A REPORT

ON

A STUDY ON THE PLANS&FUND IVESTEMENTS

OF UNIT LINK PRODUCTS IN SHIIRAM LIFE
INSURANCE CO.LTD.
By:
Veera Hanuman
19BSP3190

Company:
SHIRAM LIFE INSURANCE

1
 A REPORT
ON
STUDY ON INVESTMENT DECISIONS OF
INVESTMENT DECISIONS OF CAPITAL
MARKET.
By:
Veera Hanuman
19BSP3190

Company:
SHRIRAM LIFE INSURANCE COMPANY.

A report submitted fulfilment of the requirement of

PGPM Program of
IBS Pune

Date of Submission:

Acknowledgement:

I would like to express my deep sense of gratitude towards The SHIRAM LIFE
INSURANCE for providing the necessary resources and expertise knowledge
for the successful completion of my project. I take this opportunity to express
my deepest thanks to MR.SUJEETSAVARGOANKAR- Company guide who
supported and guided me in my entire internship
I would like to extend my earnest appreciation to Mrs. PRANITHA, Partner for
giving me a chance to work in this organisation. The company have provided a

2
professional environment to work in where i was given the liberty and freedom
to put my ideas to use.

Table Of Content

DATE PARTICULARS PAGE.NO

1 Abstract 5

2 Introduction 6-7

2.1 General Introduction 8-18

2.2 Company Profile 19

2.3 Major competitors 20

2.4 SWOT analysis 20

Analysis of work
3 Objectives of Internship 21

4 Methodology Adopted 21-23

5 Work Report 23

Importance
6 Corporate Information 24

3
 7 IIFL- Capital market 24-33

Analysis
8 Businessperformance 34

9 MangementPerformance 36

10 Auditiors 37-40

11 Investing funds details 40-42

12 Finanical services 43

13 Mangement- Report 44

14 Awards 45-50

Conclusion
15 Covid-19 impact, 50

16 Experts opinion 51-52

17 Financially coming year 53-54

18 Suggestions 55

19 Latest Update 56

4
20 Conclusion 59

ABSTRACT:

Human capital are most valued and most treasured assets.While

acquiring candidates the organisation have to carefully map the
available resources as they create competitive advantage for the
organisation. But in this competitive environment it has become
difficult to get the right person for the right job. Thus companies have
started to outsource their work to recruitment firms. Recruitment is
the process of searching for prospective employees and stimulating
them to apply for jobs in the organization. This process ensures that
the organisation is acquiring the correct human capital. Better
recruitment strategies result in improved organizational outcomes.
And hence companies are using modern recruiting techniques to
acquire the best candidate for the job.

Introduction:
For a long time everybody thought that traditional finance theory is
accurate because it states that investors think rationally and make
deliberate decisions, based on various estimations or using economic
models. However after a number of investigations, it was noticed that
human decisions often depend on their nature, intuitions, and habits,
cognitive or emotional biases hidden deeply at the back of one‘s
mind. The new discipline – behavioural finance have begun to
develop after gathering enough information that confirm particular
human behaviour which is contrary to traditional finance theory.
According to Shefrin (2011) behaviour finance is the study of how
psychology affects financial decision making process and financial
markets. Since psychology explores human judgment, behaviour and
welfare, it can also provide important facts about how human actions
5
differ from traditional economic assumptions. Consequently,
investment decision processes based on forecasts and the great
knowledge of market participants are becoming more unrealistic in
these days global financial markets. Foreign scientists Berber
&Oden(1999), Huber man (2001), Pompeian (2008) & Shefrin (2011)
have found out that human psychological state +affects their
investment decisions making. Various changes of setting (including
price volatility, variations of economic situation) have a gross impact
on investors‟ thinking. Individuals constantly feel the fear of losing
money, so impulsively react to market changes, changing off-the-cuff
their lo-ng-term investment goals responds to every financial expert‘s
opinion and begins to have doubts of their investments. The irrational
decision proliferate in such situations which determine inefficient
investments or uprising losses, which per se reduces the ranks of
people willing to invest. Consequently financial behaviour is a
science that analyses behavior subtlety of market participants as well
as revealing their irrational decision-making motives can 12 help to
avoid the impact of financial behaviour for investment decisions and
thereby attract more individuals willing to invest. Investors‟
irrationality is an inevitable reality that has been time and again
pointed out by researchers like Stat man. These researchers throw
light on the fact that an actual investor cannot conform to the
―rational‖ assumptions of the standard finance theories. They argue
that investors are not the calculative utility maximizing machines as
the traditional theories believe them to be. Rather, they are led by
their sentiments and are prone to make cognitive errors. They may
lack self-control, be overconfident about their abilities, miscalibrate
information, overreact or follow the crowd without thinking.

Here is a brief explanation of each of our key

departments and their functions. 

UnderwritingDepartment:-
The Underwriting Department strives to provide excellent customer
service and ensure member satisfaction. Underwriting staff assist

6
members with any questions they may have regarding the different
coverages offered. This is a process of selecting risks and classifying
them according to company policy for their acceptance so that the
appropriate rates may be assigned. The process also includes rejection
of those risks that do not qualify.

Our underwriters are a group of technicians trained in evaluating risks

and determining rates and coverages for them. 

Claims :-

OurClaims Department. Our Claims Department has the latest

technology available in the market today. This enables our staff to
handle your claim in the most efficient manner.

This is a demand made by the insured, or the insured's beneficiary, for

payment of the benefits provided by the contract following the
occurrence of an insured event. Our claims department team has its
members at the corporate office and is responsible for managing and
supporting the entire claim settlement function. 

Marketing & Sales :-

Marketing is about acquiring and retaining customers for products and

services by delivering customer value. These are the people
responsible for the business development and business retention of the
organization. Our sales and marketing executives have a deep
knowledge of the market and believe not just in expanding the
business but in focusing on quality business.

7
Operations :

Members of the process team ensure that acceptances follow the laid-
down procedure before they are converted into policy documents. He
or she is responsible for smooth back-end operations. 

Finance&Accounts :-

TheAccounts department is responsible for overseeing financial

management practices within the entire Ministry and coordinating the
budget formulation processes. This team provides support to all
financial transactions and accounting. It consists of a team of qualified
chartered accountants operating through the various locations. 

Human Resources :-

Human Resource Departments are the entities organizations form to

organize people, reporting relationships, and work in a way that best
supports the accomplishment of the organization's goals. Our team is
responsible for recruitment, performance management, training and
organizational development.

8
GENERAL INTRADUCTION

What Is Life Insurance?

Lifeinsurance is a contract between an insurer and a policyholder in

which the insurer guarantees payment of a death benefit to named
beneficiaries when the insured dies. The insurance company promises
a death benefit in exchange for premiums paid by the policyholder.

KEY TAKEAWAYS
 Lifeinsurance is a legally binding contract.
 For the contract to be enforceable, the life insurance application
must accurately disclose the insured’s past and current health
conditions and high-risk activities.
 For a life insurance policy to remain in force, the policyholder
must pay a single premium up front or pay regular premiums
over time.
 When the insured dies, the policy’s named beneficiaries will
receive the policy’s face value, or death benefit.
 Term life insurance policies expire after a certain number of
years. Permanent life insurance policies remain active until the
insured dies, stops paying premiums, or surrenders the policy.

9
  A life insurance policy is only as good as the financial strength
of the company that issues it. State guaranty funds may pay
claims if the issuer can’t.

WhoShould Buy Life Insurance?

Life insurance provides financial support to surviving dependents or
other beneficiaries after the death of an insured. Here are some
examples of people who may need life insurance:

 Parents with minor children – If a parent dies, the loss of his

or her income or caregiving skills could create a financial
hardship. Life insurance can make sure the kids will have the
financial resources they need until they can support themselves.
 Parents with special-needs adult children – For children who
require lifelong care and will never be self-sufficient, life
insurance can make sure their needs will be met after their
parents pass away. The death benefit can be used to fund
a special needs trust that a fiduciary will manage for the adult
child’s benefit.
 Adults who own property together – Married or not, if the
death of one adult would mean that the other could no longer
afford loan payments, upkeep, and taxes on the property, life
insurance may be a good idea. An example would be an engaged
couple who took out a joint mortgage to buy their first house.
 Elderly parents who want to leave money to adult children
who provide their care – Many adult children sacrifice by
taking time off work to care for an elderly parent who needs
help. This help may also include direct financial support. Life
insurance can help reimburse the adult child’s costs when the
parent passes away.
 Young adults whose parents incurred private student loan
debt or cosigned a loan for them – Young adults without
dependents rarely need life insurance, but if a parent will be on
the hook for a child’s debt after his or her death, the child may
want to carry enough life insurance to pay off that debt.

10
  Young adults who want to lock in low rates – The younger
and healthier you are, the lower your insurance premiums. A 20-
something adult might buy a policy even without having
dependents if there is an expectation to have them in the future.
 Wealthy families who expect to owe estate taxes – Life
insurance can provide funds to cover the taxes and keep the full
value of the estate intact.
 Families who can’t afford afford burial and funeral
expenses – A small life insurance policy can provide funds to
honor a loved one’s passing.
 Businesses with key employees – If the death of a key
employee, such as a CEO, would create a severe financial
hardship for a firm, that firm may have an insurable interest that
will allow it to purchase a life insurance policy on that
employee.
 Married pensioners – Instead of choosing between a pension
payout that offers a spousal benefit and one that doesn’t,
pensioners can choose to accept their full pension and use some
of the money to buy life insurance to benefit their spouse. This
strategy is called pension maximization.

