MIRA
INFORM REPORT
|
Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HDFC STANDARD LIFE INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Ramon House, 169, Backbay Reclamation,
Churchgate, Mumbai– 400 020, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
14.08.2000 |
|
|
|
|
Com. Reg. No.: |
11-128245 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19948.801
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH2000PLC128245 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH05080F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH8755L |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Legal and Financial Services and Insurance Services |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
HDFC standard life insurance company is one of It is a Joint Venture between Housing Development Finance Corporation
Limited (HDFC), It is a well established company having moderate track. Profitability
of the company is under severe pressure. There appears to be huge accumulated
losses. However trade relations are fair. Business is active. Payments are
reported to be usually correct. In view of strong promoters the company can be considered good for
normal business dealings under usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Atul Juvte |
|
Designation : |
Legal Department |
|
|
|
|
Name : |
Ms. Minal Ganpate |
|
Designation : |
Finance Department |
|
Date : |
19.07.2011 |
LOCATIONS
|
Registered Office : |
Ramon House, 169, Backbay Reclamation,
Churchgate, Mumbai– 400 020, |
|
Tel. No.: |
91-22-67516680 |
|
Fax No.: |
91-22-67517680 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
Corporate Office 1 : |
2nd Floor, ‘A’ Wing, Trade Star Building, Junction of
Kondivita and M.V. Road, Andheri Kurla Road, Andheri (East), Mumbai – 400
059, Maharashtra, India |
|
Tel. No.: |
91-22-28220055 / 67516666 |
|
Fax No.: |
91-22-28229998 / 26222414 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
Corporate Office 2 : |
12th and 13th Floor, Lodha Excelus, Apollo Mills
Compound, N M Joshi Marg, Mahalaxmi, Mumbai-400011, |
|
Tel. No.: |
91-22-67516666 |
|
Fax No.: |
91-22-67516333 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located At :
|
DIRECTORS
As on 05.08.2010
|
Name : |
Mr. Deepak S. Parekh |
|
Designation : |
Director |
|
Address : |
9 Darbhanga Mansion, |
|
Date of Birth/Age : |
18.10.1944 |
|
Date of Appointment : |
17.08.2000 |
|
|
|
|
Name : |
Mr. Keki M. Mistry |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
07.11.1954 |
|
Date of Appointment : |
20.12.2000 |
|
|
|
|
Name : |
Mr. Amitabh Chudhary |
|
Designation : |
Managing Director |
|
Address : |
4301 Tower 3 Electra Planet Godrej Maharaj Chwok, Mahalaxmi East,
Mumbai-400011, |
|
Date of Birth/Age : |
02.07.1964 |
|
Date of Appointment : |
18.01.2010 |
|
|
|
|
Name : |
Mrs. Renu Sud Karnad |
|
Designation : |
Director |
|
Address : |
BB 14, Greater Kailash Enclave II, |
|
Date of Birth/Age : |
03.09.1952 |
|
Date of Appointment : |
25.01.2006 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
602 Neat House, 766, College Galli, Dadar (West), Mumbai – 400 028, |
|
Date of Birth/Age : |
19.08.1955 |
|
Date of Appointment : |
25.04.2005 |
|
|
|
|
Name : |
Mr. Michael Gerald Connarty |
|
Designation : |
Director |
|
Address: |
3 Joppa Road, Edinburgh- EH152HA, Unted Kingdom |
|
Date of Birth/ Age: |
18.11.1955 |
|
Date of Appointment: |
07.11.2007 |
|
|
|
|
Name : |
Mr. Paresh Shreesh Parasnis |
|
Designation : |
Whole-time Director / Principal Officer and Executive Director |
|
Address : |
Plot No.166-B, |
|
Date of Birth/Age : |
11.10.1961 |
|
Date of Appointment : |
14.11.2008 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Gautam M Divan R |
|
Designation : |
Director |
|
Address : |
95C, |
|
Date of Birth/Age : |
22.07.1940 |
|
Date of Appointment : |
03.02.2004 |
|
|
|
|
Name : |
Mr. Ranjan K. Pant |
|
Designation : |
Director |
|
Address : |
10-A, Kasturba Gandhi Marg, |
|
Date of Birth/Age : |
29.06.1959 |
|
Date of Appointment : |
03.05.2004 |
|
|
|
|
Name : |
Mr. Gerald Edgar Grimstone |
|
Designation : |
Alternate Director |
|
Address : |
34, |
|
Date of Birth/Age : |
27.08.1949 |
|
Date of Appointment : |
07.11.2008 |
|
|
|
|
Name : |
Mr. Michael Gerald Connarty |
|
Designation : |
Director |
|
Address: |
3 Joppa Road, Edinburgh- EH152HA, Unted Kingdom |
|
Date of Birth/ Age: |
18.11.1955 |
|
Date of Appointment: |
07.11.2007 |
|
|
|
|
Name : |
