the currency of the policy it re+uires a variety of services need was felt in the later years to expand the operations and place a branch office at each district head+uarter. re-organi@ation of LI2 took place and large numbers of new branch offices were opened. !s a result of re-organisation servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 599.99 crores of Aew "usiness in 06>8 the corporation crossed 0999.99 crores only in the year 06?6-89, and it took another 09 years for LI2 to cross 5999.99 crore mark of new business. "ut with re-organisation happening in the early eighties, by 061>-1? LI2 had already crossed 8999.99 crore *um !ssured on new policies. #oday LI2 functions with 5941 fully computeri@ed branch offices, 099 divisional offices, 8 @onal offices and the 2orporate office. LI2%s .ide !rea Aetwork covers 099 divisional offices and connects all the branches through a 7etro !rea Aetwork. LI2 has tied up with some "anks and *ervice providers to offer on-line premium collection facility in selected cities. LI2%s )2* and !#7 premium payment facility is an addition to customer convenience. !part from on-line Fiosks and IG,*, Info 2entres have been commissioned at 7umbai, !hmedabad, "angalore, 2hennai, /yderabad, Folkata, Aew -elhi, Pune and many other cities. .ith a vision of providing easy access to its

policyholders, LI2 has launched its *!#)LLI#) *!7P!,F offices. #he satellite offices are smaller, leaner and closer to the customer. #he digitali@ed records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. LI2 continues to be the dominant life insurer even in the liberali@ed scenario of Indian insurance and is moving fast on a new growth tra&ectory surpassing its own past records. LI2 has issued over one crore policies during the current year. It has crossed the milestone of issuing 0,90,35,6>> new policies by 0>th (ct, 599>, posting a healthy growth rate of 0?.?8H over the corresponding period of the previous year. Drom then to now, LI2 has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. #he same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LI2 to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

&ome of "he im!or"an" miles"ones in "he life insurance ,usiness in India are: 0101I (riental Life Insurance 2ompany, the first life insurance company on Indian soil started functioning. 0189I "ombay 7utual Life !ssurance *ociety, the first Indian life insurance company started its business. 0605I #he Indian Life !ssurance 2ompanies !ct enacted as the first statute to regulate the life insurance business. 0651I #he Indian Insurance 2ompanies !ct enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 0631I )arlier legislation consolidated and amended to by the Insurance !ct with the ob&ective of protecting the interests of the insuring public.

06>?I 54> Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LI2 formed by an !ct of Parliament, vi@. LI2 !ct, 06>?, with a capital contribution of ,s. > crore from the <overnment of India. #he <eneral insurance business in India, on the other hand, can trace its roots to the #riton Insurance 2ompany Ltd., the first general insurance company established in the year 01>9 in 2alcutta by the "ritish. &ome of "he im!or"an" miles"ones in "he (eneral insurance ,usiness in India are: 0698I #he Indian 7ercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 06>8I <eneral Insurance 2ouncil, a wing of the Insurance !ssociation of India, frames a code of conduct for ensuring fair conduct and sound business practices. 06?1I #he Insurance !ct amended to regulate investments and set minimum solvency margins and the #ariff !dvisory 2ommittee set up. 0685I #he <eneral Insurance "usiness :Aationalisation; !ct, 0685 nationalised the general insurance business in India with effect from 0st =anuary 0683. 098 insurers amalgamated and grouped into four companies vi@. the Aational Insurance 2ompany Ltd., the Aew India !ssurance 2ompany Ltd., the (riental Insurance 2ompany Ltd. and the Bnited India Insurance 2ompany Ltd. <I2 incorporated as a company.

*pread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them ade+uate financial cover against death at a reasonable cost.

7aximi@e mobili@ation of people's savings by making insurance-linked savings ade+uately attractive. "ear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a wholeE the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.

2onduct business with utmost economy and with the full reali@ation that the moneys belong to the policyholders. !ct as trustees of the insured public in their individual and collective capacities. 7eet the various life insurance needs of the community that would arise in the changing social and economic environment. Involve all people working in the 2orporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.

Promote amongst all agents and employees of the 2orporation a sense of participation, pride and &ob satisfaction through discharge of their duties with dedication towards achievement of 2orporate (b&ective.

-I&&ION 415!lore and enhance "he 6uali"y of life of !eo!le "hrou(h financial securi"y ,y !ro'idin( !roduc"s and ser'ices of as!ired a""ri,u"es wi"h com!e"i"i'e re"urns7 and ,y renderin( resources for economic de'elo!men"24 8I&ION 4/ "rans#na"ionally com!e"i"i'e financial con(lomera"e of si(nificance "o socie"ies and .ride of India24

