1) The document presents a study on the performance of unit-linked insurance plans (ULIPs) offered by major private insurance companies in India.
2) It analyzes the monthly NAV and returns of ULIP funds from 5 companies between January 2011 to February 2013 and compares their performance to market indices.
3) The results show that Reliance Life funds provided relatively good returns for investors over the period studied, though other funds like PNB Met Smart performed better according to the analysis.
A Study on Performance of Selected Mutual Funds in HDFC Bank at Anantapurijtsrd
Mutual fund is one of the important investment vehicles that offer good investment prospects to the investors. Mutual fund is a trust that pools the savings of various individuals by issuing units to them and then invests it in various securities such as shares, debentures and bonds as per stated objectives of the scheme. Today a wide variety of mutual fund schemes are available for the investors such as Open ended, Close ended, Interval, Growth, Income, Balanced, Equity Linked Saving Schemes ELSS and Exchange Traded Funds ETF , etc. These schemes are catering to the investors needs, risk and return tolerance The main aim of this paper is to know the performance of selected HDFC fund and comparative performance of HDFC Select fund schemes the return fund that mutual fund with an objective. The results found that HDFC Large cap fund is best performer in risk premium returns with high average returns with low risk. Other funds like liquid fund scheme money market scheme giving same performance. However, index fund scheme is better in terms of returns but not risk premium benefits however. Money market fund scheme is best risk premium giver but returns are low. M. Nandini | Dr. P. Viswanath "A Study on Performance of Selected Mutual Funds in HDFC Bank at Anantapur" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51954.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/51954/a-study-on-performance-of-selected-mutual-funds-in-hdfc-bank-at-anantapur/m-nandini
A STUDY ON POLICY - HOLDERS SATISFACTION OF LIFE INSURANCE CORPORATION OF IND...IAEME Publication
Life insurance has become one of the necessities of human life. It offers financial security to the policyholder and/or his/her dependents in the event of his premature death or untoward disablement arising out of accidents. As death of the bread earner creates severe financial problem for the dependents and as the permanent physical or mental disablement also create even more severe financial problems for them adequate financial provision in the form of different life policies is essential. One life policy may not be suitable for all individuals therefore out of different life insurance policies an individual takes out a suitable combination of policies depending up on his financial and family needs.
A Study on Performance of Selected Mutual Funds in HDFC Bank at Anantapurijtsrd
Mutual fund is one of the important investment vehicles that offer good investment prospects to the investors. Mutual fund is a trust that pools the savings of various individuals by issuing units to them and then invests it in various securities such as shares, debentures and bonds as per stated objectives of the scheme. Today a wide variety of mutual fund schemes are available for the investors such as Open ended, Close ended, Interval, Growth, Income, Balanced, Equity Linked Saving Schemes ELSS and Exchange Traded Funds ETF , etc. These schemes are catering to the investors needs, risk and return tolerance The main aim of this paper is to know the performance of selected HDFC fund and comparative performance of HDFC Select fund schemes the return fund that mutual fund with an objective. The results found that HDFC Large cap fund is best performer in risk premium returns with high average returns with low risk. Other funds like liquid fund scheme money market scheme giving same performance. However, index fund scheme is better in terms of returns but not risk premium benefits however. Money market fund scheme is best risk premium giver but returns are low. M. Nandini | Dr. P. Viswanath "A Study on Performance of Selected Mutual Funds in HDFC Bank at Anantapur" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6 , October 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51954.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/51954/a-study-on-performance-of-selected-mutual-funds-in-hdfc-bank-at-anantapur/m-nandini
A STUDY ON POLICY - HOLDERS SATISFACTION OF LIFE INSURANCE CORPORATION OF IND...IAEME Publication
Life insurance has become one of the necessities of human life. It offers financial security to the policyholder and/or his/her dependents in the event of his premature death or untoward disablement arising out of accidents. As death of the bread earner creates severe financial problem for the dependents and as the permanent physical or mental disablement also create even more severe financial problems for them adequate financial provision in the form of different life policies is essential. One life policy may not be suitable for all individuals therefore out of different life insurance policies an individual takes out a suitable combination of policies depending up on his financial and family needs.
A Study on Factors Influencing Customers to Prefer the Policies of Life Insur...Dr. Amarjeet Singh
The policyholders once when they become a part of
the LIC feel free about the safety of their wards since it takes
care of fixed financial benefits based on the premium and the
type of the policy the opted for . The families of the nonpolicyholders meet out uncertainty in many cases. So, there is
an attraction towards life insurance and concern and
awareness about the industry is also improving. People who
care much about them and their families hold life insurance.
The tastes and preferences of policyholders not the same. The
LIC of India has been introducing variety of policies based on
the preferences of the policyholders. It is observed that many
policyholders have taken more than one policy based on their
job nature and family members interest. It is a clear
indication that they are very much interested in utilizing
maximum benefits from Insurance companies. Some people
give due importance to money value and high returns on their
investments. But greater risks are inherent advantages
expected from LIC products. The present study emphasis the
factors influencing customers to prefer the policies of life
insurance of India in Palakkad District.
