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¸ Gratuity Schemes

Most employers have a statutory obligation to pay a gratuity to its employees on termination of employment. This gratuity is in the form of a one-off payment made on termination of employment. It depends on salary and number of years of service, so will therefore increase with time. The HDFC Group Unit Linked plan is a new and innovative unit-linked plan, which offer employers and gratuity scheme trustees a flexible and cost effective way to fund this gratuity liability.

The plan helps a corporate by:

∑ Building a fund systematically, which will be used to meet their future gratuity liability

∑ Providing the opportunity to maximize investment returns and thus provide the benefit in a cost-effective manner

One factor that helps customer to maximize the investment returns is low charges. Our charges are the lowest in the industry and therefore can improve their long-term returns.

¸ Leave Encashment Schemes

Many employers provide their employees with the option of encashing their leave to their credit at the time of retirement or resignation. Accounting Standard 15 requires that an actuarial valuation of a company leave encashment liability be carried out and reflected in the books of accounts.

The HDFC Group Unit Linked Plan is an innovative plan, which offers employers a flexible and cost effective way to fund this Leave Encashment liability.

The plan helps an organisation by:

∑ Creating a fund that can be built up to meet their future leave encashment liability

∑ Providing the opportunity to maximise investment returns and thus provide the benefit in a cost-effective manner

¸ HDFC Life Smart Woman Plan

HDFC Life Smart Woman Plan, a unique insurance cum investment plan designed specifically for women. This plan ensures that their savings continue, while customer adjusts to the new stages of their life, and customer remains confident to live life their way.

This ULIP plan comes with comprehensive coverage options where we will cover customer against pregnancy complications and congenital conditions or for malignant female-specific cancers. During these critical moments, we assure customer the peace of mind by waiving and funding their premiums so that as customer overcome and adjust to their life their investments continue to grow.

Features:

Plan option: choose from classic, premium and elite option.

Annual premium: pay premium yearly. Minimum premium of Rs.24000. maximum premium is Rs.100000 per year.

Choice of funds: range of 5 funds for investors with different risk appetite.

Age limit: minimum age is 18 years and maximum age is 45 years.

Sum Assured: sum assured up to 40 times annual premium.

∑ Customer can choose plan options as per their needs i.e. Classic or Premier or Elite

∑ Uninterrupted savings with Waiver & funding of premiums for next 3 years on the following events

o Pregnancy complications or birth of child with congenital disorder

o Diagnosis of malignant cancer of female organs

∑ Additional periodic cash payouts under Premier & Elite Options

∑ On maturity, customer can take the Fund Value at the prevailing unit prices as lump sum or customer can opt for settlement option.

Customer can use the maturity benefit to fund their needs - be it for child's education, travel, upgrading their entrepreneurship venture etc.

∑ Customers have flexibility to make partial withdrawals to meet any unplanned expenses.

For more details on terms and conditions, please read the Product Brochure carefully and/or consult Financial Consultant before taking a decision.

CHAPTER 5 CONCLUSION

ULIPs or Unit Linked Insurance Policies are gaining popularity in the recent times. Importance of ULIP policies has grown in the recent times because of the features and advantages that ULIP policies offer. While under traditional insurance policies, the relationship between premium and assured sum is fixed. But, under ULIPs there is freedom of flexibility in premiums and assured sum. The reason that is attributed to the wide spread popularity of ULIP is because of the transparency and the flexibility which it offers to the client.

As time progressed the plans were also successfully mapped along with life insurance needs to retirement planning. In today’s times ULIP provides solution for all needs of a client like insurance planning, financial planning for children’s future and retirement planning.

If customer wants to take a low exposure to equity market and still get

ULIP investors have the option of investing across various schemes similar to the ones found in the mutual funds domain, i.e. diversified equity funds, balanced funds and debt funds. Generally speaking, ULIPs can be termed as mutual fund schemes with an insurance component.

ULIP investors also have the choice of investing in a lump sum (single premium) or using the conventional route, i.e. making premium payments on an annual, half-yearly, quarterly or monthly basis. In ULIPs, determining the premium paid is often the starting point for the investment activity.

ULIP investors also have the flexibility to alter the premium amounts during the policy's tenure. The freedom to modify premium payments at one's convenience clearly gives ULIP investors an edge over their mutual fund counterparts.

One can see that insurance is a better choice while making

Thus insurance industry has tremendous growth opportunities provided that it meets the expectations of the customers. The changing products of insurance with changing needs of the customers can be a major cause for the growth of the insurance industry.