-em,ers On The 9oard Of The Cor!ora"ion

&hri2 T2&2 8i:ayan :2hairman; &hri2 D2;2 -ehro"ra :7anaging -irector - LI2; &hri2 Thomas -a"hew T2 :7anaging -irector - LI2; &hri2 /2;2 Das(u!"a :7anaging -irector - LI2; &hri2 /sho< Chawla :Dinance *ecretary, 7inistry of Dinance, <ovt. of India; &hri2 =2C2 Cha"ur'edi :!dditional *ecretary, -epartment of Dinancial *ervices, 7inistry of Dinance, <ovt. of India.; &hri2 0o(esh Lohiya :2hairman cum 7anaging -irector, <I2 of India; &hri2 T2C2 8en<a" &u,ramanian :2hairman J 7anaging -irector. )xport Import "ank of India; Dr2 &ooranad Ra:ashe<hran &hri2 -onis R2 ;idwai

W1 O.1R/T1 /LL O81R INDI/

)21> .RODUCT&

/s indi'iduals i" is inheren" "o differ2 1ach indi'idual?s insurance needs and re6uiremen"s are differen" from "ha" of "he o"hers2 LIC?s Insurance .lans are !olicies "ha" "al< "o you indi'idually and (i'e you "he mos" sui"a,le o!"ions "ha" can fi" your re6uiremen"2

@ee'an /nura( ;omal @ee'an CD/ 1ndowmen" 8es"in( /" $1 -arria(e 1ndowmen" Or 1duca"ional /nnui"y .lan CD/ 1ndowmen" 8es"in( /" 1> @ee'an ;ishore @ee'an Chhaya Child Career .lan Child Fu"ure .lan Child For"une .lus

@ee'an /adhar @ee'an 8ishwas

The 1ndowmen" /ssurance .olicy The 1ndowmen" /ssurance .olicy#Limi"ed .aymen" @ee'an -i"raADou,le Co'er 1ndowmen" .lan) @ee'an -i"raATri!le Co'er 1ndowmen" .lan) @ee'an /nand New @anara<sha .lan @ee'an /mri"

@ee'an &hree#I @ee'an .ramu<h

The -oney 9ac< .olicy#$B 0ears The -oney 9ac< .olicy#$C 0ears @ee'an &ura,hi#1C 0ears @ee'an &ura,hi#$B 0ears @ee'an &ura,hi#$C 0ears 9ima 9acha"

@ee'an 9hara"i # I

The Whole Life .olicy The Whole Life .olicy# Limi"ed .aymen" The Whole Life .olicy# &in(le .remium @ee'an /nand @ee'an Taran(

Two 0ear Tem!orary /ssurance .olicy The Con'er"i,le Term /ssurance .olicy /nmol @ee'an#I /mulya @ee'an#I

@ee'an &aa"hi .lus @ee'an &aa"hi

.ension .lans are Indi'idual .lans "ha" (aDe in"o your fu"ure and foresee financial s"a,ili"y durin( your old a(e2 These !olicies are mos" sui"ed for senior ci"iDens and "hose !lannin( a secure fu"ure7 so "ha" you ne'er (i'e u! on "he ,es" "hin(s in life2

@ee'an Nidhi @ee'an /<shay#8I New @ee'an Dhara#I New @ee'an &ura<sha#I

Uni" !lans are in'es"men" !lans for "hose who realise "he wor"h of hard#earned money2 These !lans hel! you see your sa'in(s yield rich ,enefi"s and hel! you sa'e "a5 e'en if you don " ha'e consis"en" income2

-ar<e" .lus I

.rofi" .lus For"une .lus -oney .lus#I Child For"une .lus LICEs &!ecial .lans are no" !lans ,u" o!!or"uni"ies "ha" <noc< on your door once in a life"ime2 These !lans are a !erfec" ,lend of insurance7 in'es"men" and a life"ime of ha!!inessF

New 9ima =old

+eal"h .ro"ec"ion .lus +eal"h .lus

9ima Ni'esh $BBC @ee'an &aral @ee'an -adhur

=rou! Insurance &cheme is life insurance !ro"ec"ion "o (rou!s of !eo!le2 This scheme is ideal for em!loyers7 associa"ions7 socie"ies e"c2 and allows you "o en:oy (rou! ,enefi"s a" really low cos"s2

=rou! LIC s &u!erannua"ion .lus =rou! Term Insurance &chemes =rou! Insurance &cheme in Lieu Of 1DLI =rou! =ra"ui"y &cheme =rou! &u!er /nnua"ion &cheme =rou! &a'in(s Lin<ed Insurance &cheme =rou! Lea'e 1ncashmen" &cheme =rou! -or"(a(e Redem!"ion /ssurance &cheme =ra"ui"y .lus =rou! Cri"ical Illness Rider

@ana&hree 9ima 0o:ana A@90) &hi<sha &ahayo( 0o:ana /am /dmi 9ima 0o:ana

INTRODUCTION TO TO.IC

INTRODUCTION TO TO.IC
#he insurance sector in India has come a full circle from being an open competitive market to nationali@ation and back to a liberali@ed market again. #racing the developments in the Indian insurance sector reveals the 3?9-degree turn witnessed over a period of almost 069 years. #he business of life insurance in India in its existing form started in India in the year 0101 with the establishment of the (riental Life Insurance 2ompany in 2alcutta. *ome of the important milestones in the life insurance business in India areI 0605 - #he Indian Life !ssurance 2ompanies !ct enacted as the first statute to regulate the life insurance business. 0651 - #he Indian Insurance 2ompanies !ct enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 0631 - )arlier legislation consolidated and amended to by the Insurance !ct with the ob&ective of protecting the interests of the insuring public.