A comparative study of public & private life insurance companies in indiaRAVICHANDIRANG
Indian financial system is highly influence with the banking and insurance sector which attracts flow of savings and
investments to the country. Insurance sector in India is one of the growing sectors of the economy. The insurance sector,
along with other elements of marketing, as well as financial infrastructure, have been touched and influenced by the process
of liberalization and globalization in India. The customer is the king in the market. Life insurance companies deal in
intangible products. With the entry of private players, the competition is becoming intense. In order to satisfy the customers,
every company is trying to implement new creations and innovative product characteristics to attract customers. This
research paper attempts to study the Public & Private Life Insurance Companies in India and compare the perception of
customers in terms of service quality and analyze the performance of public and private life insurance companies in India.
A Study on Measures the Return and Volatility of Selected Securities in Indiaijtsrd
The study aims to understand the Return and Risk associated with FMCG stock during the period of FY 2020 2021. Here 3 FMCG stocks are chosen from NSE stock exchange and collected the data. To analyze the risk and return, standard deviation tools applied. The research finds that the Dabur India Ltd and Colgate Palmolive was generated the good returns with smaller amount deviations. So, this stock was safest players in the market. At a same time Hindustan Unilever was not generated the less amount of returns with high deviations. So this stock was not safest player in the market. P Viswanatha Reddy | Dr. Nalla Bala Kalyan "A Study on Measures the Return and Volatility of Selected Securities in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47966.pdf Paper URL: https://www.ijtsrd.com/management/risk-management/47966/a-study-on-measures-the-return-and-volatility-of-selected-securities-in-india/p-viswanatha-reddy
A Study on Investors Perception towards Mutual Fund Investments (With Special...Dr. Amarjeet Singh
This examination on Investors acknowledgment
towards and late improvement and headway of Mutual Fund
premiums in Alwar city goes under the board an area of
organization publicizing. In the wide thought of organization
publicizing it exclusively centers around the exhibiting of cash
related organization specifically basic resources. Well ordered
Indian budgetary market is getting the chance to be engaged
and the supply of various fiscal instruments ought to be in
parity to the premium perspectives of the monetary
authorities. The prime drive of any hypothesis is to get most
extraordinary returned with a base danger and normal
resources allow to the budgetary masters. The examination
gives an information into the sorts of risks which exist in a
mutual save plan. The data was assembled from shared save
budgetary authorities similarly as non basic store examiners of
this industry. The investigation bases on the association
between theory decision and factors like liquidity, cash related
care, and demography. It was found commonly safe resources
and liquidity of store plot are having influence on the
budgetary authority's acumen for placing assets into the
mutual save. With the more broad thought of the distinctive
components of organization publicizing, thing care, mark
tendencies, and money related authority's satisfaction are the
specific regions of the examination. The other displaying limits
like thing progression publicize division, channels of
exhibiting, thing life cycle, scale headway procedures and their
impact of Marketing are completely disposed of from the audit
of this examination. So likewise the availability of substitute
aftereffect of normal hold units and their impact on this
organization thing it also rejected in the examination. In
reality, even in the normal store monetary authorities lead also
the researcher concentrate only the urban theorists and their
anxiety for this examination work. The rustic speculator's
perspectives are totally barred from the investigation.
A ULIP is the ideal investment vehicle for today’s complex and modern financial scenario because it does not require an investor to do a continuous tracking of each script and have a lot of information about the financial markets and then also it gives decent returns. Whereas markets for Equity shares, Bonds and other fixed income instruments, Real Estates, Derivatives and other assets have become mature information driven price changes in these assets are driven by global events accruing in freeway places. A typical individual is unlikely to have the knowledge, skills, inclination and time to keep track of events, understand their implications and act speedily. An individual also finds it difficult to keep track of events, understand their implications and act speedily. An individual also finds it difficult to keep track of ownership of his assets, investments, brokerage dues and bank transactions EST. A ULIP is the answer for this entire situation. But there being so many ULIPS companies offering similar plans that an investor needs to be careful regarding his her investment adjust by not picking up the right company he may land up losing some bucks that may have earned by investing in the right company. D. Vijay Kumar | Dr. P. Jayarami Reddy "A Comparative Study on ULIPs" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33535.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/33535/a-comparative-study-on-ulips/d-vijay-kumar
A Study on Portfolio Management at Angel Broking Ltdijtsrd
portfolio management is the process of managing money. portfolio managers rely to varying degrees on portfolio analytics for identifying investment opportunities, keeping portfolios alligned with investment objectives and monitoring portfolio risk and performance. A. Sreenidhi | Dr. P. Basaiah "A Study on Portfolio Management at Angel Broking Ltd" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45115.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45115/a-study-on-portfolio-management-at-angel-broking-ltd/a-sreenidhi
A Study on Factors Influencing Customers to Prefer the Policies of Life Insur...Dr. Amarjeet Singh
The policyholders once when they become a part of
the LIC feel free about the safety of their wards since it takes
care of fixed financial benefits based on the premium and the
type of the policy the opted for . The families of the nonpolicyholders meet out uncertainty in many cases. So, there is
an attraction towards life insurance and concern and
awareness about the industry is also improving. People who
care much about them and their families hold life insurance.