Mr. David Nish |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nathan Parnaby |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G.R. Divan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A.K.T. Chari |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Atul Juvte |
|
Designation : |
Legal Department |
|
|
|
|
Name : |
Ms. Minal Ganpate |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Paresh Parasnis |
|
Designation : |
Executive Director and Chief Operating Officer |
|
|
|
|
Name : |
Mr. Amitabh Chudhary |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Deepak M. Satwalekar |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Gnana William |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Snajay Tripathy |
|
Designation : |
Chief Marketing Officers |
|
|
|
|
Name : |
Mr. Sharad Gangal |
|
Designation : |
Head of Human Resources and Administration |
|
|
|
|
Name : |
Mr. Sunil Rawlani |
|
Designation : |
Head of Information Technology |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
BUSINESS DETAILS
|
Line of Business : |
Providing Legal and Financial Services and Insurance Services |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S B Billimoria and Company Chartered Accountant |
|
Address : |
12, |
|
|
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountant |
|
Address : |
Kalpataru Heritage, 127, |
|
Pan No.: |
AAAFH2010F |
|
|
|
|
Holding Company: |
Housing Development Finance Corporation Limited |
|
|
|
|
Fellow Subsidiary: |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1994880096 |
Equity Shares |
Rs.10/- each |
Rs.19948.801
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
19948.801 |
19680.000 |
17958.180 |
|
2] Reserves & Surplus |
2206.790 |
552.892 |
552.892 |
|
3] Credit /[Debit] Fair Value Change Account |
(0.350) |
184.435 |
(77.610) |
|
Sub-Total |
22155.241 |
20417.327 |
18433.462 |
|
|
|
|
|
|
BORROWINGS |
|
|
|
|
POLICYHOLDERS’ FUNDS: |
|
|
|
|
Credit /[Debit] Fair Value Change Account |
(15.447) |
205.087 |
(296.885) |
|
Policy Liabilities |
51233.325 |
37666.908 |
29092.419 |
|
Insurance Reserves |
-- |
-- |
--- |
|
Provision for Linked Liabilities |
183502.921 |
127701.636 |
84085.083 |
|
Add: fair value change |
21728.415 |
27516.164 |
(15302.147) |
|
Total Provision for Linked Liabilities |
205231.336 |
155217.800 |
68782.936 |
|
|
|
|
|
|
Sub-Total |
256449.214 |
193889.795 |
97578.470 |
|
|
|
|
|
|
Funds for Future Appropriations |
1917.148 |
1490.013 |
586.395 |
|
Funds for future appropriation – Provision for lapsed policies
unlikely to be revived |
2555.106 |
1064.831 |
531.970 |
|
|
|
|
|
|
TOTAL |
283076.709 |
216061.966 |
117130.297 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
INVESTMENTS |
6999.708 |
6304.757 |
4291.597 |
|
Shareholders |
53349.840 |
43415.382 |
30050.097 |
|
Policyholders |
205231.336 |
155217.800 |
68782.936 |
|
Assets held to cover Linked Liabilities |
331.239 |
40.366 |
30.248 |
|
LOANS |
2395.729 |
1143.777 |
1447.706 |
|
FIXED ASSETS |
|
|
|
|
Cash and Bank Balance |
3837.312 |
3030.176 |
4108.660 |
|
Advances and Other Assets |
6770.283 |
4917.758 |
5534.969 |
|
|
|
|
|
|
Sub-Total (A) |
10607.595 |
7947.934 |
9643.629 |
|
|
|
|
|
|
CURRENT LIABILITIES |
13037.550 |
12485.399 |
8820.225 |
|
PROVISIONS |
150.102 |
187.617 |
208.813 |
|
Sub-Total (B) |
13187.652 |
12673.016 |
9029.038 |
|
NET CURRENT
ASSETS (C) = (A-B) |
(2580.057) |
(4725.082) |
614.591 |
|
DEBIT BALANCE IN PROFIT AND LOSS ACCOUNT [Shareholders account] |
15654.987 |
14664.966 |
11913.122 |
|
DEFICIT IN THE REVENUE ACCOUNT (POLICYHOLDERS ACCOUNT) |
1693.927 |
0.000 |
0.000 |
|
TOTAL |
283076.079 |
216061.966 |
117130.297 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Amounts Transferred from The Policyholders Account (Technical Account) |
446.326 |
472.930 |
794.984 |
|
Income from Investments |
|
|
|
|
a) Interest, Dividends and Rent – Gross |
399.900 |
289.102 |
302.367 |
|
b) Profit on sale/ redemption of investments |
183.531 |
49.152 |
13.924 |
|
c) (Loss on sale / redemption of investments) |
(1.697) |
(0.487) |
[35.870] |
|
d) Transfer/ Gain on revaluation/ change in fair value |
0.000 |
0.000 |
51.887 |
|
e) Amortisation of (premium)/discount on investments |
(3.042) |
(2.634) |
[2.965] |
|
|
|
|
|
|
Sub Total |
578.692 |
335.133 |
329.343 |
|
Other Income |
0.029 |
3.522 |
0.300 |
|
|
|
|
|
|
TOTAL (A) |
1025.047 |
811.585 |
1124.627 |
|
|
|
|
|
|
Expenses other than those directly related
to the insurance business Bad debts written off |