06>? - 54> Indian and foreign insurers and provident societies taken over by the central government and nationali@ed. LI2 formed by an !ct of Parliament, vi@. LI2 !ct, 06>?, with a capital contribution of ,s. > crore from the <overnment of India. #he <eneral insurance business in India, on the other hand, can trace its roots to the #riton Insurance 2ompany Ltd., the first general insurance company established in the year 01>9 in 2alcutta by the "ritish. *ome of the important milestones in the general insurance business in India areI 0698 - #he Indian 7ercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 06>8 - <eneral Insurance 2ouncil, a wing of the Insurance !ssociation of India, frames a code of conduct for ensuring fair conduct and sound business practices. 06?1 - #he Insurance !ct amended to regulate investments and set minimum solvency margins and the #ariff !dvisory 2ommittee set up. 0685 - #he <eneral Insurance "usiness :Aationali@ation; !ct, 0685 nationali@ed the general insurance business in India with effect from 0st =anuary 0683. 098 insurers amalgamated and grouped into four companies vi@. the Aational Insurance 2ompany Ltd., the Aew India !ssurance 2ompany Ltd., the (riental Insurance 2ompany Ltd. and the Bnited India Insurance 2ompany Ltd. <I2 incorporated as a company. .RI8/TIG/TION I .ri'a"iDa"ion is the transfer of property or responsibility from the public sector

:government; to the private sector :business;. #he term can refer to partial or complete transfer of any property or responsibility held by government. .RI8/TI&/TION OF IN&UR/NC1 &1CTOR

Insurance has always been a politically sensitive sub&ect in India. .ithin less than 09 years of independence, the Indian (o'ernmen" na"ionaliDed !ri'a"e insurance com!anies in 06>? to bring this vital sector under government control to raise much needed development funds. #he bigger private players claim that opening up insurance will give policy holders better products and serviceE the opponents of privati@ation argue that in a poor country like India insurance needs "o ha'e social o,:ec"i'es and newcomers will not have that commitment. FOR1I=N DIR1CT IN81&T-1NT AFDI) .OLIC0 IN IN&UR/NC1 &1CTOR !s per the current :7ar 9?; D-I norms, foreign participation in an Indian insurance company is restricted to 5?.9H of its e+uity K ordinary share capital. #he Bnion "udget for fiscal 599> had recommended that the ceiling on foreign holding be increased to 46.9H. /owever, the matter is still under discussions. !ll life insurance companies have to comply with the strict regulations laid out by IRD/. #herefore there is risk in going in for private insurance players. LIF1 IN&UR/NC1 COUNCIL #he Life Insurance 2ouncil is funded by the Life Insurers in India. &TRUCTUR1 #he Life Insurance 2ouncil will have an )xecutive 2ommittee of 0? members of which 5 will be from the I,-! and the rest from licensed life insurers T+1 .UR.O&1

#he Life Insurance 2ouncil seeks to play a significant and complementary role in transforming India%s life insurance industry into a vibrant, trustworthy and profitable service, helping the people of India on their &ourney to prosperity. ITE& -I&&ION

#o function as an active forum to aid, advise and assist insurers in maintaining

high standards of conduct and service to policyholders

!dvise the supervisory authority in the matter of controlling expenses Interact with the <overnment and other bodies on policy matters !ctively participate in spreading insurance awareness in India #ake steps to develop education and research insurance /elp bring to India the benefit of the best practices in the world
Le(isla"ions H Con"rol 0. !ddress common issues in legislation and practice. Interface with the various other regulatory bodies on behalf of the insurance industry. 5. Identify regularly the important issues to be taken up with <overnment andKor I,-! J PD,-! and make presentations on behalf of the industry 3. Prepare benchmarks for the industry in all areas of operation and help maintain high standards of conduct, ethics and governance 4. #ake measures to prevent practices that are detrimental to the interests of the policyholders 1duca"ion H /wareness 0. )stablish a consumer relations cell

5. 2o-ordinate with educational institutions in India and overseas to encourage research, professional development courses etc. 3. Dacilitate knowledge-exchange programs :both in India and with councils abroad; to develop and upgrade the skills of local insurance professionals 4. (rgani@e K participate in ma&or conferences, seminars, workshops and lectures by IndianKvisiting experts on insurance and related areas >. Launch an interactive websiteKlife insurance &ournalsKnewsletters ?. Provide structured regular information to the public about the industry 8. Launch regular insurance awareness programs.

-1-91R& OF T+1 COUNCIL &r2 No2 0 $ 3 4 > ? 8 > 6 09

Name of "he Com!any !viva Life Insurance 2o. India Pvt. Ltd. 9a:a: /llianD Life Insurance Com!any L"d2 "harti !L! Life Insurance Pvt. Ltd. "irla *un Life Insurance 2o. Ltd /-D2 *tandard Life Insurance 2o. Ltd I2I2I Prudential Life Insurance 2o. Ltd IA< Gysya Life Insurance 2o. Ltd. LIC Old -u"ual Life Insurance L"d2 Life Insurance 2orporation of India 7ax Aew $ork Life Insurance 2o. Ltd

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00 05 03 04 0> 0?