How Life Insurance Works

A life insurance policy has three main components.

1. Death Benefit – The death benefit or face value is the amount

of money the insurance company guarantees to the beneficiaries
identified in the policy when the insured dies. The insured might
be a parent, and the beneficiaries might be their children, for
example. The insured will choose the desired death benefit
amount based on the beneficiaries’ estimated future needs. The
insurance company will determine whether there is an insurable
interest and if the proposed insured qualifies for the coverage
based on the company’s underwriting requirements related to
age, health, and any hazardous activities in which the proposed
insured participates.
2. Premium – Premiums are the money the policyholder pays for
insurance. The insurer must pay the death benefit when the

11
 insured dies if the policyholder pays the premiums as required,
and premiums are determined in part by how likely it is that the
insurer will have to pay the policy’s death benefit based on the
insured’s life expectancy. Factors that influence life expectancy
include the insured’s age, gender, medical history, occupational
hazards, and high-risk hobbies. Part of the premium also goes
toward the insurance company’s operating expenses. Premiums
are higher on policies with larger death benefits, individuals
who are higher risk, and permanent policies that accumulate
cash value.
3. Cash Value – The cash value of permanent life insurance serves
two purposes. It is a savings account that the policyholder can
use during the life of the insured; the cash accumulates on a tax-
deferred basis. Some policies may have restrictions on
withdrawals depending on how the money is to be used. For
example, the policyholder might take out a loan against the
policy’s cash value and have to pay interest on the loan
principal. The policyholder can also use the cash value to pay
premiums or purchase additional insurance. The cash value is a
living benefit that remains with the insurance company when the
insured dies. Any outstanding loans against the cash value will
reduce the policy’s death benefit.

 
The policyholder and the insured are usually the same person, but
sometimes they may be different. For example, a business might
buy key person insurance on a crucial employee such as a CEO, or an
insured might sell his or her own policy to a third party for cash in
a life settlement.

Types of Life Insurance

Many different types of life insurance are available to meet all sorts of
needs and preferences.

 Term Life – Term life insurance lasts a certain number of years,

then ends. You choose the term when you take out the policy.
Common terms are 10, 20, or 30 years.
 Level Term – The premiums are the same every year.
12
 Increasing Term – The premiums are lower when you're
younger and increase as you get older. This is also called
“yearly renewable term.”
 Permanent – This stays in force for the insured’s entire life
unless the policyholder stops paying the premiums or surrenders
the policy. It’s typically more expensive than term.
 Single Premium – In this case the policyholder pays the entire
premium up front instead of making monthly, quarterly, or
annual payments.
 Whole Life – Whole life insurance is a type of permanent life
insurance that accumulates cash value.
 Universal Life – A type of permanent life insurance with a cash
value component that earns interest, universal life insurance has
premiums that are comparable to term life insurance. Unlike
term and whole life, the premiums and death benefit can be
adjusted over time.
 Guaranteed Universal – This is a type of universal life
insurance that does not build cash value and typically has lower
premiums than whole life.
 Variable Universal – With variable universal life insurance, the
policyholder is allowed to invest the policy’s cash value.
 Indexed Universal – This is a type of universal life insurance
that lets the policyholder earn a fixed or equity-indexed rate of
return on the cash value component.
 Burial or Final Expense – This is a type of permanent life
insurance that has a small death benefit. Despite the names,
beneficiaries can use the death benefit as they wish.
 Guaranteed Issue – A type of permanent life insurance
available to people with medical issues that would otherwise
make them uninsurable, guaranteed issue life insurance will not
pay a death benefit during the first two years the policy is in
force (unless the death is accidental) due to the high risk of
insuring the person. However, the insurer will return the policy
premiums plus interest to the beneficiaries if the insured dies
during that period.

13
Life Insurance Riders
Many insurance companies offer policyholders the option to
customize their policies to accommodate their needs. Riders are the
most common way policyholders may modify their plan. There are
many riders, but availability depends on the provider. The
policyholder will typically pay an additional premium for each rider
or a fee to exercise the rider, though some policies include certain
riders in their base premium.

 The accidental death benefit rider provides additional life

insurance coverage in the event the insured’s death is accidental.
 The waiver of premium rider relieves the policyholder of
making premium payments if the insured becomes disabled and
unable to work. 
 The disability income rider pays a monthly income in the event
the policyholder becomes unable to work for several months or
longer due to a serious illness or injury.
 Upon diagnosis of terminal illness, the accelerated death benefit
rider allows the insured to collect a portion or all of the death
benefit.
 The long-term care rider is a type of accelerated death benefit
that can be used to pay for nursing home, assisted living, or in-
home care when the insured requires help with activities of daily
living, such as bathing, eating, and using the toilet.
 A guaranteed insurability rider lets the policyholder buy
additional insurance at a later date without a medical review.

 
Each policy is unique to the insured and insurer. It’s important to
review your policy document to understand what risks your policy
covers, how much it will pay your beneficiaries, and under what
circumstances.

Qualifying for Life Insurance

Insurers evaluate each life insurance applicant on a case-by-case
basis, and with hundreds of insurers to choose from, almost anyone
can find an affordable policy that at least partially meets their needs.
14
In 2018 there were 841 life insurance and annuity companies in the
United States, according to the Insurance Information Institute.

On top of that, many life insurance companies sell multiple types and
sizes of policies, and some specialize in meeting specific needs, such
as policies for people with chronic health conditions. There are also
brokers who specialize in life insurance and know what different
companies offer. Applicants can work with a broker free of charge to
find the insurance they need. This means that almost anyone can get
some type of life insurance policy if they look hard enough and are
willing to pay a high enough price or accept a perhaps less-than-ideal
death benefit.

Insurance is not just for the healthy and wealthy, and because the
insurance industry is much broader than many consumers realize,
getting life insurance may be possible and affordable even if previous
applications have been denied or quotes have been unaffordable.

In general, the younger and healthier you are, the easier it will be to
qualify for life insurance, and the older and less healthy you are, the
harder it will be. Certain lifestyle choices, such as using tobacco or
engaging in risky hobbies such as skydiving, also make it harder to
qualify or lead to higher rates.

Additional Uses for Life Insurance

Most people use life insurance to provide money to beneficiaries who
would suffer a financial hardship upon the insured’s death. However,
for wealthy individuals, the tax advantages of life insurance, including
tax-deferred growth of cash value, tax-free dividends, and tax-free
death benefits, can provide additional strategic opportunities.

Funding Retirement – Policies with a cash value or investment

component can provide a source of retirement income. This
opportunity can come with high fees and a lower death benefit, so it
may only be a good option for individuals who have maxed out other
tax-advantaged savings and investment accounts. The pension
maximization strategy described earlier is another way life insurance
can be used to fund retirement.

15
Avoiding Taxes – The death benefit of a life insurance policy is
usually tax free. Wealthy individuals sometimes buy permanent life
insurance within a trust to help pay the estate taxes that will be due
upon their death. This strategy helps to preserve the value of the estate
for their heirs. Tax avoidance is a law-abiding strategy for minimizing
one’s tax liability and should not be confused with tax evasion, which
is illegal.

Borrowing Money – Most permanent life insurance accumulates

cash value that the policyholder can borrow against. Technically, you
are borrowing money from the insurance company and using your
cash value as collateral. Unlike with other types of loans, the
policyholder’s credit score is not a factor. Repayment terms can be
flexible, and the loan interest goes back into the policyholder’s cash
value account. Policy loans can reduce the policy’s death benefit.

How to Make an Investment Plan

Making an investment plan involves more than just choosing a few
stocks to put money in. You have to consider your current financial
situation and your goals. It’s also important to define your timeline
and how much risk you’re willing to take on in order to determine
your optimal asset allocation. Read on for a step-by-step guide on
how to make an investment plan.

Step One: Assess Your Current Situation

The first step in making an investment plan for the future is to define
your present financial situation. You need to figure out how much
money you have to invest. You can do this by making a budget to
evaluate your monthly disposable income after expenses and
emergency savings. This will allow you to determine how much you
can reasonably afford to invest.

It’s also important to consider how accessible, or liquid, you need

your investments to be. If you might need to cash in on your

16
investment quickly, you would want to invest in more liquid assets,
like stocks, rather than in something like real estate.

Step Two: Define Your Goals

Thenext step in making an investment plan is to define your goals.
Why are you investing? What are you hoping to earn money for? This
can be anything from buying a car in a few years to retiring
comfortably many years down the road.

You must also define your goal timeline, or time horizon. How
quickly do you want to make money from your investments? Do you
want to see quick growth, or are you interested in seeing investment
growth over time?

All of your goals can be summed up in three main categories: safety,

income and growth. Safety is when you are looking to maintain your
current level of wealth, income is when you want investments to
provide active income to live off of and growth is when you want to
build wealth over the long term. You can determine the best
investment path for you based on which of these three categories your
goals fall into.

Step Three: Determine Your Risk Tolerance

The next step in crafting your investment plan is to decide how much
risk you are willing to take. Generally speaking, the younger you are,
the more risk you can take, since your portfolio has time to recover
from any losses. If you are older, you should seek less risky
investments and instead invest more money upfront to spur growth.