The tastes and preferences of policyholders not the same. The
LIC of India has been introducing variety of policies based on
the preferences of the policyholders. It is observed that many
policyholders have taken more than one policy based on their
job nature and family members interest. It is a clear
indication that they are very much interested in utilizing
maximum benefits from Insurance companies. Some people
give due importance to money value and high returns on their
investments. But greater risks are inherent advantages
expected from LIC products. The present study emphasis the
factors influencing customers to prefer the policies of life
insurance of India in Palakkad District.
A comparative study of public & private life insurance companies in indiaRAVICHANDIRANG
Indian financial system is highly influence with the banking and insurance sector which attracts flow of savings and
investments to the country. Insurance sector in India is one of the growing sectors of the economy. The insurance sector,
along with other elements of marketing, as well as financial infrastructure, have been touched and influenced by the process
of liberalization and globalization in India. The customer is the king in the market. Life insurance companies deal in
intangible products. With the entry of private players, the competition is becoming intense. In order to satisfy the customers,
every company is trying to implement new creations and innovative product characteristics to attract customers. This
research paper attempts to study the Public & Private Life Insurance Companies in India and compare the perception of
customers in terms of service quality and analyze the performance of public and private life insurance companies in India.
A Study on Measures the Return and Volatility of Selected Securities in Indiaijtsrd
The study aims to understand the Return and Risk associated with FMCG stock during the period of FY 2020 2021. Here 3 FMCG stocks are chosen from NSE stock exchange and collected the data. To analyze the risk and return, standard deviation tools applied. The research finds that the Dabur India Ltd and Colgate Palmolive was generated the good returns with smaller amount deviations. So, this stock was safest players in the market. At a same time Hindustan Unilever was not generated the less amount of returns with high deviations. So this stock was not safest player in the market. P Viswanatha Reddy | Dr. Nalla Bala Kalyan "A Study on Measures the Return and Volatility of Selected Securities in India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47966.pdf Paper URL: https://www.ijtsrd.com/management/risk-management/47966/a-study-on-measures-the-return-and-volatility-of-selected-securities-in-india/p-viswanatha-reddy
A Study on Investors Perception towards Mutual Fund Investments (With Special...Dr. Amarjeet Singh
This examination on Investors acknowledgment
towards and late improvement and headway of Mutual Fund
premiums in Alwar city goes under the board an area of
organization publicizing. In the wide thought of organization
publicizing it exclusively centers around the exhibiting of cash
related organization specifically basic resources. Well ordered
Indian budgetary market is getting the chance to be engaged
and the supply of various fiscal instruments ought to be in
parity to the premium perspectives of the monetary
authorities. The prime drive of any hypothesis is to get most
extraordinary returned with a base danger and normal
resources allow to the budgetary masters. The examination
gives an information into the sorts of risks which exist in a
mutual save plan. The data was assembled from shared save
budgetary authorities similarly as non basic store examiners of
this industry. The investigation bases on the association
between theory decision and factors like liquidity, cash related
care, and demography. It was found commonly safe resources
and liquidity of store plot are having influence on the
budgetary authority's acumen for placing assets into the
mutual save. With the more broad thought of the distinctive
components of organization publicizing, thing care, mark
tendencies, and money related authority's satisfaction are the
specific regions of the examination. The other displaying limits
like thing progression publicize division, channels of
exhibiting, thing life cycle, scale headway procedures and their
impact of Marketing are completely disposed of from the audit
of this examination. So likewise the availability of substitute
aftereffect of normal hold units and their impact on this
organization thing it also rejected in the examination. In
reality, even in the normal store monetary authorities lead also
the researcher concentrate only the urban theorists and their
anxiety for this examination work. The rustic speculator's
perspectives are totally barred from the investigation.
