A Comparative Study on the Performance of ULIPs Offered by the Selected Insurance Companies-A Study in Indian Capital Markets

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1 A Comparative Study on the Performance of ULIPs Offered by the Selected Insurance Companies-A Study in Indian Capital Markets 1 Mr Kantesha Sanningammanavara Research Scholar, BMS College of Engineering,Bangalore. Phone , Abstract The Indian Life Insurance industry has grown tremendously in the last decade, with stringent regulatory framework protecting the interests of the Investors. The main objective of the study is to compare the UPILs of different insurance companies in India. The researcher used descriptive research. The sample size was 5 viz, Reliance Life Insurance, SBI Life Insurance, Bajaj Allianze, MetLife and ICICI Prudential. 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 for testing the Hypothesis. From the study the researcher found that, The MetLife Insurance Product provides good returns to investors compared to other products. It was observed that Reliance Life Insurance Product did not depend on the performance of Stock market, which indicates the better selection of portfolio for investment in share market for the Reliance Health + Wealth plan. Similar was the case with PNB Met Smart. Key Words: ULIP, Returns, NAV, ROI 1

2 Introduction: ULIPs are a category of goal-based financial solutions that combine the safety of insurance protection with wealth creation opportunities. In ULIPs, a part of the investment goes towards providing investors life cover. The residual portion of the ULIP is invested in a fund which in turn invests in stocks or bonds; the value of investments alters with the performance of the underlying fund opted by investors. Simply put, ULIPs are structured in such that the protection element and the savings element are distinguishable, and hence managed according to individual specific needs. In this way, the ULIP plan offers unprecedented flexibility and transparency. Since the fund of investor s choice has an underlying investment either in equity or debt or a combination of the two individual fund value will reflect the performance of the underlying asset classes. At the time of maturity of the plan, investors are entitled to receive the fund value as at the time of maturity. The pie-chart below illustrates the split of investor ULIP premium: Figure: Premium Breakup One of the big advantages that a ULIP offers is that whatever be investor s specific financial objective, chances are that there is a ULIP which is just right for the investors. The figure 2

3 below gives a general guide to the different goals that people have at various age-groups and thus, various life-stages. Research Design Type of research Descriptive Research: The major purpose of descriptive research, as the term implies, is to describe characteristics of a population or phenomenon. Descriptive research seeks to determine the answers to who, what, when, where, and how questions. Descriptive research often helps segment and target markets. Sampling Plan Sampling Method: Judgmental Sampling Sample size: A sample of 5 leading Life insurance companies, whose ULIPs are popular in the market has been taken for the study. Sources of Data Primary Data: Interviews, Discussions Secondary Data: Websites, Annual Reports, Magazines, Company Reports Objectives of the Study To study the functioning of organization. To understand the Insurance industry in India. To study the structure, performance & operational efficiency of selected company. To check the performance of ULIP product offered by the company against the competition. Need for the study The study of Financial Performance Analysis is useful to know the performance of Reliance Life Insurance. Helps the investors and the company managers to understand the company present situation. Comparison of ULIPs would help the investors to select the plans which offer higher rate of returns. Helps the company to come out with better portfolio for ULIPs 3

4 Hypothesis H1 0 : Performance of the Stock Market has no influence on SBI NAV of ULIP H1 1 : Performance of the Stock Market has Influence on SBI NAV of ULIP H2 0 : Performance of the Stock Market has no influence on ICICI NAV of ULIP H2 1 : Performance of the Stock Market has Influence on ICICI NAV of ULIP H3 0 : Performance of the Stock Market has no influence on Bajaj NAV of ULIP H3 1 : Performance of the Stock Market has Influence on Bajaj NAV of ULIP H4 0 : Performance of the Stock Market has no influence on MetLife NAV of ULIP H4 1 : Performance of the Stock Market has Influence on MetLife NAV of ULIP H5 0 : Performance of the Stock Market has no influence on Reliance NAV of ULIP H5 1 : Performance of the Stock Market has Influence on Reliance NAV of ULIP Data Analysis Data analysis was done with Ratios, ROI and Annualized Rate of Returns, and Hypothesis testing was done using Correlation. Limitations of the Study The study was concentrated on only one of the product in comparison with similar offerings of other companies. Only publicly available data was used. 4

5 Results and Discussions: June 2013, Volume No: 2 Issue: 4 Table 1: Monthly Average NAV of Selected ULIPs for the Study Month/Year SBI Life ICICI Pru Bajaj Metlife Reliance Jan Feb Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Indiainfoline.com 5