Additionally, riskier investments have the potential for significant

returns – but also major losses. Taking a chance on an undervalued
stock or piece of land could prove fruitful, or you could lose your
investment. If you are looking to build wealth over years, you may
want to choose a safer investment path.

17
Step Four: Decide What to Invest In
The final step is to decide where to invest. There are many different
accounts you can use for your investments. Your budget, goals and
risk tolerance will help guide you towards the right types of
investment for you. Consider securities like stocks, bonds and mutual
funds, long-term options like 401(k) plans and IRAs, bank savings
accounts or CDs, and 529 plans for education savings. You can even
invest in real estate, art and other physical items.

Wherever you device to invest, make sure to diversify your portfolio.

You don’t want to put all of your money into stocks and risk losing
everything if the stock market crashes, for example. It’s best to
allocate your assets to a few different investment types that fit in with
your goals and risk tolerance in order to maximize your growth and
stability.

Once you reach this step in the process, it may be appropriate to find a
financial advisor. An advisor can help you determine the best ways to
invest your money based on your current financial situation and goals.

Step Five: Monitor Your Investments Step Five:

Monitor Your Investments
Once you have made your investments, it’s not wise to just leave
them alone. Every so often, you should check in to see how your
investments are performing and decide if you need to rebalance.
Maybe you aren’t putting enough money into your investments
monthly and you aren’t on track to reach your goals, or maybe you’re
depositing more than you need to and you’re ahead of schedule.
Maybe you want to move your money to a more stable investment as
you get closer to achieving your long-term goals, or maybe your
investments are performing well and you want to take on even more
risk to reach your goals sooner.

It’s important
to go through the assessment steps that you followed to
create your plan every few years to ensure everything is going

18
according to plan. You should make any changes or adjustments
necessary to continue working towards your goals.

Once you have made your investments, it’s not wise to just leave
them alone. Every so often, you should check in to see how your
investments are performing and decide if you need to rebalance.
Maybe you aren’t putting enough money into your investments
monthly and you aren’t on track to reach your goals, or maybe you’re
depositing more than you need to and you’re ahead of schedule.
Maybe you want to move your money to a more stable investment as
you get closer to achieving your long-term goals, or maybe your
investments are performing well and you want to take on even more
risk to reach your goals sooner.

It’s important to go through the assessment steps that you followed to

create your plan every few years to ensure everything is going
according to plan. You should make any changes or adjustments
necessary to continue working towards your goals.

Company Profile:
Shriram Life Insurance Company, also known as (SLIC) was founded
in the year 2005 and commenced operations in the year 2006. SLIC is
well known for their efficient use of capital and low operational costs.
Shriram Life Insurance Company is a joint venture between Shriram
Group founded in 1974, headquartered in Chennai and Sanlam, a
leading financial services group based in Cape Town, South Africa.
Together, Sanlam and Shriram’s group aims to provide the best life
insurance products to cater different segments of Indian market. In
2016, Shriram Life Insurance Company received the Bizz Americas
2016 Awards. The company’s objective aims in ‘reaching out to the
common man with products and services that would be helpful to
him/her as they set out on the path to prosperity
HIGHLIGHTS:

19
 Shriram Life has more than 528 branches with over and above
1.45 crore customers.
 Shriram Life clocked Rs.1020 crore gross premium in 2015-
2016.
 The company has a network of 609 offices and 75,000 agents
across India.
 Shriram has an outstanding Underwriting Record and has
awarded as ‘Underwriting Initiative of the Year.’
 Shriram Life Insurance generates more than 40% business
through providing insurance to rural area and weaker segment
individuals - ‘AAM AADMI’ of India.
 The Founder of Shriram Group, Mr R Thyagarajan, has been
awarded with Padma Bhushan award.

MajorCompetitors:
1. Janashakthi Insurance,
2. Phoenix Of Zambia Assurance Company and 
3. Liberty National Snider Agency.
4. Hdfc Pension Management Company 
5. Padma Islmai Life Insurance.

SWOTAnalysis
Strength Weakness
Lowkey I.T
infrastructure as
1. Insurance policies for all strata’s of society compared to big
2.  Policies with consideration for social brands

20
Impact 2.  Low Marketing
3.  International expertise of Sanlam group and brand presence as
compared to other
4. Spread of 750 offices across India competitors
5. More than 75,000 loyal and dedicated 3. Insurance
agents and has a customer base of 30 lacs companies have a
chit subscribers and investors poor image when it
comes to payment of
dues

Opportunities Threats

. Growing rural market   Bajaj Allianz

2.  Earning Urban Youth looking for investments
2.  Sahara Life Insurance
3. Cross selling through financial services
3.  such
Reliance
as banking
 Life Insurance

Objectives of the Study:

The Shriram Life Insurance Company was founded with the objective
of reaching out to the “common man” with products and services that
would be helpful to him as he sets out on the path to “prosperity”.
Operational efficiency, integrity and a strong focus on catering to the
needs of the average Indian , by offering him high quality and cost-
effective products and services, are the core values that drive the
organisation. These values have been strongly adhered to over the
decades and are now an integral part of the organisation’s DNA.
The company prides itself on its deep understanding of the customer.
Each product or service is tailor-made to specifically suit the needs of
the customer. It is this guiding philosophy of putting people first that
21
has brought the group company closer to the grassroots and has made
it the preferred choice for all truck financing requirements amongst
the customers.

Methodology used:

ShriramLife Family Protection Plan: This plan caters to the needs of

people who want to protect their families in case of an untimely death.
It offers flexibility in paying premiums - Monthly (only by ECS) or
Annually. The insured has the option to select to whom the ‘Death
Sum Assured’ has to be paid in case of an untimely death.
Death Benefit Payout option - The policyholder can opt for either a
lump sum option or installment option. In case of a lump sum payout,
the death sum assured is paid at once and the policy terminates. If, on
the other hand a policyholder opts for an installment option, then the
50% of the sum assured is paid as a lump sum amount and the rest is
paid in 5 equal annual installments. There are no survival benefits.
The minimum eligibility age is 18 years while maximum is 60 years
with a sum assured ranging between INR. 15,00,000 to 5 crores.
Shriram Life Cash Back Term Plan: The Shriram Life Cash Back
Term Plan featuresa lump sum payout in case of an unfortunate death
of the insured in order to protect the financial security of his/her
family members. It offers flexibility in paying premiums - yearly, half
yearly, quarterly and monthly with an option to choose policy term as
per 10/15/20/25 years.
Death Benefit Payout option - The sum assured on death is paid only
if all the premiums have been met. The death benefit will be higher of
basic sum assured or at least 105% of all the premiums paid. The
minimum eligibility age is 12 years while the maximum is 50 years
with a sum assured ranging between INR. 2,00,000 to INR.
20,00,000.

Add on benefits include Rider options:

22
  Accident Benefit Rider: In the event of death of the life assured
due to an accident or accidental permanent disability, the rider sum
assured is paid. In the case of a permanent disability, the future premiums
are waived.
 Family Income Benefit: Under this rider, 1% of sum assured will
be paid every month for a guaranteed period of 10 years or till the end of
the rider term whichever is higher, if the life assured dies due to an
accident or becomes totally and permanently disabled due to an accident.
 Critical Illness Cover: This rider covers 6 major critical illnesses
- Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass
Surgery and Major Organ Transplant. On the first diagnosis of any of the
six critical illness, the rider benefit will be paid as a lump sum benefit.
 Shriram Life Secure Plus Plan: This plan is similar in
function to the ones mentioned above where you have flexibility in
paying premiums - yearly, half yearly, quarterly and monthly with an
option to choose policy term as per 10/15/20 years. Rider options
comprise of Accidental Benefit, Family Income Benefit and Critical
Illness Cover.
 Death Benefit Payout option: The death benefit will be higher
of basic sum assured or maturity sum assured or at least 105% of all the
premiums paid. The minimum eligibility age is 18 years while the
maximum is 50 years with a sum assured ranging between INR. 5,00,000
to INR. 20,00,000.

Work Report

The first 15 days of our 1st week were training sessions. Discussion
regarding Industrial scenario and companies current practices was
given. On the second Week i.e. 23th Feb our company guide gave us
details regarding the recruitment process carried out in the company.
Work was started from the 20thDay. Work allotted was to understand
the requirements from clients side and Use various platforms for
finding clients
23
Total weeks completed till 15th MAY-
Total Clients Handled – 56
Total Positions Handled - 11
The positions handled were mostly of senior level position. All
Clients were established mid level IT Companies working on different
platforms acrossHyderabad,I did the sales around -100000/-till
now….