A ULIP is the ideal investment vehicle for today’s complex and modern financial scenario because it does not require an investor to do a continuous tracking of each script and have a lot of information about the financial markets and then also it gives decent returns. Whereas markets for Equity shares, Bonds and other fixed income instruments, Real Estates, Derivatives and other assets have become mature information driven price changes in these assets are driven by global events accruing in freeway places. A typical individual is unlikely to have the knowledge, skills, inclination and time to keep track of events, understand their implications and act speedily. An individual also finds it difficult to keep track of events, understand their implications and act speedily. An individual also finds it difficult to keep track of ownership of his assets, investments, brokerage dues and bank transactions EST. A ULIP is the answer for this entire situation. But there being so many ULIPS companies offering similar plans that an investor needs to be careful regarding his her investment adjust by not picking up the right company he may land up losing some bucks that may have earned by investing in the right company. D. Vijay Kumar | Dr. P. Jayarami Reddy "A Comparative Study on ULIPs" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33535.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/33535/a-comparative-study-on-ulips/d-vijay-kumar
A Study on Portfolio Management at Angel Broking Ltdijtsrd
portfolio management is the process of managing money. portfolio managers rely to varying degrees on portfolio analytics for identifying investment opportunities, keeping portfolios alligned with investment objectives and monitoring portfolio risk and performance. A. Sreenidhi | Dr. P. Basaiah "A Study on Portfolio Management at Angel Broking Ltd" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45115.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45115/a-study-on-portfolio-management-at-angel-broking-ltd/a-sreenidhi
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Embracing GenAI - A Strategic ImperativePeter Windle
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This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
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Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
"Protectable subject matters, Protection in biotechnology, Protection of othe...
A STUDY ON PERFORMANCE OF UNIT-LINKED INSURANCE PLANS (ULIP) OFFERED BY INDIAN PRIVATE INSURANCE COMPANIES
1. International Journal of Advanced Research in
Management and Social Sciences ISSN: 2278-6236
Vol. 2 | No. 8 | August 2013 www.garph.co.uk IJARMSS | 114
A STUDY ON PERFORMANCE OF UNIT-LINKED INSURANCE PLANS (ULIP)
OFFERED BY INDIAN PRIVATE INSURANCE COMPANIES
Dr. G Nagarajan *
Mr. A. Asif Ali **
Mr. N. Sathyanarayana**
Abstract: Indian Insurance Industry recorded several milestones in the past hundred years.
Currently it has grown tremendously, with stringent regulatory framework protecting the
interests of the Investors. Life Insurance Corporation of India is the Public Sector undertaking
which is the market Leader, in Life Insurance Sector. A descriptive study was conducted on
Unit-Linked Insurance Plans (ULIP) by selecting top five Private Insurance Companies in India.
The performances of all the products were tested for their dependency on the performance
of stock market using the Hypothesis. ROR and Annualized ROR were used as tools for Data
Analysis and Correlation with t-Test was used for testing the Hypothesis. From the study it
can be concluded that, Reliance Life has good returns for the Investors, and can be further
improved. At the same time, company has to understand the product of its competitor (PNB
Met Smart), which is performing better.
Keywords: Unit Linked Insurance Plan, NAV, ROR, Insurance Company, Risk-Returns,
Investors.
*Professor & Head, Department of Management Studies and Research Centre, T John
Institute of Technology, Bangalore, Karnataka
**Asst. Professor, Department of Management Studies and Research Centre, T John
Institute of Technology, Bangalore, Karnataka
2. International Journal of Advanced Research in
Management and Social Sciences ISSN: 2278-6236
Vol. 2 | No. 8 | August 2013 www.garph.co.uk IJARMSS | 115
INTORDUCTION:
Human life is subject to risks of death and disability due to natural and accidental causes. An
individual can protect himself or herself against such contingencies through life insurance.
Life insurance is insurance on human beings. Though Human life cannot be valued, a
monetary sum could be determined which is based on loss of income in future years. Hence
in life insurance, the Sum Assured (or the amount guaranteed to be paid in the event of a
loss is a of a e efit i the ase of life i su a e. Life i su a e p odu ts p o ide a
definite amount of money to the dependants of the insured in case the life insured dies
during his active income earning period or becomes disabled on account of an accident
causing reduction/complete loss in his income earnings.
ULIP is an abbreviation for Unit Linked Insurance Policy. A ULIP is a life insurance policy
which provides a combination of risk cover and investment. The dynamics of the capital
market have a direct bearing on the performance of the ULIPs. In a ULIP, the investment risk
is generally borne by the investor. The investment in ULIPs is denoted as unit and is
represented by the value called Net Asset Value (NAV). In a ULIP, the amount of premium to
be invested after deducting for all charges and premium for risk cover are pooled together
to form a fund. The value of fund at any time is equal to the amount of units multiplied by
value of unit at that time.
LITERATURE REVIEW
Karuna (2009) highlighted on ‘ele a e of ULIPs as a good i est e t tool to o se e
traditional life insurance plans offered by LIC took care of only the insurance needs of
people. However, with the ever changing demands of customers a new product called ULIP
was launched which combines the benefits of insurance, investment and tax benefits. The
author observed that ULIPs were better suited to investors who have 15-20 years as their
time horizon to spread the expense over the longer period and reap the benefits.
Divya Y. Lakhani (2011) had conducted a research study to identify the relation between
etu s a d “e se , i esto s p efe e e fo ULIP a d E uit , g o th a d pe et atio of
ICICI Prudential and the performance of some of its ULIP schemes. The major finding of this
study was that the NAV for equity based fund options moves in tandem with Sensex while
for debt based fund options it is not much affected by the movement of Sensex.