7et Life India Insurance 2ompany Pvt. Ltd. ,eliance Life Insurance 2ompany Ltd. *ahara India Life Insurance 2o, Ltd. *"I Life Insurance 2o. Ltd *hriram Life Insurance 2o. Ltd. #ata !I< Life Insurance 2ompany Ltd.

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.RINCI.L1& OF IN&UR/NC1
IN&UR/9L1 INT1R1&T Insurable interest means that the person opting for insurance must have pecuniary interest in the property he is going to get insured and will suffer financial loss on the occurrence of the insured event. #his is one of the essential re+uirements of any insurance contract. #herefore, a person can go for insurance of only those properties where he stands to benefit by the safety of the property, and will suffer loss, damage, in&ury if any harm takes place to such property. #hus, if you want to insure #a& 7ahal or ,ed Dort, you will not be allowed to do so as you do not have any pecuniary interest in these properties. .RINCI.L1 OF UT-O&T =OOD F/IT+

Like in other contracts, the insurance contract must be based on good faith. If the insurance contract is obtained by way of fraud or misrepresentation it is void. -/T1RI/L F/CT& DI&CLO&UR1 In the Insurance contract, the proposer is re+uired to disclose to the insurer all the material facts in respect of the proposed insurance. #his duty of disclosing the material facts not only applies to the material facts which are known to him but also extends to material facts which he is supposed to know. #hus, in case of Life Insurance the proposer must disclose the true age and details of the existing illnesses K diseases. *imilarly, in case of the insurance of a building against fire, the proposer must disclose the details of the goods stored if such goods are of ha@ardous nature. .RINCI.L1 OF IND1-NIT0 #he insurance contract should always be a contract of indemnity only and nothing more. !ccording to this principle, the insurance contract should be such that in case of loss due to the eventialities mentioned in the contract, the insured should be neither better off nor worse off after receiving the insured amount. #he main ob&ect of this principle is to ensure that the insured is not able to use this contract for speculation or gambling. FUNCTION& OF IN&UR/NC1 The func"ions of Insurance can ,e di'ided in"o followin( !ar"s: 0. Primary Dunctions 5. *econdary Dunctions 3. (ther Dunctions The !rimary func"ions of insurance include "he followin(:

Provide Protection - #he primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others. 2ollective bearing of risk - Insurance is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. !ll the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. !ssessment of risk - Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. ,isk is the basis for determining the premium rate also Provide 2ertainty - Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain.

The secondary func"ions of insurance include "he followin(: Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate conse+uences of risk by observing safety instructionsE installation of automatic sparkler or alarm systems, etc. Prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. ,educed rate of premiums stimulate for more business and better protection to the insured. *mall capital to cover larger risks - Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. 2ontributes towards the development of larger industries - Insurance provides development opportunity to those larger industries having more risks in their setting up. )ven the financial

institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. The o"her func"ions of insurance include "he followin(: 7eans of savings and investment - Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's Dor the purpose of availing income-tax exemptions also, people invest in insurance. *ource of earning foreign exchange - Insurance is an international business. #he country can earn foreign exchange by way of issue of marine insurance policies and various other ways. ,isk Dree trade - Insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover.

LIF1 IN&UR/NC1 /D8/NT/=1& *ome of the life insurance advantages offered by different types of Life Insurance Policies areI Life Insurance policies can help secure the future of children for collegeKeducational purposes as the amount of life Insurance Policy increases on a minor%s or parent%s life. Life Insurance provides the option to pass e+ual assets to the children who are not active in the Damily business at the time the family business is passed on. #he growth of a cash-value policy is tax-deferred - you do not pay taxes on the cash value accumulation until you withdraw funds from the policy.

 Life Insurance helps retain your "usiness from the loss of a key employee. Bntimely death of a key employee can pose severe financial loss to the business. ! lot of Insurance products presently provide good returns, which could be a beneficial way for saving necessary funds for retirement years. "enefits are available immediately and may be used to help pay expenses such as final illness and funeral costs, eliminating the need to sell estate assets to cover these costs. ! carefully signed Life Insurance Policy with desired ownership and beneficiary arrangements helps secure you and your family in the long term.

=LO&&/R0 OF IN&UR/NC1 T1R-&

Ao insurance resource would be complete without a comprehensive glossary of terms. /ere is the list of terms and their definitions to better help you navigate the sometimes confusing world of insurance. It is essential to know the terminology of every field before going deep in it. /cciden" ! sudden and unintentional happening leading to a loss. In the context of life insurance, it is a sudden and unforeseen happening that causes disability or death of the policyholder. /(en" ALife /d'isor)

! representative of an insurance company authori@ed to sell insurance policies. 9eneficiary #he person who receives the benefit of a policy in case of death during the term or the policyholder who receives the benefit on maturity. Claim ! re+uest for payment of the contractual benefits by the insurer that is made by the insured or the beneficiary. Dea"h 9enefi" #he benefit received by the beneficiary on the death of the insured. -a"uri"y Da"e #he date on which the policy term expires. Nominee ! person selected by the policyholder to receive the benefit in case of death of the life insured. .olicyholder #he person who owns the policy, in this case, a life insurance policy. .remium #he amount paid by a policyholder to the insurance company, in order to be covered under a policy. &urrender 8alue ! value payable if you want to surrender the plan before a claim arises.