Corporate Information
CHAIRMAN : Mr T S Krishna Murthy
MANAGING DIRECTOR & CEO: Mr Casparus Jacobus Hendrik
Kromhout
MANAGING DIRECTORS: Mrs Akhila Srinivasan Mr Manoj
Kumar Jain
DIRECTORS: Mr S Lakshminarayanan Mr Stephanus Philipus
Mostert Mr Gaurav Trehan Mr R S Krishnan Mr Umesh Govind
Revankar
COMPANY SECRETARY: Ms Samatha Kondapally
STATUTORY AUDITORS: M/s G D Apte & Co. Chartered
Accountants M/s Bhaskara Rao & Co. Chartered Accountants

24
About IIFL-Capitalmarket.

Our Genesis - Who We Are

IIFL Finance Ltd (erstwhile IIFL Holdings Limited) (NSE: IIFL,
BSE: 532636) is one of the leading players in the Indian financial
services space, engaged in the business of loans and mortgages
along with its subsidiaries - IIFL Home Finance Limited and
Samasta Microfinance Limited
IIFL’s product offerings include home loans, gold loans, business
loans including loans against property and medium and small
enterprise financing, micro finance, developer and construction
finance and capital market finance; catering to both retail and
corporate clients.
The company's geographical presence spans the length and
breadth of the country with 2,366 branches across 500+ cities.
IIFL Securities is a key player in both retail and institutional
segments with 4% share of daily cash turnover. Our strength has
been to continuously innovate and reinvent ourselves with strong
digital footprint. The company is a leading player in the broking
industry with more than a million accounts being opened since
inception. The company provide execution, advisory and research
service across products like equity, F&O, Commodity& Currency
and Mutual Funds. The company also of the top distributors of
AIF products, mutual funds.
IIFL Wealth is one of the fastest growing private wealth
management firms in India with an AUM greater than USD 24
billion**. We serve the highly specialized and sophisticated needs
of high net worth and ultra-high net worth individuals, affluent
families, family offices and institutional clients through a
comprehensive range of tailored wealth management solutions.

25
 Group reorganisation
The Board of Directors of IIFL Finance Limited at its meeting
held on January 31, 2018, had approved the reorganization of
IIFL Group, which resulted into three listed entities – IIFL
Finance, IIFL Wealth and IIFL Securities. The merger of India
Infoline Finance Limited with IIFL Finance Limited became
effective from 30th March 2020.
As the core businesses of IIFL group have acquired a critical
mass, the Company took the decision to reorganise the corporate
structure and create independent entities focused on their niche
verticals. This move is aimed at enabling each business to grow
faster, attract the right talent and become more innovative and
efficient. In addition, the shift from close-knit conglomerate to
separate entities will ensure simpler regulatory compliance,
enhanced value for stakeholders along with more synergistic
benefits.

o
IIFL Finance Limited
 IIFL Home Finance
 Samasta
IIFL Asset
Management
International
MAJOR SUBSIDIARIES
 Vision
 

To be the most respected financial services company in India.

- Not necessarily the largest or most profitable

26
  Values
Fairness
Fairness in our transactions with all stakeholders including employees, customers, and
vendors, bereft of fear or favour.

Integrity
Integrity and honesty of the utmost nature, in letter, in spirit, and in all our dealings with
people, internal or external.

Transparency
Transparency in all our dealings with stakeholders, media, investors, and the public at large.

We have come this far solely based on our core values serving as a moral compass in all our dealings.
Fairness, Integrity and Transparency - FIT is the driving force behind all that we do here at IIFL. We
only work with people who fit into our professional ethos. Our constant endeavour is to deliver
befittingly on all fronts to all our stakeholders. We are resolute in the observance of these values
and will let go of any growth opportunities that deem unfit.

IIFL - Foundation of Excellence

At IIFL, we have laid the right foundation for excellence under our
four pillars of Research, Technology, Human Capital and unflinching
adherence to the strictest standards of Ethics.

DematAccount
A Demat account is primarily used to electronically hold securities
and shares. The concept was first introduced in the country in the year
1996 as an alternative to physical share certificates. A Demat account
not only makes share trading quick and easy, but also eliminates all of
the risks and problems associated with physical share certificates.
You can use a Demat account to store a wide variety of investments
such as equity shares, ETFs, bonds, debt securities, mutual funds, and
government securities among others. In India, possession of a Demat
account is mandatory if you wish to invest in the stock market.

27
 What is a Demat Account? A Basic Introduction
Also known as a dematerialized account, a Demat account is used to
hold the shares and securities of publicly traded companies in an
electronic form. With a Demat account, you can hold a wide variety
of investments such as bonds, equity shares, government securities,
mutual funds, and exchange traded funds. Similar to a bank account, a
Demat account is either credited or debited each time you buy or sell
shares of a company.
It not only eliminates unnecessary paperwork, but also helps
streamline the process of share trading. All of the Demat accounts in
India are maintained by two organizations, namely National Securities
Depository Limited (NSDL) and Central Depository Services Limited
(CDSL).
Dematerialization: What Does it Mean?
In the initial days of the stock market, shares were held in a physical
form by way of share certificates. However, it made the entire process
of share trading cumbersome and difficult to carry out at short notice.
There were also issues of share certificates being fakes or forged.
Certificates were also often lost or physically damaged.
In order to eliminate these limitations and problems associated with
physical shares, the National Securities Depository Limited (NSDL)
was established in the year 1996. NSDL brought in the concept of
Demat accounts, which could be used to electronically store shares
and securities of companies. If you own physical shares, you need to
convert them to electronic records before being able to use a Demat
account. This process of conversion is what is commonly known as
dematerialization.
Explaining the Dematerialization Process
The process of dematerialization is simple and requires very little
effort from your part. By following the steps below, you can easily
convert your physical shares into electronic form.
 Firstly, you’re required to open a Demat account with a
depository participant (DP) like IIFL. A depository participant is an
entity that acts as an intermediary between you and the depository
(either NSDL or CDSL).

28
 Once your Demat account is active, you need to send a duly
filled Demat Request Form (DRF) along with your physical share
certificates to your depository participant.
 Your depository participant will then process your request by
sending your share certificates back to the company.
 In addition to this, your DP will also send a request to the
company’s appointed Registrar and Share Transfer Agent (RTA) via
the depository.
 Upon approval of the request, the share certificates are
destroyed by the company and a dematerialization confirmation is
sent to the depository.
 The depository relays the dematerialization confirmation to your
depository participant and subsequently credits your Demat account
with the relevant number of shares.
Depositories and Depository Participants
A depository is an organization or an entity that helps store financial
assets electronically, so traders and investors can buy, sell, or hold
them. In India, there are two depositories that are responsible for
maintaining all of the Demat accounts in the country. These are:
 National Securities Depository Limited (NSDL)
 Central Depository Services Limited (CDSL)
However, you can only deal with a depository through a depository
participant (DP) such as India Infoline. A depository participant
essentially acts as an intermediary between you and the depository. If
you hold any physical shares, you will first need to convert them into
electronic records before you can use a Demat account. This
conversion process is commonly known as ‘dematerialization.’
How does Demat Account Work?
Buying of stocks in the share market can be done only through a
trading account. Meanwhile, a Demat account is used to hold the
shares bought through the trading account. Therefore, in order to
realize the full potential of a Demat account, it is imperative to link it
with a trading account. The following process will show you
exactly how a Demat account works.

29
 When you place an order, say a ‘buy’ order, on your trading
platform, a ‘buy’ request is forwarded by your depository participant
to the stock exchange.
 The stock exchange then matches your ‘buy’ request with a
similar ‘sell’ request and sends an order to the clearance houses.
 The clearance houses then settle the trade by debiting the
specific number of shares from the seller’s Demat account and
crediting it to your account at the close of the share market.
Demat Account – Features & Benefits
Features of Demat Account:
By opening a Demat account, you enjoy access to a number of useful
features. Here are some of the most important ones.
 Share transfer: Transferring your shares is extremely easy with a
Demat account. You only need to send in a duly signed Delivery
Instruction Slip (DIS) to your depository participant to transfer your
shares.
 Loan collateral: You can pledge the securities you hold in a
Demat account and use them as collateral for securing a loan from a
financial institution.
 Temporary freeze: You can temporarily freeze your Demat
account for a specific duration. However, this feature is generally only
made available if you hold a specific number of shares in your
account.
 Quick transfer of benefits: Demat accounts offer swift transfer
of benefits such as dividends, bonus issue of shares, stock splits,
interest, and refunds.
 Speed e-facility: NSDL allows you to send instruction slips to
your depository participant electronically. This not only makes the
entire process faster, but also makes it less cumbersome.
Benefits of a Demat Account
In addition to being an indispensable part of the share market, Demat
accounts come with several benefits such as:
 Swift settlements and deliveries
 Increases share trading volume and market participation
 Increases transparency
 Eliminates paperwork