9.412 |
3.981 |
5.307 |
|
Contribution to the Policyholders Fund |
2005.656 |
3559.448 |
6148.951 |
|
|
|
|
|
|
TOTAL (B) |
2015.068 |
3563.429 |
6154.258 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(990.021) |
(2751.844) |
(5029.631) |
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
(990.021) |
(2751.844) |
(5029.631) |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Balance at the beginning of the year |
(14664.966) |
(11913.122) |
(6883.491) |
|
Transfer to liabilities on account of
employee benefits |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Profit / Loss carried forward to the balance
sheet |
(15654.987) |
(14664.966) |
(11913.122) |
|
|
|
|
|
|
Earning per share Basic/ Diluted |
(0.50) |
(1.51) |
(3.28) |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: Not Available
Business
Performance Highlights
FY10-11 saw significant regulatory changes that impacted the
availability of products, the economics of distribution channels and the
customer disposition towards the insurance sector. These structural changes
that were focused on long term customer interests would improve the health of
the industry in future. The speed of the implementation of these changes,
however, did impact the new business premium collections for the industry. The
industry (including LIC) witnessed a degrowth of almost 20% on individual new
business (weighted received premium) in the second half (Oct 10 – Mar 11) of
this financial year.
Despite the dynamic external environment, the Company saw strong growth in
new business premium and renewal premium during the FY 10-11. The first year
premium income grew by 21% (over FY 09-10) to Rs.40590.000 Millions and renewal
premium collected grew by 36% (over FY 09-10) to Rs.49450.000 Millions . The
strong performance in the renewal collections helped the company improve its
conservation ratio of individual business to 81% from 72% in the previous year.
Total premium (including Group business) registered a 29% growth to
Rs.90040.000 Millions during the current year. The sum assured in force for the
overall business at the end of the current year stood at Rs.989170.000 Millions
as compared to Rs.726100.000 Millions
for the previous year.
The Company was ranked #1 amongst private life insurers on individual
new business (weighted received premium) during the second half of the year. On
a full year basis, the company increased its market share (weighted received
premium of individual business) in private life insurance space to 13% from 9%
in the previous year. This was the largest market share gain among the top 10
private insurers (on new business premium) over
the previous year.
The Company continued its focus on improving operational efficiencies
and cost containment. Operating expense ratio (total expenses excluding service
tax to total premium) reduced from 20% in 2009-10 to 16% in 2010-11. The
company launched a raft of efficiency enhancement initiatives that included
tightening span of control, automation, vendor consolidation and stronger
alignment of performance with incentives.
The annual losses as per Indian GAAP reduced from Rs.2750.000 Millions
in 2009-10 to Rs.990.000 Millions in
2010-11.
During the year the Company continued with its ongoing efforts on
customer service and building awareness about insurance. There were industry
leading initiatives that were carried out on providing multiple payment options
to customers, offering a 30 day free look-in period instead of the mandated 15
day period, need based selling, coaching amongst the sales force and welcome
calling to every new policy holder to ensure there are no expectations mismatch
at the time of buying a policy. Their Underwriting and Claims Management
practices were rated best-in-class in a benchmarking survey done by Swiss Re
during the year.
The Company undertook a revamp of its visual identity based on market
research to make it more appealing and relevant to the target demographics. The
new visual identity that positioned the company as ‘HDFC Life’ was launched
along with the 10th year anniversary celebration during the year.
The new identity has been well received by all the key stakeholders.
New Business
The Company issued over 8.3 lac policies (including policies sold in
rural areas) amounting to Rs.40593.000 Millions
of new business regular premium during the financial year. The Group
business received Rs.5910.000 Millions
of premiums during the year.