3. International Journal of Advanced Research in
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Udayan Samajpati (2012) enhanced the performance evaluation of ULIPs is carried out
through Risk-Return Analysis, Treynor s ‘atio, “ha pe s ‘atio a d Je se s Measu es. The
schemes selected for study were ICICI Life Stage RP-Maxi miser (Growth) Fund, Bajaj Allianz
New Family Gain-Equity Index Fund II and ING High Life Plus-Growth Fund. The results of
performance measures suggested that all the three ULIPs schemes have outperformed the
market. Among the three schemes ING Vysya ULIP was best performer.
OBJECTIVES OF THE STUDY
1. To compare the ULIPs of different life insurers in terms of their focus.
2. To check the performance of ULIP product offered by the company against the
competition.
NEED FOR THE STUDY
1. Comparison of ULIPs would help the investors to select the plans which offer higher
rate of returns.
2. Helps the company to come out with better portfolio for ULIPs
RESEARCH METHODOLOGY
The present study has been conducted on the basis of secondary data and is descriptive in
its nature. The required secondary data for the study was collected through different
websites, annual reports, magazines and company reports. The researcher selected five
leading Life insurance companies (ICICI Prudential Life Limited, Reliance Life Limited, SBI Life
Limited, Met life Limited and Bajaj Allianz Life Limited) for the study. The sample has been
selected on the basis of non-random judgmental sampling method. To make the analysis
meaningful advanced statistical tools like – Ratios, Rate of return (ROR), Annualized Rate of
Returns and Correlation were applied for analyzing the collected data. Hypothesis testing
was done using at 99 percent confidence level or 1 percent level of significance.
ULIPS SELECTED FOR DATA ANALYSIS AND INTERPRETATION
1. Reliance Wealth+Health basic plan (health corporate bond fund 1)
2. SBI Life Smart Performer Review (Daily protect fund 1):
3. ICICI Pru Pinnacle Super Review (Highest NAV fund B):
4. Bajaj Allianz Wealth Insurance Plan (Equity index fund 2)
5. Met Smart One (Protector Fund 2)
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LIMITATIONS OF THE STUDY
1. The study was concentrated on only one of the product in comparison with similar
offerings of other companies.
2. Only publicly available data was used.
Return on Investment Calculation
Rate of Return= 100
f i
i
V V
x
V
Annualized Return =
365
1 100
d
f
i
V
V
Where Vi = Initial NAV
Vf = Latest NAV
d = Number of days from date of investment.
DATA ANALYSIS AND INTERPRETATION
Table 1: BSE Sensex Index and NAV details of Selected Insurance Products
(Jan 2011 – Feb 2013)
Month Sensex SBI ICICI Bajaj Met life Reliance
Jan 2011 18,327.76 9.59 18.08 10.52 12.52
Feb 2011 17,823.40 9.27 17.39 10.57 12.54
March 2011 19,445.22 9.46 10.13 17.80 10.69 12.65
April 2011 19,135.96 9.89 10.42 18.70 10.76 12.72
May 2011 18,503.28 9.45 9.92 17.66 10.78 12.70
June 2011 18,845.87 9.44 9.93 17.62 10.83 12.76
July 2011 18,197.20 9.61 10.12 18.00 10.95 12.89
Aug 2011 16,676.75 8.88 9.52 16.37 11.09 12.99
Sep 2011 16,453.76 8.86 9.44 16.16 11.15 13.05
Oct 2011 17,705.01 8.90 9.40 16.22 11.15 13.02
Nov 2011 16,123.46 8.92 9.32 16.09 11.23 13.09
Dec 2011 15,454.92 8.67 9.18 15.38 11.51 13.26
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Jan 2012 17,193.55 8.82 9.37 15.86 11.75 13.38
Feb 2012 17,752.68 9.27 9.90 17.36 11.90 13.48
March 2012 17,404.20 9.20 9.76 17.00 12.50 13.52
April 2012 17,318.81 9.16 9.66 16.87 12.00 13.61
May 2012 16,218.53 8.83 9.35 15.98 12.08 13.72
June 2012 17,429.98 8.97 9.58 16.40 12.19 13.83
July 2012 17,236.18 9.17 9.76 16.91 12.28 13.94
Aug 2012 17,429.56 9.31 9.86 17.24 12.37 14.04
Sep 2012 18,762.74 9.50 10.06 17.76 12.49 14.20
Oct 2012 18,505.38 9.74 10.32 18.40 12.65 14.37
Nov 2012 19,339.90 9.76 10.33 18.39 12.70 14.41
Dec 2012 19,426.71 10.04 10.58 18.99 12.80 14.52
Jan 2013 19,894.98 10.25 10.79 19.35 13.06 14.83
Feb 2013 18,861.54 10.13 10.72 18.98 13.13 14.89
Source: BSE India
Graph 1: Monthly Average NAV of Selected ULIPs for the Study
Source: Secondary Data
NAV of Selected ULIPs from Inception
12.52 12.54 12.65 12.72 12.70 12.76 12.89 12.99 13.05 13.02 13.09 13.26 13.38 13.48 13.52 13.61 13.72 13.83 13.94 14.04 14.20 14.37 14.41 14.52
14.83 14.89