30
 Quick and easy communication with investors
 Little to no risks involved
 Builds trust and increases investor confidence
Types of Demat accounts
In India, there are primarily three types of Demat accounts offered by
depository participants. Depending on your residential status, you can
choose the right kind of account for your share trading and investment
purposes.
The different types of Demat accounts are further explained below:
Regular Demat accounts:
These are dematerialized accounts for residents of India. If you’re an
India resident primarily dealing with equity trading and investment,
you’ll find the regular Demat account ideal.
Repatriable Demat accounts:
This is one of the two types of Demat accounts available for non-
resident Indians. As its name signifies, a repatriable account allows
you to transfer your funds abroad if you’re an NRI. You need to link
this account with a Non-resident External (NRE) bank account to
enjoy repatriation of your funds
Non-repatriable Demat accounts:
If you’re a non-resident Indian, you can also choose to open a non-
repatriable account. This type of account does not allow you to
transfer funds abroad. It needs to be linked to a Non-resident Ordinary
(NRO) bank account.
Maintenance of Demat accounts involves annual charges irrespective
of whether you make transactions or not. Other charges are applicable
too. You must, therefore, check out the range of charges involved
with the Demat account and choose the most economical account.
Enquire about the account opening process
The Demat account opening process offered by your DP should be
hassle-free and quick. Opening a Demat account involves a detailed
process as per SEBI guidelines. The depository participant can,
nevertheless, simplify it with the help of e-KYC.
Look for a seamless interface for broking and banking
Depository participants also offer Demat accounts that serve
as trading accounts too, thus providing seamless transfer of money
during sale or purchase of shares and securities. An interface between
31
 the two accounts not only simplifies transactions but also makes them
economical.
Check if the DP offers customised analytics for Demat account
holdings
Online analytics customised as per your choice of shares and security
along with their investment habits allows you to increase earnings.
You must look for value additions like these when choosing a Demat
account.
Additionally, features like a shorter turnaround time (TAT) for share
dematerialisation allow you to assess the DP’s commitment towards
serving investors.
The Advantages of Choosing India Infoline
Irrespective of whether you’re a beginner or a seasoned investor, it’s
vital that you choose the right platform to trade and invest in the stock
market. When you choose India Infoline as your depository
participant, you stand to enjoy a plethora of advantages.
 IIFL’s financial products and services have enriched the lives of
over 4 million customers.
 India Infoline is a leading broker in the financial services
industry.
 At the heart of IIFL is an award-winning research team.
 The solutions offered by IIFL are backed by world-class
technological platforms.
 A dedicated support team ensures that IIFL’s customers receive
top-class assistance.
 Through a single Demat account opened with IIFL, you can
invest in various options such as IPOs, derivatives, equities,
commodities, and more..
 India Infoline also offers you daily and weekly reports
customized exclusively for you.
 The IIFL Markets app is a user-friendly tool that allows you to
trade from anywhere, anytime.
Demat Account Glossary
If you’re a first-time investor or trader, you may chance upon some
unfamiliar terms and phrases related to Demat accounts. Here’s a
Demat account glossary that can help make the fundamentals clearer.

32
Bull market:
In a bull market, the prices of assets show an upward trend. The
financial markets are typically bullish in an economy that shows signs
of growth and development. It’s generally a good move to purchase
shares in a bullish market.
Bear market:
A bearish market shows signs of decline. The prices of assets display
downward trends consistently. When the market is bearish, you may
find that you’re inclined to sell off your assets.
Dividend:
Many listed companies pay a part of their profits to shareholders. This
is known as dividend. By investing in the right companies, you could
earn dividends that act as a supplementary source of income.
EPS:
Earnings Per Share (EPS) is a financial ratio that you obtain by
dividing a company’s profit by the number of shares it has. Analysing
parameters like the EPS can help you understand a company’s
financial health, so you can make better investment decisions.
Depository:
A depository is an entity that holds your financial assets in a
dematerialized form. You can buy or sell securities with the help of a
depository. Furthermore, depositories also keep a record of all your
trades.
Depository participant (DP):
A depository participant is the link between the depository and the
companies that issue stocks and other instruments. DPs can be banks,
financial institutions, or brokerage houses. IIFL is a depository
participant.
Day trading:
Day trading is essentially a practice wherein you buy and sell
securities on the same day using your Demat account. It helps
generate short-term income if your trades are successful.
Blue chip stocks:
These are equities of companies that have a proven track record of
performing financially well. By investing in blue chip stocks for the
long term, you can enjoy good returns in the form of dividends as
well as profits.
33
BUSNIESSPERFORMANCE
Rural business Achieved – 41% versus prescribed requirement of
20% of overall business.

Social business –Insured – 2034858 social lives versus prescribed

328113 (5%) social lives.
SOLVENCY
The IRDAI requires life insurers to maintain a minimum Solvency
Ratio of 150%. The Solvency Ratio is calculated as specified in the
IRDA (Assets, Liabilities, and Solvency Margin of Insurers)
Regulations, 2016. As compared to the minimum requirement of
150%, the Company’s Solvency Ratio, as at 31st March, 2019, was
182%.

DIVIDEND AND RESERVES

The Board of Directors of the Company at its meeting dated 30th
January, 2019 has declared an interim dividend of ` 1 per equity share
of the face value of ` 10/- each on the paid up equity capital of the
company and no further dividend has been recommended for the
Financial year ended 31st March, 2019. The interim dividend declared
is to be confirmed at the ensuing 14th Annual General Meeting
(“AGM”). The Company has not carried forward any amount to its
Reserves for the FY 2018-19.

SHARE CAPITAL
The Company’s paid up equity share capital during the year stands at
` 179,37,50,000. The details pertaining to Employee Stock Option

34
Scheme (ESOP) of your company are given in the notes to accounts
in the financial statements.

INSURANCE AGENTS
Consequent upon the passing of the Insurance Laws Amendments Act
and new Regulations and Guidelines on the Insurance Agents, there
have been certain changes in the licensing/appointment of insurance
agents during 2015-16 and 2016-17. Earlier system of issuance of
certificate of license by the insurer to act as an insurance agent is
dispensed with in the new regulations. In place of this, a letter of
appointment is required to be issued by the insurer to any person to
act as an insurance agent. Your Company has, as on date, a branch
network of 588 branches and has advisor force of 4455.

STATUS OF PRODUCTS
Since inception, your Company has obtained the approval of
Insurance Regulatory and Development Authority of India (IRDAI)
for 111 products / riders, out of which 48 are available for procuring
new business. During the year 2018-19, the company has launched 4
products compliant to the IRDA (Linked and Non linked) Products
Regulations 2013. 2 products were withdrawn during the year.

MANAGEMENT REPORT
Pursuant to the provisions of Regulation 3 of the Insurance
Regulatory and Development Authority (Preparation of Financial
Statements and Auditor’s Report of Insurance Companies)
Regulations 2000, the Management Report is placed separately and
forms part of this Annual Report.

PUBLICDEPOSITS

35
 Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014.
PARTICULARSOFLOANS, GUARANTEES
The company has not given any loans or guarantees covered under the
provisions of Section 186 of the Companies Act, 2013. 10 Annual
Report 2018-2019
INVESTMENTS
Investments of insurance companies are regulated under the IRDAI
(Investment) Regulations, 2016 as amended from time to time. Your
Company has complied with the requirements under the said
Regulations. The total policyholders’ funds under management as on
31st March, 2019 are ` 3626 Crores.
POLICY ON BOARD APPOINTMENT AND PERFORMANCE
EVALUATION
The Company has put in place a Policy on Board Appointment and
Performance Evaluation which outlines the criteria for determining
qualifications, positive attributes and independence of a Director and
other matters as specified under Section 178(3) of the Companies Act,
2013. It also provides guidance on the procedure for performance
evaluation of the Board, Key Managerial personnel and Senior
Management. Appointment of directors are considered and
recommended by the Nomination & Remuneration Committee in the
first instance, and thereafter approved by the Board and Shareholders,
as necessary or required
MATERIAL CHANGES AND COMMITMENT AFFECTING
FINANCIAL POSITION OF THE COMPANY
No material changes and commitments affecting the financial position
of the Company occurred between the end of the financial year to
which the financial statements relate and the date of this report.

36
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
Section 135 of the Companies Act, 2013 on Corporate Social
Responsibility (CSR) applies to the Company. Accordingly, the
Company has constituted a CSR Committee consisting of three
Directors including an Independent Director. The Composition of the
CSR Committee is given in the Corporate Governance Report. The
CSR policy of the Company, as recommended by the CSR
Committee, was approved by the Board and it has been uploaded on
the website of the Company at www.shriramlife.com.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE
COMPANIES
The Company does not have any Subsidiary, Joint Venture or
Associate Company. VIGIL MECHANISM / WHISTLE BLOWER
POLICY One of the requirements of the Corporate Governance
guidelines issued by the IRDAI for compliance by the insurers is to
put in place a “Whistle Blowing” policy. Details of the policy
formulated by the Company are mentioned in the Corporate
Governance Report.

AUDITORS
M/s. G.D. Apte & Co., Chartered Accountants and M/s M Bhaskara
Rao & Co, Chartered Accountants are the Joint Statutory Auditors of
the Company. M/s. G.D. Apte & Co. Chartered Accountants were
appointed as Joint Statutory Auditors of the Company at the 12th
Annual General Meeting held on 14th July, 2017 and M/s M.
Bhaskara Rao & Co, Chartered Accountants were appointed as Joint
Statutory Auditors of the Company at the 13th Annual General
Meeting held on 23rd July, 2018. Pursuant to the Notification issued
by the Ministry of Corporate Affairs on 7th May, 2018 amending
37
section 139 of the Companies Act, 2013 (“Act”) and the Rules framed
thereunder, the mandatory requirement for ratification of appointment
of Auditors by the Members at every Annual General Meeting
(“AGM”) has been omitted, and hence the Company is proposing an
item on ratification of appointment of Auditors at this AGM till the
conclusion of 17th and 18th AGM respectively so as to do away with
the requirement of ratification every year in terms of their original
appointment resolution. Henceforth, keeping in view the requirements
set out in the Act, the Company will not propose an item on
ratification of appointment of Auditors in the shareholder meetings.
The Company has sent a letter seeking the consent and the certificate
of eligibility from M/s Bhaskara Rao & Co for the appointment and
from M/s G D Apte & Co for consent and eligibility for the
ratification of their appointment. The same was received from them.
The Auditors have not made any qualification, reservation or adverse
remark or disclaimer in their report.
SECRETARIAL AUDITORS AND SECRETARIAL AUDIT
REPORT Pursuant to the provisions of Sectead along with this letter:
• Management’s Responsibility
1. It is the responsibility of the management of the Company to
maintain secretarial records, devise proper systems to ensure
compliance with the provisions of all applicable laws and regulations
and to ensure that the systems are adequate and operate effectively.
• Auditor’s Responsibility
2. I have followed the audit practices and processes as were
appropriate to obtain reasonable assurance about the correctness of
the contents of the secretarial records. The verification was done on
test basis to ensure that correct facts are refelected in secretarial
records. I believe that the processes and practices I followed, provide
a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial
records and Books of Accounts of the Company.