During the year, IRDA introduced new guidelines regarding ULIP products
to be followed by all life insurers, effective September 1, 2010. These
guidelines made the industry review and revamp existing products, distribution
channels and cost models. The guidelines on Group ULIP led to almost 3 months
of no group product being available for customers.
An entire range of new individual ULIP products had to be launched since
September 1, 2010 that impacted the growth momentum of the life insurance
industry. Pressures on channel cost, low commission payout to advisors and the
absence of a viable regular premium pension product led to the private insurance
industry showing a negative growth of 41% in weighted received premium (WRP)
terms in the second half of FY11 and ended the year with a degrowth of 20% over
the previous year.
The company was able to navigate through the change in business environment
and emerged as the leader among private players in individual new business
weighted received premium terms in H2’ FY11. This was achieved through a well
thought out product launch schedule, speed in embracing the new regime within
operations, sales and training teams, focused efforts on strengthening new
channels and delivering the right advice and service to the customers.
The long term story for life insurance in
Individual Renewal
Business
The company’s efforts on persistency management helped it achieve a conservation
ratio of 81% and a growth of 36% in renewal premium. This was achieved through
a dedicated Persistency ‘vertical’ that analysed customer disposition,
delivered timely communication to customer through different media and
proactively supported the customers to move into self payment modes. The
vertical plans to pioneer innovative practices in FY 11-12 on midterm benefit
illustrations, advanced analytics to spot trends and last mile engagement of
customers to maintain the high levels of conservation ratio.
Distribution
Offices
During the year, the Company focused on containing the operating costs
of all its offices. As a part of this exercise the Company carried out a Lean
Branch initiative that reduced the total rented area and the overhead costs
associated with the branches. This lean branch model will be used for all
relocation and future expansion. The Company has also reworked its branch
closing and opening process and the new process will ensure the policyholders,
financial consultants and employees attached to the respective branch are kept
informed and that there is no impact on the continuity in customer service. The
Company has ensured that all of the above is done within guidelines set by the
regulator. The Company currently has 498 offices across the country and through
the network of these offices the company’s financial consultants, corporate
agents and brokers are able to service customers in over approximately 700
cities and towns across the country.
Financial
Consultants
The Company’s distribution strategy continues to lay emphasis on the
development of the tied agency channel. The Company is currently implementing a
large scale transformation programme called Manthan to dramatically improve the
productivity, customer focus and the effectiveness of the channel.
The Company had around 1,38,000 Financial Consultants as of March 31,
2011. The Company provides extensive and thorough training to them to ensure
they correctly assess the customer’s needs and offer the right advice relevant
to them.
As an ongoing process, the front line sales and Financial Consultants of
HDFC Life are being trained on a specialized ‘need based selling approach’
called EDGE. The focus of all communication to their distribution partners and
customers is on maximizing long term value by staying invested in the contract.
The company has also launched an online learning portal “GOAL” and conducts
assessments through the same. This initiative has improved the conservation
ratio of policy premiums.
The company has introduced an all
round Sales Management process, called “Sales Activity Manager (SAM)” to
measure and monitor productivity of sales staff supporting channel sales. It
helps to track prospects better, improves conversion rate and helps in
monitoring and enhancing the productivity expectations from the field staff.
SAM helps the sales force in aligning their daily activities with the
achievement of organization objectives and brings a discipline and rigor in
selling process that will help the channel.
Corporate Agents
The Company continued its strong association with its bancassurance
partners including HDFC Bank, Indian Bank, Saraswat Bank, HDFC Limited, HDB
Financial Services Limited and HDFC Securities Limited. The bancassurance
channel has contributed handsomely to the growth of the Company during 2010-11.
The Company is in process of further expanding its reach in the bancassurance
channel by exploring arrangements to bring in new partners.
The company has also started to
forge relationships with leading insurance brokers. It has also invested in
direct and loyalty channels during the course of the year.
The company would continue to focus on fortifying its existing
relationships and diversify its channel mix by investing in new channels and
relationships.
Accolades and
Awards
HDFC Life was adjudged one of the Best Companies to Work for in
The company has been ranked as
The company has been selected as the Business Superbrand India 2010-11.