10.52 10.57 10.69 10.76 10.78 10.83 10.95 11.09 11.15 11.15 11.23
11.51
11.75 11.90
12.50
12.00 12.08 12.19 12.28 12.37 12.49 12.65 12.70 12.80
13.06 13.13
18.08
17.39
17.80
18.70
17.66 17.62
18.00
16.37
16.16 16.22 16.09
15.38
15.86
17.36
17.00 16.87
15.98
16.40
16.91
17.24
17.76
18.40 18.39
18.99
19.35
18.98
10.13
10.42
9.92 9.93 10.12
9.52 9.44 9.40 9.32 9.18
9.37
9.90 9.76 9.66
9.35
9.58 9.76 9.86 10.06
10.32 10.33
10.58
10.79 10.72
9.59
9.27 9.46
9.89
9.45 9.44 9.61
8.88 8.86 8.90 8.92
8.67 8.82
9.27 9.20 9.16
8.83 8.97
9.17 9.31 9.50
9.74 9.76
10.04 10.25 10.13
8
9
10
11
12
13
14
15
16
17
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19
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Months
NAV
Reliance Metlife Bajaj ICICI SBI
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Table 2: ROR of SBI Life Smart (in Percentage)
Years 2011 2012 2013
ROR -12.15 18.13 -0.885
Interpretation: The ROR for years 2011 and 2013 are -12.15% and -0.885% respectively, it
indicates that investors were under loss. In 2012 it shows positive rate of return of 18.13%,
providing good returns on the investment, majorly due to the better performance of the
industries across the sectors and improved economic situations during the year 2012.
Table 3: ROR of ICICI Pru Pinnacle year wise (in Percentage)
Years 2011 2012 2013
ROR -10.26 17.59 -0.094
Source: Secondary Data
Interpretation: The ROR for years 2011 and 2013 are -10.27% and -2.25% respectively, it
indicates that investors were under loss. In 2012 it shows positive rate of return of 17.59%,
providing good returns on the investment, majorly due to the better performance of the
industries across the sectors and improved economic situations during the year 2012.
Table 4: ROR of Bajaj Allianz Wealth Plan (in Percentage)
Years 2011 2012 2013
ROR -19.57 27.26 -2.25
Interpretation: The ROR for years 2011 and 2013 are -19.57% and -2.25% respectively, it
indicates that investors were under loss. In 2012 it shows positive rate of return of 27.26%,
providing good returns on the investment, majorly due to the better performance of the
industries across the sectors and improved economic situations during the year 2012.
Table 5: ROR of MetLife Smart Protect (in Percentage)
Years 2011 2012 2013
ROR 10.09 10.74 1.86
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Interpretation: The ROR for years 2011 and 2012 are 10.09% and 10.74% respectively, it
indicates that investors having good returns on the investment made. This indicates the
product is performing consistently from its inception. In the initial period of 2013, the
product has given a return of 1.86% which is positive, and shows increasing trend in NAV,
hence can be said that, the product may provide good returns by the end of the year to the
Investors.
Table 6: ROR of Reliance Wealth + Health Insurance Yearwise
Years 2011 2012 2013
ROR 6.15 9.68 1.70
Interpretation: The ROR for years 2011 and 2012 are 6.15% and 9.68% respectively, it
indicates that investors having good returns on the investment made. This indicates the
product is performing consistently from its inception. In the initial period of 2013, the
product has given a return of 1.70% which is positive, and shows increasing trend in NAV,
hence can be said that, the product may provide good returns by the end of the year to the
Investors.
Table 7: Comparison of Selected ULIP Products
Companies SBI ICICI Bajaj Met life Reliance
Rate of Return 3.71% 6.48% 1.13% 25.30% 19.16%
Annualized return 3.55% 4.44% 3.58% 17.06% 11.58%
Graph 2: Comparison of Reliance Life Insurance ULIP Plan with that of Competitors
Source: Secondary Data
Comparison of Rate of Returns
3.71%
6.48%
1.13%
25.30%
19.16%
3.58%
11.58%
17.06%
4.44%
3.55%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
SBI ICICI Bajaj Met life Reliance
Company
Percentage
Rate of Return Annualized return
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Analysis: Graph 2 shows the comparison of ROR and Annualized returns of the selected life
insurance products. From the graph it is clear that product of MetLife and Reliance Life
Insurance have exceedingly good rate of return of 25.30% and 19.16% respectively. But Met
Life has better ROR of 25.30% compared to 19.16% of reliance life insurance whereas Bajaj
life insurance has lowest ROR of 1.13%.