38
 4. The compliance of the provisions of Corporate and other
applicable laws, regulations, standard is the responsibility of
Management. My examination was limited to the verification of
procedures on test basis.
5. Wherever required, I have obtained the management’s
representation about the compliance of laws, rules and regulations and
happening of events, etc. • Disclaimer
6. The Secretarial Audit Report is neither an assurance as to the future
viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company. the
company does not have reversions and life interests
• The Company is not a trustee of any trust
• No part of the assets of the policyholders’ funds have been directly
or indirectly applied in contravention of the provisions of the
Insurance Act, 1938 relating to the application and investments of the
policyholders funds. This certificate is issued to comply with
Schedule C of Insurance Regulatory and Development Authority
(Preparation of Financial Statements and Auditor’s Report of
Insurance Companies) Regulations, 2002 Management’s
Responsibility for Internal Financial Controls The Company’s
management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial
reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘ICAI’).
These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct of
its business, including adherence to company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and

39
the timely preparation of reliable financial information, as required
under the Companies Act, 2013. Auditors.
Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls
over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Company’s
internal financial controls system over financial reporting. Meaning of
Internal Financial Controls over Financial Reporting
A company’s internal financial control over financial reporting is a
process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal financial
control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of
the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are
being made only in accordance with authorisations of management
and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised acquisition,
use, or disposition of the company’s assets that could have a material
effect on the financial statements. Inherent Limitations of Internal
Financial Controls Over Financial Reporting Because of the inherent
limitations of internal financial controls over financial reporting,
including the possibility of collusion or improper management
40
override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the
internal financial controls over financial reporting to future periods
are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may
deteriorate.

INVESTING FUNDS DETAILS:

ACCELRATOR FUND INDUSTRY ISSUER MTM VALUE % to
Fund COMPUTER PROGRAMMING, CONSULTANCY AND
RELATED ACTIVITIES INFOSYS LTD 19,520 3.19% TATA
CONSULTANCY SERVICES LIMITED 17,935 2.93% HCL
TECHNOLOGIES LIMITED 15,390 2.52% ORACLE FINANCIAL
SERVICES SOFTWARE LIMITED 6,081 0.99% TECH
MAHINDRA LTD. 15,091 2.47% WIPRO LTD 15,419 2.52% Total
89,436 14.62% FINANCIAL AND INSURANCE ACTIVITIES
HDFC BANK LTD 38,944 6.37% INDUSIND BANK LTD 24,388
3.99% Total 63,331 10.35% 128 Annual Report 2018-2019
INDUSTRY ISSUER MTM VALUE % to Fund MANUFACTURE
OF CHEMICALS AND CHEMICAL PRODUCTS PIDILITE
INDUSTRIES LIMITED 19,298 3.15% ASIAN PAINTS LIMITED
22,301 3.64% BERGER PAINTS (I) LIMITED 7,987 1.31%
COLGATE PALMOLIVE (INDIA) LTD 17,033 2.78%
HINDUSTAN UNILEVER LIMITED 23,231 3.80% Total 89,850
14.69% MANUFACTURE OF FOOD PRODUCTS BRITANNIA
INDUSTRIES LIMITED 33,394 5.46% DABUR INDIA LIMITED
24,265 3.97% MARICO LIMITED 26,031 4.25% Total 83,690
13.68% OTHERS (Industries constitute less than 10%) 285,524
46.67% Grand Total 611,832 100.00% BALANCER INDUSTRY
ISSUER MTM VALUE % to Fund CENTRAL GOVERNMENT
SECURITIES GOVERNMENT OF INDIA 68,989 14.93% Total
68,989 14.93% COMPUTER PROGRAMMING, CONSULTANCY

41
AND RELATED ACTIVITIES INFOSYS LTD 12,585 2.72% TATA
CONSULTANCY SERVICES LIMITED 11,594 2.51% HCL
TECHNOLOGIES LIMITED 9,930 2.15% ORACLE FINANCIAL
SERVICES SOFTWARE LIMITED 3,872 0.84% TECH
MAHINDRA LTD. 9,736 2.11% WIPRO LTD 9,950 2.15% Total
57,667 12.48% FINANCIAL AND INSURANCE ACTIVITIES
BAJAJ FINANCE LIMITED 995 0.22% HDFC BANK LTD 13,670
2.96% L&T FINANCE LTD 488 0.11% RELIANCE CAPITAL
LIMITED 7,884 1.71% TAMILNAD MERCANTILE BANK LTD
16,500 3.57% TATA CAPITAL FINANCIAL SERVICES LTD
2,533 0.55% UTKARSH SMALL FINANCE BANK LIMITED
15,279 3.31% INDUSIND BANK LTD 8,574 1.86% Total 65,924
14.27%

MANUFACTURE OF CHEMICALS AND CHEMICAL

PRODUCTS PIDILITE INDUSTRIES LIMITED 9,757 2.11%
ASIAN PAINTS LIMITED 11,245 2.43% BERGER PAINTS (I)
LIMITED 4,025 0.87% COLGATE PALMOLIVE (INDIA) LTD
8,656 1.87% HINDUSTAN UNILEVER LIMITED 11,731 2.54%
ONGC PETRO ADDITIONS LTD 20,662 4.47% Total 66,075
14.30% OTHERS (Industries constitute less than 10%) 203,294
44.01% Grand Total 461,948 100.00%.

OTHERS
(Industries constitute less than 10%) 126 2.00% Grand Total 6,298
100.00% CONSERVATOR GOLD INDUSTRY ISSUER MTM
VALUE % to Fund CENTRAL GOVERNMENT SECURITIES
GOVERNMENT OF INDIA 5,347 81.22% Total 5,347 81.22%
FINANCIAL AND INSURANCE ACTIVITIES MAHINDRA &
MAHINDRA FINANCIAL SERVICES LTD 602 9.15% TATA
CAPITAL FINANCIAL SERVICES LTD 507 7.70% Total 1,109

42
16.85% OTHERS (Industries constitute less than 10%) 127 1.93%
Grand Total 6,583 100.00% CONSERVATOR PLATINAM
INDUSTRY ISSUER MTM VALUE % to Fund CENTRAL
GOVERNMENT SECURITIES GOVERNMENT OF INDIA 1,450
66.86% Total 1,450 66.86% OTHERS FINANCIAL AND
INSURANCE ACTIVITIES CAPITAL FIRST LIMITED 1,471
6.05% HDFC BANK LTD 496 2.04% HOUSING AND URBAN
DEVELOPMENT CORPORATION LTD 2,070 8.51% L&T
FINANCE LTD 1,951 8.02% RELIANCE CAPITAL LIMITED
1,971 8.10% SHRIRAM TRANSPORT FINANCE CO. LTD. 1,967
8.09% TATA CAPITAL FINANCIAL SERVICES LTD 1,013 4.17%
INDUSIND BANK LTD 312 1.28% IDFC BANK LIMITED 1,006
4.13% Total 12,257 50.39%

FinancialServices

Shriram Group’s presence in financial services is diverse ranging

from Commercial Vehicle Financing, Retail Financing, Enterprise
Financing to small business, Housing Finance, Equipment Financing,
Life Insurance, General Insurance, Retail Stock Broking, Distribution
of Financial Products and Wealth Advisory Services. Financial
Services Companies in the Group manage assets of around INR 1,500
billion. Shriram Transport Finance Co. Ltd. (a listed entity), the
flagship company of the Group is the largest Asset Financing NBFC
in the country and a leading player in the pre-owned commercial
vehicle financing segment. Shriram Group has a presence all over
India in retail finance through Shriram City Union Finance Ltd. (a
listed entity) which is also a leading NBFC.

Shriram City has a dominant presence in small enterprises finance

segment and is a market leader in two wheeler financing. Shriram

43
Group entered the insurance business with a long term focus and to
provide better value and wider range of services to its customers.

The company is one of the growing recruitment firms in Pune.

The total paid-up capital is INR 179.38 cr. The last reported AGM
(Annual General Meeting) of the company, per our records, was held
on 25 July, 2019. Also, as per our records, its last balance sheet was
prepared for the period ending on 31 March, 2019.

Management Report

With respect to the operations of Shriram Life Insurance Company

Ltd. for the financial year 1st April 2018 to 31st March 2019 and the
results thereof,the management of the company confirms and declares
that
1: Validity of Registration: The Registration Certificate granted by
Insurance Regulatory and development Authority (IRDA) is valid and
the same has been renewed for the year 2018-19.
2 Statutory Dues: We herewith certify that during the current
financial year all dues payable to the statutory authorities have been
duly paid.
3 Shareholding Pattern: We confirm that the shareholding pattern and
any transfer of shares during the year are in accordance with statutory
and regulatory requirements.
4 Investment of policy holder’s funds: The management has not
directly or indirectly invested outside India, the funds of the holders
of policies issued in India.
5 Solvency Margins: The required solvency margins have been
maintained as required by IRDA.