HDFC Life has received a score of 6.50 out of 10 and is ranked amongst the top
25% nationally (also ranked amongst the top quartile of all brands across all
segments and all categories). Superbrand is an organization that started in
1993 in the
HDFC Life’s ‘Yongstar Super’ was voted “Product of the Year 2010™” in
the ‘insurance category by more than 30000 consumers nationwide across 36
markets. YoungStar Super is a units linked Child Plan with unique benefits
being offered such as bumper additions, double and triple benefits, attractive
allocations rates, and seven different funds to invest in. The consumer study
on product innovation in
HDFC Life bagged the Indian Merchants’ Chamber Ramkrishna Bajaj National
Quality Award (IMC RBNQA) 2010. The company has been declared a winner of the
Performance Excellence Trophy 2010 in the service category. The company
participated in Indian Merchants Chamber Ramkrishna Bajaj National Quality
Award (IMC RBNQA) 2009-10 cycle for the first time and won the award in the
services category. The IMC Ramkrishna Bajaj National Quality Award is one of
the most prestigious Quality Awards in the country.
Pinnacle was selected as the Information Week EDGE 2010 winner. Pinnacle
assists HDFC Life in staying ahead by having a flexible system that allows
changing the processes for adapting to market dynamics. Addition of products
and new partners can also be done on demand, which was a major concern prior to
implementation of Pinnacle. It also allows for modifications in the workflow
and the forms as per requirement. EDGE - Enterprises Driving Growth and
Excellence (using IT) is an initiative by Information Week to identify,
recognize and honor end-user companies in
HDFC Life’s system WONDERS has won the Celent Model Insurer Award 2011.
This is first international recognition that HDFC Life has achieved as a
company. Approximately 20 insurance companies “Wonders” Workflow ON Demand and
Enterprise Retrieval System. WONDERS is an enterprise wide workflow system
integrated with a Document Imaging System which forms the backbone for their
process automations. Celent is a research and consulting firm, focused on the
application of information technology in the global financial services industry
across US,
PRESS RELEASE:
ICICI
PRUDENTIAL LIFE INSURANCE AWARDED BEST INSURER
Accord Fintech (
13 June 2011
[What follows is the full text of the news story.]
HDFC
LIFE LAUNCHES PROGROWTH FLEXI
Accord Fintech (
06 January 2011
[What follows is the full text of the news story.]
India, Jan. 06 -- HDFC Standard Life Insurance Company, one of India's
leading life insurance companies, has launched -- ProGrowth Flexi -- a smart
Unit Linked Insurance Plan (ULIP) with minimum monthly premium of Rs 2,500.
This comes with 30-day Free Look-in, flexible premium payment options, five
investment funds, and the flexibility to change premium paying term.ďż˝ The
product offers several flexibilities to customers that can be chosen based on
their needs and appetite. Apart from the normal life cover, HDFC SL ProGrowth
Flexi also provides extra life cover with accidental death benefits option.ďż˝
As ULIPs come under the new regulatory regimes, the customers may need time to
get familiar with the new generation of ULIPs and fully comprehend the benefits
available under the policy. Published by HT Syndication with permission from
Accord Fintech. For any query with respect to this article or any other content
requirement, please contact Editor at htsyndication@hindustantimes.com
HDFC STANDARD LIFE
INSURANCE TO LAUNCH SINGLE PREMIUM ULIP PENSION PLAN SOON
Accord Fintech (
29 December 2010
[What follows is the full text of the news story.]
HDFC
LIFE LAUNCHES PROGROWTH MAXIMISER
Accord Fintech (
19 November 2010
[What follows is the full text of the news story.]
India, Nov. 19 -- HDFC Standard Life Insurance Company, one of India's
leading life insurance companies, has launched ProGrowth Maximiser, a unique
single premium Unit Linked Insurance Plan, with three investment options to
choose from as per their needs and risk appetite. The options are - Highest NAV
Guarantee, Capital Guarantee, and Free Asset Allocation. The plan guarantees
that the unit price on maturity of the policy is at least equal to the unit
price that was used to allocate units to the single premium invested at the
inception of the policy. Meanwhile, minimum premium is Rs 50,000 with no limit
on the maximum premium. Further, policy term for the plan is 10 years. Minimum
age at entry for this plan is 14 years and maximum age is 65 years and maximum
age at maturity is 75 years. Minimum single premium top up is Rs 10,000. No
limit on free asset allocation option and premium top up equals to the single
premium paid at inception on selection of Highest NAV Guarantee option. The
single premium plan is eligible for tax benefits under the Income Tax Act of
1961. Currently, section 80C benefit is available for the premium paid into the
plan subject to the limits in that section. Benefits received under Section 10
(10D) will be exempt from tax subject to the limits contained therein. In case
of single premium top ups, tax benefits would be available subject to the
limits mentioned in the Section 80C and 10(10D). Published by HT Syndication
with permission from Accord Fintech. For any query with respect to this article
or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.