Term #he tenure of the policy.

N11D OF T+1 &TUD0

Insurance sector is growing at a very fast speed. Aow it is becoming the main part of growth of Indian economy. -ifferent companies are entered in insurance industry. #he main source of income of these companies are ulip plans. 7oney is invested in share market, securities etc. earned by plans. I did my training in LI2 , *o I want to know about the LI2 plans and to analysis about the financial condition of any company ratio analysis is the best source. It tells about the ability of payment of liability of company. *ome parameters which I have taken for studyI-

,eturn Premium Portfolio of funds *ome ,atios !llocation charges

O9@1CTI81& OF T+1 &TUD0

.rimary O,:ec"i'e : 12 !nalysis of Insurance *ector as a whole taking LI2

&econdary O,:ec"i'es $2 #o know about the financial !osi"ion of LI2 .

%2 )2 C2 *2 32 >2

#o know the 2urrent market position of the LI2 . #o know the impact of !dvertisement of LI2. #o Fnow the Products and policies of LI2 . #o know the preference of the customers. #o invite suggestions from the customers. #o know about the customers awareness regarding the company.

&WOT /N/L0&I&
&TR1N=+T& 0. ,ich experience of management

5. *tability 3. *killed and tactful staff 4. )ntrepreneurship +uality >. Innovative Product training on financial market W1/;N1&& 0. Insufficient chairs in office e+uipments 5. )mployee do not have hisKher private cabin 3. .orkplace had back office very congested O..URTUNIT0 0. *tability through increase brand awareness 5. 7arket penetration 3. Increase in customer%s wallet share 4. leverages the latest technology for providing the and clients >. <rowth in economy would lead to higher demand for credit. T+R1/T& 0. Increased interest rate scenario 5. 2ompetition from local and multinational players 3. ,isking inflation would reduce saving and investment 4. ,ising crude oil prices >. !ttrition rate in insurance industry

R1&1/RC+ -1T+ODOLO=0

R1&1/RC+ -1T+ODOLO=0
,esearch 7ethodology has many dimensions, it include not only research methods but also considers the logic behind the methods used in the context of the study and explains why only a particular method of techni+ue had been used so that research lend

themselves to proper evaluations. #hus in a way it is a written game plan for concluding research therefore in order to solve research problem it is necessary to design a research methodology for the problem as the same differ from problem to problem. %2$ Research Desi(n: &co!e of &"udy : ,esearch design in the conceptual structure within which the research is conducted. #heir function is to provide for the collection of relevant evidence with minimum expenditure of effort, time and money. "ut, how this can be achieved depends on the research purpose. #he scope has been limited to smoke si@e of 099 respondents due to time J cost constraints. /owever, the area of study with respect to geographical city of $amuna Aagar.

%2% Da"a Collec"ion !fter the research problem has been defied and the research design has been chalked out, the task of date collection begins. -ata can be collected from other primary or secondary sources. Dor the collection of primary data the respondents were contacted personally and the tool for gathering the data was the +uestionnaire and tally calling. Dor the collection of secondary data the internet, out look maga@ine :0> 7ay 5903; J the newspaper are used.

%2) &am!lin( .lan #he following factors have to be decided within the scope of sampling plan. A1) &am!lin( uni" : It defines the target population that will be sampled i.e. it answers who is to be surveyed.

A$)

&am!lin( siDe: It indicates the no of people to be surveyed through large sample given more reliable results than small samples but due to constraints of time and money the sample si@e was restricted to 099 which are related to 0amuna Na(ar 2

A%)

&am!le "echni6ue : #his refers to the procedure by which the respondent should be chosen.

In this study simple random sampling has been used a sample of 099 respondents.

D/T/ /N/L0&I& H INT1R.R1T/TION

D/T/ /N/L0&I& H INT1R.R1T/TION Life Insurance Com!anies .remium

u!"o /!ril $B1% (Fig In Rs. Cr.)

Company LI2 "!=!= I2I2I /-D2 7!L A). $(,F IA< G$*$! ,)LI!A2) LID) #!#!-!I< !GIG! *"I "I,L! F(#!F Life 7)#LID) */,I,!7 LID) *!/!,!