44
6 Valuation of Assets: We certify that the values of all the assets have
been reviewed on the date of the Balance Sheet and that in our belief
the assets set forth in the Balance sheets are shown in the aggregate at
amounts not exceeding their realisable or market value under the
several headings – “Loans”,
“Investments”, “Agents balances”, “Outstanding Premiums”,
“Interest,
Dividends and Rents outstanding”,
“Interest, Dividends and Rents accruing but not due”, “Amounts due
from other persons or Bodies carrying on insurance business”, “
Sundry Debtors”, “ Bills Receivable”, “ Cash” and the several items
specified under “Other Accounts”

Application of life insurance funds:

We certify that, no part of the life insurance fund has been directly or
indirectly applied in contravention of the provisions of the Insurance
Act, 1938 (4 of 1938) relating to the application and investment of life
insurance funds.

Risk Exposure: The company recognises the risk associated with the
life insurance business and manages the risks by adopting prudent
policies to counter the key risks of the company namely -
Underwriting and Investment risks.
Operations in other countries: The Company does not have
operations in other countries.
Ageing of claims: Ageing of claims indicating the trends in average
claim settlement time during the preceding five years.

45
Indian Insurance Awards
India Insurance Review and Celent presented the India Insurance
Awards 2011 - the very first edition of the awards presented to the
Indian insurance industry in a glittering ceremony held at the
Intercontinental Hotel in Mumbai this evening. The jury consisted of
Mr S B Mathur, Secretary General, Life Insurance Council; Mr S L
Mohan, Secretary General, General Insurance Council; and Mr Vepa
Kamesam, Managing Director, Institute of Insurance and Risk
Management (jointly promoted by IRDA and AP Government). 
General Insurance Segment
1. Excellence in Growth Award 2011 for the General Insurance
Segment This award seeks to applaud the comprehensiveness of
growth achieved by a non life insurance provider on all counts namely
- coverage, volumes, revenues, business mix, product portfolio and
market share. The award honours growth that has been consistent over
the past 3 fiscals and appears to be sustainable in the long run.
Through this award the jury seeks to commend the work of an insurer
which has achieved healthy growth in the non life segment between
fiscal years 2008-2011.
The winner of the award is Shriram General Insurance Company

Shriram General Insurance Company has demonstrated overall growth

excellence in the general insurance sector. Primarily focused on the
motor insurance business, the company has grown its client base from
1.9 lac to 12.2 lac customers in a span of 3 years- the fastest in the
sector. In a hyper competitive market, Shriram has increased its
branch network , grown its employee base and its product portfolio -

46
offering fire and engineering insurance besides motor insurance to its
growing client base.
CELENET India Insurance Awards2012

Excellence in Growth Award 2012 for the 

General Insurance Segment.

THE INDIA INSURANCE AWARDS 2012, sponsored by India

Insurance Review & Celent for the category of " EXCELLENCE IN
GROWTH " has been conferred upon Shriram General Insurance Co.
Ltd for second consecutive year. The Jury consisted of Mr.S.B.
Mathur, Secretary General, Life Insurance Council, Mr.R.
Chandrasekaran ,Secretary General, General Insurance Council , and
Mr. Vepa Kamesan , Managing Director, Institute of Insurance and
Risk Management; and Mr. Shirish Pathak , CEO , Fintelekt they had
the following to state : This award seeks to applaud the
comprehensiveness of growth achieved by a non life insurance
provider on all counts namely - coverage, volumes, revenues, business
mix, product portfolio and market share. The award honours growth
that appears to be sustainable in the long run. Through this award the
jury seeks to commend the work of an insurer which has achieved
healthy growth in the non life segment in the fiscal 2011-12.

47
The winner of the award is Shriram General Insurance Company

Winning the award for a second time, Shriram General Insurance

Company has once again demonstrated overall growth excellence in
the general insurance sector. Primarily focused on the motor insurance
business, the company has grown its client base from 12.2 lakh to 17.3
lakh customers in the last fiscal. Primarily focused on the motor
insurance business, the company has grown its client base from 1.9 lac
to 17.3 lac customers in a span of 4 years- the fastest in the sector. In a
hyper competitive market, Shriram has increased its branch network ,
grown its employee and client base".

48
India Insurance Summit & Awards 2018

Mr. Aftab Anwar Alvi, President & National Head Bancassurance

Channel, SGI receiving “Rising Star of the Year Award 2018”
THE INDIA INSURANCE 2018 AWARDS, sponsored by Synnex
Group for the category of “Rising Star of the Year" has been conferred
upon Shriram General Insurance Co. Ltd. The Jury consisted of Mr. V.
Manickam, Secretary General, Life Insurance Council; Ms. Deepali
Naair, Chief Marketing & Digital Officer, IIFL Wealth
Management;Mr. Aman Aggarwal, Senior Vice-Chairman, Indian
Institute of Finance; Mr. Venu Gopal, Secretary General, Insurance
Institute of India; Mr. Sudhin Roy Chowdhary, Ex. Member (Life),
IRDAI; Mr. Anuj Bhargava, Banking Consultant, International
Finance Corporation; Rtn. Pawan Verma, Management Consultant –
Insurance, Professional Speaker & Author; Mr. P.C. James, Principal

49
Officer, Insure Edge and Mr. Swaraj Krishnan, Consultant & Ex-CEO,
Magma HDI Insurance.

By winning the award, Shriram General Insurance Company has

demonstrated overall growth excellence in the general insurance
sector.In a hyper competitive market, Shriram has increased its branch
network, grown its employee and client base, focused on digitalizing
its operations and developing new channels of business".

Shriram Life Insurance co. Ltd receives the coveted

India’s greatest Brands; Leaders awards 2017-18
To cater to this group, the company has unique
distribution processes and products.

Shriram Life Insurance Company, the life insurance arm of financial

services conglomerate, Shriram Group has bagged the 3rd Edition of
India’s greatest brands and Leaders for the year 2017-18 in
recognition of the contribution of distribution of life insurance in
non-urban markets in India. On behalf of Shriram Life, the awards
were received by Manoj Jain, Managing Director and Arvind
Shivhare Executive Director- Direct Channel & Dr R
Radhakrishnan, Chief Marketing Officer, Shriram Life Insurance in
an awards ceremony held recently at Mumbai  in the Pride of the
Nation Series Awards organized by URS-Asia One  magazine and
URS Media Consulting – process reviewers Pricewaterhouse

50
Coopers P.L.

Shriram Life Insurance focuses on the common customer segment

with over 50% of its policies sourced from the rural area and a
significant chunk from the tier II and III towns. Shriram Life works
with the purpose of providing life cover to these families that are
most vulnerable to financial catastrophe due to untimely loss of a
breadwinner. The company has been engaged spreading the
protection net to the masses, with special focus on financial
inclusion for the segment that is generally ignored by the
mainstream players. To cater to this group, the company has unique
distribution processes and products. On this occasion Manoj Jain,
Managing Director, Shriram Life Insurance said,
“It is indeed a proud moment for us at Shriram Life Insurance. We
strive for Inclusive growth by taking life insurance -The 'AAM
AADMI' (Common Man) and this award reinforces the commitment
of the company to reach out to the masses”.

Rajat Shukal, Global Head & Principal Partner of URS Media

Consulting P.L. and AsiaOne Magazine, said, “Pride of the Nation
Series Awards & Business Summit; Celebrating 71, India’s 71 Years
of Independence, and 3rd Edition – India’s Greatest Bran

Covid-19 impact: Life insurance industry growth

may contract in 2020 :

Thenew business premium for life insurers in India shrunk for the
second month in April, with business significantly hit by the covid-
19 outbreak and the subsequent lockdown
 Life insurance business in India is likely to contract in 2020,
with growth declining 0.9% in 2020, compared to 8.8% growth
recorded in 2019, due to the outbreak of covid-19 and the
subsequent lockdown, data and analytics company GlobalData
said on Wednesday.
51
 “As per the latest data, India’s life insurance market is
forecasted to grow at a compound annual growth rate (CAGR)
of 5.3% during the forecast period 2019-2023," said GlobalData.
 The new business premium for life insurers in India shrunk for
the second month in April, with business significantly hit by the
covid-19 outbreak and the subsequent lockdown.
 According to the Insurance Regulatory Development Authority
of India or Irdai, in April, new business premium declined
32.6% to ₹6,728 crore as against ₹9,928 crore for the same
period of last year.
 In March, new business premium collection had declined 32%
to ₹25,409 crore as compared to ₹37,459 crore in March 2019.
 Pratyusha Mekala, insurance analyst at GlobalData, said,
“Bancassurance and agency channels account for over 90%
insurers’ new business premiums in India. Due to the lockdown
restrictions, sales through these channels have been severely
impaired."
 The extended phase of lockdown and its related restrictions will
have a negative impact on the new business premiums growth in
2020, said GlobalData.
 “Premium from new business accounts for 42% of the life
insurance market. As a result of lockdown, life insurers reported
decline of 32.6% in new business premium in April 2020
against the same period last year," said GlobalData.
 Mekala said, to offset the adverse impact of offline distribution
channels, efforts are being made by insurance companies to
accelerate online sales.
 For instance, Web aggregators such as Policybazaar have
reported 20% growth in sales of life insurance products in
March 2020. However, growth from online channels is unlikely
to prevent contraction in the overall life insurance business,"
added Mekala.

