Comparison between traditional products and ULIPS in ICICI

Type :

Indian project

Pages :

90 pages

Format :

.doc

Published date :

04/21/2009

Category :

Economics & finance

Sub category :

Finance

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Summary :

Introduction
Objective of the study
Methodology of the study
A review of literature
1. Brief history
2. Product profile of ICICI
Company profile
1. Vision and values
2. Management
3. Awards & recognition
Portfolio performance
Data analysis and interpretation
Findings and conclusion
Bibliography

Abstract

With the largest number of life insurance policies in force in the world, insurance happens to be a mega opportunity in India. It's a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7percent to the country's GDP. Gross premium collection is nearly 2 percent of GDP and funds available with LIC for investments are 8 percent of GDP. Yet, nearly 80 percent of Indian population is without life insurance cover, heath insurance and non-life Insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This it is an indicator that growth potential for the insurance sector is immense. A Well- developed and evolved insurance sector is needed for economic development as it provided long - term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next 10 years India would require investment of the order of one trillion US dollar. The insurance sector, to some extent, can enable investments in infrastructure development to economic growth of the country. With a large capital outlay and long gestation periods, infrastructure projects are fraught with a multitude of risk throughout the development, construction and operation stager. These include risks associated with project implementation, including geological risks, maintenance, commercial and political risks, without covering these risks the financial institutions are not willing to commit funds to the sector, especially because the financing of most private projects is on a limited or non-recourse basis. he companies not only provide risk cover to infrastructure project, they also contribute long - term funds. In fact, insurance companies are an ideal source of long - term debt and equity for infrastructure projects. With long - term liability, they get a good asset - liability match by investing their funds in such projects. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sector. International Insurance companies also invest their funds in such projects.