Premium 66?.63 031.88 059.?? >0.34 40.49 38.60 3>.>9 33.33 5?.04 5>.40 55.80 0>.31 9?.80 9.8> 9.?0

Market Share (%) ?3.6> 1.69 8.84 3.56 5.?? 5.43 5.51 5.04 0.?1 0.?3 0.4? 9.66 9.43 9.9> 9.94

Market Share (%)

LIC BAJAJ ICICI HDFC MAX NEW YORK ING VYSYA RELIANCE LIFE TATA-AIG AVIVA SBI BIRLA KOTAK LIFE MET LIFE SHRIRAM LIFE SHARA

FUND .1RFOR-/NC1

0.00% 40.00% 30.00% 20.00% 10.00% 0.00% G,0"0-)##. !"'()* +,-. D/-01%2 3040-2# +,-. G,0"0-)##. 3040-2# +,-. 5#-$%'3040-2#. +,-. G"',6 3040-2#. +,-. F7ND 5ERFORMANCE A!!"#$$%&# !"'()* +,-. D/-01%2 !"'()* +,-. -10.00%

S%-2# %-$6#2)%'3 /#0"$ 2 /#0"$ 1 /#0"$ 8 1'-)*$ 3 1'-)*$

CO-./RI&ON 91TW11N DIFF1R1NT ULI. .L/N&

F1/TUR1& IN LIC

9/&I& Re"urn /lloca"ion char(es -inimum !remium /(e (2m2'2

;&I. 39H 04H

FL1JI 5>H 35H

+1/D&T/RT 58H 04H M 3.>H

R1TIR1-1NT 55H 04H M 3.>H

01999

01999

01999

01999

9-?> 5.8>H04.5>H

01-?> 9

9-?> 9

3>-?> 9

CO-./RI&ON OF IN81&T-1NT OF FUND& IN

DIFF1R1NT ULI. .L/N& IN LIC

;&I. aggressive growth fund

FL1JI

advantage multiplier fund

;&I. /ND +1/D&T/RT

F*IP

guaranteed growth fund

+1/D&T/RT

multiplier fund

;&I. /ND R1TIR1-1NT

;&I.

dynamic balanced fund

,)#I,7)A#

pension balanced fund

&U==1&TION

&U==1&TION

0 5

2ompany should try to maintain ratio up to the standard ratio. 2ompany should try to pay its liabilities in time, which help it to maintain a good

financial position of the company2 De," "o "o"al fund ra"io #his ratio is a variation of the debt e+uity ratio and gives the same indication as the debt e+uity ratio. In this ratio debt is expressed in relation to total funds. -ebt to total fund ratio N debt Ke+uity M debt

$)!, -ebt 2apitali@ ation ratio INT1R.R1T/TION

5996-09 0506> 35840 .38

5909-00 465?6 8>?0? .?0

5900-05 0994>4 0395>9 .88

5905-03 0?8>?1 598098 .19

<enerally debt to total fund ratio of .?8I0 is considered satisfactory. ! higher ratio than this is generally treated an indicator of risky financial position. /ere ratio is exceeding ?8H so we can say that company will face in payment. &U==1&TION 0. 2ompany should reduce the ratio 5. It should use proper debt e+uity mix.

)2$C .OLIC0 I-.LIC/TION&

"y implementing the above mentioned suggestions the company will able to perform better in the market by making their good recognition among customers. #he effect of policy implication would beI 0. Increase in no. of customers. 5. Gariety of options for customers. 3. ,eduction in risk in allocation of funds. 4. -iversified portfolio will give stable returns. >. 7ore trust among customers regarding life insurance. ?. /elpful in long run to build goodwill. 8. /elpful in making effective marketing strategy. #here are many advantages other than these. #he impact will be of long term and help the company to grow J diversify itself in a different way.

-/R;1T .O&ITION OF CO-./N0

LIC 2: LI2 displaces "irla sunlife and take no. 5 slot with the under written premium of ,s. 4649>.05 lakh and with the growth rate of 333.>9 growth rate and premium market shares 591?H.

#his market position shows that LI2 still leads the private insurance co. the growth rate of LI2 :333.>9H; is more. LI2 out of the most fastest growing co. in insurance field.

FIN/NCI/L .O&ITION OF CO2

LIC : LI2 life Insurance co. ltd made a net profit of ,s. 0?38 crore for the first nine month of current fiscal compassed with 550 cr. Profit made in fiscal year 5905. *ince 5905 , it has made total cases of ,s. ?>1 crore.

-/R;1T &+/R1 OF DIFF1R1NT IN&UR/NC1 CO-./NI1&

N/-1 OF T+1 .L/01R "!=!= !LLI!AO LI2 "I,L! *BA LID) /-D2 *#!A-!,#!#! !I< (thers -/R;1T &+/R1 AK) 34 55 03 8 6 0>

Market Share

B0;0; A44%0-< 1 % :% 13% 9% 22% 34% LIC HDFC B%"40 S,T0)0 AIG O)*#"$

9R/ND /W/R1N1&& OF CO2

Do you <now a,ou" "he LIC insurance co2?

Y#$= 38%

N'= 94%

In"er!re"a"ion The (ra!h shows "ha" "he 3)K of !ersons are <now a,ou" "he LIC 2

Which com!any .olicies you are ha'in( ?

O)*#" = >% B0;0; A44%0-< = 22% LIC = 90%

Interpretation This (ra!h shows "ha" "he $BK of !eo!le ha'e 9a:a: allianD7 >K ha'e o"her !olicy and 3BK ha'e LIC !olicy2

Which insurance com!anyEs add you see?