52
  For April, state-run Life Insurance Corp. of India (LIC) saw its
new business premium dipping by 32% to ₹3,582 crore as
compared to ₹5,268 crore a year ago.
 Private life insurers too witnessed a whopping 33.3% fall in new
business premium for April at ₹3,146 crore as against ₹4,714
crore in April 2019.
 Among large private insurers, HDFC Life Insurance Co.’s new
business premium dropped 53% to ₹669 crore, while ICICI
Prudential Life Insurance saw it plunging by around 60%
to ₹256 crore.
 For instance, Web aggregators such as Policybazaar have
reported 20% growth in sales of life insurance products in
March 2020. However, growth from online channels is unlikely
to prevent contraction in the overall life insurance business,"
added Mekala.
 For April, state-run Life Insurance Corp. of India (LIC) saw its
new business premium dipping by 32% to ₹3,582 crore as
compared to ₹5,268 crore a year ago.
 Private life insurers too witnessed a whopping 33.3% fall in new
business premium for April at ₹3,146 crore as against ₹4,714
crore in April 2019.
 Among large private insurers, HDFC Life Insurance Co.’s new
business premium dropped 53% to ₹669 crore, while ICICI
Prudential Life Insurance saw it plunging by around 60%
to ₹256 crore.

Experts opinion:

How developed is the annuity market in India? How

much interest rate do they offer?
Annuity is always a long term contract, when the interest rate ratio is
not certain we really don't know 20 years hence what will be the
interest rate. In Japan it's minus, so when they are guaranteeing it,
53
there are companies who can go bankrupt also so you have to be very
careful in guaranteeing, because annuity contract goes even for 50
years and nobody knows what's going to happen then.
So that's the reason the insurance companies are conservative and the
regulator also has put a cap, that the minimum guarantee is 3.5%-
4.5%, and that's the reason if somebody is looking for a short term
investment it doesn't make sense for them. Because they compare that
the insurance company is paying say, 5-6% on annuity but if the
money is deposited in bank then its 8-9%, but the bank fixed deposit
is only for 3 years, but whereas with the insurance company it's a
contract which is valid for the next 30 years.
That's the reason annuity worldwide looks conservative but it is not
because it's locking your money for a very long period. Insurance
companies also doesn't pay from their own pocket, the money which
is coming we have to invest and the long term paper which is
available in the market, the first 50 year paper is not available, so the
coupon rate is quite low.

There was announcement in the budget relating to

commission earned by agents? How is it going to
affect agents?
In the current Union Budget applicable to agents, brokers and other
intermediaries, TDS on commission reduced from 10% to 5%, this is
a welcome step as this puts more money in the hands of agents, early,
without having to wait for the TDS refund. This will also help the
more disposable income with the agents and intermediaries.
Though the reduction is 5%, this will help the small agents, who are
very critical in reaching out life insurance in small towns. Many of
them may not be in the income tax slab limits and hence their money
need not be locked up with the department till refund. About Service
tax exemption on regulatory fees, payment to regulator like annual
registration fee etc by Brokers, Insurance marketing firms are
exempted from payment of service tax.
This will reduce the cash outflow. The threshold for TDS on
commission earnings reduced from Rs.20000 to Rs.15000; this is in
line with all other earnings like brokerages etc. This may also have an

54
effect of including more agents, who are earning between Rs.15000 to
Rs.20000, and were not covered so far.

Lowpersistency ratio is one of the biggest concerns

for the industry...
It's because it's a pushed product. Customers think 'I don't need it
anymore', so when the renewal time comes, they are like, 'I have taken
the product in the first place but I don't want to continue it anymore';
the behavior is such because they think they did not see any benefit
from the product.
The second is the target segment. We are selling policy for the entry
level customers. They are buying and they want to pay but they don't
have money to pay, so policy lapsing is quite high in India. only
policy lapses are less if you bank a channel, when the customer is a
runoff customer, is already having money in his account and gives
instruction that please debit from my account but those percentage are
exclusive.

Life Insurance sector-outlook in the coming

financial year...

 This year the industry is going to grow by around 15-16% in the

private sector, our new business premium this year will be
around Rs650-700crore, overall premium will be around Rs950-
1000 crore, and we are looking forward to 75 new branches
opening in the next financial year, that makes 600+ branches of
Shriram Life.
 Our focus is there in northern India, 75 branches that we are
opening, around 30-35 branches we are opening in northern
India and the balance we are opening in the east. Our branch
network also if you see 40% is south, 20% are there in west,
20% in north and 20% in east
 We will be a replica of the GDP, if the GDP is going to grow,
we will grow on the same basis. Technology in the Life
Insurance segment... I think we are still behind the banking
industry. Banking has really taken a good lead there, but Life
55
 Insurance has also done a lot of work. In technology there are
two aspects, one is digital, in that a lot has been done, for
company like us where 95% of our customers doesn't even have
an e-mail id, but definitely they have mobile phone.
 So for premium renewal, payment collection, all are connected
through the mobile phones with us. Other technology initiative
which we have taken as a company is we have tied up with
Telenor, where we have covered almost 60lakhs customers, and
on mobile itself they are buying life insurance, so it's completely
digitalized. It's 100% technology driven and it's a success,
because there is no physical involvement not even in the time of
buying.
 Only the physical involvement is during the time of claim
settlement. If they want to claim, they have to go to the store of
Telenor, and submit their certificate and within 7 days the claim
is cleared. So it's completely digital and technology driven,
because the margins are so low that we cannot even afford to
have a hard copy of the policy, it's all on SMS. So a lot of work
is happening.

Some investment tips for the younger generations...

Foryounger generation my suggestions will be to go for PIPS. P

stands for Production, I stand for Insurance, P stands for Pension and
S stands for Savings. So a young person will have a more stake
towards life. And at a younger age normally people tend to have less
money also. So they should only go for pure term plan, in less money
he/she can get a higher sum assured. And as income grows and more
milestones are achieved then he/she can go for savings plan.

At the age of 50-55 when they have already lived most of their life
and will be having money, then they can go for investment plans, and
in-between they should plan for a pension plan. As in India the life
expectancy is increasing and a long after retirement life so youngsters
should have pension plans, they can start with small amounts and as
their income grows they can increase the amount.

56
They can start with just a thousand rupee but should start early, as
Warren Buffett said 'I made my first investment at age eleven. I was
wasting my life up until'. So this is the thing we have to get in our
society. You can go for a simple term plan to start with, its available
online and it's no issue at all. But if you have a financial planner it is
always good. They will understand your complete requirement and
even in long run guide you properly.

So a good financial planner is always recommended, because they

will review your financial positions regularly, but what we feel is that
there is a huge shortage of good financial planner.

Latest Update:

CCI clears Sanlam deal to buy 23% stake in

SGIC, SLIC

CCI has cleared the deal of Sanlam Ltd to acquire 23% stake in
Shriram group’s two insurance firms.
The Dollar Business Bureau

57
Competition Commission of India (CCI) has given its approval to
Sanlam Ltd to acquire 23 percent stake in Shriram group’s two
insurance companies.  
Sanlam Emerging Markets Mauritius Ltd (SEM), group firm of
Sanlam Ltd, will do the acquisition process.

Sanlam Ltd, a financial services firm based in South-Africa, would

buy 23 percent share each in Shriram General Insurance Company
(SGIC) and Shriram Life Insurance Company (SLIC) from Shriram
Captital, according to a statement by SEM. 
This year, in February, the firms entered into an agreement of sale of
stake.
While approving the deal, CCI mentioned that the given deal would
not have an adverse impact on competition in the country.
CCI said that currently the rights enjoyed by SEM in the given firms
(SLIC and SGIC) will not be changed after the proposed combination.
The rise in the stake of SEM in both the firms will not bring any
change in management of the firms, after the proposed combination.
After the agreement, the entire stake of the SEM in SLIC and SGIC
will rise to 24.39 percent and 42.99 percent, respectively.
SEM is an arm of SLIC, which in turn is a Sanlam Ltd.’s subsidiary.
The company is involved in holding investment in businesses related
to banking, insurance and investment management.
Sanlam Ltd is a financial services group registered at the
Johannesburg Stock Exchange (JSE) and the Namibian Stock
Exchange (NSX).

Conclusion.

58
The Shriram Life Insurance Company was founded with the objective
of reaching out to the “common man” with products and services that
would be helpful to him as he sets out on the path to “prosperity”.
Operational efficiency, integrity and a strong focus on catering to the
needs of the average Indian , by offering him high quality and cost-
effective products and services, are the core values that drive the
organisation. These values have been strongly adhered to over the
decades and are now an integral part of the organisation’s DNA.
The company prides itself on its deep understanding of the customer.
Each product or service is tailor-made to specifically suit the needs of
the customer. It is this guiding philosophy of putting people first that
has brought the group company closer to the grassroots and has made
it the preferred choice for all truck financing requirements amongst
the customers.

59
60