Interpretation: The MetLife provides good returns to investors compared to other products.
Reliance life insurance is ranked second. The reasons for good returns may be because of
the better portfolio of investment opted by MetLife and Reliance, which needs to be further
analyzed.
Hypothesis 1:
H10: Performance of the Stock Market has no influence on SBI NAV of ULIP
H11: Performance of the Stock Market has Influence on SBI NAV of ULIP
Table 8: Correlation between Sensex and SBI Life Insurance Product
Sensex SBI
Sensex Pearson Correlation 1 .890**
Sig. (2-tailed) .000
N 26 26
SBI Pearson Correlation .890**
1
Sig. (2-tailed) .000
N 26 26
**. Correlation is significant at the 0.01 level (2-tailed).
Note: If p-value is less than 0.05, reject the null hypothesis and accept the alternative
hypothesis.
Null Hypothesis is Rejected as Pearson Correlation is 0.890, and p = 0.000 (p < 0.05) at
confidence level of 0.01. Since the p < 0.05, the performance of SBI Life Insurance Product is
dependent on the market performance.
Hypothesis 2:
H20: Performance of the Stock Market has no influence on ICICI NAV of ULIP
H21: Performance of the Stock Market has Influence on ICICI NAV of ULIP
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Table 9: Correlation between Sensex and ICICI Life Insurance Product
Sensex ICICI
Sensex Pearson Correlation 1 .899**
Sig. (2-tailed) .000
N 26 24
ICICI Pearson Correlation .899**
1
Sig. (2-tailed) .000
N 24 24
**. Correlation is significant at the 0.01 level (2-tailed).
Null Hypothesis is Rejected as Pearson Correlation is 0.899 and p = 0.000 (p < 0.05) at
confidence level of 0.01. Since the p < 0.05, the performance of ICICI Life Insurance Product
is dependent on the market performance.
Hypothesis 3:
H30: Performance of the Stock Market has no influence on Bajaj NAV of ULIP
H31: Performance of the Stock Market has Influence on Bajaj NAV of ULIP
Table 10: Correlation between Sensex and Bajaj Life Insurance Product
Sensex Bajaj
Sensex Pearson Correlation 1 .911**
Sig. (2-tailed) .000
N 26 26
Bajaj Pearson Correlation .911**
1
Sig. (2-tailed) .000
N 26 26
**. Correlation is significant at the 0.01 level (2-tailed).
Null Hypothesis is Rejected as Pearson Correlation is 0.911 and p = 0.000 (p < 0.05) at
confidence level of 0.01. Since the p < 0.05, the performance of Bajaj Life Insurance Product
is dependent on the market performance.
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Hypothesis 4:
H40: Performance of the Stock Market has no influence on MetLife NAV of ULIP
H41: Performance of the Stock Market has Influence on MetLife NAV of ULIP
Table 11: Correlation between Sensex and MetLife Insurance Product
Sensex Metlife
closing Pearson Correlation 1 .185
Sig. (2-tailed) .367
N 26 26
Metlife Pearson Correlation .185 1
Sig. (2-tailed) .367
N 26 26
**. Correlation is significant at the 0.01 level (2-tailed).
Null Hypothesis is Rejected as Pearson Correlation is 0.185 and p = 0.367 (p > 0.05) at
confidence level of 0.01. Since p > 0.05, indicates there is positive correlation, but not
significant enough to have an impact on the NAV of the Product. Hence Null hypothesis is
accepted.
Hypothesis 5:
H50: Performance of the Stock Market has no influence on Reliance NAV of ULIP
H51: Performance of the Stock Market has Influence on Reliance NAV of ULIP
Table 7: Correlation between Sensex and Reliance Life Insurance Product
Sensex Reliance
Sensex Pearson Correlation 1 .269
Sig. (2-tailed) .184
N 26 26
Reliance Pearson Correlation .269 1
Sig. (2-tailed) .184
N 26 26
Null Hypothesis is Rejected as Pearson Correlation is 0.269, and p = 0.184 (p > 0.05) at
confidence level of 0.01. Since p > 0.05, indicates there is positive correlation, but not
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significant enough to have an impact on the NAV of the Product. Hence Null hypothesis is
accepted.
FINDINGS OF THE STUDY
Performance of ULIP Products over three years
1. The SBI Life Smart has improved over 2 years period from its inception as the market
conditions and economy have improved over these years globally. The rate of return
on the investment is 3.71% much lower than the fixed deposits a safest investment
option.
2. Since the inception in the year 2011 ICICI life insurance product has shown an overall
improvement with very poor returns in the initial year of its inception. The rate of
return on the product is 6.48% which is much lower than the return on the fixed
deposits.
3. The Bajaj alliance wealth insurance has shown good performance in 2013 in January
month but it has decreased its performance in February 2013. The rate of return on
the investment is 1.13% which is much lower than the fixed deposits a safest
investment option.