6 NAV June 2013, Volume No: 2 Issue: 4 Chart 1: Monthly Average NAV of Selected ULIPs for the Study NAV of Selected ULIPs from Inception Jan.11 Feb.11 Mar.11 Apr.11 May.11 Jun.11 Jul.11 Aug.11 Sep.11 Oct.11 Nov.11 Dec.11 Jan.12 Feb.12 Months Mar.12 Apr.12 May.12 Jun.12 Jul.12 Aug.12 Sep.12 Oct.12 Nov.12 Dec.12 Jan.13 Feb.13 Reliance Metlife Bajaj ICICI SBI The above table shows the monthly average NAV of five selected ULIPS from Jan 2011 to Feb The NAV for SBI was 8.67 in Jan 11 and has been increased to in Feb 13. For Reliance the NAV was and it has increased to in Feb 13. By looking at the above chart once can conclude that all ULIPs are in increasing trend except Bajaj as its NAV are often fluctuating. Comparisons of Selected ULIP Products Table 2: Comparison ULIP Plan with that of Competitors Company 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% 6

7 Percentage June 2013, Volume No: 2 Issue: 4 Chart 2: Comparison ULIP Plan of Different Companies Comparison of Rate of Returns 30.00% 25.00% 25.30% 20.00% 17.06% 19.16% 15.00% 10.00% 5.00% 0.00% 11.58% 6.48% 3.71% 3.55% 4.44% 3.58% 1.13% SBI ICICI Bajaj Met life Reliance Company Rate of Return Annualized return Source: Secondary Data Chart 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 MetLife has better ROR of 25.30% compared to 19.16% of reliance life insurance. Whereas Bajaj life insurance has lowest ROR of 1.13%. 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 Hypothesis 1: H1 0 : Performance of the Stock Market has no influence on SBI NAV of ULIP H1 1 : Performance of the Stock Market has Influence on SBI NAV of ULIP 7

8 Table 3: Correlation between Sensex and SBI Life Insurance Product Sensex Sensex SBI Pearson Correlation ** Sig. (2-tailed).000 Pearson Correlation.890 ** 1 SBI Sig. (2-tailed).000 **. Correlation is significant at the 0.01 level (2-tailed). Note: If p-value is less than 0.05, accept the alternative hypothesis and reject the null hypothesis. Null Hypothesis is Rejected as Pearson Correlation is 0.890, and p = (p < 0.05) at confidence level of Since the p < 0.05, the performance of SBI Life Insurance Product is dependent on the market performance. Hypothesis 2: H2 0 : Performance of the Stock Market has no influence on ICICI NAV of ULIP H2 1 : Performance of the Stock Market has Influence on ICICI NAV of ULIP Table 4: Correlation between Sensex and ICICI Life Insurance Product Sensex ICICI Sensex Pearson Correlation ** Sig. (2-tailed).000 N ICICI Pearson Correlation.899 ** 1 Sig. (2-tailed).000 N **. Correlation is significant at the 0.01 level (2-tailed). Null Hypothesis is Rejected as Pearson Correlation is 0.899and p = (p < 0.05) at confidence level of Since the p < 0.05, the performance of ICICI Life Insurance Product is dependent on the market performance. 8

9 Hypothesis 3: H3 0 : Performance of the Stock Market has no influence on Bajaj NAV of ULIP H3 1 : Performance of the Stock Market has Influence on Bajaj NAV of ULIP Table 5: Correlation between Sensex and Bajaj Life Insurance Product Sensex Bajaj Sensex Pearson Correlation ** Sig. (2-tailed).000 Bajaj Pearson Correlation.911 ** 1 Sig. (2-tailed).000 **. Correlation is significant at the 0.01 level (2-tailed). Null Hypothesis is Rejected as Pearson Correlation is and p = (p < 0.05) at confidence level of Since the p < 0.05, the performance of Bajaj Life Insurance Product is dependent on the market performance. Hypothesis 4: H4 0 : Performance of the Stock Market has no influence on MetLife NAV of ULIP H4 1 : Performance of the Stock Market has Influence on MetLife NAV of ULIP Table 6: Correlation between Sensex and MetLife Insurance Product Sensex Metlife Closing Pearson Correlation Sig. (2-tailed).367 Metlife Pearson Correlation Sig. (2-tailed).367 9

10 Null Hypothesis is Rejected as Pearson Correlation is 0.185and p = (p > 0.05) at confidence level of 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: H5 0 : Performance of the Stock Market has no influence on Reliance NAV of ULIP H5 1 : 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 Sig. (2-tailed).184 Reliance Pearson Correlation Sig. (2-tailed).184 Null Hypothesis is Rejected as Pearson Correlation is 0.269, and p = (p > 0.05) at confidence level of 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 Findings: 1. The SBI Life Smart has improved over 2years 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. 10

11 3. The Bajaj alliance wealth insurance has shown good performance in 2013 in January month but it has decreased its performance in February 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. 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. Analyze its competitor s product PNB Met Smart One to improve its current 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. 11

12 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 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. Punithavathy Pandian, Security analysis and portfolio management, 1 st Edition, Vikas Publishing India Pvt. Ltd. 2. C R Kothari, Research Methodology: Methods and Technology, 2 nd Edition, New Age Publication. 3. Annual Report , Reliance Life Insurance Websites February February February March March March

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