N'= 1% B')* = 3% = B0;0; A4%0-<

LIC = >:%

In"er!re"a"ion This (ra!h shows "ha" "he >LK of !eo!le seen add of LIC !olicy7 3K ha'e seen add of LIC

Which Insurance Com!any you !refer ?

B0;0; A44%0-< = 12% O)*#" = LIC = 88% 22%

In"er!re"a"ion This (ra!h shows "ha" "he $$K of !eo!le !refer 9a:a: allianD !olicy7 1$K !refer o"her and LIC !referred ,y **K2

Which "y!e of !eo!le e5is"s in "he cor!ora"e world who !refer "he life insurance !olicy ? Res!onden" ca"e(ory *),GI2)7!A "B*IA)**7!A */(P-F))P), /(B*)-.ID) (#/), TOT/L Ka(e of !erson 5> 39 5> 0> > 1BB

1 %

2 %

SERVICEMAN B7SINESSMAN SHO5-KEE5ER

2 %

30%

HO7SE-WIFE OTHER

In"er!re"a"ion The (ra!h shows "ha" "he ma5imum num,er of !ersons are ser'iceman7 sho!<ee!er7 ,usinessman7 housewifeEs and o"her res!ec"i'ely2

.1O.L1 .R1FR1NC1 FOR &/8IN= TOOL

&a'in( ins"rumen" "ank Post office P.P.D. Insurance (thers TOT/L

Ka(e of !erson 4>H 5>H 1H 04H 1H 1BB

Saving Instrument
4 % 4 % 40% 3 % 30% 2 % 20% 1 % 10% % 0%

%age of people

2 % 14% >% >%

B0-?

5'$) '++%2# 5.5.F. I-$,"0-2#

O)*#"$

Saving instrument

In"er!re"a"ion This "a,le shows "ha" !eo!le mainly !refer ,an<in( for in'es"men"7 "hen !os" office7 "hen insurance7 and las"ly !2!2f and o"her o!"ion2

/=1 CO-.O&ITION:

/=1 CO-.O&ITION

NO2 OF .1O.L1

L)** #/!A 5>$,* 5?$,* #( 3>$,* 3?$,* #( 4>$,* 4?$,* #( >>$,* 7(,) #/!A >>$,* TOT/L

? 5> 49 06 09 1BB

!E $OMPOSI%ION
40 3 30 2 20 1 10 0 40

NO. OF PEOPLE

2 1: 8
LESS THAN 2 YRS 28YRS TO 3 YRS 38YRS TO 4 YRS 48YRS TO YRS

10

MORE THAN YRS

!E !"O#P

INT1R.R1T/TION
In this market survey most of the people are between the age group of 5?->>yrs which indicates that this report has most of the emphasis :14H; on those people who are well established in their related field i.e. business, profession, &ob, etc..

-O&T I-.ORT/NT CRIT1RI/ W+IL1 IN81&T-1NT:

-O&T

I-.ORT/NT

CRIT1RI/ .1RC1NT/=1

W+IL1 IN81&T-1NT /igh returns Li+uidity *ecurity Insurance cover #ax benefits TOT/L

04 59 59 55 5? 1BB

MOS% IMPO"% N% $"I%E"I &'ILE IN(ES%MEN%

H%!* "#),"-$= T0A 3#-#+%)$= 14 28 L%@,%.%)/= 20 I-$,"0-2# 2'&#"= 22

S#2,"%)/= 20

INT1R.R1T/TION
Aowadays people are e+ually concerned for tax benefits, insurance, security, li+uidity and high returns. /ence life insurance is the only source of investment which cover all these criteria so now people are getting aware of life insurance sector and gradually it will be the top most priority for the general public to invest2

9R/ND R1LI/9ILIT0 :

9R/ND R1LI/9ILIT0 LI2 "a&a& !lian@ /-D2 *tandard Life 7ax Aew $ork Life #!#! !I< TOT/L

.1RC1NT/=1 49 54 0> 05 6 1BB

)" N* "ELI )ILI%+

4 40 40 3 PE"$EN% !E 30 2 20 1 10 0

24 1 12

LIC

B0;0; 04%0-<

HDFC S)0-.0".

M0A N#( Y'"? L%+#

TATA AIG

INT1R.R1T/TION
#his survey has shown that LI2 with 49H of preference votes still and will remain Ao.0 private life insurance company in year to comes as it offer the widest range of products or plans with more and more features of flexibility, li+uidity , safety, higher returns, transparency and tax benefits. It also indicates that this repot have proved that now people are aware of private life insurance companies as they are satisfying their needs.

LIC LIF1 IN&UR/NC1 CO2 LTD2

LI2 still lead the Insurance sector. Dinancial Position of LI2 are good because since 5905, it has made cases of ,s. ?>1 crore

7ore people known about the LI2 than others ma&or players . 7ore people prefer LI2 Life Insurance 2o.