4. The PNB Met Smart has improved over 2 years period from its inception as the
market conditions and economy have improved over these years globally. The rate
of return on the investment is 25.30% much higher than the fixed deposits a safest
investment options.
5. The reliance wealth+health basic plan has improved over 2years period from its
inception as the market conditions and economy has improved over these years
globally. The rate of return on the investment is 19.16% much higher than the fixed
deposits a safest investment options.
6. The MetLife provides good returns to investors compared to other products.
Reliance life insurance is ranked second. The reasons for good returns may be
because of the better portfolio of investment opted by MetLife and Reliance, which
needs to be further analyzed.
Hypothesis Testing:
1. Performance of the SBI Life Insurance product is dependent on the Stock Market
Performance.
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2. Performance of the ICICI Life Insurance product is dependent on the Stock Market
Performance.
3. Performance of the Bajaj Life Insurance product is dependent on the Stock Market
Performance.
4. Performance of the MetLife Life Insurance product is not dependent on the stock
market performance.
5. Performance of the Reliance Life Insurance product is not dependent on the stock
market performance.
RECOMMENDATIONS
The Reliance Health + Wealth Basic plan stands second in the comparative analysis, behind
PNB Met Smart One. This indicates there is further scope for Reliance Life Insurance to
improve the product, to ensure better returns for its customers. The some important steps
the company has to take in order to maintain and improve its position in the market are
1. Continue its current investment portfolio of the selected product, ie. Reliance Health
+ Wealth Basic Plan.
2. A al ze its o petito s p odu t PNB Met “ a t O e to i p o e its u e t
product offering.
3. Generally the customers are informed of NAV while selling the investment plans, the
company has to express in simple terms to the customers about the returns on their
investment, rather than using the NAV.
4. Company has to have better research programs to develop better and improved
investment options for its customers, since there is huge market to be captured in
India, where Insurance Penetration is lowest in the world.
CONCLUSION
From the study it is clear that Reliance Health + Wealth Plan is performing better than SBI,
ICICI and Bajaj Allianz, but below the performance of PNB Met Smart One. It is notable that,
the products offered by PNB MetLife and Reliance Life Insurance are not affected by the
Market Conditions, and are performing consistently. This shows the Research efforts put on
by both the organizations in developing new products for its customers, hence good
investment option for the Investors looking for better returns. The current study was only
an effort to compare the products of five companies having similar features, this study can
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be further extended to study the portfolio of investment of various ULIPs offered by the
various companies which would help the organizations to fine tune their products.
REFERENCES:
Books:
1) Cooper Donald R., Business Research Methods, New Delhi, Tata McGraw Hill Education
Private Limited, 2009
2) Gupta, S. P., Statistical Methods, New Delhi, Sultan Chand & Sons., 2008
3) Kothari, C.R., Research Methodology Methods and Techniques, New Delhi, New Age
International Pvt Ltd, Publishers., 2004
4) Kulkarni, Mahesh. K., Research Methodology and Project Work, Pune, Nirali Prakashan,
2003
5) Shajahan, S., Research Methods for management, Mumbai, Jaico Publishing House.,
2006
Articles:
1) Dash Mihi , Lal e tlua gi C, At al “ i e , Thapa “up i a, A “tud of ‘isk-Return
ha a te isti s of life i su a e poli ies , “o ial “ ie e ‘esea h Net o k,
November 2008, viewed on 1 December 2009,
<http://papers.ssrn.com/sol3/papers.cfm?abstract_id=%201303350>
2) Di a Y. Lakha i A Study of Unit Linked Insurance Plans of ICICI Prudential
Life I su a e , I te atio al ‘esea h “ posiu o Ma age e t, Te h olog
a d E gi ee i g “ ie e o No e e .
<URL:http://www.academia.edu/1616652/A_Study_of_Unit_Linked_Insurance_Plan
s_of_ICICI_Prudential_Life_Insurance>
3) Ka u a K , ‘ele a e of ULIP as a good i est e t tool , I su a e Ch o i le,
Vol – IX Issue – V, pp. 43-46.
4) Pad a athi V, U it li ked i su a e Poli ies ULIP a d ‘isk Ma age e t ,
International Institute for Insurance and Finance, 6 April 2009, viewed on 2
December 2009, <http://www.iiif.ac.in/faculty-research>
5) Uda a “a ajpati , Pe fo a e App aisal of U it Li ked I su a e Plans
ULIP“ i I dia: A Case “tud , Vol. , No. , pp. -69.
Reports:
14. International Journal of Advanced Research in
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1) Annual reports of ICICI Prudential Life Insurance Company Ltd.
2) Annual reports of Reliance Life Limited.
3) Annual reports of SBI Life Limited.
4) Annual reports of Met life Limited.
5) Annual reports of Bajaj Allianz Life Limited.
Websites:
www.iciciprulife.com
www.bseindia.com
www.sbilife.co.in
www.reliancelife.com
www.metlife.com.au
www.bajajallianz.com
www.traderji.com