CONCLU&ION

CONCLU&ION

LI2 . leads the Insurance *ector 84H people know about the co. but since 5905, it has made the total cases of ,s. ?>1 crore because of the high expenditure in !dvertisement.

LI2 Life Insurance 2o. Ltd. is good in +uality services but at present the preference of people to co. is less only 3?H know about the LI2 life Insurance 2o. Ltd. #he reason behind it is not regular add and not the more relationship with the people but now it is one of the fastest.

LI-IT/TION& OF T+1 &TUD0

LI-IT/TION& OF T+1 &TUD0

#he limitation of the study includes the weak points that are not covered during the study. ! person can%t analy@e all aspects of the study. *ometimes he forgot some factors or sometimes he is not able to study the impact of these factors because of time constraints or limited recourses. *o, the main limitations of my study are as followsI 0. #ime period of six weeks is not sufficient to conduct that study. 5. Garious possible cases are ignored such as switching, surrender, death case etc. 3. proper information is not given by employees 4. less co-ordination with trainer >. insufficient data ?. we have not cover all aspects of insurance

&U==1&TION& OF T+1 &TUD0

R1CO--1ND/TION& !fter looking the findings of the study I want to recommend to the managers of LI2 have to close look towards the management of funds to improve the returns. In fund management, asset allocation is very important because returns and risk factor is depending on it. *o, I recommend that 0. #imely review of asset allocation. 5. 7ake changes according to the movement of markets. 3. #ry to reduce the Premium !llocation charges. #hat will lead to more investment in the market and more returns. 4. -iversify the funds to reduce risk factor. >. Provide services to the customers to the best.

&U==1&TION&
2ompany should emphasis on insurance plan advertisement, because at present company main focus on conventional product advertisement. 2ompany also segment for small income people. "ecause company mainly plan for middle and high income people group. If company enters in this segment then company can capture a large part of rural market. 2ompany should also change the commission structure of D.2., because in initial year commission is very high as compare to remaining year. *o D.2. does not focus on remaining year and many policies lapsed. 7ore and more advisor need to made so that the market can be covered at large. -uring my survey I contact to people like doctors lawyers ,bank manager, and high profile people. but according to my observation these people are not suitable because they are not interested in such kind of work. #herefore people doing clerical &obs, graduates unemployed people, who are in low income group should be taken into consideration.

9I9LIO=R/.+0 W19&IT1&

httpIKKwww.blackwell-synergy.comKlinksKdoiK09.0000K9955-0915.99394 httpIKKwww.lifeinscouncil.orgKmember.htm httpIKKbusiness.mapsofindia.comKinsuranceK httpIKKwww.allbankingsolutions.comKinsuremain.htm httpIKKwww.lic.comKlicP<roup*iteKgroupcosKlic.htm www.allian@ba&a&.com &"udy -a"erial of LIC de !lbu+uer+ue, 7artim :01>>;. Notes and Queries. LondonI <eorge "ell, 430. 7atys@ak, Philip :5998;. Ancient Rome on Five Denarii a Day. Aew $orkI
#hames J /udson, 044. I*"A 9>999>048L.

Bnited -ominions #rust Ltd v Firkwood, 06??, )nglish 2ourt of !ppeal, 5 Q"
430

Insurance (rdinance, *ection 5, Interpretation, /ong Fong; Aote that in this case
the definition is extended to include accepting any deposits repayable in less than 3 months, companies that accept deposits of greater than /FR099 999 for periods of greater than 3 months are regulated as deposit taking companies rather than as banks in /ong Fong;. #yree's Insurance Law in Aew Oealand, ! L #yree, LexisAexis 5993, page 89.

httpIKKen.wikipedia.orgKwikiK-ebitsPandPcredits httpIKKwww.ifsl.org.ukKuploadK2"*PInsuranceP5991.pdfP-D :?31 F"; chart 8,

page 3

httpIKKwww.ifsl.org.ukKuploadK2"*P Insurance P5991.pdfP-D :?31 F"; chart 1,

page 4

SFnowledge, the most valuable intangibleS by !n&u "hargava. #he ,7!

=ournal, =une 5990E

/NN1JUR1
M12 Do you <now a,ou" "he LIC? 01& NO

M$2 Which com!any .olicies you are ha'in( ? 9/@/@ /LLI/NG LIC OT+1R&

M%2 Which insurance com!anyEs add you see? LIC OT+1R& 9/@/@ /LLI/NG 9OT+

C2 Which Insurance Com!any you !refer ?

9/@/@ /LLI/NG

LIC

OT+1R&

M2 *

Which "y!e of !eo!le e5is"s in "he cor!ora"e world who !refer "he life

insurance !olicy ? &1R8IC1-/N &+O.#;11.1R OT+1R 9U&IN1&&-/N +OU&1#WIF1

M2 3 9/N;

Wha" is .eo!le !reference for sa'in( "ool ? .O&T OFFIC1 .2.2F2

IN&UR/NC1 M2 >

OT+1R&

Which is "he mos" im!or"an" cri"eria while in'es"men" ? LIMUIDIT0 T/J 91N1FIT& &1CURIT0

+I=+ R1TURN& IN&UR/NC1 CO81R